Stocks In News: Tidewater Inc. & Antares Pharma
Tidewater Inc. (NYSE:TDW) in an update to the ongoing negotiations with Sonangol, the national oil company of Angola, regarding Sonatide, the joint venture said that the provider of offshore supply vessels and marine support services, is evaluating redeployment of its rigs from Sonagol.
TDW is in negotiations with its venture partner to further its contract of joint venture that comes to an end in March, 2012. The Company’s modified contract proposal is in consideration by Sonagol, but, Tidewater has been advised not consider further vessel contracting activity by Sonatide until the joint venture negotiations have been resolved to the parties’ mutual satisfaction.
Majority of Tidewater’s revenue is derived by vessel contracting to Sonagol as compared to other countries almost comprising 23% of its consolidated vessel revenue.
Tidewater Inc. (NYSE:TDW) was trading at $55.26 (down 5.65%) at a volume of 734.78K shares.
Antares Pharma Inc (NYSEAMEX:AIS) reported robust fourth quarter 2011 revenue increase of 65% to $5.4 million as compared to $3.3 million in the last reported fiscal.
Development revenues increased to $1.7 million in the quarter based on the auto injector and pen injector development work for Teva. Royalty revenue received by the pharma company was $1.3 million for the reported quarter and $3.1 million for the year ended December 31, 2011.
Higher development and royalty revenue accompanied with lower operating costs resulted in decrease in the net loss incurred of $0.2 million in Q4 2011 as compared to net loss of $1.3 million incurred in Q4 2010. Loss for the FY 2011 was $4.4 million or $0.05 per share as compared to loss of $6.1 million or $0.07 per share incurred in FY 2010.
Antares Pharma Inc (NYSEAMEX:AIS) traded at $2.70 (down 8.16%) at a volume of 1.93 million shares as opposed to the average volume of 1.3 million shares.
