Enzon Pharmaceuticals Inc. (Nasdaq: ENZN) is considering alternatives for its specialty pharmaceuticals operations. Options include the sale of the entire business, or of one or more products, or an Indianapolis manufacturing plant. The Bridgewater, N.J.-based company has received non-binding indications of interest for the purchase of all or part of its business. The biopharmaceutical concern previously announced plans to spin off its biotechnology business as a separate publicly traded company. For the second quarter ended June 30, Enzon’s losses narrowed to $1.7 million from $2 million a year earlier. It benefited from improved revenue generated by three of its drugs and higher contract manufacturing revenue.
Alabama Aircraft Industries Inc. (Nasdaq: AAII) plans to sell its Space Vector Corp. subsidiary, a Chatsworth, Calif.-based unit that makes sub-orbital vehicles. For the second quarter ended June 30, Alabama Aircraft swung to a loss of $2.4 million from a profit of $626,000 in the same period a year earlier. Revenue for the provider of aircraft maintenance and modification services also fell to $12.5 million from $15.8 million. Alabama Aircraft’s financial results were hurt by Space Vector, which saw its second quarter revenue drop to about $500,000 from $3.4 million. The decrease stemmed from the completion or decrease in the scope of work on several engineering and manufacturing contracts.
EarthFirst Canada Inc.’s board of directors has decided to start a formal review of strategic alternatives designed to boost shareholder value for the developer of wind energy projects. The Calgary, Alberta-based company formed a special committee to oversee the process. It also hired Blair Franklin Capital Partners Inc. and GMP Securities Ltd. as advisers. EarthFirst Canada’s portfolio has a potential renewable generating capacity of more than 2,500 megawatts. The company started construction of its 144 megawatt Dokie I project in the first quarter of 2008. It expects to complete the project’s first phase in early 2009, which is when EarthFirst expects it will begin generating revenue.
Aultra Gold Inc.’s (OTCBB: AGDI) board plans to evaluate funding strategies because of the current climate in the capital markets. As part of this process, the gold and mineral miner plans to explore and evaluate financial and strategic alternatives. The Jacksonville, Ore.-based company also plans to review its capital structure as well. Aultra Gold doesn’t plan to comment further, unless the board of directors approves a transaction. At the end of June 30, 2008, the company reported a loss of $9,701. It also had total assets of $96,717 (all long-term) and reported total liabilities of $451,851.