Reliance Steel & Aluminum (NYSE:RS) shares climbed 9.45% to $70.80 in the early hour after the company today announced that it agreed to acquire Metals USA Holdings for $20.65 per share in cash, representing an enterprise value of approximately $1.2 billion. Reliance and Metals USA's Boards have unanimously approved the transaction. The transaction is subject to approval by Metals USA stockholders, along with the receipt of regulatory clearances and the satisfaction of other customary closing conditions, and includes a 30-day "go-shop" period.
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Metals USA Holdings Corp (NYSE:MUSA) shares gained 13.06% to $20.69 after the company today reported that its fourth-quarter net income decreased to $3.7 million or $0.10 per share from $14.0 million or $0.37 per share last year. Adjusted fourth-quarter 2012 profit per share was $0.23. Analysts expected the company to report fourth-quarter profit of $0.30 per share for the quarter. Net sales decreased to $437.5 million from $455.7 million last year. Analysts expected revenue of $455.68 million for the quarter.
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BIOLASE Inc (NASDAQ:BIOL) shares jumped 30.04% to $3.68 in the morning hour after the company today announced that the U.S. Food and Drug Administration (FDA) has cleared the 940nm Diolase 10 diode soft tissue laser for use in 19 additional medical markets including: ear, nose and throat, oral surgery, arthroscopy, gastroenterology, general surgery, dermatology, plastic surgery, podiatry, GI/GU, gynecology, neurosurgery, ophthalmology, pulmonary surgery, cardiac surgery, thoracic surgery, urology, dermatology, aesthetics, and vascular surgery. This FDA clearance includes over 80 different procedures.
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TrueblueInc (NYSE:TBI) stock gained 10.09% to $18.55 after the company reported revenue for the fourth quarter of 2012 of $345 million, a decrease of 2% compared to revenue of $350 million for the fourth quarter of 2011. Net income for the fourth quarter of 2012 was $7.4 million, or $0.19 per diluted share, compared to net income of $7.6 million, or $0.19 per diluted share, for the fourth quarter of 2011.
Additionally, the company today announced that it has acquired substantially all of the assets of MDT Personnel, a temporary staffing provider with 105 branch locations and more than 15 on-site locations in 25 states.The base purchase price was $48 million with $12 million paid in cash and $36 million in assumed debt. An additional amount was paid to reimburse the Seller for excess working capital. The deal closed February 4, 2013.
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North American Palladium Ltd (USA) (NYSEAMEX:PAL) shares gained 7.87% to $1.92. The company, on Jan. 31, provided an update on its drill results from the second half of its 2012 underground and surface exploration programs at its Lac des Iles ("LDI") palladium mine property in Northern Ontario. In 2012, the Company completed a total 50,148 metres of diamond drilling at LDI.
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