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Cutera Inc. (CUTR)Q3 2009 Earnings Call November 2, 2009 5:00 pm ETComplete
http://seekingalpha.com/article/170680-cutera-inc-q3-2009-earnings-call-transcript?source=feed
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Nov 24, 2009 (FinancialWire via COMTEX) --
(Comment on this article at http://www.financialwire.net/2009/11/24/cutera-presenting-at-health-care-conference/)
November 24, 2009 (FinancialWire) -- Cutera, Inc. (NASDAQ: CUTR), a provider of laser and other light-based aesthetic systems for practitioners worldwide, announced that Kevin Connors, the company's chief executive officer, will be presenting at the Piper Jaffray 21st Annual Health Care Conference on December 2, 2009 at 1: 30 p.m. ET., at the New York Palace Hotel in New York, NY.
A live audio webcast of the presentation will be accessible through the company's investor relations section of the website at www.cutera.com. An archived edition of the presentation, as well as a replay of the audio section, will be available until Wednesday, December 30, 2009 on the Investor Relations section of the company's website at http://www.cutera.com.
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Tags: ceo conference health hotel nasdaq new_york web
Companies: Cutera Inc (CUTR)
BRISBANE, Calif., Nov 23, 2009 (GlobeNewswire via COMTEX) --
Cutera, Inc. (Nasdaq:CUTR), a leading provider of laser and other light-based aesthetic systems for practitioners worldwide, announced today that Kevin Connors, the Company's Chief Executive Officer, will be presenting at the Piper Jaffray 21st Annual Health Care Conference on December 2, 2009 at 1:30 p.m. ET., at the New York Palace Hotel in New York, NY.
A live audio webcast of the presentation will be accessible through the Company's investor relations section of the website at www.cutera.com. An archived edition of the presentation, as well as a replay of the audio section, will be available until Wednesday, December 30, 2009 on the Investor Relations section of the Company's website at www.cutera.com.
About Cutera, Inc.
Brisbane, California-based Cutera is a leading provider of laser and other light-based aesthetic systems for practitioners worldwide. Since 1998, Cutera has been developing innovative, easy-to-use products that enable physicians and other qualified practitioners to offer safe and effective aesthetic treatments to their patients. For more information, call 1-888-4CUTERA or visit www.cutera.com.
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: Cutera, Inc.
CONTACT: Cutera, Inc. Ron Santilli, Chief Financial Officer 415-657-5500 Integrated Corporate Relations, Inc. Investor Relations John Mills 310-954-1100 john.mills@icrinc.com
Tags: california ceo conference hotel nasdaq new_york physicians products
Companies: Cutera Inc (CUTR)
Nov 23, 2009 (M2 PRESSWIRE via COMTEX) --
Xtremepicks.com Alerts include Cutera, Inc. (Nasdaq: CUTR), Exceed Company Ltd. (NASDAQ: EDS), Riverbed Technology (NASDAQ: RVBD) and Seattle Genetics, Inc. (Nasdaq: SGEN)
Cutera, Inc. (Nasdaq:CUTR) trading at $9.20 per share on trading volume of 2,826 shares.
In a press release out on November 23, Cutera to Present at the Piper Jaffray 21st Annual Health Care Conference
BRISBANE, Calif., Nov 23, 2009 -- Cutera, Inc. (Nasdaq:CUTR), a leading provider of laser and other light-based aesthetic systems for practitioners worldwide, announced today that Kevin Connors, the Company's Chief Executive Officer, will be presenting at the Piper Jaffray 21st Annual Health Care Conference on December 2, 2009 at 1:30 p.m. ET., at the New York Palace Hotel in New York, NY.
About Cutera, Inc.
Brisbane, California-based Cutera is a leading provider of laser and other light-based aesthetic systems for practitioners worldwide. Since 1998, Cutera has been developing innovative, easy-to-use products that enable physicians and other qualified practitioners to offer safe and effective aesthetic treatments to their patients. For more information, call 1-888-4CUTERA or visit www.cutera.com.
Exceed Company Ltd. (NASDAQ: EDS) trading at $10.05 per share on trading volume of 43,000 shares.
In a press release out on November 23, Exceed Company Ltd. Announces Intent to Offer Program for Early Cashless Exercise of Warrants Through Ordinary Share Exchange
BEIJING, Nov 23, 2009 -- Exceed Company Ltd. ("Exceed" or the "Company") (NASDAQ: EDS), announced today that the Company intends to offer the holders of all 10,890,000 outstanding warrants (the "Warrants") the opportunity, for a limited time, to acquire ordinary shares of the Company (the "Ordinary Shares") through warrant for share exchange. Exceed intends to modify the terms of the Warrants to permit, instead of paying the purchase price of $5.25 in cash, the exchange of 3.96 Warrants for one Ordinary Share. The exchange ratio was determined by the board of directors of Exceed based on the ratio of the actual average daily closing prices of the Ordinary Shares and Warrants on NASDAQ for the period of November 9, 2009 to November 13, 2009.
ABOUT EXCEED COMPANY LTD
Exceed Company Ltd. designs, develops and engages in wholesale of footwear, apparel and accessories under its own brand, XIDELONG, in China. It is one of the leading domestic sports and leisurewear brands in China in terms of market share by sales revenue. Since operations began in 2002, Exceed has experienced significant growth in the mass market concentrated in the second and third tier cities in China and has established a market leading position as one of the top five Chinese sportswear brands. Exceed has three principal categories of products: (i) footwear, which comprises running, leisure, basketball, skateboarding and canvas footwear, (ii) apparel, which mainly comprises sports tops, pants, jackets, track suits and coats, and (iii) accessories, which mainly comprise bags, socks, hats and caps. Exceed Company Ltd. currently trades on Nasdaq under the symbols "EDS", "EDSWW" and "EDSUU".
Riverbed Technology (NASDAQ: RVBD) trading at $21.50 on a volume of 167,215 shares
In a press release out on November 23, Stena Drills Down to Reduce Bandwidth and IT Infrastructure Costs With Riverbed Steelhead Appliances
WAN Optimization Solution Cuts Costs While Improving Employee Productivity and Collaboration Over Satellite Network
SAN FRANCISCO, CA, Nov 23, 2009 -- Riverbed Technology (NASDAQ: RVBD), the IT infrastructure performance company for networks, applications and storage, today announced that Stena Drilling, a leading global provider and operator of offshore drilling rigs and drillships, has deployed Riverbed(R) Steelhead(R) appliances and Steelhead Mobile at various onshore and offshore locations worldwide. The deployment has allowed Stena to avoid both a costly bandwidth upgrade as well as additional investment in IT infrastructure. At the same time, Stena has seen a 30x improvement in file download times and enhanced staff collaboration.
About Riverbed
Riverbed Technology is the IT infrastructure performance company. The Riverbed family of wide area network (WAN) optimization solutions liberates businesses from common IT constraints by increasing application performance, enabling consolidation, and providing enterprise-wide network and application visibility -- all while eliminating the need to increase bandwidth, storage or servers. Thousands of companies with distributed operations use Riverbed to make their IT infrastructure faster, less expensive and more responsive. Additional information about Riverbed (NASDAQ: RVBD) is available at www.riverbed.com.
Seattle Genetics, Inc. (Nasdaq: SGEN) trading at $9.44 on a volume of 70,148 shares
In a press release out on November 23, Seattle Genetics and Agensys, an Affiliate of Astellas, Expand Antibody-Drug Conjugate Collaboration
BOTHELL, Wash. & SANTA MONICA, Calif., Nov 23, 2009 -- Seattle Genetics, Inc. (Nasdaq: SGEN) and Agensys, Inc., an affiliate of Astellas, announced today an expansion of the companies' antibody-drug conjugate (ADC) collaboration. Under the amended agreement, Agensys will pay a $12 million fee for exclusive rights to ADC licenses against additional antigen targets. Seattle Genetics also receives an option to co-develop another ADC at the time of investigational new drug (IND) submission.
About Seattle Genetics
Seattle Genetics is a clinical stage biotechnology company focused on the development and commercialization of monoclonal antibody-based therapies for the treatment of cancer and autoimmune disease. The company's lead product candidate, brentuximab vedotin (SGN-35), is in a pivotal trial under a special protocol assessment with the FDA. Brentuximab vedotin is empowered by Seattle Genetics' proprietary ADC technology comprising highly potent synthetic drugs and stable linkers for attaching the drugs to monoclonal antibodies. In addition, Seattle Genetics has four other product candidates in ongoing clinical trials: lintuzumab (SGN-33), dacetuzumab (SGN-40), SGN-70 and SGN-75. Dacetuzumab is being developed under a worldwide collaboration with Genentech (a wholly owned member of the Roche Group). Seattle Genetics has collaborations for its ADC technology with a number of leading biotechnology and pharmaceutical companies, including Genentech; Bayer; CuraGen, a subsidiary of Celldex Therapeutics; Progenics; Daiichi Sankyo; MedImmune, a subsidiary of AstraZeneca; and Millennium: The Takeda Oncology Company, as well as an ADC co-development agreement with Agensys, an affiliate of Astellas Pharma. More information can be found atwww.seattlegenetics.com.
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Companies: 2020 ChinaCap Acquirco Inc (EDS), Cutera Inc (CUTR), Exceed Co Ltd (EDSUU), Riverbed Technology Inc (RVBD), Seattle Genetics, Inc. (SGEN)
BRISBANE, Calif., Nov 2, 2009 (GlobeNewswire via COMTEX) --
Cutera, Inc. (Nasdaq:CUTR), a leading provider of laser and other light-based aesthetic systems for practitioners worldwide, today reported financial results for the third quarter ended September 30, 2009.
Financial Highlights for the third quarter of 2009 include:
-- Revenue increased by 4% to $12.2 million, compared to $11.7
million in the second quarter of 2009.
-- Gross margin improved to 60%, compared to 56% in the second
quarter of 2009.
-- Cash from operations was approximately breakeven.
-- Net loss was $13.5 million, or $1.01 per diluted share, which
included a $12.3 million, or $0.92 per diluted share, non-cash
tax charge, to establish a valuation allowance against our U.S.
deferred tax assets.
Kevin Connors, President and CEO of Cutera, stated, "We experienced an improvement in our third quarter 2009 revenue. It is important to note that, in our industry, traditionally the third quarter is seasonally softer than the second quarter. Our customers continue to experience demand for our products from end users, however, many of our current and prospective customers remain reluctant to make major capital equipment purchases or are unable to obtain financing during these challenging economic times. In the current market environment, we believe that the core market of dermatologists, plastic surgeons and other established medical offices provides us with the best opportunities in our industry. Therefore, we are actively refocusing our sales, marketing and new product development efforts on this market segment.
"We have significantly improved our gross margin and operating expenses, when compared to the second quarter of 2009. We believe these improvements are resulting from our first half restructuring efforts, which incorporated many cost reduction measures. We remain focused on increasing revenue levels and to leverage our business model, which we expect will result in increased profits. As a result of the recent restructuring activities, we believe our current operating model will result in breakeven profit performance when revenue is in the $14.0 - $15.0 million range."
Mr. Connors concluded, "While the near-term prospects for our industry are difficult to predict due to the continuing economic uncertainty, we believe that our worldwide distribution network, strong balance sheet with $104.2 million in cash and investments -- with no debt, a broad portfolio of products, and various research and development projects underway -- offer continuing, long-term opportunities for our company."
Conference Call:
The conference call to discuss these results is scheduled to begin at 2:00 p.m. PT (5:00 p.m. ET) on November 2, 2009. The call will be broadcast live over the Internet hosted at the Investor Relations section of Cutera's website at www.cutera.com, and will be archived online within one hour of its completion and continue through 8:59 p.m. PT (11:59 p.m. ET) on November 16, 2009. In addition, you may call (877) 941-1427 to listen to the live broadcast. Participating in the call will be Kevin Connors, President and Chief Executive Officer, and Ron Santilli, Executive Vice President and Chief Financial Officer.
About Cutera, Inc.
Brisbane, California-based Cutera is a leading provider of laser and other light-based aesthetic systems for practitioners worldwide. Since 1998, Cutera has been developing innovative, easy-to-use products that enable physicians and other qualified practitioners to offer safe and effective aesthetic treatments to their patients. For more information, call 1-888-4CUTERA or visit www.cutera.com.
This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Specifically, statements concerning Cutera's ability to grow its business, increase revenue, manage costs and expenses, generate additional cash, regain profitability, develop and commercialize existing and new products and applications, improve the performance of its worldwide sales and distribution network, and statements regarding long-term prospects and opportunities are forward-looking statements within the meaning of the Safe Harbor. Forward-looking statements are based on management's current, preliminary expectations and are subject to risks and uncertainties, which may cause Cutera's actual results to differ materially from the statements contained herein. Potential risks and uncertainties that could affect Cutera's business and cause its financial results to differ materially from those contained in the forward-looking statements include the global economic crisis, which may reduce consumer demand for its products, cause potential customers to delay their purchase decisions and make it more difficult for some potential customers to obtain credit financing; its ability to increase revenue, manage costs and expenses and improve sales productivity and performance worldwide; its ability to successfully develop and acquire new products and applications and market them to both its installed base and new customers; the length of the sales cycle process; unforeseen events and circumstances relating to its operations; government regulatory actions; and those other factors described in the section entitled, "Risk Factors," in its most recent Form 10-Q as filed with the Securities and Exchange Commission on November 2, 2009. Undue reliance should not be placed on forward-looking statements, which speak only as of the date they are made. Cutera undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date they were made, or to reflect the occurrence of unanticipated events. Cutera's third quarter ended September 30, 2009 financial performance, as discussed in this release, is preliminary and unaudited, and subject to adjustment.
CUTERA, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
September 30, June 30, December 31,
2009 2009 2008
------------- ------------- -------------
Assets
Current assets:
Cash and cash
equivalents $ 34,302 $ 35,445 $ 36,540
Marketable
investments 62,572 61,857 60,653
Accounts
receivable, net 2,635 2,828 5,792
Inventories 7,884 8,702 9,927
Deferred tax asset 244 4,652 4,257
Other current
assets and
prepaid expenses 2,644 4,548 1,771
------------- ------------- -------------
Total current
assets 110,281 118,032 118,940
Property and
equipment, net 939 1,101 1,357
Long-term
investments 7,339 7,640 9,627
Intangibles, net 877 926 1,025
Deferred tax asset,
net of current
portion -- 6,165 6,527
------------- ------------- -------------
Total assets $ 119,436 $ 133,864 $ 137,476
============= ============= =============
Liabilities and
Stockholders' Equity
Current liabilities:
Accounts payable $ 1,212 $ 1,127 $ 1,690
Accrued liabilities
7,281 7,737 8,848
Deferred revenue
6,295 6,506 6,758
------------- ------------- -------------
Total current
liabilities 14,788 15,370 17,296
Deferred rent 1,548 1,603 1,713
Deferred revenue,
net of current
portion 2,331 3,134 4,907
Income tax
liability 882 1,367 1,452
------------- ------------- -------------
Total
liabilities 19,549 21,474 25,368
------------- ------------- -------------
Stockholders' equity:
Common stock 13 13 13
Additional
paid-in capital 84,148 82,985 80,318
Retained earnings 17,247 30,741 31,410
Accumulated other
comprehensive
income (loss) (1,521) (1,349) 367
------------- ------------- -------------
Total
stockholders'
equity 99,887 112,390 112,108
------------- ------------- -------------
Total liabilities
and stockholders'
equity $ 119,436 $ 133,864 $ 137,476
============= ============= =============
CUTERA, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
Three Months Ended
---------------------------------------------
September 30, June 30, September 30,
2009 2009 2008
------------- ------------- -------------
Net revenue $ 12,171 $ 11,665 $ 19,110
Cost of revenue 4,910 5,130 7,823
------------- ------------- -------------
Gross profit 7,261 6,535 11,287
------------- ------------- -------------
Operating expenses:
Sales and marketing 5,112 6,071 8,076
Research and
development 1,684 1,495 1,828
General and
administrative 2,121 3,616 2,583
------------- ------------- -------------
Total operating
expenses 8,917 11,182 12,487
------------- ------------- -------------
Loss from operations (1,656) (4,647) (1,200)
Interest and other
income, net 288 511 733
Other-than-temporary
impairments on
long-term
investments -- -- (2,372)
------------- ------------- -------------
Loss before income
taxes (1,368) (4,136) (2,839)
Provision (benefit)
for income taxes 12,126 (1,772) (86)
------------- ------------- -------------
Net loss (13,494) (2,364) (2,753)
============= ============= =============
Net loss per share:
Basic $ (1.01) $ (0.18) $ (0.22)
============= ============= =============
Diluted $ (1.01) $ (0.18) $ (0.22)
============= ============= =============
Weighted-average
number of shares
used in per share
calculations:
Basic 13,382 13,317 12,780
============= ============= =============
Diluted 13,382 13,317 12,780
============= ============= =============
CUTERA, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Three Months Ended
---------------------------------------------
September 30, June 30, September 30,
2009 2009 2008
------------- ------------- -------------
Cash flows from
operating activities:
Net loss $ (13,494) $ (2,364) $ (2,753)
Adjustments to
reconcile net loss
to net cash used
in operating
activities:
Stock-based
compensation 895 1,456 1,326
Tax benefit
(deficit) from
stock-based
compensation 111 (86) 100
Depreciation and
amortization 211 225 220
Provision for
excess and
obsolete
inventories (256) 130 (78)
Other-than-
temporary
impairments on
long-term
investments -- -- 2,372
Change in
allowance for
doubtful accounts (3) 498 60
Change in
deferred tax
asset and
deferred tax
liability 10,506 139 168
Changes in assets
and liabilities:
Accounts receivable 196 1,936 2,611
Inventories 1,074 1,014 (66)
Other current
assets and
prepaid expenses 2,539 (1,054) 173
Accounts payable 85 (408) 206
Accrued liabilities (575) (429) (1,634)
Deferred rent 64 (55) 19
Deferred revenue (1,014) (957) 336
Income tax
liability (485) (54) (191)
------------- ------------- -------------
Net cash
provided by
(used in)
operating
activities (146) (9) 2,869
------------- ------------- -------------
Cash flows from
investing
activities:
Acquisition of
property and
equipment -- (36) (317)
Proceeds from sales
of marketable and
long-term
investments 4,442 9,774 8,774
Proceeds from
maturities of
marketable
investments 8,315 1,100 8,480
Purchase of
marketable and
long-term
investments (13,911) (11,342) (13,590)
------------- ------------- -------------
Net cash
provided by
(used in)
investing
activities (1,154) (504) 3,347
------------- ------------- -------------
Cash flows from
financing activities:
Proceeds from
exercise of stock
options and employee
stock purchase plan 157 165 3
------------- ------------- -------------
Net cash provided
by financing
activities 157 165 3
------------- ------------- -------------
Net increase
(decrease) in cash
and cash equivalents (1,143) (348) 6,219
Cash and cash
equivalents at
beginning of period 35,445 35,793 20,464
------------- ------------- -------------
Cash and cash
equivalents at end
of period $ 34,302 $ 35,445 $ 26,683
============= ============= =============
CUTERA, INC.
CONSOLIDATED REVENUE HIGHLIGHTS
(in thousands, except percentage data)
(unaudited)
Three Months Ended
---------------------------------------------
September 30, June 30, September 30,
2009 2009 2008
------------- ------------- -------------
Revenue By Geography:
United States $ 4,825 40% $ 4,551 39% $ 9,498 50%
International 7,346 60% 7,114 61% 9,612 50%
-------- -------- --------
$ 12,171 $ 11,665 $ 19,110
======== ======== ========
Revenue By Product
Category:
Products $ 6,322 52% $ 5,664 49% $ 12,920 68%
Product upgrades 1,352 11% 1,201 10% 1,948 10%
Service 3,210 26% 3,397 29% 2,920 15%
Titan refills 1,287 11% 1,403 12% 1,322 7%
-------- -------- --------
$ 12,171 $ 11,665 $ 19,110
======== ======== ========
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: Cutera, Inc.
CONTACT: Cutera, Inc. Ron Santilli, Chief Financial Officer 415-657-5500 Integrated Corporate Relations, Inc. Investor Relations John Mills 310-954-1100 john.mills@icrinc.com
Tags: acquisition business california ceo conference consumer debt deficit earnings environment equity executive exercise financial results government market marketing medical nasdaq new product note online physicians president productivity products profit property research and development restructuring revenue sales stock option tax taxes united states
Companies: Cutera Inc (CUTR)
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Interested in a treatment? Learn why Cutera procedures are the right choice for you in the Patient Information section, or find a nearby solution when you find a Treatment Provider.
The Cutera CoolGlide difference - The Cutera CoolGlide combines the ideal laser wavelength with the most flexible parameters to deliver a superior vascular laser system. It treats a broad range of vessels from tiny spider veins to deep blue reticular veins quickly, safely, and effectively.
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