Hi there, just bought into YLO because I heard through a BNN inquiry that they should stabilize around $4.00, although they will reduce their 6% dividend to 1.5% – not bad for a newbie.

5N Plus Inc. Reports Fourth Quarter Results and Record Revenues and Earnings for Fiscal Year 2011

Press Release Source: 5N PLUS INC. On Wednesday August 24, 2011, 7:00 pm EDT

MONTREAL, Aug. 24, 2011 /CNW Telbec/ – 5N Plus Inc. (Toronto:VNP.TO), the leading producer of specialty metal and chemical products, today reported financial results for its fourth quarter and fiscal year ended May 31, 2011 in which revenues, earnings, EBITDA, funds from operations and backlog all reached record levels.

On April 11, 2011, 5N Plus announced that it had completed the acquisition of MCP Group SA. Results for the quarter and year ended May 31, 2011 include the operating results of MCP from the date of acquisition. 5N Plus now operates and reports operating performance under two business segments, namely Electronic Materials and Eco-Friendly Materials.

Revenues for the fourth quarter ended May 31, 2011 reached $119.8 million, an increase of 507% over revenues of $19.7 million for the fourth quarter of the last fiscal year. Revenues for the fiscal year ended May 31, 2011 were $178.8 million up by 153% over revenues of $70.8 million in the last fiscal year. The backlog of orders expected to translate into sales over the next twelve months was $253.8 million as at May 31, 2011 compared to $52.7 million one year earlier.

Net earnings from continuing operations for the fourth quarter were $10.0 million or $0.17 per share, representing a 130% increase compared to net earnings from operations of $4.4 million or $0.09 per share for the fourth quarter of the last fiscal year. For the fiscal year ended May 31, 2011, net earnings from continuing operations were $21.6 million or $0.44 per share, which is 43% higher than in the last fiscal year where net earnings from continuing operations were $15.1 million or $0.33 per share.

EBITDA for the fourth quarter increased by 209% to $19.2 million up from $6.2 million for the fourth quarter of the previous fiscal year. EBITDA reached $36.8 million for the fiscal year ended May 31, 2011, an increase of 60% compared to EBITDA of $22.9 million in the last fiscal year.

Funds from operations, which is defined as the amount of cash generated from operating activities before changes in non-cash working capital, increased to $13.1 million in the fourth quarter and $29.6 million in the fiscal year ended May 31, 2011. This compares to $5.7 million and $20.4 million, respectively, for the corresponding periods of the last fiscal year.

Shareholders’ equity increased during the quarter to $348.9 million as at May 31, 2011, up from $125.7 million one year earlier, following the acquisition of MCP and the issuance on April 11, 2011 of 13.6 million shares for gross proceeds of $125.0 million.

The Board of Directors of 5N Plus has agreed to change the financial year-end of 5N Plus from May 31 to December 31. This will align the financial year-ends of both 5N Plus and MCP and result in a simplification of internal processes with all subsidiaries and business units using the same reporting periods. The first quarter ending September 30, 2011 will include four months of 5N Plus’ results and the annual period ending December 31, 2011 will include seven months of results.

As previously announced, 5N Plus also secured on August 12, 2011 a new $250 million senior secured multi‐currency revolving credit facility with a syndicate of seven banks led by National Bank of Canada and HSBC Bank. This facility replaces the company’s existing $50 million two‐year senior secured revolving facility with National Bank of Canada and eventually most of MCP’s credit facilities.

Jacques L’Ecuyer, President and Chief Executive Officer, said “We are pleased to report our fourth quarter and year-end results for what has been a truly outstanding period for 5N Plus. With the acquisition of MCP, we have literally transformed our company into a specialty metals and chemicals powerhouse with a strong focus on clean technology markets. Our fourth quarter and year-end results, which are at record levels both in terms of revenues and profitability, are very much in line with our expectations and quite indicative of what we believe the future holds for our company. We now have a much broader product portfolio and a well diversified customer base supported by operations worldwide and a strong commercial network, providing an expanded organic growth platform that we can leverage to further develop our company.”

Mr. L’Ecuyer continued, “With revenues increasing by more than 500% in the quarter and earnings more than doubling following the acquisition of MCP, it is easy to lose sight of some of the other accomplishments that were made during the year. These include the renewal and extension of our contract with First Solar until the end of 2015, the set-up of an integrated germanium production capacity following construction and commissioning of a new facility in Trail, British Columbia, our investments in Sylarus, and the development of a solar module recycling facility in Wisconsin, all of which have enabled us to further strengthen our business. In addition, we also received several awards during the year related to the cleantech technology sector, recognizing our efforts in both recycling and sustainable development.”

Mr. L’Ecuyer concluded, “As we begin our new fiscal year, we would like to thank our employees and investors for their support and confidence, and extend a special welcome once again to those employees of MCP. With our backlog of more than $250 million and a suite of products aimed at a number of exciting and growing applications, we are more confident than ever that we can continue to execute on our growth plan and deliver another solid year of operational and financial performance.”

Click here for the complete release…

Find this article and view the video at: http://www.cnn.com/2010/WORLD/meast/08/25/oman.tourism.ambition/index.html?section=cnn_latest

By Rima Maktabi, CNN

STORY HIGHLIGHTS

• Southern Oman is famous for the beauty of its summer monsoon season
• The region’s rugged, untouched natural sites are a tourism draw
• The Persian Gulf nation has historically been overlooked as a vacation destination
• Oman is developing the tourism industry to diversify its oil-dependent economy

Salalah, Oman (CNN) — As temperatures soar across the Persian Gulf, one oasis is blossoming with greenery.

The summer monsoon season, or “khareef,” draws visitors from around the world to Oman’s southern reaches. For forty-five days, the coastal city of Salalah celebrates cool temperatures and welcome drizzle with a festival of stars, singers and artists from across the Arab world.

But locals are most proud of what waits outside the carnival tents and market stalls.

Oman’s natural beauty remains relatively untouched compared to the Gulf’s developed urban centers. Don’t visit expecting Dubai’s skyscrapers and shopping malls. Oman touts the quiet grandeur of its mountains, deserts and beaches, according to Sultan Bin Hamdoon Al Harthi, head of the Muscat Municipality.

He told CNN: “We have been blessed with this terrain. And this is one of the elements that identify us from others. We have these mountains. It’s a very rugged landscape, which has its own mystique and its own haunting beauty.”

Publicizing this trove of natural resources and making it accessible to tourists, has become a top priority for officials — and they are spending big money on it.

Estimates are that investments to expand facilities for tourism across Oman will amount to $20 billion over the next few years, according Business Monitor International.

Oman wants to attract 12 million visitors annually by 2020, according to the head of the state airline. He said country’s long term plan is to diversity from its current dependence on oil and gas production.

Currently, visitors can already choose among 11 five-star hotels and resorts throughout the country. The two hundred acres of private beach and gardens of the Al Bustan Palace Hotel in Muscat bring nature straight to the tourist. Adventure-seekers can also take in camel racing, whale and turtle watching, and climbing and caving further afield.

Sultan Quaboos Bin Said, Oman’s ruler, has steadily opened his country to foreign visitors since assuming power in 1970. He sees travel and tourism as an essential part of his nation’s economic development, according to Oman’s Ministry of Information.

But the expansion is calculated to balance luxury resorts with the country’s uniquely rugged, undeveloped landscape. Unlike the high rises of Dubai and Abu Dhabi, Oman’s walled cities and ancient forts emphasize historic architecture, including several UNESCO World Heritage sites.

Other draws include fragrant frankincense trees dotted along medieval trade routes, mosques rich with Islamic art and 2,000-year-old archeological sites, according to UNESCO.

Al-Harthi said: “It is extremely significant for cities to have an identity, to have character, to avoid any urban alienation to its residents. We try to keep it humane as possible, in the face, of course, of the throes of modernism.”

Oman still has work to do to distinguish itself as an international destination.

Historically, the sultanate has been largely overlooked by visitors, and tourism made up only four percent of the economy in 2008, according to Business Monitor International.

But as Oman tries to diversify from its oil industry in search of a prosperous future, it is banking on its other natural resources — the green mountains and flowering desert that stretch up from sea.

22-Dec-2010

Other Events

ITEM 8.01 Other Events

Omagine LLC, an Omani company (“LLC”) is a wholly owned subsidiary of Omagine Inc. (“OMAG”). In November 2009, OMAG organized LLC in Oman and invested 20,000 Omani Rials (approximately $52 thousand U.S. Dollars) into LLC in exchange for one hundred percent (100%) of the capital stock of LLC. LLC has recorded 192,500 Omani Rials ($500,500) on its accounting records (the “Capitalized Pre- Organization Expense”) which represents a portion of the expenses incurred to date by OMAG on behalf of LLC.

Consolidated Contractors International Company, SAL (“CCIC”), a Lebanese company headquartered in Athens, Greece is a 50 year old multi-national construction company with $5 billion in annual revenue; over 150,000 employees worldwide; and operations in, among other places, all the countries in the Middle East.

Consolidated Contracting Company S.A., a Panamanian company (“CCC”) is a wholly owned subsidiary of CCIC and is the investment arm of
CCIC. Consolidated Contractors (Oman) Company LLC, an Omani company (“CCC – Oman”) is CCIC’s operating subsidiary in the Sultanate of Oman.

On December 18, 2010, each of CCC and OMAG signed a subscription agreement (“Subscription Agreement”) with LLC. Simultaneously with the execution of their Subscription Agreement, each of CCC and OMAG also signed a shareholders’ agreement with respect to the ownership, management and operation of LLC (the “Shareholder Agreement”).

Pursuant to the terms of the Shareholder Agreement and the CCC Subscription Agreement, CCC agreed to invest 19,010,000 Omani Rials (approximately $50 million U.S. Dollars) into LLC in exchange for fifteen percent (15%) of the capital stock of LLC. The Shareholder Agreement and the CCC Subscription Agreement also contemplate that CCC – Oman will be the General Contractor for the Omagine Project which is planned to be developed in the Sultanate of Oman by LLC.

Pursuant to the terms of the Shareholder Agreement and the OMAG Subscription Agreement, OMAG agreed to invest an additional 255,000 Omani Rials (approximately $663 thousand U.S. Dollars) into LLC (the “Additional Investment”) in exchange for additional shares of the capital stock of LLC. The net result of the Additional Investment is that OMAG will own fifty five percent (55%) of LLC. The Shareholder Agreement and the OMAG Subscription Agreement further specify that 192,500 Omani Rials ($500,500) of such Additional Investment shall be paid by OMAG to LLC only after the payment by LLC to OMAG of the 192,500 Omani Rials ($500,500) debt associated with the Capitalized Pre-Organization Expense.
The Shareholder Agreement further specifies that LLC will have two other shareholders (the “Omani Shareholders”) in addition to OMAG and CCC. The Omani Shareholders are (1) the Office of Royal Court Affairs (“RCA”) which is the personal representative of His Majesty Sultan Qaboos bin Said, the ruler of Oman, and (2) Al-Mabkhara LLC, an Omani limited liability company (“ALM”).

The Shareholder Agreement presently contemplates that the ownership of LLC will be as follows:

OMAG      55%RCA       25%CCC       15%ALM        5%

and that subsequent to the investments into LLC being made by the above shareholders, the capital of LLC will be 30,034,375 Omani Rials (approximately $78 million U.S. Dollars).

Although the Shareholder Agreement and the OMAG and CCC Subscription Agreements presently represent legally binding commitments for approximately 64% of LLC’s capital target, the remaining 36% will not be assured until the Shareholder Agreement is signed by both RCA and ALM and a Subscription Agreement is signed by each of RCA and ALM.

Discussions between OMAG management and each of RCA and ALM are well advanced and ongoing and OMAG is confident that:

(a) these discussions will be successfully concluded shortly after January 1, 2011, and

(b) as a result of the conclusion of such discussions the above proposed percentage ownership of ALM (but not its investment amount) and OMAG may change slightly.

The 15% ownership of LLC by CCC and the approximately $50 million investment into LLC by CCC will not change or be affected in any way by the foregoing discussions.

The Government of Oman and all private businesses in Oman are closed from December 23rd until December 31st in celebration of the National Day and the 40th anniversary of the reign of His Majesty Sultan Qaboos. OMAG therefore expects to conclude its final negotiations with each of RCA and ALM shortly after January 1, 2011.

Separately, LLC’s attorneys were informed yesterday by the Ministry of Tourism (“MOT”) that the Development Agreement has now been

approved by the Ministry of Legal Affairs (“MOLA”) with one minor comment (the nature of which we are presently unaware). This approval by MOLA is the final Government approval required. MOT further informed LLC’s attorneys that (i) the MOLA comment will be discussed and resolved with us as soon as possible after the Government returns to work after December 31st, and (ii) the Omagine Project and the final conclusion of the Development Agreement “is now a priority for MOT”.

Assuming the Shareholders Agreement with RCA and ALM are finalized in early January and the DA is also finalized in that time period, management presently expects to sign the DA with the Government of Oman sometime in late January 2011.

A more complete description of the Company’s activities and its proposed Omagine Project is included in the Company’s report on Form 10-K for the fiscal year ended December 31, 2009 and its report on Form 10-Q for the quarterly period ended September 30, 2010 filed with the Securities & Exchange Commission (“SEC”) and in the Company’s registration Statement on Form S-1 filed with the SEC on May 25, 2010.