Lands’ End Announces First Quarter Fiscal 2016 Earnings Conference Call

DODGEVILLE, Wis., May 18, 2016 (GLOBE NEWSWIRE) — Lands’ End, Inc. (Nasdaq:LE) will host a conference call at 8:00 a.m. Eastern Time on Wednesday, June 1, 2016, to discuss its first quarter fiscal 2016 financial results.  A news release containing these results will be issued before the call.  Listeners may access a live broadcast of the conference call on the Company’s investor relations website: http://investors.landsend.com in the Events and Presentations section or by dialing (866) 753-5836.

An online archive of the broadcast will be available at approximately noon Eastern Time on June 1, 2016, and will be accessible on the Company’s website: http://investors.landsend.com in the Events and Presentations section. 

About Lands’ End

Lands’ End, Inc. (Nasdaq:LE) is a leading multi-channel retailer of clothing, accessories, footwear and home products. We offer products through catalogs, online at www.landsend.com, www.canvasbylandsend.com and affiliated specialty and international websites, and through retail locations, primarily at Lands’ End Shops at Sears® and standalone Lands’ End Inlet® Stores. We are a classic American lifestyle brand with a passion for quality, legendary service and real value, and seek to deliver timeless style for men, women, kids and the home.

CONTACT:Lands' End, Inc.Michele CasperVice President of Public Relations(608) 935-4633Michele.Casper@landsend.comLands' End, Inc.Jim GoochChief Operating Officer and Chief Financial Officer(608) 935-9341Investor Relations:ICR, Inc.Jean Fontana1-646-277-1214jean.fontana@icrinc.com

County Bancorp, Inc. Declares Dividend

MANITOWOC, Wis., May 17, 2016 (GLOBE NEWSWIRE) — County Bancorp, Inc. (NASDAQ:ICBK) (“County”), the parent company for Investors Community Bank, announced that on May 17, 2016 its Board of Directors declared a quarterly cash dividend of $0.05 per share. The dividend will be payable on June 17, 2016 to shareholders of record on June 3, 2016. 

“We are pleased to announce another quarterly dividend, especially with our recently completed merger with Fox River Valley Bancorp, Inc. and its subsidiary, The Business Bank. This is a strong reflection of the strength of our bank’s performance and our confidence in the organization’s future,” said Timothy J. Schneider, President of County Bancorp, Inc. and CEO of Investors Community Bank. 

AboutCounty Bancorp,Inc.

County Bancorp, Inc., a Wisconsin corporation and registered bank holding company founded in May 1996, and our wholly-owned subsidiary Investors Community Bank, a Wisconsin-chartered bank, are headquartered in Manitowoc, Wisconsin.  The state of Wisconsin is often referred to as “America’s Dairyland,” and one of the niches we have developed is providing financial services to agricultural businesses statewide, with a primary focus on dairy-related lending.  We also serve business and retail customers throughout Wisconsin, with a focus on northeastern and central Wisconsin. Our customers are served from our full-service locations in Appleton, Green Bay, Manitowoc and Stevens Point, and our loan production offices in Darlington, Eau Claire, Sheboygan and Fond du Lac.

Investor Relations ContactTimothy J. SchneiderCEO, Investors Community BankPhone: (920) 686-5604Email: tschneider@investorscommunitybank.com

STRATTEC SECURITY CORPORATION Declares Quarterly Dividend

MILWAUKEE, May 17, 2016 (GLOBE NEWSWIRE) — STRATTEC SECURITY CORPORATION (NASDAQ:STRT) announced today that the Company’s Board of Directors, at its meeting held May 17, 2016, declared a cash dividend for the Company’s 2016 fiscal fourth  quarter of $0.13 per common share.  The dividend is payable on June 24, 2016 to shareholders of record as of June 10, 2016.

STRATTEC designs, develops, manufactures and markets automotive Access Control Products, including mechanical locks and keys, electronically enhanced locks and keys, steering column and instrument panel ignition lock housings, latches, power sliding side door systems, power lift gate systems, power deck lid systems, door handles and related products. These products are provided to customers in North America, and on a global basis through a unique strategic relationship with WITTE Automotive of Velbert, Germany and ADAC Automotive of Grand Rapids, Michigan.  Under this relationship, STRATTEC, WITTE and ADAC market our products to global customers under the “VAST” brand name.  STRATTEC’s history in the automotive business spans over 100 years.

Certain statements contained in this release contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words or phrases such as “anticipate,” “believe,” “could,” “expect,” “intend,” “may,” “planned,” “potential,” “should,” “will,” and “would.”   Such forward-looking statements in this release are inherently subject to many uncertainties in the Company’s operations and business environment.  These uncertainties include general economic conditions, in particular, relating to the automotive industry, consumer demand for the Company’s and its customers’ products, competitive and technological developments, customer purchasing actions, changes in warranty provisions and customers’ product recall policies, foreign currency fluctuations, and costs of operations (including fluctuations in the cost of raw materials).  Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements.  The forward-looking statements made herein are only made as of the date of this press release and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances occurring after the date of this release.  In addition, such uncertainties and other operational matters are discussed further in the Company’s quarterly and annual filings with the Securities and Exchange Commission.

Contact: Pat HansenSenior Vice President andChief Financial Officer414-247-3435www.strattec.com

Steve Machotka to join Westbury Bank as Senior Vice President, Madison Market Leader

MADISON, Wis., May 16, 2016 (GLOBE NEWSWIRE) — Westbury Bancorp, Inc. (NASDAQ:WBB) today announced that Steve Machotka has joined the Bank as Senior Vice President, Madison Market Leader, serving business and commercial real estate clients across Dane County.  “We are excited to have Steve join Team Westbury.  His extensive background and the trust he has built with customers over the years will help us bring our customer-first culture to Dane County,” said Greg Remus, President and CEO of Westbury Bancorp, Inc. and Westbury Bank.

A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/5ff29ba3-93bd-44bb-a730-7360715b124c

“Steve represents the type of quality individual we are hand picking to foster the growth of our bank and provide continued positive returns to our shareholders and employees,” Remus added.  Westbury Bank expects to open an office in the Madison area catering to business clients.  Steve can be reached at Steve.Machotka@westburybankwi.com

About Westbury Bancorp, Inc.

Westbury Bancorp, Inc. is the holding company for Westbury Bank.  Westbury Bank is an independent community bank serving communities in Washington, Waukesha, Dane and Outagamie Counties through eight full service branches and two loan production offices.  Westbury Bank provides deposit and loan products along with wealth management and brokerage services to individuals, professionals and businesses in the communities it serves.

The Westbury Bank Charitable Foundation was established to further our commitment to the betterment of our local community.  This independent private foundation continues the well-established and proud tradition of Westbury Bank as a leader in enhancing and supporting the quality of life in our neighborhoods where our employees live and work. Each calendar year the Foundation will distribute a minimum of 5% of its total assets. It is our desire that recipients of our grants will continue to share in the Bank’s long term growth and success, and our goal of being a good neighbor.

Forward-Looking Information

Information contained in this press release, other than historical information, may be considered forward-looking in nature as defined by the Private Securities Litigation Reform Act of 1995 and is subject to various risks, uncertainties, and assumptions. Such forward-looking statements in this release are inherently subject to many uncertainties arising in the Company’s operations and business environment.  Should one or more of these risks or uncertainties materialize, or should the underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or expected. Among the key factors that may have a direct bearing on the Company’s operating results, performance or financial condition are competition, the demand for the Company’s products and services, the Company’s ability to maintain current deposit and loan levels at current interest rates, deteriorating credit quality, including changes in the interest rate environment reducing interest margins, changes in prepayment speeds, loan origination and sale volumes, charge-offs and loan loss provisions, the Company’s ability to maintain required capital levels and adequate sources of funding and liquidity, the Company’s ability to secure confidential information through the use of computer systems and telecommunications networks, and other factors as set forth in filings with the Securities and Exchange Commission. The Company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company’s expectations.

Learn more about Westbury Bank at www.westburybankwi.com.

The photo is also available via AP Photo Express.

Contact:Kirk Emerich - Executive Vice President and CFOGreg Remus - President and CEO262-334-5563

Cellectar Biosciences Satisfies All Nasdaq Listing Criteria

MADISON, Wis., May 16, 2016 (GLOBE NEWSWIRE) — Cellectar Biosciences, Inc. (Nasdaq:CLRB) (“Cellectar” or the “company”), an oncology-focused biotechnology company, announces today that on May 16, 2016, Nasdaq issued a determination that the company has evidenced compliance with all requirements for continued listing on The Nasdaq Capital Market and, accordingly, the listing qualifications matter has been closed.

This decision follows the Nasdaq Listing Qualifications Panel’s recent determination granting the company’s request for continued listing of its common stock on The Nasdaq Capital Market, contingent upon evidence of compliance with the minimum stockholders’ equity requirement. 

“The panel’s decision reflects Cellectar’s efforts to comply with all requirements for continued listing on The Nasdaq Capital Market,” said Jim Caruso, president and CEO of Cellectar Biosciences. “We believe that our listing on Nasdaq provides important benefits for our stockholders and for the future growth of the company.”

About Cellectar Biosciences, Inc.

Cellectar Biosciences is developing phospholipid drug conjugates (PDCs) designed to provide cancer targeted delivery of diverse oncologic payloads to a broad range of cancers and cancer stem cells. Cellectar’s PDC Delivery Platform is based on the company’s proprietary phospholipid ether analogs. These novel small-molecules have demonstrated highly selective uptake and retention in a broad range of cancers. Cellectar’s PDC pipeline includes product candidates for cancer therapy and cancer diagnostic imaging. The company’s lead therapeutic PDC, CLR 131, utilizes iodine-131, a cytotoxic radioisotope, as its payload. CLR 131 is currently being evaluated under an orphan drug designated Phase 1 study in patients with relapsed or refractory multiple myeloma. The company is also developing PDCs for targeted delivery of chemotherapeutics such as paclitaxel (CLR 1602-PTX), a preclinical stage product candidate, and plans to expand its PDC chemotherapeutic pipeline through both in-house and collaborative R&D efforts. For additional information please visit www.cellectarbiosciences.com.

This news release contains forward-looking statements. You can identify these statements by our use of words such as “may,” “expect,” “believe,” “anticipate,” “intend,” “could,” “estimate,” “continue,” “plans,” or their negatives or cognates. These statements are only estimates and predictions and are subject to known and unknown risks and uncertainties that may cause actual future experience and results to differ materially from the statements made. These statements are based on our current beliefs and expectations as to such future outcomes. Drug discovery and development involve a high degree of risk. Factors that might cause such a material difference include, among others, uncertainties related to the ability to raise additional capital, uncertainties related to the ability to attract and retain partners for our technologies, the identification of lead compounds, the successful preclinical development thereof, the completion of clinical trials, the FDA review process and other government regulation, our pharmaceutical collaborators’ ability to successfully develop and commercialize drug candidates, competition from other pharmaceutical companies, product pricing and third-party reimbursement. A complete description of risks and uncertainties related to our business is contained in our periodic reports filed with the Securities and Exchange Commission including our Form 10-K for the year ended December 31, 2015. These forward-looking statements are made only as of the date hereof, and we disclaim any obligation to update any such forward-looking statements.

INVESTOR AND MEDIA CONTACT: Jules AbrahamJQA Partners917-885-7378jabraham@jqapartners.com

Partnership prepares undergraduates to tackle cybersecurity

MADISON, Wis., May 16, 2016 (GLOBE NEWSWIRE) — In a time when million-dollar security breaches of major corporations regularly make headlines and complicate lives, computer science undergraduates at America’s universities remain surprisingly underexposed to basic cybersecurity tactics.

The Software Assurance Marketplace (SWAMP), a national cybersecurity facility housed at the Morgridge Institute for Research at the University of Wisconsin-Madison, has been working to address this skills gap through a unique partnership with Bowie State University in Maryland. The SWAMP offers a rich and accessible suite of software security tools that Bowie State has been integrating into undergraduate coding courses, giving students an efficient way to examine and rid their code of security weaknesses.

The partnership offers a national model for integrating cybersecurity into the curriculum.

Funded by the Science and Technology Directorate of the Department of Homeland Security (DHS), the SWAMP is designed to give software code developers a simple, one-stop resource to examine code with a multitude of both open-source and commercial assessment tools. Now in its second year, the SWAMP plans to expand its current suite of 19 assurance tools covering five common software languages to 30 tools covering 11 languages by the end of 2016.

The academic benefits of this resource have been transformational for students of Dr. Lethia Jackson, a Bowie State associate professor of computer science who is implementing the assurance testing in four of the school’s sophomore- and junior-level coding courses that attract 50-75 students per semester.

Jackson established a code review process in the classes, where graduate and undergraduate researchers submit student-produced code into the SWAMP continuous assurance pipeline. The team, called the Forensic Technology Information Cyber Squad, works with students to identify where and why code is vulnerable, and determines a path to correction. This process is repeated until the team is reasonably assured the code is free of weaknesses.

“My research students are becoming what I consider to be prolific programmers by using the SWAMP,” Jackson says. “Now they not only write code, but they can read and interpret other people’s code for errors, which will be necessary for any job in this field.”

Security company CloudPassage conducted a 2016 analysis of the top 121 U.S. computer science programs, and found that only three programs require at least one cybersecurity course for a degree. It found many programs offer no cybersecurity curriculum at all. Given the high-stakes nature of cyber-threats, why would universities not already be arming students with a curriculum to help thwart malicious activity?

The answer is based on the rapid-fire evolution of computing in everyday life along with the ubiquitous rise of the Internet, says SWAMP Chief Scientist Barton Miller, a UW-Madison professor of computer science.

“Two decades ago, big software systems for things like payroll and inventory ran on a mainframe that was not connected to anything else,” says Miller. “There was no, what we call in security, ‘attack surface,’ or that part of your software that can be touched by an outsider.”

Today, all things digital have some kind of attack surface, from phones to cars to homes, to all transaction tools involving customers. This shift has given rise to an underground industry that generates 4,000 cyber-attacks daily and produced $18 billion in credit card fraud in 2015 alone, according to estimates by IBM.

Bugs in software used to be primarily a reliability concern, causing the nuisance of systems crashing and time and data being lost, Miller says. Now that they are matters of great economic and national security risk, universities face an urgent challenge to address cybersecurity not just in separate courses or specialties, but within the code development culture itself.

Miller uses the SWAMP in a number of UW-Madison computer science courses and is working with colleagues to add more in the coming year. He also has partnered with computer programming students at Madison West High School.

Computer science programs nationwide are under tremendous pressure to increase enrollments and graduate more talent to meet shortages, Miller says. As enrollments and class sizes increase, programs also need to scale these labor-intensive cybersecurity practices into larger classes without taking valuable learning time away from students.

Miller says that’s a big advantage of the SWAMP. The resource is designed to eliminate overhead and time-consuming downloads and continual updates, making it easy to plug-and-play in the classroom environment and scale to a growing community of users.

“As part of normal code hygiene in computer science classes, I’d like to see faculty say, ‘Your assignment can be turned in after it’s run through the SWAMP and gets a clean bill of health,'” Miller adds. “This would be fast and efficient, with little time sink for the student.”

Jackson says these skills not only will improve future code, they must be applied to the current infrastructure of installed software. “When many of our students return from summer internships, they say their main job was to convert already existing code into secure code. That was our first wake-up call.”

Bowie State’s computer science department is documenting this daily activity of code review and error detection, and compiling it into a comprehensive secure coding book that defines common errors and possible fixes. Jackson says the goal is to share this book with other universities, beginning with Bowie State’s own network of 12 historically black colleges in the United States.

Miller says cybersecurity has been a game of catch-up in industry as well as academia, and remains a hard sell in some environments. But students trained in security will bring that mindset and expectation set to employers, he says.

Major companies like Microsoft and Google already have strong security cultures, but companies where software is just a portion of their business may not respond “until they actually get hit by something really bad.”

“We see a lot of closing of the barn doors after the horses get out,” he says.

SWAMP Director Miron Livny, a UW-Madison computer science professor and Chief Technology Officer of the Morgridge Institute, says supporting educational customers is a cornerstone of the project. “We hope the success seen by Bowie State of translating SWAMP capabilities into a powerful classroom tool will soon be followed by others,” he says.

About the SWAMP

The Software Assurance Marketplace is a joint effort of four research institutions – the Morgridge Institute for Research, Indiana University, the University of Illinois at Urbana-Champaign, and the University of Wisconsin-Madison – to advance the capabilities and to increase the adoption of software assurance technologies through an open continuous assurance facility. The five-year, $23.6 million project is funded by the Department of Homeland Security Science and Technology Directorate and went live in February 2014.

Brian Mattmiller, Morgridge Institute, 608-316-4332, Damita Chambers, Bowie State, 301-832-2628,

County Bancorp, Inc. Announces Completion of Merger With Fox River Valley Bancorp, Inc.

MANITOWOC, Wis., May 13, 2016 (GLOBE NEWSWIRE) — County Bancorp, Inc. (NASDAQ:ICBK) (“County”), the holding company for Investors Community Bank (“ICB”), announced that it has successfully completed its merger with Fox River Valley Bancorp, Inc. (“Fox River”), the holding company for The Business Bank, effective at the close of business on May 13, 2016.

County and Fox River entered into the merger agreement on November 19, 2015, under which County agreed to acquire Fox River. The merger was subject to customary closing conditions and has received all of the required regulatory approvals, as well as approval by Fox River’s shareholders.

The combined institution has approximately $1.2 billion in assets, making it the fourth largest publicly traded bank holding company headquartered in Wisconsin.  According to Timothy J. Schneider, President of County and CEO of ICB, the merger adds to the bank’s business banking platform and expands its reach into contiguous markets with the addition of The Business Bank’s Appleton and Green Bay branches, complementing ICB’s two current branch offices in Manitowoc and Stevens Point and four loan production offices.

“This merger joins two like-minded banks and creates an even more robust banking experience for existing and new customers in a wider geographic market,” stated Schneider, who continues to serve as Chief Executive Officer of the combined bank. The Business Bank’s former CEO Bill Hodgkiss has taken on the role of Senior Vice President – Business Banking.

Added Hodgkiss: “Our two organizations share a passion for creating long-term relationships, providing customized solutions and making business banking decisions locally.  Together we can build upon the foundation we established and broaden customer relationships through our enhanced offerings and higher credit capacity.”

Schneider said that he expects a seamless transition for clients and employees while the combined business grows. “We see this transaction as a perfect opportunity to position us for growth in the short and long-term, enhancing resources to better serve our customers, providing greater opportunity for employees and as a result, creating greater shareholder value.”

Additional information on the merger can be found at www.investorscommunitybank.com

AboutCounty Bancorp,Inc.

County Bancorp, Inc., a Wisconsin corporation and registered bank holding company founded in May 1996, and our wholly-owned subsidiary Investors Community Bank, a Wisconsin-chartered bank, are headquartered in Manitowoc, Wisconsin.  The state of Wisconsin is often referred to as “America’s Dairyland,” and one of the niches we have developed is providing financial services to agricultural businesses statewide, with a primary focus on dairy-related lending.  We also serve business and retail customers throughout Wisconsin, with a focus on northeastern and central Wisconsin. Our customers are served from our full-service locations in Manitowoc, Green Bay, Appleton and Stevens Point, and our loan production offices in Darlington, Eau Claire, Sheboygan and Fond du Lac. 

Investor Relations ContactTimothy J. SchneiderCEO, Investors Community BankPhone: (920) 686-5604Email: tschneider@investorscommunitybank.com

Koss Releases Results for Q3

MILWAUKEE, May 12, 2016 (GLOBE NEWSWIRE) — Koss Corporation (NASDAQ:KOSS), the U.S. based high-fidelity headphone company, has reported its third quarter results for the quarter ended March 31, 2016. 

“Our sales for the quarter were consistent with last year.  New distributors and new OEM business are starting to have a positive impact on sales but are being offset by lower sales in a drug store chain and some existing OEM business,” Michael J. Koss, Chairman and CEO, told employees here today.  “A new product has generated very nice sales in U.S. mass retail and is beginning to get good placement in export markets.  Earnings in the quarter benefited from the settlement of the lawsuit with American Express.”

Sales for the third quarter were $6,002,059 compared to $6,001,556 for the same three month period one year ago.  The three month net income was $869,686, compared to net income of $57,218 for the third quarter last year.  Diluted and basic income per common share for the quarter was $0.12 compared to $0.01 for the three month period one year ago. 

Export sales are higher for the quarter and for the first nine months ended March 31, 2016 as compared to last year.  Certain export distributors have rebounded from last year plus a new OEM product has begun shipping in export markets.  U.S. sales were lower for the quarter and for the first nine months ended March 31, 2016 as compared to the same periods last year.  U.S. sales were lower this year at a drug store chain, online retail and OEM customers.  Mass retail has been stronger this year with the addition of a new product.  Also, addition of new customers helped to offset some of the declines in certain channels.

Sales overall for the nine months ended March 31, 2016 increased by 1.4% to $18,762,662 compared with $18,511,192 for the same nine month period a year ago.  Nine month net income was $1,155,513 compared to $127,806 for the same nine months last year.  Diluted and basic income per common share was $0.16 compared with $0.02 for the same nine month period a year ago. 

Koss Corporation markets a complete line of high-fidelity headphones, wireless Bluetooth® speakers, computer headsets, telecommunications headsets, active noise canceling headphones, wireless headphones, and compact disc recordings of American Symphony Orchestras on the Koss Classics® label.

This press release contains forward-looking statements.  These statements relate to future events or our future financial performance.  In some cases, you can identify forward-looking statements by terminology such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “may,” “will,” “should,” “forecasts,” “predicts,” “potential,” “continue,” or the negative of such terms and other comparable terminology.  These statements are based on currently available operating, financial and competitive information and are subject to various risks and uncertainties.  Actual events or results may differ materially.  In evaluating forward-looking statements, you should specifically consider various factors that may cause actual results to vary from those contained in the forward-looking statements, such as general economic conditions, in particular, consumer demand for the Company’s and its customers’ products, competitive and technological developments, foreign currency fluctuations, and costs of operations.  Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements.  The forward-looking statements made herein are only made as of the date of this press release and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances or new information.  In addition, such uncertainties and other operational matters are discussed further in the Company’s quarterly and annual filings with the Securities and Exchange Commission.

KOSS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)
 
    Three Months Ended   Nine Months Ended
    March 31   March 31
    2016   2015   2016   2015
Net sales   $ 6,002,059     $ 6,001,556     $ 18,762,662     $ 18,511,192  
Cost of goods sold   3,889,719     3,886,443     12,341,164     12,143,055  
Gross profit   2,112,340     2,115,113     6,421,498     6,368,137  
                 
Selling, general and administrative expenses   2,105,740     1,998,231     5,860,601     6,006,970  
Unauthorized transaction related costs (recoveries), net   (1,360,951 )   1,078     (1,286,001 )   78,570  
Interest expense           6,075     12,813  
Income before income tax provision   1,367,551     115,804     1,840,823     269,784  
                 
Income tax provision   497,865     58,586     685,310     141,978  
                 
Net income   $ 869,686     $ 57,218     $ 1,155,513     $ 127,806  
                 
Income per common share:                
Basic   $ 0.12     $ 0.01     $ 0.16     $ 0.02  
Diluted   $ 0.12     $ 0.01     $ 0.16     $ 0.02  

CONTACT:Michael J. KossChairman & CEO(414) 964-5000mjkoss@koss.com

Cellectar Biosciences Announces First Quarter 2016 Financial Results

MADISON, Wis., May 12, 2016 (GLOBE NEWSWIRE) — Cellectar Biosciences, Inc. (NASDAQ:CLRB), an oncology-focused biotechnology company, today announces its financial results for the first quarter of 2016.

During the first quarter of 2016, the company reported research and development expenses of $1.0 million, a reduction of $0.6 million from the first quarter of 2015.  This improvement is attributable to the company’s shift in strategic focus on its therapeutic compound research and development efforts and the streamlined clinical trial approach it implemented during the second half of 2015.

Cellectar’s general and administrative expenses for first quarter 2016 totaled $1.0 million, similar to the prior year period.  Loss from operations was $2.0 million, compared to $2.6 million during the same period last year.

The Company ended the first quarter with $1.9 million in cash and cash equivalents, compared to $3.9 million in cash and cash equivalents on December 31, 2015.  When added to the approximately $7.2 million generated from the recently completed public offering, the company estimates that its available cash and cash equivalents should fund its planned operations into the first quarter of 2017.  However, the company expects that additional capital will be required to complete its planned clinical and preclinical development.

“We continue to successfully execute our operating plan which included positive CLR 131 phase 1 data for the treatment of relapsed or refractory multiple myeloma, advanced our chemotherapeutic phospholipid drug conjugate program and launched our research collaboration with Pierre Fabre,” said Jim Caruso, president and CEO of Cellectar Biosciences. “We look forward to sharing these results in our conference call this afternoon and discussing our plans to further advance the company.”

Cellectar will be holding a conference call at 5:00 PM ET today to review these results, as well as the company’s development plans.  The call can be accessed by calling 888-646-8293.  The call will also be webcast and replays will be available, both via the Investor Relations section of the company’s website: investor.cellectarbiosciences.com

About Cellectar Biosciences, Inc.

Cellectar Biosciences is developing phospholipid drug conjugates (PDCs) designed to provide cancer targeted delivery of diverse oncologic payloads to a broad range of cancers and cancer stem cells. Cellectar’s PDC platform is based on the company’s proprietary phospholipid ether analogs. These novel small-molecules have demonstrated highly selective uptake and retention in a broad range of cancers. Cellectar’s PDC pipeline includes product candidates for cancer therapy and cancer diagnostic imaging. The company’s lead therapeutic PDC, CLR 131, utilizes iodine-131, a cytotoxic radioisotope, as its payload. CLR 131 is currently being evaluated under an orphan drug designated Phase 1 study in patients with relapsed or refractory multiple myeloma. The company is also developing PDCs for targeted delivery of chemotherapeutics such as paclitaxel (CLR 1603-PTX), a preclinical stage product candidate, and plans to expand its PDC chemotherapeutic pipeline through both in-house and collaborative R&D efforts. For additional information please visit www.cellectarbiosciences.com.

This news release contains forward-looking statements. You can identify these statements by our use of words such as “may,” “expect,” “believe,” “anticipate,” “intend,” “could,” “estimate,” “continue,” “plans,” or their negatives or cognates. These statements are only estimates and predictions and are subject to known and unknown risks and uncertainties that may cause actual future experience and results to differ materially from the statements made. These statements are based on our current beliefs and expectations as to such future outcomes. Drug discovery and development involve a high degree of risk. Factors that might cause such a material difference include, among others, uncertainties related to the ability to raise additional capital, uncertainties related to the ability to attract and retain partners for our technologies, the identification of lead compounds, the successful preclinical development thereof, the completion of clinical trials, the FDA review process and other government regulation, our pharmaceutical collaborators’ ability to successfully develop and commercialize drug candidates, competition from other pharmaceutical companies, product pricing and third-party reimbursement. A complete description of risks and uncertainties related to our business is contained in our periodic reports filed with the Securities and Exchange Commission including our Form 10-K for the year ended December 31, 2015. These forward-looking statements are made only as of the date hereof, and we disclaim any obligation to update any such forward-looking statements.

CONTACT: INVESTOR AND MEDIA CONTACT: Jules AbrahamJQA Partners917-885-7378jabraham@jqapartners.com

Sajan, Inc. announces financial results for first quarter 2016

RIVER FALLS, Wis., May 12, 2016 (GLOBE NEWSWIRE) — Sajan, Inc. (NASDAQ:SAJA), a leading provider of global language services and translation management system technology, today reported  financial results for the first quarter ended March 31, 2016.

Revenues were $6,777,000, which represented a decrease of 9 percent compared to revenues of $7,481,000 for the quarter ended March 31, 2015. The Company reported a net loss of $200,000 for the quarter ended March 31, 2016 compared to net income of $4,000 for the quarter ended March 31, 2015.  Adjusted EBITDA was $27,000 for the quarter ended March 31, 2016 compared to $346,000 for the quarter ended March 31, 2015. See the section entitled “Non-GAAP Financial Measures” below for a reconciliation of Adjusted EBITDA to net income (loss).

Shannon Zimmerman, CEO of Sajan, commented on the Company’s first quarter results:

“Our first quarter is typically impacted by slower translation spending by our customers. This year we saw this seasonality manifest itself in the pattern displayed by last year’s first quarter top 10 customers. Seven of these top 10 customers had an aggregate 30 percent decrease in revenue, while three of them had an aggregate 22 percent increase in revenue. This pattern was repeated with many of our customers during the quarter, and although we benefited from new business and current customers with increased spending in the quarter, the overall impact was a 9 percent decline in total revenue. I would like to emphasize that our relationships with our customers are strong and that we are well positioned to see revenue growth during the rest of the year.”

Mr. Zimmerman continued, “During the quarter we made numerous sales and operational improvements including the following:

  • Adding a Strategic Alliance Manager who will be specifically responsible for expanding our partner program and for accelerating sales of SiteSync, our web translation solution.
  • Hiring an experienced sales representative who has been selling translation services in the Life Sciences industry for 10 years and who will be devoted 100 percent to our customers in this growing market.
  • Reorganizing our operations staff and launching significant improvements to our translation and project management technology to help us manage growth in translation projects more efficiently. These actions should have a positive impact on our margins during the rest of 2016 and beyond.”

The Company also announced today that its Board of Directors has approved the repurchase of up to $300,000 of the Company’s common stock. “Our Board of Directors and senior management strongly believe that Sajan’s growth prospects and long-term strategy are not reflected by the Company’s current stock price,” said Zimmerman. He continued, “The stock repurchase program underscores the strength of our balance sheet and the confidence we have in our business, and demonstrates our commitment to maximizing value for our shareholders.”

Under the stock repurchase program, Sajan may repurchase shares in open-market purchases in accordance with all applicable securities laws and regulations, including Rule 10b-18 of the Securities Exchange Act of 1934, as amended. The extent to which Sajan repurchases its shares, and the timing of such repurchases, will depend upon a variety of factors, including market conditions, regulatory requirements and other corporate considerations, as determined by Sajan’s management team. The repurchase program may be suspended or discontinued at any time.

Non-GAAP Financial Measures – Adjusted EBITDA

Adjusted EBITDA Three months ended March 31,
(in thousands)   2016       2015  
Net (loss) income $ (200 )     $ 4  
Interest expense   7         19  
Income taxes   4         10  
Depreciation and amortization   142         230  
Stock-based compensation   74         83  
Adjusted EBITDA $ 27       $ 346  
                 

The Company calculates Adjusted EBITDA by taking net income (loss) calculated in accordance with GAAP, and adding interest expense, income taxes, depreciation and amortization, and stock-based compensation. The Company believes that this non-GAAP measure of financial results provides useful information to management and investors regarding certain financial and business trends relating to the Company’s financial condition and results of operations. Company management uses this non-GAAP measure to compare company performance to that of prior periods for trend analyses and for budgeting and planning purposes. This measure is also used in financial reports prepared for management and the board of directors. The Company believes that the use of this non-GAAP financial measure provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company’s financial measures with other companies, many of which present similar non-GAAP financial measures to investors.

Company management does not consider this non-GAAP measure in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of this non-GAAP financial measure is that it excludes significant expenses and income that are required by GAAP to be recorded in the Company’s consolidated financial statements. In addition, it is subject to inherent limitations as it reflects the exercise of judgments by management about which expenses and income are excluded or included in determining this non-GAAP financial measure.  In order to compensate for these limitations, management presents this non-GAAP financial measure in connection with GAAP results. The Company urges investors to review the reconciliation of non-GAAP financial measures to the comparable GAAP financial measures and not to rely on any single financial measure to evaluate the Company’s business.

Conference Call Details

The Company’s investors will have the opportunity to listen to management’s discussion of its business operations, financial results and growth strategies on a conference call at 10:30 a.m. (Central time) on May 12, 2016. The Company invites all those interested to join the call by dialing (888) 469-1336 and entering access code 7540313.  For those who cannot listen to the live broadcast, a replay will be available shortly after the call and until 11:59 p.m. CT on May 19, 2016 by dialing (866) 498-5464.

About Sajan

Sajan is a leading provider of global language translation and localization services, helping clients around the world expand seamlessly into any global market. The foundation of Sajan’s solution is its industry-leading language translation management system technology, Sajan Transplicity, which provides process automation and innovative multilingual content reuse to ensure schedule predictability, higher quality and cost efficiencies for its clients. By working closely with its clients, Sajan’s experienced team of localization professionals develops tailored solutions that lend flexibility to any large or small business that truly desires to “think globally, but act locally.” Based in the United States, Sajan also has offices in Ireland, Spain and Singapore. Visit Sajan online at www.sajan.com.

Forward-Looking Statements

The Private Securities Litigation Reform Act of 1995 provides a safe harbor for certain forward-looking statements. The Company’s Annual Report on Form 10-K, its Quarterly Report on Form 10-Q and other filings with the Securities and Exchange Commission, the Company’s press releases and oral statements made with the approval of an authorized executive officer, contain forward-looking statements that reflect the Company’s current views with respect to future events and financial performance. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results or those anticipated. The words “aim,” “believe,” “expect,” “anticipate,” “intend,” “estimate” and other expressions that indicate future events and trends identify forward-looking statements. Actual future results and trends may differ materially from historical results or those anticipated depending on a variety of factors, including, but not limited to those set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 filed with the Securities and Exchange Commission on March 16, 2016, under the heading “Item 1A. Risk Factors.” The Company does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Sajan, Inc. and Subsidiaries
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
Amounts in thousands except per share data
 
  Three months ended March 31,
    2016       2015  
Revenues $ 6,777     $ 7,481  
Operating Expenses:      
Cost of revenues (exclusive of depreciation and amortization)   4,290       4,411  
Sales and marketing   909       920  
Research and development   404       433  
General and administrative   1,217       1,448  
Depreciation and amortization   142       230  
(Loss) income from Operations     (185 )       39  
Other expense, net     11         25  
(Loss) income before income taxes     (196 )       14  
Income tax expense   4       10  
Net (loss) income $   (200 )   $   4  
(Loss) income per common share – basic & diluted $ (0.04 )   $ 0.00  
Weighted average shares outstanding – basic   4,783       4,775  
Weighted average shares outstanding – diluted   4,783         4,869  

Sajan, Inc. and Subsidiaries  
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)  
Amounts in thousands  
                   
    March 31,

2016
   December 31,

2015
 
Assets          
Current assets          
Cash and cash equivalents   $   3,411     $ 3,727    
Accounts receivable, net of allowance     3,720       5,032    
Unbilled services     1,289       646    
Other current assets     718       684    
Total current assets     9,138       10,089    
Property and equipment, net     991       642    
Other assets, net     160       181    
Total Assets   $  10,289     $ 10,912    
Liabilities and Stockholders’ Equity          
Current liabilities          
Accounts payables   $   2,979     $ 3,297    
Other current liabilities     1,475       1,666    
Total current liabilities     4,454       4,963    
           
Stockholders’ equity     5,835       5,949    
Total Liabilities and Stockholders’ Equity   $   10,289     $ 10,912    

 

Contact:Tom SkibaChief Financial Officeremail: tskiba@sajan.comphone: 715-426-9505