Benzinga's Microcap Movers for Thursday May 3, 2012
Below are highlights from Benzinga's daily coverage of microcap securities making big moves:
New Oriental Energy & Chemical Corp
Shares of New Oriental Energy & Chemical Corp (NOEC), the China-based producer of Urea, Ammonium Bicarbonate, Methanol and DME, rose 566% Thursday on 40 times the average daily volume.
New Oriental Energy & Chemical Corp. announced Thursday the completion of a Share Exchange Agreement by and among the Company and British Virgin Islands-based Anothen Recycling Company ("Anothen"). Pursuant to the Agreement, Anothen has become a wholly-owned subsidiary of NOEC and the ongoing operations of the Company are now those of the Anothen operating subsidiary, Tianjin Xingyang Package Co., Ltd. ("Xingyang"), based in Tianjin City, The People's Republic of China. Effective with the closing, Mr. Zhang Tongde, 44, Xingyang's founder, CEO and president, has been appointed Chairman of the Board of the Company.
"We experienced significant progress in 2011," Mr. Zhang Tongde said, "with record revenues, and rapid growth in particular in our recycling business. During the year, our recycled paper sector accounted for over 21.5% of our revenues for the first time, a percentage we anticipate will be higher in the current year as rapid growth in this sector continues.
New Oriental Energy & Chemical Corp closed at $0.08 on Thursday.
Shares of Infosonics (IFON), the San Diego, CA provider of wireless handset solutions serving Latin America, Europe, Africa and Asia Pacific, rose 56% Thursday on 33 times the average daily volume.
InfoSonics Corporation announced Thursday results for its first quarter ended March 31, 2012.
InfoSonics reported net sales for the first quarter of 2012 of $12.4 million, which represents a 30% increase over $9.5 million for the first quarter of 2011. Gross profit in the first quarter of 2012 was $2.3 million, a 178% increase over $812,000 in the 2011 first quarter. Operating expenses in the first quarter of 2012 were $2.1 million, an increase of 16% compared to $1.8 million in the 2011 first quarter. This reflects an 11% increase in sales and marketing expenses primarily attributable to increases in personnel, commissions on higher sales volume and expenses related to new product launches. In addition, R&D expenses rose by 40% as we expanded our development team and introduced more new models. Net income for the first quarter of 2012 was $105,000, or $0.01 per share, compared to a net loss of $894,000, or $0.06 per share, in the first quarter of 2011.
Infosonics closed at $1.25 on Thursday.
Shares of Inventure Foods (NASDAQ: SNAK), the Phoenex, AZ specialty food marketer and manufacturer, rose 12.29% Thursday on 8 times the average daily volume.
Inventure Foods reported Thursday record financial results for the first quarter ending March 31, 2012, highlighted by double-digit net revenue growth in both the Snack and Frozen segments and record first quarter earnings of $0.09 per fully diluted share. Inventure generated record net revenues of $47.0 million for the first quarter, an increase of 28.3%, or $10.4 million versus the prior-year first quarter, attributable to strong performance in both the Snack and Frozen segments.
Inventure Foods closed at $4.09 on Thursday.
The information in this article is taken from public sources, press releases, and websites that cannot always be verified. Please note that investing in microcap stocks is highly speculative. The companies mentioned here are for information purposes only. Benzinga makes no claim as to the suitability of these stocks as an investment. Neither Benzinga nor its staff recommend that you buy, sell, or hold any security. We do not offer investment advice, personalized or otherwise. Benzinga recommends that you conduct your own due diligence and consult a certified financial professional for personalized advice about your financial situation.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.