Benzinga's Microcap Movers for Friday June 8, 2012
Below are highlights from Benzinga's daily coverage of microcap securities making big moves:
Century 21 China
IFM Investments Limited (NYSE: CTC), the exclusive franchisor for the CENTURY 21 brand in China, rose 23.81% Friday on 14 times the average daily volume.
IFM Investments Limited announced Friday that the Company and the Company's founders have completed the settlement with GL Asia Mauritius II Cayman Ltd. previously announced on April 30, 2011. The parties have jointly withdrawn or terminated all outstanding proceedings against the Company, including the petition to request an order to wind up the Company and other remedies filed by GLA on December 30, 2011, in the Grand Court of the Cayman Islands.
This settlement does not change the respective shareholding in the Company of the Company's founders and GLA. As of June 8, 2012, the latest practicable date, the Company's founders are the largest beneficial owners of the Company with approximately 40.5% of the Company's shares.
The Company today also announced that its board of directors has adopted the first amendment to the Company's shareholder rights plan dated November 17, 2010. The amendment, exempting certain circumstances from triggering the Rights Plan, was adopted on June 6, 2012 pursuant to the settlement among the Company, the Company's founders and GLA.
IFM Investments Limited closed at $1.30 on Friday.
Optical Cable Corporation
Shares of Optical Cable Corporation (NASDAQ: OCC), the Roanoke, VA designer of fiber optic, and copper data communications cabling rose 30.14% Friday on 45 times the average daily volume.
Optical Cable announced Friday financial results for its fiscal second quarter ended April 30, 2012. The Company achieved increases in net sales, gross profit and net income for both the quarter and year-to-date periods, compared to the same periods in fiscal year 2011.
Consolidated net sales for the second quarter of fiscal 2012 increased 28.3% to $22.1 million, compared to consolidated net sales of $17.2 million for the same period last year. Gross profit increased 49.1% to $8.9 million in the second quarter of fiscal 2012, compared to $5.9 million in the second quarter of fiscal year 2011. Gross profit margin, or gross profit as a percentage of net sales, increased to 40.2% in the second quarter of fiscal 2012 from 34.6% in the second quarter of fiscal year 2011.
Optical Cable Corporation closed at $3.80 on Friday.
Shares of Adept Technology (NASDAQ: ADEP), the Pleasanton, CA provider of intelligent vision-guided robotics systems and services, rose 13.40% Friday on average volume.
Adept Technology, a leading provider of intelligent vision-guided and autonomous mobile robotic solutions, today announced details of its previously announced public offering of common stock. Adept has agreed to sell 800,000 shares of its common stock at a price of $4.00 per share and has granted the underwriter a 30-day option to purchase up to 120,000 additional shares of common stock to cover over-allotments, if any. Subject to the satisfaction of customary conditions, the offering is expected to close on or about June 13, 2012.
Adept Technology closed at $4.57 on Friday.
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.
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