PrimeEnergy Corp. stated it may have opportunities to acquire oil rigs in the Gulf of Mexico, as some companies leave the region in the face of a perceived tightening of regulatory policy following the destruction of the Deepwater Horizon rig and oil spill.
Stamford-based PrimeEnergy drills for oil in the Gulf, Texas, Oklahoma and several other states, and provides oilfield services to other companies. PrimeEnergy recorded earnings of $6.2 million in the second quarter as revenue gushed up 44 percent to nearly $33 million.
In July, PrimeEnergy entered a joint development agreement with a South Korean consortium to develop oil properties in west Texas; as of mid-August, the companies had started drilling 14 of 24 wells in the first phase of the project, five of which were on line and producing oil.
Photronics Inc.
Thanks to increased demand for high-end integrated circuits and a focus on cash management, Photronics Inc. found itself exiting the third quarter with a net cash position of $16 million, having entered it with net debt owed of $17 million.
Brookfield-based Photronics makes photomasks and reticles used to create circuitry on semiconductors and flat-panel displays. In the third fiscal quarter ending Aug. 1, sales were up 18 percent to $112 million; the company turned a $7.7 million profit after losing nearly $23 million a year ago.Â
Independence Holding Co.
After absorbing an unusually high incidence of death and disability claims during the first quarter, Independence Holding Co.”™s second-quarter results were more in line with their historic averages.
Stamford-based Independence Holding owns several life insurance companies including American Independence Corp., which it acquired in March. The company socked away $1.7 million in the second quarter as earned premiums rose 10 percent to nearly $85 million, with American Independence contributing nearly $20 million of that amount.
That helped Independence Holding overcome a slight decline in investment income to boost total revenue 6 percent to $106 million.
“Our first quarter results were adversely impacted by a much higher than expected incidence of death and long-term disability claims in our group business,” said Roy Thung, CEO of Independence Holding, in a prepared statement. “These results did not reoccur in the second quarter and the higher than expected death claims should approach the average over future periods.”
Trans-Lux Corp.
In the second quarter, Trans-Lux Corp. laid off 50 employees and closed a manufacturing facility in Stratford, as it worked to streamline business operations in its first full quarter under new CEO J.M. Allain.
Trans-Lux sells digital displays used in retail stores, as well as digital billboards. The company narrowed its second quarter loss to $2.6 million from $3.8 million a year ago, despite recording 15 percent less revenue at $6.3 million.
“We have implemented tremendous changes in the way we conduct virtually every facet of our business to reflect the new Trans-Lux business model,” Allain said, in a prepared statement. “We are making strategic investments to deliver the next generation of digital signage and display solutions, and to establish new partnerships in various segments of the digital display industry that will further cultivate long-term growth.”
Drinks Americas Holdings Ltd.
For Drinks Americas Holdings Ltd., the glass was half-empty in fiscal 2010 ”“ more than half actually ”“ but the company hopes to revitalize sales with a nascent distribution agreement and the pending introduction of Rheingold Beer.
From a four-employee office in Wilton, Drinks Americas markets various brands of liquor, some of them branded with the names of celebrities like Donald Trump, Kid Rock and Willie Nelson. For the fiscal year ending April 30, sales drained by nearly two-thirds to under $900,000.
The company is transitioning to a new distribution agreement with Houston-based Mexcor Inc., and said that volume rose from 2,400 cases in June to 5,200 cases in July.
