energy news

Veteran Business Reporter Marc Gunther to Join Greener World Media as Senior Writer

2009-03-03T18:19:00.000+02:00

Author and Former Fortune Magazine Reporter to Contribute to GreenBiz.com and Other Websites, Reports, and Events

OAKLAND, Calif., March 3 /PRNewswire/ -- Greener World Media has announced that veteran journalist Marc Gunther has been named a Senior Writer for its websites, newsletters, and publications.

At Greener World Media, Gunther will contribute regularly to GreenBiz.com and the company's other websites -- which include ClimateBiz.com, GreenerBuildings.com, GreenerComputing.com, and GreenerDesign.com -- as well as these sites' newsletters and blogs. Gunther also will contribute to GWM's growing stable of research reports and events, which include Greener by Design and the State of Green Business Forum.

Gunther also will provide critical editorial coverage for Greener World Media from Washington, D.C., where he is based, at a time that the nation's capital is becoming a growing center of focus for the clean and green economy.

"For years, Marc Gunther has been one of the most respected voices in the mainstream media on green business and corporate social responsibility, having written seminal pieces on Wal-Mart, General Electric, and many other leadership companies," says Joel Makower, Greener World Media's chairman and executive editor. "We look forward to bringing that voice to our business audience."

Gunther previously was a senior writer for Fortune magazine, where he remains a contributor, and is author of Faith and Fortune: How Compassionate Capitalism is Transforming American Business (Crown Business, 2004). He serves as conference chair of Brainstorm: Green, Fortune's conference about business and the environment. Before joining Fortune in 1996, Gunther worked for more than 20 years for newspapers including the Paterson (N.J.) News, Hartford Courant, Detroit News, and Detroit Free Press.

"I'm thrilled to be working with the Greener World Media team. It's an exciting time to be writing about business and the environment, and a great moment to be working in digital media. There's no shortage of stories to cover -- and no shortage of space, either."

"Marc Gunther joins our growing stable of talented thought leaders, including green building pioneer Rob Watson and business strategist John Davies," says Pete May, Greener World Media's president and publisher. "His deep experience in covering corporate environmental issues will help burnish our reputation as the go-to news source on the greening of mainstream business."

ABOUT GREENER WORLD MEDIA

Greener World Media, Inc., based in Oakland, Calif., is the first media company focused exclusively on sustainability and the competitive edge it brings to businesses. Founded by publishing executive Pete May and author and sustainability strategist Joel Makower, Greener World Media is centered around the acclaimed GreenBiz.com(R) Web site. GWM properties also include GreenerBuildings.com, ClimateBiz.com, GreenerDesign.com, and GreenerComputing.com, the sites' respective e-newsletters, the annual State of Green Business report and Green Building Impact Report, the annual Greener by Design conference, and the GreenBiz Executive Network, a peer-to-peer learning forum for sustainability professionals.

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Avineon Wins Contract with NorthWestern Energy to Provide GIS Data Clean-up and Realignment Services

2009-03-03T14:22:00.000+02:00

ALEXANDRIA, Va., March 3 /PRNewswire/ -- Avineon, Inc. (www.avineon.com), a successful provider of IT, engineering, geospatial, and program management services, today announced NorthWestern Energy has awarded the company a GIS data clean-up and realignment services contract. Avineon will be responsible for realigning overhead and underground electric facilities as well as gas facilities and NorthWestern's specific landbase information to a state-wide cadastral landbase.

NorthWestern Energy, one of the largest providers of electricity and natural gas in the Upper Midwest and Northwest, serves approximately 640,000 customers in Montana, South Dakota, and Nebraska. As part of the data manipulation project, Avineon will convert the electrical overhead facility model from a super-span type to a pole and structure span model. The company will also be responsible for capturing new GPS structures and populating GPS coordinates and pole numbers to the existing structures, creating and updating connectivity, establishing relationships between conductors and corresponding poles and structures, as well as generating a customer point of service associating the customer to its respective transformer, service pedestal or gas line. Avineon is also capturing NorthWestern Energy's daily backlogs, updating the realigned data, and providing updates to NorthWestern Energy within a two week period to reduce the overall GIS backlog.

"With hundreds of thousands of customers, we needed a company to provide a smooth data clean-up and realignment without disturbing the daily workings of our electricity and natural gas units," said Debbie Driscoll, Project Manager at NorthWestern Energy. "In evaluating GIS service organizations to carry out this task, we felt Avineon's services and support would be the best fit for the project."

In addition to facility realignment and network modifications, Avineon will merge additional attributions gathered in the field with existing pole data stored in NorthWestern Energy's GIS. Currently the data resides in the Intergraph G/Technology platform.

Gary Wilkison, senior vice president of Avineon's Commercial Systems division, stated, "Avineon's extensive background in utility GIS projects positions us well to carry out the GIS migration and realignment needs of NorthWestern Energy. Our staff of highly experienced technicians has the necessary industry and software knowledge needed to ensure that this project is a success."

About Avineon

Avineon, a CMMI Maturity Level 3 and ISO 9001:2000 registered company, is a diversified high technology company that provides information technology (IT), geospatial, engineering and program management services. With headquarters in Alexandria, Virginia, and offices in Alabama, Florida, Georgia and Virginia, Avineon also maintains subsidiaries in Europe, Canada, and India. In IT, Avineon specializes in web-based architecture, systems engineering, application development and on-going network and security support. For additional information, please visit www.avineon.com.

    Press Contact:                      Company Contact:
    Erin Hatfield                       Charles Erdrich
    DPR Group                           Avineon, Inc.
    919-678-9200, ext. 103              703-671-1900
    ehatfield@dprgroup.com              cerdrich@avineon.com

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Netafim and Maple Have Concluded an Agreement for the Supply of Smart Irrigation Solutions for Maple's Ethanol Project in Peru; Transaction is Valued at US$22 Million

2009-03-03T12:22:00.000+02:00

TEL AVIV, Israel, March 3 /PRNewswire/ -- Netafim, the world's leading company in providing smart water solutions for agricultural, through its Peruvian subsidiary, has entered into an EPC agreement with Maple, under which Netafim will provide engineering, procurement and construction of a drip irrigation system and become the exclusive supplier of smart irrigation solutions for Maple's sugar cane project to be constructed and operated in Peru. The project, spanning close to 8,000 hectares of land in Northern Peru, will include cultivation of sugar cane crops intended for the production of electricity and ethanol. The project is expected to be completed by 2010. The transaction is valued at approximately US$22 million.

According to the agreement signed by Netafim Peru, Netafim is set to become the exclusive provider of its proprietary equipment and irrigation solutions to the Maple's project.

As a result of a combination of stable weather patterns throughout the year, the scarcity of rainfall and the relative availability of water, sugar cane is rapidly becoming one of the principal crops cultivated in Peru.

Netafim is highly active in South America and has recently expanded its activity in Peru.

Ofer Bloch, President and CEO: "Netafim's unique and proprietary smart water solutions enable optimized conditions for cultivating sugar cane intended for the production of ethanol."

Sources in the company noted that: "Netafim believes this to be the first in a series of large-scale bio-fuel cane projects which Netafim expects to materialize in the near future."

About Netafim:

Netafim is the global leader and the largest company providing smart water solutions for agriculture. The company's main activity focuses today on large- scale irrigation projects, greenhouses and bio-fuel crops. The company's sales for 2008 exceeded 600 million dollars.

Netafim is a global company with business interests in over 110 countries. It operates through its 35 subsidiaries and 13 production sites around the world. The company employs more than 2.300 employees. The Company is owned by 3 kibbutzim (Hatzerim, Magal and Yiftach) and the Markstone and Tenne Funds. The CEO and President is Ofer Bloch and the Chairman is Reuven Behar.

About Maple Energy

Maple Energy plc is an integrated independent energy company, listed in London and Lima, with assets and operations in Peru engaging in numerous aspects of the energy industry, including:

    -- Exploration and production of crude oil, natural gas and natural gas
       liquids.

    -- Refining, marketing and distribution of hydrocarbon products.

    -- Gas-fired power generation and power transmission.

    -- The development of an ethanol project.

    Contact:
    Yaniv Rosenberg
    Netafim P.R.
    +972-50-4488962
    yaniv@rcspr.co.il

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Reminder: Southwest Gas Corporation Announces Conference Call

2009-03-03T10:00:00.000+02:00

LAS VEGAS, Feb. 23 /PRNewswire-FirstCall/ -- Senior management of Southwest Gas Corporation (NYSE: SWX) is holding a conference call to discuss the Southwest 2008 fourth quarter and year-end results on Tuesday, March 3, 2009.

The conference call will follow the release of Southwest earnings results on Thursday, February 26, 2009.

The call will also be webcast live on Southwest website at www.swgas.com.

    Date:                              TUESDAY, MARCH 3, 2009
    Time:                              1:00 P.M. (ET)
    Telephone number:                  (800) 901-5213
    International telephone number:    (617) 786-2962
    Passcode:                          78503946

A digital replay of the call can be accessed beginning at 3:00 p.m. (ET) on March 3, 2009 by dialing (888) 286-8010 or (617) 801-6888 for international calls; passcode: 38980313. The replay and webcast will be available through the close of business on Friday, March 13, 2009.

(Southwest Gas recommends the free download of Windows Media(R) Player 10 Series found at http://www.microsoft.com/windows/windowsmedia/default.aspx and at least a 56 kbps connection to the Internet. If you have "pop-up" blocking software installed, please press the CTRL key when you click the Register button. Please contact your network operations group if you are unable to override this feature.)

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Martin Dawes Analytics Announces Lavastorm Desktop Product

2009-03-02T16:26:00.000+02:00

Data Analytic Capabilities Enable Capital Constrained Companies to Improve Order-to-Cash and Strengthen Complex Business Processes

BOSTON, March 2 /PRNewswire/ -- Martin Dawes Analytics, a leading global data analytics software provider, today announced the formal launch of their Lavastorm Desktop product, extending the proven capabilities of its server product to enable individual information workers with a powerful, cost efficient tool to optimize revenue and cost performance, and improve transparency of complex businesses. Lavastorm Desktop provides a rich set of packaged data analytics capabilities and can process significant data volumes on a desktop machine. These capabilities are needed by those workers tasked with solving complex analytic challenges that are associated with order-to-cash and other data and logic-intensive processes.

The beta version of the Lavastorm Desktop has been successfully tested and is now being used by communication providers, media and utility companies in North America, EMEA, and Asia/Pacific. Lavastorm Desktop encapsulates all the necessary data acquisition and analytic components in a single desktop, enabling individual information workers to acquire and correlate disparate data from multiple sources; capture and codify complex and conditional business rules that govern vulnerable business processes; and execute a set of library-driven data analytics to de-risk processes and unearth the hidden value of the data. With Lavastorm Desktop, information workers can:

Model and analyze the conditional logic in order-to-cash, independent of the data source, data architecture, data volumes, and level of business complexity;
Apply an agile, visual discovery and analytic method to gain transparency to the data and logic at the atomic level, and to build and execute logical, traceable analytic steps;
Extend the analytic reach across the entire order-to-cash process with a single tool.

"The Lavastorm Desktop changes today's data analytic paradigm, disrupting the notion that you have to spend heavily on hardware, software and people in order to undercover and resolve the data issues that are costing global businesses billions of dollars," said Drew Rockwell, CEO of Martin Dawes Analytics. "Complex ad-hoc analytic projects can now be executed in days, dramatically shortening time-to-value and providing facts and funds to help business and IT executives identify those processes that need automated, persistent controls. In this economic climate, we believe the marketplace is looking for suppliers to disrupt the traditional price performance curve -- and we believe the Lavastorm desktop is the first data analytic tool to deliver on that goal."

Leveraging the Lavastorm Desktop, customers and partners can apply the tool across the entire order-to-cash process; from focused revenue assurance analytics, to complaint analytics that reduce operational cost while enhancing customer experience and creating rapid value. The software is comprised of five core capabilities: ETL functionality to acquire virtually any data at volumes only limited by the desktop processor; library analytic assets that users can assemble to solve complex problems; core data analytics to create a rich analytic foundation from multiple data sources; advanced analytics to uncover, explain; and resolve errors or uncover hidden value; and visualization to provide a logical, intuitive canvas for technical and business users alike.

About Martin Dawes Analytics

Martin Dawes Analytics is a leading global data analytic software company focused on maximizing cash from and improving the performance of complex processes, such as order-to-cash. The Lavastorm Analytic Platform provides data and logic transparency at the atomic level, scales to any level of complexity, is extensible across order-to-cash, and delivers both ad hoc analytics and automated controls within one analytic environment. This capability delivers powerful solutions, such as revenue assurance, fraud management, cost validation, customer management, risk management, and core data analytics. For more information, visit www.mda-data.com or call +1 617 345 5422 ext. 244.

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AutoVirt Launches AutoMap - Site Survey Tool

2009-03-02T14:15:00.000+02:00

New Software Helps Customers Control IT Budget by Identifying Over and Under Utilized Windows File Server and Network-Attached Storage (NAS) Assets

AutoVirt Solutions Help IT Management Meet 'Green' Objectives

Nashua, N.H., March 2 /PRNewswire/ -- AutoVirt, Inc., the leading provider of Windows data migration solutions, today announced the release of its AutoMap(TM) site survey tool. The new software is intended to help customers discover under and over utilized Windows file server and network attached storage (NAS) resources, in physical, virtualized and mixed environments. Once identified, customers are able to fine-tune these assets and defer additional server and NAS purchases.

(Logo: http://www.newscom.com/cgi-bin/prnh/20081014/NETU030LOGO )

"The digital universe is exploding. In fact, it is expected to grow to well over 1,000 exabytes(1) within the next three-to-four years," said James Baker, research manager, storage software, IDC. "With the majority of this growth coming from unstructured file data, it should come as no surprise that we are seeing an epidemic of over-provisioning of resources as IT management executives struggle to maintain control -- resulting in huge capital and operational expenses to the organization. AutoVirt's AutoMap will help IT Managers alleviate this pain by identifying challenged resources, thus allowing them to reallocate their data across all available storage assets."

"Due to the relentless growth of unstructured file data it has become increasingly difficult, if not impossible, to effectively manage Windows file server and NAS resources. Many IT organizations have had little choice but to consistently over-provision in an attempt to keep their head above water. Consequently, today's IT organizations are experiencing server and storage utilization rates as low as just 20% and 30%, respectively," said Klavs Landberg, founder and CTO, AutoVirt. "AutoVirt AutoMap provides an ideal step in the right direction. Within minutes of deployment, a report will be generated detailing all hardware/software assets and associated utilization statistics, as well as a comprehensive networked shares map. With this information in hand, customers can fine tune assets, increase utilization and fully maximize infrastructure value."

Landberg added, "Accordingly, another key benefit of AutoVirt technology is its ability to help IT management meet their 'green' objectives, because by minimizing the purchase of additional hardware, energy consumption is likewise minimized."

The AutoMap site survey tool is available immediately; and for a limited time, a no-obligation free trial is obtainable at: http://www.autovirt.com/product/AutoMap.cfm. Key AutoMap functionality is also included standard, with all AutoVirt AutoMove(TM) automated data migration software purchases.

For additional information on AutoVirt AutoMove, please read the following IDC research report: "AutoVirt: A New Venture Bringing Windows-Based Data Migration to Market" (http://www.autovirt.com/resources/idc-report.cfm).

About AutoVirt

AutoVirt(TM), Inc. is the leading provider of fully-automated Windows data migration solutions. By leveraging advanced file storage virtualization technology, AutoVirt AutoMove(TM) software offers customers a continuous data migration (CDM) solution that is easy to acquire, deploy and manage - with no incremental work, downtime, configurations changes, or client software agents required - all at a highly affordable price. Moreover, AutoVirt software provides an out-of-band solution that eliminates the associated cost and added latency of an in-band approach. With AutoVirt, customers can finally transition from viewing data migration as a point-in-time event, to an automatic and continual load balancing capability. For further information, please call: 603-546-2900, email: info@autovirt.com, or visit www.autovirt.com.

(C) AutoVirt 2009. AutoVirt, AutoMove and AutoMap are trademarks of AutoVirt, Inc. All other company, brands and product names may be trademarks or registered trademarks of their respective holders.

(1) In the movie Ocean's Thirteen, The Bank Hotel and Casino's advanced AI security system, "The Greco", is said to process game winners' reactions "in a field of exabytes." Danny Ocean (George Clooney) goes on to ask what an exabyte is, whereupon Rusty (Brad Pitt) explains, "a million terabytes."

    Contact:
    Nicole Gorman
    Corporate Communications
    AutoVirt, Inc.
    M: 508-397-0131
    ngorman@autovirt.com

Available Topic Expert(s): For information on the listed expert(s), click appropriate link.

Klavs Landberg

https://profnet.prnewswire.com/Subscriber/ExpertProfile.aspx?ei=82211

Josh Klein

https://profnet.prnewswire.com/Subscriber/ExpertProfile.aspx?ei=85807

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ProCon.org and Over 175 Experts Compare Alternative Energies to Fossil Fuels in Major New Nonpartisan Website

2009-03-02T12:25:00.000+02:00

SANTA MONICA, Calif., March 2 /PRNewswire/ -- ProCon.org, a nonpartisan 501c3 nonprofit research organization, created the new website alternativeenergyprocon.org to explore the core question, "Can alternative energy effectively replace fossil fuels?"

President Obama's budget has invested billions of dollars in alternative energy development, and ProCon.org investigates this topic and related issues including:

* whether alternative energy will revitalize the economy, increase energy independence, or should be subsidized, and

* pros and cons of peak oil theory, ethanol, biofuels, wind energy, solar energy, hydrogen vs. electricity, nuclear power, causes of global climate change, and more

Pro and con statements on over 30 energy-related questions were researched and solicited from more than 175 experts including: Samuel Bodman, former US Secretary of Energy; Helen Caldicott, President of the Nuclear Policy Research Institute; Al Gore, former Vice-President of the United States; representatives of Greenpeace, Heartland Institute, Institute for Energy Research, Cato Institute, World Wildlife Fund, the US Conference of Mayors, and dozens more.

The research has been made publicly available at no charge and with no advertising.

Some interesting facts presented on the new website include:

* The US has 1.6% of the world's oil supply, and it uses 24% of the world's oil production.

* The US used fossil fuels (oil, coal, and natural gas) for 85% of its energy needs from 2003-2007. Of the remainder, 7% came from alternative energies (wind, solar, hydroelectric, geothermal, and biomass), and 8% came from nuclear power.

* Illinois produces the most nuclear energy of any state with 982.4 trillion Btu's (about 25% of its total energy). 19 states and the District of Columbia do not produce any nuclear power.

* The resource-rich states of West Virginia, Wyoming, and North Dakota export a greater percentage of their energy than any other state with 69%, 65%, and 53%, respectively, of their energy going outside their borders.

About Us

ProCon.org has used its nonpartisan pro-con approach on many issues including the Big Three bailout, the 2008 presidential election, medical marijuana, the Iraq war, the Israeli-Palestinian conflict, illegal immigration, and several others.

For an explanation of our methodology and a full listing of our other topics, visit www.procon.org

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Frost & Sullivan: Mounting Waste and Crashing Prices of Recyclables in the EU

2009-03-02T07:30:00.000+02:00

LONDON, March 2 /PRNewswire/ -- The current economic crisis has hit the EU Waste Management Market hard and the recycling sector has borne the brunt of the blow. Falling prices of recyclables has lead to vast volumes of unattended waste piling up in landfills and warehouses.

(Logo: http://www.newscom.com/cgi-bin/prnh/20081117/FSLOGO)

The extent to which each member state's waste management market has been affected by the economic downturn varies. Germany, France and the UK were impacted first and more significantly than their Southern European counterparts. Key players in the market such as Veolia Environmental Services have described the situation as increasingly grim with a decline in waste volumes collected and treated since the last quarter of 2008 and a significant drop in the recycling business.

Although the economic crisis affects the entire waste management market, the recycling sector suffered the most. This is a direct result of the sharp fall in prices of recyclables such as steel and paper, resulting in large volumes of waste remaining unattended. This has been an expensive proposition for waste management companies and there is widespread concern in the market that this will result in the price of recycling spiralling upwards, thus making it an economically unattractive proposition. Such a scenario is already present in the UK with the prices of collecting paper rising by 20 pounds Sterling more per ton.

While the economic crisis faces an uncertain future, experts warn that volumes of waste awaiting recycling in warehouses is expected to rise at least until the end of the first quarter of 2009. In addition, the crisis has assumed global proportions and linkages more than even before. For example, waste management firms were typically expected to sell waste paper and cardboard to paper mills that reuse these recyclables to make paper, envelopes and newsprint, but this market has declined significantly due to a sharp fall in demand from key export markets such as China.

Despite this difficult situation, new opportunities are arising for waste management companies and suppliers. "Governments across Europe have already responded to this slowdown by increasing spending to infuse money into the economy and as a result, there are a growing number of infrastructure projects in countries like the UK which are hard hit by the financial crisis," says Suchitra Padmanabhan, Programme Manager, Waste Management, Frost & Sullivan. "In an effort to manage the current situations, utilities and waste management companies are encouraged to undertake projects which will create opportunities in key segments such as waste minimization and sorting and separation."

Moreover, Europe is continuing to lead the way with respect to proactive legislation such as the Waste Electronic and Electrical Equipment (WEEE) Directive as well as in its effective implementation. Coming in to 2009 the focus of the European Waste Management Industry is on growth opportunities in key markets such as Russia and the CEE, as well as key segments such as the medical waste management industry and waste to energy markets, all of which offer promising potential.

For more information about the Waste Management Market in Europe and our extensive research in the Green Energy Market in Europe and globally, please contact Chiara Carella, Corporate Communications Europe, at chiara.carella@frost.com. A complimentary brochure will be emailed to you.

GIL 2009: Europe

Frost & Sullivan has expanded its flagship Global Congress on Corporate Growth - GIL Global - into several major cities around the world including London. For the first time ever in Europe, Frost & Sullivan will be hosting the Growth, Innovation and Leadership Congress 'GIL 2009: Europe' on 19-20 May, at the Sofitel St James in London. GIL Global is the industry's only event designed to support senior executives in their efforts to achieve sustainable, top-line growth. To register, obtain a programme agenda, explore sponsorship opportunities, or attend as a member of the media for GIL 2009: Europe, please contact Chiara Carella, Head of Corporate Communications for Frost & Sullivan in Europe, at chiara.carella@frost.com. One-on-One interviews with Frost & Sullivan senior growth consultants are also being scheduled. For more information you can also visit www.frost.com/giluk

About Frost & Sullivan

Frost & Sullivan, the Growth Partnership Company, enables clients to accelerate growth and achieve best in class positions in growth, innovation and leadership. The company's Growth Partnership Service provides the CEO and the CEO's Growth Team with disciplined research and best practice models to drive the generation, evaluation and implementation of powerful growth strategies. Frost & Sullivan leverages over 45 years of experience in partnering with Global 1000 companies, emerging businesses and the investment community from 31 offices on six continents. To join our Growth Partnership, please visit http://www.frost.com.

    Contact:
    Chiara Carella
    Corporate Communications
    P: 0044 (0) 207 3438314
    E: chiara.carella@frost.com
   http://www.frost.com

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Grupo Simec Announces Preliminary (Unaudited) Results of Operations for the Year Ended December 31, 2008

2009-02-28T02:24:00.000+02:00

GUADALAJARA, Mexico, Feb. 27 /PRNewswire-FirstCall/ -- Grupo Simec, S.A.B. de C.V. (AMEX: SIM) ("Simec") announced today its preliminary (unaudited) results of operations for the year ended December 31, 2008.

Acquisition of Corporacion Aceros DM, S.A. de C.V.

On February 21, 2008, we entered into an agreement to acquire 100% of the shares of Corporacion Aceros DM, S.A. de C.V. and certain of its affiliates ("Grupo San"), and on May 30, 2008 said acquisition was consummated. Grupo San is a long products steel mini-mill and the second-largest corrugated rebar producer in Mexico. Grupo San's operations are based in San Luis Potosi, Mexico. Its plants and 1,450 employees produce 600 thousand tons of finished products annually.

With this acquisition, Simec and Industrias CH, S.A.B. de C.V. ("ICH") position themselves as the second-largest producer of rebar and the largest steel producer in Mexico, with a production capacity of approximately 4.5 million tons of liquid steel and 3.8 million tons of finished products.

With this strategic acquisition, Simec and ICH will achieve a more diversified product mix, with 40% of sales in Mexico and 60% outside Mexico, both of which will allow them to better address the natural cycles of the steel industry on the domestic and global levels. Additionally, Simec has already identified significant synergies and economies of scale that will increase the company's operating margins. Grupo San's central location in San Luis Potosi, where Simec is not currently present, also represents a strong competitive advantage since it provides several strategic benefits mainly related to distribution, given its proximity to Mexico's main cities, sea ports, and borders.

In addition, Grupo San has aggressive expansion plans in its rebar business, which ICH and Simec will support and promote to satisfy the growing demand for this product, resulting from the Mexican government's aggressive infrastructure plan.

The financial statements of Simec include the operations of Grupo San since June 1, 2008.

Pursuant to Mexican Financial Reporting Standards "Bulletin B-7 Acquisitions of Business," Simec is in the process of calculating the goodwill and other intangible assets in the acquisition of Grupo San; as of December 31, 2008, Simec registered the adjustment of the intangible assets and we are in the process of determining the adjustment of the fixed assets.

Year Ended December 31, 2008 compared to Year Ended December 31, 2007

Net Sales

Net sales increased 46% to Ps. 35,187 million in 2008 (including the net sales generated by the newly acquired plants of Grupo San of Ps. 2,666 million) compared to Ps. 24,106 million in 2007. Shipments of finished steel products increased 9% to 2 million 924 thousand tons in 2008 (including the net sales generated by the newly acquired plants of Grupo San of 261 thousand tons) compared to 2 million 693 thousand tons in 2007. Total sales outside of Mexico in 2008 increased 44% to Ps. 24,472 million (including the net sales generated by the newly acquired plants of Grupo San of Ps. 98 million) compared with Ps. 17,031 million in 2007, while total Mexican sales increased 51% from Ps. 7,075 million in 2007 to Ps. 10,715 million in 2008 (including the net sales generated by the newly acquired plants of Grupo San of Ps. 2,496 million). The increase in sales can be explained due to higher shipments during 2008, compared with 2007 (231,000 tons increase) and 34% increase in the average price of steel products.

Direct Cost of Sales

Direct cost of sales increased 44% from Ps. 20,499 million in 2007 to Ps. 29,585 million in 2008 (including the cost of sales generated by the newly acquired plants of Grupo San of Ps. 1,340 million). Direct cost of sales as a percentage of net sales represented 84% in 2008 compared to 85% in 2007. The increase in the direct cost of sales is attributable mainly to an increase of 33% in the average cost of raw materials used to produce steel products in 2008 versus 2007, primarily as a result of increases in the price of scrap and certain other raw materials, as well as a 9% increase in shipments.

Gross Profit

Gross profit in 2008 was Ps. 5,602 million (including the gross profit generated by the newly acquired plants of Grupo San of Ps. 1,326 million) compared to Ps. 3,607 million in 2007. Gross profit as a percentage of net sales in 2008 was 16% compared to 15% in 2007. This increase in gross profit was principally due to an increase of 9% in sales volume.

Operating Expenses

Operating expenses increased 69% to Ps. 2,407 million in 2008 (including the operating expenses from the newly acquired plants of Grupo San of Ps. 605 million and the amortization of the intangible assets of Ps. 241 million registered by the acquisition of Grupo San) compared to Ps. 1,423 million in 2007 and represented 7% of net sales in 2008 and 6% of net sales in 2007.

Operating Profit

Operating profit increased 46% to Ps. 3,195 million in 2008 (including the operating profit from the newly acquired plants of Grupo San of Ps. 721 million) compared to Ps. 2,184 million in 2007. Operating profit as a percentage of net sales was 9% in 2008 compared to 9% in 2007. The increase in the operating profit was due principally to an increase of 9% in sales volume and an increase of 34% in the average price of steel products.

Comprehensive Financial Cost

Comprehensive financial cost in 2008 represented an expense of Ps. 126 million compared with a gain of Ps. 41 million in 2007. Net interest income was Ps. 77 million in 2008 compared with net interest income of Ps. 274 million in 2007, reflecting the use of cash and debt for the acquisition of Grupo San. At the same time, we registered an exchange loss of Ps. 203 million in 2008 compared with an exchange loss of Ps. 38 million in 2007, reflecting a 25% increase in the value of the dollar versus the peso as of December 31, 2008 compared to December 31, 2007.

Other Expenses (Income) net

The company recorded other income net of Ps. 38 million in 2008 compared to other income net of Ps. 21 million in 2007.

Income Taxes

Income Taxes recorded Ps. 978 million in 2008 (including Ps. 28 million of deferred income taxes) compared to Ps. 621 million in 2007 (including Ps. 509 million of deferred income taxes).

Net Profit

As a result of the foregoing, net profit increased by 31% to Ps. 2,219 million in 2008 from Ps. 1,625 million in 2007.

Liquidity and Capital Resources

As of December 31, 2008, Simec's total consolidated debt consisted of U.S. $952,000; U.S. $650,000 is a credit bank and U.S. $302,000 is from 8 7/8% medium-term notes ("MTN's") due 1998 (accrued interest on December 31, 2008 was U.S. $387,882). As of December 31, 2007, Simec's total consolidated debt consisted of U.S. $302,000 from 8 7/8% medium-term notes ("MTN's") due 1998 (accrued interest on December 31, 2007 was U.S. $363,703).

Net resources provided by operations were Ps. 1,487 million in 2008 versus Ps. 2,384 million of net resources provided by operations in 2007. Net resources provided by financing activities were Ps. 1,173 million in 2008 (which amount includes the capital increase of Ps. 1,169 million in July 2008) versus Ps. 2,292 million of net resources provided by financing activities in 2007 (which amount includes the capital increase of Ps. 2,421 million in February 2007). Net resources used in investing activities (to acquire property, plant and equipment, other non-current assets and liabilities) were Ps. 8,512 million in 2008 (which amount includes Ps. 8,440 million used in the acquisition of Grupo San) versus net resources used in investing activities (to acquire property, plant and equipment and other non-current assets and liabilities) of Ps. 484 million in 2007.

Comparative Fourth Quarter 2008 vs. Third Quarter 2008

Net Sales

Net sales decreased 28% from Ps. 10,533 million for the third quarter 2008 (including the net sales generated by the newly acquired plants of Grupo San of Ps. 1,073 million) to Ps. 7,620 million for the fourth quarter 2008 (including the net sales generated by the newly acquired plants of Grupo San of Ps. 1,080 million). Sales in tons of finished steel decreased 29% to 567 thousand tons in the fourth quarter 2008 compared with 795 thousand tons in the third quarter 2008. The total sales outside of Mexico for the fourth quarter 2008 decreased 32% to Ps. 4,983 million compared with Ps. 7,317 million for the third quarter 2008. Total Mexican sales decreased 18% to Ps. 2,637 million in the fourth quarter 2008 from Ps. 3,216 million in the third quarter 2008. Prices of finished products sold in the fourth quarter 2008 increased approximately 1% compared to the third quarter 2008.

Direct Cost of Sales

Direct cost of sales decreased 18% from Ps. 8,726 million in the third quarter 2008 (including the cost of sales generated by the newly acquired plants of Grupo San of Ps. 663 million) to Ps. 7,116 million for the fourth quarter 2008 (including the cost of sales generated by the newly acquired plants of Grupo San of Ps. 369 million). With respect to sales, in the fourth quarter 2008, the direct cost of sales represents 93% compared to 83% for the third quarter 2008. The average cost of raw materials used to produce steel products increased 14% in the fourth quarter 2008 versus the third quarter 2008, primarily as a result of increases in the price of scrap and certain other raw materials.

Gross Profit

Gross profit for the fourth quarter 2008 decreased 72% to Ps. 504 million (including the gross profit generated by the newly acquired plants of Grupo San of Ps. 710 million) compared to Ps. 1,807 million in the third quarter 2008 (including the gross profit generated by the newly acquired plants of Grupo San of Ps. 410 million). The gross profit as a percentage of net sales for the fourth quarter 2008 was 7% compared with 17% for the third quarter 2008. The decrease in gross profit was principally due to the increases in the price of scrap and certain other raw materials and the decrease in tons shipped.

Operating Expenses

Operating expenses increased 86% to Ps. 1,050 million in the fourth quarter 2008 (including the operating expenses from the newly acquired plants of Grupo San of Ps. 403 million and the amortization of Ps. 241 of the intangible assets determined in the acquisition of Grupo San) compared to Ps. 564 million for the third quarter 2008 (including the operating expenses from the newly acquired plants of Grupo San of Ps. 149 million). Operating expenses as a percentage of net sales represented 14% during the fourth quarter 2008 compared to 5% in the third quarter 2008.

Operating Profit

Operating profit was Ps. 1,243 million in the third quarter 2008 (including the operating profit from the newly acquired plants of Grupo San of Ps. 261 million) compared to an operating loss of Ps. 546 million for the fourth quarter 2008 (including the operating profit from the newly acquired plants of Grupo San of Ps. 307 million). The operating loss as a percentage of net sales in the fourth quarter 2008 was 7% compared to 12% of operating profit in the third quarter 2008. The operating loss was principally due to the decrease in tons shipped and the increases in the price of scrap and certain other raw materials.

Comprehensive Financial Cost

Comprehensive financial cost for the fourth quarter 2008 represented an income of Ps. 108 million compared with Ps. 25 million of income for the third quarter 2008. Net interest expense was Ps. 4 million in the fourth quarter 2008 compared with Ps. 11 million of net interest income in the third quarter 2008. At the same time, we registered an exchange gain of Ps. 112 million in the fourth quarter 2008 compared with an exchange gain of Ps. 36 million in the third quarter 2008.

Other Expenses (Income) net

The company recorded other expenses net of Ps. 98 million in the fourth quarter 2008 compared with other income net of Ps. 49 million for the third quarter 2008.

Income Taxes

Income taxes for the fourth quarter 2008 was an income of Ps. 314 million compared to Ps. 483 million of expense for the third quarter 2008.

Net Profit

As a result of the foregoing, net profit was Ps. 834 million in the third quarter 2008 compared to Ps. 222 million of net loss in the fourth quarter 2008.

Comparative Fourth Quarter 2008 vs. Fourth Quarter 2007

Net Sales

Net sales increased 31% from Ps. 5,824 million for the fourth quarter 2007 compared with Ps. 7,620 million for the same period in 2008 (including the net sales generated by the newly acquired plants of Grupo San of Ps. 1,080 million). Sales in tons of finished steel decreased 16% to 567 thousand tons in the fourth quarter 2008 compared with 675 thousand tons in the same period 2007. The total sales outside of Mexico for the fourth quarter 2008 increased 17% to Ps. 4,983 million compared with Ps. 4,264 million for the same period 2007. Total Mexican sales increased 69% to Ps. 2,637 million in the fourth quarter 2008 from Ps. 1,560 millions in the same period 2007. Prices of finished products sold in the fourth quarter 2008 increased approximately by 56% compared to the fourth quarter 2007.

Direct Cost of Sales

Direct cost of sales increased 31% from Ps. 5,436 million in the fourth quarter 2007 to Ps. 7,116 million for the same period 2008 (including the cost of sales generated by the newly acquired plants of Grupo San of Ps. 369 million). With respect to sales, in the fourth quarter 2008, the direct cost of sales represents 93% compared to 93% for the same period 2007. The average cost of raw materials used to produce steel products increased 56% in the fourth quarter 2008 versus the fourth quarter 2007, primarily as a result of increases in the price of scrap and certain other raw materials.

Gross Profit

Gross profit for the fourth quarter 2008 increased 30% to Ps. 504 million (including the gross profit generated by the newly acquired plants of Grupo San of Ps. 710 million) compared to Ps. 388 million in the same period 2007. The gross profit as a percentage of net sales for the fourth quarter 2008 was 7% compared with 7% for the same period 2007. The increase in gross profit was principally due to the increase in tons shipped.

Operating Expenses

Operating expenses increased 198% to Ps. 1,050 million in the fourth quarter 2008 (including the operating expenses from the newly acquired plants of Grupo San of Ps. 403 million and the amortization of Ps. 241 of the intangible assets determined in the acquisition of Grupo San) compared to Ps. 352 million for the same period 2007. Operating expenses as a percentage of net sales represented 14% during the fourth quarter 2008 compared to 6% of the same period 2007.

Operating Profit

Operating profit was Ps. 36 million in the fourth quarter 2007 compared to Ps. 546 million of loss for the same period 2008 (including the operating profit from the newly acquired plants of Grupo San of Ps. 307 million). The operating loss as a percentage of net sales in the fourth quarter 2008 was 7% compared to 1% of operating profit in the same period 2007.

Comprehensive Financial Cost

Comprehensive financial cost for the fourth quarter 2008 represented a gain of Ps. 108 million compared with an expense of Ps. 168 million for the fourth quarter 2007. Net interest expense was Ps. 4 million in the fourth quarter 2008 compared with Ps. 55 million of net interest income in the fourth quarter 2007. At the same time, we registered an exchange gain of Ps. 112 million in the fourth quarter 2008 compared with an exchange loss of Ps. 36 million in the fourth quarter 2007.

Other Expenses (Income) net

The company recorded other expenses net of Ps. 98 million for the fourth quarter 2008 compared with other expenses net of Ps. 24 million for the same period 2007.

Income Taxes

Income taxes for the fourth quarter 2008 decreased to Ps. 314 million compared to a decrease of Ps. 120 million for the same period 2007.

Net Profit

    As a result of the foregoing, net loss was Ps. 222 million in the fourth
quarter 2008 compared to Ps. 36 million of net loss in the fourth quarter
2007.


    Millions of pesos    Twelve months ended   Twelve months ended   2008 vs.
                         December 31, 2008     December 31, 2007      2007

    Sales                      35,187                24,106            46%
    Cost of Sales              29,585                20,499            44%
    Gross Profit                5,602                 3,607            55%
    Operating Expenses          2,407                 1,423            69%
    Operating Profit            3,195                 2,184            46%
    EBITDA                      4,053                 2,733            48%
    Net Profit                  2,129                 1,625            31%
    Sales Outside Mexico       24,472                17,031            44%
    Sales in Mexico            10,715                 7,075            51%
    Total Sales (tons)          2,924                 2,693             9%



    Millions of pesos      4Q08    3Q08    4Q07    4Q08      4Q08
                                                    vs.       vs.
                                                   3Q08      4Q07

    Sales                 7,620  10,533   5,824    (28%)      31%
    Cost of Sales         7,116   8,726   5,436    (18%)      31%
    Gross Profit            504   1,807     388    (72%)      30%
    Operating Expenses    1,050     564     352     86%      198%
    Operating Profit       (546)  1,243      36   (144%)  (1,617%)
    EBITDA                 (118)  1,407     206   (108%)    (157%)
    Net Profit             (222)    834     (36)  (127%)     517%
    Sales Outside Mexico  4,983   7,317   4,264    (32%)      17%
    Sales in Mexico       2,637   3,216   1,560    (18%)      69%
    Total Sales (tons)      567     795     675    (29%)     (16%)



    Product             Thousands of    Millions of     Average price
                        tons twelve     pesos twelve       per ton
                        months ended    months ended    twelve months
                        December 31,    December 31,   ended December 31,
                           2008            2008              2008

    SBQ                    2,034           26,165           12,864
    Light Structural         172            1,787           10,391
    Structural               183            1,979           10,815
    Rebar                    467            4,408            9,439
    Others                    68              847                0
    Total                  2,924           35,187           12,034


    Product             Thousands of    Millions of     Average price
                        tons twelve     pesos twelve      per ton
                        months ended    months ended    twelve months
                        December 31,    December 31,   ended December 31,
                            2007           2007              2007

    SBQ                   1,946           18,419            9,465
    Light Structural        276            2,162            7,834
    Structural              216            1,752            8,112
    Rebar                   250            1,703       6,810
    Others                    5               70                0
    Total                 2,693           24,106            8,951



    Product             Thousands   Millions of   Average price
                         of tons      pesos         per ton
                          4Q08        4Q08           4Q08

    SBQ                    335        5,435         16,224
    Light Structural        30          339         11,302
    Structural              33          371         11,243
    Rebar                  146        1,210          8,287
    Others                  23          265              0
    Total                  567        7,620         13,439


    Product             Thousands   Millions of   Average price
                         of tons      pesos         per ton
                           3Q08       3Q08            3Q08

    SBQ                    555        7,858          14,159
    Light Structural        41          482          11,756
    Structural              40          488          12,200
    Rebar                  127        1,324          10,425
    Others                  32          381               0
    Total                  795       10,533          13,249


    Product             Thousands   Millions of    Average price
                         of tons      pesos          per ton
                           4Q07       4Q07             4Q07

    SBQ                    497        4,524           9,102
    Light Structural        59          457           7,754
    Structural              45          357           7,930
    Rebar                   70          456           6,510
    Others                   4           31               0
    Total                  675        5,824           8,629

Any forward-looking information contained herein is inherently subject to various risks, uncertainties and assumptions, which, if incorrect, may cause actual results to vary materially from those anticipated, expected or estimated. The company assumes no obligation to update any forward-looking information contained herein.

[Via http://www.prnewswire.com]

Gran Tierra Energy Announces Filing of NI 51-101 Reserves Disclosures

2009-02-27T23:46:00.000+02:00

CALGARY, Alberta, Feb. 27 /PRNewswire-FirstCall/ -- Gran Tierra Energy Inc. (NYSE Alternext: GTE, TSX: GTE), a company focused on oil exploration and production in South America, today announced it has filed information regarding the company's crude oil and natural gas reserves for the year ended December 31, 2008 in accordance with the requirements of Canadian Securities Administrators' National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities.

Gran Tierra Energy's Statement of Reserves Data and Other Oil and Gas Information Form NI 51-101 F1; Report on Reserves Data by Independent Evaluator Form 51-101 F2; and Report of Management and Directors on Reserves Data and Other Information Form 51-101 F3; are now accessible on www.sedar.com.

About Gran Tierra Energy Inc.

Gran Tierra Energy Inc. is an international oil and gas exploration and production company operating in South America, headquartered in Calgary, Canada, incorporated in the United States, and trading on the NYSE Alternext (GTE) and the Toronto Stock Exchange (GTE). The company holds interests in producing and prospective properties in Colombia, Argentina, and Peru. The company has a strategy that focuses on growing a portfolio of producing properties, plus production enhancement and exploration opportunities to provide a base for future growth. Additional information concerning Gran Tierra Energy is available at www.grantierra.com. Investor inquiries may be directed to info@grantierra.com or 1-800-916-GTRE (4873).

Gran Tierra Energy's Securities and Exchange Commission filings are available on a Web site maintained by the Securities and Exchange Commission at http://www.sec.gov and on SEDAR at http://www.sedar.com.


    Contacts:

    Dana Coffield                                     Al Palombo
    Gran Tierra Energy Inc.                           Cameron Associates
    President & Chief Executive Officer               Investor Relations
    (866) 973-4873                                    (212) 245-8800 Ext. 209
    info@grantierra.com                               al@cameronassoc.com

[Via http://www.prnewswire.com]

Deep Down Opens New Houston Corporate Headquarters

2009-02-27T14:26:00.000+02:00

HOUSTON, Feb. 27 /PRNewswire-FirstCall/ -- Deep Down, Inc. (OTC Bulletin Board: DPDW) today announced it has opened new corporate headquarters in Northwest Houston, at 8827 W. Sam Houston Parkway, N., Suite 100, Houston, Texas 77040.

"In just two short years, Deep Down's workforce has grown from less than 50 to more than 165 employees, we have successfully completed three acquisitions, the most recent being our Maine buoyancy facility, and we have more than quadrupled our annual revenues since then," commented Ronald E. Smith, Deep Down's president and chief executive officer. "The new corporate headquarters will allow us to more effectively manage our current operations as well as future acquisitions.

The new location will provide needed space for Deep Down's corporate operations, including its chief executive officer, chief financial officer, chief acquisition officer, operations, business development, investor relations, and their support staff. Deep Down also operates service and fabrication facilities in Channelview, Texas, Morgan City, Louisiana, and Biddeford, Maine.

"In spite of the oil and gas industry's current volatility, the offshore deepwater services subsector continues to increase. Deep Down remains committed to its strategy of providing the expertise and subsea technologies required to help customers meet today's offshore oil production challenges. Moreover, both the recent expansion of our Channelview, Texas, service and fabrication facility, and the expansion currently underway at our Biddeford, Maine, buoyancy facility, were calculated to allow us to take full advantage of the increasing need for service and technological solutions developing deepwater oilfields," Smith concluded.

Contact numbers for Deep Down's various operations are:

           Facility                       Location                 Phone
    Corporate Headquarters            Houston, Texas          (281) 517-5000
    Subsea Service & Technology       Channelview, Texas      (281) 869-2201
    Marine Automation Services        Channelview, Texas      (713) 896-7799
    Buoyancy Services                 Biddeford, Maine        (207) 282-7749
    ROV & Equipment Rental Services   Morgan City, Louisiana  (985) 385-7817

About Deep Down, Inc.

Deep Down, Inc. is an oilfield services company serving the worldwide offshore exploration and production industry. Deep Down's proven services and technological solutions include distribution system installation support and engineering services, umbilical terminations, loose-tube steel flying leads, distributed and drill riser buoyancy, ROVs and ROV tooling, as well as marine vessel automation, control, and ballast systems. Deep Down supports subsea engineering, installation, commissioning, and maintenance projects through specialized, highly experienced service teams and engineered technological solutions. The company's primary focus is on more complex deepwater and ultra-deepwater oil production distribution system support services and technologies, used between the platform and the wellhead. Deep Down provides these services through its four subsidiaries. More information about Deep Down is available at www.deepdowncorp.com, by contacting the company at (281) 517-5000, or ir@deepdowninc.com.

One of our most important responsibilities is to communicate with shareholders in an open and direct manner. Comments are based on current management expectations, and are considered "forward-looking statements," generally preceded by words such as "plans," "expects," "believes," "anticipates," or "intends." We cannot promise future returns. Our statements reflect our best judgment at the time they are issued, and we disclaim any obligation to update or alter forward-looking statements as the result of new information or future events. Deep Down urges investors to review the risks and uncertainties contained within its filings with the Securities and Exchange Commission.

[Via http://www.prnewswire.com]

Webcast Alert: Edenor S.A. Announces Fourth Quarter 2008 Earnings Conference Call

2009-02-27T12:00:00.000+02:00

BUENOS AIRES, Argentina, Feb. 27 /PRNewswire-FirstCall/ -- EDENOR S.A. (NYSE: EDN) announces the following Webcast:

    What:    Edenor Fourth Quarter 2008 Earnings Conference Call

    When:    Friday, February 27, 9 AM EDT

    Where:  http://www.videonewswire.com/event.asp?id=56083

    How:     Live over the Internet --
             Simply log on to the web at the address above.

Contact: Ivana Del Rossi, (54 11) 4346 5127, irossi@edenor.com, investor@edenor.com

If you are unable to participate during the live webcast, the call will be archived at http://www.edenor.com


    To listen by phone

    English: (888) 233 8286
             (973) 935 8877
    Conf. ID: EDENOR

[Via http://www.prnewswire.com]

Harvest Natural Resources Provides Update on Venezuelan Operations

2009-02-27T10:00:00.000+02:00

HOUSTON, Feb. 27 /PRNewswire-FirstCall/ -- Harvest Natural Resources, Inc. (NYSE: HNR) today provided an update on operations of its 32 percent owned Venezuelan affiliate, Petrodelta, S.A. (Petrodelta).

Highlights include:

Production from Venezuela in 2008 was approximately 7.3 million barrels of oil equivalent (BOE), including 5.5 million barrels of oil and 10.7 billion cubic feet (Bcf) of natural gas.
Petrodelta's oil production has increased to a high of 19,500 barrels of oil per day (BOPD) and is averaging 18,300 BOPD in February 2009 to comply with output requirements of Venezuela in accordance to its OPEC production quota.
Petrodelta has drilled and completed ten new wells since re-commencing drilling operations in April 2008.
Harvest's 32 percent share of Petrodelta's proved reserves are 43.3 million BOE with approximately 79 percent associated with oil, at year end 2008.

PRODUCTION AND DRILLING OVERVIEW

During 2008, Petrodelta drilled and completed eight development wells and produced approximately 5.5 million barrels of oil, an increase of 1.9 percent over the previous year. Petrodelta also sold 10.7 Bcf of natural gas, a decrease of 20 percent from 2007 due to reservoir management of gas production. On a barrel of oil equivalent basis, Petrodelta sold and produced 7.3 million BOE in 2008, as compared to 7.6 million BOE in 2007.

In review, Harvest Vinccler had two rigs drilling development wells during the second half of 2004, which dramatically increased production from approximately 20,000 BOPD to over 30,000 BOPD in only six months. In January 2005, drilling operations were suspended as Harvest's Venezuelan operations began the process of converting into a mixed company. During the conversion process, production fell to approximately 12,200 BOPD. Drilling operations re-commenced in April 2008 and ten new wells were drilled. Production rates have increased 56 percent to 19,000 BOPD during this period.

Petrodelta has been advised by the Venezuelan Government that production output will remain at approximately 16,000 BOPD effective January 1, 2009, consistent with current OPEC production quotas. However, Petrodelta has been permitted to produce above this guidance for compliance with Venezuela's overall quota, as determined by OPEC.

Drilling and production operations are presently focused in the Uracoa and Temblador fields. Currently, Petrodelta is operating two rigs in the Uracoa field and one rig in the Temblador field. Petrodelta has completed two oil development wells thus far in 2009. In Temblador, drilling operations are targeted to develop previously not accessed portions of the field, and the first new development well was completed in February 2009 with initial production in excess of 1,800 BOPD. Temblador operations were transferred to Petrodelta in February 2008 and production has been increased from 1,200 BOPD to 4,900 BOPD by drilling one well, four workovers and opening of two idle wells. For 2009, the initial drilling program includes plans for drilling development and appraisal wells for maintaining production capacity and appraising the substantial resource bases in the presently non-producing Isleno and El Salto fields.

In addition, Petrodelta shareholders have agreed that the company will remain self-funding and rely solely on internally-generated cash flow to fund operations.

James Edmiston, Harvest's President and Chief Executive Officer said, "Our Venezuelan business continues to post strong operational results in spite of the recent slowdown. I am particularly pleased with the outstanding results in the newly-acquired Temblador Field. The successes to date underscore what we believe is a very bright future for Petrodelta as it continues to develop its world-class asset base."

RESERVES OVERVIEW

At December 31, 2008, Harvest's 32 percent interest in Petrodelta's proved reserves was 43.3 million BOE, consisting of 34.2 million barrels of oil and 54.2 Bcf of natural gas, in accordance with SEC rules. Approximately 79 percent of the company's proved reserves were oil and had a present value discounted at ten percent of $111.4 million, providing nearly 19 years of projected production.

Harvest's probable and possible reserves under SPE/WPC reserve definitions were independently estimated at 33.5 million BOE and 77.9 million BOE, respectively, representing a large multi-year inventory of drilling locations.

The company does not expect to incur any impairment charges related to changes in 2008 proved reserves from the previous year.

Mr. Edmiston continued, "Our balance sheet remains strong and provides Harvest with the financial stability required to endure the current volatility in the world energy and financial markets without sacrificing our growth objectives. We remain focused on our strategy to diversify operations into areas where we have operational control and the ability to apply our technical expertise to build long-term shareholder value."

About Harvest Natural Resources

Harvest Natural Resources, Inc. headquartered in Houston, Texas, is an independent energy company with principal operations in Venezuela, exploration assets in the United States, Indonesia, West Africa and China and business development offices in Singapore and the United Kingdom. For more information visit the Company's website at http://www.harvestnr.com.

"Cautionary note to investors - The United States Securities and Exchange Commission (SEC) permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms in this press release such as prospective resources, probable reserves, possible reserves, non-proved reserves or other descriptions of volumes of reserves, that SEC guidelines strictly prohibit us from including in filings with the SEC. These estimates are by their nature more speculative than estimates of proved reserves and accordingly, are subject to substantially greater risk of being actually realized by the Company. Investors are urged to consider closely the disclosure in our 2007 Annual Report on Form 10-K and our other public filings with the SEC, available from us on our website at www.harvestnr.com or by submitting a request to us at Harvest Natural Resources, Inc., 1177 Enclave Parkway, Suite 300, Houston, Texas, 77077, Attention: Investor Relations. You can also obtain these filings from the SEC by calling 1-800-SEC-0330 or from the SEC's website at www.sec.gov."

"This press release may contain projections and other forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. They include estimates and timing of expected oil and gas production, oil and gas reserve projections of future oil pricing, future expenses, planned capital expenditures, anticipated cash flow and our business strategy. All statements other than statements of historical facts may constitute forward-looking statements. Although Harvest believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Actual results may differ materially from Harvest's expectations as a result of factors discussed in Harvest's 2007 Annual Report on Form 10-K and other public filings."

[Via http://www.prnewswire.com]

Syngenta CEO Highlights Crucial Role of Technology in Improving Food Security

2009-02-27T06:00:00.000+02:00

BASEL, Switzerland, Feb. 27 /PRNewswire-FirstCall/ -- Speaking yesterday at the 2009 USDA Outlook Forum in Washington D.C., Syngenta CEO Mike Mack highlighted the crucial role that agricultural technology can play in improving global food security. "In the face of persistent and growing global challenges, such as rising population, exacerbated by changing diets, limited farmland availability and more erratic climatic conditions, the need to ensure food security and environmental safety is essential. A full modern toolbox including biotechnology, crop protection and seed care is vital to provide solutions," Mack said.

Mike Mack highlighted the importance of science and research in finding alternative sources of energy, combating water scarcity and protecting biodiversity. "Some $30 billion worth of crops were lost to drought in 2007, and at the same time, the world is increasingly looking to biofuels to meet our energy needs," he continued. "Our innovative products allow us to unlock the potential of plants, enabling us to do more with less - feed more people, produce more fuel and fiber, while using less water and decreasing the carbon footprint of agriculture."

"We have just begun realizing the promise of agricultural technology. As amazing as the products we have already produced are, we are only at the early stages of the learning curve," concluded Mack.

Mike Mack spoke alongside other speakers including Tom Vilsack, Secretary of Agriculture, US Department of Agriculture and Lawrence H. Summers, Assistant to President Obama for Economic Policy and Director of the National Economic Council.

Syngenta is one of the world's leading companies with more than 24,000 employees in over 90 countries dedicated to our purpose: Bringing plant potential to life. Through world-class science, global reach and commitment to our customers we help to increase crop productivity, protect the environment and improve health and quality of life. For more information about us please go to www.syngenta.com

Cautionary Statement Regarding Forward-Looking Statements

This document contains forward-looking statements, which can be identified by terminology such as 'expect', 'would', 'will', 'potential', 'plans', 'prospects', 'estimated', 'aiming', 'on track' and similar expressions. Such statements may be subject to risks and uncertainties that could cause the actual results to differ materially from these statements. We refer you to Syngenta's publicly available filings with the U.S. Securities and Exchange Commission for information about these and other risks and uncertainties. Syngenta assumes no obligation to update forward-looking statements to reflect actual results, changed assumptions or other factors. This document does not constitute, or form part of, any offer or invitation to sell or issue, or any solicitation of any offer, to purchase or subscribe for any ordinary shares in Syngenta AG, or Syngenta ADSs, nor shall it form the basis of, or be relied on in connection with, any contract therefore.

    Syngenta International AG

    Media Office
    CH-4002 Basel
    Switzerland
    Tel:        +41 61 323 23 23
    Fax:        +41 61 323 24 24

    www.syngenta.com

    Media contact:                      Analyst/Investor contacts:
    Medard Schoenmaeckers               Jennifer Gough
    Switzerland   +41 61 323 2323       Switzerland   +41 61 323 5059
                                        USA           +1 202 737 6521

                                        John Hudson
                                        Switzerland   +41 61 323 6793
                                        USA           +1 202 737 6520

[Via http://www.prnewswire.com]

OM Group Announces Results for 2008 Fourth Quarter, Full Year

2009-02-26T12:00:00.000+02:00

CLEVELAND, Feb. 26 /PRNewswire-FirstCall/ -- OM Group, Inc. (NYSE: OMG) announced today financial results for the fourth quarter and full year ended December 31, 2008.

Fourth-quarter and full-year highlights:

-- Full year 2008 net sales grew 70 percent to a record $1.7 billion, despite a 4 percent drop in net sales during the fourth quarter compared to a year ago.

-- Fourth-quarter net loss of $1.08 per diluted share included a non- recurring income tax benefit of $0.71 per diluted share, a non-cash inventory charge of $0.63 per diluted share, and a non-cash goodwill impairment charge of $0.29 per diluted share.

-- Cash flow from operating activities climbed in 2008 to $119.7 million in the fourth quarter, $172.1 million for the full year.

-- Cash balance at year-end was $244.8 million with additional liquidity available from revolvers of $75 million in the US and euro 25 million in Finland.

FOURTH-QUARTER RESULTS

Net sales for the fourth quarter of 2008 were $296.6 million compared with $309.4 million in the corresponding period of 2007. Lower volume across most end markets, a decrease in metal resale and lower pricing in Advanced Materials were partially offset by the benefits from higher revenue from the electronic technologies acquisition and favorable pricing in Advanced Organics.

Net loss in the fourth quarter of 2008 was $32.7 million, or $1.08 per diluted share, compared with last year's fourth-quarter net income of $48.0 million, or $1.58 per diluted share. Included in the 2008 period is a non-cash inventory charge of $26.9 million, or $0.63 per diluted share, to reduce the carrying value of certain inventory to market value; a non-recurring income tax benefit of $21.5 million, or $0.71 per diluted share, related to the company's electing to take foreign tax credits on prior-year U.S. tax returns; and a non-cash $8.8 million charge, or $0.29 per diluted share, for goodwill impairment.

"Like many companies, we faced rapidly deteriorating market conditions in the fourth quarter of 2008, which partially mitigated the significant gains we had made earlier in the year," said Joseph M. Scaminace, chairman and chief executive officer. "The impact on profitability from this unprecedented drop in demand during the fourth-quarter was further compounded by a steep decline in cobalt prices. Despite these negative macroeconomic forces, we were able to generate significant cash from operations. Coupled with our low level of debt, we are pleased with the financial flexibility we created for the company during the year."

Gross profit fell to $3.6 million, or 1.2 percent of sales, in the fourth quarter of 2008 versus $84.2 million, or 27.2 percent of sales, in the comparable 2007 quarter. The decline is attributable primarily to the lower volumes and the rapid decline in the cobalt reference price and its effect on selling prices relative to raw material costs. Included in the 2008 period was an inventory adjustment of $26.9 million to reduce the carrying value of certain inventory to market value.

Selling, general and administrative (SG&A) expenses increased to $40.7 million, or 13.7 percent of sales, in the fourth quarter of 2008 compared with $28.7 million, or 9.3 percent of sales, in the fourth quarter of 2007, due primarily to the acquired electronic technologies businesses that were not included in the 2007 period.

Operating loss in the fourth quarter of 2008 was $46.0 million compared with operating profit of $55.5 million in the prior-year period, driven primarily by the decline in gross profit and an $8.8 million goodwill impairment charge.

Loss from continuing operations was $33.0 million, or $1.09 per diluted share, in the fourth quarter of 2008, compared with income from continuing operations of $46.4 million, or $1.53 per diluted share, in the fourth quarter of 2007. Income tax in the fourth quarter of 2008 was a net benefit of $18.8 million, which includes the foreign tax credit benefit of $21.5 million previously mentioned and income tax expense of $21.1 million related to earlier periods of 2008, due to a change in the effective income tax rate for the full year 2008 made during the fourth quarter.

Net cash provided by operating activities in the fourth quarter of 2008 was $119.7 million compared with $12.2 million in the fourth quarter of 2007. The increase was the result of lower net working capital driven primarily by lower cobalt prices.

FULL-YEAR RESULTS

Net sales for 2008 were a record $1.7 billion compared with $1.0 billion in 2007. The improvement was driven by higher product selling prices, acquisitions, increased cobalt metal resale and sales volume growth. 2008 net income was $135.0 million, or $4.45 per diluted share, compared with $246.9 million, or $8.15 per diluted share, in 2007. Included in the results from 2007 are $63.1 million of income from discontinued operations and a $72.3 million gain on the sale of discontinued operations, both related principally to the Nickel business that was sold in the first quarter of 2007. Income from continuing operations was $134.9 million, or $4.45 per diluted share, for 2008 compared with $111.5 million, or $3.68 per diluted share, in 2007.

Gross profit rose to $352.5 million in 2008 compared with $313.2 million in 2007. As a percentage of net sales, gross profit fell to 20.3 percent from 30.7 percent, due primarily to the rapid decline in the cobalt reference price in the second half of the year and its effect on selling prices relative to raw material costs as well as $27.7 million in adjustments to reduce the carrying value of certain inventory to market value.

SG&A expenses were $166.1 million in 2008 compared with $117.0 million in 2007. The increase was due primarily to expenses from the acquired coatings and electronic technologies businesses. Operating profit fell to $177.6 million, or 10.2 percent of sales, in 2008 versus $196.2 million, or 19.2 percent of sales, in 2007.

Net cash provided by operating activities rose to $172.1 million in 2008 compared with $41.0 million last year. This improved performance was attributable to higher income from continuing operations and cash provided by working capital as cobalt prices fell in the second half of 2008. Cash provided by operations as well as available credit facilities should provide adequate liquidity for OMG's working capital, debt service and capital expenditure requirements in 2009.


    BUSINESS SEGMENT RESULTS

Advanced Materials

In the fourth quarter of 2008, net sales for the Advanced Materials segment were $194.1 million compared with $222.3 million in the fourth quarter of last year. The decrease was driven by lower sales volume of metal resale, lower product selling prices due to a decrease in the reference price for cobalt, and lower overall volume. Excluding metal resale and copper by-product sales, volume fell 4 percent in the fourth quarter of 2008 compared with the same quarter last year.

Operating loss for the segment for the fourth quarter was $16.0 million compared with a profit of $64.5 million in the prior-year quarter. The impact of a rapid decline in cobalt reference price, lower volume and higher manufacturing and non-cobalt raw material costs led to the decline in profit. For the 2008 fourth quarter, cobalt prices averaged $20.81 per pound compared with $32.54 per pound during the third quarter of 2008 and $32.68 per pound during the fourth quarter of 2007. The current period includes an inventory charge of $19.9 million to reduce the carrying value of certain inventory to market value.

Full year 2008 net sales for the segment were $1.2 billion, compared with $721.9 million in 2007. Increased product selling prices, higher cobalt metal resale and copper by-product sales, and higher volumes contributed to the increase. Operating profit fell to $203.5 million in 2008 compared with $212.6 million in 2007 due to $20.7 million of inventory charges to reduce the carrying value of certain inventory to market value, an unfavorable currency impact and increased manufacturing and non-cobalt raw material costs. These decreases were partially offset by higher volume, favorable pricing and increased copper by-product sales.

Specialty Chemicals

Net sales from the Specialty Chemicals segment were $102.7 million in the fourth quarter of 2008 compared with $87.2 million in the same quarter last year. The improvement was due primarily to acquisitions and higher selling prices in Advanced Organics, partially offset by lower volumes.

Operating loss was $19.1 million in the fourth quarter of 2008 compared with operating profit of $3.1 million in the prior-year quarter, due to lower volume, a $7.0 million inventory charge to reduce the carrying value of certain inventory to market value, additional expenses from the newly acquired businesses and the goodwill impairment charge.

Full year 2008 net sales for the segment increased to $546.7 million, compared with $303.9 million in 2007. Acquisitions and increased product selling prices were the main factors leading to the sales improvement, partially offset by lower volumes. Operating profit was $11.2 million in 2008 compared with $18.2 million in 2007 as benefits from acquisitions were offset by decreased volume, the charge for goodwill impairment and inventory adjustments.

OUTLOOK

"At the present time, we see no immediate recovery from the prevalent uncertainty and weak end-market demand created in the fourth quarter of 2008," said Scaminace. "Likewise, we expect cobalt prices in 2009 to remain lower on a year-over-year basis, which will further challenge our relative earnings potential. While both will influence the rate at which we can continue to implement our growth strategy in 2009, our focus and resolve to achieve our stated goals of delivering sustainable and profitable volume growth and driving consistent financial performance remain unchanged."

Scaminace noted that the company is dealing with the uncertain economic outlook by implementing a number of additional cost containment measures aimed at further leveraging margin growth and profitability, including eliminating 2009 salary increases where possible, reducing headcount, reprioritizing capital projects and cutting discretionary spending. "With the benefit of a strong, clean balance sheet, we are cautiously optimistic that we are in a sound position to manage through the economic uncertainty ahead," Scaminace concluded.

WEBCAST INFORMATION

OM Group has scheduled a conference call and live audio broadcast on the Web for 10 a.m. Eastern time today. Investors may access the live audio broadcast by logging on to www.omgi.com. A copy of management's presentation materials will be available on OMG's Web site at the time of the call. The company recommends visiting the Web site at least 15 minutes prior to the webcast to download and install any necessary software. A webcast audio replay will be available on the "Investor Relations - Presentations" page of the company's Web site three hours after the call.

ABOUT OM GROUP, INC.

OM Group, Inc. is a diversified global developer, producer and marketer of value-added specialty chemicals and advanced materials that are essential to complex chemical and industrial processes. Key technology-based end-use applications include affordable energy, portable power, clean air, clean water, and proprietary products and services for the microelectronics industry. Headquartered in Cleveland, Ohio, OM Group operates manufacturing facilities in the Americas, Europe, Asia and Africa. For more information, visit the company's Web site at http://www.omgi.com/.

FORWARD-LOOKING STATEMENTS

The foregoing discussion may include forward-looking statements for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based upon specific assumptions and are subject to uncertainties and factors relating to the company's operations and business environment, all of which are difficult to predict and many of which are beyond the control of the company. These uncertainties and factors could cause actual results of the company to differ materially from those expressed or implied in the forward-looking statements contained in the foregoing discussion. Such uncertainties and factors include: the potential impact that the recent global economic and financial market crisis may have on our business and operations, including future goodwill impairments; the direction and pace of our strategic transformation, including identification of and the ability to finance potential acquisitions; the operation of our critical business facilities without interruption; the speed and sustainability of price changes in cobalt; the potential for lower of cost or market write-downs of the carrying value of inventory necessitated by decreases in the market price of cobalt or the selling prices of the Company's finished products; the availability of competitively priced supplies of raw materials, particularly cobalt; the demand for metal-based specialty chemicals and products in the Company's markets; the impact of environmental regulations on our operating facilities and the impact of new or changes to current environmental, health and safety laws on our products and their use by our customers; the effect of fluctuations in currency exchange rates on the Company's international operations; the effect of non-currency risks of investing and conducting operations in foreign countries, including political, social, economic and regulatory factors; the effect of changes in domestic or international tax laws; and the general level of global economic activity and demand for the Company's products.



                         OM Group, Inc. and Subsidiaries
                      Condensed Consolidated Balance Sheets

                                                December 31,      December 31,
                                                    2008              2007
    (In thousands)
    ASSETS
    Current assets
          Cash and cash equivalents               $244,785          $100,187
          Accounts receivable                      130,217           178,481
          Inventories                              306,128           413,434
          Other current assets                     114,286            64,431
              Total current assets                 795,416           756,533

    Property, plant and equipment, net             245,202           288,834
    Goodwill                                       268,677           322,172
    Intangible assets                               84,824            46,454
    Notes receivable from joint venture
     partner                                        13,915            24,179
    Other non-current assets                        26,393            31,038
              Total assets                      $1,434,427        $1,469,210

    LIABILITIES AND STOCKHOLDERS' EQUITY
    Current liabilities
          Short-term debt and current
           portion of long-term debt                   $80              $513
          Accounts payable                          89,470           214,244
          Accrued income taxes                      17,677            32,040
          Accrued employee costs                    31,168            34,707
          Other current liabilities                 21,074            25,435
              Total current liabilities            159,469           306,939

    Long-term debt                                  26,064             1,136
    Deferred income taxes                           26,764            29,645
    Minority interests                              47,429            52,314
    Other non-current liabilities                   44,052            50,790

    Total stockholders' equity                   1,130,649         1,028,386
    Total liabilities and stockholders'
     equity                                     $1,434,427        $1,469,210



                         OM Group, Inc. and Subsidiaries
                   Condensed Statements of Consolidated Income


                                   Three Months Ended    For the Year Ended
                                      December 31,           December 31,
                                     2008      2007        2008        2007
    (In thousands, except per
     share data)

    Net sales                      $296,599  $309,367  $1,736,849  $1,021,501
    Cost of products sold
     (excluding lower of cost or
     market charge)                 266,079   225,182   1,356,573     708,257
    Lower of cost or market
     inventory charge                26,922         -      27,728           -
    Gross profit                      3,598    84,185     352,548     313,244
    Goodwill impairment               8,800         -       8,800           -
    Selling, general and
     administrative expenses         40,748    28,733     166,126     117,009
    Operating profit                (45,950)   55,452     177,622     196,235
    Other income (expense):
       Interest expense                (305)     (297)     (1,597)     (7,820)
       Loss on redemption of Notes        -         -           -     (21,733)
       Interest income                  511     8,279       1,920      23,922
       Foreign exchange gain
        (loss)                       (4,613)    2,138      (3,744)      8,100
       Other income (expense), net   (1,348)      550      (1,913)       (449)
                                     (5,755)   10,670      (5,334)      2,020
    Income (loss) from continuing
     operations before income tax
     (expense) benefit and
     minority interest              (51,705)   66,122     172,288     198,255
    Income tax (expense) benefit     18,842   (18,596)    (16,076)    (76,311)
    Minority partners' share of
     (income) loss                     (155)   (1,085)    (21,301)    (10,405)
    Income (loss) from continuing
     operations                     (33,018)   46,441     134,911     111,539
    Discontinued operations:
    Income from discontinued
     operations, net of tax             303     1,546          92      63,057
    Gain on sale of discontinued
     operations, net of tax               -         -           -      72,270
    Total income from discontinued
     operations, net of tax             303     1,546          92     135,327
    Net income (loss)              $(32,715)  $47,987    $135,003    $246,866

    Net income (loss) per common
     share - basic:
      Continuing operations          $(1.09)    $1.55       $4.48       $3.73
      Discontinued operations          0.01      0.05           -        4.52
      Net income                     $(1.08)    $1.60       $4.48       $8.25
    Net income (loss) per common
     share - assuming dilution:
      Continuing operations          $(1.09)    $1.53       $4.45       $3.68
      Discontinued operations          0.01      0.05           -        4.47
      Net income                     $(1.08)    $1.58       $4.45       $8.15

    Weighted average shares
     outstanding
      Basic                          30,180    30,040      30,124      29,937
      Assuming dilution              30,180    30,397      30,358      30,276



                         OM Group, Inc. and Subsidiaries
                 Condensed Statements of Consolidated Cash Flows

                                                      For the Year Ended
                                                    2008              2007
    (In thousands)
    Operating activities
    Net income                                    $135,003          $246,866
    Adjustments to reconcile net income
     to net cash provided by
     operating activities:
        Total income from discontinued
         operations                                    (92)         (135,327)
        Loss on redemption of Notes                      -            21,733
        Depreciation and amortization               56,116            33,229
        Share-based compensation expense             7,621             7,364
        Minority partners' share of
         income                                     21,301            10,405
        Gain on cobalt forward purchase
         contracts                                  (4,002)           (6,735)
        Interest income receivable from
         joint venture partner                       3,776            (3,776)
        Lower of cost or market inventory
         charge                                     27,728                 -
        Goodwill impairment                          8,800                 -
        Other non-cash items                         7,358           (25,169)
    Changes in operating assets and
     liabilities, excluding the effect of
     business acquisitions:
        Accounts receivable                         48,641           (38,364)
        Inventories                                 76,985          (165,694)
        Accounts payable                          (124,712)           92,161
        Refundable, prepaid and accrued
         income taxes                              (64,455)           17,455
        Other, net                                 (27,944)          (13,144)
    Net cash provided by operating
     activities                                    172,124            41,004

    Investing activities
    Expenditures for property, plant and
     equipment                                     (30,712)          (19,357)
    Net proceeds from the sale of the
     Nickel business                                     -           490,036
    Proceeds from settlement of cobalt
     forward purchase contracts                     10,736                 -
    Other investing activities                       2,042          (335,430)
    Net cash provided by (used for)
     investing activities                          (17,934)          135,249

    Financing activities
    Payments of long-term debt and
     revolving line of credit                      (45,513)         (400,000)
    Proceeds from the revolving line of
     credit                                         70,000                 -
    Premium for redemption of notes                      -           (18,500)
    Payment of loan from consolidated
     joint venture partner                          (2,657)
    Distributions to joint venture
     partners                                      (26,184)           (1,350)
    Payment related to surrendered shares           (3,251)                -
    Proceeds from exercise of stock
     options                                           874            11,344
    Excess tax benefit on exercise of
     stock options                                      28             1,744
    Net cash used for financing
     activities                                     (6,703)         (406,762)

    Effect of exchange rate changes on
     cash                                           (2,889)            1,440

    Cash and cash equivalents
    Increase (decrease) from continuing
     operations                                    144,598          (229,069)
    Discontinued operations - net cash
     provided by operating activities                    -            48,508
    Discontinued operations - net cash
     used for investing activities                       -            (1,540)
    Balance at the beginning of the year           100,187           282,288
    Balance at the end of the year                $244,785          $100,187



                         OM Group, Inc. and Subsidiaries
                               Segment Information

                                   Three Months Ended    For the Year Ended
                                      December 31,           December 31,
    (In thousands)                   2008      2007       2008         2007

    Net Sales
       Advanced Materials          $194,122  $222,271  $1,192,423    $721,874
       Specialty Chemicals          102,739    87,196     546,675     303,897
       Intersegment items              (262)     (100)     (2,249)     (4,270)
                                   $296,599  $309,367  $1,736,849  $1,021,501

    Operating profit (loss)
       Advanced Materials          $(16,025)  $64,450    $203,545    $212,609
       Specialty Chemicals          (19,125)    3,132      11,168      18,176
       Corporate                     (8,623)  (11,444)    (37,540)    (35,807)
       Intersegment items            (2,177)     (686)        449       1,257
                                   $(45,950)  $55,452    $177,622    $196,235



                       OM Group, Inc. and Subsidiaries
                          Non-GAAP Financial Measure


                                    Three months ended   Three months ended
                                     December 31, 2008    December 31, 2007
                                    $       Diluted EPS  $       Diluted EPS
    (in thousands, except
     per share data)

    Net income (loss) as
     reported                   $(32,715)    $(1.08)  $47,987       $1.58

    Less:
      Total income from
       discontinued operations       303       0.01     1,546        0.05

    Income (loss) from
     continuing operations -
     as reported                $(33,018)    $(1.09)  $46,441       $1.53

    Special items -- income
     (expense):
       Election to take Foreign
        Tax Credits on Prior
        Year Returns              21,536       0.71         -           -
       Goodwill impairment        (8,800)     (0.29)        -           -
       Interest income on Notes
        receivable from JV partner     -          -     3,776        0.12
       Tax expense related to
        interest income on Notes
        from JV partner                -          -      (982)      (0.03)
       Tax expense related to
        repatriation of foreign
        cash                           -          -    (6,911)      (0.22)

    Income (loss) from continuing
     operations  - as adjusted
     for special items          $(45,754)    $(1.51)  $50,558       $1.66

    Weighted average shares
     outstanding - diluted                   30,180                30,397




                                        Year ended          Year ended
                                    December 31, 2008     December 31, 2007
                                   $      Diluted EPS   $        Diluted EPS
    (in thousands except per
     share data)

    Net income as reported      $135,003      $4.45  $246,866       $8.15

    Less:
      Total income from
       discontinued operations        92          -   135,327        4.47

    Income from continuing
     operations - as reported   $134,911      $4.45  $111,539       $3.68

    Special items -- income
     (expense):
       Election to take
        Foreign Tax Credits on
        Prior Year Returns        46,636       1.54         -           -
       Goodwill impairment        (8,800)     (0.29)        -           -
       REM - inventory step-up
        (COGS), net of tax        (1,222)     (0.04)        -           -
       Tax assessment in Canada     (763)     (0.03)        -           -
       Environmental charges at
        closed New Jersey site         -          -    (3,857)      (0.13)
       Loss on redemption of Notes     -          -   (21,733)      (0.72)
       Tax benefit related to
        redemption of Notes            -          -     7,607        0.25
       Tax expense related to
        repatriation of foreign
        cash                           -          -   (45,700)      (1.51)
       Interest income on Notes
        receivable from JV partner     -          -     4,526        0.15
       Tax expense related to
        interest income on Notes
        from JV partner                -          -    (1,177)      (0.04)

    Income from continuing
     operations - as adjusted
     for special items           $99,060      $3.26  $171,873       $5.68

    Weighted average shares
     outstanding - diluted                   30,358               30,276

Use of Non-GAAP Financial Information:

"Income from continuing operations - as adjusted for special items" is a non-GAAP financial measure that the Company's management has used as an important metric in evaluating the performance of the Company's business for 2008. The above table presents a reconciliation of the Company's GAAP results, as reported (both net income and income from continuing operations), to its non-GAAP results after adjusting for the special items shown. The Company believes that the non-GAAP financial measure presented in the above table facilitates a comparative assessment of the Company's operating performance by its management. In addition, the Company believes that this non-GAAP financial measure will enhance investors' understanding of the performance of the Company's operations during 2008 and of the comparability of the 2008 results to the results of prior periods.

[Via http://www.prnewswire.com]

Syngenta Board Proposes Stefan Borgas to Become New Director

2009-02-26T06:00:00.000+02:00

BASEL, Switzerland, Feb. 26 /PRNewswire-FirstCall/ -- Syngenta announced today that the Board of Directors will propose to shareholders at the Annual General Meeting on April 21, 2009, to name Stefan Borgas as a new member of the Syngenta Board.

Stefan Borgas (45) is Chief Executive Officer of Lonza, one of the world's leading suppliers to the pharmaceutical, healthcare and life science industries, headquartered in Basel. Prior to joining Lonza in 2004 he worked in various senior international functions for BASF. Stefan Borgas holds a degree in business administration from the University of Saarbruecken, Germany, and an MBA from the University of St. Gallen, Switzerland.

    Media contact:                Analyst/Investor contacts:

    Medard Schoenmaeckers         Jennifer Gough
    Switzerland   +41 61 323 2323 Switzerland   +41 61 323 5059
                                  USA           +1 202 737 6521

                                  John Hudson
                                  Switzerland   +41 61 323 6793
                                  USA           +1 202 737 6520

Cautionary Statement Regarding Forward-Looking Statements

[Via http://www.prnewswire.com]

Global Industries, Ltd. Announces Results for the Fourth Quarter and Year End 2008

2009-02-26T02:13:00.000+02:00

CARLYSS, La., Feb. 25 /PRNewswire-FirstCall/ -- Global Industries, Ltd. (Nasdaq: GLBL) announced revenues of $250.4 million for the fourth quarter of 2008 compared to $263.0 million in the fourth quarter of 2007. Net loss was $27.9 million, or $0.25 per diluted share, for the fourth quarter of 2008. This compares to net income of $32.9 million, or $0.28 per diluted share, in the fourth quarter of 2007.

Revenues were $1.07 billion in fiscal year 2008 compared to $992.5 million in fiscal year 2007. Net loss was $117.4 million, or $1.03 per diluted share, in fiscal year 2008. This compares to net income of $160.0 million, or $1.36 per diluted share, in fiscal year 2007.

Commenting on the fourth quarter results, Chairman and Chief Executive Officer John A. Clerico stated, "Our recovery plan is underway at Global. During the fourth quarter, we took actions to reduce costs, conserve our cash and increase our project order backlog to $519.6 million. These actions produced positive impact during the quarter and will continue to do so in future quarters. However, the impact of these actions was more than offset during the quarter by idle vessel costs resulting from a decline in project revenues in North America OCD, West Africa and the Middle East together with added costs to complete the Camarupim project in Brazil caused by weather, mechanical downtime and the provision for anticipated additional costs as a result of future schedule delays."

Clerico continued, "We have re-dedicated ourselves to winning business, increasing our project order backlog and executing projects well for our customers. Our plan for this year is to scale our costs to match a realistic forecast of our revenues. Despite the risks and uncertainties we face, we are confident that our recovery plan will restore Global to profitability and growth."

Selling, general and administrative expenses of $21.9 million for the fourth quarter of 2008 decreased by $0.6 million over the same quarter last year, primarily due to company-wide cost control activities.

Interest income of $1.8 million for the fourth quarter of 2008 decreased by $6.9 million over the same quarter last year primarily due to decreased cash balances and lower interest rates.

The provision of $17.2 million income taxes expense on loss before taxes of $(10.7) million for the 2008 fourth quarter was primarily due to losses that could not be tax effected and lower margins in tax jurisdictions with a deemed profit tax regime where tax is calculated as a percentage of revenue.

During the fourth quarter of 2008, the Company booked $372.9 million of net new work resulting in a backlog of $519.6 million as of December 31, 2008.

A conference call will be held at 9:00 a.m. Central Standard Time on February 26, 2009. Anyone wishing to listen to the conference call may dial 888-677-0183 (domestic) or 1-773-756-0451 (international) and request connection to the "Global Fourth Quarter Earnings" call. Phone lines will open fifteen minutes prior to the start of the call. The call will also be webcast in real time on the Company's website at www.globalind.com, where it will also be archived for anytime reference until March 13, 2009.

All individuals listening to the conference call or the replay are reminded that all conference call material is copyrighted by Global and cannot be recorded or rebroadcast without Global's express written consent.

Global Industries, Ltd. is a leading offshore solutions provider of offshore construction, engineering, project management, and support services including pipeline construction, platform installation and removal, deepwater/SURF installations, IRM, and diving to the oil and gas industry worldwide. The Company's shares are traded on The NASDAQ Global Select Market under the symbol "GLBL."

This press release may contain forward-looking information based on current information and expectations of the Company that involve a number of risks, uncertainties, and assumptions. Among the factors that could cause the actual results to differ materially are: industry conditions, prices of crude oil and natural gas, the Company's ability to obtain and the timing of new projects, and changes in competitive factors. Should one or more of these risks or uncertainties materialize, or should the underlying assumptions prove incorrect, actual outcomes could vary materially from those indicated.

Set forth are the Company's results of operations for the periods indicated.

                                   (In thousands, except earnings per share)
                                   -----------------------------------------
                                   Three Months Ended     Twelve Months Ended
                                       December 31,           December 31,
                                   -------------------    -------------------
                                       2008     2007        2008       2007
                                   ---------  --------    --------   --------

    Results of Operations
    Revenues                       $ 250,429 $ 263,028 $ 1,070,988  $ 992,513
    Cost of operations               237,330   214,712   1,084,581    719,768
                                   --------- ---------- ----------  ---------
      Gross profit (loss)             13,099    48,316     (13,593)   272,745
    Loss (gain) on asset
     disposals and  impairments        1,228    (2,762)        856     (4,079)
    Selling, general and
     administrative expenses          21,925    22,498      95,364     81,275
                                   --------- ---------- ----------  ---------
      Operating income (loss)        (10,054)   28,580    (109,813)   195,549
                                   --------- ---------- ----------  ---------
    Interest income                    1,768     8,706      14,477     27,966
    Interest expense                  (3,650)   (4,948)    (13,624)   (13,439)
    Other income (expense), net        1,225       893        (641)     3,826
                                   --------- ---------- ----------  ---------
      Income (loss) before taxes     (10,711)   33,231    (109,601)   213,902
    Income taxes                      17,213       331       7,760     53,942
                                   --------- ---------- ----------  ---------
      Net income (loss)            $ (27,924) $ 32,900 $  (117,361) $ 159,960
                                   ========= ========== ==========  =========
    Earnings (Loss) Per
     Common Share
      Basic                        $   (0.25) $   0.29 $     (1.03) $    1.38
      Diluted                      $   (0.25) $   0.28 $     (1.03) $    1.36

    Weighted Average Common
     Shares Outstanding
      Basic                          112,190   115,044     113,647   116,137
      Diluted                        112,190   116,634     113,647   117,819

    Other Data
      Depreciation and
       amortization                $  16,228  $ 16,658 $    64,348  $ 61,839
      Backlog at End of Period                         $   519,652  $713,555



    Set forth are the Company's results of operations by reportable segment for the periods indicated.

                   RESULTS OF OPERATIONS BY REPORTABLE SEGMENT
                                 (In thousands)

                                Three Months Ended     Twelve Months Ended
                                    December 31,           December 31,
                               -------------------    -------------------
                                  2008       2007        2008       2007
                               ---------  --------    --------   --------

    Total segment revenues
      North America OCD       $  22,697  $  26,403  $   81,137  $ 106,478
      North America Subsea       42,983     32,683     146,105    150,407
      Latin America              81,715     52,730     266,974    226,999
      West Africa                12,213     30,775     152,877    184,651
      Middle East                49,438    101,362     237,523    186,317
      Asia Pacific/India         51,133     24,253     223,450    181,187
                               --------- ---------- ----------  ---------
          Subtotal              260,179    268,206   1,108,066  1,036,039
                               --------- ---------- ----------  ---------
    Intersegment eliminations
      North America OCD              --         --          --     (7,726)
      North America Subsea       (7,526)    (4,356)    (30,713)   (17,867)
      Latin America                (650)      (322)     (2,724)      (322)
      Middle East                (1,574)      (500)     (3,641)   (17,466)
      Asia Pacific/India             --         --          --       (145)
                              --------- ---------- ----------- ----------
          Subtotal               (9,750)    (5,178)    (37,078)   (43,526)
                              --------- ---------- ----------- ----------

    Consolidated revenues     $ 250,429  $ 263,028  $ 1,070,988 $ 992,513
                              ========= ========== ============ =========

    Income (loss) before taxes
      North America OCD       $  (3,803)    $2,517  $  (17,748) $  12,631
      North America Subsea        3,365     11,454       7,377     59,849
      Latin America                 684     22,503     (17,938)    97,604
      West Africa               (16,271)   (10,095)    (42,035)   (14,952)
      Middle East                (3,178)    14,541     (81,633)    29,568
      Asia Pacific/India          9,654    (13,719)     40,923     11,473
      Corporate                  (1,162)     6,030       1,453     17,729
                              --------- ---------- ----------- ----------

    Consolidated income (loss)
     before taxes             $ (10,711) $  33,231  $ (109,601) $ 213,902
                              ========= ========== =========== ==========




                         CONSOLIDATED BALANCE SHEETS
                               (in thousands)

                                                          December 31,
                                                        2008        2007

    ASSETS
    Current Assets
      Cash and cash equivalents                     $  287,669 $   723,450
      Restricted cash                                   94,516       1,121
      Marketable securities                                 --      99,935
      Accounts receivable - net of
       allowance of $12,070 for 2008
       and $1,278 for 2007                             180,018     167,469
      Unbilled work on uncompleted contracts            86,011     106,716
      Contract costs incurred not yet recognized        11,982      10,821
      Deferred income taxes                              7,223       3,827
      Assets held for sale                               2,181       1,002
      Prepaid expenses and other                        44,585      27,875
                                                    ----------   ---------
        Total current assets                           714,185   1,142,216
                                                    ----------   ---------
    Property and Equipment, net                        593,522     349,549
                                                    ----------   ---------
    Other Assets
      Marketable securities - long-term                 42,375          --
      Accounts receivable - long-term                   22,246       9,315
      Deferred charges, net                             72,370      43,045
      Goodwill                                          37,388      37,388
      Other                                              3,508       8,285
                                                    ----------   ---------
        Total other assets                             177,887      98,033
          Total                                    $ 1,485,594 $ 1,589,798
                                                    ==========   =========
    LIABILITIES AND SHAREHOLDERS' EQUITY
    Current Liabilities
      Current maturities of long term debt         $     3,960 $     3,960
      Accounts payable                                 207,239     169,034
      Employee-related liabilities                      26,113      28,366
      Income taxes payable                              38,649      39,683
      Accrued interest payable                           5,613       5,827
      Advance billings on uncompleted contracts          4,609      36,691
      Accrued anticipated contract losses               35,055          --
      Other accrued liabilities                         12,053      15,638
                                                    ----------   ---------
        Total current liabilities                      333,291     299,199
                                                    ----------   ---------

    Long-Term Debt                                     386,380     390,340
    Deferred Income Taxes                               28,941      35,617
    Other Liabilities                                   13,266      11,050

    Commitments and Contingencies                           --          --

    Shareholders' Equity
      Common stock, $0.01 par value, 150,000
       authorized, and 119,650 and 118,001
       shares issued at December 31, 2008 and
       2007, respectively                                1,197       1,180
      Additional paid-in capital                       441,105     418,366
      Retained earnings                                397,845     515,206
      Treasury stock at cost, 6,130 in 2008
       and 2,904 in 2007                              (105,038)    (77,257)
      Accumulated other comprehensive loss             (11,393)     (3,903)
                                                    ----------   ---------
        Total shareholders' equity                     723,716     853,592
                                                    ----------   ---------
          Total                                    $ 1,485,594 $ 1,589,798
                                                    ==========   =========

[Via http://www.prnewswire.com]

Quaker Chemical Announces Fourth Quarter and Full Year Results

2009-02-26T00:23:00.000+02:00

CONSHOHOCKEN, Pa., Feb. 25 /PRNewswire-FirstCall/ -- Quaker Chemical Corporation (NYSE: KWR) today announced net sales for the fourth quarter 2008 of $116.2 million, and a net loss of $2.7 million, or $0.25 per diluted share. Included in fourth quarter 2008 results is a pre-tax restructuring charge of $2.9 million, or approximately $0.18 per diluted share.

Michael F. Barry, Chief Executive Officer and President, commented, "After starting the year with three strong quarters of sales and profits, 2008 finished with disappointing results due to a dramatic falloff in customer demand around the globe and continued raw material price escalation in certain regions. However, we have taken aggressive actions to reduce our cost structure given the market realities we are facing. In addition, we have recently amended our credit facility to provide more financial flexibility during this uncertain period."

Mr. Barry continued, "We expect our overall demand for products to be lower in 2009 as a result of the global recession with gradual improvement in our volumes as the year progresses. Fortunately, we entered this significant downturn at the end of the third quarter with a strong balance sheet position as our net debt level was at the lowest point since 2005. While 2009 will be a challenging year for Quaker and our customers, we remain confident that our business model, strong associate base, key growth initiatives and solid balance sheet will get us through this difficult period in a profitable manner and position us well for the future."

Fourth Quarter Summary

Net sales for the fourth quarter were $116.2 million, down 18% compared to $142.4 million for the fourth quarter of 2007. The decrease in net sales was primarily due to volume declines in all of the Company's regions, as the global economic downturn began to impact the Company. Volumes were down approximately 25%, which were partially offset by a favorable 11% in selling price and mix. Selling price increases were realized, in part, as a result of an ongoing effort to offset higher raw material costs. Foreign exchange rate translation also decreased revenues by approximately 4%.

Gross margins were down approximately $15.5 million, or 36%, compared to the fourth quarter of 2007, reflective of the above-noted volume declines. The gross margin percentage of 24.2% was also lower than the fourth quarter 2007 gross margin percentage of 30.6%. The decline in gross margin was primarily related to continued high raw material costs which were only partially offset by higher selling prices. The remaining decline in gross margin percentage was due to the impact of manufacturing and other costs being spread over reduced volumes, as well as product and regional sales mix.

Selling, general and administrative expenses ("SG&A") decreased $8.7 million, compared to the fourth quarter of 2007. Investments in higher growth areas were more than offset by significantly lower incentive compensation, lower commissions on lower sales, as well as favorable foreign exchange rate translation. SG&A as a percentage of sales decreased to 23% compared to 25% in the fourth quarter of 2007.

In response to the significant volume declines, Quaker implemented a restructuring program in the fourth quarter of 2008, which eliminated more than 80 positions and included provisions for severance for 57 employees totaling $2.9 million. In a further effort to reduce operating costs, as volume declines continued in the U.S. and Europe and extended to other regions, Quaker implemented an additional restructuring program in the first quarter of 2009, which is expected to include provisions for severance for approximately 50 employees totaling approximately $2.5 to $3 million.

The decrease in other income was primarily the result of foreign exchange losses recorded in the fourth quarter of 2008, compared to gains in the same period of the prior year. The higher net interest expense was due to higher average borrowings and lower interest income.

Full Year Summary

Net sales for 2008 were $581.6 million, up 7% from $545.6 million for 2007. Foreign exchange rate translation increased revenues by approximately 4%. Selling price increases realized across all regions and market segments were partially offset by the fourth quarter volume declines noted above.

Gross margins were down approximately $4.9 million, or 3%, compared to 2007. The gross margin percentage of 28% was also lower than the 2007 gross margin percentage 30.8%. The decline in gross margin percentage was due to increased raw material costs partially offset by price increases, as well as product and regional sales mix.

SG&A for 2008 decreased $2.7 million compared to 2007. Investments in higher growth areas, inflationary increases and unfavorable foreign exchange rate translation were more than offset by lower incentive compensation and lower legal and environmental costs.

Effective October 3, 2008, Ronald J. Naples, Chairman, retired as Quaker's Chief Executive Officer. As further discussed in the Company's Form 8-K filed on May 13, 2008, the Company is recognizing certain accelerated and other costs, in accordance with Mr. Naples' Employment, Transition and Consulting Agreement, which are expected to total $5.8 million over the 2008-2010 period. Incremental costs incurred in 2008 totaled $3.5 million, or approximately $0.22 per diluted share.

In 2007, the Company recorded environmental charges of $3.3 million. The charges consisted of $2.0 million related to the settlement of environmental litigation involving AC Products, Inc., a wholly owned subsidiary, as well as an additional $1.3 million charge for the estimated remaining remediation costs.

The decrease in other income was primarily the result of foreign exchange losses recorded in 2008, compared to gains in the prior year. Other income for 2008 also includes a net arbitration award of approximately $1.0 million, or approximately $0.04 per diluted share, related to litigation with one of the former owners of the Company's Italian subsidiary.

The Company's effective tax rate was 29.9% for 2008, compared to 29.3% in the prior year. The 2008 effective tax rate was affected by a changing mix of income among jurisdictions, as well as the derecognition of several uncertain tax positions due to the expiration of applicable statutes of limitations for certain tax years. The effective tax rate for 2007 includes an out of period non-cash tax benefit adjustment of $1.0 million related to the deferred tax accounting for the Company's foreign pension plans and intangible assets regarding one of the Company's acquisitions.

Balance Sheet and Cash Flow Items

The Company's net debt-to-total-capital ratio remained strong at 32% at both December 31, 2008 and 2007, respectively. As discussed in the Form 8-K filed on February 20, 2009, the Company has also amended its credit facility to provide covenant relief related to the 2008 and 2009 restructuring programs and the CEO transition costs. In addition, the amendment temporarily increases the maximum permitted leverage ratio from 3.5 to 4.0 from June 30, 2009 to September 30, 2009, and to 3.75 from December 31, 2009 to March 31, 2010. In February 2009, the Company also amended two Industrial Revenue Bonds totaling $15.0 million to allow for the same changes in terms as the credit facility. On a pro-forma basis, the estimated consolidated leverage ratio as of December 31, 2008 is approximately 2.2.

Quaker Chemical Corporation is a leading global provider of process chemicals, chemical specialties, services, and technical expertise to a wide range of industries - including steel, automotive, mining, aerospace, tube and pipe, coatings and construction materials. Our products, technical solutions, and chemical management services enhance our customers' processes, improve their quality, and lower their costs. Quaker's headquarters is located near Philadelphia in Conshohocken, Pennsylvania.

This release contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected in such statements. A major risk is that the Company's demand is largely derived from the demand for its customers' products, which subjects the Company to downturns in a customer's business and unanticipated customer production shutdowns. Other major risks and uncertainties include, but are not limited to, significant increases in raw material costs, customer financial stability, worldwide economic and political conditions, foreign currency fluctuations, and future terrorist attacks such as those that occurred on September 11, 2001. Other factors could also adversely affect us. Therefore, we caution you not to place undue reliance on our forward-looking statements. This discussion is provided as permitted by the Private Securities Litigation Reform Act of 1995.

As previously announced, Quaker Chemical's investor conference call to discuss fourth quarter and full year results is scheduled for February 26, 2009 at 3:30 p.m. (ET). Access the conference by calling 877-269-7756 or visit Quaker's Web site at www.quakerchem.com for a live webcast.


                                  Quaker Chemical Corporation
                        Condensed Consolidated Statement of Operations
              (Dollars in thousands, except per share data and share amounts)


                                                  (Unaudited)

                                   Three Months Ended     Twelve Months Ended
                                      December 31,            December 31,
                                    2008        2007       2008        2007

        Net sales                 $116,229   $142,393    $581,641   $545,597

        Cost of goods sold          88,114     98,783     418,580    377,661

        Gross margin                28,115     43,610     163,061    167,936
         %                            24.2%      30.6%       28.0%      30.8%

        Selling, general and
         administrative expenses    26,762     35,499     136,697    139,429
        Restructuring and related
         charges                     2,916        -         2,916        -
        CEO transition costs           -          -         3,505        -
        Environmental charges          -          -           -        3,300

        Operating (loss) income     (1,563)     8,111      19,943     25,207
        %                             -1.3%       5.7%        3.4%       4.6%

        Other income, net             (657)       960       1,095      2,578
        Interest expense, net       (1,204)      (829)     (4,409)    (5,050)
        (Loss) income before taxes  (3,424)     8,242      16,629     22,735

        Taxes on income               (871)     3,592       4,977      6,668
                                    (2,553)     4,650      11,652     16,067

        Equity in net (loss)
         income of associated
         companies                    (102)       226         388        783
        Minority interest in net
         income of subsidiaries        (67)      (253)       (908)    (1,379)

        Net (loss) income          $(2,722)    $4,623     $11,132    $15,471
         %                            -2.3%       3.2%        1.9%       2.8%

        Per share data:
          Net (loss) income -
           basic                    $(0.25)     $0.46       $1.07      $1.55
          Net (loss) income -
           diluted                  $(0.25)     $0.46       $1.05      $1.53

        Shares Outstanding:
          Basic                 10,729,049 10,035,630  10,419,654  9,986,347
          Diluted               10,729,049 10,154,388  10,553,325 10,106,918



                             Quaker Chemical Corporation
                        Condensed Consolidated Balance Sheet
            (Dollars in thousands, except par value and share amounts)

                                                     (Unaudited)

                                               December 31,   December 31,
                                                    2008         2007
        ASSETS

        Current assets
          Cash and cash equivalents                $20,892     $20,195
          Construction fund (restricted cash)        8,281         -
          Accounts receivable, net                  98,702     118,135
          Inventories, net                          57,419      60,738
          Deferred income taxes                      4,948       4,042
          Prepaid expenses and other current assets 10,584      10,391
            Total current assets                   200,826     213,501

        Property, plant and equipment, net          60,945      62,287
        Goodwill                                    40,997      43,789
        Other intangible assets, net                 6,417       7,873
        Investments in associated companies          7,987       7,323
        Deferred income taxes                       34,179      30,257
        Other assets                                34,088      34,019
            Total assets                          $385,439    $399,049

        LIABILITIES AND SHAREHOLDERS' EQUITY

        Current liabilities
          Short-term borrowings and current
           portion of long-term debt                $4,631      $4,288
          Accounts payable                          48,849      65,202
          Dividends payable                          2,492       2,178
          Accrued compensation                       7,741      17,287
          Accrued pension and
           postretirement benefits                   7,380       1,726
          Other current liabilities                 12,771      15,670
            Total current liabilities               83,864     106,351
        Long-term debt                              84,236      78,487
        Deferred income taxes                        7,156       7,583
        Accrued pension and
         postretirement benefits                    37,638      30,699
        Other non-current liabilities               42,670      41,023
            Total liabilities                      255,564     264,143

        Minority interest in equity of
         subsidiaries                                3,952       4,513

        Shareholders' equity
          Common stock, $1 par value;
           authorized 30,000,000
           shares; issued 2008 -
           10,833,325 shares                        10,833      10,147
          Capital in excess of par value            25,238      10,104
          Retained earnings                        117,089     115,767
          Accumulated other comprehensive loss     (27,237)     (5,625)
            Total shareholders' equity             125,923     130,393
              Total liabilities and
               shareholders' equity               $385,439    $399,049



                             Quaker Chemical Corporation
                   Condensed Consolidated Statement of Cash Flows
                        For the twelve months ended December 31,
                                (Dollars in thousands)

                                                            (Unaudited)
                                                        2008           2007
        Cash flows from operating activities
          Net income                                   $11,132       $15,471
          Adjustments to reconcile net income
           to net cash provided by operating activities:
            Depreciation                                10,879        11,686
            Amortization                                 1,177         1,197
            Equity in net income of associated
             companies, net of dividends                  (275)         (219)
            Minority interest in earnings of
             subsidiaries                                  908         1,379
            Deferred income tax                          1,014          (354)
            Uncertain tax positions (non-
             deferred portion)                             211         1,577
            Deferred compensation and other, net           819           (85)
            Stock-based compensation                     3,901         1,550
            Restructuring and related charges            2,916           -
            Environmental charges                          -           3,300
            (Gain) loss on disposal of
             property, plant and equipment                 (10)          (40)
            Insurance settlement realized               (1,556)       (1,854)
            Pension and other postretirement benefits   (3,527)       (3,596)
          Increase (decrease) in cash from
           changes in current assets and
           current liabilities, net of acquisitions:
            Accounts receivable                         15,582        (4,093)
            Inventories                                    (73)       (5,182)
            Prepaid expenses and other current assets     (181)          122
            Accounts payable and accrued liabilities   (27,892)        7,612
            Change in restructuring liabilities           (749)          -
            Estimated taxes on income                     (885)         (970)
              Net cash provided by operating
               activities                               13,391        27,501

        Cash flows from investing activities
          Capital expenditures                         (11,742)       (9,165)
          Payments related to acquisitions              (1,859)       (2,373)
          Proceeds from disposition of assets              177           259
          Insurance settlement received and
           interest earned                               5,306         5,705
          Change in restricted cash, net               (12,031)       (3,851)
              Net cash used in investing activities    (20,149)       (9,425)

        Cash flows from financing activities
          Proceeds from short-term debt                    -           2,250
          Net increase (decrease) in short-term
           borrowings                                      743        (3,198)
          Proceeds from long-term debt                  10,000           -
          Repayments of long-term debt                  (3,401)       (8,345)
          Dividends paid                                (9,503)       (8,654)
          Stock options exercised, other                11,919         3,309
          Distributions to minority shareholders          (404)       (1,265)
              Net cash provided by (used in)
               financing activities                      9,354       (15,903)

          Effect of exchange rate changes on cash       (1,899)        1,960
            Net increase in cash and cash equivalents      697         4,133
            Cash and cash equivalents at the
             beginning of the period                    20,195        16,062
            Cash and cash equivalents at the
             end of the period                         $20,892       $20,195

[Via http://www.prnewswire.com]

Ormat Technologies Reports Record Fourth Quarter 2008 and Year-End Results

2009-02-25T05:42:00.000+02:00

RENO, Nev., Feb. 25 /PRNewswire-FirstCall/ -- Ormat Technologies, Inc. (NYSE: ORA) today announced results for the fourth quarter and full year ended December 31, 2008.

(Logo: http://www.newscom.com/cgi-bin/prnh/20040422/LATH066LOGO)

Highlights of the company performance include:

Revenues increased 35.2% for the quarter to $95.5 million and 16.5% for the year to $344.8 million.
Net income increased 31.3% to $11.7 million in the quarter and 82.0% to $49.8 million for the year.
Earnings per share increased 18.2 % to $0.26 in the quarter and 60% to $1.12 for the year.
Product backlog reached a record high of $194.0 million.
Ormat-owned generating capacity increased by 109 MW, an increase of over 25% during 2008.

Commenting on the results, Dita Bronicki, Chief Executive Officer of Ormat, stated: "It was a good year and quarter for Ormat, as reflected in our financial results. The fundamental business of the Company is in excellent condition and the benefits of the new Stimulus Act will further improve our future results. We substantially grew and improved the profitability of our Electricity and Products Segments, significantly increased the generating capacity in our Electricity Segment and ended the year with a record backlog in the Products Segment.

"In our Electricity Segment, we have substantially completed the construction of several projects that have increased our generating portfolio by 109 MW to 505 MW. This organic growth includes:

phase II of the Olkaria III project in Kenya, which was completed during the fourth quarter of 2008 and is now in commercial operation;
the 50 MW North Brawley project, which reached the start up phase and will ramp up gradually with full capacity expected in the second quarter of 2009;
18 MW in 2 different geothermal projects; and
5.5 MW in the first of four OREG 2 recovered energy generation (REG) projects."

Ms. Bronicki continued: "Looking ahead to 2009, in our Electricity Segment we expect to add approximately 34 MW to our generating portfolio. We had hoped to complete the 30 MW East Brawley project in 2009, but this project has been pushed back to 2010 due to permitting delays.

"In support of future growth we have added 150,000 acres of new leases to our development inventory during 2008, a large acreage for future exploration activity. We have in place the capital resources to fund our CapEx requirement of about $250 million for our present growth plans in 2009", Ms. Bronicki concluded.

Electricity revenues for the fourth quarter of 2008 were $62.1 million, an increase of 11.8%, compared to $55.5 million in the fourth quarter of 2007. The increase in electricity revenues is primarily attributable to a net increase in domestic electricity generation to 645,826 MWh for the quarter, up from 533,110 MWh in the same period of 2007 as a result of new plants coming on line and enhanced performance of existing plants. In addition, increased energy rates at the Puna project due to higher oil prices also helped boost electricity revenues. Current lower oil prices will reduce our revenues from the Puna project in 2009.

Revenues from the Products Segment for the three-month period ended December 31, 2008 were $33.4 million, compared to $15.1 million in the same period in 2007, an increase of 120.9%. Most of the increase in revenues was derived from two large geothermal projects, the Blue Mountain project in Nevada and the Centennial Binary Plant in New Zealand.

Adjusted EBITDA for the fourth quarter of 2008 was $31.5 million, compared to $25.2 million in the same quarter last year. Adjusted EBITDA includes operating income and depreciation and amortization totaling $1.3 million and $2.0 million for the quarters ended December 31, 2008 and 2007, respectively, related to the Company's unconsolidated investments. The reconciliation of GAAP net income to Adjusted EBITDA is set forth below in this release.

Cash, cash equivalents and marketable securities as of December 31, 2008 decreased to $34.4 million from $60.7 million as of December 31, 2007. In addition, we have unutilized committed bank lines of credits aggregating $222.5 million.

On February 24, 2009, Ormat's Board of Directors approved the payment of a quarterly cash dividend of $0.07 per share pursuant to the Company's dividend policy, which targets an annual payout ratio of at least 20% of the Company's net income, subject to Board approval. The dividend will be paid on March 26, 2009, to shareholders of record as of the close of business on March 16, 2009. The Company expects to pay a dividend of $0.06 per share in the next three quarters, compared to $0.05 per quarter in 2008.

Annual Results

For the year ended December 31, 2008, total revenues were $344.8 million, an increase of 16.5% from $296.0 million for the year ended December 31, 2007. Net income for the year ended December 31, 2008 was $49.8 million, or $1.12 per share (diluted), compared to $27.4 million, or $0.70 per share (diluted), for the year ended December 31, 2007. There were 44.3 million weighted average shares used in the computation of diluted earnings per share in the year ended December 31, 2008 and 38.9 million weighted average shares in the year ended December 31, 2007.

Electricity Segment revenues for the year ended December 31, 2008, were $252.3 million, an increase of 16.8% from $216.0 million for the year ended December 31, 2007. Products Segment revenues for the year ended December 31, 2008 were $92.6 million, an increase of 15.8% from $80.0 million in the year ended December 31, 2007.

For the year ended December 31, 2008, the Company's gross margin was 29.6%, compared to 26.8% for the year ended December 31, 2007. Operating income for the year ended December 31, 2008 was $60.6 million, compared with $43.5 million for the year ended December 31, 2007, an increase of 39.5%. The increase in operating income is primarily attributable to increased revenues in both our Electricity and Products Segments as well as increased gross margins.

Adjusted EBITDA for the year ended December 31, 2008, was $124.7 million dollars, compared to $107.2 million for the year ended December 31, 2007. Adjusted EBITDA includes consolidated EBITDA and the Company's share in the operating income and depreciation and amortization totaling $5.4 million and $14.6 million for the year ended December 31, 2008 and 2007, respectively, related to the Company's unconsolidated investments.

Commenting on the outlook for 2009, Ms. Bronicki said, "We expect our 2009 Electricity Segment revenues to be between $280 million and $290 million. We also expect an additional $9 million of revenues from our share of electricity revenue generated by a subsidiary, which is accounted for under the equity method. With regard to our Products Segment, we expect that our 2009 revenues will be between $100 million and $120 million."

Conference Call Details

Ormat will host a conference call to discuss its financial results and other matters discussed in this press release at 10:00 a.m. U.S. EST. on Wednesday, February 25, 2009. The call will be available as a live, listen-only webcast at www.ormat.com. During the webcast, management will refer to slides that will be posted on the web site. The slides and accompanying webcast can be accessed through the Event Calendar in the Investor Relations section of Ormat's website.

A 30-day archive of the webcast will be available approximately 2 hours after the conclusion of the live call. A replay will be available from 12:00 p.m. EST on February 25, 2009 through 11:59 p.m. EST, March 1, 2009. Please call: (800) 642-1687 (U.S. and Canada) or (706) 645-9291 (International) and enter the code 82882042.

About Ormat Technologies

Ormat Technologies, Inc. is the only vertically-integrated company primarily engaged in the geothermal and recovered energy power business. The Company designs, develops, owns and operates geothermal and recovered energy-based power plants around the world. Additionally, the Company designs, manufactures and sells geothermal and recovered energy power units and other power-generating equipment, and provides related services. The Company has more than four decades of experience in the development of environmentally-sound power, primarily in geothermal and recovered-energy generation. Ormat products and systems are covered by more than 75 patents. Ormat currently operates the following geothermal and recovered energy-based power plants: in the United States - Brady, Heber, Mammoth, Ormesa, Puna, Steamboat and OREG 1; in Guatemala - Zunil and Amatitlan; in Kenya - Olkaria; in Nicaragua - Momotombo; and in New Zealand - GDL.

Ormat's Safe Harbor Statement

Information provided in this press release may contain statements relating to current expectations, estimates, forecasts and projections about future events that are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally relate to Ormat's plans, objectives and expectations for future operations and are based upon its management's current estimates and projections of future results or trends. Actual future results may differ materially from those projected as a result of certain risks and uncertainties. For a discussion of such risks and uncertainties, see "Risk Factors" as described in Ormat Technologies, Inc.'s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 5, 2008 and on Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 6, 2008.

    Ormat Technologies Contact:         Investor Relations Contact
    Dita Bronicki                       Todd Fromer / Marybeth Csaby
    CEO                                 KCSA Strategic Communications
    775-356-9029                        212-896-1215 / 212-896-1236
    dbronicki@ormat.com                 tfromer@kcsa.com / mcsaby@kcsa.com

Ormat Technologies, Inc. and Subsidiaries

Condensed Consolidated Statements of Operations

For the Three and Twelve-months periods Ended December 31, 2008 and 2007

(Unaudited)


                                        Three Months Ended    Year Ended
                                            December 31,      December 31,
                                         ------------------   ------------
                                           2008     2007      2008      2007
                                           ----     ----      ----      ----
                                      (in thousands, except per share amounts)

    Revenues:
      Electricity                       $62,126  $55,545  $252,256  $215,969
      Products                           33,373   15,108    92,577    79,950
                                         ------   ------    ------    ------
          Total revenues                 95,499   70,653   344,833   295,919
                                         ------   ------   -------   -------

    Cost of revenues:
      Electricity                        45,129   38,193   170,053   148,698
      Products                           25,271   12,852    72,755    68,036
                                         ------   ------    ------    ------
          Total cost of revenues         70,400   51,045   242,808   216,734
                                         ------   ------   -------   -------
          Gross margin                   25,099   19,608   102,025    79,185

    Operating expenses:
      Research and development expenses   1,220      946     4,595     3,663
      Selling and marketing expenses      2,699    2,794    10,885    10,645
      General and administrative expenses 6,399    5,528    25,938    21,416
                                          -----    -----    ------    ------

          Operating income               14,781   10,340    60,607    43,461

    Other income (expense):
      Interest income                       383    2,358     3,118     6,565
      Interest expense                     (348)  (5,147)   (7,677)  (26,983)
      Foreign currency translation and
       transaction losses                (5,151)    (568)   (7,721)   (1,339)
      Impairment of auction rate
       securities                        (1,822)  (2,020)   (4,195)   (2,020)
      Other non-operating income            443      295       771       890
                                            ---      ---       ---       ---

          Income before income taxes,
           minority interest, and
           equity in income  of
           investees                      8,286    5,258    44,903    20,574

    Income tax provision (benefit)          (91)     475    (7,962)   (1,822)
    Minority interest                     3,095    2,297    11,166     3,882
    Equity in income of investees           406      878     1,725     4,742
                                            ---      ---     -----     -----
          Net income                    $11,696   $8,908   $49,832   $27,376
                                        =======   ======   =======   =======
      Earnings per share:
        Basic                             $0.26    $0.22     $1.13     $0.71
                                          =====    =====     =====     =====
        Diluted                           $0.26    $0.22     $1.12     $0.70
                                          =====    =====     =====     =====

      Weighted average number of
       shares used in computation
       of earnings per share:
        Basic                            45,347   40,670    44,182    38,762
                                         ======   ======    ======    ======
        Diluted                          45,423   40,852    44,298    38,880
                                         ======   ======    ======    ======

Ormat Technologies, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

As of December 31, 2008 and December 31, 2007

(Unaudited)


                                                     December 31,
                                                     ------------
                                                    2008       2007
                                                    ----       ----

                                                     (in thousands)
    Assets
    Current assets:
      Cash and cash equivalents                   $34,393    $47,227
      Marketable securities                            --     13,489
      Restricted cash, cash equivalents and
       marketable securities                       24,439     29,236
      Receivables:
        Trade                                      49,839     46,519
        Related entities                              338        385
        Other                                      15,654      9,008
      Due from Parent                               1,085        253
      Inventories, net                             13,724     10,312
      Costs and estimated earnings in excess
       of billings on uncompleted contracts         6,982      3,608
      Deferred income taxes                         3,003      1,732
      Prepaid expenses and other                   16,222      7,059
                                                   ------      -----
          Total current assets                    165,679    168,828
    Long-term marketable securities                 1,994      2,762
    Restricted cash, cash equivalents and
     marketable securities                          2,951      5,605
    Unconsolidated investments                     30,559     30,560
    Deposits and other                             16,876     15,294
    Deferred income taxes                          13,965     12,427
    Property, plant and equipment, net            958,186    743,386
    Construction-in-process                       386,501    234,014
    Deferred financing and lease costs, net        16,127     14,044
    Intangible assets, net                         44,853     47,989
                                                   ------     ------
          Total assets                         $1,637,691 $1,274,909
                                               ========== ==========
    Liabilities and Stockholders' Equity
    Current liabilities:
      Accounts payable and accrued expenses      $103,336    $75,836
      Billings in excess of costs and
       estimated earnings on uncompleted
       contracts                                   15,670      4,818
      Current portion of long-term debt:
        Limited and non-recourse                    6,676      7,667
        Full recourse                                   -      1,000
        Senior secured notes (non-recourse)        20,085     25,475
      Due to Parent, including current
       portion of notes payable to Parent          16,616     31,695
                                                   ------     ------
          Total current liabilities               162,383    146,491
    Long-term debt, net of current portion:
      Limited and non-recourse                      7,814     14,490
      Revolving credit line with banks            100,000          -
      Senior secured notes (non-recourse)         252,060    273,840
    Notes payable to Parent, net of current
     portion                                        9,600     26,200
    Deferred lease income                          74,427     76,198
    Deferred income taxes                          33,231     20,680
    Liability for unrecognized tax benefits         3,425      5,330
    Liabilities for severance pay                  17,640     15,201
    Asset retirement obligation                    13,438     13,014
                                                   ------     ------
          Total liabilities                       674,018    591,444
                                                  -------    -------
    Minority interest                             117,245     65,382
                                                  -------     ------

    Commitments and contingencies

    Stockholders' equity:
      Common stock                                     45         41
      Additional paid-in capital                  701,273    513,109
      Retained earnings                           144,465    103,545
      Accumulated other comprehensive income          645      1,388
                                                      ---      -----
          Total stockholders' equity              846,428    618,083
                                                  -------    -------
          Total liabilities and stockholders'
           equity                              $1,637,691 $1,274,909
                                               ========== ==========

Ormat Technologies, Inc. and Subsidiaries

Reconciliation of adjusted EBITDA

(Unaudited)

We calculate EBITDA as net income before interest, taxes, depreciation and amortization, equity income of investees, minority interest and other non-operating expense (income). We calculate adjusted EBITDA to include operating income, depreciation and amortization, interest and taxes attributable to our equity investments in the Mammoth and Leyte Projects. EBITDA and adjusted EBITDA are not measurements of financial performance under accounting principles generally accepted in the United States of America and should not be considered as an alternative to cash flow from operating activities or as a measure of liquidity or an alternative to net earnings as indicators of our operating performance or any other measures of performance derived in accordance with accounting principles generally accepted in the United States of America. EBITDA and adjusted EBITDA are presented because we believe they are frequently used by securities analysts, investors and other interested parties in the evaluation of a Company's ability to service and/or incur debt. However, other companies in our industry may calculate EBITDA and adjusted EBITDA differently than we do. The following table reconciles net income to EBITDA and adjusted EBITDA, for the three and twelve month periods ended December 31, 2008 and 2007:


                                       Three Months Ended      Year Ended
                                           December 31,        December 31,
                                           ------------        ------------
                                           2008     2007      2008      2007
                                           ----     ----      ----      ----
                                          (in thousands)     (in thousands)

    Net income                          $11,696   $8,908   $49,832   $27,376
    Adjusted for:
      Equity in income of investees        (406)    (878)   (1,725)   (4,742)
      Minority interest                  (3,095)  (2,297)  (11,166)   (3,882)
      Interest expense, net
       (including Amortization of
       deferred financing costs)          1,787    4,809     8,754    22,438
      Other non-operating expense         4,708      273     6,950       449
      Income tax provision (benefit)         91     (475)    7,962     1,822
      Depreciation and amortization      15,368   12,917    58,773    49,111
                                         ------   ------    ------    ------
    EBITDA                               30,149   23,257   119,380    92,572
    Equity in income of Mammoth-Pacific
     L.P. and Ormat Leyte                   406      878     1,725     4,742
    Depreciation, amortization, interest
     and taxes attributable to the
     Company's equity in Mammoth-Pacific
     L.P. and Ormat Leyte                   900    1,105     3,636     9,881
                                            ---    -----     -----     -----
    Adjusted EBITDA                     $31,455  $25,240  $124,741  $107,195
                                        =======  =======  ========  ========

[Via http://www.prnewswire.com]

ACCCE Statement Regarding President Obama's Address to the Joint Session of Congress

2009-02-25T04:26:00.000+02:00

ALEXANDRIA, Va., Feb. 24 /PRNewswire/ -- "Tonight President Obama laid out his agenda for helping to repair this country's economy by investing in the innovation and ingenuity of America's workforce. One of his main points regarding the rebuilding of our economy was his administration's commitment towards creating jobs by rebuilding this nation's infrastructure while also becoming more energy independent.

"Our organization, The American Coalition for Clean Coal Electricity, agrees that energy independence is one of the most vital factors to ensuring a positive economic turnaround. ACCCE recognizes that low cost affordable energy is the backbone of a strong economy, and by continuing to support an energy portfolio that puts an emphasis on our most abundant and affordable natural resource, coal, we will be able to create an effective energy strategy that will carry us well into the 21st century.

"Again in tonight's speech, the President acknowledged the key role that American coal will play in our energy future and continued to stress the importance of investing in a new generation of clean coal technologies in meeting our shared goal of reducing greenhouse gas emissions both here at home and around the world.

"We look forward to working with the administration to help ensure that our nation has a balanced, efficient energy policy for decades to come. We strongly support President Obama's commitment to invest in new research and technology to help reduce greenhouse gas emissions from coal-based power plants while at the same time keeping electricity rates affordable for American ratepayers.

"Ensuring continued access to our most abundant source of affordable electricity has never been more important than it is now during these times of economic crisis and as our economy rebounds, coal will play a growing role in meeting America's demand for affordable, reliable, and increasingly clean energy."

About ACCCE

The American Coalition for Clean Coal Electricity (ACCCE) is a non-profit, non-partisan partnership of companies involved in producing electricity from coal. Because coal is America's most abundant energy resource, ACCCE supports energy policies that balance coal's vital role in meeting our country's growing need for affordable and reliable electricity with the need to protect the environment. ACCCE also advocates for the development and deployment of advanced clean coal technologies that will produce electricity with near-zero emissions. Headquartered in Alexandria, VA. For more information, visit http://www.cleancoalusa.org/.

[Via http://www.prnewswire.com]

SunWave(TM) Utility Pole-Mounted Grid Connected Solar Systems

2009-02-25T01:49:00.000+02:00

PLAINFIELD, N.J., Feb. 24 /PRNewswire/ -- Petra Solar, Inc., the leading provider of innovative photovoltaic (PV) solutions for utilities, announces the SunWave(TM) Solar AC System, the only proven grid interactive pole-mounted solar system for installation on utility distribution poles and streetlight poles.

(Photo: http://www.newscom.com/cgi-bin/prnh/20090224/NE75010 )

SunWave(TM) Solar AC Systems mount on utility poles and connect to the grid secondary power line on the pole. The unique mounting system yields a safe and rapid installation leveraging industry standard procedures, techniques and equipment.

Petra Solar's technology is the culmination of over 16 years of research and development in power electronics and satellite grade solar power systems. SunWave(TM) systems are compatible with existing grid infrastructure and their unique intelligent communications system is compliant with Smart Grid technology. The systems can be remotely upgraded to leverage future applications and standards as they emerge. "We have worked in close partnership with key utilities to develop technologies that facilitate the evolution of the grid," said Petra Solar's Founder and CEO, Shihab Kuran.

Petra Solar's shovel-ready systems are operating on streetlight and utility poles in the field and provide unsurpassed value to utilities that deploy them. "While the cost of a SunWave(TM) is comparable to traditional installed PV systems, the technology provides a measurably superior return on investment for our utility partners," said Evan Vogel, General Manager of Petra Solar.

In addition to providing reliable, cost effective solar infrastructure, Petra Solar also works with lawmakers and regulators to help utilities rapidly realize the benefits of bringing solar generation online. The Petra Solar team is uniquely equipped to provide Utility ROI analysis and greatly accelerate deployment of utility grade solar systems.

About Petra Solar, Inc.

Petra Solar designs and manufactures innovative utility grade SunWave(TM) solar energy solutions that allow utilities to deploy significant solar generation faster, utilizing existing assets and time tested deployment strategies. Petra Solar's products are backed by a strong and exclusive IP portfolio of over 15 granted and pending patents. Please visit www.petrasolar.com for more information.

[Via http://www.prnewswire.com]

Consumer Groups Seek Records of California Energy Commission on Disputed 'Hot Fuel' Report, After Conflict of Interest Charge Against Commissioner

2009-02-25T00:06:00.000+02:00

Commission Again Delays Vote on Anti-Consumer Report as Oil-Lobbyist Spouse of Commissioner Quits Her Role

SANTA MONICA, Calif., Feb. 24 /PRNewswire-USNewswire/ -- Consumer Watchdog and Public Citizen have filed a detailed request for public records of the California Energy Commission, seeking communications between its professional staff and a politically appointed member of the commission's board whose spouse was a state-registered lobbyist for the oil industry. The two groups previously sent a letter charging a conflict of interest by the commissioner, James Boyd, whose spouse, Catherine Reheis-Boyd, is chief operating officer of the Western States Petroleum Association.

The relationship is clear conflict that should prevent Commissioner Boyd from leading a panel deciding the costs and benefits of fixing the unfair sale of "hot gasoline" in California, said the consumer groups.

"Gasoline and diesel fuels are a glaring exception to the usual rules of retail fairness," said Dugan. "Buying hot fuel is the same as a buying from a butcher with a hidden finger on the scale. The unfairness is doubled when the oil industry has an inside pipeline to a government body that should protect the consumer, not create loopholes for industry."

On the same day that the consumer groups' conflict of interest letter was sent, Feb. 9, Reheis-Boyd canceled her lobbyist registration with the state, public records show, Commissioner Boyd, however, did not respond to the conflict of interest letter. The energy commission canceled a vote on the fuel temperature issue soon after the letter was sent.

"The public should know what communications Commissioner Boyd has had with the Energy Commission's professional staff on the fuel temperature report since he became involved in mid-2008," said Judy Dugan, research director of Consumer Watchdog. "The report has substantially skewed toward the view of oil industry lobbyists who have been working the issue for months. Many of the companies pushing hardest to stop reform are members of the Western States Petroleum Association, the employer of Commissioner Boyd's spouse. Her sudden resignation of her formal lobbying role is just evidence of the inherent legal conflict in her job."

The records request said:

"By way of background, on June 5, 2008, at the staff workshop for the AB 868 Fuel Delivery Temperature Study, the staff of the CEC distributed certain materials containing a draft report under AB 868 ("June 2008 Draft"). Subsequently, in November 2008, the California Energy Commission made publicly available a Staff Report entitled Fuel Delivery Temperature Study ("November 2008 Staff Report"). Finally, in January 2009, the Transportation Committee of the CEC (consisting of Commissioners Boyd and Douglas) issued a Committee Report entitled Fuel Delivery Temperature Study ("January 2009 Committee Report). The November 2008 Staff Report contained materials changes in conclusions and methodology from the conclusions and methodology contained in the June 2008 Draft. These changes were sought by and favored the oil industry. Further, the January 2009 Committee Report contained further and materials changes from the November 2008 Staff Report and these changes also favored the oil industry."

The records request also asked for copies of electronic and other communications between Boyd and any officers or employees of the Western States Petroleum Association during the period of the hot fuel study.

(See the conflict-of-interest letter at http://www.consumerwatchdog.org/resources/CECLetter2-9-09.pdf

(See the freedom of information request to the energy commission at http://www.consumerwatchdog.org/resources/PRARequestHotFuel2-20-09.pdf

(For more information on Catherine Reheis-Boyd's employment, see "Reheis-Boyd Employment" below.)

A vote on the commission's disputed "Fuel Delivery Temperature Study" had been rescheduled From Feb. 11 to Feb. 25 in Sacramento, but was again abruptly canceled after the consumer groups submitted their public records act request. The vote is now scheduled for March 11 at Energy Commission headquarters in San Francisco.

The final draft of the year-long cost-benefit study by Energy Commission (CEC) acknowledges that California drivers unwittingly get less energy in their fuel than they believe they're getting, that on average fuel is sold in the state at a higher temperature than the federal standard, and that such sales are a basic economic unfairness. In November 2008, the CEC estimated the annual loss to consumers in the state at $437 million. Rather than call for implementation of a fair method of sale that would save consumers money, the CEC's final draft report regurgitates the oil industry's declaration that retailers will recoup all costs of temperature compensation from consumers. The CEC report does not acknowledge that variable competitive forces are just as likely to return savings to motorists.

The report's key summary of recommendations (page 116) reduces the value of fairness and transparency in the sale of gasoline to no more than a "public perception." It invites the state Legislature to ban retailers from voluntarily installing gas pumps that compensate for temperature variations in gasoline and diesel fuels, which would be a reversal of current law.

(See the full CEC report at http://www.energy.ca.gov/2009publications/CEC-600-2009-002/CEC-600-2009-002-CTF.PDF )

Such pumps, which are widely used in Canada, deliver gallons of gasoline that are always equal in energy content, no matter what the fuel temperature. The gasoline gallon is measured by mass (weight), rather than just by volume.

"Without temperature compensating pumps, drivers have no way to know the temperature of the fuel they are buying," said Dugan of Consumer Watchdog. "They have no way to determine whether one gas station's posted price is actually better than another station's posted price, since fuel temperature can vary widely between nearby stations. This is economic fact, not a "public perception," and drivers ought to be furious about the commission's political bait-and-switch."

The consumer groups noted that all packaged liquids--milk, kerosene, beer and propane among them--must be sold with temperature compensation. Some vehicles run on compressed natural gas, which is also sold in a manner that compensates for temperature expansion and contraction.

"The report must be reconsidered before submission to the Legislature," said Dugan. "Any input on its content by Commissioner Boyd should be disregarded. At the very least, the report must reflect variance of even economists' opinion on whether and how much consumers would save from temperature compensation of fuel. And it must regard transparency and fairness in economic transactions as a fundamental consumer protection, not a mere "public perception."

Reheis-Boyd Employment:

The "Report of Lobbyist Employer" of Western States Petroleum Association ("WSPA") under "Activity Expenses" discloses that Commissioner Boyd reports $27,649.62 as "spouse salary" for the period October 1, 2008 thru December 31, 2008 because his wife (Catherine Reheis-Boyd) is the Executive Vice President and Chief Operating Officer of WSPA. Similar disclosure forms of WSPA show attributed income to Commissioner Boyd from WSPA for all quarters of 2008. In addition, we believe that the same "spouse salary" continues to be attributed to Commissioner Boyd for 2009 from WSPA.

The Statement of Economic Interest (Form 700) for Commissioner Boyd dated February 25, 2008 lists "Gross Income Received" from WSPA in the amount of $10,001 - $100,000. The Form 700 of Commissioner Boyd also shows on Schedule D Income-Gifts from WSPA in the amount of $125 received on October 3, 2007. Both Schedule C and Schedule D of Commissioner Boyd's Form 700 described the "Business Activity" of WSPA as "Oil Industry".

WSPA is the oldest petroleum trade association in the United States and represents oil companies that account for the bulk of petroleum marketing in California. See www.wspa.org/what-is-wspa.aspx. Indeed, WSPA advocates for petroleum marketers before the legislature and regulators in California. The installation of automatic temperature compensation equipment at California retail motor fuel pumps is strongly opposed by oil companies and other motor fuel retailers since it would require them to expend millions of dollars and negate millions of dollars in windfall profits each year to the oil industry. Consumer groups support the use of such equipment because such equipment will provide transparency and save consumers many millions of dollars in motor fuel purchase costs.

Key language from draft report:

In its recommendations (page 116 of final study draft), the CEC declares:

"If the only criterion for assessing the merit of mandatory ATC installations for use at California retail stations is a net benefit to consumers, the Transportation Committee (Committee) of the California Energy Commission concludes that [temperature compensation] should not required (sic) since the results of the cost-benefit analysis show a net cost for consumers."

The report suggests that legislators also consider "the value of public perception of fairness and accuracy" in its decision. (Not actual fairness and accuracy, just the public perception.)

Then the report invites the Legislature to dial current law backward:

"If the Legislature chooses not to mandate the use of [temperature compensation] at retail stations, they should clarify if the current intent of the existing statutes is to permit or prohibit voluntary [temperature compensation] at retail outlets for gasoline and diesel fuel."

Yet in November 2008, the CEC issued a staff report concluding that:

"[p]ermissive voluntary use of automatic temperature compensation (ATC) devises (sic) at California retail stations is already permitted under California Law as it is not specifically prohibited." (page 2)

(See this and other documents from the study at http://www.energy.ca.gov/transportation/fuel_delivery_temperature_study/documents/index.html

Hot Fuel Basics:

In summer and year-round in warmer states, gasoline heats up and expands. Consumers get slightly less fuel when it is measured just by volume because the standard gasoline gallon assumes a temperature of 60 degrees.

The loss to drivers adds up to billions of dollars a year nationally. California, according to a study accepted by the CEC, has an average gasoline temperature of 71.1 degrees. The average loss in California is a few cents a gallon, depending on the gasoline price, but the loss statewide is hundreds of millions of dollars.

When gasoline sells for $4.00 a gallon (as it did last summer), drivers in hot locations and in summer where gasoline may be 90 degrees lose 8 cents a gallon.

Drivers have no way to know the temperature of the fuel they buy, so they can't accurately compare value even at gas stations across the street from one another.

At the refinery, at the wholesale level and at delivery to gasoline stations, sales are generally adjusted for fuel temperature variations. The final delivery price or volume is adjusted so the value equals a gallon at the federal standard temperature of 60 degrees F. This adjusted gallon is called a "standard petroleum gallon" and is always equal to the energy content of a 231-cubic-inch gallon at 60 degrees.

It is only consumers buying at the pump who get a gallon measured just by volume, no matter what the temperature.

www.consumerwatchdog.org

www.citizen.org

[Via http://www.prnewswire.com]

United Energy Corporation Reports Significant Increase in Revenue While Reducing Operating Expenses

2009-02-24T14:18:00.000+02:00

Sales Continue to Expand Throughout the World

SECAUCUS, N.J., Feb. 24 /PRNewswire-FirstCall/ -- United Energy Corporation (OTC Bulletin Board: UNRG), a producer of specialty chemicals products used in the oil and gas service industry, announced significant increase in revenues and decrease in operating expenses for the three and nine months ended December 31, 2008.

HIGHLIGHTS

Revenues increased by 231.3% for the three months ended December 31st 2008

         Revenues for the three months and the nine months ended December 31,
         2008 were $343,530 and $941,524, respectively, as compared to
         revenues of $103,691 and $493,708 for the three and nine months
         ended December 31, 2007, an increase of 231.3% and 90.7%,
         respectively.

Operating expenses decreased by 31.7% for the three months ended December 31st 2008

         Operating expenses for the three months and nine months ended
         December 31, 2008 were reduced by $199,724 and $562,786,
         respectively, as compared to the three and nine months ended
         December 31, 2007, a decrease of 31.7% and 28.7%, respectively.

In addition, United Energy reported a strong increase in sales to its largest customer, Petrobras America Inc. Sales to Petrobras grew to $352,750 during the nine months ended December 31, 2008, as compared to $80,452 during the prior year period, an increase of 337.5%. This increase in sales was driven by the expansion of United Energy's distribution into several regions of Brazil, including Macae and Salvador.

Ronald Wilen, Chief Executive Officer, stated, "We are very pleased with the company's performance during the past nine months. Our products are beginning to gain international recognition. During the past nine months we sold products in Brazil, Venezuela, Mexico, Trinidad, Nigeria, the United States and Canada. And we have been able to increase our sales while continuing to successfully reduce our operating expenses. We believe the sales growth directly reflects our ability to increase customer's production in an environmentally safe manner. We remain optimistic about our ability to continue to drive growth in our existing markets as well as open new markets for our products."

ABOUT UNITED ENERGY

United Energy develops and distributes environmentally friendly specialty chemical products with applications in several industries and markets. The company's current line of products includes K-Line of Chemical Products for the oil industry and related products. Through United Energy's wholly owned subsidiary, Green Globe Industries, Inc., the company provides the U.S. military with a variety of solvents, paint strippers and cleaners under the trade name "Qualchem."

For additional information please contact:

    Peter Rappaport
    212-542-8201
    Peter@SIARCapital.com

Information contained in this news release other than statements of historical fact are forward-looking statements subject to various risks and uncertainties. These statements relate to future events or future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause actual financial condition, results, levels of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Although United Energy believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove correct. United Energy assumes no obligation to update or revise any forward-looking statements or to provide reasons why actual results may differ, except as required under federal securities laws.

[Via http://www.prnewswire.com]

Honda Recognizes Environmentally Responsible Battery Chargers

2009-02-24T12:13:00.000+02:00

FERNDALE, Wash., Feb. 24 /PRNewswire/ -- ALTEN Battery Chargers Inc. is pleased to announce that it has been recognized as an OEM partner with Honda Inc., as it introduces the first full line of portable DC battery chargers to the North American market. Powered by Honda's environmentally responsible, advanced four-stroke engines, ALTEN's portable battery chargers can save up to four hours (67%) of time and offer up to 67% savings in fuel over conventional battery charging methods.

With over 10,000 battery chargers sold around the world, North America now has the opportunity to experience the quickest way to bulk charge batteries.

Originally designed for the rugged Australian Outback, by Christie Engineering, ALTEN's portable battery chargers are used in applications including mountain-top communication stations, charging batteries in unmanned lighthouses on the Norwegian coastline, and servicing heavy industrial equipment with the roughest abuse imaginable. "As a recognized Honda OEM partner, you can be assured that clean and reliable DC power supply will be there when you need it," says ALTEN President Will Huggett.

Unlike an AC generator paired with a slow plug-in charger, ALTEN Battery Chargers are a fast and highly efficient way of charging 12, 24 and 48-volt battery configurations. They can deliver up to 120 Amps per hour of run time consuming 0.4 gallons of fuel to achieve a 90% bulk charge on a 500 Amp/ Hour bank of batteries in 2 hours. Compared to a 3500W AC Generator, running at full throttle, paired with a 40 Amp plug- in charger, this same charging scenario would take 6 hours and consume 1.2 gallons of fuel. As a result ALTEN's portable battery chargers save fuel (67% savings), save time (four hours), lower emissions and increase reliability.

ALTEN, a Pacific Northwest company, offers a range of portable DC powered battery charger products for the Heavy Industrial, Off-Road, Marine, Security, and Emergency markets.

For more information and to see a high-resolution video demonstration of ALTEN battery chargers visit: http://www.altenbatterychargers.com

About ALTEN Battery Chargers Inc.

ALTEN Battery Chargers, based in the Pacific Northwest, was founded on the principal of solving the energy problems that matter. ALTEN brings ideas and technology to the North American market that help make better use of existing resources today in order to meet the growing demand for energy tomorrow. Focused on DC power and storage ALTEN's technology complements and offers reliable and redundant power for industrial battery applications, remote access power applications and micro generation platforms including solar photovoltaic, small wind and other renewable power generation installations. http://www.altenbatterychargers.com

[Via http://www.prnewswire.com]

Maurel & Prom Reaffirms its Strategy

2009-02-24T06:00:00.000+02:00

PARIS, February 24 /PRNewswire-FirstCall/ --

- Onal First Oil

The Group's strategy

In 2007, the Group clarified its strategy: the core business consists in searching for, discovering and operating new hydrocarbon resources. This policy involves the sale of proved and developed resources to finance our research and development projects, and pay our shareholders. This is what happened when the Group's main assets in Congo were sold.

Since that time, the Group has considerably increased the scope of its exploration projects in Tanzania, Syria, Colombia, Gabon, and Peru, which will enable us to reach in a little over two years a production level greater that of the end of 2006 and an almost equivalent level of reserves, taking into account 2007 and 2008 production and the problems we faced in Sicily.

Negotiations are underway for the sale of all or part of our production assets in Colombia and should reach a conclusion in the coming weeks. Maurel & Prom would keep the most significant exploration assets.

Oil production starts at Onal facility

Oil production started on Monday 23 February at the Onal production facility with the opening of the Omko-101 well (Omko structure), which is located 7 km from the facility. That well was tested in July 2008 and found to contain 3,050 bbl/d in the Kissenda level and 2,460 bbl/d in the base sandstone level. Only the Kissenda level has now started production as part of the long-term test authorised by the "Direction Generale de Hydrocarbures."

This well was selected to start production at the Onal facility because the oil at Omko is less paraffinic, which shortens the transition period needed for pipelines and equipment to reach the appropriate temperature level.

The Onal field wells will be opened in the next few days at an initial production level of 10,000 bbl/d (100%), which will complement production at Omko.

This joint production start at Omko and Onal confirms Maurel & Prom's intention of using the Onal Production Centre as a hub for outlying discoveries at Onal, the exploration of which is ongoing.

Cash position

Based on the summary financial data to be presented at today's Mixed General Shareholders' Meeting, free cash flow was EUR252 million at beginning of 2009. There is no significant debt, save OCEANEs (EUR375 million due 01/01/2010).

The Board of Directors will propose that the Annual General Shareholder's Meeting approve the payment of a dividend between EUR0.25 and EUR0.40 per share.

Notice is hereby given to the company's shareholders that fiscal 2008 results will be published on 31 March 2009, instead of 24 March 2009 as previously announced.

This document may contain forward-looking statements regarding Maurel & Prom's financial position, results, businesses and industrial strategy. By their very nature, forward-looking statements involve risks and uncertainties to the extent that they are based on events or circumstances that may not materialise. Such forward-looking statements are made on the basis of assumptions we believe to be reasonable but which could nevertheless turn out to be inaccurate, and which depend on certain risk factors, such as changes in the price of crude oil; changes in exchange rates; uncertainties related to our oil reserves; actual rates oil production and associated costs; operational issues; political stability; legislative and regulatory reforms; and wars, acts pf of terrorism or sabotage.

Maurel & Prom is listed on Euronext Paris - Compartment A - CAC mid 100 Index

    Isin FR0000051070 / Bloomberg MAU.FP / Reuters MAUP.PA
    Next important date:
    31 March 2009 - Presentation of 2008 annual results

    Further information:http://www.maureletprom.com

    Communication:
    INFLUENCES

    Clementine Dourne
    t: +33(0)1-42-72-46-76
    e: communication@agence-influences.fr

    Catherine Durand-Meddahi
    t: +33(0)1-42-72-46-76
    e: communication@agence-inlfuences.fr

[Via http://www.prnewswire.com]

Subsea Technology Conference and Exhibition to Spotlight Latest Technology, Innovation

2009-02-24T00:05:00.000+02:00

Industry Professionals Gather for World's Largest Subsea Event

SAN ANTONIO, Feb. 23 /PRNewswire/ -- Offshore oil and gas industry professionals from around the world will gather in San AntonioMarch 3 - 5 for the annual Subsea Tieback Forum and Exhibition at the Henry B. Gonzalez Convention Center. The Subsea Tieback Forum and Exhibition has grown over the last eight years to become the largest subsea technology event in the world. About 2,000 people and over 150 exhibitors are expected at this year's conference.

Rod Skaufel, Vice President of Engineering, BHP Billiton, will give the opening session keynote address, followed by a scene-setting presentation by Bob Helmkamp, Shell International E&P, Inc. Skaufel is responsible for technical assurance and functional excellence across BHP's portfolio of development projects and producing assets. Prior to joining BHP Billiton in 2007, he held numerous Operations and Engineering management positions during a 22-year career with ExxonMobil. He is a graduate of the Colorado School of Mines with a degree in Petroleum Engineering.

Bob Helmkamp has had a career spanning over 33 years with Shell in the E&P business developing oil and gas fields in a variety of environments. He was the Technical Manager in charge of engineering for wells, well systems, risers, and TLP components supporting the well system for the Auger TLP in the Gulf of Mexico. The highly successful Auger development helped to open up Shell's extensive deepwater portfolio to development, and many of the well system issues were similar to those faced on subsequent subsea developments.

Helmkamp moved to the fledgling subsea group in the Gulf of Mexico in 1994, and managed several deepwater developments, before becoming an engineering manager in Shell's global deepwater project delivery organization. He has held various engineering management roles in

the subsea systems, in charge of Subsea Hardware, Flow Assurance, Project Delivery, Subsea Controls, and Umbilicals groups.

"This forum each year brings to the industry the most current technology and real life solutions used in meeting the challenges of offshore oil and gas field development and operations," said Eldon Ball, Conferences Director of Offshore Events and Editor of Offshore magazine. "The forum also gives participants the opportunity to interact with presenters, ask questions, share knowledge, and compare best practices. It draws the best and brightest of the industry, both as speakers and attendees."

Technical focus areas covered in the conference sessions include Reliability, Field Architecture, the Thunder Horse field development, Flow Assurance, Pipeline Blockage Remediation, Pipeline Repair and Intervention, Case Studies and High-Pressure/High-Temperature Operations.

Companies showcasing their products and services in the exhibition hall include Aker Solutions, FMC Technologies, Cameron, VetcoGray, Baker Hughes, Technip, Acergy and Helix Energy Solutions. Products on display on the exhibit floor include, but are not limited to: subsea trees, wellheads, control systems, tie-in connection and tooling systems, structures, umbilicals, drilling risers, processing and boosting systems, monitoring systems, subsea control fluids and lubricants, pumping solutions, instrumentation, software, monitoring, equipment and staffing.

Details on the Subsea Tieback Forum and Exhibition can be found by visiting www.subseatiebackforum.com. Attendees can register online at www.subseatiebackforum.com or on-site in San Antonio.

Offshore magazine, SSTB's sponsoring publication, is a monthly publication recognized as the worldwide leader for covering the key technology, operations, events, issues and trends relative to offshore oil and gas exploration and production operations.

ABOUT PENNWELL

Established in 1910, PennWell is a highly diversified media and information company providing 50-plus print and online publications, more than 60 conferences and exhibitions, research, databases, Internet-based services and other information products to strategic global markets. In addition to oil and gas, these markets include electronics, semiconductor manufacturing, lasers, communications, computer graphics, information technology, control technology, electric power, water, fire services and dental. PennWell's headquarters are in Tulsa, Okla., with regional offices in Nashua, NH, Houston, Tex., Seattle, Wash., Fair Lawn, NJ, and other US cities. International offices are located in England, Russia and Hong Kong. www.pennwell.com.

    Contact:     Jennifer McPhail
                 Phone:  918-831-9701
                 Email:  jenniferm@pennwell.com

[Via http://www.prnewswire.com]

International Royalty Corporation - Fiscal 2008 Conference Call

2009-02-23T18:21:00.000+02:00

DENVER, CO, Feb. 23 /PRNewswire-FirstCall/ - International Royalty Corporation (TSX: IRC / NYSE-A: ROY) (the "Company" or "IRC") will host its Fiscal 2008 Results conference call on Friday, February 27, 2009 at 10:30 AM (EST) / 8:30 AM (MST).

To participate in the conference call, please dial 416-644-3422 or North American toll free 1-800-731-5319, at least five minutes prior to the scheduled start of the call.

A replay of the conference call will be available as of 12:30 PM (EST) / 10:30 AM (MST)February 27, 2009 to March 6, 2009. Please dial 1-877-289-8525 and enter the following access code 2129 9058#.

International Royalty Corporation

---------------------------------

International Royalty Corporation (IRC) is a global mineral-royalty company. IRC holds more than 85 royalties including an effective 2.7% NSR on the Voisey's Bay mine, a sliding-scale NSR on the Pascua-Lama gold project in Chile, a 1.5% NSR on the Las Cruces copper project in Spain and a 1.5% NSR on approximately 3.0 million acres of gold lands in Western Australia. IRC is senior listed on the Toronto Stock Exchange (TSX:IRC) as well as the NYSE Alternext U.S. (NYSE-A:ROY).

On behalf of the Board of Directors,

INTERNATIONAL ROYALTY CORPORATION

Douglas B. Silver

Chairman and CEO

[Via http://www.prnewswire.com]

FreeWave Technologies' Oil and Gas Expert, Jim Gardner, to Present at Gas Well Deliquification Workshop

2009-02-23T16:19:00.000+02:00

BOULDER, Colo., Feb. 23 /PRNewswire/ --

    WHO:        Jim Gardner
                Business Development Manager
                FreeWave Technologies, Inc.

                Jim Gardner is the oil and gas team leader for FreeWave
                Technologies, Inc. Prior to joining FreeWave, Gardner was
                Vice President at Remote Operating Systems. Gardner graduated
                from the University of Washington in 1975 with a Bachelor of
                Arts degree. Gardner is currently a member of ENTELEC, ASGMT
                and ISHM.

                Founded in 1993, FreeWave Technologies is a world leader in
                the innovative design and manufacture of license-free spread
                spectrum and licensed band radios and wireless data solutions
                that are trusted for mission critical applications around the
                world. www.freewave.com.

    WHAT:       "Wireless Communication to a Plunger Lift Well"

                Traditionally, an operator was required to manually shut in
                the well to create pressure downhole in wells that suffered
                from heavy fluid loads.  Artificial lift is a method used to
                build enough downhole pressure to lift or produce the liquid
                from the well. With options for communicating plunger lift
                data to the RTU being wired or wireless, producers have a
                decision to consider. To support producers' plunger lift
                control objectives, automation electronics manufacturers have
                been focusing a great deal of their development efforts on the
                plunger lift control applications. Today, these technologies
                can be supported at the site with either wired or wireless
                solutions. This presentation will discuss wireless as an
                alternative to wired solutions.  It presents some of the
                capabilities of wireless that are on par with wired and some
                that are superior. Also presented is a simple set of economic
                inputs that can be used as guidelines for making the choice
                between wired and wireless options.

    WHERE:      7th Annual Gas Well Deliquification Workshop
                Sheraton Hotel
                1550 Court Place
                Denver, CO  80202

    WHEN:       Wednesday, February 25, 2009
                11:00 a.m. - 11:30 a.m.

    CONTACT:    For more information on FreeWave, or to set up an interview
                with Mr. Gardner, please contact Terri Douglas at Catapult PR-
                IR (303) 581-7760, ext. 18 or tdouglas@catapultpr-ir.com.

Available Topic Expert(s): For information on the listed expert(s), click appropriate link.

JIM GARDNER

http://profnet.prnewswire.com/Subscriber/ExpertProfile.aspx?ei=81991

[Via http://www.prnewswire.com]

TOP Ships Announces Delivery of Its Second Newbuilding Vessel

2009-02-23T14:18:00.000+02:00

ATHENS, Greece, Feb. 23 /PRNewswire-FirstCall/ -- TOP Ships Inc. (Nasdaq: TOPS) announced today that it has taken delivery of the M/T "LICHTENSTEIN" from SPP Plant & Shipbuilding Co., Ltd of the Republic of Korea.

The "LICHTENSTEIN" is the second of six 50,000 dwt product / chemical tankers to be delivered within the first and second quarter of 2009. The "LICHTENSTEIN" has entered into a bareboat time-charter employment for a period of 10 years at a daily rate of $14,550.

About TOP Ships Inc.

TOP Ships Inc., formerly known as TOP Tankers Inc., is an international provider of worldwide seaborne crude oil and petroleum products and drybulk transportation services. The Company operates a combined tanker and drybulk fleet as follows:

A fleet of nine double-hull handymax tankers, with a total carrying capacity of approximately 0.4 million dwt, of which 44% are sister ships. Seven of the Company's handymaxes are on time charter contracts with an average term of one year with all of the time charters including profit sharing agreements above their base rates. Two of the Company's handymax tankers are fixed on a bareboat charter basis for a period of ten years.
Four newbuilding product tankers, which are expected to be delivered in the first half of 2009. All the expected newbuildings have fixed rate bareboat employment agreements for periods between seven and ten years.
A fleet of five drybulk vessels with a total carrying capacity of approximately 0.3 million dwt, of which 47% are sister ships. All of the Company's drybulk vessels have fixed rate employment contracts for an average period of 25 months.

Forward-Looking Statement

Certain statements and information included in this release constitute "forward-looking statements" within the meaning of the Federal Private Securities Litigation Reform Act of 1995. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.

The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "anticipate," "intends," "estimate," "forecast," "project," "plan," "potential," "will," "may," "should," "expect," "pending" and similar expressions identify forward-looking statements.

Important factors that, in our view, could affect the matters discussed in these forward-looking statements include general market conditions, including fluctuations in charter rates and vessel values, changes in the demand for our vessels, offers that may be received from third parties, potential liability from pending or future litigation, general domestic and international political conditions, and other factors. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.

    Contact:        Michael Mason (investors)
                    Allen & Caron Inc
                    212 691 8087
                    michaelm@allencaron.com

[Via http://www.prnewswire.com]

U. S. Steel Announces Management Changes at U. S. Steel Kosice

2009-02-23T12:01:00.000+02:00

PITTSBURGH, Feb. 23 /PRNewswire-FirstCall/ -- United States Steel Corporation (NYSE: X) today announced two management changes at its U. S. Steel Kosice subsidiary in the Slovak Republic. Patrick J. Mullarkey has been named vice president-operations. He succeeds Matthew B. Perkins, who was named vice president and general director of U. S. Steel Serbia earlier today. Vladimir Jacko has been advanced to vice president-technology, which was Mullarkey's former position. Mullarkey will report to George F. Babcoke, senior vice president-European Operations and president-U. S. Steel Kosice, and Jacko will report to Anton Lukac, vice president-engineering and technology at U. S. Steel. The changes are effective March 1.

"Pat and Vladimir have the knowledge, experience and leadership skills necessary to ensure that our Slovakian facilities continue to be operated safely, effectively and efficiently," said Babcoke.

In his new role, Mullarkey, 51, will be responsible for oversight of day-to-day operations at the Slovakian subsidiary's facilities. He began his career in the steel industry with Inland Steel in East Chicago, Ind., in 1981 and moved through a series of supervisory and management positions in the company's iron and steel making operations. In 1994, he joined Raytheon Engineers & Constructors as the lead engineer for the Blast Furnace Reline Division and held that position until joining U. S. Steel in 2000.

Mullarkey's first assignment with U. S. Steel was area manager-operating and maintenance, South blast furnaces at Gary Works in Gary, Ind. After advancing through a series of increasingly responsible managerial positions, he was assigned to the

Gary Works' #14 Blast Furnace construction project in 2005. When the project was completed, Mullarkey transferred to Pittsburgh headquarters to serve as director-engineering project development. He assumed his most recent position, vice president-technology at U. S. Steel Kosice, in January 2007.

A native of Chicago, Mullarkey graduated from the University of Illinois at Urbana-Champaign in 1981 with a bachelor's degree in mechanical engineering. He earned a master's degree in business administration from Indiana Wesleyan University in Marion, Ind., in 2004.

As vice president-technology, Jacko, 46, and a native of Kosice, will be responsible for engineering activities, research and product technology. He began his professional career as a teacher of electro-technical subjects and joined the former Eastern Slovakian Steelworks in 1996 as a dispatcher at the facility's power plant. Over the next five years, he progressed through a series of increasingly responsible positions before being named deputy director of the power plant in 2001, one year after U. S. Steel had acquired the integrated steelmaking operation. In 2003, he was named general manager-energy for U. S. Steel Kosice and assumed added responsibility for transportation in 2005.

In 2006, Jacko relocated to the United States after being named division manager-utilities, shops and services at U. S. Steel's Fairfield Works, an integrated steelmaking facility in Fairfield, Ala. He returned to Kosice in January 2009 when he advanced to his most recent position, general manager-energy strategies.

Jacko graduated from Technical University in Kosice in 1986 with a master's degree in electrotechnics. He finished post-graduate studies in economics in 1998. In 2002, he earned a master's degree in business administration from the University of Pittsburgh's Joseph M. Katz Graduate School of Business. He obtained a doctorate degree from the Mining Faculty, Technical University in Kosice in 2007.

Jacko is a former board member of the Association of Metallurgy, Mining and Geology and a former executive committee member in the Slovak Chamber of Commerce and Industry.

For more information about U. S. Steel, visit www.ussteel.com.

[Via http://www.prnewswire.com]

LAI Reports Record Sales Year

2009-02-23T10:00:00.000+02:00

Company's revenues increase 15%

SCOTTSDALE, Ariz., Feb. 23 /PRNewswire/ -- LAI International, Inc., a strategic supplier of precision components and subassemblies for original equipment manufacturers, reported a record-breaking sales year with revenues increasing 15 percent last year.

LAI, which is based in Scottsdale, Ariz., reported 2008 revenues rose 15 percent over the previous year. The company projects another record-setting year with $55 million to $58 million in revenue for 2009.

"We are well positioned in three strong markets for precision manufacturing -- aerospace, defense and power generation," Stewart Cramer, president of LAI, said. "We are committed to continuous improvement and will focus on a number of major performance initiatives to drive improvement throughout the company, including operations, quality, engineering, customer service and sales."

The company will continue to invest in Six Sigma quality management methods and lean manufacturing initiatives, Cramer said.

"A key focus this year will be on building our technological foundation to a higher level and enhancing our core competitive advantages," he said. "We will continue to gain market share in our core markets by broadening our customer base, expanding our service offerings and better leveraging the diverse capabilities of our company. Our focus is to develop value-based manufacturing solutions aligned with our customers' needs and requirements."

About LAI International

LAI is the premier manufacturer of precision engineered components and assemblies for aerospace, power generation, defense and other advanced technology industries. Its technology, engineering and manufacturing solutions are the lifeblood of airframes, aircraft engines, power generators, defense systems and other mission-critical applications.

The company is the largest precision contract manufacturer in its class with the fastest growth as ranked by Inc. Magazine.

LAI has developed longstanding, strategic relationships with leading global players across multiple areas of their operations, including Boeing, Eaton, GE, Lockheed Martin, Northrop Grumman, Pratt & Whitney, Rolls-Royce, Siemens, and more than 70 percent of Fortune 500 global manufacturers.

LAI operates five U.S. manufacturing facilities, with locations in Minneapolis, Phoenix, Tucson, Westminster, Md., and Scarborough, Maine - all of which are ISO 9001 and AS9100 certified. The company also offers NADCAP-certified non-conventional machining processes.

For more information, see www.LAIco.com.

[Via http://www.prnewswire.com]

Owens Corning to Participate in 'National Clean Energy Project: Building the New Economy' Forum

2009-02-20T23:53:00.000+02:00

CEO Mike Thaman Joins Top Energy Influencers in Shaping U.S. Energy Policy

TOLEDO, Ohio, Feb. 20 /PRNewswire-FirstCall/ -- Owens Corning (NYSE: OC), a world leader in building materials and glass fiber reinforcements, today announced that CEO Mike Thaman will participate in The Center for American Progress Action Fund's "National Clean Energy Project" forum to be held Monday, Feb 23, in Washington, D.C. Senate Majority Leader Harry Reid will serve as the Honorary Chair of the event that will gather the country's most prominent government, business and nonprofit leaders to discuss ways of building a clean energy environment.

Mr. Thaman is among 30 elite leaders invited to participate in the roundtable discussion. The twin goals of this summit will be to explore ways of increasing U.S. reliance on clean energy and reducing the country's dependence on foreign oil.

"Homes and commercial buildings consume 40 percent of our nation's energy and 74 percent of all electricity consumed," said Thaman. "There are 80 million under-insulated homes in the United States. Any comprehensive energy policy must include energy efficiency and improved insulation in existing and new homes and buildings. I appreciate being part of this very important discussion."

The highly select group of participants include former U.S. President Bill Clinton, former U.S. Vice President Al Gore, U.S. Secretary of Energy Steven Chu, U.S. Secretary of the Interior Ken Salazar, Assistant to the President for Energy and Climate Change Carol Browner, Speaker of the House Nancy Pelosi, Senate Energy and Natural Resources Committee Chair Jeff Bingaman, oil executive T. Boone Pickens and environmentalist Robert Kennedy, Jr.

These and other energy and environmental thought leaders will work to develop a plan and key guiding principles that lead the transformation of U.S. energy policy and reduce the nation's dependence on foreign oil. The forum will focus on modernizing and expanding the electricity grid, integrating energy efficiency and distributed generation into operation and regulation, rapidly increasing transmission capacity for renewable energy and reducing our nation's dependence on foreign oil by examining short- and long-term solutions to replace foreign oil with domestic resources, including natural gas.

"No discussion about energy independence is complete without addressing the need to reduce energy use in our nation's homes and buildings," said T. Boone Pickens. "Owens Corning and Mike Thaman lend a powerful voice to this important message. As a leading U.S. corporation, they understand the threat that foreign oil dependency has on our economic and national security and that conservation, efficiency and utilizing domestic fuel alternatives is critically important. Monday's energy Summit is going to be a critically important forum where we can, with the nation's political and industry leaders working together, establish the guidelines and principles that will be incorporated into our country's energy policies and legislation. I look forward to continued collaboration with Owens Corning as we work to address our country's energy solutions."

A recent survey conducted by Owens Corning found that only 27 percent of Americans correctly identified buildings as the major energy culprit. Owens Corning has worked extensively to draw attention to this important, yet overlooked fact among consumers, the building community, political and environmental leaders and others. In December 2008, Owens Corning became the first corporate supporter of T. Boone Pickens' Pickens Plan, which expanded the Plan to call for greater energy efficiency in buildings.

About Owens Corning Owens Corning (NYSE: OC) is a leading global producer of residential and commercial building materials, glass fiber reinforcements and engineered materials for composite systems. A Fortune 500 company for 54 consecutive years, Owens Corning is committed to driving sustainability through delivering solutions, transforming markets and enhancing lives. Founded in 1938, Owens Corning is a market-leading innovator of glass fiber technology with sales of $6 billion in 2008 and 18,000 employees in 26 countries on five continents. Additional information is available at www.owenscorning.com.

About the Pickens Plan

Unveiled on July 8, 2008 by T. Boone Pickens, the Pickens Plan is a detailed solution for ending the United States' growing dependence on foreign oil. Earlier this year, when oil prices reached $140/barrel, America was spending about $700 billion for foreign oil, equaling the greatest transfer of wealth in human history. That figure has decreased some while oil prices have retreated, but the U.S. is still dependent on foreign nations for nearly 70 percent of its oil, representing a continuing national economic and national security threat. The plan calls for investing in power generation from domestic renewable resources such as wind and using our abundant supplies of natural gas as a transportation fuel, replacing more than one-third of our imported oil. More than 1,500,000 people have joined the Pickens Army through the website www.pickensplan.com, which has had over 14,000,000 hits. For more information on the Pickens Plan please visit our website.

[Via http://www.prnewswire.com]

Mechel Signs a Long-Term Agreement for Coal Supply to South Korea

2009-02-20T12:03:00.000+02:00

MOSCOW, Feb. 20 /PRNewswire-FirstCall/ -- Mechel OAO (NYSE: MTL), one of the leading Russian mining and metals companies, announces that it has signed a long-term agreement with Hyundai Steel, Korea, to supply coking coal.

The agreement was signed within a visit to South Korea of the Russian delegation headed by the Russian Federation Vice-Premier Igor Sechin, in which Mechel OAO Chief Executive Officer Igor Zyuzin also participated.

Pursuant to the agreement, the arrangement was reached for Mechel to deliver K-9 grade coking coal mined from Neryungri open pit to Hyundai Steel for five years beginning on April 1, 2010. The planned delivery volume ranges between 100,000 to 300,000 tonnes of coal annually.

The export coal deliveries to South Korea will be performed by Mechel Mining OAO's subsidiary, Yakutugol OAO.

"South Korean-based companies, including Hyundai Steel, are traditionally consumers of Yakutian coking coals. The long-term agreement for the delivery of K-9 grade coking coals will enable Mechel to ensure more sustainable utilization of Yakutugol's production capacity and to ensure sales as part of the output from the Elga deposit in the long-term," Mechel OAO Senior Vice President Vladimir Polin commented.

Mechel is one of the leading Russian companies. Its business includes four segments: mining, steel, ferroalloy and power. Mechel unites producers of coal, iron ore concentrate, steel, rolled products, ferroalloys, hardware, heat and electric power. Mechel products are marketed domestically and internationally.

Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of Mechel, as defined in the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. We wish to caution you that these statements are only predictions and that actual events or results may differ materially. We do not intend to update these statements. We refer you to the documents Mechel files from time to time with the U.S. Securities and Exchange Commission, including our Form 20-F. These documents contain and identify important factors, including those contained in the section captioned "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" in our Form 20-F, that could cause the actual results to differ materially from those contained in our projections or forward-looking statements, including, among others, the achievement of anticipated levels of profitability, growth, cost and synergy of our recent acquisitions, the impact of competitive pricing, the ability to obtain necessary regulatory approvals and licenses, the impact of developments in the Russian economic, political and legal environment, volatility in stock markets or in the price of our shares or ADRs, financial risk management and the impact of general business and global economic conditions.

[Via http://www.prnewswire.com]

The Australian Research Council Selects Scopus for the Evaluation of the Australian Research Landscape

2009-02-20T10:01:00.000+02:00

AMSTERDAM, February 20 /PRNewswire-FirstCall/ -- Elsevier announced today that Scopus(R), its flagship product and world's largest abstract and citation (A&C) database, was chosen by the Australian Research Council (ARC) for its Excellence in Research for Australia (ERA) initiative.

The ERA initiative will assess research quality within Australia's higher education institutions using a combination of indicators and expert review by committees comprised of experienced, internationally-recognized experts.

Scopus Custom Data will be the sole provider used to assess the country's higher education research output for the ERA's first group of science disciplines: Physical, Chemical and Earth Sciences (PCE).

By leveraging the broad and rich content available in Scopus the ARC's ERA initiative will evaluate 41 Higher Education Providers (HEPs) using international and national benchmarks.

"The ARC is committed to the development of a world-class research quality and evaluation system" Professor Sheil said.

"Identifying research excellence in this global environment is incredibly complex, which is why we are proud that the ARC will utilize Scopus to reach its ERA goals," added Herman Van Campenhout, CEO Science & Technology for Elsevier. "Through this relationship, we hope to open doors for Australian universities by giving them a better understanding of where they stand in the research playing field, and where to invest scarce resources."

    More information available at
http://www.arc.gov.au/media/media_releases.htm

About the Australian Research Council (ARC)

The Australian Research Council (ARC) is a statutory authority within the Australian Government's Innovation, Industry, Science and Research portfolio. The ARC advises the Australian Government on research matters and manages the National Competitive Grants Program, a significant component of Australia's investment in research and development. Through the Excellence in Research for Australia (ERA) initiative the ARC will assess research quality within Australia's higher education institutions using a combination of indicators and expert review by committees comprising experienced, internationally-recognised experts..

About Scopus

Covering the world's research literature, Scopus is the largest abstract and citation database of peer-reviewed literature and quality Web sources with smart tools to track analyze and visualize research. Scopus was designed and developed with over 500 users and librarians internationally. Its unique database contains abstracts and references from over 15,000 peer-reviewed journals from 4,000 publishers worldwide, ensuring broad interdisciplinary coverage. In addition, Scopus not only offers users citation information about the articles covered, but also directly integrates Web and patent searches. Direct links to full-text articles, library resources and other applications like reference management software, make Scopus quicker, easier and more comprehensive to use than any other literature research tool. For more information about Scopus please visit http://www.info.scopus.com.

About Scopus Custom DataScopus Custom Data provides research agencies, institutions and government bodies with customized datasets in XML format for large-scale research performance analysis. Scopus Custom Data extracts Scopus core records in accordance to each customer's individual specifications, such as date range, subject categories and geographic location. The XML data can then be loaded by customers into their proprietary in-house systems, making it possible for them to run their specific search queries and execute their own analytical techniques; providing the analyst with the freedom to formulate their own reports. It empowers them to make well-informed, unbiased resource allocation and policy making decisions.

About Elsevier

Elsevier is a world-leading publisher of scientific, technical and medical information products and services. Working in partnership with the global science and health communities, Elsevier's 7,000 employees in over 70 offices worldwide publish more than 2,000 journals and 1,900 new books per year, in addition to offering a suite of innovative electronic products, such as ScienceDirect (http://www.sciencedirect.com/), MD Consult ( http://www.mdconsult.com/), Scopus (http://www.info.scopus.com/), bibliographic databases, and online reference works.

Elsevier (http://www.elsevier.com/) is a global business headquartered in Amsterdam, The Netherlands and has offices worldwide. Elsevier is part of Reed Elsevier Group plc (http://www.reedelsevier.com/), a world-leading publisher and information provider. Operating in the science and medical, legal, education and business-to-business sectors, Reed Elsevier provides high-quality and flexible information solutions to users, with increasing emphasis on the Internet as a means of delivery. Reed Elsevier's ticker symbols are REN (Euronext Amsterdam), REL (London Stock Exchange), RUK and ENL (New York Stock Exchange).

    CONTACT:
    Malkie Bernheim/ Jessica Disch
    Padilla Speer Beardsley
    +1-212-752-8338
    mbernheim@psbpr.com/ jdisch@psbpr.com

[Via http://www.prnewswire.com]

Banro closes US$14 million financing

2009-02-20T02:01:00.000+02:00

TORONTO, Feb. 19 /PRNewswire-FirstCall/ - Banro Corporation ("Banro" or the "Company") (NYSE Alternext US - "BAA"; TSX - "BAA") is pleased to announce that it has closed the issuance and sale of 10,000,000 common shares of the Company at a price of US$1.40 per share for gross proceeds of US$14,000,000 (the "Offering").

The Company intends to use the proceeds of the Offering to further advance the Company's projects in the Democratic Republic of the Congo (the "DRC") and for general corporate purposes.

The Offering, which was non-brokered, was made under a second prospectus supplement (the "Prospectus Supplement") to Banro's base shelf prospectus dated September 11, 2008 (the "Shelf Prospectus"). The Company has filed the Shelf Prospectus and the Prospectus Supplement with certain Canadian securities regulatory authorities. The Company has also filed a registration statement (which includes the Shelf Prospectus) and the Prospectus Supplement with the United States Securities and Exchange Commission (the "SEC"). These documents and other documents filed by the Company and referred to therein are available on the SEC website at www.sec.gov and on SEDAR at www.sedar.com.

A copy of the Shelf Prospectus and the Prospectus Supplement may also be obtained from the Company at 1 First Canadian Place, 100 King Street West, Suite 7070, Toronto, Ontario, M5X 1E3, Canada (Attention: Martin Jones; telephone number - (416) 366-2221).

Banro is a Canadian-based gold exploration company focused on the development of four major, wholly-owned gold projects, each with mining licenses, along the 210 kilometre-long Twangiza-Namoya gold belt in the South Kivu and Maniema provinces of the DRC. Led by a proven management team with extensive gold and African experience, Banro's strategy is to unlock shareholder value by increasing and developing its significant gold assets in a socially and environmentally responsible manner.

Forward-Looking Statements: This press release contains forward-looking statements. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding the Company's exploration and development plans) are forward-looking statements. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things, uncertainties relating to the availability and costs of financing needed in the future, failure to establish estimated mineral resources or estimated mineral reserves, the possibility that future exploration results will not be consistent with the Company's expectations, gold recoveries being less than those indicated by the metallurgical testwork carried out to date (there can be no assurance that gold recoveries in small scale laboratory tests will be duplicated in large tests under on-site conditions or during production), changes in world gold markets, changes in equity markets, political developments in the DRC, fluctuations in currency exchange rates, inflation, changes to regulations affecting the Company's activities, the uncertainties involved in interpreting drilling results and other geological data and the other risks disclosed under the heading "Risk Factors" and elsewhere in the Company's annual information form dated March 28, 2008 filed on SEDAR at www.sedar.com and EDGAR at www.sec.gov. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.

[Via http://www.prnewswire.com]

Re-Regulating Maryland's Electricity Will Cost Maryland Customers More Money - Not Lower their Energy Bills

2009-02-20T00:11:00.000+02:00

ANNAPOLIS, Md., Feb. 19 /PRNewswire-USNewswire/ -- The reality of Senators Pipkin and Rosapepe's proposal is that it will actually put Maryland's electricity customers at greater risk of continually rising bills not reduce their energy costs. Here's what the Maryland Public Service Commission had to say about re-regulation in their December 1, 2008 report to the legislature:

"We cannot, however, recommend that the General Assembly pursue full re-regulation -- the magnitude and uncertainty of the benefits, relative to the high cost of achieving the outcome do not clearly warrant the return to rate base regulation. Moreover, there are a number of other potentially serious risk factors that could create unanticipated, adverse consequences for Maryland's ratepayers."

"...re-regulating the existing generation plants in the Maryland portion of the Pepco service territory would mean re-acquiring an aging, largely coal-based fleet that will need costly maintenance, ongoing environmental upgrades if state or Federal environmental regulations tighten and could become technologically obsolete."

"...we conclude that reacquiring these plants and having ratepayers assume the risks of owning and operating them are unlikely to be worth the potentially insurmountable expense, probable litigation and likely disruption to Maryland's electricity markets."

What does re-regulation mean for Maryland customers? If the Maryland Legislature re-regulates the electric industry, even only partially, either by requiring long-term contracts or requiring utilities to build new generation, ratepayers get stuck with all the risks and none of the rewards that competition has brought such as: more efficient power plants (which consume less fuel, have lower emissions, and are less costly to run), downward pressure on prices, new technology, new green energy options, and customer choice. Regulated markets are by their very nature inefficient and not cost conscious.

History has proven that it is nearly impossible for anyone to construct generation on a schedule to precisely match consumer demands for electricity. But, when ratepayers are forced to bear this risk, ratepayers are the ones who pay when mistakes are made, such as when too much generation is built or when cost overruns occur -- examples of which abound over the course of the last several decades in regulated markets.

RESA agrees with the public service commission consultants who caution that "a return to full regulation of Maryland's generation is fraught with risks." "We urge the public not to be misled to the conclusion that re-regulation is the answer," said Leah Gibbons, Maryland Chair of RESA. "There is no magic bullet to lowering electricity prices. Rather than turning back the clock to re-regulate the supply of electricity, Maryland policy makers need to make a commitment to get the competitive markets working properly and bring choice to more of Maryland's customers."

About RESA

RESA is a national coalition of energy suppliers dedicated to ensuring competitive retail markets. RESA members are devoted to working with all stakeholders to promote vibrant and sustainable competitive retail energy markets for residential, commercial and industrial consumers. For more information on RESA visit, http://www.resausa.org/

[Via http://www.prnewswire.com]

Mueller Water Products to Present at Davenport 2009 Basic Industries Conference

2009-02-19T16:09:00.000+02:00

ATLANTA, Feb. 19 /PRNewswire-FirstCall/ -- Gregory E. Hyland, chairman, president and chief executive officer of Mueller Water Products, Inc. (NYSE: MWA) will present at Davenport's 2009 Basic Industries Conference. The presentation will provide an overview of Mueller Water Products and its key business drivers and may include updated information from what has previously been disclosed. The presentation will take place Thursday, March 5, 2009 at 8:25 a.m. EST at the Omni Berkshire Hotel in New York City.

The presentation will be webcast live, with a replay available in the investor relations section of the Company's Web site, www.muellerwaterproducts.com. The replay of the presentation will be available for approximately 90 days.

Safe Harbor Statement

Except for historical information contained herein, the statements in this release are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties that may cause the actual results in future periods of Mueller Water Products to differ materially from forecasted results. Those risks include, among others, changes in customer orders and demand for our products; changes in raw material prices, labor, equipment and transportation costs; pricing actions by the Company and its competitors; changes in law; the ability to attract and retain management and employees; the inability to successfully execute management strategies with respect to cost reductions, production increases or decreases, inventory control, and the integration of acquired businesses; and general changes in economic and financial conditions, residential and non-residential construction, and municipal spending. Risks associated with forward-looking statements are more fully described in our filings with the Securities and Exchange Commission. Mueller Water Products assumes no duty to update its forward-looking statements as of any future date.

About Mueller Water Products

Mueller Water Products is a leading North American manufacturer and marketer of infrastructure and flow control products for use in water distribution networks and treatment facilities. Its broad product portfolio includes engineered valves, hydrants, ductile iron pipe and pipe fittings, which are used by municipalities, as well as the residential and non-residential construction, oil and gas, HVAC and fire protection industries. With latest 12 months net sales of $1.8 billion, the Company is comprised of three operating segments: Mueller Co., U.S. Pipe and Anvil. Based in Atlanta, Georgia, the Company employs approximately 6,000 people. Mueller Water Products' common stock trades on the New York Stock Exchange under the ticker symbol MWA. For more information about Mueller Water Products, please visit the Company's Web site at www.muellerwaterproducts.com.

    Investor Contact: Martie Edmunds Zakas
    Sr. Vice President - Strategic Planning & Investor Relations
    770-206-4237
    mzakas@muellerwp.com

    Media Contact: John Pensec
    Director - Corporate Communications & Public Affairs
    770-206-4240
    jpensec@muellerwp.com

[Via http://www.prnewswire.com]

Siemens Survey Reveals Low Awareness of Escalating Need for Superior Data Center Efficiency

2009-02-19T14:24:00.000+02:00

NEW YORK, Feb. 19 /PRNewswire-FirstCall/ -- Given the growing strain placed on the power grid every day and the increasing demand for data processing and storage, corporations have no choice but to start identifying areas to amplify energy efficiencies immediately. However, according to a Siemens survey released today, many companies are uncertain about how to best accomplish new efficiency expectations. The new study, which examined general IT efficiency attitudes and practices, revealed nearly three quarters of the Fortune 2000 respondents (87%) believe it is important to pursue overall energy efficient practices, but only 48% have a stated goal to reduce their carbon footprint, and even less have begun to take action.

(Logo: http://www.newscom.com/cgi-bin/prnh/20070904/SIEMENSLOGO )

"As businesses continue to search for ways to save money and alleviate the strain on the power grid, green technology across the board is becoming a necessity rather than just 'the right thing to do' -- examining and implementing data center efficiencies is one major area we cannot overlook," stated Ken Cornelius, CEO of Siemens One, a business unit of German engineering giant, Siemens AG. "If we do not start looking closely at our data centers now, 70% of the world's data centers will have tangible system disruptions by 2011 and the systems will experience world-wide brown outs over the course of the next five years."

Data centers alone account for 2.5% of the world's energy use, which is expected to grow by an astonishing 12% a year, placing even more unnecessary strain on the power grid. The EPA notes that the energy used by datacenters in the U.S. is more than the electricity consumed by all of the nation's color TV sets and comparable to the electricity consumption of approximately 5.8 million homes. According to the survey, a majority (65%) of leading Fortune 2000 companies recently reported that the costs of running their data centers have increased over the last few years, which certainly is no surprise given the growing number of data centers across the U.S.

Seventy-two percent of those surveyed said the size of the investment was the primary barrier to improving their data center energy efficiency, followed by lack of specific information on the return of the investment for making changes (38%), server down time required to implement changes (38%), and concerns about running legacy software on new systems (34%).

Companies are concerned about their data centers exceeding processing capacity and the risk of losing their data. One-quarter (27%) worry a "brown out" or exceeding process capacity will affect their data centers, while 27% are worried about losing data, 15% worry about aging facilities, and 10% expressed concern about high energy costs.

"The tools and technologies are available to help companies get started -- whether it is simply through server virtualization, installing power monitoring systems, retrofitting an existing structure or with new construction," added Cornelius. "Siemens solutions not only allow for the cost savings associated with greening data centers, but will also address the growing risks associated with today's increasing data center capacity."

About the Survey

The above findings were the result of a survey commissioned by Siemens Corporation and KRC Research from October 23 - November 24, 2008. A nationally represented sample included top, high, and mid-level executives of Fortune 2000 companies that are in some way involved in making decisions about their companies' data centers. Because Fortune magazine does not publish a list of the top 2000 companies, the sample was created by extending the Fortune criteria: the 2000 largest American companies, ranked by annual revenue.

About Siemens

Siemens AG (NYSE: SI) is a global powerhouse in electronics and electrical engineering, and operates in the industry, energy and healthcare sectors. For more than 160 years, Siemens has built a reputation for leading-edge innovation and the quality of its products, services and solutions. With over 400,000 employees in 190 countries, Siemens reported worldwide sales of $116.6 billion in fiscal 2008. With its U.S. corporate headquarters in New York City, Siemens in the USA reported sales of $22.4 billion and employs 69,000 people throughout all 50 states and Puerto Rico. For more information on Siemens in the United States, visit www.usa.siemens.com.

[Via http://www.prnewswire.com]

Williams Replaces 148% of 2008 U.S. Natural Gas Production

2009-02-19T12:25:00.000+02:00

- Reserves Replacement Rate Was 176% Before Price-Related Revisions

- Domestic Production Increases 20%

- Total Domestic and International Proved Reserves Grow 200 Bcfe to 4.5 Tcfe

TULSA, Okla., Feb. 19 /PRNewswire-FirstCall/ -- Williams (NYSE: WMB) announced today that its domestic and international proved natural gas and oil reserves as of Dec. 31, 2008, increased to approximately 4.5 trillion cubic feet equivalent (Tcfe).

Reserves in the United States increased by 200 billion cubic feet equivalent to approximately 4.34 Tcfe, which represents a 5 percent increase compared with approximately 4.14 Tcfe a year earlier. More than 99 percent of Williams' U.S. proved reserves are natural gas.

Williams attributed the majority of its U.S. reserves additions to the continued development of its drilling inventory, particularly in Colorado and Wyoming.

In 2008, Williams had a drilling success rate exceeding 99 percent. The company participated in 1,787 gross wells in the U.S., of which all but one were successful.

Williams' development activities in 2008 resulted in a net addition of 602 billion cubic feet equivalent (Bcfe) in net proved reserves. Based on the higher year-end price in 2007, Williams would have realized a net addition of 714 Bcfe for 2008.

For comparison, Williams added total net reserves of 776 Bcfe and 597 Bcfe in 2007 and 2006, respectively.

In 2008, Williams replaced its U.S. wellhead production of 406 Bcfe at a rate of 148 percent. Adding back revisions of 112 Bcfe that were not recognized due to lower year-end prices in 2008, Williams would have replaced 176% of its U.S. wellhead production. A reserves reconciliation follows the main text in this news release.

The company's three-year average proved U.S. finding and developing cost was $2.57 per thousand cubic feet equivalent (Mcfe). Excluding 2008 acquisitions, which were heavily weighted toward unproved properties, the three-year average was $2.32 per Mcfe.

"Year-after-year, we have repeatedly increased our reserves and increased our production at a very attractive cost basis," said Ralph Hill, president of Williams' exploration and production business.

"Our successful track record reflects the quality of the resources we're developing, the talent that our people apply to their profession and a commitment to achieve new efficiencies in our operations.

"As we look at the days ahead, we're firmly focused on preserving the long-term value that we have in our vast drilling inventory.

"For 2009, that means decreasing our pace of new activity and positioning our future growth for more favorable economic conditions," Hill said.

Over the past five years, Williams has now participated in the development of more than 8,000 new natural gas wells in the U.S., helping increase the company's total proved reserves by approximately 60 percent from 2004 to 2008.

International reserves for year-end 2008 mirrored the same amount reported at the end of 2007 - approximately 26 million barrels of oil equivalent.

Fifty-four percent of Williams' international proved reserves are crude oil and liquids. The remainder is natural gas.

Production sales solely from interests in the United States increased 20 percent to 1,094 MMcfe per day, compared with 913 MMcfe per day in 2007.

Average daily sales production from domestic and international interests was approximately 1,144 million cubic feet of gas equivalent (MMcfe) in 2008, an increase of approximately 19 percent compared with 960 MMcfe for the same period in 2007.

Williams' exploration and production business primarily develops natural gas reserves in the Piceance, Powder River, San Juan and Fort Worth basins in the U.S.

Approximately 99 percent of Williams' year-end 2008 U.S. proved reserves estimates were audited by Netherland, Sewell & Associates, Inc., who in their judgment determined the estimates to be reasonable in the aggregate for each basin.

Reserves estimates related to properties underlying the Williams Coal Seam Gas Royalty Trust (NYSE: WTU), were prepared by Miller and Lents, LTD. These properties comprise approximately 1 percent of Williams' total U.S. proved reserves.

Approximately 85 percent of proved reserves estimates for international properties were reviewed and certified by Ralph E. Davis and Associates, with approximately 15 percent reviewed and certified by Gaffney and Cline.

The U.S. reserve replacement rate of 148 percent was calculated by dividing the sum of changes (acquisitions, divestitures, additions and revisions) to the estimated proved reserves during 2008 by Williams' 2008 wellhead production of 406 Bcfe.

The three-year average U.S. finding and development cost of $2.57 per Mcfe was calculated by dividing total capital and exploration costs by the change in proved reserves balances over the three-year period, adding back production sold.

For purposes of converting volumes of crude oil and liquids reserves to a natural-gas-equivalent measure in this report, the company used a ratio of one barrel to 6,000 cubic feet.

Proved reserves are estimated quantities that geological and engineering data demonstrate with reasonable certainty to be recoverable in the future from known reservoirs under assumed economic conditions.


    U.S. Proved Reserves Reconciliation
    Amounts in billion cubic feet equivalent of natural gas

    Proved reserves Dec. 31, 2007       4,143
     Acquisitions                          31
     Additions and revisions              571
     Wellhead Production                 (406)
    Proved reserves Dec. 31, 2008       4,339

About Williams (NYSE: WMB)

Williams, through its subsidiaries, finds, produces, gathers, processes and transports natural gas. Williams' operations are concentrated in the Pacific Northwest, Rocky Mountains, Gulf Coast, and Eastern Seaboard. More information is available at http://www.williams.com. Go to http://www.b2i.us/irpass.asp?BzID=630&to=ea&s=0 to join our e-mail list.

    Contact:      Jeff Pounds
                  Williams (media relations)
                  (918) 573-3332

                  Richard George
                  Williams (investor relations)
                  (918) 573-3979

Our reports, filings, and other public announcements may contain or incorporate by reference statements that do not directly or exclusively relate to historical facts. Such statements are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. You typically can identify forward-looking statements by the use of forward-looking words, such as "anticipate," believe," "could," "continue," "estimate," "expect," "forecast," "may," "plan," "potential," "project," "schedule," "will," and other similar words. These statements are based on our present intentions and our assumptions about future events and are subject to risks, uncertainties, and other factors. In addition to any assumptions, risks, uncertainties or other factors referred to specifically in connection with such statements, other factors not specifically referenced could cause our actual results to differ materially from the results expressed or implied in any forward-looking statements. Those factors include, among others:

availability of supplies (including the uncertainties inherent in assessing, estimating, acquiring and developing future natural gas reserves), market demand, volatility of prices, and the availability and costs of capital;
inflation, interest rates, fluctuation in foreign exchange, and general economic conditions (including the recent economic slowdown and the disruption of global credit markets and the impact of these events on our customers and suppliers);
the strength and financial resources of our competitors;
development of alternative energy sources;
the impact of operational and development hazards;
costs of, changes in, or the results of laws, government regulations (including proposed climate change legislation), environmental liabilities, litigation, and rate proceedings;
our costs and funding obligations for defined benefit pension plans and other postretirement benefit plans;
changes in the current geopolitical situation;
risks related to strategy and financing, including restrictions stemming from our debt agreements and future changes in our credit ratings;
risks associated with future weather conditions;
acts of terrorism, and
additional risks described in our filings with the Securities and Exchange Commission.

Given the uncertainties and risk factors that could cause our actual results to differ materially from those contained in any forward-looking statement, we caution investors not to unduly rely on our forward-looking statements. In addition to causing our actual results to differ, the factors listed above may cause our intentions to change. Such changes in our intentions may also cause our results to differ. We disclaim any obligation to and do not intend to publicly update or revise any forward-looking statements or changes to our intentions, whether as a result of new information, future events or otherwise.

In regard to the company's reserves in Exploration & Production, the SEC permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves. We have used certain terms in this presentation such as "probable" reserves and "possible" reserves and "unrisked theoretical resource estimates" that the SEC's guidelines strictly prohibit us from including in filings with the SEC. The SEC defines proved reserves as estimated hydrocarbon quantities that geological and engineering data demonstrate with reasonable certainty to be recoverable in the future from known reservoirs under the assumed economic conditions. Probable and possible reserves are estimates of potential reserves that are made using accepted geological and engineering analytical techniques, but which are estimated with reduced levels of certainty than for proved reserves. Generally under such techniques, probable reserve estimates are more than 50% certain and possible reserve estimates are less than 50% but more than 10% certain. Unrisked theoretical resource estimates are even less certain than those for possible reserves and are not risk adjusted. Unrisked theoretical resource estimates include (i) an estimate of hydrocarbon quantities for new areas for which we do not have sufficient information to date to classify the resources as probable or even possible reserves and (ii) the amount by which we have reduced our probable and possible reserves for existing areas to take into account the reduced level of certainty of recovery of the resources. Unlike probable and possible reserves, unrisked theoretical resource estimates do not take into account the uncertainty of resource recovery and are therefore not indicative of the expected future recovery and should not be relied upon.

Reference to "Resource Potential" includes proved, probable and possible reserves as well as unrisked theoretical resource estimates that might never be recoverable and are contingent on exploration success, technical improvements in drilling access, commerciality and other factors.

[Via http://www.prnewswire.com]

Bolivarian Republic of Venezuela Announces Intention to Offer to Purchase Remaining American Depositary Shares and Class D Shares of Compania Anonima Nacional Telefonos de Venezuela (CANTV)

2009-02-19T00:08:00.000+02:00

CARACAS, Venezuela, Feb. 18 /PRNewswire/ -- The Bolivarian Republic of Venezuela (the "Republic"), through the Ministry of the Popular Power for Telecommunications and Information Technology, announced today that it intends to commence its previously announced offer to acquire the outstanding Class D Common Shares ("Class D Shares") and American Depositary Shares, each representing 7 Class D Common Shares ("ADSs"), of Compania Anonima Nacional Telefonos de Venezuela (CANTV) ("CANTV") in approximately 30 days. The offer will be conducted as two separate, but concurrent, tender offers to purchase (i) in Venezuela, any and all outstanding Class D Shares of CANTV not already owned by the Republic on the date the offers commence at a price, payable in Bolivars, of the equivalent of US$1.61 per share (being the US$11.27 per ADS price divided by seven to reflect that each ADS represents seven shares), calculated at the official exchange rate in the Republic for the sale of U.S. dollars by the Venezuelan Central Bank, Banco Central de Venezuela, in effect on the date on which the sale and purchase transactions in the offer for the shares are completed in a special session of the Caracas Stock Exchange, and (ii) in the United States, any and all outstanding ADSs not already owned by the Republic on the date the offers commence at a price, payable in U.S. dollars, of US$11.27 per ADS, the prices for the Class D shares and the ADSs being equivalent to the price established in the transaction in which the Republic purchased ADSs from Renaissance Technologies LLC in April 2008. The official exchange rate in the Republic for the sale of U.S. dollars by the Venezuelan Central Bank, Banco Central de Venezuela, is currently Bs.2.15 per US$ 1.00.

Only Class D shares may be sold in the offer in Venezuela, and only ADSs may be sold in the offer in the United States. Holders of CANTV's Class C Shares will be able to participate in the offer by converting their Class C Shares into Class D Shares in accordance with the procedure established in the Issuer's By-laws. The tender offers are expected to commence in March 2009, and will be subject to customary conditions.

The Republic also announced that it has entered into an agreement with The Bank of New York Mellon, as depositary (the "Depositary") under the Amended and Restated Deposit Agreement, dated September 10, 2000, under which CANTV's American Depositary Shares are issued (the "Deposit Agreement") pursuant to which the Depositary has agreed, subject to certain amendments to and the termination of the Deposit Agreement described below, to tender into the offer, in the form of ADSs, any and all Class D shares that remain deposited in the ADS facility following the termination of the Deposit Agreement.

Separately, CANTV announced today that it has instructed the Depositary to terminate the Deposit Agreement, and that it and the Depositary have agreed to certain proposed amendments to the Deposit Agreement that would permit the Depositary to sell Class D shares remaining deposited in the ADSs facility following its termination commencing immediately upon termination of the Deposit Agreement and in the form of ADSs. The amendment and termination of the Deposit Agreement will become effective contemporaneously with (but prior to) the expiration of the proposed tender offers by the Republic, but not prior to April 18, 2009 (which is 60 days after the date of the Depositary's notice of the proposed amendment and termination).

Notice to Investors

This press release is not an offer to purchase or the solicitation of an offer to sell any securities. The offers referred to in this press release have not yet commenced. The solicitation and the offer to buy the Class D shares and the ADSs will be made pursuant to offers to purchase, related letters of transmittal and related materials that the Republic will distribute when it commences the offers. When available, those documents will contain important information that investors should read and consider carefully before any decision is made with respect to the offers.

    CONTACT:
    Jeruss Arocha
    Ministerio del Poder Popular para las Telecomunicaciones y la Informatica
    Tel:  (0426)518-19-13

Boralex Power Income Fund Declares Cash Distribution

2009-02-18T14:26:00.000+02:00

MONTREAL, Feb. 18 /PRNewswire-FirstCall/ - Boralex Power Income Fund (the "Fund") has today declared its monthly cash distribution in the amount of $0.05833 per trust unit.

The distribution will be paid on March 23, 2009, to unitholders of record at the close of business on February 27, 2009.

About Boralex Power Income Fund

Boralex Power Income Fund is an unincorporated open-ended trust that indirectly owns ten power generating stations located in the province of Quebec and the United States producing energy from different sources including wood-residue or natural gas-fired thermal and cogenerating facilities as well as hydroelectric power stations. In total, these power stations have an installed capacity of 190 MW. The Fund's units are listed for trading on The Toronto Stock Exchange under the symbol BPT.UN.

Avista Corp. Reports Improved Financial Results for the Fourth Quarter and Fiscal Year 2008

2009-02-18T12:05:00.000+02:00

SPOKANE, Wash., Feb. 18 /PRNewswire-FirstCall/ -- Avista Corp. (NYSE: AVA) today reported net income of $17.5 million, or $0.32 per diluted share, for the fourth quarter of 2008, compared to net income of $14.1 million, or $0.26 per diluted share, for the fourth quarter of 2007. For the year ended Dec. 31, 2008, Avista Corp.'s net income was $73.6 million, or $1.36 per diluted share, compared to net income of $38.5 million, or $0.72 per diluted share, for the year ended Dec. 31, 2007.

(Logo: http://www.newscom.com/cgi-bin/prnh/20040128/SFW031LOGO)

Avista's consolidated 2008 results improved over 2007 due to increased earnings at Avista Utilities, which had weak earnings in 2007. Avista's consolidated 2008 results also improved as compared to the prior year due to the net loss from Avista Energy in 2007.

"We are pleased with our overall results, which showed considerable improvement over a disappointing 2007. We expect continued improvement in our financial results for 2009," said Avista Chairman, President and Chief Executive Officer Scott L. Morris. "Although the 2008 results for the utility represent an improvement over 2007, we are still earning less than the return authorized by state regulatory commissions due to the lag in recovery of costs related to capital investments and operating expenses. We recognize and understand the financial pressure that our customers are facing in these difficult economic times. We'll continue to diligently manage our operating costs and find additional efficiencies to help keep costs down."

Fourth Quarter and Fiscal Year 2008 Highlights

Avista Utilities: Net income for Avista Utilities in the fourth quarter and fiscal year 2008 increased compared to the same period a year ago. This is primarily the result of increased gross margin (operating revenues less resource costs) from the implementation of new rates in Washington and Idaho effective Jan. 1 and Oct. 1, 2008, respectively. In addition, customers increased their energy usage as the result of colder weather in the first quarter of 2008.

As approved by the Washington Utilities and Transportation Commission (WUTC), electric rates for our Washington customers increased, effective Jan. 1, 2008, by an average of 9.4 percent (designed to increase annual revenues by $30.2 million), and natural gas rates increased by an average of 1.7 percent (designed to increase annual revenues by $3.3 million).

As approved by the Idaho Public Utilities Commission, electric rates for our Idaho customers increased, effective Oct. 1, 2008, by an average of 12.0 percent (designed to increase annual revenues by $23.2 million), and natural gas rates increased by 4.7 percent (designed to increase annual revenues by $3.9 million).

The improvement in annual results for 2008 as compared to 2007 was also due to the impairment of a turbine, as well as a regulatory disallowance, both of which were recorded in the third quarter of 2007.

Additionally, the improved results reflect a decrease in interest expense that was achieved by refinancing maturing higher cost debt with lower cost debt issuances.

Also contributing to the increase in net income for 2008 was $5.7 million (pre-tax) of interest income, partially offset by $1.4 million (pre-tax) of interest expense, related to income tax settlements reached during the third quarter of 2008 and the resulting refunds received and payments made to the Internal Revenue Service.

Other utility operating expenses increased for the fourth quarter and fiscal year 2008 as compared to 2007. For the full year 2008, the utility recognized increased operating expenses, primarily due to an increase in operating and maintenance expenses at our generation facilities, as well as an increase in electric distribution expenses.

Avista Utilities absorbed $7.4 million of costs for the full year 2008 under the Energy Recovery Mechanism in Washington, compared to $8.5 million in 2007. Despite a good winter snowpack in early 2008, the late spring runoff resulted in excess water being spilled, which yielded lower-than-normal hydroelectric generation for the first half of the year. Purchased power costs were higher than expected due in part to colder than normal temperatures during the first quarter heating season and an increase in the price of wholesale power.

Advantage IQ: As previously reported, Advantage IQ acquired Cadence Network, Inc. (Cadence Network), a Cincinnati-based energy and expense management company, effective July 2, 2008. As consideration, the previous owners of Cadence Network received a 25 percent ownership interest in Advantage IQ. Net income from Advantage IQ for the fourth quarter and fiscal year 2008 decreased as compared to the fourth quarter and fiscal year 2007 primarily due to our reduced ownership percentage in the business and amortization of intangible assets resulting from the transaction.

Advantage IQ's revenues for 2008 increased 25 percent as compared to the prior year and totaled $59.1 million. The increase in revenues was due to an increase in service revenues of 40 percent, partially offset by a 37 percent decrease in interest revenue. In 2008, Advantage IQ processed bills totaling $16.7 billion, an increase of $4.2 billion, or 34 percent, as compared to 2007. The acquisition of Cadence Network added $2.1 billion in processed bills for 2008.

Other Businesses: For the fourth quarter of 2008, the net loss from our other businesses was primarily due to losses on venture fund investments and litigation costs. For the full year 2008, results from our other businesses improved as compared to 2007 which were lower primarily due to the net loss at Avista Energy in 2007. The remaining activities of Avista Energy are no longer a reportable business segment and are included in "Other" for segment reporting purposes.

Summary Results: Results for the fourth quarter of 2008 and the year ended Dec. 31, 2008, as compared to the respective periods of 2007:



    ($ in thousands,
     except per-share
     data)                 Q4 2008      Q4 2007    Year 2008    Year 2007
    Operating Revenues    $447,461     $386,903   $1,676,763   $1,417,757
    Income from
     Operations            $44,028      $43,538     $184,911     $138,429
    Net Income             $17,485      $14,073      $73,620      $38,475

    Net Income (Loss) by Business Segment:

    Avista Utilities       $18,239      $12,212      $70,032      $43,822
    Advantage IQ            $1,406       $1,680       $6,090       $6,651
    Other                  $(2,160)        $181      $(2,502)    $(11,998)*

    Contribution to earnings per diluted share by Business Segment:

    Avista Utilities         $0.33        $0.23        $1.30        $0.82
    Advantage IQ             $0.03        $0.03        $0.11        $0.12
    Other                   $(0.04)       $0.00       $(0.05)      $(0.22)*
    Total earnings per
     diluted share           $0.32        $0.26        $1.36        $0.72

    * Results for Year 2007 include a net loss from Avista Energy of $11.9
      million, or $0.22 per diluted share.

Liquidity and Capital Resources: We are committed to maintaining adequate liquidity and plan to continue utilizing cash flows from operations, long-term debt and common stock issuances to fund our capital expenditures and maturing debt, and use short-term debt for these purposes on an interim basis.

In 2008 debt maturities were $404 million, the majority being the $273 million of 9.75 percent Unsecured Senior Notes that matured on June 1, 2008. In April 2008, we issued $250 million of 5.95 percent First Mortgage Bonds to fund a significant portion of this debt that matured. In December 2008, we issued $30 million of 7.25 percent First Mortgage Bonds due in 2013 and refinanced $17 million of Pollution Control Bonds. The proceeds from the $30 million issuance, together with funds borrowed under the $320 million committed line of credit, were used to fund $25 million of medium term notes that matured in December 2008 and to purchase $66.7 million of Pollution Control Bonds in December 2008 that we will hold until they are refunded at a later date.

We had $250 million of cash borrowings and $24.3 million in letters of credit outstanding as of Dec. 31, 2008, under our $320 million committed line of credit.

In November 2008, we entered into a new committed line of credit in the total amount of $200 million with an expiration date of Nov. 24, 2009. We had no borrowings outstanding as of Dec. 31, 2008, under this committed line of credit.

We had sold $17 million of accounts receivable under our $85 million revolving accounts receivable sales facility as of December 31, 2008.

As of Dec. 31, 2008, we had a combined $313.7 million of available liquidity under our $320 million committed line of credit, $200 million committed line of credit, and $85 million revolving accounts receivable sales facility. We anticipate issuing long-term debt during the second half of 2009 to reduce the balances outstanding under our committed line of credit agreements. Additionally, we are planning to remarket or refund the $66.7 million of Pollution Control Bonds during 2009.

Avista has a sales agency agreement to issue up to 2 million shares of common stock from time to time. We issued 750,000 shares and received net proceeds of $16.6 million in the third quarter. We plan to continue to evaluate issuing common stock in future periods.

Utility capital expenditures were $220 million for 2008. We expect utility capital expenditures to be approximately $210 million in each of 2009 and 2010.

Regulatory Matters

As approved by the WUTC, effective Jan. 1, 2009, base electric rates for Washington customers increased by an average of 9.1 percent (designed to increase annual revenues by $32.5 million) and base natural gas rates increased by an average of 2.4 percent (designed to increase annual revenues by $4.8 million). In January 2009, the Office of Public Counsel filed a Petition for Judicial Review of the Washington Commission's recent order approving Avista's multiparty settlement. Effective Jan. 16, 2009, natural gas rates decreased 3.0 percent (a decrease in 2009 revenues of $4.2 million) in Washington to reflect a change to the Purchased Gas Adjustment (PGA). PGAs are designed to pass through changes in natural gas costs to our customers with no change in gross margin or net income.

Effective Jan. 6, 2009, natural gas rates decreased 4.7 percent (a decrease in 2009 revenues of $3.1 million) in Idaho to reflect an adjustment to the PGA.

In January 2009, Avista filed requests for additional general rate increases in both Washington and Idaho. In Washington, Avista has requested a net electric rate increase of 8.6 percent and a natural gas rate increase of 2.4 percent. In Idaho, Avista has requested a net electric rate increase of 7.8 percent and a natural gas rate increase of 3.0 percent.

The requested electric rate increases in both states are primarily driven by increased purchased power costs due to the expiration of a low-cost contract, an increase in retail loads, investments made to expand and upgrade the company's generating resources and other facilities, and the costs to comply with environmental and legal requirements associated with relicensing the Spokane River hydroelectric facilities and compensation to the Coeur d'Alene Tribe.

Earnings Guidance and Outlook

We are confirming our 2009 guidance for consolidated earnings to be in the range of $1.40 to $1.60 per diluted share. We expect Avista Utilities to contribute in the range of $1.30 to $1.45 per diluted share for 2009. Our outlook for Avista Utilities assumes, among other variables, normal precipitation, temperatures and hydroelectric generation. We expect Advantage IQ to contribute in the range of $0.12 to $0.14 per diluted share and the other businesses to be between a loss of $0.02 and a contribution of $0.01 per diluted share.

The recent general rate increases implemented in Idaho and Washington are expected to provide incremental progress in recovery of utility costs, however, we believe we will still experience regulatory lag in 2009.

Even though we filed new general rate cases in both Washington and Idaho in January 2009, we expect this regulatory lag to continue. This lag is driven in part by a delay in recovery of incremental capital investment, and increased operation and maintenance, and administrative and general expenses caused by an increasing cost environment. The current regulatory process does not provide timely recovery of these costs, which is currently estimated to impact return on equity in the range of 60 to 80 basis points. However, we plan to continue working with regulators to reduce regulatory lag. In addition, there are certain other costs that are not recovered in retail rates that impact return on equity by approximately 70 to 90 basis points. These costs include expenses such as executive incentives and supplemental retirement compensation, dues and charitable donations, amortization of the premium related to the acquisition of the Oregon natural gas properties, and a portion of advertising.

During 2009, we are anticipating slower internal growth at Advantage IQ than had been expected as some of their clients are experiencing bankruptcies and store closures in these difficult economic times. Additionally, interest revenue is expected to be lower in 2009 due to the historic low short-term interest rate environment that we are currently experiencing and that is expected to continue throughout 2009. However, the overall services provided by Advantage IQ are considered valuable to current and potential customers, as Advantage IQ is able to assist them in reducing costs in these difficult economic times.

NOTE: We will host a conference call with financial analysts and investors on Feb. 18, 2009, at 10:30 a.m. ET to discuss this news release. The call is available at (866) 543-6403, passcode: 65375362. A simultaneous webcast of the call is available on our website, http://www.avistacorp.com. A replay of the conference call will be available through Wednesday, Feb. 25, 2009. Call (888) 286-8010, passcode 53230885 to listen to the replay.

Avista Corp. is an energy company involved in the production, transmission and distribution of energy as well as other energy-related businesses. Avista Utilities is our operating division that provides service to 355,000 electric and 314,000 natural gas customers in three Western states. Avista's primary, non-regulated subsidiary is Advantage IQ. Our stock is traded under the ticker symbol "AVA." For more information about Avista, please visit http://www.avistacorp.com.

Avista Corp. and the Avista Corp. logo are trademarks of Avista Corporation.

The attached condensed consolidated statements of income, condensed consolidated balance sheets, and financial and operating highlights are integral parts of this earnings release.

This news release contains forward-looking statements, including statements regarding our current expectations for future financial performance and cash flows, capital expenditures, financing plans, our current plans or objectives for future operations and other factors, which may affect the company in the future. Such statements are subject to a variety of risks, uncertainties and other factors, most of which are beyond our control and many of which could have significant impact on our operations, results of operations, financial condition or cash flows and could cause actual results to differ materially from those anticipated in such statements.

The following are among the important factors that could cause actual results to differ materially from the forward-looking statements: weather conditions and their effect on energy demand and generation, including the effect of precipitation and temperatures on the availability of hydroelectric resources and the effect of temperatures on customer demand; global financial and economic conditions (including the availability of credit) and their effect on the Company's ability to obtain funding for working capital and long-term capital requirements on acceptable terms and on economic conditions in the Company's service areas, including the effect on the demand for, and customers' ability to pay for, the Company's utility services; our ability to obtain financing through the issuance of debt and/or equity securities, which can be affected by various factors including our credit ratings, interest rates and other capital market conditions; the effect of any change in our credit ratings; changes in actuarial assumptions, the interest rate environment and the actual return on plan assets for our pension plan, which can affect future funding obligations, costs and pension plan liabilities; changes in wholesale energy prices that can affect, among other things, the cash requirements to purchase electricity and natural gas for retail customers or wholesale obligations and the market value of derivative assets and liabilities; volatility and illiquidity in wholesale energy markets, including the availability of willing buyers and sellers and prices of purchased energy and demand for energy sales; the effect of state and federal regulatory decisions affecting our ability to recover costs and/or earn a reasonable return including, but not limited to, the disallowance of costs that we have deferred; and the possible reluctance of regulators to grant timely and adequate rate increases in an economic slowdown; the potential effects of legislation or administrative rulemaking, including the possible adoption of national or state laws requiring resources to meet certain standards and placing restrictions on greenhouse gas emissions to mitigate concerns over global climate changes; the outcome of pending regulatory and legal proceedings arising out of the "western energy crisis" of 2000 and 2001, and including possible retroactive price caps and resulting refunds; the outcome of legal proceedings and other contingencies; changes in, and compliance with, environmental and endangered species laws, regulations, decisions and policies, including present and potential environmental remediation costs; wholesale and retail competition including, but not limited to, electric retail wheeling and transmission costs; the ability to relicense and maintain licenses for our hydroelectric generating facilities at cost-effective levels with reasonable terms and conditions; unplanned outages at any of our generating facilities or the inability of facilities to operate as intended; unanticipated delays or changes in construction costs, as well as our ability to obtain required operating permits for present or prospective facilities; natural disasters that can disrupt energy production or delivery, as well as the availability and costs of materials and supplies and support services; blackouts or disruptions of interconnected transmission systems; the potential for future terrorist attacks or other malicious acts, particularly with respect to our utility assets; changes in the long-term climate of the Pacific Northwest, which can affect, among other things, customer demand patterns and the volume and timing of streamflows to our hydroelectric resources; changes in industrial, commercial and residential growth and demographic patterns in our service territory; the loss of significant customers and/or suppliers; default or nonperformance on the part of any parties from which we purchase and/or sell capacity or energy; deterioration in the creditworthiness of our customers and counterparties; the effect of any potential decline in our credit ratings; increasing health care costs and the resulting effect on health insurance provided to our employees and retirees; increasing costs of insurance, changes in coverage terms and our ability to obtain insurance; employee issues, including changes in collective bargaining unit agreements, strikes, work stoppages or the loss of key executives, as well as our ability to recruit and retain employees; the potential effects of negative publicity regarding business practices, whether true or not, which could result in, among other things, costly litigation and a decline in our common stock price; changes in technologies, possibly making some of the current technology obsolete; changes in tax rates and/or policies; and changes in our strategic business plans, which may be affected by any or all of the foregoing, including the entry into new businesses and/or the exit from existing businesses.

For a further discussion of these factors and other important factors, please refer to our Annual Report on Form 10-K for the year ended Dec. 31, 2007 and Quarterly Report on Form 10-Q for the quarter ended Sept. 30, 2008. The forward-looking statements contained in this news release speak only as of the date hereof. We undertake no obligation to update any forward-looking statement or statements to reflect events or circumstances that occur after the date on which such statement is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible for management to predict all of such factors, nor can it assess the impact of each such factor on our business or the extent to which any such factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statement.



                              AVISTA CORPORATION
           CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
               (Dollars in Thousands except Per Share Amounts)

                                                            Year Ended
                                   Fourth Quarter          December 31,
                                   2008       2007       2008         2007

    Operating revenues           $447,461   $386,903  $1,676,763   $1,417,757

    Operating expenses:
      Resource costs              291,453    237,737   1,055,542      849,674
      Other operating expenses     71,842     64,030     271,621      266,561
      Depreciation and
       amortization                23,712     23,212      92,632       90,650
      Utility taxes other than
       income taxes                16,426     18,386      72,057       72,443
        Total operating expenses  403,433    343,365   1,491,852    1,279,328

    Income from operations         44,028     43,538     184,911      138,429

    Other income (expense):
      Interest expense, net of
       capitalized interest       (15,903)   (20,659)    (74,975)     (82,576)
      Regulatory disallowance of
       unamortized debt
       repurchase costs                 -          -           -       (3,850)
      Other income (expense)
       - net                         (559)     1,392       9,309       10,806
        Total other income
         (expense) - net          (16,462)   (19,267)    (65,666)     (75,620)

    Income before income taxes     27,566     24,271     119,245       62,809

    Income taxes                   10,081     10,198      45,625       24,334


    Net income                    $17,485    $14,073     $73,620      $38,475


    Weighted-average common
     shares outstanding
     (thousands), basic            54,445     52,877      53,637       52,796

    Weighted-average common
     shares outstanding
     (thousands), diluted          54,822     53,251      54,028       53,263

    Total earnings per common
     share, basic                   $0.32      $0.27       $1.37        $0.73

    Total earnings per common
     share, diluted                 $0.32      $0.26       $1.36        $0.72


    Dividends paid per common
     share                         $0.180     $0.150      $0.690       $0.595

      Issued February 18, 2009



                              AVISTA CORPORATION
              CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
                            (Dollars in Thousands)


                                                  December 31,    December 31,
                                                      2008            2007
    Assets

      Cash and cash equivalents                     $24,313           $11,839
      Restricted cash                                     -             4,068
      Accounts and notes receivable                 218,846           105,440
      Other current assets                          239,068           210,838
      Total net utility property                  2,492,191         2,351,342
      Non-utility properties and investments-net     86,898            56,084
      Other property and investments-net             51,978            60,073
      Regulatory assets for deferred income taxes   115,005           117,461
      Regulatory assets for pensions and other
       postretirement benefits                      172,278            51,006
      Other regulatory assets                        85,112            43,004
      Non-current utility energy commodity
       derivative assets                             49,313            55,313
      Power and natural gas deferrals                57,607            85,885
      Unamortized debt expense                       33,004            32,542
      Other deferred charges                          5,134             4,902

         Total Assets                            $3,630,747        $3,189,797

    Liabilities and Stockholders' Equity

      Accounts payable                             $176,116          $117,546
      Current portion of long-term debt              17,207           427,344
      Short-term borrowings                         252,200                 -
      Other current liabilities                     243,021           218,759
      Long-term debt                                809,258           521,489
      Long-term debt to affiliated trusts           113,403           113,403
      Regulatory liability for utility plant
       retirement costs                             213,747           209,357
      Pensions and other postretirement benefits    184,588            90,555
      Deferred income taxes                         488,940           440,918
      Other non-current liabilities and deferred
       credits                                      135,384           136,460

         Total Liabilities                        2,633,864         2,275,831

      Common stock - net (54,487,574 and
       52,909,313 outstanding shares)               774,986           726,933
      Retained earnings and accumulated other
       comprehensive loss                           221,897           187,033

         Total Stockholders' Equity                 996,883           913,966

         Total Liabilities and Stockholders'
          Equity                                 $3,630,747        $3,189,797

      Issued February 18, 2009



                              AVISTA CORPORATION
                      FINANCIAL AND OPERATING HIGHLIGHTS
                            (Dollars in Thousands)

                                                            Year Ended
                                    Fourth Quarter          December 31,
                                   2008         2007      2008         2007
    Avista Utilities
        Retail electric revenues $173,581     $157,297  $635,102     $576,260
        Retail kWh sales (in
         millions)                  2,357        2,374     9,017        8,912
        Retail electric
         customers at end of
         period                   354,657      351,512   354,657      351,512

        Wholesale electric
         revenues                 $30,786      $22,967  $141,744     $105,729
        Wholesale kWh sales (in
         millions)                    458          272     1,964        1,594

        Sales of fuel              $4,197       $1,302   $44,695      $12,910
        Other electric revenues    $4,989       $3,544   $16,916      $16,231

        Retail natural gas
         revenues                $143,980     $143,622  $440,692     $424,246
        Wholesale natural gas
         revenues                 $59,409      $30,935  $281,668     $142,167
        Transportation and other
         natural gas revenues      $2,981       $2,635   $11,847      $10,820
        Total therms delivered
         (in thousands)           246,944      202,186   845,710      700,433
        Retail natural gas
         customers at end of
         period                   314,102      310,535   314,102      310,535

        Income from operations
         (pre-tax)                $42,295      $40,911  $174,245     $150,053
        Net income                $18,239      $12,212   $70,032      $43,822

    Advantage IQ
        Revenues                  $17,342      $12,648   $59,085      $47,255
        Income from operations
         (pre-tax)                 $2,857       $2,812   $11,297      $11,012
        Net income                 $1,406       $1,680    $6,090       $6,651

    Other
        Revenues                  $10,196      $11,953   $45,014      $82,139
        Loss from operations
         (pre-tax)                $(1,124)       $(185)    $(631)    $(22,636)
        Net income (loss)         $(2,160)        $181   $(2,502)    $(11,998)

      Issued February 18, 2009

Frost & Sullivan: Carbon Nanotubes - Endless Opportunities

2009-02-18T10:18:00.000+02:00

LONDON, Feb. 18 /PRNewswire/ -- Carbon nanotubes (CNTs) are the most popular and recognizable elements of present nanotechnology. Scientists and researchers now are discovering that carbon nanotubes could be more affordable and useful to many industrial areas, including flame retardant materials market.

(Logo: http://www.newscom.com/cgi-bin/prnh/20081117/FSLOGO)

The global flame retardant chemicals market is valued at just under $3 billion, with demand for non-flammable products ever growing. The compound annual growth rate of this market is estimated at 4% to 5% for the total market up to 2015. There will be stable demand in established markets such as North America and Europe. As of 2006, the North American market was valued at $780 million, and the European market was valued at $762 million. Based on their analysis, Frost & Sullivan believe there are growing market opportunities for carbon nanotubes application as a flame retardant material.

"Now, CNTs are perceived as promising additives even in the flame retardant solutions. Based on our market recognition we are assuming that phosphorous-based flame retardants will be the best market for carbon nanotubes as a flame suppressing agent to pursue in the future. Decreasing price of this additive will be accompanied by improvement in carbon nanotubes "know how" with developers and end users awareness about their beneficial features," states Krzysztof Grzybowski, Frost & Sullivan analyst for Technical Insights group.

Of the three types of nanotubes (single, double and multi-walled particles), single walled particles are judged by scientists to offer the greatest potential. However, Multi-Walled Carbon Nanotubes (MWCNTs) are the most reasonable ones for commercialization as a composite additive or coating element. They can be produced on a high scale at a relatively low price.

Originally costing about $1000 per gram (for single walled nanotubes), MWCNTs can now be mass produced for only $100/kg depending on the shipping. This price is expected to decrease to about $10-20/kg in a few years. New technological developments in nanotubes fabrication will increase its production capabilities. Bayer Materials has announced plans of increasing production capacity of MWCNTs from 60 tones per year in 2007 to 3000 tones per year by the end of 2012. With plans like this in place, commercial industries will no longer find cost a deterrent.

The carbon nanotubes are now being incorporated in various solutions as an agent providing non flammable feature to various products and coating layers. As a flame retardant additive, MWCNTs prove to make stronger and more fatigue resistant material. It also tests beneficial for materials' electrical properties.

The need for fire resistant material is rising. Current regulations are forcing producers from the household sector, electronics, building and construction, transportation, and many others to meet increasingly stringent standards of fire safety. Commercialized products that benefit from flame retardants include plastic enclosures for consumer electronics, printed circuit boards, wire and cable, electrical connectors, foam insulation, foam seating in furniture, automobiles, and textiles.

CNTs are more sought after than its cheaper brother, carbon nanofibers, because CNT particles provide material non-flammability with relatively small concentration compared to the other fillers. This in effect makes CNTs less visible and less noticeable by the end user in the resultant material. CNTs increase nonflammability, while enhancing material strength or providing an electrostatic discharge effect.

The only major hoop left to jump through is ensuring proper homogenous dispersion of CNTs for maximum benefit. Experiments proved that material failure as a flame retardant is attributed to poor dispersion. However, this problem can be easily avoided through current producers' technologies. To make sure of the quality of their product, current CNTs producers are often selling them in the convenient form of master batches that help end users to fully take advantage of CNTs' beneficial features.

Technical Insights is an international technology analysis business that produces a variety of technical news alerts, newsletters, and research services

For more information about Nanotechnologies and/or the Carbon Nanotubes (CNT) technology, please email Joanna Lewandowska - Corporate Communications, at Joanna.lewandowska@frost.com. Please include your company name, query and contact information.

GIL 2009: Europe

Frost & Sullivan has expanded its flagship Global Congress on Corporate Growth - GIL Global - into several major cities around the world including London. For the first time ever in Europe, Frost & Sullivan will be hosting the Growth, Innovation and Leadership Congress 'GIL 2009: Europe' on 19-20 May, at the Sofitel St James in London. GIL Global is the industry's only event designed to support senior executives in their efforts to achieve sustainable, top-line growth. To register, obtain a programme agenda, explore sponsorship opportunities, or attend as a member of the media for GIL 2009: Europe, please contact Joanna Lewandowska, Corporate Communications for Frost & Sullivan in Europe, at joanna.lewandowska@frost.com. One-on-One interviews with Frost & Sullivan senior growth consultants are also being scheduled. For more information you can also visit www.frost.com/gilglobal

    Contact:
    Joanna Lewandowska
    Corporate Communications - Europe
    P: +48 22 390 41 46
    E: joanna.lewandowska@frost.com

Ecopetrol Reports Fourth Quarter and Full Year 2008 Results

2009-02-18T05:42:00.000+02:00

BOGOTA, Colombia, Feb. 18 /PRNewswire-FirstCall/ -- Ecopetrol, S.A. (BVC: ECOPETROL; NYSE: EC), Colombia's integrated oil and gas company, reported today unconsolidated financial results for the fourth quarter and consolidated results for the year ended December 31, 2008. The financial statements were prepared and presented in accordance with the Colombian Governmental Entity GAAP and in Colombian Pesos (COP$).

    Financial Highlights

                             Unconsolidated            Unconsolidated
    (COP$ Trillion)     Q4 2008  Q4 2007    %     12 M 2008  12 M 2007     %

    Total Sales            6.14    6.96  (11.8%)    32.75    22.32   46.7%
    Operating Profit       0.65    2.48  (73.8%)    12.64     8.78   44.0%
    Net Income             2.05    1.39   48.2%     11.63     5.18  124.7%
    Earnings per share
     (COP$)               50.71   33.58   51.0%    287.37   168.60   70.4%

    EBITDA                 1.15    2.41  (52.3%)    14.76    10.38   42.2%
    EBITDA Margin            19%     35%               45%      47%



                                                Consolidated
    (COP$ Trillion)               12 M 2008        12 M 2007          %

    Total Sales                       33.90           22.33         51.8%
    Operating Profit                  12.42            8.79         41.3%
    Net Income                        11.63            5.18        124.5%
    Earnings per share (COP$)        287.35          168.71         70.3%
    EBITDA                            14.57           10.38         40.4%
    EBITDA Margin                        43%             47%

Commenting on the Company's full year results, Mr. Javier G. Gutierrez, Chief Executive Officer, said, "2008 was a period of significant achievement for Ecopetrol in key strategic areas. Oil and gas production continued its upward trend; we moved ahead with important exploration projects domestically and internationally; we acquired an interest in a producing field in the US Gulf of Mexico, which represents Ecopetrol's first production abroad; we considerably advanced our organizational consolidation to meet future goals and challenges; we made substantial efforts to improve the quality of our fuels; the acquisition and integration of Propilco was successfully completed; and we generated strong financial results that support our long term growth plans."

"Ecopetrol reported solid profitability for the fourth quarter of 2008 despite a sharp decline in international oil and natural gas prices resulting from market conditions," said Mr. Gutierrez. "Our 48.2% year-over-year growth in net income for the period was supported by higher production and the benefits of our favorable cost structure, which include: a high percentage of variable costs and competitive lifting and transportation costs compared to our peers."


    2008 Fourth Quarter Results
     Sales Volume

    Local Sales Volume (mboed)   Q4 2008    Q4 2007          %
    Crude Oil                      80          71         13.2%
    Natural Gas                    66          80        (17.2%)
    Gasoline                       62          65         (3.2%)
    Medium Distillates             90          91         (1.6%)
    Propane                        17          19        (13.0%)
    Industrial and Petrochemical   13          15        (12.5%)
    Other                           2           1        125.8%
    Total Local Sales             330         341         (3.3%)

    Export Sales Volume (mboed)  Q4 2008    Q4 2007          %
    Crude Oil                     168         117         43.7%
    Products                       54          43         26.9%
    Natural Gas                    21       0.002         >100%
    Total Export Sales            243         159         52.6%

    Total Sales Volume            573         501         14.5%

Total sales volume increased by 14.5% in Q4 2008 compared to Q4 2007 as exports increased by 52.6%, partially offset by a net 3.3% reduction in domestic sales volumes.

The reduction in domestic sales volume was mainly due to a reduction in natural gas sales as a result of lower consumption in the thermo power generation sector and scheduled maintenance programs. Sales of propane and fuels decreased as a result of lower sales to wholesale clients, due to their expectations of lower prices they reduced purchases from Ecopetrol and utilized inventories. Lower sales of petrochemical and industrial products were principally due to a programmed plant stoppage and also expectation of lower prices. However, the sales of crude to the Cartagena refinery increased, based on lower prices for domestic crudes compared to imported crudes for the Refinery.

Export volume increased due to higher production levels and the Company's objective to identify additional commercial opportunities for domestically produced hydrocarbons, as well as the initiation of natural gas exports to Venezuela in 2008.

During the fourth quarter of 2008, the Company expanded its international presence through the sale of 4.0 MMBLS of Castilla crude oil to one of the most important companies in the Chinese petroleum sector. The entrance into this market was an important step in Ecopetrol's costumer diversification strategy.

Financial Results

For the fourth quarter of 2008, net income increased by 48.2% to COP$2.05 trillion compared to COP$1.39 trillion in the fourth quarter of 2007. Net income for the fourth quarter of 2008 included COP$1.61 trillion in net financial income resulting primarily from foreign exchange gains and the reversal of certain provisions. In the fourth quarter of 2007, net financial income was COP$0.21 trillion. Earnings per share for the fourth quarter of 2008 amounted to COP$50.71, a 51.0% increase from the COP$33.58 reported for the fourth quarter of 2007.

    Unconsolidated
    Income Statement (COP$ Trillion)        Q4 2008     Q4 2007    %
     Local Sales                              3.78       4.53   (16.7%)
     Export Sales                             2.10       2.21    (5.2%)
     Sales of services                        0.26       0.21    24.1%
    Total Sales                               6.14       6.96   (11.8%)
     Variable Costs                           2.60       2.18    19.1%
     Fixed Costs                              2.07       1.78    16.0%
     Cost of Sales                            4.67       3.97    17.7%
    Gross profit                              1.47       2.99   (50.8%)
     Operating Expenses                       0.82       0.51    61.4%
    Operating Profit                          0.65       2.48   (73.8%)

     Non Operating Profit/(Loss)              2.05      (0.62)  430.8%
     Income tax                               0.65       0.48    37.1%
    Net Income                                2.05       1.39    48.2%

    Earnings per share (COP$)                50.71      33.58    51.0%
    EBITDA                                    1.15       2.41   (52.3%)
    EBITDA Margin                               19%        35%

2008 fourth quarter results were affected principally by the decrease of Ecopetrol's average export prices, a reduction in domestic sales volume and higher costs of service, maintenance and labor.

Total sales in the fourth quarter of 2008 declined by 11.8% versus fourth quarter 2007 as a result of a decrease in international crude oil prices, which reduced Ecopetrol's average export prices for its crude and products, and a reduction in domestic sales volume.

The basket of exported crude prices decreased 46.6%, from US$77.6 to US$41.4 per barrel, and the products 35.2%, from US$65.3 to US$42.3 per barrel. Nevertheless, local gasoline prices increased by 20.7% and diesel prices increased by 17.0%.

Cost of sales increased 17.7% from 2007 levels, as a result of higher costs of service and maintenance contracts related to increased production, and increased labor costs as the Company implemented new employee retention plans and increased personnel in line with the expansion of its operations. Variable costs represented 55.7% of cost of sales in the fourth quarter of 2008, as compared to 55.0% in the same quarter in 2007.

Gross profit for the fourth quarter of 2008 amounted to COP$1.47 trillion, a 50.8% decline from COP$2.99 trillion reported in the fourth quarter of 2007. Gross margin was 23.9% in the fourth quarter of 2008 compared to 42.9% in the fourth quarter of 2007.

Operating expenses increased by 61.4% versus fourth quarter 2007 primarily as a result of seismic activity which almost doubled and the consulting costs related to evaluating exploration and production opportunities abroad.

Non Operating Profit increased by 430.8% compared to the fourth quarter of 2007 as a result of exchange rate gains and returns on portfolio investments, primarily denominated in U.S. dollars. In the fourth quarter of 2008, with an average exchange rate of 2,154 COP$/US$, the variation in the foreign exchange rate had a net gain of COP$0.945 trillion, compared to a net loss of COP$0.044 trillion in the fourth quarter of 2007, with an exchange rate of 2,020 COP$/US$.

EBITDA for the fourth quarter of 2008 amounted to COP$1.15 trillion compared to the COP$2.41 trillion reported for the same period in 2007. EBITDA margin was 19% as compared to 35% in the fourth quarter of 2007.

Capital expenditures were COP$3.74 trillion for the fourth quarter of 2008 as compared to COP$2.50 trillion for the fourth quarter of 2007.

2008 Full Year Results

"Ecopetrol made important progress in 2008 in its evolution as a global integrated oil and gas company. As part of our strategic growth plan, we developed proven reserves, and we increased production.''

"We also focused our exploration activities on sizeable exploration drilling and on existing mature and frontier fields, strengthened our portfolio and acreage position via joint ventures with several major oil companies and successful participation in bidding rounds, and bought an interest in K2 field in the US Gulf of Mexico.''

"We also moved ahead with projects to modernize our refinery operations, improve fuel quality and develop alternative energy sources, as well as the construction of pipelines to transport heavy crudes from the Llanos Orientales.''

"Thanks to significant achievement as well as the successful implementation of our investment plan for 2008, we were able to reduce the gap between current production and our goal of producing an average of one million barrels of oil equivalents per day for 2015," Mr. Gutierrez noted.


    Sales Volume

    Local Sales Volume (mboed)    12 M 2008    12 M 2007 *    %
    Crude Oil                         74           57       29.0%
    Natural Gas                       68           74       (8.4%)
    Gasoline                          62           67       (7.5%)
    Medium Distillates                93           94       (1.4%)
    Propane                           18           19       (4.5%)
    Industrial and Petrochemical      15           14        7.0%
    Other                              2            1       37.8%
    Total Local Sales                331          327        1.4%

    Export Sales Volume (mboed)   12 M 2008    12 M 2007      %
    Crude Oil                        149          95        56.6%
    Products                          51          53        (3.7%)
    Natural Gas                       16       0.001        >100%
    Total Export Sales               216         148        45.8%

    Total Sales Volume               547         475        15.3%

*First quarter 2007 includes volume sold by the Cartagena refinery and does not include sales of crude to the refinery while it was fully owned by Ecopetrol.

Total sales volume increased by 15.3% principally due to greater exports of crude oil and the initiation of sales of natural gas to Venezuela. An increase in the sale of crude drove domestic sales volume growth and compensated for lower natural gas sales volume.

The year-over-year decline in sales volume of gasoline, distillates and propane is due to recording of refined product volumes sold by the Cartagena refinery in the first quarter of 2007 which was, at the time, fully owned by Ecopetrol. From April of 2007, Ecopetrol owned 49% of the Cartagena refinery, and its sales are no longer included in Ecopetrol sales volume.


    Financial Results

    Consolidated
    Income Statement (COP$ Trillion)   12 M 2008     12 M 2007   %
     Local Sales                         20.68        15.18     36.2%
     Export Sales                        12.30         6.33     94.3%
     Sales of services                    0.92         0.82     12.3%
    Total Sales                          33.90        22.33     51.8%
     Variable Costs                      13.56         7.12     90.4%
     Fixed Costs                          5.47         4.94     10.7%
     Cost of Sales                       19.02        12.06     57.8%
    Gross profit                         14.87        10.27     44.8%
     Operating Expenses                   2.46         1.49     65.0%
    Operating Profit                     12.42         8.79     41.3%

     Non Operating Profit/(Loss)          3.59        (1.72)   308.8%
     Income tax                           4.38         1.89    132.4%
    Net Income                           11.63         5.18    124.5%

    Earnings per share (COP$)           287.35       168.71     70.3%
    EBITDA                               14.57        10.38     40.4%
    EBITDA Margin                           43%          47%

Note: The performance of subsidiaries is included in Ecopetrol's full year results.

Net income for 2008 increased by 124.5% to COP$11.63 trillion from COP$5.18 trillion reported for 2007. Full year results benefited from higher production levels and higher international crude oil and natural gas prices, as well as significant net financial income of COP$4.10 trillion, primarily attributable to foreign currency exchange and investment portfolio valuation gains. For 2007, net financial income amounted to COP$0.01 trillion. Earnings per share for 2008 amounted to COP$287.35, compared to COP$168.71 in 2007.

Total Sales increased by 51.8% compared to 2007 as a result of an increase in volumes sold and international prices throughout the year. Gasoline and diesel prices increased by an average of 18.3%, while the basket of exported crude prices increased by 33.8%, from US$62.02 per barrel to US$83.0 per barrel, and the basket price for refined products increased by 35.2%, from US$53.7 to US$72.6 per barrel.

Domestic sales, which represented 61% of total sales, increased by 36.2%, reaching COP$20.67 trillion. In 2008, the Company reported income of COP$3.07 trillion, as compared to COP$1.78 trillion in 2007 related to the motor fuel subsidy accrued by the Government to Ecopetrol. The subsidy payment is calculated based on the difference between the local price of gasoline and diesel and the export parity prices.

International sales and services amounted to COP$13.22 trillion, an 84.9% increase when compared to 2007, due to higher international prices and larger volumes sold. Of this amount, 70.8% corresponded to exported crude oil, 23.5% to exports of refined products and natural gas, and 5.7% to plastic and rubber from Propilco.

Cost of sales increased by 57.8% year-over-year to COP$19.02 billion. Variable costs accounted for 71.3% of cost of sales and fixed costs represented 28.7% of the total.

Variable costs increased by 90.4%, as a result of higher purchases of hydrocarbons, the price of which increased by 37.9% from US$56.48 per barrel in 2007 to US$77.94 per barrel in 2008; Propilco's raw material costs; and product imports, principally low sulfur diesel to comply with regulations and agreements to improve the fuel quality.

Final inventories of crude oil and refined products increased by COP$0.36 trillion from COP$1.38 trillion and amounted to COP$1.74 trillion at December 31, 2008. The products that generated this variation were mainly crudes, with an increase of 854 MBO, fuel oil with 529 MBO, and diesel with 524 MBO.

Total fixed costs increased by 10.7%, principally due to higher contracted services, maintenance, and labor costs. Despite the increase in total fixed costs, the Company had a 44.8% increase in gross profit year-over-year (COP$14.87 trillion in 2008 as compared to COP $10.27 trillion in 2007). Gross margin was 43.9% compared to 46.0%.

Operating expenses increased by COP$0.97 trillion, principally due to higher tax costs (VAT for sales of crude to the Cartagena refinery), labor costs and studies and projects associated with Ecopetrol's expanded exploration and development activities.

Operating margin for 2008 was 36.6%, and operating profit increased by 41.3% to COP$12.42 trillion from COP$8.79 trillion in 2007.

Non Operating income increased by COP$5.31 trillion to COP$3.59 trillion in 2008 compared to a loss of COP$1.72 trillion in 2007. This increase was due mainly to the following factors: foreign exchange rate fluctuations, profits from time deposits, the valuation of investment of portfolios, and the net loss from participation in companies in which Ecopetrol has a minority or equal equity interest.

The variation in the foreign exchange rate had a net impact of COP$1.96 trillion due to a revaluation of the Peso against the US dollar during the first eight months of the year, and devaluation from September through year-end. Interest from time deposits increased to COP$0.68 trillion. The investment portfolio's valuation resulted in an increase of COP$1.64 trillion. The net loss from participation in companies after consolidation amounted to COP$0.75 trillion.

EBITDA margin for the year was 43%, 4% lower than year 2007, principally due to the increase in costs of purchasing hydrocarbons and imports of diesel and polyethylene.

Segment Results

2007 segment results have been adjusted from the numbers reported on the previous 20F which were provided utilizing a method of cost allocation. In October 2008, the Company's audit committee elected to treat the main business areas as five operating units with separate profit and loss statements [for release using the "Netback" price methodology]. In line with best industry practices, we will continue to provide segment reporting on a quarterly basis going forward.

   Segment Financial Highlights


    COP$ Trillion                   Year ended December 31, 2008 vs. 2007
                                      E&P         Refining     Transportation
                                 2008   2007     2008    2007   2008   2007

    Domestic Sales               9.26   7.57    15.35    12.03    1.69   1.27
    International Sales          7.37   3.24     2.57     2.16      -      -
    Total sales                 16.62  10.81    17.92    14.18    1.69   1.27
    Net operating revenues      11.86   6.53     0.45     1.79    0.29   0.17
    Net income                   9.20   4.55     0.53     0.90    0.34   0.03



    COP$ Trillion                 Year ended December 31, 2008 vs. 2007
                       Sales & Marketing     Corporate       TOTAL ECP
                      2008   2007          2008   2007         2008   2007

    Domestic Sales    1.19   1.01         (6.30)   (5.87)    21.18   16.00
    International
     Sales            1.64   1.23             0    (0.32)    11.57    6.32
    Total sales       2.82   2.24         (6.30)   (6.19)    32.75   22.32
    Net operating
     revenues         0.37   0.90         (0.32)   (0.61)   (12.64)   8.78
    Net income        0.20   0.63          1.37    (0.93)    11.63    5.18


    % 2008 vs. 2007
               Year ended December 31, 2008 vs. 2007
                            E&P      Refining    Transportation
                             %          %                %
    Domestic Sales           22%       28%              33%
    International Sales     127%       19%               0%
    Total sales              54%       26%              33%
    Net operating revenues   82%      (75%)             70%
    Net income              102%      (42%)           >100%



        Year ended December 31, 2008 vs. 2007
                    Sales and Marketing        Corporate
                           %                       %
     Domestic Sales        17%                     7%
    International Sales    33%                  (100%)

    Total sales            26%                     2%
    Net operating
     revenues             (59%)                  (47%)
    Net income            (69%)                (2.48%)



    Consolidated
    Balance Sheet (COP$ Trillion)     12 M 2008    12 M 2007        %
    Current Assets                        15.70       15.77     (0.4%)
    Long Term Assets                      33.00       32.34      2.0%
    Total Assets                          48.70       48.11      1.2%
    Current Liabilities                    6.70        6.07     10.5%
    Long Term Liabilities                  7.38       15.24    (51.5%)
    Total Liabilities                     14.08       21.30    (33.9%)
    Equity                                34.62       26.81     29.1%
    Total Liabilities and
     Shareholder's Equity                 48.70       48.11      1.2%

    Memorandum accounts *                118.87       64.18     85.2%

*Under Colombian accounting rules, Ecopetrol is required to maintain in memorandum account record of transactions and financial information not required to be recognized on the financial statements.

At December 31, 2008, Ecopetrol had total assets of COP$48.70 trillion compared to COP$48.11 trillion in 2007, while liabilities amounted to COP$14.08 trillion in 2008 compared to COP$21.30 trillion in 2007.

Ecopetrol strengthened its strategic positioning through the acquisition of Propilco for US$690 million; the incorporation of ODL Finance S.A. in association with Petrorubiales S.A., with an investment of US$195.9 million by Ecopetrol; a capital contribution of US$661.7 million to America Inc., and the increase in ownership to 79.14% in Bioenergy Ltda.

The acquisition of Propilco provided Ecopetrol a substantial foothold in the synergistic petrochemicals business. The investment in Bioenergy will allow Ecopetrol to execute its strategy in the biofuels market. Through ODL Finance, Ecopetrol is advancing with the construction of a crude oil pipeline that will allow the two companies to transport crude oil from the Rubiales and other neighboring fields to the Monterrey station, from which it will then be transported through the Ocensa pipeline.

The total value of the investment portfolio increased to COP$11.15 trillion, of which COP$8.96 trillion corresponded to the portfolio directly managed by the Company, COP$0.33 trillion resulted in the capitalization and recognition of differentials in pricing (subsidies) administered by the Ministry of Finance, and COP$1.86 trillion administered by the Latin American Reserves Fund (FLAR), Deutsche Bank and Fischer Francis Trees & Watts (FFTW).

According to the actuarial calculation at December 31, 2008, pension liabilities amounted to COP$12.25 trillion. The funds that Ecopetrol has set aside to meet its obligations increased to COP$10.17 trillion during 2008, which represents 83.0% funding of the total pension liabilities.

On December 29, 2008, the Ministry of Proteccion Social authorized the partial transfer to six independent trusts of pension liabilities for a total amount of COP$10.09 trillion. In Ecopetrol's balance sheet remains an obligation related to health and education benefits which amounted to COP$2.16 trillion and a reserve for COP$0.08 trillion.

As a result of these adjustments, Ecopetrol's capital structure changed substantially, with liabilities representing 28.9% of total assets in 2008 as compared to 44.3% in 2007, and equity representing 71.1% of total assets in 2008 compared to 55.7% in 2007.

Despite the significant investments undertaken in 2008 and the transfer to trust funds of pension assets necessary to meet existing and future pension liabilities, Ecopetrol ended the year with no financial debt and significant opportunities to optimize its capital structure.

Investments during 2008 were COP$9.42 trillion, representing a 132.9% increase compared to investments in 2007. Of the total invested amount, 65% was allocated to upstream activities, and 32% to downstream activities, which includes the acquisition of Propilco for COP$1.26 trillion, and 3% to other investments.

Cash Flow Position

Under Colombian GAAP as of December 31, 2008, the Company had COP$11.15 trillion in cash, cash equivalents and investments not held to maturity, and no financial debt. Net cash provided by operating activities was COP$11.79 trillion compared to COP$9.89 trillion in 2007. During the fourth quarter of 2008, Ecopetrol made dividend payments amounting to COP$2.33 trillion.

Fourth Quarter and 2008 Exploration and Production Highlights

Production

In the fourth quarter of 2008 Ecopetrol participated in the drilling of 185 development wells, of which 35 were drilled by Ecopetrol alone and the other 150 jointly with joint venture partners. During the fourth quarter of 2007, 131 wells were drilled, of which 41 were drilled by Ecopetrol alone and the other 90 jointly with joint venture partners.

For the whole year 2008, Ecopetrol participated in the drilling of 618 development wells, of which 146 were drilled by Ecopetrol alone and the other 472 jointly with joint venture partners. During 2007, 403 wells were drilled, of which 120 were drilled by Ecopetrol alone and the other 283 jointly with joint venture partners.

In the fourth quarter of 2008, gross crude oil and natural gas production increased to 455.7 MBOED from 412.7 MBOED in the fourth quarter of 2007. The major production increases were in heavy crude oil produced primarily in the Castilla-San Fernando and Rubiales fields in Colombia.

In 2008, gross crude oil and natural gas production on a barrel-of-oil equivalent basis increased to 447 MBOED from 399 MBOED in 2007. 85.4 MBOED corresponded to natural gas and 361.6 MBOD to crude oil production.

Lifting costs for the full year 2008 were US$8.32 per barrel, compared to US$7.24 per barrel in 2007. The increase was principally due to higher costs for oil services and the adjustment to employee compensation undertaken by Ecopetrol during 2008.

Exploration

During the fourth quarter seismic activity reached 4,017.3 kilometers by Ecopetrol alone and 637 for joint operating agreements, for a total of 4,654.3 kilometers equivalents.

For whole year 2008 seismic activity reached 6.738,3 kilometers equivalents, 5,633.3 by Ecopetrol alone and 1,105 for operating agreements, compared to 3,081 kilometers equivalents in 2007, due to an increase in offshore seismic acquisition.

In 2008, Ecopetrol participated in the drilling of 35 exploratory wells, of which 15 were drilled by Ecopetrol alone and the other 20 jointly with joint venture partners. Exploration commercial success rate increased to 33% from 17% year-over-year.

Gross Oil and Gas Reserves as of December 31, 2008, calculated under SPE and WPC standards were 1,473 MMBOE, representing a Reserves Replacement Rate of 110.2%. Under SEC rules, reserves were 1,384.1 MMBOE, representing a Reserves Replacement Rate of 37.3%

Below is a summary of recent exploration and production highlights during the fourth quarter of 2008:

--Ecopetrol in New Joint Venture with British Petroleum in Gulf of Mexico

October 22, 2008- Ecopetrol announced a new partnership agreement with British Petroleum for hydrocarbon exploration in the Gulf of Mexico's Outer Continental Shelf.

--Ecopetrol Submits the Most Competitive Bids for 4 Blocks in the ANH Colombia Round

November 7, 2008- Ecopetrol submitted the most competitive bids for four exploration blocks included in the 2008 Colombia Round held by the Colombian National Hydrocarbon Agency (ANH). The four blocks cover 762,000 hectares in Llanos and Sinu Basin.

--Ecopetrol and ENI to Drill 5 Prospects in US Gulf of Mexico

November 20, 2008- Ecopetrol signed a participation agreement with ENI, the Italian oil company, to drill at least 5 deep sea prospects in the Gulf of Mexico between 2008 and 2010. The five prospects will be selected from a portfolio of prospects to be presented by ENI and evaluated by both companies.

--Evidence of Hydrocarbons in the Quifa-5 Well

November 28, 2008- Ecopetrol announced that it found evidence of hydrocarbons in the Quifa-5 well, which is located in the Quifa Block in the Llanos Orientales of the Meta Province in Colombia. Ecopetrol has a 30% interest in the Quifa Association Contract.

--Ecopetrol Submits the Most Competitive Bids for 4 Blocks in the ANH Mini Round

December 4, 2008- Ecopetrol submitted the most competitive bids for four exploration blocks included in the 2008 Mini Round held by the Colombian National Hydrocarbon Agency (ANH). The awarded blocks are Llanos 4, Llanos 9, Llanos 14 and VMM6, covering approximately 270,000 hectares and located in the Llanos Orientales region and Valle del Magdalena Medio of Colombia.

--Ecopetrol approves plan to increase production in Rubiales field up to 100,000 bod

December 4, 2008- Ecopetrol approves the development plan in Rubiales field to increase production up to 100,000 bod. Rubiales field is operated by Metapetroleum.

--Ecopetrol and StatoilHydro Enter Into Joint Exploration Agreement in the Gulf of Mexico

December 23, 2008- Ecopetrol entered into a farm-in agreement with Norwegian StatoilHydro to drill 3 exploratory wells in deep waters in the Gulf of Mexico during the next two years. Ecopetrol will have interests ranging from 20% to 30%, and the long-term agreement includes the option for Ecopetrol to participate in additional future drilling prospects.

Fourth Quarter and 2008 Refining & Transportation Highlights

Refining

Crude oil refined from the Barrancabermeja refinery averaged 234,000 barrels per day in the fourth quarter of 2008, compared to 243,000 bpd in the fourth quarter of 2007, due to the lower refining margins and the optimization of product inventories in Barrancabermeja. For the whole year 2008, crude oil refined was 232,000 barrels per day compared to 229,650 barrels per day during 2007.

Average product breakdowns for the 2008 fourth quarter were 8.3% of LPG and ethylene, 34.1% of gasoline, 32.7% of medium distillates and 25.0% of fuel oil, compared to 8.2% of LPG and ethylene, 32.0% of gasoline, 36.0% of medium distillates and 20.8% of fuel oil, and 3% of others in fourth quarter of 2007. The conversion factor for the Barrancabermeja refinery was 78% during the fourth quarter of 2008.

The refining margin from the Barrancabermeja refinery for the fourth quarter of 2008 was US$7.99 per barrel compared to US$9.93 per barrel in the fourth quarter of 2007 driven by the lower production of medium distillates, especially diesel, which had to be mixed with imported low sulphur diesel in order to comply with regulatory fuel quality requirements and agreements. For the whole year 2008 refining margin was US$4.92 per barrel compared to US$11.43 per barrel in 2007, due to the drop of the crack spread and the increase of inventory from intermediate products.

Refining costs from the Barrancabermeja refinery for the year averaged US$5.78 per barrel compared to US$4.87 per barrel in 2007. The variation was principally due to increased costs of materials and maintenance, and the adjustment to compensation discussed previously. Refining costs included the following items: fuels (US$1.23 per barrel), labor cost (US$1.11 per barrel), contracted services (US$0.88 per barrel), regional overhead (US$0.78 per barrel) y process material (US$0.45 per barrel).

At the Barrancabermeja refinery, Ecopetrol completed 60% of its Hydrotreatment Project, which will bring about fuel quality improvements so that by December 2009, the Company will be able to deliver diesel fuel with less than 500 ppm of sulphur nationwide and less than 50 ppm in Bogota.

At the Cartagena refinery, in which Ecopetrol holds a 49% interest, Ecopetrol and its partner have advanced a project that will modernize the facility, expand its refining capacity two-fold, and achieve the delivery of higher quality fuels. In 2008, 50% of the basic engineering work was completed and orders for equipment with long-term delivery schedules were placed.

In both refineries, Ecopetrol implemented measures to achieve operating excellence, and to ensure that the skills and performance of its personnel incorporated best industry practices. These initiatives contributed to the achievement of perfect deliveries at a rate exceeding 95%, a 50% reduction of unplanned stoppages, and superior reliability of refinery operations overall.

Transportation

Ecopetrol advanced the construction of the Rubiales -- Monterrey and Apiay -- El Porvenir pipelines to transport heavy crudes from the Llanos Orientales to the refineries and ports for export. Additionally, it has increased the volumes transported by the southern pipelines due to increased production from the Putumayo region.

Ecopetrol continued to increase the security and reliability of its transportation systems, and is advancing in its plans to centralize the control of operations. The Company's programs to enhance the reliability of plants and terminals have enabled it to achieve operational reliability levels close to 100%.

The cost of transport during 2008 was COP$9.7 /BKM (US$0.43 barrel per kilometer), as compared to COP$8.1 /BKM (US$ 0.40 barrel per kilometer) in 2007. The increase in transportation costs was principally due to the greater use of Drag Reducing Agent (DRA) to improve the flow and speed at which heavy crude oil is transported, and higher labor costs.

2009 Capital Investment Plan

On December 18, 2008 the Company announced its 2009 Capital Investment Plan which amounted to US$6.224 billion, a 29% increase compared to the US$4.824 billion invested during 2008. The plan will support the Company's previously announced strategic goals of producing one million barrels of oil equivalents per day by the year 2015, achieving higher operating efficiency and profitability, and generating greater value in its downstream operations.

    Highlights of the Capital Investment Plan include:

    - 61% of the total investment, or US$3.76 billion will be in the areas of
      exploration and production activities.
    - 14% of the total investment, or US$870 million, will be used toward new
      acquisitions
    - 13% of the total investment, or US$814 million will be invested in
      refining and petrochemicals projects
    - 12.5% of the total investment, or US$776 million will be invested in
      transportation and other investments

The investment in production capacity will be made primarily in the Llanos Orientales and Magdalena Medio regions, and will focus on the development of heavy crude and mature fields. Average gross crude oil and natural gas production goal for 2009 is 457 MBOED, with an estimated gross production for December of 2009 of 500 MBOED.

Financing for the Investment Plan is expected to be secured through internally generated funds, although Ecopetrol may also decide to access bank debt.

Conference Call

The management of Ecopetrol will host a conference call in Spanish on February 18, 2009, at 08:00 a.m. EST. A live webcast of the call can be accessed on the Investors section of the Company's website: www.ecopetrol.com.co. A replay of the conference call will be available until March 5, 2009.

The management of Ecopetrol will host a conference call in English on February 18, 2009, at 10:00 a.m. EST. A live webcast of the call can be accessed on the Investors section of the Company's website: www.ecopetrol.com.co. A replay of the conference call will be available until March 5, 2009.

About Ecopetrol S.A.

Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) is the largest company in Colombia as measured by revenue, profit, assets and shareholders' equity. The Company is Colombia's only vertically integrated crude oil and natural gas company with operations in Colombia, Brazil, Peru, and the US Gulf of Mexico. Its subsidiaries include the country's largest petrochemical producer, Propilco, as well as Black Gold Re Ltda., Ecopetrol Oleo e Gas do Brasil Ltda., Ecopetrol America Inc., Ecopetrol del Peru S.A., Andean Chemicals Limited, COMAI, Bioenergy S.A., OLD Finance S.A., OLD Panama S.A. y ODL Colombia S.A. Ecopetrol is one of the 40 largest petroleum companies in the world and one of the four principal petroleum companies in Latin America. It is majority owned by the Republic of Colombia and its shares trade on the Bolsa de Valores de Colombia S.A. (BVC) under the symbol ECOPETROL, and as an ADR on the New York Stock Exchange under the symbol EC. The Company divides its operations into five business segments that include exploration and production; transportation; refining; sales and marketing of crude oil, natural gas and refined-products and corporate centre.

For more information about Ecopetrol visit the Company's Web site www.ecopetrol.com.co

Forward-Looking Statements This release contains forward-looking statements relating to the prospects of the business, estimates for operating and financial results, and those related to growth prospects of Ecopetrol. These are merely projections and, as such, are based exclusively on the expectations of management concerning the future of the business and its continued access to capital to fund the Company's business plan. Such forward-looking statements depend, substantially, on changes in market conditions, government regulations, competitive pressures, the performance of the Colombian economy and the industry, among other factors; therefore, they are subject to change without prior notice.

    ECOPETROL:

    Investor Relations Officer:
    Alejandro Giraldo
    Phone: +571-234-5190
    Fax: +571-234-5628
    Email: investors@ecopetrol.com.co
    www.ecopetrol.com.co

    Media Relations: Jorge Mauricio Tellez
    Phone: + 571-234-4329
    Fax: +571-234-4480
    Email: mauricio.tellez@ecopetrol.com.co
    www.ecopetrol.com.co

    MBS VALUE PARTNERS:
    Lynn Morgen/Monique Skruzny
    Phone: +1 212-750-5800
    Fax: +1 212-661-2268
    lynn.morgen@mbsvalue.com / monique.skruzny@mbsvalue.com



                                  ECOPETROL S.A.
                                 Income Statement

                         Unconsolidated      Unconsolidated    Consolidated
                                               Year ended       Year ended
                                               December 31,     December 31,
    COP$ Billion       4Q-08  4Q-07  3Q-08    2008     2007    2008     2007
    Income
      Local Sales      3,777  4,532  6,093   20,254   15,182  20,676   15,182
      Export Sales     2,097  2,211  3,655   11,573    6,316  12,299    6,329
      Sale of
       Services          263    212    218      922      821     922      821
    Total Income       6,137  6,955  9,966   32,749   22,319  33,897   22,332
    Cost of Sales
      Variable Costs
      Purchase of
       Hydrocarbons
                       1,676  1,775  2,850    8,778    5,338   8,778    5,338
      Amortization
       and Depletion     226    192    344    1,088      665   1,088      665
      Capitalization
       Production of
       Crude and Gas       -      -      -        -      432       -      432
      Imported
       products          192     95  1,090    2,552      681   2,552      681
      Other              505    121   (181)     234       (2)  1,141        4
      Fixed Costs
      Depreciation       168    183    149      643      720     679      720
      Services
       Contracted
       with
       association       415    367    321    1,188    1,019   1,202    1,019
      Maintenance        273    278    127      569      474     579      474
      Other            1,212    955    778    2,942    2,725   3,005    2,725
    Total Cost of
     Sales             4,667  3,966  5,478   17,994   12,052  19,024   12,058
    Gross Profits      1,470  2,989  4,488   14,755   10,267  14,873   10,274
    Operating Expenses
      Administration      49     88    150      366      322     382      322
      Selling and
       Projects          771    420    382    1,745    1,165   2,073    1,166
    Operating Income     650  2,481  3,956   12,644    8,780  12,418    8,786
    Non Operating
     Income (expenses)
      Financial
       Income
       (expenses),
       Net             1,614    210  1,788    3,870       97   4,101       94
      Pension
       Expenses         (358)  (295)  (203)  (1,145)  (1,090) (1,145)  (1,090)
      Inflation gain      (1)     2     12       31       41      31       41
      Other income
       (expenses),
       Net               799   (538)  (158)     605     (766)    606     (766)
    Income before
     income tax        2,704  1,860  5,395   16,005    7,062  16,011    7,065
    Provision for
     Income Tax          651    475  1,466    4,374    1,886   4,381    1,885
    Net Income         2,053  1,385  3,929   11,631    5,176  11,630    5,180

    EBITDA             1,151  2,407  4,617   14,759   10,381  14,571   10,381
    EBITDA MARGIN        19%    35%    46%      45%      47%     43%      47%
    EARNINGS PER
     SHARE             50.71  33.58  97.06   287.37   168.60  287.35   168.71



                                 ECOPETROL S.A.
                                  Balance Sheet

                                             Unconsolidated    Consolidated
                                               Year ended       Year ended
                                               December 31,     December 31,
    COP$ Billion                              2008    2007     2008    2007

    Assets
    Current Assets
       Cash and cash equivalents              1,870   3,466    2,114   3,750
       Investments                            3,750   5,955    3,750   5,955
       Accounts and notes receivable          5,443   2,270    5,877   2,270
       Other                                  3,604   3,799    3,964   3,800
    Total Current Assets                     14,668  15,489   15,705  15,774
    Non Current Assets
       Investments                           11,300   4,126    8,688   3,845
       Accounts and notes receivable            193     203      195     203
       Property, plant and equipment, net     7,202   6,152    8,077   6,152
       Natural and environmental
        properties, Net                       6,831   5,129    8,054   5,129
       Resources delivered to
        administration                          -     8,987      -     8,987
       Other                                  7,958   8,010    7,983   8,023
    Total Non Current Assets                 33,485  32,606   32,998  32,338
    Total Assets                             48,153  48,095   48,702  48,112

    Liabilities and Equity
    Current Liabilities
       Financial obligations                    -         4      281       4
       Accounts payable and related
        parties                               1,788   1,141    1,709   1,146
       Estimated liabilities and
        provisions                              669   1,436      674   1,436
       Other                                  4,008   3,479    4,036   3,480
     Total Current Liabilities                6,465   6,060    6,700   6,066
    Long Term Liabilities
       Labor and pension plan obligations     2,165  10,316    2,165  10,316
       Estimated liabilities and
        provisions                            2,504   2,733    2,543   2,742
       Other                                  2,399   2,179    2,675   2,180
    Total Long Term Liabilities               7,067  15,228    7,383  15,238
    Total Liabilities                        13,532  21,288   14,083  21,304

    Equity                                   34,621  26,808   34,620  26,808

    Total Liabilities and Shareholder's
     Equity                                  48,153  48,095   48,702  48,112

    Memorandum Accounts                     118,650  64,180  118,875  64,180




                                ECOPETROL S.A.
                             Cash Flow Statement


                                                       Unconsolidated
    COP$ Billion                               4Q-08       4Q-07       3Q-08

    CASH AT THE BEGINNING OF PERIOD            5,542         175       3,176
    OPERATING ACTIVITIES
    Cash received from clients                 5,532       6,771       8,794
    Cash from financial interest                 974         435         649
    Cash received from restricted FAEP
     fund and others                             -         1,685         -
    Other payments                               -        (1,103)        -
    Payment of financial interest              (0.23)       (868)      (0.20)
    Cash paid to suppliers and
     contractors                              (2,188)     (1,869)     (2,166)
    Payment of royalties and other
     contributions                            (1,121)       (683)     (1,287)
    Payment of income and other taxes           (356)        (30)       (641)
    Payment of salaries, fringe benefits
     and social security                        (264)       (241)       (189)
    Payment of retirement pensions and
     transfer to funds                          (143)       (677)       (107)
    NET CASH PROVIDED BY OPERATING
     ACTIVITIES                                2,433       3,420       5,052

    INVESTING ACTIVITIES
    Net increase in investment                (1,665)     (3,440)       (358)
    Investment in natural and
     environmental properties and PPE         (2,251)     (1,788)     (1,362)
    NET CASH USED IN INVESTING ACTIVITIES     (3,916)     (5,227)     (1,721)

    FINANCING ACTIVITIES
    Dividends paid                            (2,327)        -        (1,164)
    Capitalization in Cash and additional
     paid-in capital                             139       4,868         198
    Payment of financial obligations             -           231         -
    NET CASH USED IN FINANCING ACTIVITIES     (2,188)      5,099        (966)

    CASH VARIATION                            (3,671)      3,292       2,366
    CASH AT THE END OF PERIOD                  1,870       3,466       5,542


                                          Unconsolidated       Consolidated
                                           Year ended           Year ended
                                           December 31,         December 31,
    COP$ Billion                          2008      2007       2008     2007

    CASH AT THE BEGINNING OF PERIOD       3,466     1,597      3,750    1,628
    OPERATING ACTIVITIES
    Cash received from clients           27,774    21,670     27,884   21,684
    Cash from financial interest          2,315       966      2,375      969
    Cash received from restricted
     FAEP fund and others                     -     1,685          -    1,657
    Other payments                            -    (1,103)         -   (1,090)
    Payment of financial interest            (1)     (869)        (1)    (875)
    Cash paid to suppliers and
     contractors                         (7,318)   (5,078)    (8,570)  (5,062)
    Payment of royalties and other
     contributions                       (5,584)   (4,053)    (5,587)  (4,153)
    Payment of income and other taxes    (2,962)   (1,510)    (2,962)  (1,410)
    Payment of salaries, fringe
     benefits and social security          (851)     (703)      (851)    (703)
    Payment of retirement pensions
     and transfer to funds                 (495)   (1,122)      (495)  (1,122)
    NET CASH PROVIDED BY OPERATING
     ACTIVITIES                          12,878     9,883     11,793    9,895

    INVESTING ACTIVITIES
    Net increase in investment           (5,292)   (5,270)    (3,186)  (5,029)
    Investment in natural and
     environmental properties and PPE    (5,357)   (3,097)    (6,705)  (3,097)
    NET CASH USED IN INVESTING
     ACTIVITIES                         (10,649)   (8,367)    (9,891)  (8,126)

    FINANCING ACTIVITIES
    Dividends paid                       (4,654)   (4,475)    (4,654)  (4,475)
    Capitalization in Cash and
     additional paid-in capital             833     4,868        283      (39)
    Payment of financial obligations         (4)      (39)       833    4,868
     NET CASH USED IN FINANCING
     ACTIVITIES                          (3,825)      353     (3,538)     353

    CASH VARIATION                       (1,596)    1,870     (1,636)   2,122
    CASH AT THE END OF PERIOD             1,870     3,466      2,114    3,750

Mardi Gras Gives Everyone a Big Fat Break Because Carnival Means 'So Long' to Meat

2009-02-17T10:20:00.000+02:00

John Hopkins' project offers delicious recipes to get us through

NEW YORK, Feb. 17 /PRNewswire-USNewswire/ -- For centuries Mardi Gras -- also known as Carnival, or Fat Tuesday -- has been a time to consume the last bits of fat and meat in millions of homes in preparation for Lent, a time of purification when people traditionally give up one or more favorite foods. Meat is often chosen for this observance, as indicated by the word Carnival, arising from the Latin words carne vale, or "farewell to the flesh."

Today, there are more good reasons than ever to reduce the meat in our diets -- not only improving our personal health, but environmental and economic imperatives as well. Meatless Monday's online database of recipes -- like this yummy Louisiana Style Meatless Jambalaya -- can easily help observers through the "lean" weeks of Lent and beyond. In addition to breakfast, lunch, snacks, appetizers -- and 18 different types of chili -- there are recipes for intriguing entrees like Locked Room Ragout, Jamaican Jerk Tofu, Sweet Potato Shepherds Pie and Hopi Vegetable Stew.

Meatless Monday, a project of the Johns Hopkins Bloomberg School of Public Health's Center for a Livable Future, suggests that people can reap big benefits by forgoing meat just one day a week. "It's easier than you think, but the payoff can be huge," says Center Director Dr. Robert Lawrence. "Eating less meat not only helps lower cholesterol and decrease cancer risks, it reduces your carbon footprint and helps conserve fresh water. And plant-based meals cost less money, an added bonus during these economically tough times."

Diets high in meat are tied to increased rates of heart disease, cancer, stroke, and other common chronic preventable ailments. With American children contracting what used to be considered adult-only diseases like diabetes, and millions of overweight kids at risk for high cholesterol and heart disease, reducing meat consumption is preventative medicine of the very best kind -- a simple step with many rewards.

At the United Nations Summit on Global Warming in December, meat production was cited as a primary source of greenhouse gas. Meat farming also depletes and pollutes our water supplies. A single pound of beef can take up to 5,000 gallons of fresh water to produce, and waste from factory farms poisons ground water and surface water alike. So going without meat just one day a week can have a big impact on your health and the health of the planet.

All good things to consider as Mardi Gras draws to a close February 24 and millions of people bid "farewell to the flesh."

Find more recipes and great ideas about reducing meat in your diet all year long at meatlessmonday.com.

Digicel Makes Advances in Green Power Deployment in Vanuatu

2009-02-17T08:00:00.000+02:00

BARCELONA, Spain, Feb. 17 /PRNewswire/ -- The GSMA today announced that Digicel, supported by the GSMA Development Fund, has completed the second phase of its green power network implementation and is using wind and solar energy solutions to power 25 base stations on the Pacific archipelago of Vanuatu. Digicel, which is the leading mobile operator in Vanuatu, now carries more than 60% of its network traffic on base stations powered by renewable energy sources.

Typically, off-grid base stations have been powered by generators running on diesel, which is increasingly erratic in price, is costly to distribute and generates carbon dioxide emissions. Digicel's approach of using solar, wind and hybrid power provides a more cost-effective and reliable solution than either solar cells or wind turbines alone, to bring GSM coverage to some of the most remote communities in Vanuatu.

"By implementing alternative sources of energy, we are able to connect the unconnected, making communications accessible to many in Vanuatu for the first time," said Tanya Menzies, CEO of Digicel Vanuatu. "The work we are doing in Vanuatu is particularly important to the Digicel Group, as it's serving as a model for alternative power deployments for other Digicel networks around the world."

Digicel, which launched commercial service in June 2008, recently completed the second phase in the project, bringing the current number of green-powered base stations to 25. Additionally, in 2009, Digicel plans to install a new wind turbine to an existing wind farm to power a portion of its sites, enabling the operator to reduce its annual power bill by an order of magnitude.

"The GSMA created the Green Power for Mobile programme with two objectives in mind: to promote the use of green power to expand mobile networks into regions currently lacking coverage, and to facilitate the systematic reduction of reliance on diesel by operators," said Michael O'Hara, chief marketing officer for the GSMA. "Our work with Digicel further demonstrates the commercial viability of implementing renewable energy systems on a broad scale and has helped establish best practices for future green power projects."

About Digicel Pacific

Since its launch in the South Pacific in November 2006, Digicel has become the fastest-growing mobile operator in the Pacific, with current operations in Samoa, Tonga, Vanuatu and Papua New Guinea. The company was recently granted licenses by the Governments of Fiji and has commitments from several other countries in the Pacific.

Digicel has contributed to the 0.7% growth to the GDP of Papua New Guinea since its launch as the second mobile operator on July 20, 2007.

Digicel is the largest operator in the Caribbean operating in 23 markets and rolling out new operations in Central America. The company is renowned for competitive rates, unbeatable coverage, and superior customer care, a wide variety of products and services, and state-of-the-art handsets.

For more information, please visit www.digicelvanuatu.com or www.digicelpacific.com.

About the GSMA

The GSMA represents the interests of the worldwide mobile communications industry. Spanning 219 countries, the GSMA unites more than 750 of the world's mobile operators, as well as 200 companies in the broader mobile ecosystem, including handset makers, software companies, equipment providers, Internet companies, and media and entertainment organisations. The GSMA is focused on innovating, incubating and creating new opportunities for its membership, all with the end goal of driving the growth of the mobile communications industry. For more information, please visit http://www.gsmworld.com

Thermolon Ltd Announces a Dramatic Advance in Non-Stick Coatings

2009-02-17T02:00:00.000+02:00

HONG KONG, Feb. 16 /PRNewswire-Asia/ -- Thermolon Ltd today announced a new non-stick coating that has three times the scratch / abrasion resistance and hardness of conventional coatings.

Called Thermolon "Rocks", it comes from the same stable as the ceramic coatings that, on GreenPans, have revolutionised the cookware industry over the last 18 months. Consumers eagerly welcomed the PTFE / PFOA-free (Note 1) technology of the Thermolon coatings and over 3 million GreenPans have been sold in over 50 countries since their launch in July 2007.

Now, Thermolon has revealed its next generation of toxin free, environmentally friendly coatings. Developed at its R&D Centre in South Korea, Thermolon "Rocks" offers manufacturers previously undreamt of possibilities -- not just in cookware but many fields where the old technology couldn't withstand the wear and tear of heavy usage.

"Many have tried to copy the success of Thermolon," said Thermolon's CEO, Dr Chris Phillips. "But 'Rocks' sets a new standard that introduces non-stick coatings to many new possibilities -- and all this with the health and environmental safety expected of Thermolon coatings."

Thermolon Ltd is in the forefront of the environmentally friendly coating industry. Consumers appreciate that they now have the choice between highly heat-resistant, silica (sand) based Thermolon versus the traditional low temperature-resistant PTFE/PFOA-containing coatings.

The Thermolon Company Headquarters is located in Busan, South Korea. The commercial and financial centre is located in Hong Kong.

    (Note 1) PFOA, a persistent organic pollutant and likely human carcinogen,
             can be found in the blood of animals and most of the human
             population. Under a voluntary stewardship program of the USA's
             EPA, PFOA emissions and levels found in end products must be
             reduced to zero by the year 2015. It is currently a cause of
             great concern to environmental bodies and to organizations such
             as the WWF (World Wildlife Fund).

For any further updates, please visit our website: http://www.thermolon.com or if you need further information please do not hesitate to contact the undersigned.

    Media Contacts:

    Thermolon Hong Kong:
     Dr. Christopher H. Phillips
     Tel:   +852-2302-0193
     Email: info@thermolon.com

Walter Industries, Inc. Announces Fourth Quarter and Full Year 2008 Earnings, Highlighted by Record Income at Core Natural Resources and Energy Businesses

2009-02-17T00:01:00.000+02:00

- Company Reports Fourth Quarter Net Income of $240.3 Million, or $4.37 per Diluted Share -

- Fourth Quarter Results Include Benefit of $3.36 per Diluted Share and Charges of $0.72 per Diluted Share in Unusual Items -

- Mine No. 4 and Mine No. 7 Post Record Full-Year Metallurgical Coal Production -

- Production Outlook from Current Coal Operations Remains Stable; Startup Timing of Previously Announced Expansion Projects Under Review -

TAMPA, Fla., Feb. 16 /PRNewswire-FirstCall/ -- Walter Industries, Inc. (NYSE: WLT), a leading producer and exporter of U.S. metallurgical coal for the global steel industry, today reported net income of $240.3 million, or $4.37 per diluted share, for the quarter ended Dec. 31, 2008, and net income for the full year 2008 of $346.6 million, or $6.35 per diluted share. This compares to $40.0 million, or $0.76 per share in the fourth quarter 2007 and $112.0 million, or $2.13 per diluted share, for the full year 2007.

"We reported outstanding operating results in the fourth quarter with revenues from our core natural resources businesses nearly doubling and operating income more than tripling compared to the fourth quarter last year," said Walter Industries Chairman Michael T. Tokarz. "The quality of our Blue Creek coal continues to provide stability in our core metallurgical coal business, despite difficult conditions in the global steel industry. Looking ahead, we are excited that we will see the culmination of our strategy to transform Walter Industries into a 'pure play' natural resources and energy company in 2009."

Fourth Quarter 2008 Financial Results

Net sales and revenues for the fourth quarter 2008 totaled $447.3 million, up 43.2 percent from the prior-year period. Income from continuing operations before income taxes for the fourth quarter 2008 totaled $132.0 million compared to $56.5 million in the fourth quarter 2007, an increase of 133.7 percent. Revenue and income from continuing operations before income taxes in the current period improved primarily due to the record metallurgical coal and coke pricing.

Results for the fourth quarter 2008 include charges of $0.72 per diluted share related to the following:

The decision to close Homebuilding resulted in a pre-tax charge of $7.4 million for impairment charges and severance benefits.

The closure of United Land's Kodiak mine resulted in a $21.3 million pre-tax impairment charge, which is included in the loss from discontinued operations.

A required valuation of the recently acquired Taft business resulted in a pre-tax charge of $32.4 million for impairment of mineral interests.

Results for the quarter also included the benefit of $3.36 per diluted share for the following:

The recognition of an income tax benefit of $167.0 million, or $3.04 per diluted share, which was also related to the decision to close the Homebuilding business.

A pre-tax credit of $26.9 million was recorded for a Black Lung Excise Tax refund claim.

Full-Year 2008 Financial Results

For the full year 2008, net sales and revenues were $1.5 billion, a 19.9 percent increase versus the prior year. The increase in revenues primarily reflects higher metallurgical coal and coke pricing versus the prior year and revenues from the additional surface mining operations acquired in late 2007 and in 2008.

Income from continuing operations before income taxes for the full year was $292.3 million, an increase of 59.5 percent. The increase in full-year operating results was driven by the higher metallurgical coal and coke pricing, partially offset by higher production costs at Jim Walter Resources and the effect of unusual items.

Fourth Quarter Operating Results

Jim Walter Resources

Metallurgical coal sales were 1.7 million tons in the fourth quarter at an average selling price of $167.19 per short ton FOB Port, versus $85.73 in the prior-year period. Sales were negatively impacted by dredging activities and weather conditions at the Port of Mobile, resulting in delayed shipments of approximately 0.2 million tons until early January 2009. Realized prices increased significantly versus the prior-year period, reflecting a mix of contracts with pricing at approximately $135 and $315 per metric ton FOB Port in the current-year period.

"Our premium Blue Creek Coal generated record pricing in the fourth quarter," said Jim Walter Resources Chief Executive Officer George R. Richmond. "For the full year 2008, our metallurgical coal mines produced record tonnage, with the No. 7 Mine producing more than a million tons in the fourth quarter as a result of the addition of the Southwest 'A' longwall."

Metallurgical coal production at Mine No. 4 totaled just over 0.7 million tons in the fourth quarter, contributing to a record 3.2 million tons for the full year. Mine No. 4's production cost per ton in the quarter was $51.59, in line with expectations and also in line with the third quarter 2008. Mine No. 4's full-year production costs averaged $45.52 per ton.

Mine No. 7 produced 1.1 million tons of coal in the fourth quarter 2008, representing a 31.4 percent increase over the prior-year period. Production costs at Mine No. 7 were $52.74 per ton, in line with expectations and significantly lower than the past several quarters, as the operation of the second longwall has substantially lowered cost per ton.

United Land

United Land sold 362,000 tons of steam and industrial coal during the fourth quarter and produced 348,000 tons, compared to sales of 183,000 tons and production of 180,000 tons in the prior-year period. Increases are attributable to the acquisition of Taft Coal Sales & Associates in the third quarter 2008.

Sloss

Sloss sold 97,927 tons of metallurgical coke at an average price of $391.28 per ton compared to 109,041 tons at $225.60 per ton in the prior-year period. Operating results improved significantly compared to the prior-year period, driven by the substantial increase in price, which was offset to some degree by higher raw material coal costs and a decrease in volume. Sales volumes declined month-to-month during the fourth quarter 2008, mirroring trends in the steel industry.

Natural Gas

The natural gas business sold 1.8 billion cubic feet of gas, even with the prior year, at an average price of $7.92 per thousand cubic feet in the fourth quarter 2008 compared to an average price of $7.78 per thousand cubic feet in the prior-year period.

Other Operations

The Financing business reported fourth quarter revenues of $48.7 million, compared to $56.8 million in the prior-year period. Revenues decreased primarily on lower payment income resulting from a lower portfolio balance. Financing reported operating income of $8.1 million in the fourth quarter 2008 compared to operating income of $14.7 million in the 2007 fourth quarter. Operating income declined primarily due to lower revenues and increased provision for loan losses, partially offset by lower interest expense on mortgage-backed/asset-backed notes. Delinquencies on the mortgage portfolio were 5.4 percent at Dec. 31, 2008, compared to 4.6 percent at Dec. 31, 2007.

The Homebuilding business reported an operating loss of $13.4 million in the fourth quarter 2008, primarily resulting from significantly lower revenues, as well as restructuring and impairment charges associated with the previously announced closure of that business.

The Company continues to make progress on the previously announced spin-off of its Financing business and merger with Hanover Capital Mortgage Holdings, which is expected to occur in the second quarter 2009.

Corporate and Other

As of Dec. 31, 2008, the Company had available liquidity of about $394 million, including cash of about $118 million and $276 million available under its credit facility. Total net debt outstanding at Dec. 31, 2008 was $107.7 million compared to $195.2 million at the end of the prior year.

The Company repurchased 1.38 million shares for $50.1 million during the fourth quarter 2008 and 1.63 million shares for $64.6 million for the full year 2008.

Business Outlook

Given the current limited visibility in the outlook for the global steel industry, the Company will communicate detailed operating expectations only for the first quarter 2009, as shown in the following schedule:


    Metallurgical Coal Sales                 Q4-2008 A         Q1-2009 E
    Tons Sold (short tons, in millions)         1.7            1.4 - 1.5
    Average Operating Margin Per Ton (1)     $77.04            $55 - $60

    Steam & Industrial Coal Sales            Q4-2008 A         Q1-2009 E
    Tons Sold (short tons)                  362,000        360,000 - 375,000
    Average Operating Margin Per Ton (2)      $5.84             $7 - $10

    Coke Sales                               Q4-2008 A         Q1-2009 E
    Tons Sold                                97,927         50,000 - 55,000
    Average Operating Margin Per Ton        $125.02            $27 - $29

    Quarter-to-quarter variability in timing, availability and pricing of
    shipments may result in significant shifts in income between quarters.

    (1) 2008 excludes $26.9 million related to the Black Lung Excise Tax
        refund claim
    (2) 2008 excludes a $32.4 million asset impairment charge at United
        Land's Taft subsidiary

First quarter 2009 metallurgical coal sales expectations are based on shipments to date and the shipping schedules agreed upon with the Company's customers for the rest of the quarter. These sales are reduced by 250,000 tons due to concerns about availability of coal at the Port of Mobile as a result of a two-week rail disruption. Anticipated metallurgical coal margins reflect the expected mix of pricing in the first quarter. This takes into consideration the deferral of some higher-priced tons into the second half of the year, as the Company works with customers to manage their coal requirements and cash flow, while maintaining contract pricing.

Metallurgical coal production is expected to range between 1.7 - 1.9 million tons in the first quarter, reflecting the continuation of production from Mine No. 7's Southwest "A" longwall through the completion of the panel. Given recently communicated volume requirements and corresponding shipping schedules from its customers, the Company expects continued stable production through the first half of 2009. However, given current market conditions, the Company plans to delay the start up of the Mine No. 7 East expansion until at least Sept. 1, 2009. The Company will continue to monitor the market closely to determine an appropriate start date for this project.

The metallurgical coal average operating margin per ton reflects estimated production costs of $50 - $55 per ton, along with freight costs of approximately $15 per ton and royalties of approximately 7 - 8 percent, all in line with previously communicated expectations.

The Company will defer start up of United Land's Flat Top and Reid School surface mining projects until a later date. For 2009, United Land has 90 percent of its expected steam and industrial coal production under contract.

Expected results at Sloss include a significant reduction in coke sales volumes, reflecting the slowdown in steel production. While foundry coke pricing is expected to remain relatively stable, furnace coke prices are projected to be significantly lower than 2008's realized prices.

During 2009, the Company expects to spend approximately $100 million for sustaining capital expenditures, including approximately $23 million for the completion of Mine No. 7 East.

Conference Call Webcast

Members of the Company's leadership team will discuss Walter Industries' fourth quarter and full-year 2008 results, its outlook for 2009 and other general business matters during a conference call and live Web cast to be held on Tuesday, Feb. 17, 2009, at 10 a.m. Eastern Standard Time. To listen to the event live or in archive, visit the Company Web site at www.walterind.com.

About Walter Industries

Walter Industries, Inc., based in Tampa, Fla., is a leading producer and exporter of metallurgical coal for the global steel industry and also produces steam coal, coal bed methane gas, furnace and foundry coke and other related products. The Company also operates a mortgage financing business. The Company has annual revenues of approximately $1.5 billion and employs approximately 2,400 people. For more information about Walter Industries, please visit the Company Web site at www.walterind.com.

Additional Information and Where to Find It

In connection with the proposed spin-off of the Financing business of Walter Industries, Inc. through its wholly-owned subsidiary, Walter Investment Management LLC, a wholly-owned subsidiary of Walter Industries, Inc. and the proposed merger of Walter Investment Management LLC with Hanover Capital Mortgage Holdings, Inc. and certain related transactions, Hanover Capital Mortgage Holdings, Inc. filed a registration statement on Form S-4 containing a preliminary proxy statement/prospectus with the SEC (Registration No. 333-155091), and Hanover Capital Mortgage Holdings, Inc. will be filing other documents regarding the proposed transaction with the SEC as well. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS ARE URGED TO READ THE FINAL PROXY STATEMENT/PROSPECTUS REGARDING THE PROPOSED TRANSACTION AND ANY OTHER RELEVANT DOCUMENTS CAREFULLY IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. The final proxy statement/prospectus will be mailed to stockholders of Hanover Capital Mortgage Holdings, Inc. and Walter Industries, Inc. Stockholders will be able to obtain a free copy of the proxy statement/prospectus, as well as other filings containing information about Hanover Capital Mortgage Holdings, Inc. and Walter Industries, Inc., without charge, at the SEC's Internet site (http://www.sec.gov). Copies of the proxy statement/prospectus and the filings with the SEC that will be incorporated by reference in the proxy statement/prospectus can also be obtained, without charge, at Hanover Capital Mortgage Holdings, Inc.'s Web site (http://www.hanovercapitalholdings.com).

Walter Industries and Hanover and their respective directors and executive officers and other persons may be deemed to be participants in the solicitation of proxies in respect of the proposed merger and related transactions. Information regarding Walter Industries' directors and executive officers is available in Walter Industries' proxy statement for its 2008 annual meeting of stockholders and Walter Industries' 2007 Annual Report on Form 10-K, which were filed with the SEC on March 19, 2008, and March 7, 2008, respectively, and information regarding Hanover's directors and executive officers is available in Hanover's proxy statement for its 2008 annual meeting of stockholders and Hanover's 2007 Annual Report on Form 10-K, which were filed with the SEC on April 24, 2008, and April 2, 2008, respectively. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, is contained in Hanover's proxy statement/prospectus and other materials referred to in Hanover's proxy statement/prospectus.

Safe Harbor Statement

Except for historical information contained herein, the statements in this release are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements, including expressions such as "believe," "anticipate," "expect," "estimate," "intend," "may," "will," and similar expressions involve known and unknown risks, uncertainties, and other factors that may cause Walter Industries' or Hanover's actual results in future periods to differ materially from the expectations expressed or implied by such forward-looking statements. These factors include, among others, the following: the market demand for Walter Industries' and Hanover's products as well as changes in costs and the availability of raw material, labor, equipment and transportation; changes in weather and geologic conditions; changes in extraction costs, pricing and assumptions and projections concerning reserves in Walter Industries' mining operations; changes in customer orders; pricing actions by Walter Industries' and Hanover's competitors, customers, suppliers and contractors; changes in governmental policies and laws; further changes in the mortgage-backed capital markets; changes in general economic conditions; and the successful implementation and anticipated timing of any strategic actions and objectives that may be pursued, including the announced separation of the Financing business from Walter Industries. In particular, the separation of Walter Industries' Financing business is subject to a number of closing conditions which may be outside of Walter Industries' control. Forward- looking statements made by Walter Industries' in this release, or elsewhere, speak only as of the date on which the statements were made. Any forward-looking statements should be considered in context with the various disclosures made by Walter Industries and Hanover about our respective businesses, including the Risk Factors described in Walter Industries' 2007 Annual Report on Form 10-K, the Risk Factors described in Hanover's 2007 Annual Report on Form 10-K, and each of Walter Industries' and Hanover's other filings with the Securities and Exchange Commission. Neither Walter Industries nor Hanover undertakes any obligation to update its forward-looking statements as of any future date.

                WALTER INDUSTRIES, INC. AND SUBSIDIARIES
                  CONSOLIDATED STATEMENTS OF OPERATIONS
                             ($ in Thousands)
                                 Unaudited

                                                   For the three months
                                                    ended December 31,
                                                    ------------------
                                                      2008        2007
                                                      ----        ----
    Net sales and revenues:
        Net sales                                   $379,786    $254,228
        Interest income on notes                      44,119      52,715
        Miscellaneous (1)                             23,413       5,385
                                                      ------       -----
                                                     447,318     312,328
                                                     -------     -------

    Costs and expenses:
        Cost of sales (exclusive of
         depreciation) (1)                           180,669     169,569
        Depreciation                                  19,032      12,518
        Selling, general and administrative           32,869      34,686
        Provision for losses on instalment notes       8,381       5,133
        Postretirement benefits                        6,711       6,852
        Interest expense - mortgage-backed/asset-
         backed notes                                 23,682      29,590
        Interest expense - other debt (2)              3,849      (3,090)
        Amortization of intangibles                      271         557
        Restructuring and impairment
         charges (3), (4)                             39,808           -
                                                      ------      ------
                                                     315,272     255,815
                                                     -------     -------


    Income from continuing operations before
     income taxes                                    132,046      56,513
    Income tax expense (benefit) (4)                (125,217)     13,766
                                                    --------      ------
    Income from continuing operations                257,263      42,747
    Discontinued operations (5)                      (16,958)     (2,787)
                                                     -------      ------
    Net income                                      $240,305     $39,960
                                                    ========     =======

    Basic income (loss) per share:
    Income from continuing operations                  $4.72       $0.82
    Discontinued operations                            (0.31)      (0.05)
                                                       -----      ------

    Basic net income per share                         $4.41       $0.77
                                                       =====       =====

    Weighted average number of shares
     outstanding                                  54,534,083  51,943,456
                                                  ==========  ==========

    Diluted income (loss) per share:
    Income from continuing operations                  $4.68       $0.81
    Discontinued operations                            (0.31)      (0.05)
                                                       -----      ------

    Diluted net income per share                       $4.37       $0.76
                                                       =====       =====

    Weighted average number of diluted shares
     outstanding                                  54,944,493  52,564,599
                                                  ==========  ==========


    (1) During the quarter ended December 31, 2008, miscellaneous income
        includes $17.1 million of interest income, while cost of sales has
        been reduced by $9.8 million, both relating to a Black Lung Excise
        Tax refund claim.

    (2) During the quarter ended December 31, 2007, the Company capitalized
        interest in the amount of $10.9 million primarily related to Natural
        Resources' capital expansion projects. Of this amount, $8.9 million
        represents capitalized interest applicable to prior periods.


    (3) Restructuring and impairment charges for the quarter ended December
        31, 2008 includes $32.4 million to write down the value of Taft's
        coal mineral interest to estimated fair value as a result of a
        significant decline in forecasted future coal pricing as compared
        to similar forecasts as of the September 2, 2008 acquisition date.

    (4) In the fourth quarter ended December 31, 2008, the decision to close
        Homebuilding resulted in a charge of $7.4 million for severance
        benefits and asset impairments and the recognition of an income tax
        benefit of $167.0 million related to the deemed liquidation of this
        business for tax purposes.

    (5) In December 2008, the Company announced the closure of Kodiak Mining
        Co. ("Kodiak").  As a result, the operating results of Kodiak have
        been presented as discontinued operations for all periods. Included
        in discontinued operations for the quarter ended December 31, 2008
        is a pre-tax charge of $21.3 million primarily relating to the
        impairment of mining equipment and facilities.



                  WALTER INDUSTRIES, INC. AND SUBSIDIARIES
                        RESULTS BY OPERATING SEGMENT
                              ($ in Thousands)
                                  Unaudited

                                                          For the three
                                                              months
                                                       ended December 31,
                                                       ------------------
                                                           2008      2007
                                                           ----      ----

      NET SALES AND REVENUES:
      Natural Resources (1)                            $343,387  $164,437
      Sloss                                              48,356    34,524
                                                         ------    ------
        Natural Resources and Sloss                     391,743   198,961

      Financing                                          48,689    56,839
      Homebuilding                                       16,184    57,580
                                                         ------    ------
        Financing and Homebuilding Group                 64,873   114,419

      Other                                                 805       802
      Consolidating eliminations of intersegment
       activity                                         (10,103)   (1,854)
                                                        -------    ------
                                                       $447,318  $312,328
                                                       ========  ========

      SEGMENT OPERATING INCOME (LOSS):
      Natural Resources (1)                            $136,689   $40,350
      Sloss                                              12,243     4,376
                                                         ------     -----
        Natural Resources and Sloss                     148,932    44,726

      Financing                                           8,149    14,726
      Homebuilding (2)                                  (13,354)   (2,038)
                                                        -------    ------
        Financing and Homebuilding Group                 (5,205)   12,688

      Other                                              (7,338)   (1,359)
      Consolidating eliminations of intersegment
       activity                                            (494)   (2,632)
                                                           ----    ------

        Segment operating income                        135,895    53,423
      Other debt interest expense (3)                    (3,849)    3,090
                                                         ------     -----
      Income from continuing operations before
       income taxes                                    $132,046   $56,513
                                                       ========   =======

    (1) Results for 2007 have been revised to exclude Kodiak, which is
        reported as discontinued operations.

    (2) In the fourth quarter ended December 31, 2008, the decision to close
        Homebuilding resulted in a charge of $7.4 million for severance
        benefits and asset impairments.  Results will be reflected as
        discontinued operations when contractual commitments to complete
        the construction of homes have been fulfilled, which is expected to
        be substantially complete by June 30, 2009.

    (3) During the quarter ended December 31, 2007, the Company capitalized
        interest in the amount of $10.9 million primarily related to Natural
        Resources' capital expansion projects. Of this amount, $8.9 million
        represents capitalized interest applicable to prior periods.



                    WALTER INDUSTRIES, INC. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                ($ in Thousands)
                                    Unaudited

                                                       For the year ended
                                                          December 31,
                                                          ------------
                                                         2008        2007
                                                         ----        ----
      Net sales and revenues:
        Net sales                                    $1,263,834  $1,000,411
        Interest income on instalment notes             187,094     202,654
        Miscellaneous                                    36,142      36,756
                                                         ------      ------
                                                      1,487,070   1,239,821
                                                      ---------   ---------

      Cost and expenses:
        Cost of sales (exclusive of depreciation)       729,833     686,326
        Depreciation                                     59,772      45,559
        Selling, general and administrative             142,912     144,186
        Provision for losses on instalment notes         21,315      13,889
        Postretirement benefits                          26,494      26,734
        Interest expense - mortgage-backed/asset-
         backed notes                                   102,115     119,102
        Interest rate hedge ineffectiveness (1)          16,981           -
        Interest expense - other debt                    26,223      18,830
        Amortization of intangibles                       1,278       1,932
        Provision for estimated hurricane insurance
         losses (2)                                       3,853           -
        Restructuring and impairment charges (3)         63,958           -
                                                         ------      ------
                                                      1,194,734   1,056,558
                                                      ---------   ---------

      Income from continuing operations before
       income taxes                                     292,336     183,263
      Income tax expense (benefit) (4)                  (75,798)     58,261
                                                        -------      ------
      Income from continuing operations                 368,134     125,002
      Discontinued operations (5)                       (21,554)    (13,003)
                                                        -------     -------
      Net income                                       $346,580    $111,999
                                                       ========    ========


      Basic income (loss) per share:
      Income from continuing operations                   $6.84       $2.40
      Discontinued operations                             (0.40)      (0.25)
                                                          -----       -----

      Net income                                          $6.44       $2.15
                                                          =====       =====

      Weighted average number of shares
       outstanding                                   53,791,058  52,015,569
                                                     ==========  ==========


      Diluted income (loss) per share:
      Income from continuing operations                   $6.74       $2.38
      Discontinued operations                             (0.39)      (0.25)
                                                          -----       -----

      Net income                                          $6.35       $2.13
                                                          =====       =====

      Weighted average number of diluted shares
       outstanding                                   54,584,672  52,489,977
                                                     ==========  ==========

    (1) During the quarter ended March 31, 2008, the Company recognized a
        loss of $17.0 million for the ineffectiveness of interest rate
        hedges held by Financing that were intended to hedge an April 2008
        securitization of instalment notes receivable.  Unfavorable market
        conditions precluded an April 2008 securitization and management
        could not predict when such a securitization might occur.
        These hedges were settled on April 1, 2008 and no similar hedges
        remain outstanding at December 31, 2008.

    (2) During the quarter ended September 30, 2008, Financing recorded a
        provision totaling $3.9 million for estimated insurance losses
        related to Hurricanes Gustav and Ike.

    (3) Restructuring and impairment charges were as follows in 2008:
          Taft write down of mineral interest
           to estimated fair value                     $32,387
          Homebuilding closure-related asset
           impairments and severance obligations        20,676
          Financing goodwill write-off                  10,895
                                                        ------
                                                       $63,958
                                                       =======

    (4) The results for the year ended December 31, 2008 include a
        tax benefit of $167.0 million resulting from the deemed
        liquidation, for tax purposes, of the Homebuilding group.

    (5) In December 2008, the Company announced the closure of Kodiak
        Mining Co. ("Kodiak").  As a result, the operating results of
        Kodiak have been presented as discontinued operations for all
        periods.  In addition, a pre-tax charge of $21.3 million is
        included in discontinued operations for the quarter ended
        December 31, 2008 primarily relating to the impairment of
        mining equipment and facilities. Discontinued operations in
        2007 also includes the results of Crestline Homes, Inc.,
        which was sold in May 2007.



                    WALTER INDUSTRIES, INC. AND SUBSIDIARIES
                          RESULTS BY OPERATING SEGMENT
                                ($ in Thousands)
                                    Unaudited

                                                       For the year ended
                                                          December 31,
                                                          ------------
                                                         2008        2007
                                                         ----        ----

      NET SALES AND REVENUES:
      Natural Resources (1)                            $988,385    $638,861
      Sloss                                             206,230     134,918
                                                        -------     -------
        Natural Resources and Sloss                   1,194,615     773,779

      Financing                                         202,702     219,736
      Homebuilding                                      118,541     245,948
                                                        -------     -------
        Financing and Homebuilding Group                321,243     465,684

      Other                                               3,968       6,366
      Consolidating eliminations of intersegment
       activity                                         (32,756)     (6,008)
                                                        -------      ------
                                                     $1,487,070  $1,239,821
                                                     ==========  ==========

      SEGMENT OPERATING INCOME (LOSS):
      Natural Resources (1)                            $321,781    $165,802
      Sloss                                              60,672      11,861
                                                         ------      ------
        Natural Resources and Sloss                     382,453     177,663

      Financing (2)                                      10,986      49,589
      Homebuilding (3)                                  (43,925)     (5,265)
                                                        -------      ------
        Financing and Homebuilding Group                (32,939)     44,324

      Other                                             (29,803)    (17,262)
      Consolidating eliminations of intersegment
       activity                                          (1,152)     (2,632)
                                                         ------      ------

        Segment operating income                        318,559     202,093
      Other debt interest expense                       (26,223)    (18,830)
                                                        -------     -------
      Income from continuing operations before
       income tax expense                              $292,336    $183,263
                                                       ========    ========

    (1) Results for 2007 have been revised to exclude Kodiak, which is
        reported as discontinued operations.

    (2) In 2008, Financing recorded a loss of $17.0 million for the
        ineffectiveness of interest rate hedges that were intended to
        hedge an April 2008 securitization of instalment notes receivable.
        Results for 2008 also include a $10.9 million impairment of
        goodwill and a $3.9 million provision for estimated hurricane
        insurance losses related to Hurricanes Gustav and Ike.

    (3) During 2008, Homebuilding recorded charges totaling $20.7 million
        related to asset impairment and severance obligations arising from
        restructuring actions, including the previously announced closure
        of the business.  Results will be reflected as discontinued
        operations when contractual commitments to complete the
        construction of homes have been fulfilled, which is
        expected to be substantially complete by June 30, 2009.




                     WALTER INDUSTRIES, INC. AND SUBSIDIARIES
                             SUPPLEMENTAL INFORMATION
                                     Unaudited

                                              For the three      For the year
                                               months ended         ended
                                              December 31,       December 31,
                                              --------------     ------------
                                               2008    2007      2008    2007
                                               ----    ----      ----    ----
    Operating Data:
      Jim Walter Resources
        Tons sold by type (in thousands):
          Metallurgical coal, contracts        1,583   1,598     5,844   5,895
          Purchased metallurgical coal           126       -       490      96
                                               -----   -----     -----   -----
                                               1,709   1,598     6,334   5,991
                                               =====   =====     =====   =====

        Average sale price per short ton:
          Metallurgical coal, contracts      $167.19  $85.73   $130.95  $92.21

        Coal cost of sales (exclusive of
         depreciation):
          Mine No. 4 per ton                  $69.08  $47.13    $61.60  $50.94
          Mine No. 7 per ton                  $65.00  $60.74    $77.82  $64.54
              Mines No. 4 and No. 7 per ton
               average                        $66.71  $54.34    $68.81  $57.23
          Mine No. 5 per ton   (1)                $-      $-        $-  $52.63
              Total average                   $66.71  $54.34    $68.81  $57.22
          Purchased coal costs (in thousands) $7,740      $-   $28,150  $8,328
          Other costs (in thousands) (2)      $5,971   $(491)  $16,650  $9,705

        Tons of coal produced (in thousands)
          Mine No. 4                             715     797     3,188   3,074
          Mine No. 7                           1,079     821     2,852   2,692
                                               -----     ---     -----   -----
              Total                            1,794   1,618     6,040   5,766
                                               =====   =====     =====   =====

        Coal production costs per ton: (3)
          Mine No. 4                          $51.59  $38.81    $45.52  $38.64
          Mine No. 7                          $52.74  $46.73    $67.48  $53.72
             Total average                    $52.28  $42.83    $55.89  $45.68

        Natural gas sales, in mmcf (in
         thousands)                            1,781   1,800     6,625   7,204
        Natural gas average sale price
         per mmcf                              $7.92   $7.78     $8.39   $7.81
        Natural gas cost of sales per mmcf     $2.93   $2.75     $3.32   $2.80

      United Land (4)
        Tons sold (in thousands)                 362     183     1,069     247
        Tons of coal produced (in thousands)     348     180     1,049     247


    (1) Mine No. 5 ceased production in December 2006 as planned.  Sales and
        cost of sales amounts in 2007 resulted from the sale of residual
        inventory on hand at December 31, 2006.

    (2) Consists of charges (credits) not directly allocable to a specific
        mine.  Increase in other costs as compared to 2007 includes
        increased idle mine costs, unfavorable reclamation costs, higher
        freight and increased royalties.

    (3) Coal production costs per ton are a component of inventoriable costs,
        including depreciation.  Other costs not included in coal
        production costs per ton include Company-paid outbound freight,
        postretirement benefits, asset retirement obligation expenses,
        royalties, and Black Lung excise taxes.

    (4) United Land includes Tuscaloosa Resources, Inc., which was acquired
        on August 31, 2007, and Taft Coal Sales and Associates, Inc.,
        which was acquired on September 2, 2008.  It excludes Kodiak Mining
         Co., which is reported as discontinued operations.



                   WALTER INDUSTRIES, INC. AND SUBSIDIARIES
                           SUPPLEMENTAL INFORMATION
                                   Unaudited

                                       For the three         For the
                                       months ended          year ended
                                       December 31,         December 31,
                                      ---------------      ------------
                                        2008     2007      2008      2007
                                        ----     ----      ----      ----
    Operating Data (continued):

      Sloss Industries
        Metallurigical coke
         tons sold                    97,927  109,041   409,457   430,887
        Metallurigical coke average
         sale price per ton          $391.28  $225.60   $393.66   $223.08

      Financing
        Delinquencies, as of
         period end                      5.4%     4.6%      5.4%      4.6%
        Prepayment speeds                3.2%     6.9%      4.7%      8.0%
        Number of repossessions          323      388     1,170     1,193
        Repossession rate,
         annualized                      3.4%     3.9%      3.0%      2.9%
        Recovery rate on
         repossessions                  78.2%    81.5%     83.2%     84.7%

      Homebuilding
       (excluding Crestline)
        New sales contracts              187      499     1,149     2,487
        Cancellations                    160      101       561       421
        Unit completions                 146      598     1,252     2,494
        Average contractual
         sales price                $120,274  $99,522  $101,538   $98,683
        Average revenue per
         home sold  (1)              $99,736  $95,657   $89,747   $97,773
        Ending backlog of homes          421    1,085       421     1,085

       Depreciation ($ in
        thousands):
         Natural Resources           $17,372   $9,808   $51,476   $34,377
         Sloss                         1,119      998     4,152     3,822
         Financing                        85      308       416     1,174
         Homebuilding                    238    1,355     2,814     5,151
         Other                           218       49       914     1,035
                                         ---       --       ---     -----
                                     $19,032  $12,518   $59,772   $45,559
                                     =======  =======   =======   =======

      Capital expenditures ($ in
       thousands):(2)
         Natural Resources           $33,842  $40,782  $134,415  $140,210
         Sloss                         1,333    2,729     6,904     7,019
         Financing                        12       80       217       156
         Homebuilding                    240    1,561     1,650     4,200
         Other                            96      274       308       327
                                          --      ---       ---       ---
                                     $35,523  $45,426  $143,494  $151,912
                                     =======  =======  ========  ========


     (1) Includes the effect of the discount required to record instalment
         notes receivable at estimated market value.

     (2) Includes the acquisition of property, plant and equipment under
         capital lease and other obligations totaling $16.4 million and
         $41.7 million during the quarter and year ended
         December 31, 2008, respectively.



                     WALTER INDUSTRIES, INC. AND SUBSIDIARIES
                       CONDENSED CONSOLIDATED BALANCE SHEETS
                                 ($ in Thousands)
                                     Unaudited

                                                           As of December 31,
                                                             2008       2007
                                                             ----       ----
      ASSETS
      Cash and cash equivalents                            $117,672    $30,614
      Short-term investments, restricted                     56,275     75,198
      Instalment notes receivable, net of
       allowance of $18,969
       and $13,992, respectively                          1,769,688  1,837,059
      Receivables, net                                      176,601     81,011
      Inventories                                           133,129     97,324
      Prepaid expenses                                       26,418     36,005
      Property, plant and equipment, net                    515,418    414,463
      Other assets                                          266,125    159,064
      Goodwill                                                    -     10,895
      Assets of discontinued operations                       6,667     25,648
                                                              -----     ------
                                                         $3,067,993 $2,767,281
                                                         ========== ==========

      LIABILITIES AND STOCKHOLDERS' EQUITY
      Accounts payable                                      $72,801    $71,930
      Accrued expenses                                       91,213     83,050
      Accrued interest on debt                               11,362     13,940
      Debt:
        Mortgage-backed/asset-backed notes                1,372,821  1,706,218
        Other debt                                          225,385    225,860
      Accumulated postretirement benefits obligation        369,055    335,034
      Other liabilities                                     293,759    216,007
      Liabilities of discontinued operations                  1,328        529
                                                              -----        ---
      Total liabilities                                   2,437,724  2,652,568

      Stockholders' equity                                  630,269    114,713
                                                            -------    -------
                                                         $3,067,993 $2,767,281
                                                         ========== ==========




                     WALTER INDUSTRIES, INC. AND SUBSIDIARIES
            CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
                             AND COMPREHENSIVE INCOME
                      FOR THE YEAR ENDED DECEMBER 31, 2008
                                 ($ in Thousands)
                                     Unaudited

                                                                   Capital in
                                                          Common    Excess of
                                                Total      Stock    Par Value
                                                -----      -----    ---------

      Balance at December 31, 2007             $114,713     $520     $497,032
      Comprehensive income:
      Net income                                346,580
      Other comprehensive income
       (loss), net of tax:
        Change in pension and
         postretirement benefit plans           (50,961)
        Change in unrealized gain
         (loss) on hedges, net of
         taxes                                    6,710
      Comprehensive income
      Effects of changing the
       pension plan measurement date
       pursuant to FASB 158:
         Service cost, interest cost, and
          expected return on plan assets
          for October 1 -
          December 31, 2007, net of taxes        (4,604)
         Amortization of actuarial gain
          and prior service cost for
          October 1 -
          December 31, 2007, net of taxes           668
      Purchases of stock
       under stock
       repurchase programs                      (64,644)     (16)     (64,628)
      Proceeds from public
       stock offering (1)                       280,464       32      280,432
      Stock issued upon the
       exercise of stock
       options                                    7,993        4        7,989
      Stock issued upon
       conversion of
       convertible notes                            785        1          784
      Dividends paid, $0.30
       per share                                (16,233)              (16,233)
      Stock-based
       compensation                              10,439                10,439
      Other                                      (1,641)               (1,641)
                                                 ------     ----       ------
      Balance at December 31, 2008             $630,269     $541     $714,174
                                               ========     ====     ========


                                                                 Accumulated
                                                      Retained      Other
                                       Comprehensive  Earnings  Comprehensive
                                          Income     (Deficit)  Income (Loss)
                                          ------     ---------  -------------
      Balance at December 31, 2007                   $(290,986)     $(91,853)

      Comprehensive income:
      Net income                         $346,580      346,580
      Other comprehensive income
       (loss), net of tax:
        Change in pension and
         postretirement benefit plans     (50,961)                   (50,961)
         Change in unrealized
          gain (loss) on hedges,
          net of taxes                      6,710                      6,710
                                            -----
      Comprehensive income               $302,329
                                         ========

      Effects of changing the
       pension plan measurement
       date pursuant to FASB 158:
         Service cost, interest cost,
          and expected return on plan
          assets for October 1 -
          December 31, 2007, net
          of taxes                                      (4,604)
         Amortization of actuarial gain
          and prior service cost for
          October 1 - December 31, 2007,
          net of taxes                                                   668
      Purchases of stock under
       stock repurchase programs
      Proceeds from public stock
       offering (1)
      Stock issued upon the
       exercise of stock options
      Stock issued upon conversion
       of convertible notes
      Dividends paid, $0.30 per share
      Stock-based compensation
      Other
                                                       -------      ---------
      Balance at December 31, 2008                     $50,990     $(135,436)
                                                       =======      =========


     (1) In June, the Company completed an offering of 3.2 million shares of
         its common stock at $90.75 per share and received $280.5 million in
         proceeds net of underwriting discounts and offering expenses.



            WALTER INDUSTRIES, INC. AND SUBSIDIARIES
             CONSOLIDATED STATEMENTS OF CASH FLOWS
                       ($ in Thousands)
                          Unaudited

                                                       For the year ended
                                                           December 31,
                                                       ------------------
                                                        2008        2007
                                                        ----        ----

    OPERATING ACTIVITIES
    Net income                                        $346,580    $111,999
      Loss from discontinued operations                 21,554      13,003
                                                        ------      ------
      Income from continuing operations                368,134     125,002

    Adjustments to reconcile income from continuing
     operations to net cash flows provided
     by operating activities net of
     effects of business acquisitions:
      Provision for losses on instalment notes
       receivable                                       21,315      13,889
      Depreciation                                      59,772      45,559
      Provision for (benefit from) deferred income
       taxes                                           (92,520)     (7,066)
      Non cash restructuring and impairment charges     61,459           -
      Other                                             12,276      27,241

      Decrease (increase) in assets:
        Receivables                                    (96,506)      9,282
        Inventories                                    (34,340)      4,825
        Prepaid expenses                                23,878       8,021
        Instalment notes receivable, net                31,415     (65,432)
      Increase (decrease) in liabilities:
        Accounts payable                                  (816)      2,439
        Accrued expenses                                 2,833     (12,832)
        Accrued interest                                (2,578)     (3,113)
                                                        ------      ------
        Cash flows provided by operating activities    354,322     147,815
                                                       -------     -------

    INVESTING ACTIVITIES
      Acquisitions, net of cash acquired (1)           (17,932)    (11,650)
      Purchases of loans                                     -     (39,900)
      Principal payments received on purchased loans    14,641      34,081
      Decrease in short-term investments, restricted    18,923      14,584
      Additions to property, plant and equipment (2)  (101,813)   (151,913)
      Other                                              8,099       5,975
                                                         -----       -----
        Cash flows used in investing activities        (78,082)   (148,823)
                                                       -------    --------

    FINANCING ACTIVITIES (2)
      Issuances of mortgage-backed/asset-backed notes   25,000     189,200
      Payments of mortgage-backed/asset-backed notes  (358,458)   (219,793)
      Proceeds from issuances of other debt            340,000           -
      Retirements of other debt                       (398,709)    (44,679)
      Proceeds from stock offering                     280,464           -
      Purchases of stock under stock repurchase
       program                                         (64,644)     (5,627)
      Other                                            (11,061)     (3,202)
                                                       -------      ------
        Cash flows used in financing activities       (187,408)    (84,101)
                                                      --------     -------
        Cash flows provided by (used in)
        continuing operations                           88,832     (85,109)
                                                        ------     -------

    CASH FLOWS FROM DISCONTINUED OPERATIONS
      Cash flows provided by (used in)
      operating activities                               2,695      (7,169)
      Cash flows used in investing activities           (4,469)     (4,478)
                                                        ------     -------
        Cash flows used in discontinued operations      (1,774)    (11,647)
                                                        ------     -------

    Net increase (decrease) in cash and cash
     equivalents                                       $87,058    $(96,756)
                                                       -------    --------

    Cash and cash equivalents at beginning of year     $30,614    $127,369
    Add: Cash and cash equivalents of
    discontinued operations at beginning of year             -           1
    Net increase (decrease) in cash and cash
     equivalents                                        87,058     (96,756)
                                                       -------    --------
    Cash and cash equivalents at end of year          $117,672     $30,614
                                                      ========     =======

    (1) On September 2, 2008, the Company acquired Taft Coal Sales &
        Associates, Inc. for a cash payment of $17.1 million, net of
        $3.0 million of cash acquired. The fair value of assets acquired
        and liabilities assumed totaled $71.7 million and $51.6 million,
        respectively.  On August 31, 2007, the Company acquired Tuscaloosa
        Resources, Inc. for a cash payment of $11.7 million, net of
        $0.4 million of cash acquired.  The fair value of the assets acquired
        and liabilities assumed totaled $26.3 million and $14.2 million,
        respectively.

    (2) Non-cash investing and financing activities include the acquisition of
        property, plant and equipment under capital lease and other
        obligations totaling $41.7 million in 2008 and one-year property
        insurance financing totaling $13.9 million and $12.5 million in 2008
        and 2007, respectively.