Good morning to you all. Please find enclosed a summary of the great small-cap and micro-cap press releases we highlighted on our TV show this morning. It’s May 14th and we’ve found 8 great press release from both sides of the border to report on at the open. Another great day for the small-cap and micro-cap world.
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Now, onto our show notes for the day.
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AutoInfo, Inc. (OTCBB: AUTO)
Announces Quarterly Results
- Gross revenues of $36.6 million as compared with $22.1 million for the prior year period.
- Net revenues (gross revenues less the direct cost of transportation) were $6.7 million an increase of 39%.
- Net income and basic earnings per share were $490,000 and $.02 per share, respectively, as compared with $326,000 and $.01 per share for the prior year period.
AutoInfo, Inc., operating through its Sunteck subsidiary, is a non-asset based transportation services company, providing transportation capacity and related transportation services to shippers throughout the United States, and to a lesser extent, Canada. Our non-asset based services include ground transportation coast to coast, local pick up and delivery. We have strategic alliances with less than truckload, contract carrier, common carriers and independent owner-operators to service our customers’ needs quickly and effectively.
0.75 (1.00 – 0.61)
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FirstFlight, Inc. (OTC BB: FFLT)
Announces Financial Results for Quarter Ended March 31, 2008
- Revenue for the three months ended March 31, 2008 increased 23.9 percent to $13.9 million as compared to revenue of $11.2 million for the three months ended March 31, 2007. This increase resulted from stronger performance by each of the Company’s segments.
- The Company’s charter segment generated approximately $11.5 million in revenue, a 21.4 percent increase over revenue of approximately $9.5 million generated in the prior year period.
- Net income for the three months ended March 31, 2008 was $103,000, as compared to a net loss for the three months ended March 31, 2007 of $125,000, an improvement of approximately $228,000. This increase was driven by an improvement in the Company’s operating results.
- Adjusted EBITDA of $356,399 for the three months ended March 31, 2008, an improvement of approximately $420,000 as compared to the three months ended March 31, 2007.
FirstFlight is an aviation services company. The Company’s operations are conducted in three core segments: aircraft charter management activities, fixed based operations (FBOs), and aircraft maintenance. Charter management is the business of providing on-call passenger air transportation. Fixed base operations provides services such as fueling and hangaring for private/general aviation aircraft operators. The Company’s aircraft maintenance business is conducted at its FAA-certificated facilities. (www.FFLT.com)
0.33 (0.55 – 0.26)
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Avatech Solutions, Inc. (OTCBB: AVSO)
Reports Third Consecutive Quarter of Profitability and Net Income of $1.0 Million 
Q3
- For the third quarter of fiscal 2008, the Company reported revenues of $12.8 million, compared to $14.6 million in the prior-year quarter. Revenue included $770,000 in commission from the Company’s largest single software sale to date.
- Operating income was $1.3 million, compared to a loss of $111,000 for the prior year quarter. For the three months ended March 31, 2008,
- Company reported net income of $1.0 million, or $0.05 per fully diluted share, compared to a net loss of $200,000, or $(0.02) per fully diluted share,
9M
- Company reported revenues of $38.1 million, compared to $39.0 million in the prior-year period.
- Operating income was $3.1 million, compared to $668,000 for the prior year period
- Net income for the period was $2.3 million, or $0.12 per fully diluted share, compared to $0.3 million, or $0.00 per fully diluted share, for the same period in the prior fiscal year.
A professional services company for design and engineering technologies. Avatech advances the way organizations design, develop, and manage building, infrastructure, and manufacturing projects. Fortune 500 and Engineering News Record’s Top 100 companies work with Avatech to gain a competitive advantage through technology consulting, implementation, training, and support services. One of the world’s largest integrators of Autodesk software, Avatech designs systems that accelerate innovation while improving quality and profitability. For more information please visit www.avatech.com.
0.89 (1.61 – 0.65)
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Emergent Group Inc. (OTCBB: EMGP)
Reports First Quarter EPS of $0.08 On Record Sales 
- First quarter revenues increased 3% to a record $4,504,289, compared to revenues of $4,382,808 for the same period in 2007.
- Net income was $431,900 or $0.08 per basic share for the first quarter, as compared to net income of $517,110 or $0.10 per basic share for the same period in 2007.
- The Company’s cash position as of March 31, 2008 was $1,532,150 after payment of a $0.30 per share dividend ($1,686,095) in January 2008.
Provides mobile laser and surgical equipment on a per procedure basis to hospitals, out-patient surgery centers, and physicians’ offices.
3.00 (4.02 – 2.50)
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Integrated Management Information, Inc. (IMI Global) (OTCBB: INMG)
Reports First Quarter 2008 Financial Results
- First quarter revenue up 54% to $725,200 from $471,300
- 5% sequential increase – $688k in Q4
- Highest revenue quarter in Company’s history
- Gross profit increased 37% in the first quarter to $373,800 from $272,600
- Net loss reduced by 79% year over year
Provider of verification and Internet solutions for the agricultural/livestock industry,
.25 (0.27 – 0.07)
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Keegan Resources Inc. (TSX VENTURE: KGN) (AMEX: KGN)
Hits Discovery Hole in NW Structure at Asumura Gold Project
– Announced that it has intersected 14 m of 4.47 g/t Au along the NW structure at its Asumura Property in SW Ghana.
– The intercept comes from one of the fences of shallow reconnaissance drill holes that Keegan has drilled as an initial test of this structure.
President and CEO Dan McCoy states: “This is an exciting discovery in an entirely new location within significant identified structures. The total strike length of this structure on the combined Asumura and the recent Mt Olive’s acquisition is at least 13 km. After we have had time to interpret the gold results together with the geophysics and geology, we will follow up with future drill programs at Asumura along with a continuation of augur sampling and drilling on the Mt Olives concession.”
Last 3.79
Range: 5.58-2.22
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Golden Chalice Resources (GCR: TSXV)
Provides New Model For Langmuir Nickel Property
Announce that a diagram of large conductive bodies identified by new modeling of the Langmuir airborne VTEM data is now available on the Company website, www.goldenchaliceresources.com.
This modelling has detected numerous large conductive bodies at depth that have geophysical signatures similar to the discovery zone.
The conductive bodies occur at depths of over 300 meters beneath the discovery zone. They can be traced for over 2 kilometres along strike.
They have never been tested and occur well beneath any drilling to date.
Management is extremely encouraged by the results to date and plan to continue to test these deep conductive targets with two drills.
For additional information on the Langmuir Discovery, including a diagram of the nickel discovery zone and a cross section, please visit the Hub on AGORACOM
Last: $1.18 (up 140% since beginning of May)
Range: $4.05-$0.28
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Firstgold Corp. (Toronto:FGD.TO) (OTC BB:FGOC.OB)
To List on TSX on May 14, 2008
Firstgold CEO Steve Akerfeldt said, “Our TSX listing is an important milestone for the company as well as a significant accomplishment. Over the past year, we have succeeded in raising approximately $20 million in working capital for the development of our Relief Canyon project. Relief Canyon is located outside Lovelock Nevada on the site of the previously producing Pegasus Gold Mine. The Relief Canyon Gold Mine Project recently had its Plan of Operation reinstated in the State of Nevada. We look forward to executing on our business plan of conducting extensive drilling and development analysis on the project.”
Last 0.61