WESTON, Fla., April 27, 2004 (PRIMEZONE) -- Wall Street News Alert's "stocks to watch" this morning are: ICR Systems, Inc. (Pink Sheets:ICRX), OSI Pharmaceuticals Inc. (Nasdaq:OSIP), Onyx Pharmaceuticals Inc. (Nasdaq:ONXX) and BioCryst Pharmaceuticals (Nasdaq:BCRX).
Aggressive investors need to monitor ICR Systems, Inc. (Pink Sheets:ICRX) this morning! Yesterday after the markets closed, the company issued a press release announcing the financial results for the first quarter of 2004!
This could be the news that investors have been waiting for! Results are broken down by operating division. For the first quarter of 2004, there were two divisions reporting operations. According to the press release, in the contracting division, total revenues increased 102%, gross profit increased 60% and net income before taxes increased 61% as compared to the year ago quarter.
In the service division total revenues increased 4%. As expected, due to the expansion costs of opening the new service areas in Northeast Atlanta Area, gross profits and net income before taxes decreased for the quarter.
Keep your eyes on this company! Company CEO Trey Meehan commented on the financial results. "I am pleased with the progress thus far in 2004. Our contract department has been able to book significantly more revenues this quarter as compared to last year. Additionally, we currently have over $1 million in contracts to complete and we anticipate that new contracts will begin to pick up in the second half of the year.
"I am pleased to report that on a consolidated basis, our company showed profitable financials for fiscal 2003. Additionally, each operating division with revenues was profitable on a stand alone basis for the year. We will continue to look for ways to improve profitability by expanding margins and improving revenues at the subsidiary level. Initial indications are positive for construction spending in the second half of 2004 in the industrial and commercial markets as compared to the prior two years."
The stock closed yesterday at twenty-nine cents a share.
In case you are not familiar with the company: ICR Systems, Inc. is a publicly traded holding company that operates through its wholly owned subsidiaries. Currently the company has five operating subsidiaries: ICR Systems of Georgia, ICR Systems of Florida, ICR Power Solutions, Meehan Electric Company and Florida Bio-Compliance.
ICR Systems of Georgia and ICR Systems of Florida represent a diversified group of companies including electrical service, HVAC and plumbing contractors. ICR Power Solutions is a turnkey power solutions company that combines the sales and installation process of alternative power source products such as generators, solar and wind. In the future, fuel cell technology may be added to the product list. Meehan Electric is an electrical contracting firm founded in 1959 that performs electrical contracting services in the Southeastern United States. Florida Bio-Compliance is a bio-hazardous waste incineration facility primarily engaged in the destruction of "red bag" waste produced by medical offices and hospitals.
The company intends to grow its business through internal expansion and through the acquisition of companies from a variety of industries to broaden its contracting, manufacturing and sales capabilities.
Stocks showing interesting activity yesterday were: OSI Pharmaceuticals Inc. (Nasdaq:OSIP) up 138.8% on 59.3 million shares traded, Onyx Pharmaceuticals Inc. (Nasdaq:ONXX) up 16.2% on 4.1 million shares traded and BioCryst Pharmaceuticals (Nasdaq:BCRX) up 17.7% on 661,300 shares traded.
Commentary:
"Gasoline hit an all time high once again with a national average of $1.82 per gallon for self-serve, pump up your own, cheapest low octane gas. Prince Bandar, Ambassador of the Saudi Family, was on national T.V. Monday morning saying 'we want gas at $25 dollars a barrel.' Currently, it has wavered around $37+ the last several weeks," stated Sonja Rudd in Wall Street News Alert's daily commentary continued at: http://www.WallStreetNewsAlert.com.
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