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Earnings Roundup: Signature Group, Talon

Editor’s Note: This article has been corrected from the original story published May 12 to reflect that Signature Group Holdings Inc. has been trading under its new ticker symbol, RELY. Signature Group Holdings Inc. reported its first quarterly results since acquiring an aluminum recycler for $525 million in February. The Sherman Oaks investment company reported net income of $6.7 million (30 cents a share) for the first quarter ended March 31, compared to net income of $100,000 (1 cent) for the same quarter last year. Revenue was $138 million, an increase of 1,379 percent since last year. In February, the company completed its acquisition of Global Recycling and Specification Alloys from Aleris Corp. in Cleveland. The company is the world’s largest independent aluminum recycler, converting scrap metal into aluminum for use in the automotive, aerospace, beverage and construction industries. Also, Signature said it had gained a listing on the Nasdaq and it has changed its ticker symbol to RELY, in keeping with its earlier announcement to change its name to Real Industry Inc. Shares closed up 80 cents, or 9.7 percent, to $9.01 on the Nasdaq. Talon International Inc. swung to a loss in the first quarter that it attributed to lower sales in Asia where holidays cut into work production. The Woodland Hills manufacturer of zippers and apparel accessories reported a net loss of $159,223 (0 cents a share) in the quarter ended March 31, compared to a net income of $17,265 (0 cents) in the same quarter a year earlier. Net sales fell 5 percent to $10.8 million. Talon attributed the decline to a “fewer number of available work days throughout the Asia regions” and said that the timing of the Lunar New Year holidays limited the company’s ability to fulfill orders. Talon also announced an agreement with PVH Corp. to incorporate Tekfit stretch technology into dress shirts. PVH Corp. in New York is among the largest shirt and neckwear companies globally, and the agreement is exclusive to North America. Shares remained flat at 16 cents with no trades on the over-the-counter market.

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