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ST. LOUIS--(BUSINESS WIRE)-- Perficient, Inc. (NASDAQ: PRFT) (“Perficient”), the leading digital transformation consulting firm serving Global 2000® and other large enterprise customers throughout North America, today announced that Gary Wimberly has been appointed as an independent member of the company's Board of Directors, effective May 23, 2018.
Mr. Wimberly has more than 30 years of information technology experience across multiple industries including healthcare, management consulting, retail, manufacturing and professional services. As the former Chief Information Officer and Senior Vice President of Express Scripts, Mr. Wimberly directed the overall IT strategy and performance, ensuring information systems were aligned with the firm’s overall business strategies. He defined and focused the organization on delivering innovative solutions, driving process improvements, improving productivity and building a superior team.
Prior to assuming his role as CIO, Mr. Wimberly held several leadership positions at Express Scripts including Vice President of Supply Chain Systems and Vice President of Corporate Client & Patient Systems. Mr. Wimberly also held key leadership positions in logistic systems and manufacturing systems for Mallinckrodt Worldwide, a division of Tyco International, and served as a senior manager with Ernst & Young, LLP.
Mr. Wimberly is a board member of several charitable, advisory and industry boards, including the Cystic Fibrosis Foundation of St. Louis, the Washington University Information Systems Advisory Board, the ITEN Technology Advisory Board and the St. Louis CIO Board. Mr. Wimberly holds a Bachelor's degree in Computer Science from the University of Missouri-Columbia.
“We are pleased to have Gary as a new, independent member of our board,” said Jeffrey Davis, Perficient chairman and CEO. “With a long-standing career in St. Louis and extensive expertise in driving innovation across the healthcare, management consulting and professional services industries, Gary brings the right experience and insight to help Perficient execute our long-term growth strategies.”
About Perficient
Perficient is the leading digital transformation consulting firm serving Global 2000® and enterprise customers throughout North America. With unparalleled information technology, management consulting, and creative capabilities, Perficient and its Perficient Digital agency deliver vision, execution, and value with outstanding digital experience, business optimization, and industry solutions. Our work enables clients to improve productivity and competitiveness; grow and strengthen relationships with customers, suppliers, and partners; and reduce costs. Perficient's professionals serve clients from a network of offices across North America and offshore locations in India and China. Traded on the Nasdaq Global Select Market, Perficient is a member of the Russell 2000 index and the S&P SmallCap 600 index. Perficient is an award-winning Platinum Level IBM business partner, a Microsoft National Service Provider and Gold Certified Partner, an Oracle Platinum Partner, an Adobe Premier Partner, and a Platinum Salesforce Consulting Partner. For more information, visit www.perficient.com .
Safe Harbor Statement
Some of the statements contained in this news release that are not purely historical statements discuss future expectations or state other forward-looking information related to financial results and business outlook for 2018. Those statements are subject to known and unknown risks, uncertainties, and other factors that could cause the actual results to differ materially from those contemplated by the statements. The forward-looking information is based on management’s current intent, belief, expectations, estimates, and projections regarding our company and our industry. You should be aware that those statements only reflect our predictions. Actual events or results may differ substantially. Important factors that could cause our actual results to be materially different from the forward-looking statements include (but are not limited to) those disclosed under the heading “Risk Factors” in our annual report on Form 10-K for the year ended December 31, 2017.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180524005893/en/
Perficient
Bill Davis, 314-529-3555
[email protected]
Source: Perficient | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/business-wire-perficient-appoints-former-express-scripts-cio-gary-wimberly-to-board-of-directors.html |
May 2 (Reuters) - Express Scripts Holding Co:
* Q1 GAAP EARNINGS PER SHARE $1.10 * Q1 EARNINGS PER SHARE VIEW $1.76 — THOMSON REUTERS I/B/E/S
* SEES Q2 2018 ADJUSTED EARNINGS PER SHARE $2.18 TO $2.22 * QTRLY REVENUE $24,769.4 MILLION VERSUS $24,654.9 MILLION REPORTED LAST YEAR
* PREVIOUSLY PROVIDED 2018 GUIDANCE REMAINS SAME EXCEPT FOR CONSOLIDATED ADJUSTED EARNINGS PER DILUTED SHARE
* QTRLY ADJUSTED CLAIMS OF 340.1 MILLION, DOWN 3% * CO HAS CURRENTLY SUSPENDED ITS SHARE REPURCHASE PROGRAM PURSUANT TO MERGER AGREEMENT WITH CIGNA
* SEES 2018 ADJUSTED EARNINGS PER DILUTED SHARE $9.00 TO $9.14
* Q2 EARNINGS PER SHARE VIEW $2.29 — THOMSON REUTERS I/B/E/S
* FY2018 EARNINGS PER SHARE VIEW $9.32, REVENUE VIEW $101.10 BILLION — THOMSON REUTERS I/B/E/S
* Q1 REVENUE VIEW $24.79 BILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-express-scripts-reports-q1-adjuste/brief-express-scripts-reports-q1-adjusted-earnings-per-share-1-77-idUSASC09Z73 |
May 12, 2018 / 10:22 PM / Updated 16 hours ago Difficult to shield German firms after U.S. withdrawal from Iran deal: minister Reuters Staff 2 Min Read
BERLIN, (Reuters) - - Germany wants to help its companies continue doing business in Iran after the U.S. decision to reimpose sanctions against Tehran, but it could be difficult to shield them from any fallout, Foreign Minister Heiko Maas said on Sunday. German Foreign Minister Heiko Maas speaks during a joint news conference with his Russian counterpart Sergei Lavrov following their meeting in Moscow, Russia May 10, 2018. REUTERS/Sergei Karpukhin
U.S. President Donald Trump’s decision on Tuesday to renege on the 2015 nuclear accord with Iran and reimpose sanctions against Tehran came with the threat of penalties against any foreign firms involved in business there.
Germany - along with France and Britain - has said it remains committed to the nuclear deal. The foreign ministers of the three European powers will meet their Iranian counterpart in Brussels on Tuesday to discuss a way forward.
“I do not see a simple solution to shield companies from all risks of American sanctions,” Maas told Bild am Sonntag newspaper.
“The talks with the Europeans, Iran and the other signatories to the agreement are therefore also about how it can be possible to continue trade with Iran,” Maas said.
Maas said the Europeans wanted to ensure that Iran would continue to abide by the rules and restrictions of the nuclear agreement.
“After all, Iran is ready to talk. It’s clear that there should also be economic incentives - that will not be easy after the U.S. decision,” Maas said.
The minister echoed calls from Chancellor Angela Merkel and other leaders that Iran should agree to a broader deal that went beyond the original accord and included Iran’s “problematic role in the region”.
The Trump administration portrayed its rejection of the nuclear agreement as a response, in part, to Tehran’s interventions in the Middle East, underpinning Israeli Prime Minister Benjamin Netanyahu’s tough line towards Iran. Reporting by Michael Nienaber, Editing by Angus MacSwan | ashraq/financial-news-articles | https://www.reuters.com/article/us-iran-nuclear-germany/difficult-to-shield-german-firms-after-u-s-withdrawal-from-iran-deal-minister-idUSKCN1ID0W5 |
EditorsNote: adds Quote: s from Gallant and DeBoer
William Karlsson scored at 8:17 of overtime to give the visiting Vegas Golden Knights a 4-3 victory over the San Jose Sharks on Monday night.
The expansion Golden Knights grabbed a two-games-to-one lead in the best-of-seven Western Conference semifinal series. Game 4 is Wednesday night in San Jose.
Karlsson took a pass from James Neal, who had just clanged a shot off the post 30 seconds earlier, and then fired a wrist shot from the top of the right circle over the stick side of San Jose goalie Martin Jones.
Marc-Andre Fleury made 39 saves and Colin Miller, Jonathan Marchessault and Reilly Smith each had a goal for the Golden Knights. Marchessault added two assists while Karlsson and Smith had one helper apiece.
Fleury posted his 68th career playoff victory, tying him with Andy Moog for 10th place on the NHL’s all-time list.
Knights coach Gerard Gallant said, “We were disappointed when they scored with nearly two minutes left in the game (to force overtime). We regrouped in the OT session and said, ‘Let’s go out there and get this game.”
Tomas Hertl, Evander Kane and Timo Meier each scored goals for San Jose. Jones finished with 29 saves.
Fleury kept the Golden Knights in the game early as San Jose outshot the visitors 27-10 over the first 27 minutes.
Sharks coach Peter DeBoer said, “I think our game’s in a good place. It’s just one of those (nights). We’re doing a lot of good stuff, but through the three games, we’re chasing the game every night. We’ve got to find a way to get out in front.”
The Sharks finally broke through with a power-play goal by Meier at 6:59 of the second period.
Vegas answered with three goals, including two on the power play, over a 4:46 span to take a 3-1 lead after two periods.
Miller tied it when he tapped in a nice crossing pass through the crease by Neal while cutting toward the left side of the net as Brenden Dillon was serving a penalty for holding David Perron.
Marchessault gave Vegas a 2-1 lead with another power play goal less than four minutes later after Hertl was whistled for roughing Neal. Alex Tuch fired a pass from the right point to a wide-open Marchessault in the left circle, and Marchessault one-timed a shot past Jones’ stick side for his second goal of the playoffs.
Smith made it 3-1 just 77 seconds later when Karlsson, stationed to the right of the net, redirected a pass through to the crease. Smith tapped in the puck for his first goal of the playoffs.
Kane cut the deficit to 3-2 at the 7:49 of the third period when he rifled a wrist shot over the glove of Fleury from the middle of the right circle. Vegas challenged that Fleury was interfered with by Logan Couture, who nudged him on the edge of the blue paint, but the goal stood.
Hertl tied it with 1:57 to go in regulation, firing in a rebound from the slot during a wild scrum around the net. His fourth goal of the playoffs only set the stage for Karlsson’s overtime heroics.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/icehockey-nhl-sjs-vgk-recap/karlssons-ot-winner-gives-knights-2-1-series-edge-idUSMTZEE511BLMP5 |
WEST LAFAYETTE, Ind., May 15, 2018 (GLOBE NEWSWIRE) -- Bioanalytical Systems, Inc. (NASDAQ:BASI) (“BASi”, the “Company”, “We” or “Our”) today announced financial results for the second quarter and first six months of fiscal 2018.
Second Quarter Results
For the three months ended March 31, 2018, revenue amounted to $5,944,000 a 6% decrease from $6,359,000 in the second quarter of fiscal 2017.
Service revenue for the second quarter of fiscal 2018 increased 1% to $5,030,000 compared to $4,962,000 for the same period in fiscal 2017. Preclinical services revenue increased due to the mix and number of studies compared to the prior fiscal year period. Other laboratory services revenues were negatively impacted by lower discovery services, which impact was partially offset by higher pharmaceutical analysis revenues in the second quarter of fiscal 2018 versus the comparable period in fiscal 2017. In addition, archive revenue decreased in the second quarter of fiscal 2018, as compared to the second quarter of fiscal 2017. Bioanalytical analysis revenues remained relatively even when compared to the prior year period.
Sales in our Products segment decreased 35% in the second quarter of fiscal 2018 from $1,397,000 to $914,000 when compared to the same period in the prior fiscal year. The majority of the decrease stems from a decline in sales of our Culex automated in vivo sampling systems. This factor was partially offset by an increase in our analytical instruments revenues.
Gross profit decreased to $1,740,000, or 29% of revenue, in the second quarter of fiscal 2018, compared to $2,043,000, or 32% of revenue, during the comparable fiscal 2017 period. The principal causes for the decrease were a decline in product revenues and a less favorable revenue mix.
Operating expenses for the second quarter of fiscal 2018 increased 10% to $1,630,000 compared to $1,488,000 during the second quarter of fiscal 2017. The principal reasons for the increase were higher consulting costs related to new product development as well as employee search fees and increased stock option expense attributable to the grants of options to our directors and certain employees in October 2017.
Operating income for the second quarter of fiscal 2018 amounted to $110,000 compared to operating income of $555,000 for the second quarter of fiscal 2017. The decrease was primarily due to lower revenue and higher operating expenses.
Net income for the second quarter of fiscal 2018 amounted to $55,000, or $0.01 per diluted share, compared to a net income of $417,000, or $0.05 per diluted share for the second quarter of fiscal 2017.
Adjusted EBITDA for the second quarter of fiscal 2018, amounted to $524,000, compared to Adjusted EBITDA for the second quarter of fiscal 2017 of $937,000.
First Half Results
For the six months ended March 31, 2018, revenue amounted to $11,321,000 a 10% decrease from $12,533,000 for the six months ended March 31, 2017.
Service revenue decreased 7% in the six months ended March 31, 2018 to $9,555,000 from $10,226,000 in the first six months of fiscal 2017. Preclinical services revenues decreased due an unfavorable mix of studies performed year over year. Bioanalytical analysis revenues decreased due to fewer samples received and analyzed in the first six months of fiscal 2018 in addition to an unfavorable mix favoring method development and validation projects during this time period, which generate lower revenue but involve more dedicated resources. Other laboratory services revenues were negatively impacted by lower discovery services and archive revenues, which were slightly offset by higher pharmaceutical analysis revenues in the first six months of fiscal 2018 versus the comparable period in fiscal 2017.
Sales in our Products segment decreased 23% in the six months ended March 31, 2018, from $2,307,000 to $1,766,000 when compared to the same period in the prior fiscal year. The majority of the decrease stems from lower sales of our Culex automated in vivo sampling systems, offset slightly by an increase in sales of our analytical instruments, over the same period in the prior fiscal year.
Gross profit in the six months ended March 31, 2018 decreased to $3,321,000, or 29% of revenue, compared to $3,902,000, or 31% of revenue, for the same period of the prior fiscal year. The decline was driven by a decrease in revenues which led to a lower absorption of fixed costs and an unfavorable change in sales mix.
Operating expenses for the six months ended March 31, 2018 decreased slightly to $3,200,000 from $3,253,000 for the comparable fiscal 2017 period. The principal reason for the decrease was the accrual for the severance for our former Chief Executive Officer, amounting to approximately $200,000, recorded in the first six months of fiscal 2017. This item was offset in part by increased consulting costs for new product development, employee search fees and higher stock option expense attributable to the grants of options to our directors and certain employees in October 2017.
Operating income for the first six months of fiscal 2018 amounted to $121,000 compared to an operating income of $649,000 for the first six months of fiscal 2017. The decrease was primarily due to lower revenue partially offset by the decrease in operating expenses.
Net income amounted to $81,000, or $0.01 per diluted share, for the first six months of fiscal 2018 compared to $434,000, or $0.05 per diluted share, for the first six months of fiscal 2017.
Adjusted EBITDA was $969,000 for the first six months of fiscal 2018, compared to Adjusted EBITDA of $1,417,000 for the first six months of fiscal 2017.
Cash Provided by Operating Activities
Cash provided by operating activities was $842,000 for the first six months of fiscal 2018 compared to $561,000 for the first six months of fiscal 2017.
Accounts payable decreased by $214,000 and inventory increased by $87,000, respectively. These items were offset in part by an increase in accrued expenses and customer advances of $81,000 and $127,000, respectively, and a decrease in prepaid expenses and other assets of $72,000.
The Company had $672,000 in cash and cash equivalents and $2,000,000 available on its line of credit as of March 31, 2018. During the first six months of fiscal 2018, cash from operations funded capital expenditures for laboratory equipment and building improvements as well as computer equipment and software of approximately $433,000.
Remarks
Jill Blumhoff, BASi’s Vice President of Finance and Chief Financial Officer commented, “We are very pleased to report that the growth initiatives underway for fiscal 2018 that we discussed at the end of fiscal 2017 and the first quarter of this year are beginning to demonstrate results. The revenue reported for our second quarter was our highest quarterly achievement since the second quarter one year ago.”
Ms. Blumhoff continued, “We are beginning to deliver on our commitments. For example, the recently announced technology alliance with Phlebotics, Inc. is the latest of BASi partnerships, including those with Joanneum Research and PalmSens, to expand our products and services offerings that improve data and increase the speed of bringing new drugs to market. With the retirement of James Bourdage, Ph.D., Michael Baim, Ph.D., has assumed the role of Vice President of Bioanalytical Operations. Dr. Michael Baim is an energetic and passionate leader who brings to BASi over thirty years of experience in the pharmaceutical and lab management industries. He is well-versed in analytical methodology and project design and has a proven track record of delivering significant and sustainable profitable growth across many different business segments. We plan to continue making progress in enhancing the scientific expertise of our staff. Lastly, we continue taking the necessary steps to make the expansion of our preclinical services facilities a reality.
"We believe that cash on-hand and, if needed, borrowings under our untapped revolving credit facility, should provide our team with the liquidity and flexibility to fund our operating initiatives in order to deliver consistent profitable growth. We are encouraged once again by our results thanks to the outstanding work from our dedicated employees. With the continued support from our board members and shareholders, we will continue to execute on our initiatives,” Ms. Blumhoff concluded.
Non-GAAP to GAAP Reconciliation
This press release contains financial measures that are not calculated in accordance with generally accepted accounting principles in the United States (GAAP). The non-GAAP financial measures are Adjusted EBITDA for the first six months of fiscal 2018 and 2017. Adjusted EBITDA as reported herein refers to a financial performance measure that excludes income statement line items interest expense and income taxes (benefit) expense, as well as non-cash charges for depreciation and amortization and stock option (benefit) expense.
The non-GAAP financial information should be considered supplemental to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. Management, however, believes that Adjusted EBITDA, when used in conjunction with the results presented in accordance with GAAP, may provide a more complete understanding of the Company's results and may facilitate a fuller analysis of the Company's results, particularly in evaluating performance from one period to another.
Management has chosen to provide this supplemental information to investors, analysts, and other interested parties to enable them to perform additional analyses of results and to illustrate the results giving effect to the non-GAAP adjustments shown in the reconciliation. Management strongly encourages investors to review the Company's consolidated financial statements and publicly filed reports in their entirety and cautions investors that the non-GAAP measures used by the Company may differ from similar measures used by other companies, even when similar terms are used to identify such measures.
About Bioanalytical Systems, Inc.
BASi is a pharmaceutical development company providing contract research services and monitoring instruments to the world's leading drug development companies and medical research organizations. The Company focuses on developing innovative services and products that increase efficiency and reduce the cost of taking a new drug to market. Visit www.BASinc.com for more information about BASi.
This release contains that are subject to risks and uncertainties including, but not limited to, risks and uncertainties related to our financial condition, changes in the market and demand for our products and services, the development, marketing and sales of products and services, changes in technology, industry standards and regulatory standards, and various market and operating risks detailed in the Company's Commission. BASi assumes no obligation to update any forward-looking statement except as may be required by law. Actual results may vary, and could differ materially, from those anticipated, estimated, projected or expected in these for a number of reasons, including, among others, the risk factors disclosed in the Company's most recent Annual Report, as filed, with the Securities and Exchange Commission.
FOR MORE INFORMATION: Company Contact: Jill Blumhoff Chief Financial Officer & Vice President of Finance Phone: 765.497.8381 [email protected]
(SEE BELOW FOR CONDENSED CONSOLIDATED FINANCIAL STATEMENTS)
BIOANALYTICAL SYSTEMS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE INCOME
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended March 31, Six Months Ended March 31, 2018 2017 2018 2017 Service revenue $ 5,030 $ 4,962 $ 9,555 $ 10,226 Product revenue 914 1,397 1,766 2,307 Total revenue 5,944 6,359 11,321 12,533 Cost of service revenue 3,662 3,546 6,935 7,296 Cost of product revenue 542 770 1,065 1,335 Total cost of revenue 4,204 4,316 8,000 8,631 Gross profit 1,740 2,043 3,321 3,902 Operating expenses: Selling 303 242 597 578 Research and development 149 110 288 214 General and administrative 1,178 1,136 2,315 2,461 Total operating expenses 1,630 1,488 3,200 3,253 Operating income 110 555 121 649 Interest expense (48 ) (134 ) (100 ) (210 ) Other income 4 1 4 2 Net income before income taxes 66 422 25 441 Income taxes (benefit) expense 11 5 (56 ) 7 Net income $ 55 $ 417 $ 81 $ 434 Other comprehensive income: — 8 — 29 Comprehensive income $ 55 $ 425 $ 81 $ 463 Basic net income (loss) per share $ 0.01 $ 0.05 $ 0.01 $ 0.05 Diluted net income (loss) per share $ 0.01 $ 0.05 $ 0.01 $ 0.05 Weighted common shares outstanding: Basic 8,245 8,148 8,245 8,128 Diluted 8,789 8,710 8,793 8,707 BIOANALYTICAL SYSTEMS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share amounts)
March 31,
2018 September 30,
2017 (Unaudited) Assets Current assets: Cash and cash equivalents $ 672 $ 434 Accounts receivable Trade, net of allowance of $2,019 at March 31, 2018 and $2,404 at September 30, 2017 2,726 2,530 Unbilled revenues and other 410 615 Inventories, net 1,000 913 Prepaid expenses 742 814 Total current assets 5,550 5,306 Property and equipment, net 14,625 14,965 Lease rent receivable 102 87 Deferred tax asset 67 - Goodwill 38 38 Other assets 18 21 Total assets $ 20,400 $ 20,417 Liabilities and shareholders’ equity Current liabilities: Accounts payable $ 1,838 $ 2,052 Restructuring liability 1,117 1,117 Accrued expenses 1,283 1,202 Customer advances 3,107 2,980 Income taxes payable 26 20 Current portion of capital lease obligation 132 128 Current portion of long-term debt 228 224 Total current liabilities
7,731 7,723 Capital lease obligation, less current portion 2 69 Long-term debt, less current portion, net of debt issuance costs 4,049 4,158 Total liabilities 11,782 11,950 Shareholders’ equity: Preferred shares, authorized 1,000,000 shares, no par value: 1,035 Series A shares at $1,000 stated value issued and outstanding at March 31, 2018 and at September 30, 2017 1,035 1,035 Common shares, no par value: Authorized 19,000,000 shares; 8,245,320 issued and outstanding at March 31, 2018 and 8,243,896 at September 30, 2017 2,023 2,023 Additional paid‑in capital 21,516 21,446 Accumulated deficit (15,956 ) (16,037) Total shareholders’ equity 8,618 8,467 Total liabilities and shareholders’ equity $ 20,400 $ 20,417
BIOANALYTICAL SYSTEMS, INC. RECONCILIATION OF GAAP TO NON-GAAP EARNINGS (In thousands)
(Unaudited) Three Months Ended Six Months Ended March 31, March 31, 2018 2017 2018 2017 GAAP Net income $ 55 $ 417 $ 81 $ 434 Add back: Interest expense 48 134 100 210 Income taxes (benefit) expense 11 5 (56 ) 7 Depreciation and amortization 375 384 775 759 Stock option (benefit) expense 35 (3 ) 69 7 Adjusted EBITDA $ 524 $ 937 $ 969 $ 1,417 Adjusted EBITDA - Earnings before interest expense, income taxes (benefit) expense, depreciation and amortization and stock option (benefit) expense.
Source:Bioanalytical Systems, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/globe-newswire-basi-reports-second-quarter-results.html |
AmTrust Financial Services shares jumped in after-hours trading Thursday after activist investor Carl Icahn disclosed a nearly 9.4 percent stake in the company.
The $2.6 billion insurance company's stock briefly climbed more than 8 percent in extended trading. The stock is up 33 percent for the year, as of Thursday's close.
Barry Zyskind, the chairman and CEO of the company, and George Karfunkel, one of its founders, together own 40.87 percent of the stock and have been pursuing a plan to take AmTrust private, a deal which Icahn said he opposes.
"You have structured your take-over to ensure that the transaction is reviewed under the lower, more deferential 'business judgment' standard, as opposed to the enhanced, more stringent 'entire fairness' standard," the investor said in a letter.
Icahn also said the company's board set April 5 as the date of record for shareholders to vote in a June 4 meeting, without letting shareholders or the market know. He called for the board to change the record date and special meeting immediately.
AmTrust did not immediately respond to CNBC requests for comment.
— CNBC's Liz Moyer contributed to this report.
| ashraq/financial-news-articles | https://www.cnbc.com/2018/05/17/small-insurance-stock-surges-after-carl-icahn-discloses-big-position.html |
May 23, 2018 / 6:02 PM / Updated 8 minutes ago EU mergers and takeovers (May 23) Reuters Staff 8 Min Read
BRUSSELS, May 23 (Reuters) - The following are mergers under review by the European Commission and a brief guide to the EU merger process: APPROVALS AND WITHDRAWALS
— U.S. agricultural merchant Archer Daniels Midland and agricultural trading house Cargill to set up a joint venture in Egypt (approved May 18)
— Global asset manager The Carlyle Group to acquire Accolade Wines Holdings Australia and Accolade Wines Holdings Europe (approved May 16)
— Asset management firms Avenue Capital, Pemberton and private equity firm Permira to jointly acquire luggage bags maker Delsey (approved May 15) NEW LISTINGS
— Private equity firm Permira to acquire tech software company Exclusive Group (notified May 22/deadline June 26/simplified)
— German companies Thyssen Alfa and Max Aicher Recycling to acquire joint control of Noris Metallrecycling (notified May 22/deadline June 26/simplified)
— Chinese car parts maker Beijing Automotive Group’s subsidiary BHAP and Spanish peer Gestamp Automocion to set up a joint venture (notified May 18/deadline June 26/simplified)
— U.S. private equity firms HPS Investment Partners and Madison Dearborn Partners to acquire joint control of UK risk management services provider Professional Fee Protection Ltd (notified May 18/deadline June 25/simplified)
— T-Mobile Austria, which is a unit of German telecoms company Deutsche Telekom, to acquire UPC Austria, which is a subsidiary of cable operator UPC (notified May 18/deadline June 25)
— UK infrastructure management company AMP Capital and Spanish airport infrastructure management company Aena Internacional to jointly acquire Luton Airport (notified May 15/deadline June 20/simplified)
— Oaktree Capital Group and Spanish real estate holding company Bitarte, which is a unit of Spanish bank Banco de Sabadell, to set up a joint venture (notified May 14/deadline June 19/simplified)
— Private equity firms HG Capital and TA Associates to acquire joint control of software company Access Group, which is now solely controlled by TA (notified May 8/deadline June 18/simplified) EXTENSIONS AND OTHER CHANGES
FIRST-STAGE REVIEWS BY DEADLINE MAY 23
— British paper company Mondi to acquire Finnish corrugated case materials maker Powerflute (notified April 11/deadline May 23) MAY 28
— U.S coatings maker Axalta Coating Systems to acquire wire enamel manufacturer IVA’s European and Chinese operations (notified April 16/deadline May 28) MAY 30
— U.S. cable company Liberty Global to acquire Dutch peer Ziggo (notified April 4/deadline extended to May 30 from May 15 after Liberty Global offered concessions)
— Global asset management company Carlyle and U.S. investment company TA Associates to jointly acquire sales marketing company Discoverorg which is now solely controlled by TA Associates (notified April 18/deadline May 30/simplified) MAY 31
— Swedish bank Skandinaviska Enskilda Banken AB (SEB) to acquire lamp maker Aura Light International AB (notified April 19/deadline May 31/simplified)
— Private equity firm Advent International to acquire British electronics and technnology company Laird (notified April 19/deadline May 31/simplified) JUNE 1
— Swiss engineering company ABB to acquire General Electric’s industrial solutions business (notified April 20/deadline June 1) JUNE 4
— Japanese chemicals company Kuraray, Thai petrochemicals group PTT Global Chemical Public Company and Japan’s Sumitomo Corp to set up a joint venture (notified April 23/deadline June 4/simplified) JUNE 5
— Canadian pension fund OTPP and asset management company Carlyle Group to jointly acquire French campsite operator European Camping Group, which is now solely controlled by Carlyle Group (notified April 24/deadline June 5/simplified)
— French prepaid meal voucher and card provider Edenred to increase its stake in fuel cards issuer UTA (notified April 24/deadline June 5/simplified) JUNE 6
— UK private equity group 3i Group Plc to acquire a 35 percent stake in ferry operator Scandlines after selling the company to infrastructure funds First State Investments and Hermes Investment Management (notified April 25/deadline June 6/simplified)
— Japanese electronics company Alps Electric Co to acquire Japanese car infotainment systems maker Alpine Electronics (notified April 25/deadline June 6/simplified) JUNE 7
— German power grid makers Stadtwerke Olching and Bayernwerk Net to set up two joint ventures (notified April 26/deadline June 7/simplified) JUNE 8
— Private equity firm One Equity Partners to acquire packaging company Walki Holding (notified April 27/deadline June 8/simplified) JUNE 11
— Investment firm HPS Investment Partners and Madison Dearborn Partners to acquire joint control of UK insurance broker Capita Specialist Insurance Soluions Ld (notified April 30/deadline June 11/simplified)
— U.S. insurer American International Group to acquire Bermuda-based reinsurer Validus Holdings Ltd (notified April 30/deadline June 11/simplified) JUNE 12
— Deutsche Telekom to acquire Swedish peer Tele2’s Dutch unit and merge it with its Dutch business T-Mobile Nederland (notified May 2/deadline June 12) JUNE 13
— Private equity firm Rhone Capital LLC and founders of swimming pool equipment maker Fluidra to acquire joint control of the merged Fluidra and its peer Zodiac Holdco (notified May 3/deadline June 13) JUNE 14
— Private equity funds Altor Funds to acquire Swedish packaging company Trioplast Idustrier (notified May 4/deadline June 14/simplified)
— Private equity firm AEA Investors and investment firm British Columbia Investment Management Corp to acquire joint control of window coverings maker SIWF Holdings Inc (Springs) (notified May 4/deadline June 14/simplified)
— Private equity firm Platinum Equity to acquire U.S. pharmaceutical company Johnson & Johnson’s blood glucose monitoring business LifeScan (notified May 4/deadline June 14/simplified)
— U.S. real estate investment company Kennedy Wilson and French insurer Axa to set up a joint venture (notified May 4/deadline June 14/simplified) JUNE 15
— U.S. tyre maker Goodyear and Japanese peer Bridgestone to acquire joint control of joint venture Tirehub, which will combine the U.S. tyre wholesale distribution businesses of both companies (notified May 7/deadline June 15/simplified)
— Finnish utility Fortum to acquire a controlling stake in German peer Uniper from German energy company E.ON (notified May 7/deadline June 15)
— U.S. cable operator Comcast’s to acquire British pay-TV company Sky (notified May 7/deadline June 15) JUNE 12
— South African chemicals company Tronox to acquire the titanium dioxide business of Cristal, a subsidiary of Saudi Arabia’s Tasnee (notified Nov. 15/deadline extended to June 12 from June 7) AUG 9
— German industrial gases group Linde to merge with U.S. peer Praxair (notified Jan. 12/ deadline extended to Aug. 9) SEPT 4
— iPhone maker Apple to acquire UK music streaming service Shazam (notified March 14/deadline extended to Sept. 4 from April 23 after the European Commission opened an in-depth investigation) DEADLINES:
The European Commission has 25 working days after a deal is filed for a first-stage review. It may extend that by 10 working days to 35 working days, to consider either a company’s proposed remedies or an EU member state’s request to handle the case.
Most mergers win approval but occasionally the Commission opens a detailed second-stage investigation for up to 90 additional working days, which it may extend to 105 working days. SIMPLIFIED:
Under the simplified procedure, the Commission announces the clearance of uncontroversial first-stage mergers without giving any reason for its decision. Cases may be reclassified as non-simplified - that is, ordinary first-stage reviews - until they are approved. (Reporting by Foo Yun Chee) | ashraq/financial-news-articles | https://www.reuters.com/article/eu-ma/eu-mergers-and-takeovers-idUSL5N1SU6GP |
(Adds dealer Quote: s and details on activity; updates prices) * Canadian dollar at C$1.2805, or 78.09 U.S. cents * Bond prices lower across steeper yield curve * 10-year yield touches 4-year high at 2.426 percent By Fergal Smith TORONTO, May 14 (Reuters) - The Canadian dollar turned lower against its U.S. counterpart on Monday as the greenback broadly rose and U.S. stocks pared their earlier gains. At 4 p.m. EDT (2000 GMT), the Canadian dollar was trading 0.1 percent lower at C$1.2805 to the greenback, or 78.09 U.S. cents. The currency traded in a range of C$1.2750 to C$1.2807. "It's just a (U.S.) dollar positive end to the day," said David Bradley, director of foreign exchange trading at Scotiabank. "Everything just turned mid-morning." The U.S. dollar was boosted by higher U.S. Treasury yields. It erased earlier losses to rise against a basket of major currencies. Wall Street ended a choppy session slightly higher after U.S. President Donald Trump's conciliatory remarks toward China's ZTE Corp helped calm U.S.-China trade tensions. Canada's commodity-linked currency tends to be sensitive to movement in stocks due to the signal that stocks send about prospects for global growth. The price of oil, one of Canada's major exports, rose as OPEC reported that the global oil glut has been virtually eliminated. U.S. crude oil futures settled 0.4 percent higher at $70.96 a barrel. On Friday, the loonie reached a three-week high at C$1.2730 but was then pressured by domestic data showing a surprise April jobs decline. Canadian home prices rose slightly in April but the rate of appreciation continued to decelerate amid softening sales and higher interest rates. The Teranet-National Bank Composite House Price Index, which measures changes for repeat sales of single-family homes, showed prices increased 0.2 percent on a monthly basis after a flat month in March. Trump administration demands in North American Free Trade Agreement negotiations meant to push auto jobs back to the United States may not be enough to spark a shift in where automakers build cars and trucks. Canada sends about 75 percent of its exports to the United States so its economy could benefit if a NAFTA deal is reached. Canadian government bond prices were lower across a steeper yield curve, with the two-year price down 4.5 Canadian cents to yield 1.99 percent and the benchmark 10-year falling 37 Canadian cents to yield 2.421 percent. The 10-year yield touched its highest intraday since May 2014 at 2.426 percent. (Reporting by Fergal Smith Editing by Nick Zieminski and Tom Brown)
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All Quote: s delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/canada-forex/canada-fx-debt-c-dips-as-greenback-turns-broadly-higher-idUSL2N1SL1RG |
Short-sellers have been looking for weeks to pounce on Tesla , and CEO Elon Musk's incendiary call with analysts Wednesday could just provide more for them to feast on.
Bets against the electric car-maker have zoomed 41 percent since March 6, according to S3 Analytics, which tracks short interest. That amounts to just shy of $11 billion in short interest, more than double that of Facebook .
With shares dropping more than 7 percent at one point Thursday, the flock of traders expecting Tesla to keep falling had reason to feel edified. In all, Tesla shares have slid more than 16 percent since the surge in short-selling, including Thursday's damage.
"Don't let Musk's conference call theatrics fool you. He did not want investors to focus on his rapidly deteriorating finances," Jim Chanos, head of Kynikos Associates, said in an email to Reuters, according to a tweet from Jennifer Ablan, an editor for the wire service.
Musk stunned the market Wednesday when he rebuffed multiple analysts during his post-earnings conference call . He called their questions "boring," "bonehead" and "not cool" and spent more than 20 minutes chatting with a YouTuber on the call.
Traders punished him for it Thursday.
Shares fell as Musk's behavior only intensified worries over the company's cash burn and its ability to meet production expectations. That came even though results were not as bad as analysts had expected.
Another famed short-seller, Carson Block at Muddy Waters Capital, wondered whether the confrontation could be an indicator of something bigger happening.
"What last night is maybe the beginning of fracturing the relationship with Wall Street a little bit," Block told CNBC's Leslie Picker during an interview at a New York conference. "I don't get how they can get through the year without raising significant money. They need Wall Street to provide that funding. If that starts to fracture, that would be interesting."
Block said he is "rooting for the stock to go down" but noted that he has some long exposure as well to Tesla's shares.
Tesla has not responded to a request for comment on the Musk controversy.
WATCH: Cramer has a different view on the Musk analyst call that everyone is talking about .
show chapters Tesla earnings call was the best I've heard in a long time, says Jim Cramer 5 Hours Ago | 02:52 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/03/jim-chanos-other-tesla-short-sellers-smelling-blood-in-the-water.html |
New York City is planning changes to the reduced fines levied on parking tickets given about 2,600 commercial vehicle operators, ranging from United Parcel Service Inc. to Verizon Communications Inc.
In the first major overhaul since the programs’ introduction 15 years ago, the city’s Department of Finance plans to raise the fines that commercial operators pay for such infractions as double parking and blocking an intersection.
Officials... | ashraq/financial-news-articles | https://www.wsj.com/articles/new-york-city-to-reduce-discounts-on-parking-tickets-for-commercial-vehicles-1525957200 |
Dee Gordon scored the lone run and Jean Segura rapped two hits as the Seattle Mariners notched a 1-0 victory over the Minnesota Twins on Monday night at Target Field in Minneapolis.
An eighth-inning throwing error by Twins first baseman Logan Morrison on Segura’s sacrifice bunt allowed Gordon to score the decisive run.
Four Seattle pitchers combined on a four-hitter to send Minnesota to its second straight setback.
Gordon led off the eighth inning with a double off Twins right-hander Trevor Hildenberger (1-1).
Segura laid down the bunt, and when Morrison fielded it, he looked briefly at third before turning and throwing toward first.
But the toss to second baseman Brian Dozier covering first went down the right-field line, allowing Gordon to score easily.
Nick Vincent protected the lead with a flawless eighth and fellow right-hander Edwin Diaz struck out the side in a perfect ninth for his American League-best 14th save.
The contest started one hour, 42 minutes late due to rain. The game was a makeup from a postponement on April 8.
Seattle was playing its first game without star second baseman Robinson Cano, who broke his right hand in Sunday’s game against the Detroit Tigers. Cano was officially placed on the 10-day disabled list on Monday and is expected to miss six to eight weeks.
Mariners left-hander Wade LeBlanc tossed six scoreless frames. LeBlanc gave up three hits, struck out four and didn’t issue a walk.
Lefty reliever James Pazos (1-0) got the victory after working out of a seventh-inning jam by stranding a runner at third.
Mitch Garver laced a one-out double to center and moved to third on Morrison’s groundout before Pazos retired Eddie Rosario on a popup to second.
Minnesota right-hander Jake Odorizzi allowed four hits over six shutout innings. He struck out seven and walked one.
Seattle had runners on first and second in the sixth inning when Kyle Seager lined a bullet up the middle. But the ball caromed off Odorizzi’s backside over to shortstop Ehire Adrianza, who stepped on second for a forceout.
Odorizzi then struck out Ryon Healy on his 97th and final pitch of the night to end the threat.
The Mariners were 1 for 13 with runners in scoring position. Minnesota was 0 for 2.
—Field Level Media
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-min-sea-recap/four-mariners-pitchers-shut-out-twins-idUSMTZEE5FR4GZFU |
The Argentine peso hit fresh lows against the dollar Monday, as concerns grew over $30 billion in local debt set to mature this week.
The dollar was recently up around 8.7% against the peso at 25.07. The U.S. currency has risen around 33% against the peso this year.
Investors will be closely watching Argentina on Tuesday, when the central... | ashraq/financial-news-articles | https://www.wsj.com/articles/dollar-rises-against-latin-american-currencies-1526314277 |
May 16, 2018 / 10:34 PM / Updated an hour ago EU leaders struggle to save Iran economic ties from U.S. sanctions Gabriela Baczynska 4 Min Read
SOFIA (Reuters) - European Union leaders agreed on Wednesday to try to keep the Iran nuclear deal alive and maintain their reviving economic cooperation with Tehran after U.S. President Donald Trump withdrew from the pact.
But the 28 EU leaders did not make any quick decisions during their first meeting on the matter since Trump quit the accord earlier this month, highlighting how U.S. clout in international trade and finance limits the Europeans’ scope for action.
That was quickly brought home by the French energy giant Total which joined other European companies in signaling on Wednesday they could exit Iran.
“As long as Iran respects the provisions of the deal, the EU will also respect it,” said Donald Tusk, president of the European Council and chairman of the leaders’ gathering in the Bulgarian capital Sofia.
The leaders of Britain, France and Germany briefed their peers. The three countries were EU signatories of the 2015 deal that gave Iran sanctions relief in exchange for curbing its nuclear program but which Trump dismissed as “the worst deal ever.”
The head of the bloc’s executive, Jean-Claude Juncker of the European Commission, has also presented options the leaders have to shield European investments in Iran and the slowly reviving economic cooperation, which many EU states hope to benefit from.
An EU source said after the talks the leaders agreed to start “work to protect European companies negatively affected by the U.S. decision.”
Options include allowing the European Investment Bank to invest there and coordinating euro-denominated credit lines from EU states. Iran's Foreign Minister Mohammad Javad Zarif leaves the EU council headquarters in Brussels, Belgium May 15, 2018. REUTERS/Yves Herman
Foreign ministers of Germany, France and Britain met their Iranian counterpart in Brussels on Tuesday and tasked their experts to come up with measures for a meeting of their deputies in Vienna next week. ‘IT WILL TAKE TIME’
But a senior EU official admitted there was no silver-bullet solution and that it would “take some time” for the bloc to come up with what would be a complex mix of national and joint steps.
The EU’s top energy and climate official, Commissioner Miguel Arias Canete, is heading to Iran on May 18-21 for talks on energy cooperation, a symbolic gesture from the EU that it wants to stay engaged despite the U.S. withdrawal.
In his criticism of the accord, which the other signatories Russia and China also want to uphold, Trump has said it did not go far enough in restraining Iran’s ability to develop nuclear weapons, while not addressing its missile program and involvement in various conflicts in the Middle East.
EU leaders agreed on Wednesday to keep on looking into these issues, but their previous efforts have not convinced Trump. Iran's Foreign Minister Mohammad Javad Zarif leaves the EU council headquarters in Brussels, Belgium May 15, 2018. REUTERS/Yves Herman
As the EU scrambles to salvage an accord they see as a key element of international security and a diplomatic success, they also wonder about their ties with Washington.
Tusk’s unusually biting criticism of Trump on Wednesday highlighted the deep trans-Atlantic split: “Looking at the latest decisions of President Trump, someone could even think: With friends like that, who needs enemies?” Reporting by Gabriela Baczynska, Editing by William Maclean and Cynthia Osterman | ashraq/financial-news-articles | https://uk.reuters.com/article/us-iran-nuclear-europe-save/eu-leaders-struggle-to-save-iran-economic-ties-from-u-s-sanctions-idUKKCN1IH1DX |
DENVER, May 07, 2018 (GLOBE NEWSWIRE) -- DCP Midstream, LP (NYSE:DCP), or DCP, today reported its financial results for three months ended March 31, 2018.
HIGHLIGHTS
Reported net income attributable to partners of $62 million for the first quarter of 2018, or $0.08 per basic and diluted limited partner unit. Generated distributable cash flow of $171 million for the first quarter of 2018, resulting in a distribution coverage ratio of 1.10 times. Reported adjusted EBITDA of $268 million for the first quarter of 2018. Continued record DJ Basin wellhead volumes in the first quarter of 2018. Increasing processing and bypass capacity in the DJ Basin by 1.5 Bcf/d with the addition of Plant 12, and the acceleration of Mewbourn 3 and expansion of O'Connor 2. Adding up to 220 thousand barrels per day (MBbls/d) of NGL takeaway in the DJ Basin through the Southern Hills extension via the White Cliffs pipeline, and the Front Range and Texas Express expansions. Record Sand Hills throughput volumes ramping quickly with the completion of the Sand Hills expansion to 400 MBbls/d by the end of the first quarter of 2018, 35 MBbls/d higher than previously expected. The additional 85 MBbls/d expansion to 485 MBbls/d is scheduled to be in service by the end of 2018.
FIRST QUARTER 2018 SUMMARY FINANCIAL RESULTS
Three Months Ended
March 31,
2018 2017 (Unaudited)
(Millions, except per unit
amounts)
Net income attributable to partners $ 62 $ 101 Net income per limited partner unit - basic and diluted $ 0.08 $ 0.41 Adjusted EBITDA(1) $ 268 $ 245 Distributable cash flow(1) $ 171 $ 161 (1) This press release includes the following financial measures not presented in accordance with U.S. generally accepted accounting principles, or GAAP: adjusted EBITDA, distributable cash flow, adjusted segment EBITDA, forecasted adjusted EBITDA and forecasted distributable cash flow. Each such non-GAAP financial measure is defined below under “Non-GAAP Financial Information”, and each is reconciled to its most directly comparable GAAP financial measure under “Reconciliation of Non-GAAP Financial Measures” in schedules at the end of this press release.
CEO'S PERSPECTIVE
“Our strong Q1 results demonstrate the success of our diverse portfolio and our team’s dedicated focus on innovation, cost savings, and growth,” said Wouter van Kempen, chairman, president & CEO. “I am also pleased to announce we are seizing tremendous growth opportunities that further establish our leading position as a premier fully integrated midstream provider. Our significant increase of up to 1.5 billion cubic feet per day of capacity and up to 220,000 barrels per day of NGL takeaway in the DJ Basin, coupled with the expansion of Sand Hills to 485,000 barrels per day out of the Permian, give us a competitive advantage in the country’s two most prolific basins.”
GROWTH UPDATE
DJ Basin Growth Projects
Adding up to 1.5 Bcf/d capacity, with 500 MMcf/d coming online over the next twelve months.
-- Announcing further acceleration of the 200 MMcf/d Mewbourn 3 plant to August 2018.
-- Announcing acceleration of the O'Connor 2 plant to the second quarter of 2019 and the 50 percent capacity expansion to 300 MMcf/d with up to 100 MMcf/d of bypass.
-- Announcing Plant 12 adding up to 1.0 Bcf/d including bypass. The plant is expected to be placed into service in phases with the initial in-service in 2020. Extending the Southern Hills pipeline into the DJ Basin via 10-year agreements for up to 50 MBbls/d transport on the White Cliffs NGL pipeline. The initial capacity out of the DJ Basin is expected to be 90 MBbls/d, expandable to 120 MBbls/d with an anticipated fourth quarter of 2019 completion. Expanding Front Range 100 MBbls/d and Texas Express 90 MBbls/d, adding NGL takeaway from the DJ Basin. Both expansions are expected to go into service in the second quarter of 2019. DCP owns 33% of Front Range and 10% of Texas Express.
Permian Growth Projects
Sand Hills
Completed the Sand Hills NGL pipeline expansion to 365 MBbls/d in the first quarter of 2018. Capacity was further increased to approximately 400 MBbls/d by the end of the first quarter of 2018 through innovation and operational optimization with no additional capital. Capacity is expected to increase 25 MBbls/d to 425 MBbls/d by the end of the third quarter of 2018 and then ramp up to 485 MBbls/d by the end of 2018.
Gulf Coast Express
The approximately 2.0 Bcf/d Gulf Coast Express (GCX) pipeline is close to fully subscribed and is expected to be placed in-service in the fourth quarter of 2019. We hold a 25% interest in the GCX natural gas takeaway pipeline.
DISTRIBUTIONS AND IDR GIVEBACK
On April 24, 2018, DCP announced a quarterly common unit distribution of $0.78 per limited partner unit. This distribution remains unchanged from the previous quarter.
Also on April 24, 2018, DCP announced the initial semi-annual distribution on its Series A Preferred units of $41.9965 per unit, which includes the distribution attributable to the partial period from and including the date of original issue. The Series A Preferred distribution will be paid on June 15, 2018 to unitholders of record on June 1, 2018.
DCP generated distributable cash flow of $171 million for the first quarter of 2018. In accordance with the amended partnership agreement, distributions declared were $155 million for the first quarter of 2018. The distribution coverage ratio was 1.10 times for the first quarter of 2018.
Phillips 66 and Enbridge, Inc. (Owners) have agreed, if required, to provide a reduction to incentive distributions payable to DCP's general partner under the partnership agreement (the "IDR giveback") of up to $100 million annually through 2019 to target an approximate 1.0 times annual distribution coverage ratio, which provides downside protection for limited partners.
Under the terms of DCP's amended partnership agreement, the amount of incentive distributions paid to the general partner will be evaluated by the general partner on both a quarterly and annual basis and may be reduced each quarter by an amount determined by the general partner. If no determination is made by the general partner, the quarterly IDR giveback will be $20 million. The IDR giveback of up to $100 million annually will be subject to a true-up at the end of the year by taking the total distributable cash flow (as adjusted under the amended partnership agreement), less the total annual distribution payable to unitholders, adjusted to target an approximate 1.0 times distribution coverage ratio. During the first quarter 2018 no IDR giveback was withheld from the distribution declared.
FIRST QUARTER 2018 OPERATING RESULTS BY BUSINESS SEGMENT
Gathering and Processing
Gathering and Processing Segment net income attributable to partners for the three months ended March 31, 2018 and 2017 was $113 million and $152 million, respectively.
Adjusted segment EBITDA decreased to $194 million for the three months ended March 31, 2018, from $211 million for the three months ended March 31, 2017, reflecting significantly lower production volumes from two offshore wells from DCP's Discovery equity method investment which drove lower distributions, the sale of our Douglas, Wyoming system and a producer settlement in the North in the first quarter of 2017. These decreases were partially offset by lower costs from operational efficiencies and cost savings initiatives and higher volumes in the Eagle Ford system in the South region and higher volumes from growth projects primarily related to DCP’s DJ Basin System in the North region.
Logistics and Marketing
Logistics and Marketing Segment net income attributable to partners for the three months ended March 31, 2018 and 2017 was $79 million and $87 million, respectively.
Adjusted segment EBITDA increased to $129 million for the three months ended March 31, 2018, from $92 million for the three months ended March 31, 2017, reflecting higher equity earnings and distributions from Sand Hills primarily due to continued volume ramp associated with NGL production growth from the Permian basin and ongoing capacity expansions of Sand Hills, and higher gas marketing margins. These increases were partially offset by lower realized gas and NGL marketing cash settlements related to DCP's commodity derivative program, and lower margins in our wholesale propane and NGL marketing businesses.
Other
Corporate general and administrative expense for the three months ended March 31, 2018 was lower compared to the same period in 2017 primarily as a result of cost savings initiatives.
CAPITALIZATION, LIQUIDITY AND FINANCING
Debt
As of March 31, 2018, DCP had $450 million of total principal short-term debt outstanding and $4,275 million of total principal long-term debt outstanding. The total debt outstanding includes $550 million of junior subordinated notes which are excluded from debt under DCP's credit facility leverage ratio calculation.
Credit Agreement
DCP has a $1.4 billion senior unsecured revolving credit agreement that matures on December 6, 2022, or the Credit Agreement. The Credit Agreement is used for working capital requirements and other general partnership purposes including growth and acquisitions. As of March 31, 2018, total available capacity under the Credit Agreement was $1,275 million net of $100 million of outstanding borrowings and $25 million of letters of credit. The financial covenants set forth in the Credit Agreement limit DCP's ability to incur incremental debt by $1,275 million as of March 31, 2018. DCP's leverage ratio pursuant to its Credit Agreement for the quarter ended March 31, 2018, was approximately 3.8 times. The effective interest rate on DCP's overall debt position, as of March 31, 2018, was 5.7 percent. As of March 31, 2018, DCP had cash of $2 million.
CAPITAL EXPENDITURES AND INVESTMENTS
During the three months ended March 31, 2018, DCP had expansion capital expenditures and equity investments totaling $161 million and maintenance capital expenditures totaling $23 million.
COMMODITY DERIVATIVE ACTIVITY
For the three months ended March 31, 2018 and 2017, commodity derivative activity and total revenues included non-cash unrealized losses of $29 million, and non-cash unrealized gains of $36 million, respectively. Net hedge cash settlements for the three months ended March 31, 2018 and 2017 were payments of $12 million and $5 million, respectively.
The objective of DCP's commodity risk management program is to protect downside risk in its distributable cash flow. DCP also manages commodity price risk related to its natural gas storage and pipeline assets through its commodity derivative program. The commercial activities related to DCP's natural gas storage and pipeline assets primarily consist of locking in spreads associated with the purchase and sale of gas. DCP utilizes mark-to-market accounting treatment for its commodity derivative instruments. Mark-to-market accounting rules require companies to record currently in earnings the difference between their contracted future derivative settlement prices and the forward prices of the underlying commodities at the end of the accounting period. Revaluing DCP's commodity derivative instruments based on futures pricing at the end of the period creates assets or liabilities and associated non-cash gains or losses. Realized gains or losses from cash settlement of the derivative contracts occur monthly as DCP's physical commodity sales are realized or when DCP rebalances its portfolio. Non-cash gains or losses associated with the mark-to-market accounting treatment of DCP's commodity derivative instruments do not affect its distributable cash flow.
EARNINGS CALL
The first quarter 2018 DCP earnings presentation is currently available through the Investors section of DCP's website at www.dcpmidstream.com . DCP will host a conference call webcast on Tuesday May 8, at 11:00 a.m. ET, to discuss its first quarter 2018 results. The live audio webcast of the conference call can be accessed through the Investors section on the DCP website at www.dcpmidstream.com and the conference call can be accessed by dialing (844) 233-0113 in the United States or (574) 990-1008 outside the United States. The conference confirmation number is 99325280. A replay of the audio webcast will also be available by accessing the Investors section on the DCP website at www.dcpmidstream.com .
NON-GAAP FINANCIAL INFORMATION
This press release and the accompanying financial schedules include the following non-GAAP financial measures: adjusted EBITDA, distributable cash flow, adjusted segment EBITDA, forecasted adjusted EBITDA and forecasted distributable cash flow. The accompanying schedules provide reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures. DCP's non-GAAP financial measures should not be considered in isolation or as an alternative to its financial measures presented in accordance with GAAP, including operating revenues, net income or loss attributable to partners, net cash provided by or used in operating activities or any other measure of liquidity or financial performance presented in accordance with GAAP as a measure of operating performance, liquidity or ability to service debt obligations and make cash distributions to unitholders. The non-GAAP financial measures presented by DCP may not be comparable to similarly titled measures of other companies because they may not calculate their measures in the same manner.
DCP defines adjusted EBITDA as net income or loss attributable to partners adjusted for (i) distributions from unconsolidated affiliates, net of earnings (ii) depreciation and amortization expense, (iii) net interest expense, (iv) noncontrolling interest in depreciation and income tax expense, (v) unrealized gains and losses from commodity derivatives, (vi) income tax expense or benefit, (vii) impairment expense and (viii) certain other non-cash items. Adjusted EBITDA further excludes items of income or loss that we characterize as unrepresentative of DCP's ongoing operations. Management believes these measures provide investors meaningful insight into results from ongoing operations.
The commodity derivative non-cash losses and gains result from the marking to market of certain financial derivatives used by us for risk management purposes that we do not account for under the hedge method of accounting. These non-cash losses or gains may or may not be realized in future periods when the derivative contracts are settled, due to fluctuating commodity prices.
Adjusted EBITDA is used as a supplemental liquidity and performance measure and adjusted segment EBITDA is used as a supplemental performance measure by DCP's management and by external users of its financial statements, such as investors, commercial banks, research analysts and others to assess:
financial performance of DCP's assets without regard to financing methods, capital structure or historical cost basis; DCP's operating performance and return on capital as compared to those of other companies in the midstream energy industry, without regard to financing methods or capital structure; viability and performance of acquisitions and capital expenditure projects and the overall rates of return on investment opportunities; performance of DCP's business excluding non-cash commodity derivative gains or losses; and in the case of Adjusted EBITDA, the ability of DCP's assets to generate cash sufficient to pay interest costs, support its indebtedness, make cash distributions to its unitholders and general partner, and pay maintenance capital expenditures.
DCP defines adjusted segment EBITDA for each segment as segment net income or loss attributable to partners adjusted for (i) distributions from unconsolidated affiliates, net of earnings (ii) depreciation and amortization expense, (iii) net interest expense, (iv) noncontrolling interest in depreciation and income tax expense, (v) unrealized gains and losses from commodity derivatives (vi) income tax expense or benefit, (vii) impairment expense and (viii) certain other non-cash items. Adjusted EBITDA further excludes items of income or loss that we characterize as unrepresentative of our ongoing operations for that segment.
DCP defines distributable cash flow as adjusted EBITDA less maintenance capital expenditures, net of reimbursable projects, interest expense, cumulative cash distributions earned by the Series A Preferred Units and certain other items.
Maintenance capital expenditures are cash expenditures made to maintain DCP's cash flows, operating capacity or earnings capacity. These expenditures add on to or improve capital assets owned, including certain system integrity, compliance and safety improvements. Maintenance capital expenditures also include certain well connects, and may include the acquisition or construction of new capital assets. Income attributable to preferred units represent cash distributions earned by the Series A Preferred Units. Cash distributions to be paid to the holders of the Series A Preferred units, assuming a distribution is declared by DCP's board of directors, are not available to common unit holders. Non-cash mark-to-market of derivative instruments is considered to be non-cash for the purpose of computing distributable cash flow because settlement will not occur until future periods, and will be impacted by future changes in commodity prices and interest rates. DCP compares the distributable cash flow it generates to the cash distributions it expects to pay to its partners. Using this metric, DCP computes its distribution coverage ratio. Distributable cash flow is used as a supplemental liquidity and performance measure by DCP's management and by external users of its financial statements, such as investors, commercial banks, research analysts and others, to assess DCP's ability to make cash distributions to its unitholders and its general partner.
ABOUT DCP MIDSTREAM, LP
DCP Midstream, LP (NYSE:DCP) is a midstream master limited partnership, with a diversified portfolio of assets, engaged in the business of gathering, compressing, treating, processing, transporting, storing and selling natural gas; producing, fractionating, transporting, storing and selling NGLs and recovering and selling condensate. DCP owns and operates more than 60 plants and approximately 63,000 miles of natural gas and natural gas liquids pipelines, with operations in 17 states across major producing regions and leads the midstream segment as one of the largest natural gas liquids producers and marketers and one of the largest natural gas processors in the U.S. Denver, Colorado based DCP is managed by its general partner, DCP Midstream GP, LP, which is managed by its general partner, DCP Midstream GP, LLC, which is 100% owned by DCP Midstream, LLC. DCP Midstream, LLC is a joint venture between Enbridge Inc. and Phillips 66. For more information, visit the DCP Midstream, LP website at www.dcpmidstream.com .
CAUTIONARY STATEMENTS
This press release may contain or incorporate by reference forward-looking statements as defined under the federal securities laws regarding DCP Midstream, LP, including projections, estimates, forecasts, plans and objectives. Although management believes that expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to be correct. In addition, these statements are subject to certain risks, uncertainties and other assumptions that are difficult to predict and may be beyond DCP's control. If one or more of these risks or uncertainties materialize, or if underlying assumptions prove incorrect, DCP's actual results may vary materially from what management anticipated, estimated, projected or expected.
The key risk factors that may have a direct bearing on DCP's results of operations and financial condition are described in detail in the "Risk Factors" section of DCP's most recently filed annual report and subsequently filed quarterly reports with the Securities and Exchange Commission. Investors are encouraged to closely consider the disclosures and risk factors contained in DCP's annual and quarterly reports filed from time to time with the Securities and Exchange Commission. The forward looking statements contained herein speak as of the date of this announcement. DCP undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Information contained in this press release is unaudited, and is subject to change.
Investors or Analysts:
Irene Lofland, 303-605-1822
DCP MIDSTREAM, LP
FINANCIAL RESULTS AND
SUMMARY FINANCIAL DATA
(Unaudited) Three Months Ended March 31, 2018 2017 (Millions, except per unit amounts) Sales of natural gas, NGLs and condensate $ 2,069 $ 1,933 Transportation, processing and other 111 157 Trading and marketing (losses) gains, net (41 ) 31 Total operating revenues 2,139 2,121 Purchases and related costs (1,769 ) (1,687 ) Operating and maintenance expense (162 ) (167 ) Depreciation and amortization expense (94 ) (94 ) General and administrative expense (59 ) (62 ) Other expense (2 ) (10 ) Total operating costs and expenses (2,086 ) (2,020 ) Operating income 53 101 Interest expense, net (67 ) (73 ) Earnings from unconsolidated affiliates 78 74 Income tax expense (1 ) (1 ) Net income attributable to noncontrolling interests (1 ) — Net income attributable to partners 62 101 General partner's interest in net income (41 ) (42 ) Series A preferred partner's interest in net income (9 ) — Net income allocable to limited partners $ 12 $ 59 Net income per limited partner unit — basic and diluted $ 0.08 $ 0.41 Weighted-average limited partner units outstanding — basic and diluted 143.3 143.3
March 31, December 31, 2018 2017 (Millions) Cash and cash equivalents $ 2 $ 156 Other current assets 1,018 1,166 Property, plant and equipment, net 9,040 8,983 Other long-term assets 3,618 3,573 Total assets $ 13,678 $ 13,878 Current liabilities $ 1,273 $ 1,488 Current portion of long-term debt 450 — Long-term debt 4,358 4,707 Other long-term liabilities 285 245 Partners' equity 7,282 7,408 Noncontrolling interests 30 30 Total liabilities and equity $ 13,678 $ 13,878
DCP MIDSTREAM, LP
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(Unaudited) Three Months Ended March 31, 2018 2017 (Millions) Reconciliation of Non-GAAP Financial Measures: Net income attributable to partners $ 62 $ 101 Interest expense 67 73 Depreciation, amortization and income tax expense, net of noncontrolling interests 95 95 Distributions from unconsolidated affiliates, net of earnings 13 2 Other non-cash charges 2 10 Non-cash commodity derivative mark-to-market 29 (36 ) Adjusted EBITDA $ 268 $ 245 Interest expense (67 ) (73 ) Maintenance capital expenditures, net of noncontrolling interest portion and reimbursable projects (23 ) (15 ) Preferred unit distributions *** (9 ) — Other, net 2 4 Distributable cash flow $ 171 $ 161 Net cash provided by operating activities $ 122 $ 144 Interest expense 67 73 Net changes in operating assets and liabilities 54 66 Non-cash commodity derivative mark-to-market 29 (36 ) Other, net (4 ) (2 ) Adjusted EBITDA 268 $ 245 Interest expense (67 ) (73 ) Maintenance capital expenditures, net of noncontolling interest portion and reimbursable projects (23 ) (15 ) Preferred unit distributions ***
(9 ) — Other, net 2 4 Distributable cash flow $ 171 $ 161 *** Represents cumulative cash distributions earned by the Series A Preferred Units, assuming distributions are declared by DCP's board of directors.
DCP MIDSTREAM, LP
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
SEGMENT FINANCIAL RESULTS AND OPERATING DATA
(Unaudited) Three Months Ended March 31, 2018 2017 (Millions, except as indicated) Gathering and Processing Segment: Financial results: Segment net income attributable to partners $ 113 $ 152 Non-cash commodity derivative mark-to-market (14 ) (31 ) Depreciation and amortization expense, net of noncontrolling interest 84 85 Distributions from unconsolidated affiliates, net of earnings 8 5 Other charges 3 — Adjusted segment EBITDA $ 194 $ 211 Operating and financial data: Natural gas wellhead (MMcf/d) 4,467 4,580 NGL gross production (MBpd) 384 352 Operating and maintenance expense $ 148 $ 153 Logistics and Marketing Segment: Financial results: Segment net income attributable to partners $ 79 $ 87 Non-cash commodity derivative mark-to-market 43 (5 ) Depreciation and amortization expense 3 4 Distributions from unconsolidated affiliates, net of earnings 5 (3 ) Other charges (1 ) 9 Adjusted segment EBITDA $ 129 $ 92 Operating and financial data: NGL pipelines throughput (MBpd) 519 427 NGL fractionator throughput (MBbls/d) 62 50 Operating and maintenance expense $ 11 $ 9
DCP MIDSTREAM, LP
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(Unaudited) Three Months Ended March 31, 2018 2017 (Millions, except as indicated) Reconciliation of Non-GAAP Financial Measures: Distributable cash flow $ 171 $ 161 Distributions declared ** $ 155 $ 135 Distribution coverage ratio - declared 1.10 x 1.19 x Distributable cash flow $ 171 $ 161 Distributions declared without IDR giveback $ 155 $ 155 Distribution coverage ratio - declared without IDR giveback 1.10 x 1.04 x Distributable cash flow $ 171 $ 161 Distributions paid *** $ 194 $ 121 Distribution coverage ratio - paid 0.88 x 1.33 x
Quarter
Ended June
30, 2017 Quarter
Ended
September
30, 2017 Quarter
Ended
December
31, 2017 Quarter
Ended
March 31,
2018 Twelve
Months
Ended
March 31,
2018 (Millions, except as indicated) Distributable cash flow $ 119 $ 187 $ 176 $ 171 $ 653 Distributions declared ** $ 134 $ 155 $ 194 $ 155 $ 638 Distribution coverage ratio - declared 0.89x 1.21x 0.91x 1.10x 1.02x Distributable cash flow $ 119 $ 187 $ 176 $ 171 $ 653 Distributions declared without IDR giveback $ 154 $ 155 $ 154 $ 155 $ 618 Distribution coverage ratio - declared without IDR giveback 0.77x 1.21x 1.14x 1.10x 1.06x Distributable cash flow $ 119 $ 187 $ 176 $ 171 $ 653 Distributions paid *** $ 135 $ 134 $ 155 $ 194 $ 618 Distribution coverage ratio - paid 0.88x 1.40x 1.14x 0.88x 1.06x ** There were no IDR givebacks reflected in distributions declared for the year ended March 31, 2018. Distributions declared for the three months ended March 31, 2017 and June 30, 2017 reflect $20 million of IDR givebacks, respectively.
*** Distributions paid reflect the payment of $40 million of IDR givebacks previously withheld for the three months ended March 31, 2018.
DCP MIDSTREAM, LP
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(Unaudited) Twelve Months Ended December 31, 2018 Low High Forecast Forecast (Millions) Reconciliation of Non-GAAP Measures: Forecasted net income attributable to partners $ 310 $ 390 Distributions from unconsolidated affiliates, net of earnings 60 70 Interest expense, net of interest income 300 300 Income taxes 5 5 Depreciation and amortization, net of noncontrolling interests 390 390 Non-cash commodity derivative mark-to-market (20 ) (20 ) Forecasted adjusted EBITDA 1,045 1,135 Interest expense, net of interest income (300 ) (300 ) Maintenance capital expenditures, net of reimbursable projects (100 ) (120 ) Preferred unit distributions *** (37 ) (37 ) Other, net (8 ) (8 ) Forecasted distributable cash flow $ 600 $ 670 *** Represents cumulative cash distributions earned by the Series A Preferred Units, assuming distributions are declared by DCP's board of directors.
Source:DCP Midstream LP | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/globe-newswire-dcp-midstream-lp-reports-strong-first-quarter-results-and-extensive-multi-year-growth-portfolio.html |
PARIS--(BUSINESS WIRE)--
Regulatory News:
In accordance with the provisions of Article L. 225-209 et seq. of the French Commercial Code, the European Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 and the General Regulation of the French Autorité des Marchés Financiers (AMF), the present document aims to describe the objectives and characteristics of the repurchase by the Company of its own shares, that it could in theory implement, and proposed to the authorization of the Combined Shareholders’ Meeting today, 30 May 2018, in its 14 th resolution. The preliminary notice of meeting including the agenda and the draft resolutions has been published in the Bulletin des Annonces Légales Obligatoires (BALO) on 20 April 2018 and the notice of meeting in the BALO on 9 May 2018.
Date of the General Meeting called to authorize the repurchase of IPSEN’s own shares
The authorization for the Company to repurchase its own shares is proposed to the Combined Shareholders’ Meeting today, 30 May 2018.
Number of shares held directly or indirectly by the Company as of 30 April 2018
As of 30 April 2018, the Company holds 951,550 of its own shares representing 1.14% of the Company’s share capital.
Number of shares held identified by objective as of 30 April 2018
Stimulation of the share price through AMAFI liquidity agreement: 3,495 External growth transactions: 0 Hedging of stock purchase options and other employee share ownership system: 948,055 Hedging of securities giving right to shares: 0 Cancellation: 0
Characteristics of the share repurchase program proposed to the approval of the Combined Shareholders’ Meeting
Objectives :
The objectives of the share repurchase program to be proposed at the Shareholders’ Meeting today, 30 May 2018, are to:
Stimulate the secondary market or ensure the liquidity of IPSEN shares through the activities of an investment services provider via a liquidity agreement compliant with the AMAFI Code of Ethics admitted by the regulations, it being specified that in this framework, the number of shares used to calculate the above-mentioned limit corresponds to the number of shares purchased, decreased by the number of shares sold; Retain the purchased shares and subsequently deliver them within the context of an exchange or a payment related to possible external growth transactions; Ensure the hedging of stock option plans and/or free shares plans (or similar plans) in favor of Group employees and/or company officers as well as the allocation of shares under a Company or Group savings plan (or similar plans), as part of the sharing of the Company’s profits and/or all other forms of allocation of shares to Group employees and/or corporate officers; Ensure the coverage of negotiable securities giving rights to the allocation of Company shares in accordance with the regulations in force; Possibly cancel acquired shares, subject to the authorization granted or to be granted by the Extraordinary Shareholders’ Meeting. Characteristics :
Purchases, sales, transfers or exchanges may be carried out by all means, including on the market or off-market or by multilateral negotiations systems or through systematic internalizers, or over the counter, including through the acquisition or sale of blocks of securities, and at any times as the Board shall see fit. The Company would reserve the right to use options or derivative instruments in accordance with applicable regulations. The transactions could not be carried out during a takeover bid period.
Maximum amount of share capital that could be acquired, maximum number and characteristics of the corresponding shares, maximum repurchase price:
The maximum percentage of shares that might be repurchased pursuant to the terms of the resolution proposed to the Shareholders’ Meeting on 30 May 2018 is set, according to Article L. 225-209 of the French Commercial Code, at a possible repurchase of 10% of the total number of shares comprising the share capital (i.e., 8,378,230 shares as at today), specifying that the said limit is considered as of the date of the repurchases, adjusted, if applicable, to take into account the potential share capital increases or reduction that may occur during the period covered by the program. The number of shares taken into account for the calculation of the said limit corresponds to the number of shares repurchased, deducted by the number of shares sold during the program in connection with the liquidity purpose.
Since the Company is not allowed to hold more than 10% of its share capital, and considering the 951,550 shares already held as of 30 April 2018 (representing 1.14% of the share capital), the maximum theoretical number of shares that may be repurchased will be 7,426,680, representing 8.86% of the share capital, unless transfers or cancellations of shares already held.
The maximum purchase price proposed to the Shareholders’ Meeting today, 30 May 2018, is set at €250 per share. Consequently, the theoretical maximum amount likely to be devoted to these repurchase would be set by the Shareholders’ Meeting at €2,094,557,500 based on a number of 83,782,308 shares.
Duration :
In accordance with the resolution proposed to the Combined Shareholders’ Meeting to be held today, 30 May 2018, any repurchase of shares may be implemented within a period of 18 months following the date of the Shareholders’ Meeting, i.e. until 29 November 2019.
This authorization will cancel and supersede the previous authorization granted by the Shareholders’ Meeting on 7 June 2017 in its eighteenth ordinary resolution.
The present publication is available on the Company’s website ( www.ipsen.com ).
About Ipsen
Ipsen is a global specialty-driven biopharmaceutical group focused on innovation and specialty care. The group develops and commercializes innovative medicines in three key therapeutic areas - Oncology, Neuroscience and Rare Diseases. Its commitment to Oncology is exemplified through its growing portfolio of key therapies for prostate cancer, neuroendocrine tumors, renal cell carcinoma and pancreatic cancer. Ipsen also has a well-established Consumer Healthcare business. With total sales over €1.9 billion in 2017, Ipsen sells more than 20 drugs in over 115 countries, with a direct commercial presence in more than 30 countries. Ipsen's R&D is focused on its innovative and differentiated technological platforms located in the heart of the leading biotechnological and life sciences hubs (Paris-Saclay, France; Oxford, UK; Cambridge, US). The Group has about 5,400 employees worldwide. Ipsen is listed in Paris (Euronext: IPN) and in the United States through a Sponsored Level I American Depositary Receipt program (ADR: IPSEY). For more information on Ipsen, visit www.ipsen.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180529006267/en/
Media
Ian Weatherhead
Vice President, Corporate External Communications
+44 (0) 1753 627733
[email protected]
or
Brigitte Le Guennec
Senior Manager, Global External Communications
+33 (0)1 58 33 51 17
[email protected]
or
Financial Community
Eugenia Litz
Vice President, Investor Relations
+44 (0) 1753 627721
[email protected]
or
Myriam Koutchinsky
Investor Relations Manager
+33 (0)1 58 33 51 04
[email protected]
Source: Ipsen | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/business-wire-ipsenadescription-of-the-regulatory-framework-of-the-share-repurchase-program-proposed-by-the-board-of-directors-to-be.html |
* Q1 adj EBIT 2.5 bln eur, in line with poll
* Basic chemical gains tempered by weaker specialty products
* Still sees increase in 2018 adj EBIT of up to 10 pct (Releads, adds details on profit distribution)
By Ludwig Burger
LUDWIGSHAFEN, Germany, May 4 (Reuters) - BASF’s quarterly operating profit edged 2 percent higher, relying again on strong basic petrochemicals and oil businesses to offset a drop in earnings from specialty materials such as vitamins and engineering plastics.
While first-quarter earnings before interest and tax (EBIT), adjusted for one-offs, of 2.51 billion euros ($3.01 billion) were in line with market estimates, earnings from more complex and customised products missed expectations.
These businesses, the group’s designated growth drivers, have been squeezed by higher raw materials prices.
BASF has predicted an improvement over the course of the year but Friday’s results could rekindle a debate over its strategy, as the company’s head of technology, Martin Brudermueller, takes over as chief executive later on Friday.
BASF said it was still aiming for an increase of up to 10 percent in group operating profit this year.
On Thursday, it agreed with Solenis to combine their paper and water chemicals businesses, creating an entity with pro-forma sales of 2.4 billion euros ($2.88 billion).
BASF has embarked on an organisational revamp. It has agreed to spend billions on agricultural seed assets from peer Bayer and it is also planning to merge its oil and gas division with rival DEA and float it on the stock exchange.
$1 = 0.8343 euros Editing by Maria Sheahan
| ashraq/financial-news-articles | https://www.reuters.com/article/basf-results/update-1-basf-q1-operating-profit-gains-slightly-on-basic-chemicals-oil-idUSL8N1SB0P2 |
Listen to this week’s Keeping Score podcast with sports business marketing expert Rick Horrow:
May 16, 2018; Las Vegas, NV, USA; Vegas Golden Knights left wing Erik Haula (56) celebrates with goalie Marc-Andre Fleury (29) after game three of the Western Conference Final of the 2018 Stanley Cup Playoffs against the Winnipeg Jets at T-Mobile Arena. Mandatory Credit: Kirby Lee-USA TODAY Sports A wrap-up of the week in sports news:
The Vegas Golden Knights head into Game 4 of the Western Conference Finals tonight with a 2-1 lead over the Winnipeg Jets. Win or lose, however, the NHL’s darling has already endeared itself to the hometown Las Vegas crowds in its inaugural season, drawing in hordes of supporters. Rick’s take: Whether or not they advance to the Stanley Cup Finals, the Golden Knights have now officially set the bar really high for expansion franchises in virtually any sport.
While the 2018 World Cup just a few weeks away, North American bid officials are already looking ahead to the 2026 tournament. The United States, Canada and Mexico joint bid group this week announced 23 candidate host cities , including Toronto, Mexico City and New York City. Rick’s take: I n a day and age where FIFA is trying to rid itself of any signs of financial corruption, the financial upsides of the North American bid may make it too appealing to pass up.
Ferrari's Sebastian Vettel during practice at the Spanish Grand Prix. REUTERS/Juan Medina Click here for more of the best Reuters sports photography of the week.
| ashraq/financial-news-articles | https://www.reuters.com/article/us-weekinsports-18may2018/week-in-sports-all-that-glitters-idUSKCN1IJ2PC |
May 18, 2018 / 3:24 PM / Updated 20 minutes ago Queens Park Rangers appoint former England boss McClaren as new manager Reuters Staff 1 Min Read
(Reuters) - Queens Park Rangers have appointed Steve McClaren as their new manager on a two-year contract, the English second-tier club announced on Friday. FILE PHOTO: Britain Soccer Football - Huddersfield Town v Norwich City - Sky Bet Championship - The John Smith's Stadium - 5/4/17 Steve McClaren in the stands before the match Mandatory Credit: Action Images / Craig Brough Livepic
The former England boss will replace Ian Holloway, who was sacked by the club after finishing 16th in the Championship last season.
McClaren, 57, returns to Loftus Road, having been a coach at the club under former manager Harry Redknapp in 2013.
“It’s great to be back – and it’s a challenge that I’m excited by,” McClaren said in a statement on the club’s website.
“From the outside, I’ve seen the progress, work and changes that have gone on – especially over the last two years – in streamlining the squad and getting the budget down. The board and owners deserve credit for that.”
“I like to play attractive, attacking football – and we’ve got young, hungry footballers here who can play that way.”
McClaren has not been in a managerial role since his second spell at Derby County came to an end in March last year. Reporting by Hardik Vyas in Bengaluru; Editing by Christian Radnedge | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-england-qpr-mcclaren/queens-park-rangers-appoint-former-england-boss-mcclaren-as-new-manager-idUKKCN1IJ219 |
VANCOUVER, British Columbia, May 03, 2018 (GLOBE NEWSWIRE) -- Unisync Corp. (TSXV:UNI) (the “Company") reported revenue for the six months ended March 31, 2018 of $50.0 million as compared to $28.2 million for the same period ended March 31, 2017.
The Company realized net income and total comprehensive income of $6.5 million in the six month period ended March 31, 2018 compared to a net loss and total comprehensive loss of $0.1 million in the same period last year. Cash flow from operations, before non-cash working capital items and distributions to minority partner, was $10.0 million for the first half of Fiscal 2018 versus $0.8 million for the same period last year. The improvement in net income reflects a return to more normal gross profit margins following a significant and sustained period of reduced margins caused by the precipitous drop in the value of the Canadian dollar and its consequent effect on our cost of goods purchased offshore. The proven effect of economies of scale associated with greater absorption of fixed costs with the increase in revenue also played a large role in the improved profitability.
The Company operates through two business segments: Unisync Group Limited (“UGL”) of Mississauga, Ontario and Peerless Garments LP (“Peerless”) of Winnipeg, Manitoba. The large increase in revenue year-over-year was the result of the UGL segment’s shipment of new uniform kits to approximately 23,000 uniformed employees of the Company’s largest airline account, Air Canada. The UGL segment demonstrated the capabilities of its distribution team and the handling capacity of its Guelph distribution facility to execute the large airline account’s new uniform rollout by delivering record revenue of $33.3 million in the second quarter of fiscal 2018 compared to $8.1 million in the same period last year. The Peerless segment’s second quarter revenue of $4.0 million declined by 27% over the same period in the prior year due to a delay in the release of new contracts and in the exercise of outstanding options on existing contracts by the Department of National Defence (“DND”), that segment’s largest customer.
Business Outlook
The launch of a re-designed uniform program for a large new or existing client is a major undertaking both for the client and our Company. Extensive involvement and pre-staging of resources is required from early in the design process to the actual launch and changeover to the new uniforms by a team of people responsible for the implementation process at both the client and Company organizations. This re-design process can span up to a two year period before the actual launch takes place largely due to the extensive selection and quality control process that these clients go through. It also explains why it is often 10 years or more before these companies undertake another re-design of their existing program. A launch involves the delivery of kits that may include two or more pieces of each uniform item per employee. As a result, lower replenishment deliveries are expected during the first couple of quarters following a rollout but volumes then return to normal “steady state” maintenance and replacement levels during the following years of these typically long-term engagements.
As announced on April 3, 2018, UGL was selected by the North American Association of Uniform Manufacturers and Distributors to receive the Image of the Year Award in the “Transportation – People” category for its involvement in the design and production of this new airline uniform. In addition, the Air Canada new uniform program was also awarded the highly prestigious “Best of the Best” Award presented to the highest scoring entry in recognition of overall excellence.
The Company’s second largest airline account, Alaska Airlines, recently unveiled its new custom uniforms collection and is scheduled to officially rollout its new uniforms to its employees starting in late 2019. UGL will be responsible for all aspects of the program including manufacturing, quality, safety, inventory planning, online ordering, customer service, and warehouse and distribution. These successes have led to interest from other companies in the North American airline sector and the Company is presently pursuing these new opportunities.
The Peerless business segment is well positioned to increase revenues and profitability over the balance of fiscal 2018 with $29 million in firm contracts and options on hand as at March 31 2018.
More detailed information is contained in the Company’s Interim Financial Statements for the period ended March 31, 2018 and Management Discussion and Analysis dated May 3, 2018 which may be accessed at www.sedar.com .
On Behalf of the Board of Directors
Douglas F. Good
CEO
Investor relations contact:
Douglas F. Good, CEO at 778-370-1725 Email [email protected]
Forward Looking Statements
This news release may contain forward-looking statements that involve known and unknown risk and uncertainties that may cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied in these forward-looking statements. Any forward-looking statements contained herein are made as of the date of this news release and are expressly qualified in their entirety by this cautionary statement. Except as required by law, the Company undertakes no obligation to publicly update or revise any such forward-looking statements to reflect any change in its expectations or in events, conditions or circumstances on which any such forward-looking statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Source:Unisync Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/globe-newswire-unisync-reports-improved-financial-results-for-the-six-month-period-ended-march-31-2018.html |
1Q18 Net sales growth of 11.1%; Net Sales, Constant Currency up 7.8%*
1Q18 Net loss from continuing operations of $13.8 million
- Net loss from continuing operations includes $12.5 million increase to provisional net charge related to 2017 Tax Act
1Q18 Adjusted EBIT* growth of 20.0% to $13.2 million
Reaffirming 2018 full-year Net Sales, Constant Currency, Adjusted EBIT and Adjusted Free Cash Flow* guidance
Increasing 2018 full-year Adjusted EPS* guidance due to completion of refinancing transactions on April 10, 2018
Announced acquisition of R.I.W. Limited, a supplier of waterproofing products
CAMBRIDGE, Mass., May 08, 2018 (GLOBE NEWSWIRE) -- GCP Applied Technologies Inc. (NYSE:GCP) today announced first quarter 2018 results.
Total GCP Applied Technologies
( $ Millions )
1Q 2018 1Q 2017 % Change Net sales $250.2 $225.3 11.1% Net Sales, Constant Currency* $242.9 $225.3 7.8% Gross margin 34.9% 37.8% (290) bps Adjusted Gross Margin* 35.1% 38.7% (360) bps Loss from continuing operations attributable to GCP shareholders $(13.8) $(25.0) 44.8% Net loss attributable to GCP shareholders $(6.6) $(16.9) 60.9% Diluted EPS from continuing operations attributable to GCP shareholders $(0.19) $(0.35) 45.7% Adjusted EPS* $0.01 $(0.06) NM Adjusted EBIT* $13.2 $11.0 20.0% Adjusted EBIT Margin* 5.3% 4.9% 40 bps “GCP had strong sales growth in the first quarter of 2018," said President and Chief Executive Officer Gregory E. Poling. "Net sales rose 11% due to healthy global construction markets, contributions from our acquisitions and the positive impact of foreign exchange. Adjusted EBIT grew 20% on higher sales volumes and savings from our restructuring program. GCP's gross margin was negatively impacted by higher inflation. We started to see the positive impact of price late in the quarter and expect this trend to continue through 2018."
"We continue to execute on our bolt-on acquisition strategy with the purchase of U.K.-based R.I.W. Limited. The company is a supplier of specialty waterproofing products for commercial and residential construction applications in the U.K. waterproofing market."
First quarter 2018:
Net sales increased 11.1% and Net Sales, Constant Currency increased 7.8% due to growth in both Specialty Construction Chemicals and Specialty Building Materials Gross margin of 34.9% decreased 290 basis points primarily due to increased raw materials and logistics costs. Price increases have been implemented to recover higher costs and recapture margins. Adjusted EBIT of $13.2 million increased 20.0% and Adjusted EBIT margin increased 40 basis points due to improved operating leverage from higher sales volumes and cost savings associated with our restructuring plan, partially offset by higher selling, general and administrative expenses from our acquisitions Net loss from continuing operations attributable to GCP shareholders was $13.8 million compared to net loss from continuing operations of $25.0 million in the first quarter of 2017. The change was primarily due to lower interest expense, lower restructuring and repositioning expenses and an increase in other (income) expense. Net loss from continuing operations for the first quarter of 2018 includes a $12.5 million increase to the provisional net charge related to the 2017 Tax Act.
First Quarter Segment Performance
Specialty Construction Chemicals
( $ Millions )
1Q 2018 1Q 2017 % Change Net sales $147.0 $134.0 9.7% Net Sales, Constant Currency* $142.8 $134.0 6.6% Gross margin 31.3% 35.7% (440) bps Segment operating income $5.9 $8.6 (31.4)% Segment operating margin 4.0% 6.4% (240) bps Net sales increased 9.7% and Net Sales, Constant Currency increased 6.6% due to higher volumes in our Concrete and Cement businesses Gross margin declined 440 basis points primarily due to raw material inflation and increases in logistics costs Segment operating income decreased 31.4% and segment operating margin decreased 240 basis points primarily due to lower gross margin, partially offset by cost savings associated with our restructuring plan Comparisons with first quarter 2017 results for SCC were impacted by GCP's deconsolidation of its Venezuela operations on July 3, 2017. In the first quarter of 2017, GCP's Venezuela operations contributed net sales of $3.1 million, gross profit of $2.3 million and operating income of $2.0 million.
Specialty Building Materials
( $ Millions )
1Q 2018 1Q 2017 % Change Net sales $103.2 $91.3 13.0% Net Sales, Constant Currency* $100.1 $91.3 9.6% Gross margin 40.6% 43.3% (270) bps Segment operating income $18.1 $15.2 19.1% Segment operating margin 17.5% 16.6% 90 bps Net sales increased 13.0% and Net Sales, Constant Currency increased 9.6% primarily due to higher volumes in our Building Envelope and Residential businesses Gross margin declined 270 basis points due to increases in raw material costs and the timing of price increases as projects were shipped at previously committed pricing Segment operating income increased 19.1% to $18.1 million. Segment operating margin increased 90 basis points to 17.5% due to improved operating leverage from higher sales volumes and cost savings associated with our restructuring plan, partially offset by lower gross margin.
*Non-GAAP financial measures. See the tables herein for important information regarding these measures and a reconciliation to the most comparable GAAP measures.
NM - Not meaningful.
Sale of Darex Packaging Technologies
On July 3, 2017, GCP completed the sale of Darex to Henkel for $1.06 billion in cash, subject to customary closing adjustments. Darex has been reclassified and reflected as "discontinued operations" on the Consolidated Statements of Operations for all periods presented.
Restructuring and Repositioning Expenses
On June 28, 2017, the Board of Directors approved a restructuring and repositioning plan. Upon completion of the plan, the Company expects to achieve a net annualized cost reduction of approximately $24 million to $28 million. The Company expects approximately $9 million to $13 million to benefit continuing operations, while approximately $15 million relates to discontinued operations.
Restructuring and asset impairments from continuing operations were $(0.5) million for the first quarter of 2018. Repositioning expenses related to the plan were $0.9 million for the first quarter of 2018, substantially all of which represent professional fees and employee-related costs.
Interest Expense and Related Financing Costs
Interest expense and related financing costs were $13.8 million for the first quarter of 2018 compared with $17.0 million for the prior-year quarter. The decrease reflects the repayment and extinguishment of the Company's Term Loan in the third quarter of 2017.
Refinancing Transactions
On April 10, 2018, the Company announced the closing of several refinancing transactions including the issuance of $350.0 million aggregate principal amount of 5.5% Senior Notes due 2026, an amendment to its Credit Agreement that, among other things, increases the aggregate principal amount of revolving commitments available to $350.0 million, and the redemption of $525.0 million outstanding aggregate principal amount of its 9.5% Senior Notes due 2023.
Income Taxes
Income tax expense attributable to continuing operations for the quarter ended March 31, 2018 was $13.5 million compared to $11.6 million for the prior year quarter, representing effective tax rates of 6,750.0% and 86.6%, respectively. The effective tax rate for the quarter ended March 31, 2018 was impacted by a $12.5 million increase to the provisional net charge related to the 2017 Tax Act provisions. The difference between the provision for income taxes at the U.S. federal income tax rate of 21.0% and GCP’s overall income tax rate for the three months ended March 31, 2018 is primarily due to changes in estimates related to the 2017 Tax Act.
Full-Year 2018 Outlook 1
Guidance Prior Current Net Sales, Constant Currency Growth of 5% to 10% Growth of 5% to 10% Adjusted EBIT $135 million to $150 million $135 million to $150 million Adjusted EPS (2)(3) $0.84 to $1.03 $0.99 to $1.18 Adjusted Free Cash Flow $35 million to $45 million $35 million to $45 million 1 GCP guidance figures assume average 2017 FX rates carried forward into the guidance period.
2 Includes effective tax rate of 28% to 31%, which reflects the Company's current estimate of the impact of the Tax Cuts and Jobs Act of 2017.
3 Assumes 72 million shares outstanding.
Investor Call
GCP has scheduled a conference call and webcast at 10:00 a.m. ET today to review its first quarter 2018 results and full-year outlook. Those who wish to listen to the conference call webcast should visit the Investors section of GCP's website at www.gcpat.com . The live call can be accessed by dialing (844) 887-9408 in the U.S. or +1 (412) 317-9261 internationally prior to the start of the call. Participants should ask to join the GCP Applied Technologies call. An accompanying slide presentation will also be available on the website.
For those unable to participate in the live conference call, a playback will be available until May 15, 2018. To listen to the playback, please dial (877) 344-7529 in the U.S. or +1 (412) 317-0088 internationally; the access code is 10118866. A webcast replay will also be available in the “Events and Presentations” section of the company's website for approximately three months.
Non-GAAP Financial Measures
In this press release the Company refers to non-GAAP financial measures including Net Sales, Constant Currency, Adjusted Gross Profit, Adjusted Gross Profit Margin, Adjusted EBIT, Adjusted EBIT Margin, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Free Cash Flow, Adjusted EPS, and Adjusted EBIT Return On Invested Capital. These non-GAAP measures do not purport to represent income or liquidity measures as defined under United States generally accepted accounting principles ("GAAP"), and should not be considered as alternatives to such measures as an indicator of GCP's performance. These non-GAAP measures are provided to distinguish the operating results of GCP's current business.
The Analysis of Operations pages included in this press release provide reconciliations of these non-GAAP financial measures to their most comparable GAAP measures, as well as definitions for each of these non-GAAP financial measures and explanations as to why management finds them useful and believes they are useful to investors, potential investors and others.
Media Relations
Paul Keeffe
T +1 617.498.4461
[email protected] Investor Relations
Joseph DeCristofaro
T +1 617.498.2616
[email protected] About GCP Applied Technologies
GCP is a leading global provider of construction products technologies that include additives for cement and concrete, the VERIFI ® in-transit concrete management system, high-performance waterproofing products, and specialty systems. GCP products have been used to build some of the world’s most renowned structures. More information is available at www.gcpat.com .
This announcement contains “forward-looking statements,” that is, information related to future, not past, events. Such statements generally include the words “believes,” “plans,” “intends,” “targets,” “will,” “expects,” “suggests,” “anticipates,” “outlook,” “continues,” or similar expressions. Forward-looking statements include, without limitation, statements about expected financial positions; results of operations; cash flows; financing plans; business strategy; operating plans; capital and other expenditures; competitive positions; growth opportunities for existing products; benefits from new technology and cost reduction initiatives, plans and objectives; and markets for securities. Like other businesses, GCP is subject to risks and uncertainties that could cause its actual results to differ materially from its projections or that could cause other forward-looking statements to prove incorrect. Factors that could cause actual results to materially differ from those contained in the forward-looking statements, or that could cause other forward-looking statements to prove incorrect, include, without limitation, risks related to: the cyclical and seasonal nature of the industries that GCP serves; foreign operations, especially in emerging regions; changes in currency exchange rates; the cost and availability of raw materials and energy; the effectiveness of GCP’s research and development, new product introductions and growth investments; acquisitions and divestitures of assets and gains and losses from dispositions; developments affecting GCP’s outstanding liquidity and indebtedness, including debt covenants and interest rate exposure; developments affecting GCP’s funded and unfunded pension obligations; warranty and product liability claims; legal proceedings; the inability to establish or maintain certain business relationships and relationships with customers and suppliers or the inability to retain key personnel; and the handling of hazardous materials and the costs of compliance with environmental regulation. These and other factors are identified and described in more detail in GCP's Annual Report on Form 10-K, which has been filed with the U.S. Securities and Exchange Commission and is available online at www.sec.gov . Readers are cautioned not to place undue reliance on GCP’s projections and forward-looking statements, which speak only as the date thereof. GCP undertakes no obligation to publicly release any revision to the projections and forward-looking statements contained in this announcement, or to update them to reflect events or circumstances occurring after the date of this announcement.
GCP Applied Technologies Inc.
Consolidated Statements of Operations (unaudited) Three Months Ended March 31, (In millions, except per share amounts) 2018 2017 Net sales $ 250.2 $ 225.3 Cost of goods sold 162.7 140.0 Gross profit 87.5 85.3 Selling, general and administrative expenses 74.9 72.8 Research and development expenses 4.9 4.8 Interest expense and related financing costs 13.8 17.0 Repositioning expenses 0.9 2.0 Restructuring and asset impairments (0.5 ) 1.1 Other (income) expense, net (6.3 ) 1.0 Total costs and expenses 87.7 98.7 Loss from continuing operations before income taxes (0.2 ) (13.4 ) Income tax expense (13.5 ) (11.6 ) Loss from continuing operations (13.7 ) (25.0 ) Income from discontinued operations, net of income taxes 7.2 8.1 Net loss (6.5 ) (16.9 ) Less: Net income attributable to noncontrolling interests (0.1 ) — Net loss attributable to GCP shareholders $ (6.6 ) $ (16.9 ) Amounts Attributable to GCP Shareholders: Loss from continuing operations attributable to GCP shareholders (13.8 ) (25.0 ) Income from discontinued operations, net of income taxes 7.2 8.1 Net loss attributable to GCP shareholders $ (6.6 ) $ (16.9 ) (Loss) Earnings Per Share Attributable to GCP Shareholders Basic (loss) earnings per share: Loss from continuing operations attributable to GCP shareholders $ (0.19 ) $ (0.35 ) Income from discontinued operations, net of income taxes $ 0.10 $ 0.11 Net loss attributable to GCP shareholders (1) $ (0.09 ) $ (0.24 ) Weighted average number of basic shares 71.9 71.2 Diluted (loss) earnings per share: (2) Loss from continuing operations attributable to GCP shareholders $ (0.19 ) $ (0.35 ) Income from discontinued operations, net of income taxes $ 0.10 $ 0.11 Net loss attributable to GCP shareholders (1) $ (0.09 ) $ (0.24 ) Weighted average number of diluted shares 71.9 71.2
(1) Amounts may not sum due to rounding.
(2) Dilutive effect only applicable to periods where there is net income from continuing operations.
GCP Applied Technologies Inc.
Consolidated Balance Sheets (unaudited) (In millions, except par value and shares) March 31,
2018 December 31,
2017 ASSETS Current Assets Cash and cash equivalents $ 592.9 $ 721.5 Trade accounts receivable, less allowance of $5.3 (2017—$5.7) 194.6 217.1 Inventories 114.6 106.3 Other current assets 46.3 48.6 Current assets held for sale 8.1 19.7 Total Current Assets 956.5 1,113.2 Properties and equipment, net 220.1 216.6 Goodwill 202.9 198.2 Technology and other intangible assets, net 91.1 91.8 Deferred income taxes 27.1 30.2 Overfunded defined benefit pension plans 27.9 26.4 Other assets 37.3 23.8 Non-current assets held for sale 2.0 2.8 Total Assets $ 1,564.9 $ 1,703.0 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Debt payable within one year $ 22.5 $ 24.0 Accounts payable 133.7 134.8 Other current liabilities 192.5 316.2 Current liabilities held for sale 4.3 7.8 Total Current Liabilities 353.0 482.8 Debt payable after one year 520.4 520.3 Income taxes payable 53.9 58.3 Deferred income taxes 14.6 14.7 Unrecognized tax benefits 42.9 42.4 Underfunded and unfunded defined benefit pension plans 56.2 57.1 Other liabilities 19.1 35.1 Non-current liabilities held for sale 0.3 0.3 Total Liabilities 1,060.4 1,211.0 Commitments and Contingencies - Note 8 Stockholders' Equity Common stock issued, par value $0.01; 300,000,000 shares authorized; outstanding: 71,995,738 and 71,754,344, respectively 0.7 0.7 Paid-in capital 35.3 29.9 Accumulated earnings 542.1 548.7 Accumulated other comprehensive loss (71.4 ) (85.7 ) Treasury stock (4.1 ) (3.4 ) Total GCP's Shareholders' Equity 502.6 490.2 Noncontrolling interests 1.9 1.8 Total Stockholders' Equity 504.5 492.0 Total Liabilities and Stockholders' Equity $ 1,564.9 $ 1,703.0
GCP Applied Technologies Inc.
Consolidated Statements of Cash Flows (unaudited) Three Months Ended March 31, (In millions) 2018 2017 OPERATING ACTIVITIES Net loss $ (6.5 ) $ (16.9 ) Less: Income from discontinued operations 7.2 8.1 Loss from continuing operations (13.7 ) (25.0 ) Reconciliation to net cash (used in) provided by operating activities: Depreciation and amortization 10.2 8.4 Amortization of debt discount and financing costs 0.5 0.8 Stock-based compensation expense 1.9 2.1 Currency and other losses in Venezuela — 0.1 Deferred income taxes 9.5 8.5 Loss (gain) on disposal of property and equipment (1.2 ) (0.8 ) Changes in assets and liabilities, excluding effect of currency translation: Trade accounts receivable 25.7 (0.4 ) Inventories (7.3 ) (12.7 ) Accounts payable (0.9 ) 16.7 Pension assets and liabilities, net (1.7 ) 1.9 Other assets and liabilities, net (31.5 ) (27.6 ) Net cash used in operating activities from continuing operations (8.5 ) (28.0 ) Net cash (used in) provided by operating activities from discontinued operations (109.4 ) 14.3 Net cash used in operating activities (117.9 ) (13.7 ) INVESTING ACTIVITIES Capital expenditures (14.4 ) (12.7 ) Other investing activities (3.2 ) 2.9 Net cash used in investing activities from continuing operations (17.6 ) (9.8 ) Net cash used in investing activities from discontinued operations (0.2 ) (2.4 ) Net cash used in investing activities (17.8 ) (12.2 ) FINANCING ACTIVITIES Borrowings under credit arrangements 1.3 1.6 Repayments under credit arrangements (3.1 ) (13.0 ) Share repurchases (0.7 ) (0.9 ) Proceeds from exercise of stock options 3.5 3.5 Other financing activities (0.2 ) — Net cash provided by (used in) financing activities from continuing operations 0.8 (8.8 ) Net cash provided by financing activities from discontinued operations — 0.4 Net cash provided by (used in) financing activities 0.8 (8.4 ) Effect of currency exchange rate changes on cash and cash equivalents 6.3 2.8 Decrease in cash and cash equivalents (128.6 ) (31.5 ) Cash and cash equivalents, beginning of period 721.5 163.3 Cash and cash equivalents, end of period 592.9 131.8 Less: Cash and cash equivalents of discontinued operations — 22.3 Cash and cash equivalents of continuing operations, end of period $ 592.9 $ 109.5 Supplemental disclosure of non-cash financing activities: Deferred financing costs included in accrued expenses $ 7.6 $ — Analysis of Operations
The Company has set forth in the tables below GCP's key operating statistics with percentage changes for the first quarter compared with the corresponding prior-year periods. In the table, the Company presents financial information in accordance with U.S. GAAP, as well as certain non-GAAP financial measures, which it describes below in further detail. GCP believes that the non-GAAP financial information supplements its discussions about the performance of its businesses, improves period-to-period comparability and provides insight to the information that management uses to evaluate the performance of its businesses. Management uses non-GAAP measures in financial and operational decision-making processes, for internal reporting, and as part of its forecasting and budgeting processes, as these measures provide additional transparency to GCP's core operations.
In the table, the Company has provided reconciliations of these non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with U.S. GAAP. These non-GAAP financial measures should not be considered substitutes for financial measures calculated in accordance with U.S. GAAP, and the financial results that the Company calculates and presents in the table in accordance with U.S. GAAP, as well as the corresponding reconciliations from those results, should be carefully evaluated.
Constant currency means current period revenue in local currency translated using prior period exchange rates. GCP uses constant currency in assessing trends in sales excluding the impact of fluctuations in foreign currency exchange rates.
The Company defines Adjusted EBIT (a non-GAAP financial measure) to be net income (loss) from continuing operations attributable to GCP shareholders adjusted for gains and losses on sales of businesses, product lines and certain other investments; currency and other financial losses in Venezuela; costs related to legacy product, environmental and other claims; restructuring expenses, repositioning and asset impairments; pension costs other than service and interest costs, expected returns on plan assets and amortization of prior service costs/credits; third-party and other acquisition-related costs; other financing costs associated with the modification or extinguishment of debt; amortization of acquired inventory fair value adjustments; tax indemnification adjustments; interest income, interest expense and related financing costs; income taxes; and certain other items that are not representative of underlying trends (such as legal settlements). GCP uses Adjusted EBIT to assess and measure its operating performance and in determining performance-based compensation. GCP uses Adjusted EBIT as a performance measure because it provides improved period-to-period comparability for management's decision-making and compensation purposes and because it allows management to measure the ongoing earnings results of the Company's strategic and operating decisions.
The Company defines Adjusted EBITDA (a non-GAAP financial measure) to be Adjusted EBIT adjusted for depreciation and amortization. GCP uses Adjusted EBITDA as a performance measure in making significant business decisions.
The Company defines Adjusted Earnings Per Share (a non-GAAP financial measure) to be earnings per share ("EPS") from continuing operations on a diluted basis adjusted for costs related to gains and losses on sales of businesses, product lines and certain other investments; currency and other financial losses in Venezuela; legacy product, environmental and other claims; restructuring and repositioning expenses and asset impairments; pension costs other than service and interest costs, expected returns on plan assets and amortization of prior service costs/credits; third-party and other acquisition-related costs; other financing costs associated with the modification or extinguishment of debt; amortization of acquired inventory fair value adjustments; tax indemnification adjustments; certain other items that are not representative of underlying trends (such as legal settlements); and certain discrete tax items. GCP uses Adjusted EPS as a performance measure to review its diluted earnings per share results on a consistent basis.
The Company defines Adjusted Gross Profit (a non-GAAP financial measure) to be gross profit adjusted for pension-related costs included in cost of goods sold; loss in Venezuela included in cost of goods sold; and amortization of acquired inventory fair value adjustment. The Company defines Adjusted Gross Margin as Adjusted Gross Profit divided by net sales. Management uses this performance measure to understand trends and changes and to make business decisions regarding core operations.
The Company defines Adjusted Free Cash Flow (a non-GAAP financial measure) to be net cash provided by or used for operating activities minus capital expenditures plus cash paid for restructuring and repositioning; capital expenditures related to repositioning; cash paid for third-party and other acquisition-related costs; cash taxes paid for repositioning, restructuring, third-party and other acquisition-related costs; accelerated payments under defined benefit pension arrangements; and expenditures for legacy items. GCP uses Adjusted Free Cash Flow as a liquidity measure to evaluate its ability to generate cash to support its ongoing business operations, to invest in its businesses, to provide a return of capital to shareholders and to determine payments of performance-based compensation.
The Company defines Adjusted EBIT Return On Invested Capital (a non-GAAP financial measure) to be Adjusted EBIT (on a trailing four quarters basis) divided by the sum of net working capital, properties and equipment and certain other assets and liabilities. Management uses Adjusted EBIT Return On Invested Capital as a performance measure to review investments and to make capital allocation decisions.
Adjusted EBIT, Adjusted EBITDA, Adjusted EPS, Adjusted Gross Margin, Adjusted Free Cash Flow, and Adjusted EBIT Return on Invested Capital do not purport to represent income measures as defined under U.S. GAAP. These measures are provided to improve the period-to-period comparability and peer-to-peer comparability of GCP's financial results and to ensure that investors understand the information GCP uses to evaluate the performance of its businesses.
Adjusted EBIT has material limitations as an operating performance measure because it excludes costs related to income and expenses from restructuring and repositioning activities, which historically has been a material component of our net income (loss). Adjusted EBITDA also has material limitations as an operating performance measure because it excludes the impact of depreciation and amortization expense. GCP's business is substantially dependent on the successful deployment of capital, and depreciation and amortization expense is a necessary element of its costs. GCP compensates for the limitations of these measurements by using these indicators together with net income (loss) as measured under GAAP to present a complete analysis of its results of operations. Adjusted EBIT and Adjusted EBITDA should be evaluated together with net income (loss) measured under GAAP for a complete understanding of GCP's results of operations.
The Company does not provide GAAP earnings on a forward-looking basis because the Company is unable to estimate with reasonable certainty unusual or unanticipated charges, expenses or gains without unreasonable effort. These items are uncertain, depend on various factors, and could be material to the Company’s results computed in accordance with GAAP.
GCP Applied Technologies Inc.
Analysis of Operations (unaudited) Analysis of Operations
(In millions, except per share amounts) Three Months Ended March 31, 2018 2017 % Change Net sales: Specialty Construction Chemicals $ 147.0 $ 134.0 9.7 % Specialty Building Materials 103.2 91.3 13.0 % Total GCP net sales $ 250.2 $ 225.3 11.1 % Net sales by region: North America $ 123.0 $ 111.9 9.9 % Europe Middle East Africa (EMEA) 58.3 45.5 28.1 % Asia Pacific 52.0 51.2 1.6 % Latin America 16.9 16.7 1.2 % Total net sales by region $ 250.2 $ 225.3 11.1 % Net Sales, Constant Currency: Specialty Construction Chemicals $ 142.8 $ 134.0 6.6 % Specialty Building Materials 100.1 91.3 9.6 % Total GCP Net Sales, Constant Currency (non-GAAP) $ 242.9 $ 225.3 7.8 % Profitability performance measures: Adjusted EBIT(A): Specialty Construction Chemicals segment operating income $ 5.9 $ 8.6 (31.4 )% Specialty Building Materials segment operating income 18.1 15.2 19.1 % Corporate costs(B) (8.9 ) (10.2 ) 12.7 % Certain pension costs(C) (1.9 ) (2.6 ) 26.9 % Adjusted EBIT (non-GAAP) 13.2 11.0 20.0 % Repositioning expenses (0.9 ) (2.0 ) 55.0 % Restructuring and asset impairments 0.5 (1.1 ) NM Third-party and other acquisition-related costs (0.8 ) (0.4 ) (100.0 )% Amortization of acquired inventory fair value adjustment — (1.5 ) NM Tax indemnification adjustments — (2.4 ) NM Interest expense, net (12.3 ) (17.0 ) 27.6 % Income tax expense (13.5 ) (11.6 ) (16.4 )% Loss from continuing operations attributable to GCP shareholders (GAAP) $ (13.8 ) $ (25.0 ) 44.8 % Diluted EPS from continuing operations (GAAP) $ (0.19 ) $ (0.35 ) 45.7 % Adjusted EPS (non-GAAP) $ 0.01 $ (0.06 ) NM
GCP Applied Technologies Inc.
Analysis of Operations (unaudited) (continued) Analysis of Operations
(In millions) Three Months Ended March 31, 2018 2017 % Change Adjusted profitability performance measures: Gross Profit: Specialty Construction Chemicals $ 46.0 $ 47.8 (3.8 )% Specialty Building Materials 41.9 39.5 6.1 % Adjusted Gross Profit (non-GAAP) 87.9 87.3 0.7 % Amortization of acquired inventory fair value adjustment — (1.5 ) NM Corporate costs and pension costs in cost of goods sold (0.4 ) (0.5 ) 20.0 % Total GCP Gross Profit (GAAP) 87.5 85.3 2.6 % Gross Margin: Specialty Construction Chemicals 31.3 % 35.7 % (4.4) pts Specialty Building Materials 40.6 % 43.3 % (2.7) pts Adjusted Gross Margin (non-GAAP) 35.1 % 38.7 % (3.6) pts Amortization of acquired inventory fair value adjustment — % (0.7 )% 0.7 pts Corporate costs and pension costs in cost of goods sold (0.2 )% (0.2 )% 0.0 pts Total GCP Gross Margin (GAAP) 34.9 % 37.8 % (2.9) pts Adjusted EBIT(A)(B)(C): Specialty Construction Chemicals segment operating income $ 5.9 $ 8.6 (31.4 )% Specialty Building Materials segment operating income 18.1 15.2 19.1 % Corporate and certain pension costs (10.8 ) (12.8 ) 15.6 % Total GCP Adjusted EBIT (non-GAAP) 13.2 11.0 20.0 % Depreciation and amortization: Specialty Construction Chemicals $ 6.0 $ 5.1 17.6 % Specialty Building Materials 3.4 2.9 17.2 % Corporate 0.8 0.4 100.0 % Total GCP depreciation and amortization 10.2 8.4 21.4 % Adjusted EBITDA: Specialty Construction Chemicals $ 11.9 $ 13.7 (13.1 )% Specialty Building Materials 21.5 18.1 18.8 % Corporate and certain pension costs (10.0 ) (12.4 ) 19.4 % Total GCP Adjusted EBITDA (non-GAAP) 23.4 19.4 20.6 % Adjusted EBIT Margin: Specialty Construction Chemicals 4.0 % 6.4 % (2.4) pts Specialty Building Materials 17.5 % 16.6 % 0.9 pts Total GCP Adjusted EBIT Margin (non-GAAP) 5.3 % 4.9 % 0.4 pts Adjusted EBITDA Margin: Specialty Construction Chemicals 8.1 % 10.2 % (2.1) pts Specialty Building Materials 20.8 % 19.8 % 1.0 pts Total GCP Adjusted EBITDA Margin (non-GAAP) 9.4 % 8.6 % 0.8 pts
Analysis of Operations
(In millions) Four Quarters Ended March 31, 2018 March 31, 2017 Calculation of Adjusted EBIT Return On Invested Capital (trailing four quarters): Adjusted EBIT $ 129.6 $ 125.3 Invested Capital: Trade accounts receivable 194.6 169.4 Inventories 114.6 101.3 Accounts payable (133.7 ) (104.7 ) Invested working capital 175.5 166.0 Other current assets (excluding income taxes) 38.4 35.0 Properties and equipment, net 220.1 191.5 Goodwill 202.9 115.1 Technology and other intangible assets, net 91.1 51.0 Other assets (excluding capitalized financing fees) 26.7 19.7 Other current liabilities (excluding income taxes, restructuring, repositioning, accrued interest and liabilities incurred in association with the Darex divestiture) (95.7 ) (81.4 ) Other liabilities (excluding other postretirement benefits liability and liabilities incurred in association with the Darex divestiture) (18.6 ) (13.8 ) Total invested capital $ 640.4 $ 483.1 Adjusted EBIT Return On Invested Capital (non-GAAP) 20.2 % 25.9 % | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-gcp-applied-technologies-reports-first-quarter-2018-results.html |
May 7 (Reuters) - Muthoot Finance Ltd:
* TO CONSIDER FUND RAISING VIA NCDS ISSUE Source text - bit.ly/2rlLHJQ
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-indias-muthoot-finance-to-consider/brief-indias-muthoot-finance-to-consider-fund-raising-via-ncds-issue-idUSFWN1SE0P6 |
Large-scale digital growth has helped Churchill Downs , the company that owns the Kentucky Derby , has helped feed a massive expansion in the last five years, Churchill's top executive told CNBC in an interview.
"Day-to-day racing, that's not the greatest business in the world," CEO William Carstanjen told CNBC on " Power Lunch " this week. Boosted by digital, Churchill's has seen explosive growth of more than 200 percent, he said.
"But it was our entry into casino gaming through our licenses for race tracks. And also, it lead us into entering the online space, which is also a wonderful growth engine for our company," Carstanjen added.
In fact, the publicly-traded company, which began with a single racetrack in central Kentucky more than a century ago, now has five racetracks, six casinos and gaming companies.
Meanwhile, share prices have surged by 63 percent in the last year, compared with a 10 percent increase in the S&P 500 during the same period. The company currently has a market cap of about $3.7 billion. In March, Churchill Downs purchased two casinos, one in Pennsylvania and one in Mississippi , for nearly $230 million.
And, as the U.S. Supreme Court continues to deliberate on sport wagering , and whether the practice should be legal nationally, Carstanjen said this will only continue to increase revenue.
"The size of the market increases so much that it makes up for pockets of cannibalization," he said, calling legalizing sports betting "a great thing."
Carstanjen added: "We like the businesses we're in currently, but the growth of digital and the growth of new products in the digital space is a huge opportunity for us potentially."
Getty Images Marvin Abrego rides Frac Daddy during the morning excercise session in preparation for the 139th Kentucky Derby at Churchill Downs in Louisville, Kentucky. Of course, the company's most notable — and original — venture is the Kentucky Derby. The 144th race takes place on Saturday in Louisville, Kentucky, and is expected to draw a crowd of about 155,000. Twenty horses compete for the $2 million cash prize in the event nicknamed "The Most exciting two minutes in sports," because of the race's duration.
"An event like the Kentucky Derby is a wonderful financial thing as well as a culture thing," Carstanjen said.
The Kentucky Derby airs on NBC, which is owned by CNBC parent company Comcast , Saturday, starting at 2 p.m. ET. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/04/kentucky-derbys-parent-company-expands-with-digital-growth.html |
May 3, 2018 / 10:49 PM / Updated 14 minutes ago Ernst & Young partner settles complaint over sexual assault Brendan Pierson 2 Min Read
NEW YORK (Reuters) - Ernst & Young has reached a settlement with Jessica Casucci, a partner who accused the firm of failing to act when she reported that she was sexually assaulted by another partner, the firm said Thursday.
“Jessica Casucci and (Ernst & Young) have reached a fair and equitable confidential settlement of this matter that involves Jessica leaving the firm,” Ernst & Young and Casucci’s lawyer Michael Willemin said in a joint statement. “We are pleased to have reached this resolution.”
In a complaint alleging discrimination and retaliation filed with the U.S. Equal Employment Opportunity Commission, Jessica Casucci, a partner in Ernst & Young’s New York office, accused fellow partner John Martinkat of sexually assaulting her in front of two other male partners in a bar in 2015.
Martinkat, who was not a party to Casucci’s complaint, has been fired, Ernst & Young spokesman John La Place said Thursday. Reuters was not immediately able to reach him for comment.
Casucci said in the complaint that she reported the assault to the company’s diversity and inclusiveness officer in 2016, after she learned that another woman had been subjected to inappropriate sexual conduct, and decided she needed to take action to protect women at the company.
Casucci said in the complaint that Ernst & Young did not take action against Martinkat, but asked her to speak to an outside employment defence lawyer it had hired, and refused to promise that the interview would not be used in litigation.
Casucci said she was forced to “rebuild her entire book of business from scratch” to avoid working with Martinkat. Reporting by Brendan Pierson in New York | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-ernst-young-complaint/ernst-young-partner-settles-complaint-over-sexual-assault-idUKKBN1I42TU |
WASHINGTON, May 23, 2018 /PRNewswire/ -- The National Capital Bank of Washington (NCB) announced today William G. (Bill) DuBose, II has joined the Bank as Vice President, Mortgage Loan Officer.
DuBose joins NCB's outstanding team of local lenders, bringing with him thirty years of mortgage banking experience in areas including retail loan origination, wholesale lending, correspondent lending, and GSE product development. He will be responsible for developing mortgage relationships throughout the thriving Washington, D.C. metro area. He has a proven track record of working with real estate professionals, financial advisors, attorneys and CPAs.
"Bill's experience in the Washington, D.C. market will help us meet the home-buying needs of those in and around our branch network on Capitol Hill, Friendship Heights and our newest office in the Courthouse neighborhood of Arlington, Virginia," said Richard B. (Randy) Anderson, Jr., President and Chief Executive Officer. "We pride ourselves on delivering personal service in all areas of our banking business and with Bill's addition to the mortgage lending team, we now have more experts available to offer custom-designed home financing solutions."
DuBose is a true Washingtonian, born and raised in the District of Columbia. He currently resides in Bethesda, Maryland with his wife and son. To reach Bill DuBose call 202-546-8000 ext. 6429 or email at [email protected]
The National Capital Bank of Washington was founded in 1889 and is Washington's Oldest Bank. NCB is headquartered on Capitol Hill with offices in the Friendship Heights community in Northwest D.C., and most recently the Courthouse community in Arlington, Virginia. NCB also operates residential mortgage and commercial lending offices and a wealth management services division. NCB product and service offerings include personal and business deposit accounts, robust online and mobile banking, sophisticated treasury management solutions, remote deposit capture and merchant processing – all delivered with top-rated personal service. NCB is well-positioned to serve all the banking needs of those in our community. For more information about NCB, visit www.nationalcapitalbank.com . The Bank trades under the symbol NACB.
View original content with multimedia: http://www.prnewswire.com/news-releases/the-national-capital-bank-of-washington-expands-its-residential-mortgage-lending-team-300653411.html
SOURCE The National Capital Bank of Washington | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/pr-newswire-the-national-capital-bank-of-washington-expands-its-residential-mortgage-lending-team.html |
(Reuters Health) - Adolescents who are naturally inclined to stay up late at night are more likely to suffer from insomnia as well as behavioral and emotional problems than their peers who prefer an earlier bedtime, a recent study suggests.
Researchers surveyed 4,948 secondary school students in Hong Kong, ages 12 to 18, about their sleep habits and their physical and mental health. Overall, about 23 percent had a night owl or “eveningness” circadian rhythm, or a natural tendency to be late-to-bed and late-to-rise types.
Night owls were 88 percent more likely to have emotional and behavioral problems than other teens and 25 percent more likely to have poor mental health.
Roughly half of these night owls had insomnia symptoms, especially trouble getting to sleep and staying asleep. Insomnia was independently associated with more than tripled odds of emotional, behavioral and mental health issues.
“Not getting enough sleep or having poor sleep may negatively affect one’s ability to regulate emotions and decision making, thereby contributing to the risk of developing mental health problems,” said lead study author Shirley X. Li of the University of Hong Kong.
“There is a bi-directional relationship between sleep disruption and emotional and behavioral problems,” Li said by email. Poor sleep may lead to mental health issues, and behavioral or emotional problems may also cause difficulties with sleep.
Roughly two-thirds of the teens in the study were considered “intermediate-type” sleepers, meaning their biological clocks weren’t set for an exceptionally early or late bedtime. About 9 percent of the participants were early to bed, early-to-rise types with a “morningness” circadian rhythm.
Among participants with an “eveningness” circadian rhythm, about 11 percent had difficulty falling asleep and almost 4 percent had trouble staying asleep.
A greater proportion of these night owls, 22 percent, also reported poor mental health, compared to about 15 percent of other teens, as well as emotional and behavioral problems: 38 percent versus 24 percent.
The study wasn’t a controlled experiment designed to prove whether or how sleep might cause mental health issues, nor does it explain whether or how behavioral or emotional problems might cause poor sleep.
Another limitation is that researchers relied on teens to recall and report on their sleep habits and mental health issues, which might not always be accurate, the authors note in Sleep Medicine.
Even so, the results offer fresh evidence of the relationship between short sleep duration and poor sleep quality and emotional and behavioral health in teens, said Dr. Judith Owens, director of sleep medicine at Boston Children’s Hospital and a researcher at Harvard Medical School.
“While insomnia has been clearly linked to these adverse outcomes in previous studies, this study suggests that insomnia and evening chronotype are independently associated with these outcomes,” Owens, who wasn’t involved in the study, said by email.
Parents may not be able to reset teens’ biological clocks, but they can still take steps to help their kids get a better night’s sleep, said Dr. Sujay Kansagra, director of the Duke Pediatric Neurology Sleep Medicine Program in Durham, North Carolina.
“The adolescent brain is different, and it is very normal for the teenage brain to have a delayed preference when it comes to going to bed late and waking up late,” Kansagra, who wasn’t involved in the study, said by email.
“The goal is to ensure there are not other factors that can worsen this intrinsic predisposition even further, thereby causing more sleep deprivation,” Kansagra added. “The keys are to avoid nighttime light exposure, especially from electronic devices, for 30 minutes prior to bed.”
SOURCE: bit.ly/2k342bv Sleep Medicine, online April 17, 2018.
| ashraq/financial-news-articles | https://www.reuters.com/article/us-health-adolescents-sleep/teen-night-owls-more-prone-to-emotional-and-behavioral-problems-idUSKCN1IH2QO |
Why having a best friend is worth over $150,000 in extra income 23 Mins Ago Having a strong social network leads to higher life satisfaction and is equivalent to $150,000, according to a 2008 study. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/04/having-a-best-friend-is-worth-150000-in-extra-income.html |
Kim-Trump summit canceled: Pompeo explains 12:46pm EDT - 02:09
U.S. Secretary of State Mike Pompeo on Thursday read a letter to a Senate committee from President Trump to North Korean leader Kim Jong Un, in which Trump says, ''Sadly, based on the tremendous anger and open hostility displayed in your most recent statement, I feel it is inappropriate, at this time, to have this long-planned meeting.'' Rough cut (no reporter narration).
U.S. Secretary of State Mike Pompeo on Thursday read a letter to a Senate committee from President Trump to North Korean leader Kim Jong Un, in which Trump says, "Sadly, based on the tremendous anger and open hostility displayed in your most recent statement, I feel it is inappropriate, at this time, to have this long-planned meeting." Rough cut (no reporter narration). //reut.rs/2GKlH0h | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/24/kim-trump-summit-canceled-pompeo-explain?videoId=429931264 |
LAS VEGAS (Reuters) - Former U.S. FBI Director James Comey said that social media companies needed to “worry” about foreign political propaganda on their networks, but he had few ideas on how to counter it.
FILE PHOTO: Former FBI director James Comey speaks about his book during an onstage interview with Axios Executive Editor Mike Allen at George Washington University in Washington, U.S. April 30, 2018. REUTERS/Jonathan Ernst/File Photo In an interview with Reuters, Comey also said he would be leery of the Federal Bureau of Investigation trying to track propaganda in the United States, let alone take action against it, while acknowledging that it was a major problem for the U.S. political system.
“I don’t have a great answer for them,” Comey said of social media companies including Facebook and Twitter, which were major venues for what U.S. intelligence agencies have said was a Russian-sponsored effort to help President Donald Trump win the 2016 U.S. election.
Comey’s comments on Wednesday follow former Director of National Intelligence James Clapper’s conclusion in a new book that the Russian election meddling, which allegedly included illegal hacking and leaking of stolen information as well as propaganda, had a decisive influence in electing Trump.
Trump fired Comey as the FBI investigated the Russian election interference, setting the stage for the appointment of Special Counsel Robert Mueller and his wide ranging enquiries.
Comey has been criticized for the FBI’s failure to counter Russia’s election meddling while it was happening.
But Comey said the FBI should not get involved in fighting propaganda because it is a “rule-bound institution,” with strict policies that serve as an appropriate check on its power.
“You’d want to be very thoughtful about having the FBI, without having a predicated investigation, be monitoring speech in the U.S., because it’s often very difficult to tell, is it coming from a nation state?” Comey said. “So in theory that might involve collecting more broadly on speech in the United States.”
He said those same concerns had kept the FBI from tracking an influence campaign that included Russian-driven Facebook posts that reached more than 100 million people on that social network alone ahead of the 2016 election.
Comey avoided answering questions about the ongoing Mueller probe and his own role in the earlier version of the investigation, but he scoffed at Trump’s accusation this week that the FBI had planted a spy inside his 2016 campaign.
Comey said he could not comment directly on the claim, floated this week by Trump and Republican supporters in Congress.
More generally, Comey said, “The word `spy’ is not an accurate characterization in any case of the FBI’s use of confidential human sources, which are a critical tool in all of our investigations — people telling us things that they know.”
Asked whether he could deny that the FBI sent someone to get a job working full-time inside Trump’s presidential campaign, Comey laughed and said: “I’m tempted, but I’ve got to leave it to the Bureau to comment.”
Comey is best known in Silicon Valley for leading an Obama Administration charge against end-to-end encryption uncrackable by law enforcement.
In the interview, he conceded that one the technology companies’ major objections to giving U.S. authorities special access — that it would then have to do the same for governments in Russia, China and elsewhere — was “reasonable.”
But he said some companies were already aiding such regimes by storing data in those countries and allowing access to source code. If they were sufficiently worried, he said, they could stop doing business in those places.
Comey said his goal was a process under which companies would grant access to authorities only according to strict standards of due process, such as relying on independent judges. If the companies refused back-door access until the other countries changed their legal system, “it would be good for the people of China and Russia.”
Reporting by Joseph Menn; Editing by Jonathan Weber
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-comey-cyber/former-fbi-director-comey-says-agency-cannot-fight-foreign-propaganda-idUSKCN1IP3SN |
ANKARA, May 21 (Reuters) - The Iranian Foreign Ministry has denounced U.S. Secretary of State Mike Pompeo’s demands as “lies” aimed at diverting attention from Washington’s violation of an international nuclear deal, state TV reported on Monday.
“Iran rejects the allegations and lies in this so-called new strategy and condemns the U.S. Secretary of State’s ... open interference in its internal affairs and the unlawful threats against a United Nations member state,” state TV Quote: d a foreign ministry statement as saying. (Writing by Parisa Hafezi; editing by Andrew Roche)
| ashraq/financial-news-articles | https://www.reuters.com/article/iran-nuclear-usa-statement/iran-says-u-s-trying-to-divert-attention-from-its-violation-of-nuclear-deal-idUSL5N1SS4ID |
BERLIN (Reuters) - German prosecutors brought charges on Tuesday against employees of weapons manufacturer Heckler & Koch, whom they accuse of illegally trafficking arms to Mexican federal states to which Berlin has prohibited gun exports.
In 2016, Heckler & Koch, one of the world’s best-known gunmakers, said it would no longer sign contracts to supply countries outside of NATO’s influence because it had become too difficult to obtain government approval for such deals.
However, the Stuttgart prosecutor’s office charged six Heckler & Koch sales employees with violating both the Foreign Trade and the War Weapons Control Acts for delivering rifles and accessories to four Mexican states to which Berlin had prohibited arms exports due to the human rights situation there.
The prosecutor’s office said the employees, whom it did not name, made 15 illegal deliveries between 2006 and 2009 and were aware that arms deliveries were sent to these states.
Anti-arms activists consider the Heckler & Koch trial important because they suspect that G36 rifles were used in the 2014 abduction and massacre by a gang of a group of trainee teachers in the southwestern city of Iguala.
German journalist Juergen Graesslin initiated the lawsuit with information he had collected.
“In the fall of 2009, I received a phone call from a Heckler & Koch employee who said ‘My company was doing illegal arms trading with the management’s knowledge’,” Graesslin told Reuters TV.
Graesslin, the head of a campaign named “Outcry - Stop the Arms Trade”, and a member of the Peace Cooperative Network, checked the material he received and found it credible.
The German company on Friday said it would collaborate with the investigation.
“Heckler & Koch is aware of its social and legal responsibility. As a result of the incidents, the company has made drastic and extensive changes to prevent such events from occurring in the future,” the company said in a statement.
Reporting by Reuters TV and Riham Alkousaa; Editing by Hugh Lawson
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/us-germany-trial-heckler/heckler-koch-employees-on-trial-over-exports-to-mexico-idUSKCN1IG31F |
MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)-- SentinelOne , the autonomous endpoint protection company, today announced that CRN has named Dee Dee Acquista, Vice President of Global Channels, to its prestigious 2018 Women of the Channel and Power 100 lists.
"I am honored to be included on this year's CRN’s Women of the Channel and Power 100 lists among many other channel leaders," said Acquista. "Cybersecurity continues to be top of mind for every company, and I look forward to expanding SentinelOne's global footprint and working with our partners to accelerate the adoption of next-gen endpoint security.”
Acquista has more than 20 years of experience as a channel sales executive, demonstrating outstanding performance and leadership in channel practice and development, strategy execution, and sales. Equally strong in recruiting and developing strategic partners and top-performing teams, Acquista has built an impressive record of exceeding targets for SentinelOne’s global channel strategy and execution.
“This accomplished group of leaders is steadily guiding the IT channel into a prosperous new era of services-led business models and deep, strategic partnerships,” said Bob Skelley, CEO of The Channel Company. “CRN’s 2018 Women of the Channel list honors executives who are driving channel progress through a number of achievements—exemplary partner programs, innovative product development and marketing, effective team-building, visionary leadership and accelerated sales growth—as well as advocacy for the next generation of women channel executives.”
CRN’s editorial team selects Women of the Channel honorees based on their professional accomplishments, demonstrated expertise, and ongoing dedication to the channel. Power 100 is an exclusive group drawn from this larger list: Women leaders, whose vision and influence drive their companies’ success and help move the entire IT channel forward. The 2018 Women of the Channel and Power 100 lists will be featured in the June issue of CRN Magazine and online at www.CRN.com/wotc .
About SentinelOne
SentinelOne delivers autonomous endpoint protection through a single agent that successfully prevents, detects and responds to attacks across all major vectors. Designed for extreme ease of use, the S1 platform saves customers time by applying AI to automatically eliminate threats in real time for both on premise and cloud environments and is the only solution to provide full visibility across networks directly from the endpoint. To learn more visit sentinelone.com or follow us at @SentinelOne, on LinkedIn or Facebook .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180514005722/en/
fama PR for SentinelOne
Sasha Divitkina, 1-617-986-5018
[email protected]
Source: SentinelOne | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/business-wire-sentineloneas-dee-dee-acquista-recognized-as-one-of-crns-2018-women-of-the-channel-and-power-100-lists.html |
May 25, 2018 / 3:22 PM / Updated 28 minutes ago Chile's Codelco posts first quarter pre-tax profit of $537 mln Reuters Staff 1 Min Read
SANTIAGO, May 24 (Reuters) - Chilean state copper company Codelco reported on Friday first quarter pre-tax profits of $537 million, a slight increase over the previous year, even as ore grades continued to decline at the miner’s aging deposits.
The world´s top copper miner produced 446,300 tonnes of copper in the first quarter, according to state copper commission Cochilco statistics released earlier this month, marking a 7.2 percent increase over the previous year.
The company on Friday said ore grades had nonetheless declined 2.7 percent versus the same period in 2017. Reporting by Fabian Cambero | ashraq/financial-news-articles | https://www.reuters.com/article/codelco-results/chiles-codelco-posts-first-quarter-pre-tax-profit-of-537-mln-idUSS0N15U02E |
THE HAGUE—International organizations must have the authority not only to investigate the use of chemical agents but also ascribe responsibility, the head of the global chemical weapons watchdog said Friday, warning that perpetrators must be prosecuted and punished.
The Organization for the Prohibition of Chemical Weapons is investigating the use of a nerve agent in Salisbury, England, and a chemical-weapons attack in Douma, Syria, but naming who is responsible is generally outside the group’s remit. Both cases have proven... | ashraq/financial-news-articles | https://www.wsj.com/articles/chemical-weapons-watchdog-chief-calls-for-new-powers-1525452914 |
WILMINGTON, Del. (AP) — A Delaware bankruptcy judge says she will approve a private equity firm's purchase of the Weinstein Co., the studio forced into bankruptcy by the sexual misconduct scandal that brought down Hollywood mogul Harvey Weinstein.
The judge Tuesday greenlighted the sale to Dallas-based Lantern Capital. Lantern offered $310 million cash for the Weinstein Co.'s assets and to assume $127 million in project-related debt. It also agreed to cover obligations related to assumption of certain contracts and leases.
The company's primary assets are a lucrative 277-film library, a television production business, and an unreleased film portfolio that includes four distribution-ready films and other projects in various stages of development.
Weinstein Company Holdings and 54 related entities sought bankruptcy protection in March amid a sexual misconduct scandal that brought down co-founder Harvey Weinstein. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/08/the-associated-press-judge-approves-sale-of-weinstein-co-to-private-equity-firm.html |
May 29, 2018 / 10:42 AM / Updated 2 hours ago Canada could be key for Red Bull's engine decision Alan Baldwin 3 Min Read
LONDON (Reuters) - The Canadian Grand Prix could determine whether Red Bull decide to stick with Renault, who powered them to all their Formula One championships, or switch to Honda engines from next season. FILE PHOTO: Formula One F1 - Monaco Grand Prix - Circuit de Monaco, Monte Carlo, Monaco - May 27, 2018 Red Bull’s Daniel Ricciardo celebrates winning the race with Red Bull Team Principal Christian Horner REUTERS/Benoit Tessier
Team boss Christian Horner said after Sunday’s Monaco Grand Prix, won by his Australian driver Daniel Ricciardo, that a decision would have to be made by “end of June, beginning of July”.
“We’re waiting with great interest to see the relative performance of engines in Montreal in two weeks’ time,” he added.
Canada, on June 10, is the seventh round of the 21-race season and both manufacturers are planning to bring major upgrades to the Circuit Gilles Villeneuve.
Red Bull, whose Renault engines are branded Tag Heuer, have won twice this season but have had a rocky relationship with the French company since the start of the V6 turbo hybrid era in 2014.
Honda are working with Red Bull-owned Toro Rosso and have improved the performance of their engine notably since the termination of a three year partnership with McLaren.
While Ricciardo is third overall in the championship, he has suffered reliability problems — as well as a costly crash with team mate Max Verstappen — and is 38 points off Mercedes’ leader Lewis Hamilton.
The Australian is out of contract at the end of the season and is also waiting to see what engine Red Bull go for.
“First thing is get the engine sorted and then very much follow on from there with driver,” said Horner.
“I think we’ve had a great chassis from the first race, to be honest,” he added. “Our problem has always been on Saturdays... if we can improve our Saturdays, then our races will be competitive.
“If we could just get a little bit more at the end of Q3 (the final phase of qualifying) on peak power, there’s no reason why we shouldn’t be able to give Ferrari and Mercedes regularly a hard time.”
Ricciardo started on pole position in Monaco on Sunday, the team’s first in two years, and won despite having a power unit problem from lap 28.
Verstappen set the fastest race lap, the fourth time in six grands prix that Red Bull have done that.
“The FIA understand the situation we’re in and there’s no hard and fast deadline,” said Horner of the engine decision.
Renault have previously said they would need to know by the end of May because of the long lead times involved in manufacturing. Reporting by Alan Baldwin, editing by Christian Radnedge | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-motor-f1-redbull/canada-could-be-key-for-red-bulls-engine-decision-idUKKCN1IU16Y |
May 2 (Reuters) - Unilever PLC:
* UNILEVER CEO SAYS BY 2020 IT IS EXPECTED THAT HALF OF ALL ONLINE SOURCES TO BE DONE BY VOICE
* UNILEVER CEO SAYS BREYERS DELIGHTS ICE CREAM ALREADY IN 9 EUROPEAN MARKETS, OFF TO GREAT START
* UNILEVER CEO SAYS EXPECTS TO COMPLETE DIVESTITURE OF SPREADS IN MIDDLE OF THIS YEAR
* UNILEVER CEO SAYS EXPECTS TRADING CONDITIONS TO REMAIN VOLATILE, AND PACE OF CHANGE AND MARKET DISRUPTION, IF ANYTHING, TO INCREASE FURTHER
* UNILEVER CEO SAYS CONFIDENT COMPANY WILL MEET 2020 TARGETS Source text for Eikon: Further company coverage: (Reporting By Martinne Geller)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-unilever-ceo-confident-on-targets/brief-unilever-ceo-confident-on-targets-despite-unprecedented-change-idUSL9N1D402E |
5/29/2018 7:00AM Drawing the Future of Supercars With Lamborghini’s Maurizio Reggiani A fully electric supercar without a traditional battery? Lamborghini CTO Maurizio Reggiani sketches his vision of the Third Millennium Lamborghini. | ashraq/financial-news-articles | http://www.wsj.com/video/drawing-the-future-of-supercars-with-lamborghinis-maurizio-reggiani/58226AEC-D08E-4969-8029-3F67484F50DF.html |
(The opinions expressed here are those of the author, a columnist for Reuters.)
By Clyde Russell
LAUNCESTON, Australia, May 2 (Reuters) - The new Shanghai crude oil futures have been trading for just over a month and have so far managed to build up reasonably strong volumes, but this success may only mask some wider concerns.
The yuan-denominated contracts were launched on March 26 by the Shanghai International Energy Exchange (INE) and are enjoying trading volumes averaging around 80,000 a day, with the open interest around 16,000.
The INE contract offers seven grades of Middle Eastern and domestic crude for delivery to various locations in China, the world’s largest oil importer.
While the contract is well-designed to match China’s crude buying, it is structured so that delivery is for several months ahead, making it difficult to compare to other crude oil benchmarks, such as Brent, West Texas Intermediate (WTI) and the Dubai Mercantile Exchange’s Oman.
The Shanghai contract includes a freight component and a currency factor, making it challenging for traders to work out arbitrage opportunities against the other benchmarks.
Nonetheless, the volumes and open interest compare very favourably to those of the DME contract, which is perhaps the best comparison given that Oman crude is similar in quality to the grades being offered by the INE.
Daily front-month volumes for the DME contract are usually between 3,000 and 5,000, well below the levels that Shanghai futures are achieving.
However, both are dwarfed by Brent and WTI, both of which trade in the hundreds of thousands of contracts every day.
It’s also the nature of the volumes on the INE that may be cause for concern, with trade dominated by Chinese players, including the major state-owned refiners, smaller traders and retail investors.
There is nothing wrong with this mix per se, but the INE contract may end up like the iron ore futures on the Dalian Commodity Exchange insofar as they attract huge volumes, but mainly from domestic players who respond more to local news flows than market fundamentals.
This raises the risk that the INE contract effectively becomes a Chinese domestic vehicle for investors to “play” in the crude oil market.
If this does happen, it would undermine the aim of establishing Shanghai as a major pricing hub for crude oil.
So far, it appears that participation by Western oil companies, traders and investors in the INE has been limited.
ARBITRAGE WINDOW That’s not to say there isn’t interest among Western players in the Shanghai market, but it seems that they are being cautious as how best to benefit from participating.
One of the logical ways to participate would be to hedge Middle East crude against the delivered price in China, and to pocket any arbitrage difference.
This means the price of Oman futures would have to be below those in Shanghai, and other costs such as currency transactions and freight would also have to be factored in.
The third-month Oman contract, which is for July delivery, ended at $69.33 a barrel on Tuesday.
This is the contract most suitable for comparison to the front-month INE future, which is for delivery in September.
The Shanghai future ended at 442.5 yuan a barrel on April 27, with there being no trade on Monday and Tuesday due to public holidays.
This equates to about $69.87 a barrel, meaning there is only a tiny premium of 54 cents a barrel currently between the INE and DME equivalent contracts.
This isn’t enough to cover the cost of freight and currency conversion, meaning the arbitrage window between Dubai and Shanghai is currently closed.
Of course, this won’t always be the case, but market participants outside China appear to be adopting a wait-and-see attitude when it comes to the INE contract.
Having a dollar-denominated mirror contract for the INE futures, perhaps based in the regional trading hub of Singapore, may boost interest in the Shanghai futures.
But for now, the initial success of the Shanghai contract is tempered by signs that it may not be working as intended, and that it’s still some way from achieving the goal of becoming the benchmark for crude trade in Asia. (Editing by Richard Pullin)
| ashraq/financial-news-articles | https://www.reuters.com/article/column-russell-crude-china/column-shanghai-crude-oil-futures-look-successful-but-issues-lurk-russell-idUSL3N1S91LJ |
LONDON (Reuters) - Italian Franceso Molinari won the PGA Championship title at Wentworth on Sunday as Rory McIlroy faded in the final round to miss out on the chance of victory in the European Tour’s flagship tournament for the second time.
Golf - European Tour - BMW PGA Championship - Wentworth Club, Virginia Water, Britain - May 27, 2018 Italy's Francesco Molinari celebrates with the trophy after winning the BMW PGA Championship Action Images via Reuters/Paul Childs The pair started the day level on 13 under par and while Molinari carded a flawless 68 to finish at 17 under, McIlroy’s 70 left him two shots adrift in second place despite birdies at the last two holes.
“It is disappointing,” said Northern Ireland’s McIlroy who won the Wentworth tournament in 2014. “He (Molinari) was like a robot, he doesn’t hit it off line. I would have needed a great round to beat him.
“Today I played similar to Saturday, I could not get going and gave Molinari a lead early on. It was a little too late for me in the end.”
Golf - European Tour - BMW PGA Championship - Wentworth Club, Virginia Water, Britain - May 27, 2018 Italy's Francesco Molinari celebrates after winning the BMW PGA Championship Action Images via Reuters/Peter Cziborra McIlroy, four-times major champion, wasted a birdie opportunity on the second hole and Molinari birdied the third and fourth to move two clear.
McIlroy dropped shots at the ninth and 10th holes to leave Molinari three ahead and he never looked like losing his lead until the 18th.
Slideshow (5 Images) He was close to finding water as McIlroy set up an eagle opportunity, but the Italian’s ball came to a rest on the fringe and the world number 32 safely made par to claim the title after finishing runner-up last year.
Molinari, 35, continued his fine record at Wentworth, having finished in the top 10 in five of the last six years, and boosted his chances of earning a place in Europe’s Ryder Cup team after being on the winning side in 2010 and 2012.
“If I could pick one tournament to win in my career it would be this one,” Molinari said.
“The Ryder Cup is very special. It hurts to watch it on TV. You really want to be there. I’ve been lucky to be on two winning teams and I hope to be able to win a third time.”
Denmark’s Lucas Bjerregaard, who birdied five of the back nine, and defending champion Alex Noren of Sweden finished in a tie for third on 14 under par.
Reporting by Peter Hall, editing by Ed Osmond
| ashraq/financial-news-articles | https://www.reuters.com/article/us-golf-european/molinari-wins-pga-championship-as-mcilroy-fades-idUSKCN1IS0L4 |
CAMBRIDGE, Mass., May 11, 2018 (GLOBE NEWSWIRE) -- Evelo Biosciences, Inc. (Nasdaq:EVLO) (“Evelo”) today announced the closing of its initial public offering of 5,312,500 shares of common stock at a public offering price of $16.00 per share, before underwriting discounts and commissions. In addition, Evelo has granted the underwriters a 30-day option to purchase up to an additional 796,875 shares of common stock at the initial public offering price, less the underwriting discounts and commissions, to cover over-allotments, if any. The company’s common stock began trading on the Nasdaq Global Select Market on May 9, 2018 under the ticker symbol “EVLO.” The gross proceeds of the offering were $85 million, excluding any exercise of the underwriters’ option.
Morgan Stanley, Cowen and BMO Capital Markets acted as book-running managers for the offering. JMP Securities acted as lead manager for the offering.
A registration statement relating to the securities being sold in the offering has been declared effective by the Securities and Exchange Commission. This offering was made only by means of a prospectus. Copies of the final prospectus relating to this offering may be obtained by contacting Morgan Stanley & Co. LLC, 180 Varick Street, 2nd Floor, New York, NY 10014, Attn: Prospectus Department; Cowen and Company, LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Attn: Prospectus Department, or by telephone at (631) 274-2806; or BMO Capital Markets Corp., 3 Times Square, 25th Floor, New York, NY 10036, Attn: Equity Syndicate Department, by telephone at 800-414-3627, or by email at [email protected] .
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or jurisdiction.
Contact
Evelo Biosciences
Stefan Riley
617-704-2333
[email protected]
Source:Evelo Biosciences, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/11/globe-newswire-evelo-biosciences-announces-closing-of-initial-public-offering.html |
A whopping 67 percent of millennials don't have credit cards , mostly because they're scared of debt .
But now, many credit card companies are trying to entice young people with the perks of travel rewards. That's because millennials are the generation that travel most frequently , and according to a recent study by Bank of America, 81 percent of millennials are likely to spend more on travel than saving money.
Credit card companies are hawking free trips through credit card sign-up bonuses and points per dollar spent, plus other incentives like cash back and no annual fees to attract young consumers. Getty Images | Anna Webber Shay Mitchell
Still, "Like all consumers, millennials need to consider a few key criteria before applying for a card," says Eric Rosen, a travel credit card expert for The Points Guy. These include sign-up bonuses, interest rates, annual fees and whether the card offers bonus earnings or cash-back opportunities that match up with their spending habits.
And a word of warning, says Rosen. Don't overspend to get rewards: "No matter how valuable the points you earn are, they do not make up for the massive interest rates many of the best travel rewards cards charge on balances," he explains, "and carrying large balances will affect your credit."
Here are five of the best cards worth applying for.
1. Chase Sapphire Preferred
" The Chase Sapphire Preferred is probably one of the best all-around travel rewards cards there is," says Rosen, who recommends it to millennials for several reasons, including the waived $95 fee for the first year. "$95 is middle of the road between no fee cards and those charging $450-$550 a year. It's a relatively low fee."
The sign-up bonus on the card is 50,000 Ultimate Rewards points when you spend $4,000 on purchases within the first three months. This is about $1,300 a month, but you can put all your monthly bills, groceries and more on it.
Reward points can be redeemed directly through Chase at a rate of $1.25 cents a piece to purchase airfare, hotels, car rentals and cruises. Or you can transfer points to the program's 13 travel partners, including United and Southwest, turning them into frequent flier miles. The card earns two times points per dollar on travel and dining purchases and one per dollar on everything else.
The APR (annual percentage rate, or interest rate of what you owe) is 13.49 to 24.49 percent, plus variable (meaning that rate can change over time).
2. Uber Visa from Barclay
Millennials eat out or order in five times a week , they're using Uber more than last year and a recent report shows 67 percent of millennials shop online . The Uber Visa from Barclay is ideal for those exact kinds of purchases.
"What sets this card apart are the earning opportunities in the variety of different categories," says Rosen.
It earns 4 percent back on restaurants, takeout and bars, including UberEATS; 3 percent back on airfare, hotels and vacation home rentals; 2 percent back on online purchases including Uber rides, online shopping and video and music streaming services; and 1 percent back on all other purchases.
The card also has no annual fee and comes with a sign-up bonus of $100 back after spending $500 on purchases in the first 90 days, which is effectively a 20 percent return on spending. Other benefits include mobile phone protection (up to $600) and no foreign transaction fees, which means you won't pay a fee when using the card outside the US.
The APR is a variable 16.49, 22.24 or 25.24 percent. Source: Uber Uber Visa Barclay card debuted November 2018
3. The EveryDay Card from American Express
Already have a credit card balance but looking for one with better rewards? The AmEx EveryDay Card could be a good choice thanks to the $0 balance transfer fee offer. That means you can transfer your balance from another credit card and pay no interest on balance transfer or purchases for the first 15 months. The card also has no annual fee and a sign-up bonus of 10,000 Membership Rewards points when you spend $1,000 in the first three months.
Spending earns you Amex Membership Rewards points, which can be transferred to nearly 20 different points and miles programs, including Air Canada Aeroplan, Delta SkyMiles, JetBlue True Blue and Hilton Honors. Additionally, it earns two points per dollar at U.S. supermarkets (up to $6,000 per year) and one point per dollar on other purchases. When you use it to make 20 or more purchases per billing period, you get a 20 percent points bonus.
Zero percent introductory APR for the first 15 months; 14.49 - 25.49 percent after, based on your credit worthiness.
4. Discover it card
Half of millennials have a side hustle to make extra cash. So many might prefer a credit card that gives cash back. The Discover it card earns 5 percent cash back per quarter on different categories of merchants — such as gas stations or Amazon.com — plus 1 percent unlimited cash back on all other purchases. Discover will also match all the cash back earned at the end of the first year automatically, giving you a spending return of 2 to 10 percent, which you can apply toward travel.
There's also no late fee on the first late payment, no overlimit fee and no foreign transaction fee.
If you prefer miles over cash back, Discover it travel credit card has no annual fee, unlimited rewards on every dollar you spend and unlimited match of all the miles you've earned at the end of your first year.
The card currently offers 0 percent APR on purchases and balance transfers for the first 14 months. Standard purchase APR is 13.49 to 24.49 percent variable for both cards.
5. Capital One Venture Rewards
If you find differing returns too confusing, the Capital One Venture Rewards offers a fixed rate. "This means customers don't have to pay attention to categories or earn rates that change based on the type of purchase," says Mark Mattern, managing vice president, US card, Capital One.
Instead, the card gives you double miles per dollar on all purchases. With each worth one cent when redeemed for travel-related purchases like airlines, rideshare and hotels, that's a 2 percent rate of return.
There's an economical exception though: Cardholders get 10 times miles per dollar on hotel stays booked through Hotels.com/Venture, which is the highest credit card bonus for any hotel booking.
The card's $95 annual fee is waived the first year and it has no foreign transaction fee. There's currently a sign-up bonus of 50,000 miles when you spend $3,000 in the first three months.
APR is 14.49, 20.99 or 24.99 percent based on variable. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/10/best-travel-rewards-credit-cards-for-millennials.html |
* Symantec slides on probe after ex-employee raises concern
* Nvidia drops after results on crypto worries
* Trump to discuss fuel efficiency standards with automakers
* Dow up 0.15 pct, S&P up 0.16 pct, Nasdaq off 0.05 pct
May 11 (Reuters) - Wall Street was set to open slightly higher on Friday, with auto and healthcare stocks to be in focus as President Donald Trump is set to address issues related to the two sectors.
Trump will meet 10 major automakers, including the heads of General Motors, Ford and Fiat Chrysler, at the White House to discuss the fate of landmark fuel efficiency standards and a looming confrontation with California and other major states.
The president is also expected to renew his focus on controlling prescription drug prices in a highly anticipated speech at 2:00 p.m. ET that could lead to volatility in healthcare stocks.
"It's relatively quiet in terms of drivers today. Trump's speech really hasn't had much of an impact on pharma or biotech thus far," said Art Hogan, chief market strategist at B. Riley FBR in Boston.
"Three of the four drivers that we had yesterday are still with us, benign 10-year (Treasury yields), oil and dollar, and technically breaking above the 100-day and 50-day on S&P was significant."
The S&P 500 reclaimed its 100-day moving average on Thursday, suggesting to some traders that the market may move higher. A day earlier it had topped its 50-day moving average, an indicator of short-term momentum.
"When you have a breakout, it tends to have a follow through, but early indications look like we maybe a little bit behind on yesterday's rally."
At 8:46 a.m. ET, Dow e-minis were up 37 points, or 0.15 percent. S&P 500 e-minis were up 4.25 points, or 0.16 percent and Nasdaq 100 e-minis were down 3.25 points, or 0.05 percent.
The tech sector could be under pressure from a set of disappointing results, though Apple could give it some boost.
The stock was marginally up in premarket trading, putting it on course to extend a nine-day rally that has sent it to a record high.
Nvidia, the best performing chipmaker this year, fell 2.1 percent after revenue from its closely-watched data center business missed analysts' estimates.
The results could pressure shares of other chipmakers. Advanced Micro Devices was down 1.3 percent.
Symantec Corp slumped 29.7 percent after the Norton Antivirus maker said it was investigating concerns raised by a former employee and reported full-year results below analysts' estimates. (Reporting by Sruthi Shankar in Bengaluru; Editing by Anil D'Silva) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/11/reuters-america-us-stocks-futures-tick-higher-auto-health-stocks-in-focus.html |
May 8, 2018 / 1:57 PM / Updated 20 minutes ago UPDATE 1-Capital One sells $17 bln of mortgages to Credit Suisse unit Reuters Staff 1 Min Read
(Adds details, shares)
May 8 (Reuters) - Capital One Financial Corp said on Tuesday it sold around $17 billion of first and second lien mortgages to DLJ Mortgage, a unit of Credit Suisse.
The lender had in November said it would stop issuing mortgage and home equity loans, after rising interest rates pushed away borrowers and slowed loan growth.
“Strong market demand enabled us to negotiate and sign this complex transaction more quickly than we thought possible,” R. Scott Blackley, chief financial officer of Capital One, said.
Capital One said it expects to record a gain from the sale of the mortgage portfolio in the second quarter of 2018 and would resume buying back shares at the end of the quarter.
Capital One’s shares rose 2.6 percent at $91.2 in early trading.
Wells Fargo and Morgan Stanley were the financial advisors to Capital One, while Wachtell, Lipton, Rosen & Katz was its legal counsel. Reporting By Aparajita Saxena in Bengaluru; Editing by Arun Koyyur | ashraq/financial-news-articles | https://www.reuters.com/article/capital-one-fin-mortgageportfolio/update-1-capital-one-sells-17-bln-of-mortgages-to-credit-suisse-unit-idUSL3N1SF5C1 |
May 15, 2018 / 7:34 AM / Updated 10 minutes ago Denmark's Torm says stops taking orders in Iran due to U.S. sanctions Reuters Staff 1 Min Read
COPENHAGEN, May 15 (Reuters) - Danish oil product tanker operator Torm on Tuesday said it has stopped taking new orders in Iran as a consequence of U.S. plans to reimpose sanctions on Tehran.
“We follow the situation closely and always follow the rules. Therefore, we have also stopped taking new orders in Iran,” a spokeswoman told Reuters.
Torm operates 79 oil product tankers worldwide.
The United States last week withdrew from an international nuclear accord with Iran and announced renewed sanctions against the country.
While it is still unclear how U.S. sanctions will affect output from the third-largest OPEC producer, the move has helped oil prices rise. (Reporting by Jacob Gronholt-Pedersen; editing by Jason Neely) | ashraq/financial-news-articles | https://www.reuters.com/article/iran-nuclear-torm-a/denmarks-torm-says-stops-taking-orders-in-iran-due-to-u-s-sanctions-idUSL5N1SM2J2 |
CALGARY, Alberta, May 08, 2018 (GLOBE NEWSWIRE) -- Essential Energy Services Ltd. (TSX:ESN) (“Essential” or the “Company”) announces first quarter results.
SELECTED INFORMATION Three months ended (in thousands of dollars except per share, March 31, percentages, hours and fleet data) 2018 2017 Revenue $ 60,134 $ 56,250 Gross margin 12,470 14,394 Gross margin % 21 % 26% EBITDAS (1) from continuing operations 9,145 10,206 Net income from continuing operations 5,053 3,480 Per share – basic and diluted 0.04 0.02 Net income 5,053 3,150 Per share – basic and diluted 0.04 0.02 Operating hours Coil tubing rigs 16,170 16,420 Pumpers 20,439 18,653 As at March 31, 2018 2017 Total assets $ 241,472 $ 227,646 Long-term debt 31,943 18,169 Equipment fleet (i) Coil tubing rigs 30 31 Pumpers 26 32 (i) Fleet data represents the number of units at the end of the period. 1 Refer to “Non-IFRS Measures” section for further information. HIGHLIGHTS
Management is pleased with first quarter 2018 revenue and EBITDAS (1) . Revenue was $60.1 million, a 7% increase compared to the first quarter 2017, with strong activity experienced by Essential Coil Well Service (“ECWS”) and Tryton. EBITDAS (1) was $9.1 million, $1.1 million lower than the first quarter 2017 due primarily to margin compression in ECWS.
Key operating highlights include:
ECWS revenue increased $3.9 million compared to the first quarter 2017. The revenue gains were offset by increased operating costs, specifically labour, fuel and repairs and maintenance costs, which could not be recovered through customer prices resulting in margin compression. Operating hours from the Generation III coil tubing rigs, quintuplex fluid pumpers and nitrogen pumpers increased compared to the first quarter 2017. ECWS gross margin as a percentage of revenue was 19%, a significant improvement compared to the sequential fourth quarter 2017. Tryton continued to experience strong demand for its conventional tools and Multi-Stage Fracturing System ® (“MSFS ® ”). Conventional tools revenue for the three months ended March 31, 2018 exceeded the same prior year period due to maintenance work on existing producing wells and well abandonments as customers look for ways to reduce costs and improve cash flow. Tryton’s Hybrid MSFS ® was used to complete the deepest well drilled to-date in western Canada. The well, located in the Montney region of Alberta, had a measured depth of 7,848 metres including a 5,000 metre horizontal section.
At March 31, 2018, Essential’s debt outstanding was $31.9 million and funded debt (1) to bank EBITDA (1) was 1.8x. Debt increased $14.0 million from December 31, 2017 to fund working capital (1) , primarily an increase in accounts receivable due to higher first quarter activity. Debt is expected to decline through the second quarter as customers pay their accounts. Working capital (1) was $70.0 million on March 31, 2018, exceeding debt by $38.1 million. On May 8, 2018, there was $28.9 million of debt outstanding.
INDUSTRY OVERVIEW
First quarter 2018 activity in the Canadian oil and natural gas industry was similar to the first quarter 2017 even though the price of oil averaged approximately U.S. $63 per barrel (West Texas Intermediate (“WTI”)) for the first quarter 2018, an increase from U.S. $52 per barrel WTI for the first quarter 2017. Many Canadian exploration and production (“E&P”) companies did not fully realize this increase due to transportation constraints to move heavy oil to market. Canadian natural gas prices were also lower than the first quarter 2017 due to market access constraints. Well completions and wells drilled, key indicators of industry activity in the Western Canadian Sedimentary Basin (“WCSB”) increased 9% and declined 2%, respectively, compared to the first quarter 2017.
RESULTS OF OPERATIONS
Segment Results – Essential Coil Well Service (in thousands of dollars, Three months ended March 31, except percentages, hours and fleet data) 2018 2017 Revenue $ 32,574 $ 28,719 Operating expenses 26,351 21,354 Gross margin $ 6,223 $ 7,365 Gross margin % 19 % 26% Operating hours Coil tubing rigs 16,170 16,420 Pumpers 20,439 18,653 Equipment fleet (i) Coil tubing rigs 30 31 Fluid pumpers 19 21 Nitrogen pumpers 7 11 (i) Fleet data represents the number of units at the end of the period. ECWS revenue was $32.6 million, a 13% increase compared to the three months ended March 31, 2017. Increased revenue was due to higher revenue per hour and increased fluid pumping and nitrogen activity. Revenue per hour varies from period to period based on the type of equipment used and work being performed. Pricing for coil tubing rigs and pumpers has remained stable following price increases implemented during the first quarter 2017.
Coil tubing rig operating hours were strong and consistent with the prior year period as Generation III coil tubing rigs continued to experience high demand, with activity weighted towards long-reach horizontal well completions in the Duvernay and Montney regions. Pumper activity increased due to demand for quintuplex fluid pumpers, which were often paired with the Generation III coil tubing rigs. Increased nitrogen pumper activity was due to supporting coil tubing rigs on customer completions where well conditions required more nitrogen to enhance well performance.
Gross margin was 19% for the first quarter 2018 compared to 26% for the first quarter 2017. Gross margin compression was due to the inability to increase customer pricing to offset higher labour, fuel and repairs and maintenance costs. Higher labour costs were due to wage increases implemented during 2017 to retain employees and an increase in the number of employees to meet customer demand. Increased fuel prices and consumption resulted in higher fuel costs. Prior year gross margin was higher due to lower operating costs at a time when industry activity began to improve from the lows reached in 2016.
First quarter 2018 gross margin showed significant improvement from the sequential fourth quarter 2017 as ECWS was well prepared for first quarter activity following the investment made during the fourth quarter 2017 to re-activate equipment and recruit and train a larger workforce.
Segment Results – Tryton Three months ended March 31, (in thousands of dollars, except percentages) 2018 2017 Revenue $ 27,560 $ 27,531 Operating expenses 20,713 20,055 Gross margin $ 6,847 $ 7,476 Gross margin % 25 % 27% Tryton revenue – % of revenue Tryton MSFS ® 47 % 59% Conventional Tools & Rentals 53 % 41% Tryton experienced strong demand in its Canadian and U.S. operations in the first quarter 2018. Revenue was $27.6 million, consistent with the same period in 2017. In Canada, conventional tools revenue increased compared to the first quarter 2017 as Tryton’s customers increased spending on producing wells and well abandonment activities. MSFS ® activity continued to be strong during the first quarter 2018; however, MSFS ® revenue was lower compared to 2017 due to the nature of the MSFS ® work completed during the quarter. During the first quarter 2018, Tryton successfully used its Hybrid MSFS ® (Ball & Seat at the toe of the wellbore and composite bridge plugs closer to the heel of the horizontal well) to complete two 90-stage MSFS ® jobs in the Montney region including completing the deepest well ever drilled in western Canada, with a measured depth of 7,848 metres and a 5,000 metre horizontal section. In addition, Tryton used its V-Sleeve system to complete a 53-stage job in a single tool run in the Cardium region. Tryton U.S. revenue doubled compared to the first quarter 2017 and continued to show higher quarter-over-quarter activity, particularly in Texas, with a broader customer base. Tryton Rentals revenue was lower than the first quarter 2017 primarily due to lower activity from a key customer.
Tryton continued to generate strong margins with gross margin of 25% for the three months ended March 31, 2018. The decline in gross margin percentage from the first quarter 2017 was due to lower activity for the higher margin rentals business in the first quarter 2018 compared to the same period in 2017.
Equipment Expenditures Three months ended March 31, (in thousands of dollars) 2018 2017 Essential Coil Well Service $ 3,624 $ 4,288 Tryton 657 1,514 Corporate 181 35 Total equipment expenditures 4,462 5,837 Less proceeds on disposal of property and equipment (1,816 ) (306 ) Net equipment expenditures (1) $ 2,646 $ 5,531 Essential classifies its equipment expenditures as growth capital (1) and maintenance capital (1) : Three months ended March 31, (in thousands of dollars) 2018 2017 Growth capital (1) $ 1,929 $ 3,854 Maintenance capital (1) 2,533 1,983 Total equipment expenditures $ 4,462 $ 5,837 Essential’s 2018 capital forecast is $15 million, comprised of $5 million of growth capital and $10 million of maintenance capital. Growth capital consists of costs to retrofit one Generation IV coil tubing rig, the addition of one nitrogen pumper, coil support equipment and costs to complete the two quintuplex fluid pumpers started in 2017.
OUTLOOK
The price of oil continued to improve averaging approximately U.S. $63 per barrel (WTI) for the first quarter and has remained above this level to date in the second quarter 2018. Activity in the second half of 2018 will depend on E&P spending and activity is generally expected to be similar to 2017. Above average moisture in the WCSB during the winter may extend spring breakup conditions.
The Canadian oil and natural gas industry is challenged by political and regulatory uncertainty. The inability to build pipelines and liquefied natural gas facilities to access markets is impacting industry cash flow and investor confidence. As a result, heavy oil and natural gas prices are heavily discounted compared to U.S. prices, limiting improvement in E&P cash flows and increased oilfield service activity.
ECWS expects activity to remain strong in the second half of 2018 for its Generation III coil tubing rigs and quintuplex fluid pumpers used for long-reach horizontal well completions in the Montney and Duvernay regions. Limited improvement in industry activity and excess equipment is expected to continue to restrict the ability to increase prices and cover higher operating costs.
Tryton activity is also expected to be strong for the second half of 2018 as customer spending on well completion, maintenance and abandonment work is expected to continue. Through its expanded MSFS ® service offering, Tryton remains well positioned to meet customer demand for cost effective solutions for increased stage counts when completing longer reach horizontal wells.
Essential’s 2018 capital forecast is $15 million, comprised of $5 million of growth capital and $10 million of maintenance capital. One quintuplex fluid pumper was delivered in the first quarter, and a second quintuplex fluid pumper and the retrofitted Generation IV coil tubing rig will be delivered in the second and third quarters 2018, respectively.
With long-term debt at May 8, 2018 of $28.9 million, Essential believes it is financially well-positioned to meet its working capital (1) and capital spending requirements. Essential expects its debt to decline through to the end of the second quarter 2018 as customer payments are received for work completed in the first quarter.
The Management’s Discussion and Analysis (“MD&A”) and Financial Statements for the quarter ended March 31, 2018 are available on Essential’s website at www.essentialenergy.ca and on SEDAR at www.sedar.com .
(1) Non-IFRS Measures
Throughout this news release, certain terms that are not specifically defined in IFRS are used to analyze Essential’s operations. In addition to the primary measures of net income and net income per share in accordance with IFRS, Essential believes that certain measures not recognized under IFRS assist both Essential and the reader in assessing performance and understanding Essential’s results. Each of these measures provides the reader with additional insight into Essential’s ability to fund principal debt repayments and capital programs. As a result, the method of calculation may not be comparable with other companies. These measures should not be considered alternatives to net income and net income per share as calculated in accordance with IFRS.
Bank EBITDA – Bank EBITDA is generally defined in Essential’s Credit Facility as EBITDAS from continuing operations, including the equity cure, excluding onerous lease contract expense and severance costs.
EBITDAS (Earnings before finance costs, income taxes, depreciation, amortization, transaction costs, losses or gains on disposal of equipment, write-down of assets, impairment loss, foreign exchange gains or losses, and share-based compensation, which includes both equity-settled and cash-settled transactions) – These adjustments are relevant as they provide another measure which is considered an indicator of Essential’s results from its principal business activities.
Funded debt – Funded debt is generally defined in Essential’s credit facility as long-term debt, including current portion of long-term debt plus deferred financing costs and bank indebtedness, net of cash.
Growth capital – Growth capital is capital spending which is intended to result in incremental revenue. Growth capital is considered to be a key measure as it represents the total expenditures on equipment expected to add incremental revenue to Essential.
Maintenance capital – Equipment additions that are incurred in order to refurbish, replace or extend the life of previously acquired equipment. Such additions do not provide incremental revenue.
Net equipment expenditures – This measure is equipment expenditures less proceeds on the disposal of equipment. Essential uses net equipment expenditures to describe net cash outflows related to the financing of Essential’s capital program.
Working capital – Working capital is calculated as current assets less current liabilities.
ESSENTIAL ENERGY SERVICES LTD. CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION (Unaudited) As at As at March 31, December 31, (in thousands of dollars) 2018 2017 Assets Current Cash $ - $ 46 Trade and other accounts receivable 54,923 35,919 Inventories 39,561 35,683 Income taxes receivable 1,119 1,129 Prepayments and deposits 1,827 2,106 97,430 74,883 Non-current Property and equipment 139,322 139,734 Intangible assets 1,181 1,387 Goodwill 3,539 3,444 144,042 144,565 Total assets $ 241,472 $ 219,448 Liabilities Current Trade and other accounts payable $ 25,737 $ 22,504 Share-based compensation 1,046 1,498 Current portion of onerous lease contract 688 710 27,471 24,712 Non-current Long-term onerous lease contract 3,203 3,432 Share-based compensation 3,095 4,397 Long-term debt 31,943 17,975 Deferred tax liabilities 9,867 8,129 48,108 33,933 Total liabilities 75,579 58,645 Equity Share capital 272,732 272,732 Deficit (112,903 ) (117,956 ) Other reserves 6,064 6,027 Total equity 165,893 160,803 Total liabilities and equity $ 241,472 $ 219,448
ESSENTIAL ENERGY SERVICES LTD. CONSOLIDATED INTERIM STATEMENTS OF NET INCOME AND COMPREHENSIVE INCOME (Unaudited) For the three months ended March 31, (in thousands of dollars, except per s hare amounts) 2018 2017 Revenue $ 60,134 $ 56,250 Operating expenses 47,664 41,856 Gross margin 12,470 14,394 General and administrative expenses 3,325 4,188 Depreciation and amortization 3,852 4,001 Share-based compensation (recovery) expense (848 ) 1,544 Other income (938 ) (25 ) Operating income from continuing operations 7,079 4,686 Finance costs 281 347 Income before income taxes from continuing operations 6,798 4,339 Current income tax expense 8 512 Deferred income tax expense 1,737 347 Income tax expense 1,745 859 Net income from continuing operations 5,053 3,480 Loss from discontinued operations, net of tax - (330 ) Net income 5,053 3,150 Unrealized foreign exchange (loss) gain from continuing operations (41 ) 10 Other comprehensive (loss) gain (41 ) 10 Comprehensive income $ 5,012 $ 3,160 Net income per share from continuing operations Basic and diluted $ 0.04 $ 0.02 Net income per share Basic and diluted $ 0.04 $ 0.02 Comprehensive income per share Basic and diluted $ 0.04 $ 0.02
ESSENTIAL ENERGY SERVICES LTD. CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS (Unaudited) For the three months ended March 31, (in thousands of dollars) 2018 2017 Operating activities: Net income from continuing operations $ 5,053 $ 3,480 Non-cash adjustments to reconcile net income for the period to operating cash flow: Depreciation and amortization 3,852 4,001 Deferred income tax expense 1,737 347 Share-based compensation 78 116 Provision for impairment of trade accounts receivable 100 150 Finance costs 281 347 Gain on disposal of assets (565 ) (155 ) Operating cash flow before changes in non-cash operating working capital 10,536 8,286 Changes in non-cash operating working capital: Trade and other accounts receivable before provision (19,279 ) (18,552 ) Inventories (3,878 ) (1,376 ) Income taxes receivable 9 502 Prepayments and deposits 280 66 Trade and other accounts payable 3,117 7,988 Onerous lease contract (264 ) (125 ) Share-based compensation (1,755 ) 976 Net cash used in operating activities from continuing operations (11,234 ) (2,235 ) Investing activities: Purchase of property, equipment and intangible assets (4,462 ) (5,837 ) Non-cash investing working capital in trade and other accounts payable 120 623 Proceeds on disposal of equipment 1,816 306 Net cash used in investing activities from continuing operations (2,526 ) (4,908 ) Financing activities: Increase in long-term debt 13,950 6,919 Net finance costs paid (249 ) (347 ) Net cash provided by financing activities from continuing operations 13,701 6,572 Foreign exchange gain on cash held in a foreign currency 13 10 Net decrease in cash (46 ) (561 ) Net increase in cash, discontinued operations - 643 Cash, beginning of period 46 143 Cash, end of period $ - $ 225 Supplemental cash flow information Cash taxes received $ - $ 10 Cash interest and standby fees paid $ 240 $ 345 FORWARD-LOOKING STATEMENTS AND INFORMATION
This news release contains “forward-looking statements” and “forward-looking information” (collectively referred to herein as “forward-looking statements”) within the meaning of applicable securities legislation. Such forward-looking statements include, without limitation, forecasts, estimates, expectations and objectives for future operations that are subject to a number of material factors, assumptions, risks and uncertainties, many of which are beyond the control of the Company.
Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “continues”, “projects”, “forecasts”, “potential”, “budget” and similar expressions, or are events or conditions that “will”, “would”, “may”, “could” or “should” occur or be achieved. This news release contains forward-looking statements, pertaining to, among other things, the following: the Company’s ability to generate cash from operations; Essential’s capital forecast and in-service timing for equipment; oil and natural gas industry activity; political and regulatory uncertainty; Essential’s activity levels; pricing of oilfield services and Essential’s services; Essential’s competitive position and outlook and the demand for Essential’s services; Essential’s financial position and ability to meet its working capital and capital spending requirements; and the expectation that debt will decline through to the end of the second quarter 2018.
Although the Company believes that the material factors, expectations and assumptions expressed in such forward-looking statements are reasonable based on information available to it on the date such statements are made, undue reliance should not be placed on the forward-looking statements because the Company can give no assurances that such statements and information will prove to be correct and such statements are not guarantees of future performance. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties.
Actual performance and results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to: known and unknown risks, including those set forth in the Company’s Annual Information Form (a copy of which can be found under Essential’s profile on SEDAR at www.sedar.com ); the risks associated with the oilfield services sector, including demand, pricing and terms for oilfield services; current and expected oil and natural gas prices; exploration and development costs and delays; reserves discovery and decline rates; pipeline and transportation capacity; weather, health, safety and environmental risks; integration of acquisitions, competition, and uncertainties resulting from potential delays or changes in plans with respect to acquisitions, development projects or capital expenditures and changes in legislation including, but not limited to, tax laws, royalties, incentive programs and environmental regulations; stock market volatility and the inability to access sufficient capital from external and internal sources; the ability of the Company’s subsidiaries to enforce legal rights in foreign jurisdictions; general economic, market or business conditions; global economic events; changes to Essential’s financial position and cash flow; the availability of qualified personnel, management or other key inputs; currency exchange fluctuations; changes in political and security stability; risks and uncertainty related to distribution and pipeline constraints; and other unforeseen conditions which could impact the use of services supplied by the Company. Accordingly, readers should not place undue importance or reliance on the forward-looking statements. Readers are cautioned that the foregoing list of factors is not exhaustive.
Statements, including forward-looking statements, contained in this news release are made as of the date they are given and the Company disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
Additional information on these and other factors that could affect the Company’s operations and financial results are included in reports on file with applicable securities regulatory authorities and may be accessed under Essential’s profile on SEDAR at www.sedar.com .
2018 FIRST QUARTER RESULTS CONFERENCE CALL AND WEBCAST
Essential has scheduled a conference call and webcast at 10:00 am MT (12:00 pm ET) on May 9, 2018.
The conference call dial in numbers are 416-340-2217 or 800-806-5484, passcode 9490435.
An archived recording of the conference call will be available approximately one hour after completion of the call until May 23, 2018 by dialing 905-694-9451 or 800-408-3053, passcode 3617687.
A live webcast of the conference call will be accessible on Essential’s website at www.essentialenergy.ca by selecting “Investors” and “Events and Presentations”. Shortly after the live webcast, an archived version will be available for approximately 30 days.
ABOUT ESSENTIAL
Essential provides oilfield services to oil and natural gas producers, primarily in western Canada. Essential offers completion, production and abandonment services to a diverse customer base. Services are offered with coil tubing, fluid and nitrogen pumping and the sale and rental of downhole tools and equipment. Essential offers the largest coil tubing fleet in Canada. Further information can be found at www.essentialenergy.ca .
® MSFS is a registered trademark of Essential Energy Services Ltd.
The TSX has neither approved nor disapproved the contents of this news release.
For further information, please contact: Garnet K. Amundson President and CEO Phone: (403) 513-7272 [email protected] Karen Perasalo Investor Relations Phone: (403) 513-7272 [email protected]
Source: Essential Energy Services Ltd. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-essential-energy-services-announces-first-quarter-financial-results.html |
ST. LOUIS, May 3, 2018 /PRNewswire/ -- NewLeaf Symbiotics announces that Allison Jack, Ph.D. and Dayna Collett Ph.D. have joined the growing agricultural biologicals company. Jack will serve as the Biotic Stress Team Lead and Collett as a Field Biologist.
Allison Jack comes to the NewLeaf team from the Discovery Team at Indigo Ag, Inc., where she was a Scientist II. She has a research background in biological control of seed and seedling diseases and the microbial ecology of disease suppressive soils and composts. As the NewLeaf Biotic Stress Team Lead, Jack will be developing and leading novel research activities aimed at understanding host-pathogen interactions and mitigation of biotic stress by beneficial microbes. She earned a Ph.D. in Plant Pathology from Cornell University and relocated to St. Louis from Boston, MA.
"Allison's background and experience are a welcome addition to our NewLeaf team. Her leadership of the Biotic Stress Team comes at a critical time as we continue to grow our research programs. Being able to attract someone of Dr. Jack's caliber speaks to the strength of our Research Strategy overall," says Dr. Janne Kerovuo, Vice President, R&D.
Dayna Collett joins NewLeaf from Oklahoma State University where she earned her Ph.D. in Entomology. She has developed independent research focusing on insect-plant interactions and designed and performed bioassays regarding aphid-plant interaction. In her role as Field Biologist, Collett's extensive field and laboratory experience will support the NewLeaf team by assisting with management of the agronomy research and development of beneficial bacteria for increased plant health, pest mitigation, and nutrient optimization.
"We are fortunate to have Dayna join the commercial field biology team. She brings a high level of skill and training to support the development of insect crop management tools. Products in our pipeline can provide sustainable standalone performance or complement traditional insecticides," says Mike McFatrich, NewLeaf Vice President of Business Development.
Last month, the company announced that Paul Schickler, former DuPont Pioneer President joined their Board of Directors. NewLeaf is known for Terrasym™ , a new class of agricultural biologicals, with two nutrient enhancing products, Terrasym 401 for soybeans and Terrasym 402 for peanuts, commercially available in the US.
About NewLeaf Symbiotics
NewLeaf Symbiotics is an agricultural biologicals company engaged in discovery, development, production, and commercialization of products containing beneficial plant microbes. Located in the heart of the plant science corridor, adjacent to the Danforth Plant Science Center in St. Louis, its 40+member team includes 12 PhD scientists. The company has filed over 75 patents, has 15 products in its pipeline, and in 2017 introduced its first two products in the US, Terrasym 301 for soybeans and Terrasym 402 for peanuts. Visit NewLeaf Symbiotics at www.newleafsym.com .
View original content with multimedia: http://www.prnewswire.com/news-releases/newleaf-symbiotics-expands-microbial-expertise-300642194.html
SOURCE NewLeaf Symbiotics | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/pr-newswire-newleaf-symbiotics-expands-microbial-expertise.html |
First Quarter 2018 Highlights
Revenue of $399.0 million, up 17% year over year Billings of $463.2 million, up 15% year over year 1 Deferred revenue of $1.40 billion, up 27% year over year GAAP diluted net income per share of $0.24 Non-GAAP diluted net income per share of $0.33 1 Cash flow from operations of $139.7 million Free cash flow of $128.1 million 1 Cash, cash equivalents and investments of $1.39 billion $115.5 million in share repurchases
SUNNYVALE, Calif., May 03, 2018 (GLOBE NEWSWIRE) -- Fortinet® (NASDAQ:FTNT), a global leader in broad, integrated and automated cybersecurity solutions, today announced financial results for the first quarter ended March 31, 2018.
“Our market leadership was once again demonstrated by strong first quarter revenue and billings growth,” said Ken Xie, Founder, Chairman and Chief Executive Officer. “As more organizations move towards consolidation, Fortinet’s Security Fabric architecture and broad end-to-end portfolio of security solutions provides the integration and automation required to protect enterprises at every point across their IT infrastructure. Fortinet is in the best position to empower our customers with the latest evolution in network security whether on-premise or in multi-cloud environments.”
Financial Details for the First Quarter of 2018
Revenue: Total revenue was $399.0 million for the first quarter of 2018, an increase of 17% compared to $340.6 million in the same quarter of 2017.
Product revenue was $142.8 million for the first quarter of 2018, an increase of 6% compared to $135.3 million in the same quarter of 2017. Service revenue was $256.2 million for the first quarter of 2018, an increase of 25% compared to $205.3 million in the same quarter of 2017.
Billings 1 : Total billings were $463.2 million for the first quarter of 2018, an increase of 15% compared to $403.3 million in the same quarter of 2017.
Deferred Revenue: Total deferred revenue was $1.40 billion as of March 31, 2018, an increase of 27% compared to $1.10 billion as of March 31, 2017.
GAAP Operating Income and Margin: GAAP operating income was $32.4 million for the first quarter of 2018, representing a GAAP operating margin of 8%. GAAP operating income was $5.4 million for the same quarter of 2017, representing a GAAP operating margin of 2%.
Non-GAAP Operating Income 1 and Margin 1 : Non-GAAP operating income was $70.7 million for the first quarter of 2018, representing a non-GAAP operating margin of 18%. Non-GAAP operating income was $43.0 million for the first quarter of 2017, representing a non-GAAP operating margin of 13%.
GAAP Net Income and Diluted Net Income Per Share: GAAP net income was $41.6 million for the first quarter of 2018, compared to GAAP net income of $10.7 million for the same quarter of 2017. GAAP diluted net income per share was $0.24 for the first quarter of 2018, based on 171.8 million diluted weighted-average shares outstanding, compared to GAAP diluted net income per share of $0.06 for the same quarter of 2017, based on 178.3 million diluted weighted-average shares outstanding.
Non-GAAP Net Income 1 and Diluted Net Income Per Share 1 : Non-GAAP net income was $57.0 million for the first quarter of 2018, compared to non-GAAP net income of $31.0 million for the same quarter of 2017. Non-GAAP diluted net income per share was $0.33 for the first quarter of 2018, based on 171.8 million diluted weighted-average shares outstanding, compared to $0.17 for the same quarter of 2017, based on 178.3 million diluted weighted-average shares outstanding. Non-GAAP effective tax rate was 24% in the first quarter of 2018, compared to 32% for the same quarter in 2017.
Cash, Cash Flow and Free Cash Flow 1 : As of March 31, 2018, cash, cash equivalents and investments were $1.39 billion, compared to $1.35 billion as of December 31, 2017. In the first quarter of 2018, cash flow from operations was $139.7 million compared to $129.7 million in the same quarter of 2017. Free cash flow 1 was $128.1 million during the first quarter of 2018 compared to $116.2 million in the same quarter of 2017.
Share Repurchase: During the first quarter of 2018, Fortinet repurchased 2.5 million shares of its common stock for a total purchase price of $115.5 million. There were no shares repurchased during the first quarter of 2017.
Guidance
For the second quarter of 2018, Fortinet expects:
Revenue in the range of $420 million to $430 million Billings in the range of $485 million to $495 million Non-GAAP gross margin in the range of 75% to 76% Non-GAAP operating margin in the range of 18.5% to 19.0%, including a benefit associated with the adoption of ASC 606 of approximately 250 basis points Diluted non-GAAP earnings per share in the range of $0.34 to $0.36, assuming a non-GAAP tax rate of 24%, and including an earnings per share benefit associated with the adoption of ASC 606 of approximately $0.05. This assumes a share count of 173 million to 175 million
For the fiscal year of 2018, Fortinet expects:
Revenue in the range of $1.715 billion to $1.735 billion Billings in the range of $2.040 billion to $2.065 billion Non-GAAP gross margin in the range of 75% to 76% Non-GAAP operating margin in the range of 20.2% to 20.7%, including a benefit associated with the adoption of ASC 606 of approximately 250 basis points Diluted non-GAAP earnings per share in the range of $1.51 to $1.55, assuming a non-GAAP tax rate of 24%, and including an earnings per share benefit associated with the adoption of ASC 606 of approximately $0.19. This assumes a share count of 175 million to 177 million
The above guidance for the second quarter and full year of 2018 includes the transition impact of ASC 606 adoption, which was effective January 1, 2018. Our guidance with respect to non-GAAP financial measures excludes stock-based compensation and amortization of acquired intangible assets. We have not reconciled our guidance with respect to non-GAAP financial measures to the corresponding GAAP measures because certain items that impact these measures are uncertain or out of our control, or cannot be reasonably predicted. Accordingly, a reconciliation of these non-GAAP financial measures to the corresponding GAAP measures is not available without unreasonable effort.
1 A reconciliation of GAAP to non-GAAP measures has been provided in the financial statement tables included in this press release. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures.”
Keith Jensen Named Chief Financial Officer
Keith Jensen, who has served as Fortinet's interim CFO since February 16, 2018, has been appointed CFO by the company’s board of directors. In addition to serving as Fortinet’s interim CFO, Keith served as Fortinet’s chief accounting officer since May 2014. “I want to thank the board of directors for their support and I look forward to working with Ken and the entire Fortinet team to continue to grow the company,” said Keith Jensen. “Keith is a valued member of the executive team, and I look forward to continuing to work closely with him on our mission to provide the best security for our customers,” said Ken Xie.
Conference Call Details
Fortinet will host a conference call today at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time) to discuss the earnings results. The call can be accessed by dialing (877) 303-6913 (domestic) or (224) 357-2188 (international) with conference ID # 4349108. A live webcast of the conference call and supplemental slides will be accessible from the Investor Relations page of Fortinet’s website at http://investor.fortinet.com and a replay will be archived and accessible at http://investor.fortinet.com/events.cfm . A replay of this conference call can also be accessed through May 10, 2018, by dialing (855) 859-2056 (domestic) or (404) 537-3406 (international) with conference ID #4349108. Fortinet will no longer be hosting an additional question-and-answer session following the earnings call.
Second Quarter 2018 Investor Conference Participation Schedule:
46 th Annual J.P. Morgan Global Technology, Media and Communications Conference
May 16, 2018 - Boston, MA
Bank of America Merrill Lynch 2018 Global Technology Conference
June 5, 2018 - San Francisco, CA
William Blair 38 th Annual Growth Stock Conference
June 14, 2018 - Chicago, IL
Members of Fortinet’s management team are expected to present at these events and discuss the latest company strategies and initiatives. To access the most updated information and listen to the webcast of each event, please visit the Investor Relations page of Fortinet’s website at http://investor.fortinet.com . The schedule is subject to change.
About Fortinet ( www.fortinet.com )
Fortinet (NASDAQ:FTNT) secures the largest enterprise, service provider and government organizations around the world. Fortinet empowers its customers with intelligent, seamless protection across the expanding attack surface and the power to take on ever-increasing performance requirements of the borderless network -- today and into the future. Fortinet Security Fabric architecture can deliver security without compromise to address the most critical security challenges, whether in networked, application, cloud or mobile environments. Learn more at http://www.fortinet.com , the Fortinet Blog or FortiGuard Labs .
Copyright © 2018 Fortinet, Inc. All rights reserved. The symbols ® and ™ denote respectively federally registered trademarks and unregistered trademarks of Fortinet, Inc., its subsidiaries and affiliates. Fortinet ’ s trademarks include, but are not limited to, the following: Fortinet, FortiGate, FortiGuard, FortiManager, FortiMail, FortiClient, FortiCloud, FortiCare, FortiAnalyzer, FortiReporter, FortiOS, FortiASIC, FortiWiFi, FortiSwitch, FortiVoIP, FortiBIOS, FortiLog, FortiResponse, FortiCarrier, FortiScan, FortiAP, FortiDB, FortiVoice, FortiWeb and FortiCASB. Other trademarks belong to their respective owners.
FTNT-F
Forward-looking Statements
This press release contains forward-looking statements that involve risks and uncertainties. These forward-looking statements include statements regarding our position for future growth, position to provide our customers the best network security, ability to continue to grow our market position and address our market opportunity, and guidance and future financial results. Although we attempt to be accurate in making forward-looking statements, it is possible that future circumstances might differ from the assumptions on which such statements are based such that actual results are materially different from our forward-looking statements in this release. Important factors that could cause results to differ materially from the statements herein include the following: general economic risks; global economic conditions, country-specific economic conditions, and foreign currency risks; competitiveness in the security market; the dynamic nature of the security market and its product and services; specific economic risks worldwide and in different geographies, and among different customer segments; uncertainty regarding increased business and renewals from existing customers; uncertainties around continued success in sales growth and market share gains; longer sales cycles, particularly for larger enterprise, service providers, government and other large organization customers; failure to convert sales pipeline into final sales; risks associated with successful implementation of multiple integrated software products and other product functionality risks; sales and marketing execution risks; execution risks around new product development and introductions and innovation; litigation and disputes and the potential cost, distraction and damage to sales and reputation caused thereby or by other factors; market acceptance of new products and services; the ability to attract and retain personnel; changes in strategy; risks associated with management of growth; lengthy sales and implementation cycles, particularly in larger organizations; technological changes that make our products and services less competitive; risks associated with the adoption of, and demand for, our products and services in general and by specific customer segments; competition and pricing pressure; risks related to integrating acquisitions; and the other risk factors set forth from time to time in our most recent Annual Report on Form 10-K, our most recent Quarterly Report on Form 10-Q and our other filings with the Securities and Exchange Commission (SEC), copies of which are available free of charge at the SEC’s website at www.sec.gov or upon request from our investor relations department. All forward-looking statements herein reflect our opinions only as of the date of this release, and we undertake no obligation, and expressly disclaim any obligation, to update forward-looking statements herein in light of new information or future events.
Non-GAAP Financial Measures
We have provided in this release financial information that has not been prepared in accordance with Generally Accepted Accounting Principles (GAAP). These non-GAAP financial and liquidity measures are not based on any standardized methodology prescribed by GAAP and are not necessarily comparable to similar measures presented by other companies. We use these non-GAAP financial measures internally in analyzing our financial results and believe they are useful to investors, as a supplement to GAAP measures, in evaluating our ongoing operational performance. We believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing our financial results with peer companies, many of which present similar non-GAAP financial measures to investors.
Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures provided in the financial statement tables below.
Billings (non-GAAP). We define billings as revenue recognized in accordance with GAAP plus the change in deferred revenue from the beginning to the end of the period and adjustment to the deferred revenue balance due to adoption of the new revenue recognition standard less any deferred revenue balances acquired from business combination(s) during the period. We consider billings to be a useful metric for management and investors because billings drive future revenue, which is an important indicator of the health and viability of our business. There are a number of limitations related to the use of billings instead of GAAP revenue. First, billings include amounts that have not yet been recognized as revenue and are impacted by the term of security and support agreements. Second, we may calculate billings in a manner that is different from peer companies that report similar financial measures. Management accounts for these limitations by providing specific information regarding GAAP revenue and evaluating billings together with GAAP revenue.
Free cash flow (non-GAAP). We define free cash flow as net cash provided by operating activities minus capital expenditures such as purchases of real estate and other property and equipment. We believe free cash flow to be a liquidity measure that provides useful information to management and investors about the amount of cash generated by the business that, after capital expenditures, can be used for strategic opportunities, including repurchasing outstanding common stock, investing in our business, making strategic acquisitions and strengthening the balance sheet. A limitation of using free cash flow rather than the GAAP measure of net cash provided by operating activities is that free cash flow does not represent the total increase or decrease in the cash, cash equivalents and investments balance for the period because it excludes cash provided by or used for other investing and financing activities. Management accounts for this limitation by providing information about our capital expenditures and other investing and financing activities on the face of the cash flow statement and under the caption “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources” in our most recent Quarterly Report on Form 10-Q and Annual Report on Form 10-K and by presenting cash flows from investing and financing activities in our reconciliation of free cash flows. In addition, it is important to note that other companies, including companies in our industry, may not use free cash flow, may calculate free cash flow in a different manner than we do or may use other financial measures to evaluate their performance, all of which could reduce the usefulness of free cash flows as a comparative measure.
Non-GAAP operating income and operating margin. We define non-GAAP operating income as operating income or loss plus stock-based compensation, business acquisition-related charges, purchase accounting adjustments, impairment and amortization of acquired intangible assets, restructuring charges, expenses associated with the implementation of a new Enterprise Resource Planning (ERP) system, litigation settlement expenses and, when applicable, other significant non-recurring items in a given quarter. Non-GAAP operating margin is defined as non-GAAP operating income divided by GAAP revenue. We consider these non-GAAP financial measures to be useful metrics for management and investors because they exclude the items noted above so that our management and investors can compare our recurring core business operating results over multiple periods. There are a number of limitations related to the use of non-GAAP operating income instead of operating income or loss calculated in accordance with GAAP. First, non-GAAP operating income excludes the items noted above. Second, the components of the costs that we exclude from our calculation of non-GAAP operating income may differ from the components that peer companies exclude when they report their non-GAAP results of operations. Management accounts for these limitations by providing specific information regarding the GAAP amounts excluded from non-GAAP operating income and evaluating non-GAAP operating income together with operating income calculated in accordance with GAAP.
Non-GAAP net income and diluted net income per share. We define non-GAAP net income as net income or loss plus the items noted above under non-GAAP operating income and operating margin, including a tax adjustment to achieve our effective tax rate on a non-GAAP basis, which often differs from the GAAP effective tax rate. We define non-GAAP diluted net income per share as non-GAAP net income divided by the non-GAAP diluted weighted-average shares outstanding. We consider these non-GAAP financial measures to be useful metrics for management and investors for the same reasons that we use non-GAAP operating income and non-GAAP operating margin. However, in order to provide a more complete picture of our recurring core business operating results, we include in non-GAAP net income and non-GAAP diluted net income per share, the tax adjustment required resulting in an effective tax rate on a non-GAAP basis, which often differs from the GAAP tax rate. We believe the non-GAAP effective tax rates we use are reasonable estimates of normalized tax rates for our current and prior fiscal years under our global operating structure. The same limitations described above regarding our use of non-GAAP operating income and non-GAAP operating margin apply to our use of non-GAAP net income and non-GAAP diluted net income per share. We account for these limitations by providing specific information regarding the GAAP amounts excluded from non-GAAP net income and non-GAAP diluted net income per share and evaluating non-GAAP net income and non-GAAP diluted net income per share together with net income or loss and diluted net income per share calculated in accordance with GAAP.
FORTINET, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited, in millions) March 31,
2018 December 31,
2017 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 835.6 $ 811.0 Short-term investments 468.3 440.3 Accounts receivable—net 313.1 348.2 Inventory 80.0 77.3 Prepaid expenses and other current assets 38.8 40.0 Total current assets 1,735.8 1,716.8 LONG-TERM INVESTMENTS 82.5 98.0 PROPERTY AND EQUIPMENT—NET 245.1 245.4 DEFERRED CONTRACT COSTS 148.7 — DEFERRED TAX ASSETS 138.7 146.9 OTHER INTANGIBLE ASSETS—NET 14.5 16.3 GOODWILL 14.6 14.6 OTHER ASSETS 20.8 19.9 TOTAL ASSETS $ 2,400.7 $ 2,257.9 LIABILITIES AND STOCKHOLDERS ’ EQUITY CURRENT LIABILITIES: Accounts payable $ 55.7 $ 70.0 Accrued liabilities 55.6 50.0 Accrued payroll and compensation 82.3 92.0 Income taxes payable 19.0 21.4 Deferred revenue 817.1 793.8 Total current liabilities 1,029.7 1,027.2 DEFERRED REVENUE 579.3 542.5 INCOME TAX LIABILITIES 84.8 90.2 OTHER LIABILITIES 13.4 8.6 Total liabilities 1,707.2 1,668.5 COMMITMENTS AND CONTINGENCIES STOCKHOLDERS’ EQUITY: Common stock 0.2 0.2 Additional paid-in capital 957.9 909.6 Accumulated other comprehensive loss (2.0 ) (0.8 ) Accumulated deficit (262.6 ) (319.6 ) Total stockholders’ equity 693.5 589.4 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 2,400.7 $ 2,257.9
FORTINET, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited, in millions, except per share amounts)
2018 March 31,
2017 REVENUE: Product $ 142.8 $ 135.3 Service 256.2 205.3 Total revenue 399.0 340.6 COST OF REVENUE: Product 1 58.2 55.3 Service 1 39.0 35.3 Total cost of revenue 97.2 90.6 GROSS PROFIT: Product 84.6 80.0 Service 217.2 170.0 Total gross profit 301.8 250.0 OPERATING EXPENSES: Research and development 1 59.1 51.2 Sales and marketing 1 185.3 170.4 General and administrative 1 25.0 22.6 Restructuring charges — 0.4 Total operating expenses 269.4 244.6 OPERATING INCOME 32.4 5.4 INTEREST INCOME 4.5 2.4 OTHER INCOME (EXPENSE)—NET (0.2 ) 0.3 INCOME BEFORE INCOME TAXES 36.7 8.1 BENEFIT FROM INCOME TAXES (4.9 ) (2.6 ) NET INCOME $ 41.6 $ 10.7 Net income per share: Basic $ 0.25 $ 0.06 Diluted $ 0.24 $ 0.06 Weighted-average shares outstanding: Basic 167.7 174.5 Diluted 171.8 178.3 1 Includes stock-based compensation as follows: Cost of product revenue $ 0.4 $ 0.3 Cost of service revenue 2.5 2.3 Research and development 8.4 7.9 Sales and marketing 20.9 19.0 General and administrative 4.3 3.8 $ 36.5 $ 33.3
FORTINET, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited, in millions)
2018 March 31,
2017 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 41.6 $ 10.7 Adjustments to reconcile net income to net cash provided by operating activities: Stock-based compensation 36.5 33.3 Amortization of deferred contract costs 20.8 — Depreciation and amortization 13.2 13.5 Other non-cash items—net 0.3 1.5 Amortization of investment premiums 0.1 1.0 Changes in operating assets and liabilities: Accounts receivable—net 48.9 42.4 Inventory (7.3 ) (3.5 ) Prepaid expenses and other current assets 1.2 (8.3 ) Deferred contract costs (32.5 ) — Deferred tax assets (9.6 ) (16.6 ) Other assets (0.9 ) 0.7 Accounts payable (13.6 ) (8.3 ) Accrued liabilities (4.7 ) 2.9 Accrued payroll and compensation (10.0 ) (5.3 ) Other liabilities (0.6 ) (1.1 ) Deferred revenue 64.1 61.8 Income taxes payable (7.8 ) 5.0 Net cash provided by operating activities 139.7 129.7 CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of investments (134.9 ) (133.0 ) Sales of investments 16.3 6.0 Maturities of investments 104.7 109.2 Purchases of property and equipment (11.6 ) (13.5 ) Net cash used in investing activities (25.5 ) (31.3 ) CASH FLOWS FROM FINANCING ACTIVITIES: Repurchase and retirement of common stock (115.5 ) — Proceeds from issuance of common stock 45.1 29.5 Taxes paid related to net share settlement of equity awards (19.2 ) (13.7 ) Net cash provided by (used in) financing activities (89.6 ) 15.8 NET INCREASE IN CASH AND CASH EQUIVALENTS 24.6 114.2 CASH AND CASH EQUIVALENTS—Beginning of period 811.0 709.0 CASH AND CASH EQUIVALENTS—End of period $ 835.6 $ 823.2
New Revenue Recognition Standard (ASC 606) Adoption Financial Impact 1 (Unaudited, in millions, except per share amounts) 2018 As Reported Balances Without
Adoption of
ASC 606 Effect of Change
Increase (Decrease) REVENUE: Product $ 142.8 $ 137.1 $ 5.7 Service 256.2 255.5 0.7 Total revenue 399.0 392.6 6.4 COST OF REVENUE: Product 58.2 56.7 1.5 GROSS PROFIT: Product 84.6 80.4 4.2 Service 217.2 216.5 0.7 Total gross profit 301.8 296.9 4.9 OPERATING EXPENSES: Sales and marketing expenses 185.3 197.0 (11.7 ) OPERATING INCOME 32.4 15.8 16.6 INCOME BEFORE INCOME TAXES 36.7 20.1 16.6 BENEFIT FROM INCOME TAXES (4.9 ) (8.7 ) 3.8 NET INCOME $ 41.6 $ 28.8 $ 12.8 Net income per share: Basic $ 0.25 $ 0.17 $ 0.08 Diluted $ 0.24 $ 0.17 $ 0.07 1 The table above does not represent the full condensed consolidated statement of operations as it only reflects the accounts impacted by the adoption of ASC 606.
Reconciliations of non-GAAP results of operations measures to the nearest comparable GAAP measures (Unaudited, in millions, except per share amounts) Reconciliation of net cash provided by operating activities to free cash flow
2018 March 31,
2017 Net cash provided by operating activities $ 139.7 $ 129.7 Less purchases of property and equipment (11.6 ) (13.5 ) Free cash flow $ 128.1 $ 116.2 Net cash used in investing activities $ (25.5 ) $ (31.3 ) Net cash provided by (used) in financing activities $ (89.6 ) $ 15.8
Reconciliation of GAAP operating income to non-GAAP operating income, operating margin, net income and diluted net income per share 2018 2017 GAAP Results Adjustments Non-GAAP Results GAAP Results Adjustments Non-GAAP Results Operating income $ 32.4 $ 38.3 (a) $ 70.7 $ 5.4 $ 37.6 (b) $ 43.0 Operating margin 8 % 18 % 2 % 13 % Adjustments: Stock-based compensation 36.5 33.3 Amortization of acquired intangible assets 1.8 2.3 Litigation settlement expenses — 1.5 Restructuring charges — 0.4 Tax adjustment (22.9 ) (c) (17.2 ) (c) Net income $ 41.6 $ 15.4 $ 57.0 $ 10.7 $ 20.3 $ 31.0 Diluted net income per share $ 0.24 $ 0.33 $ 0.06 $ 0.17 Shares used in diluted net income per share calculations 171.8 171.8 178.3 178.3 (a) To exclude $36.5 million of stock-based compensation and $1.8 million of amortization of acquired intangible assets in the three months ended March 31, 2018.
(b) To exclude $33.3 million of stock-based compensation, $2.3 million of amortization of acquired intangible assets, $1.5 million of litigation settlement expenses, and $0.4 million of restructuring charges in the three months ended March 31, 2017.
(c) Non-GAAP financial information is adjusted to achieve an overall 24% and 32% effective tax rate in 2018 and 2017, respectively, on a non-GAAP basis, which differs from the GAAP effective tax rate.
Billings Reconciliation
2018 March 31,
2017 Total revenue $ 399.0 $ 340.6 Add: Change in deferred revenue 60.1 62.7 Deferred revenue adjustment due to adoption of the new revenue recognition
standard 4.1 — Total billings $ 463.2 $ 403.3 Investor Contact:
Peter Salkowski
Fortinet, Inc.
408-331-4595
[email protected]
Media Contact:
Sandra Wheatley
Fortinet, Inc.
408-391-9408
[email protected]
Source:Fortinet, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/globe-newswire-fortinet-reports-first-quarter-2018-financial-results.html |
WASHINGTON, May 8 (Reuters) - Canada’s foreign minister Chrystia Freeland on Tuesday expressed optimism as she went into talks with U.S. Trade Representative Robert Lighthizer to push for a deal to rework the North American Free Trade Agreement (NAFTA).
Freeland, Lighthizer and Mexican Economy Minister Ildefonso Guajardo are meeting in Washington this week to push for a breakthrough in efforts to renegotiate NAFTA.
The Canadian minister told reporters the three sides had been making “constant progress, especially since March.”
“Having said that, the Canadian position from the outset has been we are looking for a good deal, not just any deal. And we will take the time it takes to get a deal. I come here, though, going into this meeting optimistic,” Freeland said. (Reporting by Anthony Esposito)
| ashraq/financial-news-articles | https://www.reuters.com/article/trade-nafta/canadas-freeland-voices-optimism-heading-into-talks-with-lighthizer-idUSS0N1LF01Q |
The best-paid CEOs don’t necessarily run the best-performing companies, writes Vanessa Fuhrmans. Corporate boards have tried for years to tie chief executive compensation to the results they deliver. The better the company and its shareholders do, the more the top boss should be paid, or so the pay-for-performance mantra goes. In reality, CEO pay and performance Energy Journal: American Shoppers Shrug Off High Gas Prices Next Financial Conditions Are Starting to Get Tighter | ashraq/financial-news-articles | https://blogs.wsj.com/moneybeat/2018/05/16/wsj-wealth-adviser-briefing-blockchain-rising-dollar-ferraris/ |
The Fed's statement was 'a little bit of a victory lap': Investor 7:55 PM ET Wed, 2 May 2018 The Fed is likely to continue on a path of "gradual policy movements," says Michael Kelly of PineBridge Investments. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/02/the-feds-statement-was-a-little-bit-of-a-victory-lap-investor.html |
May 4, 2018 / 3:12 PM / Updated 28 minutes ago Greenland PM Kim Kielsen to stay as PM following coalition agreement Reuters Staff 1 Min Read
(Reuters) - Greenland Prime Minister Kim Kielsen today announced he has agreed to lead a government coalition containing his Siumut party and three others Partii Naleraq, Atassut and Nunatta Qitornai.
The island, with just over 40,000 eligible voters, went to the polls on April 24th, with a major subject in the election being a long term goal of independence from Denmark.
Kielsen’s Siumut party won 27 percent of the vote, down from 34 percent four years ago.
The second and third biggest parties, Inuit Ataqatigiit (IA) and Demokraterne, were left out of the coalition.
Greenland, a part of the Kingdom of Denmark but with self-rule since 2009, relies on fishing and annual grants from Denmark. Reporting by Emil Gjerding Nielson; Editing by Jacob Gronholt-Pedersen and Peter Graff | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-greenland-election/greenland-pm-kim-kielsen-to-stay-as-pm-following-coalition-agreement-idUKKBN1I51VU |
DUBAI (Reuters) - President Hassan Rouhani on Sunday rejected threats by U.S. President Donald Trump to withdraw from Iran’s nuclear deal with world powers, saying Iranians would not be affected because of their experience of a long war with Iraq.
“You (U.S.) should know that you cannot threaten this great nation because our people withstood eight year of ... defence (in the war with Iraq),” Rouhani said in a speech carried live on state television.
Reporting by Dubai newsroom, editing by Larry King
| ashraq/financial-news-articles | https://www.reuters.com/article/us-iran-nuclear-usa-threats/u-s-cant-threaten-iran-which-withstood-long-war-against-iraq-rouhani-idUSKBN1I70HJ |
GUANGZHOU, China, May 14, 2018 /PRNewswire/ -- Vipshop Holdings Limited (NYSE: VIPS), a leading online discount retailer for brands in China ("Vipshop" or the "Company"), today announced its unaudited financial results for
First Quarter 2018 Highlights
Total net revenue for the first quarter of 2018 increased by 24.6% year over year to RMB19.9 billion (US$3.2 billion) from RMB16.0 billion in the prior year period. The number of active customers [1] for the trailing twelve months ended March 31, 2018 was 56.6 million, as compared with 55.5 million in the prior year period. Total orders [2] for the first quarter of 2018 increased by 25% year over year to 90.2 million from 72.1 million in the prior year period. Gross profit for the first quarter of 2018 increased by 8.5% year over year to RMB4.0 billion (US$639.2 million) from RMB3.7 billion in the prior year period. Net income attributable to Vipshop's shareholders for the first quarter of 2018 was RMB529.7 million (US$84.5 million), as compared with RMB551.9 million in the prior year period. Non-GAAP net income attributable to Vipshop's shareholders [3] for the first quarter of 2018 was RMB727.7 million (US$116.0 million), as compared with RMB799.4 million in the prior year period.
Mr. Eric Shen, Chairman and Chief Executive Officer of Vipshop, stated, "In the first quarter of 2018, we delivered solid operational results as demonstrated by the continued improvement in customer stickiness and loyalty. We made further progress with our strategic collaboration with Tencent and JD.com, opening up the entry on JD's app homepage in mid-March and the WeChat wallet entry in early April. Looking ahead, we will continue to work closely with Tencent and JD.com in order to improve the traffic flow and conversion rates, which will contribute meaningfully to our long-term customer and revenue growth."
Mr. Donghao Yang, Chief Financial Officer of Vipshop, further commented, "We finished the first quarter of 2018 with a solid 25% year-over-year increase in topline, which was at the high-end of our guidance range. Our average revenue per customer increased by 25% year over year, driven by improved customer shopping frequency. Leveraging the support from Tencent and JD.com, we will continue to grow our topline and expand our market share."
Recent Business Highlights
Vipshop launched its JD flagship store on March 3, 2018 and opened up its entry on the homepage of JD's app to all customers on March 14, 2018. Vipshop's JD flagship store attracted approximately half a million followers within the first two months of launching. The majority of customers from the JD channel are new customers, and male apparel is the strongest category. The Company opened access of its WeChat wallet entry to all traffic on April 8, 2018 and conducted a round of promotions with red dots prompting users to click into Vipshop's WeChat mini-program in mid-April, 2018. Comparing to the Company's app users, customers from its mini-program are younger and more male-concentrated. In the first quarter of 2018, Vipshop's average revenue per customer increased by approximately 25% year over year, driven by the robust 25% year-over-year increase in average number of orders per customer. During this quarter, 86% of customers were repeat customers, up from 77% in the prior year period, and approximately 96% of orders were placed by repeat customers, up from 92% in the prior year period. Vipshop's Board of Directors appointed Mr. Martin Lau, President and Executive Director of Tencent Holdings Limited (SEHK: 0700), as a Director of the Company's Board, effective December 29, 2017. In addition, Mr. Bin Wu resigned from the Company's Board of Directors, effective January 30, 2018. On May 8, 2018, L'Oréal Paris launched its official WeChat mini-program, which was developed and operated by Vipshop. Vipshop is actively exploring more opportunities within the WeChat ecosystem with its brand partners, empowering brands to grow their business leveraging the robust traffic within WeChat. In the first quarter of 2018, Vipshop added an overseas warehouse in Frankfurt, Germany, bringing the Company's total international warehousing capacity to approximately 59,000 square meters. Vipshop currently has overseas warehouses in nine locations, including Hong Kong, New York, Paris, Milan, London, Seoul, Tokyo, Sydney, and Frankfurt. As of March 31, 2018, the Company has approximately 2.8 million square meters of total warehousing space, of which around 1.8 million square meters is owned by Vipshop. During the first quarter of 2018, Vipshop delivered approximately 99% of its orders through its in-house last mile delivery network, up from 93% in the prior year period. More than 81% of customer returns were handled directly by Vipshop's in-house last mile delivery network, up from 67% in the prior year period. As of March 31, 2018, close to 1.5 million customers enrolled in Vipshop's Super VIP Paid Membership Program, representing a 54% increase sequentially. Vipshop's cross-border business was particularly strong during this year's 4.19 promotional event, with sales increasing by 43% year over year. Vipshop recently added a number of popular domestic and international brands to its platform, including Furla, Stella McCartney, and Dodo.
First Quarter 2018 Financial Results
REVENUE
Total net revenue for the first quarter of 2018 increased by 24.6% year over year to RMB19.9 billion (US$3.2 billion) from RMB16.0 billion in the prior year period, primarily driven by the improvement in average revenue per customer.
GROSS PROFIT
Gross profit for the first quarter of 2018 increased by 8.5% to RMB4.0 billion (US$639.2 million) from RMB3.7 billion in the prior year period. Gross margin for the first quarter of 2018 was 20.2% as compared with 23.2% in the prior year period. In the first quarter of 2018, the Company reclassified costs related to third-party logistics from fulfillment expenses into cost of revenues, which had a 0.9% impact on the gross margin for the quarter. The Company continues to balance investment in promotional activities with its broader marketing efforts to drive growth.
OPERATING INCOME AND EXPENSES
Total operating expenses for the first quarter of 2018 were RMB3.5 billion (US$551.4 million), as compared with RMB3.1 billion in the prior year period. As a percentage of total net revenue, total operating expenses for the first quarter of 2018 decreased to 17.4% from 19.6% in the prior year period.
Fulfillment expenses for the first quarter of 2018 were RMB1.7 billion (US$276.4 million), as compared with RMB1.4 billion in the prior year period, primarily reflecting an increase in sales volume and number of orders fulfilled. As a percentage of total net revenue, fulfillment expenses for the first quarter of 2018 decreased to 8.7% from 9.0% in the prior year period. Marketing expenses for the first quarter of 2018 were RMB645.3 million (US$102.9 million), as compared with RMB729.5 million in the prior year period. As a percentage of total net revenue, marketing expenses for the first quarter of 2018 decreased to 3.2% from 4.6% in the prior year period. Technology and content expenses for the first quarter of 2018 were RMB466.4 million (US$74.3 million), as compared with RMB419.5 million in the prior year period. As a percentage of total net revenue, technology and content expenses for the first quarter of 2018 decreased to 2.3% from 2.6% in the prior year period. General and administrative expenses for the first quarter of 2018 were RMB613.6 million (US$97.8 million), as compared with RMB542.2 million in the prior year period. As a percentage of total net revenue, general and administrative expenses for the first quarter of 2018 decreased to 3.1% from 3.4% in the prior year period.
Income from operations for the first quarter of 2018 was RMB662.7 million (US$105.6 million), as compared with RMB736.6 million in the prior year period. Operating margin for the first quarter of 2018 was 3.3% as compared with 4.6% in the prior year period.
Non-GAAP income from operations [4] , which excludes share-based compensation expenses and amortization of intangible assets resulting from business acquisitions, was RMB878.1 million (US$140.0 million) as compared with RMB1.0 billion in the prior year period. Non-GAAP operating income margin [5] for the first quarter of 2018 was 4.4% as compared with 6.3% in the prior year period.
NET INCOME
Net income attributable to Vipshop's shareholders for the first quarter of 2018 was RMB529.7 million (US$84.5 million), as compared with RMB551.9 million in the prior year period. Net margin attributable to Vipshop's shareholders for the first quarter of 2018 was 2.7% as compared with 3.5% in the prior year period, primarily attributable to the Company's investment in promotional activities to drive growth. Net income attributable to Vipshop's shareholders per diluted ADS [6] was RMB0.77 (US$0.12) as compared with RMB0.92 in the prior year period.
Non-GAAP net income attributable to Vipshop's shareholders, which excludes share-based compensation expenses, impairment loss of investments, and amortization of intangible assets resulting from business acquisitions and equity method investments, was RMB727.7 million (US$116.0 million) as compared with RMB799.4 million in the prior year period. Non-GAAP net margin attributable to Vipshop's shareholders [7] for the first quarter of 2018 was 3.7% as compared with 5.0% in the prior year period. Non-GAAP net income attributable to Vipshop's shareholders per diluted ADS [8] was RMB1.05 (US$0.17) as compared with RMB1.31 in the prior year period.
For the quarter ended March 31, 2018, the Company's weighted average number of ADSs used in computing diluted income per ADS was 702,451,555.
BALANCE SHEET AND CASH FLOW
As of March 31, 2018, the Company had cash and cash equivalents and restricted cash of RMB7.4 billion (US$1.2 billion) and short term investments of RMB1.8 billion (US$288.1 million).
For the quarter ended March 31, 2018, net cash from operating activities was RMB171.2 million (US$27.3 million), and free cash flow [9] , a non-GAAP measurement of liquidity, was as follows:
For the three months ended
Mar 31, 2017
RMB'000
Mar 31, 2018
RMB'000
Mar 31, 2018
US$'000
Net cash from operating activities
736,744
171,245
27,300
Add: Impact from Internet financing activities [10]
277,524
(718,952)
(114,618)
Less: Capital expenditures
(585,462)
(816,167)
(130,116)
Free cash flow in/(out)
428,806
(1,363,874)
(217,434)
For the trailing twelve months ended
Mar 31, 2017
RMB'000
Mar 31, 2018
RMB'000
Mar 31, 2018
US$'000
Net cash from operating activities
3,414,946
415,752
66,281
Add: Impact from Internet financing activities [10]
2,557,169
2,304,275
367,356
Less: Capital expenditures
(2,715,495)
(2,705,155)
(431,265)
Free cash flow in
3,256,620
14,872
2,372
Accounting Pronouncements Adopted During the Quarter Ended March 31, 2018
In May 2014, the Financial Accounting Standards Board ("FASB") issued an Accounting Standards Update ("ASU") amending revenue recognition guidance and requiring more detailed disclosures to enable users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts. The Company adopted this ASU on January 1, 2018 for all revenue contracts with our customers using the modified retrospective approach and increased retained earnings by approximately RMB176.4 million (US$28.1 million). In addition, the impact of applying this ASU for the three months ended March 31, 2018 primarily resulted in an increase in product sales and a change in deferred revenue driven by the Weipin Coins that are now accounted as a single performance obligation and identified as variable consideration.
The Company offers customers with an unconditional right of return for a period of 7 days upon receipt of products on sales from its platforms. Under the previous revenue standard, revenue was deferred until the 7 days return period expired. However, under the new revenue standard, revenue is recognized at the point of time when the control of goods has been passed to the customers upon the receipt of goods by the customers. The Company makes accrual on the expected sales returns in relation to the 7 day unconditional return policy.
Business Outlook
For the second quarter of 2018, the Company expects its total net revenue to be between RMB20.5 billion and RMB21.3 billion, representing a year-over-year growth rate of approximately 17% to 22%. These forecasts reflect the Company's current and preliminary view on the market and operational conditions, which is subject to change.
Exchange Rate
The Company's business is primarily conducted in China and the significant majority of revenues generated are denominated in Renminbi ("RMB"). This announcement contains currency conversions of RMB amounts into U.S. dollars ("US$") solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$ are made at a rate of RMB6.2726 to US$1.00, the effective noon buying rate for March 30, 2018 as set forth in the H.10 statistical release of the Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on March 30, 2018, or at any other rate.
Conference Call Information
The Company will hold a conference call on Tuesday, May 15, 2018 at 8:00 am Eastern Time or 8:00 pm Beijing Time to discuss its financial results and operating performance for the first quarter of 2018.
United States:
+1-845-675-0438
International Toll Free:
+1-855-500-8701
China Domestic:
400-1200-654
Hong Kong:
+852-3018-6776
Conference ID:
#1856707
The replay will be accessible through May 23, 2018 by dialing the following numbers:
United States Toll Free:
+1-855-452-5696
International:
+61-2-9003-4211
Conference ID:
#1856707
A live and archived webcast of the conference call will also be available at the Company's investor relations website at http://ir.vip.com .
About Vipshop Holdings Limited
Vipshop Holdings Limited is a leading online discount retailer for brands in China. Vipshop offers high quality and popular branded products to consumers throughout China at a significant discount to retail prices. Since it was founded in August 2008, the Company has rapidly built a sizeable and growing base of customers and brand partners. For more information, please visit www.vip.com .
Safe Harbor Statement
This announcement contains . These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as Vipshop's strategic and operational plans, contain . Vipshop may also make written or oral in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Vipshop's beliefs and expectations, are . Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Vipshop's goals and strategies; Vipshop's future business development, results of operations and financial condition; the expected growth of the online discount retail market in China; Vipshop's ability to attract customers and brand partners and further enhance its brand recognition; Vipshop's expectations regarding demand for and market acceptance of flash sales products and services; competition in the discount retail industry; fluctuations in general economic and business conditions in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Vipshop's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Vipshop does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
Use of Non-GAAP Financial Measures
The condensed consolidated financial information is derived from the Company's unaudited interim condensed consolidated financial statements prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), except that the consolidated statements of cash flows, and the detailed footnote disclosure required by Accounting Standards Codification 270, Interim Reporting ("ASC270"), have not been omitted. Vipshop uses non-GAAP net income attributable to Vipshop's shareholders, non-GAAP net income attributable to Vipshop's shareholders per diluted ADS, non-GAAP income from operations, non-GAAP operating income margin, non-GAAP net margin attributable to Vipshop's shareholders, and free cash flow, each of which is a non-GAAP financial measure. Non-GAAP net income attributable to Vipshop's shareholders is net income attributable to Vipshop's shareholders excluding share-based compensation expenses, impairment loss of investments, and amortization of intangible assets resulting from business acquisitions and equity method investments. Non-GAAP net income attributable to Vipshop's shareholders per diluted ADS is computed using non-GAAP net income attributable to Vipshop's shareholders divided by weighted average number of diluted ADS outstanding for computing diluted earnings per ADS. Non-GAAP income from operations is income from operations excluding share-based compensation expenses and amortization of intangible assets resulting from business acquisitions. Non-GAAP operating income margin is non-GAAP income from operations as a percentage of total net revenue. Non-GAAP net margin attributable to Vipshop's shareholders is non-GAAP net income attributable to Vipshop's shareholders as a percentage of total net revenue. Free cash flow is the operating cash flow adding back the impact from Internet financing activities and less capital expenditures, which include purchase of property and equipment, purchase and deposits of land use rights, and purchase of other assets. Impact from Internet financing activities added back or deducted from free cash flow contains changes in the balances of financial products, which are primarily consumer financing, supplier financing and cooperative lending that the Company provides to customers, suppliers and individuals respectively. The Company believes that separate analysis and exclusion of the non-cash impact of share-based compensation, impairment loss of investments and amortization of intangible assets adds clarity to the constituent parts of its performance. The Company reviews these non-GAAP financial measures together with GAAP financial measures to obtain a better understanding of its operating performance. It uses these non-GAAP financial measures for planning, forecasting and measuring results against the forecast. The Company believes that non-GAAP financial measures are useful supplemental information for investors and analysts to assess its operating performance without the effect of non-cash share-based compensation expenses, impairment loss of investments, and amortization of intangible assets. Free cash flow enables the Company to assess liquidity and cash flow, taking into account the impact from Internet financing activities and the financial resources needed for the expansion of fulfillment infrastructure and technology platform. Share-based compensation expenses and amortization of intangible assets have been and will continue to be significant recurring expenses in its business. However, the use of non-GAAP financial measures has material limitations as an analytical tool. One of the limitations of using non-GAAP financial measures is that they do not include all items that impact the Company's net income for the period. In addition, because non-GAAP financial measures are not measured in the same manner by all companies, they may not be comparable to other similar titled measures used by other companies. One of the key limitations of free cash flow is that it does not represent the residual cash flow available for discretionary expenditures.
The presentation of these non-GAAP financial measures is not intended to be considered in isolation from, or as a substitute for, the financial information prepared and presented in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned "Vipshop Holdings Limited Reconciliations of GAAP and Non-GAAP Results" at the end of this release.
Investor Relations Contact
Jessie Fan
Tel: +86 (20) 2233-0732
Email: [email protected]
[1] "Active customers" are defined as registered members who have purchased from the Company or the Company's online marketplace platforms at least once during the relevant period.
[2] "Total orders" are defined as the total number of orders placed during the relevant period, including the orders for products and services sold in the Company's online sales business and on the Company's online marketplace platforms, net of orders returned.
[3] Non-GAAP net income attributable to Vipshop's shareholders is a non-GAAP financial measure, which is defined as net income attributable to Vipshop's shareholders excluding share-based compensation expenses, impairment loss of investments, and amortization of intangible assets resulting from business acquisitions and equity method investments.
[4] Non-GAAP income from operations is a non-GAAP financial measure, which is defined as income from operations excluding share-based compensation expenses and amortization of intangible assets resulting from business acquisitions.
[5] Non-GAAP operating income margin is a non-GAAP financial measure, which is defined as non-GAAP income from operations as a percentage of total net revenues.
[6] "ADS" means American depositary share, each of which represents 0.2 Class A ordinary share.
[7] Non-GAAP net margin attributable to Vipshop's shareholders is a non-GAAP financial measure, which is defined as non-GAAP net income attributable to Vipshop's shareholders, as a percentage of total net revenues.
[8] Non-GAAP net income attributable to Vipshop's shareholders per diluted ADS is a non-GAAP financial measure, which is defined as non-GAAP net income attributable to Vipshop's shareholders, divided by weighted average number of diluted ADS outstanding for computing diluted earnings per ADS.
[9] Free cash flow is a non-GAAP financial measure, which means the operating cash flow adding back the impact from Internet financing activities and less capital expenditures, which include purchase of property and equipment, purchase and deposits of land use rights, and purchase of other assets.
[10] Impact from Internet financing activities added back to (deducted from) free cash flow contains changes in the balances of financial products, which are primarily consumer financing, supplier financing and cooperative lending that the Company provides to customers, suppliers and individuals respectively.
Vipshop Holdings Limited
Unaudited Condensed Consolidated Statements of Income and Comprehensive Income
(In thousands, except per share data)
Three Months Ended
March 31,2017
March 31,2018
March 31,2018
RMB'000
RMB'000
USD'000
Product revenues
15,606,804
19,367,515
3,087,637
Other revenues (1)
346,141
503,113
80,208
Total net revenues
15,952,945
19,870,628
3,167,845
Cost of revenues
(12,258,473)
(15,861,214)
(2,528,651)
Gross profit
3,694,472
4,009,414
639,194
Operating expenses:
Fulfillment expenses (2)
(1,436,200)
(1,733,697)
(276,392)
Marketing expenses
(729,549)
(645,342)
(102,883)
Technology and content expenses
(419,533)
(466,354)
(74,348)
General and administrative expenses (3)
(542,172)
(613,602)
(97,823)
Total operating expenses
(3,127,454)
(3,458,995)
(551,446)
Other operating income
169,578
112,273
17,899
Income from operations
736,596
662,692
105,647
Interest expenses
(25,113)
(28,945)
(4,615)
Interest income
25,860
60,334
9,619
Exchange loss
(10,437)
(63,738)
(10,161)
Income before income taxes and share of result of affiliates
726,906
630,343
100,490
Income tax expenses (4)
(165,911)
(106,481)
(16,975)
Share of (loss) gain of affiliates
(17,686)
737
118
Net income
543,309
524,599
83,633
Net loss attributable to noncontrolling interests
8,608
5,129
818
Net income attributable to Vipshop's shareholders
551,917
529,728
84,451
Shares used in calculating earnings per share (5) :
Class A and Class B ordinary shares:
—Basic
116,819,173
131,605,256
131,605,256
—Diluted
125,067,816
140,490,311
140,490,311
Net earnings per Class A and Class B share
Net income attributable to Vipshop's shareholders--Basic
4.72
4.03
0.64
Net income attributable to Vipshop's shareholders--Diluted
4.59
3.86
0.62
Net earnings per ADS (1 ordinary share equals to 5 ADSs)
Net income attributable to Vipshop's shareholders--Basic
0.94
0.81
0.13
Net income attributable to Vipshop's shareholders--Diluted
0.92
0.77
0.12
(1) Other revenues primarily consist of revenues from third-party logistics services, product
promotion and online advertising, fees charged to third-party merchants which the Company
provides platform access for sales of their products,and inventory and warehouse management
services to certain suppliers.
(2) Fulfillment expenses include shipping and handling expenses, which amounted RMB 771
million and RMB 1.01 billion in the three month periods ended March 31,2017 and March 31,2018,
respectively.
(3) General and administrative expenses include amortization of intangible assets resulting from
business acquisitions, which amounted to RMB 87 million and RMB 44 million in the three months
period ended March 31,2017 and March 31,2018, respectively.
(4) Income tax expenses include income tax benefits of RMB 22 million and RMB 11 million related
to the reversal of deferred tax liabilities, which was recognized on business acquisitions for the
three months period ended March 31,2017 and March 31,2018, respectively.
(5) Authorized share capital is re-classified and re-designated into Class A ordinary shares and
Class B ordinary shares, with each Class A ordinary share being entitled to one vote and each
Class B ordinary share being entitled to ten votes on all matters that are subject to shareholder
vote.
Net income
543,309
524,599
83,633
Other comprehensive income, net of tax:
Foreign currency translation adjustments
25,243
(20,868)
(3,327)
Unrealized gain from available-for-sale investments
22,451
0
0
Comprehensive income
591,003
503,731
80,306
Less: Comprehensive loss attributable to noncontrolling interests
(8,608)
(5,129)
(818)
Comprehensive income attributable to Vipshop's shareholders
599,611
508,860
81,124
Three Months Ended
March 31,2017
March 31,2018
March 31,2018
RMB'000
RMB'000
USD'000
Share-based compensation expenses included are as follows
Fulfillment expenses
18,096
19,130
3,050
Marketing expenses
10,298
10,834
1,727
Technology and content expenses
51,832
54,233
8,646
General and administrative expenses
100,147
87,117
13,888
Total
180,373
171,314
27,311
Vipshop Holdings Limited
Unaudited Condensed Consolidated Balance Sheets
(In thousands, except per share data)
December 31,2017
March 31,2018
March 31,2018
RMB'000
RMB'000
USD'000
ASSETS
CURRENT ASSETS
Cash and cash equivalents
9,973,891
7,008,102
1,117,256
Restricted cash
248,101
348,476
55,555
Short term investments
245,981
1,806,977
288,075
Accounts receivable, net
4,803,527
4,520,362
720,652
Amounts due from related parties
10,191
9,641
1,537
Other receivables and prepayments,net
3,674,196
3,468,664
552,987
Loan Receivables,net
0
164,458
26,218
Inventories
6,960,251
5,081,878
810,171
Total current assets
25,916,138
22,408,558
3,572,451
NON-CURRENT ASSETS
Property and equipment, net
6,660,825
6,701,593
1,068,392
Deposits for property and equipment
307,859
441,270
70,349
Land use rights, net
3,077,770
3,309,546
527,620
Intangible assets, net
400,994
355,776
56,719
Investment in affiliates
66,334
65,634
10,464
Other investments
387,640
376,613
60,041
Available-for-sale investments
146,282
142,571
22,729
Other long-term assets
366,760
415,464
66,235
Goodwill
367,106
367,106
58,525
Deferred tax assets
285,112
355,739
56,713
Total non-current assets
12,066,682
12,531,312
1,997,787
TOTAL ASSETS
37,982,820
34,939,870
5,570,238
LIABILTIES AND EQUITY
CURRENT LIABILITIES
Short term loans (Including short term loans of the VIE without recourse to
the Company of nil and nil as of December 31, 2017 and March 31, 2018,
respectively)
907,310
751,000
119,727
Accounts payable (Including accounts payable of the VIE without recourse
to the Company of RMB 87,926 and RMB 25,917 as of December 31, 2017
and March 31, 2018, respectively)
11,445,109
9,569,787
1,525,649
Advance from customers (Including advance from customers of the VIE
without recourse to the Company of RMB 965,275 and RMB 720,916 as of
December 31, 2017 and March 31, 2018, respectively)
2,339,914
1,157,942
184,603
Accrued expenses and other current liabilities (Including accrued expenses
and other current liabilities of the VIE without recourse to the Company of
RMB 1,618,716 and RMB 1,379,548 as of December 31, 2017 and March
31, 2018, respectively)
3,537,151
3,284,473
523,622
Amounts due to related parties (Including amounts due to related parties of
the VIE without recourse to the Company of RMB 616 and RMB 276 as of
December 31, 2017 and March 31, 2018, respectively)
65,022
46,799
7,461
Deferred income (Including deferred income of the VIE without recourse to
the Company of RMB 54,543 and RMB 79,651 as of December 31, 2017
and March 31, 2018, respectively)
203,179
237,003
37,784
Securitization debt (Including securitization debt of the VIE without recourse to
the Company of nil and nil as of December 31, 2017 and March 31, 2018,
respectively)
760,000
475,000
75,726
Convertible senior notes
0
3,947,818
629,375
Total current liabilities
19,257,685
19,469,822
3,103,947
NON-CURRENT LIABILITIES
Deferred tax liability (Including deferred tax of the VIE without recourse to the
Company of RMB 4,224 and nil as of December 31, 2017 and March 31,
2018, respectively)
17,007
6,329
1,009
Deferred income-non current (Including deferred income-non current of the
VIE without recourse to the Company of RMB 838 and RMB 480 as of
December 31, 2017 and March 31, 2018, respectively)
362,649
360,872
57,532
Convertible senior notes
4,094,903
0
0
Total non-current liabilities
4,474,559
367,201
58,541
Total liabilities
23,732,244
19,837,023
3,162,488
EQUITY:
Class A ordinary shares (US$0.0001 par value, 483,489,642 shares
authorized, and 114,716,587 and 115,293,345 shares issued and
outstanding as of December 31, 2017 and March 31, 2018, respectively)
74
75
12
Class B ordinary shares (US$0.0001 par value, 16,510,358 shares
authorized, and 16,510,358 and 16,510,358 shares issued and
outstanding as of December 31, 2017 and March 31, 2018, respectively)
11
11
2
Additional paid-in capital
8,715,995
8,887,813
1,416,927
Retained earnings
5,602,681
6,309,130
1,005,824
Accumulated other comprehensive loss
(24,242)
(45,109)
(7,192)
Noncontrolling interests
(43,943)
(49,073)
(7,823)
Total shareholders' equity
14,250,576
15,102,847
2,407,750
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
37,982,820
34,939,870
5,570,238
Vipshop Holdings Limited
Reconciliations of GAAP and Non-GAAP Results
Three Months Ended
March 31,2017
March 31,2018
March 31,2018
RMB'000
RMB'000
USD'000
Income from operations
736,596
662,692
105,647
Share-based compensation expenses
180,373
171,314
27,311
Amortization of intangible assets resulting from business acquisitions
87,186
44,055
7,023
Non-GAAP income from operations
1,004,155
878,061
139,981
Net income
543,309
524,599
83,633
Share-based compensation expenses
180,373
171,314
27,311
Amortization of intangible assets resulting from business acquisitions
and equity method investments
101,615
44,055
7,023
Tax effect of amortization of intangible assets resulting from business
acquisitions
(21,797)
(11,014)
(1,756)
Non-GAAP net income
803,500
728,954
116,211
Net income attributable to Vipshop's shareholders
551,917
529,728
84,451
Share-based compensation expenses
180,373
171,314
27,311
Amortization of intangible assets resulting from business acquisitions and
equity method investments
84,721
35,573
5,671
Tax effect of amortization of intangible assets resulting from business
acquisitions
(17,573)
(8,893)
(1,418)
Non-GAAP net income attributable to Vipshop's shareholders
799,438
727,722
116,015
Shares used in calculating earnings per share:
Basic ordinary shares:
Class A and Class B ordinary shares:
--Basic
116,819,173
131,605,256
131,605,256
--Diluted
125,067,816
140,490,311
140,490,311
Non-GAAP net income per Class A and Class B share
Non-GAAP net income attributable to Vipshop's shareholders--Basic
6.84
5.53
0.88
Non-GAAP net income attributable to Vipshop's shareholders--Diluted
6.57
5.27
0.84
Non-GAAP net income per ADS (1 ordinary share equal to 5 ADSs)
Non-GAAP net income attributable to Vipshop's shareholders--Basic
1.37
1.11
0.18
Non-GAAP net income attributable to Vipshop's shareholders--Diluted
1.31
1.05
0.17
View original content: http://www.prnewswire.com/news-releases/vipshop-reports-unaudited-first-quarter-2018-financial-results-300647578.html
SOURCE Vipshop Holdings Limited | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/pr-newswire-vipshop-reports-unaudited-first-quarter-2018-financial-results.html |
Mary Anastasia O’Grady explains how the government has damaged the labor market in three fundamental ways. | ashraq/financial-news-articles | http://live.wsj.com/video/opinion-the-economic-growth-debate-mary-anastasia-ogrady/8E5327F9-65C4-435D-A9A0-07C4571995E9.html |
LONDON, May 19 (Reuters) - American actress Meghan Markle wore a dress by British designer Clare Waight Keller for her wedding to Prince Harry on Saturday, Kensington Palace said.
The long-sleeved dress with a boat neck had been eagerly anticipated by royal fans around the world for months.
Waight Keller became the first female artistic director at famed French fashion brand Givenchy last year. (Reporting By Marie-Louise Gumuchian Editing by Giles Elgood)
| ashraq/financial-news-articles | https://www.reuters.com/article/britain-royals-wedding-dress/meghan-markle-wears-wedding-dress-by-british-designer-clare-waight-keller-idUSL9N1R101N |
ANN ARBOR, Mich., Zomedica Pharmaceuticals Corp. (NYSE American:ZOM) (TSX-V:ZOM) (“Zomedica” or “Company”), a veterinary diagnostic and pharmaceutical company, today reported consolidated financial results for the first quarter ended March 31, 2018. Amounts, unless specified otherwise, are expressed in U.S. dollars and presented under accounting principles generally accepted in the United States of America (“U.S. GAAP”).
“We are pleased to complete our second companion animal product expansion with an innovative point-of-care diagnostic product in conjunction with a stronger balance sheet,” said Gerald Solensky, Jr., Chairman and CEO of Zomedica. “This brings our total number of products in development to six, two diagnostics and four therapeutics.”
Corporate Highlights
On May 10, 2018 Zomedica announced it entered into a development, commercialization and exclusive distribution agreement with Seraph Biosciences, Inc. to develop and market a novel pathogen detection system in the form of an innovative point-of-care diagnostic instrument. On May 15, 2018 Zomedica announced it commenced a private offering of its common shares offering an aggregate of up to 4,651,162 common shares at a price of $2.15 per share (for aggregate gross proceeds of up to $10,000,000 in the United States to accredited investors. The offering is also being made in Canada in reliance upon prospectus and registration exemptions in accordance with applicable Canadian securities laws. As of May 15, 2018, the Company had sold an aggregate of 255,815 common shares for gross proceeds of $550,000 in the offering. The Company expects to close the offering in one or more tranches on or before June 28, 2018.
Summary First Quarter 2018 Results
Zomedica recorded net loss and comprehensive loss for the three months ended March 31, 2018 of $2,171,328 or $0.02 per share, compared to a loss of $1,832,736 or $0.02 per share for the three months ended March 31, 2017.
Zomedica, which is in the development stage, recorded no revenues in the three months ended March 31, 2018. For the three months ended March 31, 2018, net loss resulted from general and administrative (“G&A”) expenses of $1,160,171, research and development (“R&D”) expenses of $600,341 and professional fees of $371,947. For the three months ended March 31, 2017, the loss was attributed to G&A expenses of $827,025, R&D expenses of $616,449 and professional fees of $381,536.
G&A expenses for the three months ended March 31, 2018 were $1,160,171 compared to $827,025 for the three months ended March 31, 2017. The increase was primarily due to significant expenses related to the addition of personnel, accounting for salaries of $643,288. Other expenses included travel and accommodation of $121,404, regulatory expense of $103,558, marketing and investor relations costs of $81,193, insurance costs of $80,460, office expenses of $76,947, and rent of $43,019. Zomedica expects that general and administrative expense will increase in 2018 and future periods as the level of activity increases.
Expenditures for R&D for the three months ended March 31, 2018 were $600,341 compared to $616,449 for the three months ended March 31, 2018. The decrease was primarily due to a reduction in consulting expenses as we increased our internal R&D activities with the hiring of additional fulltime employees as part of our development of ZM-017. However, there was also a reduction in salaries, bonuses and benefits as we did not have a Chief Medical Officer in the three months ended March 31, 2018. Significant expenditures include contracted outsourced activities of $269,523, salaries of $152,372, supplies of $65,450, consultant fees of $37,116, and licensing fees of $25,000. These relate to an increased level of lab activities, including in vitro and in vivo work, to support the further development of our product candidates ZM-017, ZM-012, ZM-006, ZM-007 and ZM-011. We expect that our R&D expenditures in 2018 will be significantly higher than in 2017, due to the initiation of pilot and pivotal studies related to our four investigational new animal drug applications, work related to verification and validation of ZM-020 and ZM-017, and additional veterinary pharmaceutical candidates, diagnostic developments and technologies.
Professional fees for the three months ended March 31, 2018 were $371,947 compared to $381,536 for the three months ended March 31, 2017. The decrease was primarily due to completion of the listing of our common shares on the NYSE American on November 21, 2017. Professional fees for the 2018 period consisted primarily of consulting fees incurred in connection with preparation and completion of additional SEC filings and updates, and costs incurred in being a public company across two jurisdictions, Canada and U.S.
Liquidity and Outstanding Share Capital
Zomedica had cash and cash equivalents of $3,134,920 as of March 31, 2018, compared to $3,448,147 as of December 31, 2017. The increase in cash during the three months ended March 31, 2018 is mainly a result of the cash flows provided by financing activities, partially offset by cash flows used in operating activities as discussed below.
For the three months ended March 31, 2018 the cash flows from financing activities relate to proceeds from the exercise of stock options of $1,407,786.
For the three months ended March 31, 2018, cash flows used in operating activities amounted to $1,707,794. The largest uses of cash were for employee salaries, bonus and benefits, professional fees and consulting expenses related to the preparation of our initial U.S. registration statement, and work on our application to list our common shares on the NYSE American.
As of March 31, 2018, Zomedica had an unlimited number of authorized common shares with 91,853,865 common shares issued and outstanding. As of May 15, 2018, Zomedica had 92,649,582 common shares issued and outstanding, an increase of 154,000 shares due to stock option exercises subsequent to March 30, 2018 and shares issued per the signing of the development, commercialization, and exclusive distribution agreement with Seraph Biosciences, Inc.
As of March 31, 2018 and December 31, 2017, Zomedica had shareholders’ equity of $3,629,234 and $4,387,085, respectively.
For complete financial results, please see Zomedica’s filings on EDGAR and SEDAR or visit the Zomedica website at www.ZOMEDICA.com .
About Zomedica
Based in Ann Arbor, Michigan, Zomedica (NYSE American:ZOM) (TSX-V:ZOM) is a veterinary diagnostic and pharmaceutical and company creating products for companion animals (canine, feline and equine) by focusing on the unmet needs of clinical veterinarians. Zomedica’s product portfolio will include novel diagnostics and innovative therapeutics that emphasize patient health and practice health. With a team that includes clinical veterinary professionals, it is Zomedica’s mission to give veterinarians the opportunity to lower costs, increase productivity, and grow revenue while better serving the animals in their care. For more information, visit www.ZOMEDICA.com .
Follow Zomedica
Email Alerts: http://www.zomedica.com/investor-information/ LinkedIn: https://www.linkedin.com/company/zomedica Facebook: https://www.facebook.com/zomedica/ Twitter: https://twitter.com/zomedica
Reader Advisory
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the release.
Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.
Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: uncertainty as to whether our strategies and business plans will yield the expected benefits; availability and cost of capital; the ability to identify and develop and achieve commercial success for new products and technologies; the level of expenditures necessary to maintain and improve the quality of products and services; changes in technology and changes in laws and regulations; our ability to secure and maintain strategic relationships; risks pertaining to permits and licensing, intellectual property infringement risks, risks relating to future clinical trials, regulatory approvals, safety and efficacy of our products, the use of our product, intellectual property protection and the other risk factors disclosed in our filings with the Securities and Exchange Commission and under our profile on SEDAR at www.sedar.com . Readers are cautioned that this list of risk factors should not be construed as exhaustive.
The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.
Investor Relations Contacts
Shameze Rampertab, CPA, CA
[email protected]
+1 647.283.3630
PCG Advisory Group
Kirin Smith, COO
[email protected]
+1 646.863.6519
www.pcgadvisory.com
Media Contact
Andrea Eberle
[email protected]
+1 734.369.2555
Source:Zomedica Pharmaceuticals Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/globe-newswire-zomedica-pharmaceuticals-corp-announces-first-quarter-2018-financial-results.html |
U.S. government bonds gained Thursday after a government report showed the pace of inflation is running slower than economists had forecast.
The yield on the benchmark 10-year Treasury note fell to 2.971% from 3.004% Wednesday, the second-highest level for the year and snapping a four-day rise. Yields fall as bond prices gain.
Yields swooned... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/u-s-government-bonds-surge-on-tepid-inflation-1525966161 |
WASHINGTON (Reuters) - U.S. President Donald Trump on Monday urged China on Monday to maintain a secure border with North Korea, pressing Beijing ahead of his anticipated meeting with North Korean leader Kim Jong Un next month aimed at denuclearization.
FILE PHOTO: U.S. President Donald Trump gestures as he delivers remarks during the Prison Reform Summit at the White House in Washington, DC, U.S., May 18, 2018. REUTERS/Kevin Lamarque/File Photo “China must continue to be strong & tight on the Border of North Korea until a deal is made. The word is that recently the Border has become much more porous and more has been filtering in. I want this to happen, and North Korea to be VERY successful, but only after signing!” Trump tweeted.
He did not elaborate on the significance of the North Korea-China border issue in any deal that might be reached on denuclearization. Trump has said his meeting with Kim will take place on June 12 in Singapore.
Pyongyang last week threatened to scrap any meeting if Washington continued to press for unilateral denuclearization.
In response, Trump said that as far as he knew, the meeting was still on track and sought to placate Kim by saying the North Korean leader would be protected as part of any deal.
Last week, Trump told reporters at the White House that the Kim was possibly being influenced by Beijing, North Korea’s main ally, after two recent visits he made to China.
Reporting by Susan Heavey; Editing by Chizu Nomiyama and Frances Kerry
| ashraq/financial-news-articles | https://www.reuters.com/article/us-northkorea-missiles-usa-trump/trump-urges-china-to-keep-tight-north-korea-border-idUSKCN1IM15A |
BERLIN, May 11 (Reuters) - A record number of German companies believe economies in foreign markets where they do business will improve despite rising geo-political and trade risks, a survey published on Friday showed.
Some 40 percent of the 5,100 companies surveyed by the DIHK Chambers of Commerce and Industry said they expect a positive economic development in foreign markets over the next 12 months, the highest percentage since the survey began in 2015.
Reporting by Rene Wagner Writing by Joseph Nasr Editing by Michelle Martin
| ashraq/financial-news-articles | https://www.reuters.com/article/germany-economy-dihk-survey/german-companies-positive-about-future-despite-higher-risks-survey-idUSB4N1PQ027 |
Quarterly Product Revenue Up 66% Year-Over-Year
On Track for Potential FDA Clearance of T2Bacteria Panel in the Second Quarter 2018
LEXINGTON, Mass., May 08, 2018 (GLOBE NEWSWIRE) -- T2 Biosystems, Inc. (NASDAQ:TTOO) an emerging leader in the development and commercialization of innovative medical diagnostic products for critical unmet needs in healthcare, announced today operating highlights and financial results for the first quarter ended March 31, 2018.
First Quarter Business and Financial Performance Highlights:
Reported first quarter total revenue of $2.311 million, up 146% year-over-year. Reported first quarter product revenue of $1.048 million, up 66% year-over-year. Secured five new placements of T2Dx ® Instruments in the first quarter and 4 contracts with access to 10 new hospitals. Increased targeted high-risk patients at newly contracted hospitals by 48,000, ahead of the 35,000 high-risk patients targeted in the quarter. Awarded grant of $2 million from CARB-X to accelerate the development of an expanded panel of tests utilizing the T2MR platform for sepsis-causing bacterial infections and resistance. Customers published 6 peer-reviewed studies demonstrating the clinical and performance advantages of the T2Dx Instrument over blood culture.
“The first quarter was a positive start to the year for our core business, highlighted by 66% year-over-year product revenue growth, the expansion of our installed base and prudent expense management. There continues to be positive momentum in the market for our technology, with several new peer-reviewed publications demonstrating our superior performance and our new collaboration with CARB-X focused on a broad-based diagnostic panel for sepsis-causing bacterial infections,” said president and chief executive officer John McDonough. “Perhaps most importantly, there is robust and growing customer interest in the T2Bacteria Panel, which remains on track for potential FDA clearance in the second quarter of 2018. We anticipate this will be an inflection point for our business based on a significant expansion of our market opportunity and a positive shift in our growth trajectory.”
Additional Financial Results:
Research revenues were $1.2 million, compared to $326,000 last quarter and $310,000 in last year’s first quarter. Costs and expenses, excluding cost of product revenue, were $10.5 million, a 16% decrease over last year’s first quarter costs and expenses of $12.5 million. Operating margins were a loss of $11.5 million, a 20% decrease over last quarter’s $14.4 million operating margin loss and a 12% decrease over last year’s first quarter operating margin loss of $13.1 million.
Weighted average shares outstanding were 36.0 million this quarter compared to 35.9 million last quarter and 30.6 million in last year’s first quarter.
Anticipated Events:
The company provides the following guidance for the second quarter 2018:
Total revenue in the second quarter 2018 is expected to be in the range of $3.0 million to $3.3 million. Second quarter 2018 product revenue is expected to be in the range of $1.0 million to $1.3 million.
The company expects to secure placements of at least 8 T2Dx Instruments in the second quarter by closing at least 6 new contracts that provide access to a minimum of 35,000 high-risk patients.
Operating expenses, excluding cost of product revenue, for the second quarter 2018 are projected to be in the range of $10.0 million to $10.5 million, including non-cash stock based compensation and depreciation expenses of $2.0 million.
The company expects to provide full-year 2018 financial guidance upon FDA clearance of the T2Bacteria ® Panel.
Conference Call
Management will host a conference call today with the investment community at 4:30 p.m. Eastern Time to discuss the financial results and other business developments. Interested parties may access the live call via telephone by dialing 1-877-300-8521 (U.S.) or 1-412-317-6026 (International). To listen to the live call via T2 Biosystems' website, go to www.t2biosystems.com , in the Investors/Events & Presentations section. A webcast replay of the call will be available following the conclusion of the call, also in the Investors/Events & Presentations section of the website.
About T2 Biosystems
T2 Biosystems, an emerging leader in the development and commercialization of innovative medical diagnostic products for critical unmet needs in healthcare, improves patient care and reduces the cost of healthcare by helping clinicians effectively treat patients faster than ever before. T2 Biosystems’ products include the T2Dx ® Instrument, T2Candida ® Panel, and the T2Bacteria ® Panel and are powered by the proprietary T2 Magnetic Resonance technology, or T2MR ® . T2Bacteria Panel is commercially available in Europe and other countries that accept the CE Mark and is available for research use only in the U.S. T2 Biosystems has an active pipeline of future products including additional species and antibiotic resistance for detection of sepsis pathogens, as well as tests for Lyme disease. For more information, please visit www.t2biosystems.com .
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding additional patients, timing of testing patients, anticipated product benefits, strategic priorities, product expansion or opportunities, growth expectations or targets, timing of FDA filings or clearances and anticipated operating expenses, as well as statements that include the words “expect,” “intend,” “plan”, “believe”, “project”, “forecast”, “estimate,” “may,” “should,” “anticipate,” and similar statements of a future or forward looking nature. These forward-looking statements are based on management's current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, (i) any inability to (a) realize anticipated benefits from commitments, contracts or products; (b) successfully execute strategic priorities; (c) bring products to market; (d) expand product usage or adoption; (e) obtain customer testimonials; (f) accurately predict growth assumptions; (g) realize anticipated revenues; (h) incur expected levels of operating expenses; or (i) increase the number of high-risk patients at customer facilities; (ii) failure of early data to predict eventual outcomes; (iii) failure to make or obtain anticipated FDA filings or clearances within expected time frames or at all; or (iv) the factors discussed under Item 1A. "Risk Factors" in the company's Annual Report on Form 10-K for the year ended December 31, 2017, filed with the U.S. Securities and Exchange Commission, or SEC, on March 19, 2018, and other filings the company makes with the SEC from time to time. These and other important factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management's estimates as of the date of this press release. While the company may elect to update such forward-looking statements at some point in the future, unless required by law, it disclaims any obligation to do so, even if subsequent events cause its views to change. Thus, no one should assume that the Company’s silence over time means that actual events are bearing out as expressed or implied in such forward-looking statements. These forward-looking statements should not be relied upon as representing the company's views as of any date subsequent to the date of this press release.
T2 BIOSYSTEMS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(In thousands, except share and per share data)
(Unaudited) Three Months Ended
March 31, 2018 2017 Revenue: Product revenue $ 1,048 $ 631 Research revenue 1,263 310 Total revenue 2,311 941 Costs and expenses: Cost of product revenue 3,273 1,627 Research and development 4,718 6,585 Selling, general and administrative 5,755 5,874 Total costs and expenses 13,746 14,086 Loss from operations (11,435 ) (13,145 ) Interest expense, net (1,568 ) (1,637 ) Other income, net 90 79 Net loss and comprehensive loss $ (12,913 ) $ (14,703 ) Net loss per share — basic and diluted $ (0.36 ) $ (0.48 ) Weighted-average number of common shares used in computing net loss per share — basic and diluted 35,978,306 30,531,180
T2 BIOSYSTEMS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)
(Unaudited)
March 31,
2018 December 31,
2017 Assets Current assets: Cash and cash equivalents $ 29,733 $ 41,799 Accounts receivable 582 467 Prepaid expenses and other current assets 626 708 Inventories 2,082 1,344 Total current assets 33,023 44,318 Property and equipment, net 8,710 10,015 Restricted cash 180 260 Other assets 206 268 Total assets $ 42,119 $ 54,861 Liabilities and stockholders’ equity Current liabilities: Accounts payable $ 779 $ 648 Accrued expenses and other current liabilities 5,606 6,218 Derivative liability 2,096 2,238 Notes payable 41,303 40,696 Deferred revenue 887 1,736 Current portion of lease incentives 251 246 Total current liabilities 50,922 51,782 Notes payable, net of current portion 609 1,008 Lease incentives, net of current portion 675 731 Commitments and contingencies Stockholders’ equity: Preferred stock, $0.001 par value; 10,000,000 shares authorized; no shares issued and outstanding at March 31, 2018 and December 31, 2017 — — Common stock, $0.001 par value; 200,000,000 shares authorized; 36,019,883 and 35,948,900 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively 36 36 Additional paid-in capital 268,807 267,421 Accumulated deficit (278,930 ) (266,117 ) Total stockholders’ (deficit) equity (10,087 ) 1,340 Total liabilities and stockholders’ equity $ 42,119 $ 54,861 Media Contact:
Tom Langford, Feinstein Kean Healthcare
[email protected]
617-761-6775
Investor Contact:
Matthew Clawson, W2O Group
[email protected]
949-370-8500
Source:T2 Biosystems, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-t2-biosystems-reports-first-quarter-2018-financial-results-and-provides-corporate-update.html |
May 2 (Reuters) - Pacific Star Development Ltd:
* ENTERED MEMORANDUM OF UNDERSTANDING WITH REITECH AND CROWDVILLA Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-pacific-star-development-says-ente/brief-pacific-star-development-says-entered-mou-with-reitech-and-crowdvilla-idUSFWN1S90FX |
MONETT, Mo., May 1, 2018 /PRNewswire/ -- Jack Henry & Associates, Inc. (NASDAQ: JKHY), a leading provider of technology solutions and payment processing services primarily for the financial services industry, today announced third quarter fiscal 2018 results.
Revenue for the quarter ended March 31, 2018 increased to $384.7 million, a 9% improvement over the third quarter of fiscal 2017. Operating income increased 9% to $96.3 million. The Tax Cuts and Jobs Act enacted December 22, 2017 had a large impact on our provision for income taxes and contributed to the large increase in net income of 21% over the third quarter of fiscal 2017 to $72.4 million, or $0.93 per diluted share.
For the nine months ended March 31, 2018, revenue increased 7% to $1,119.4 million over the same nine months of fiscal 2017. Operating income increased 6% to $283.8 million, and net income increased 61% to $291.4 million, or $3.76 per diluted share, with the increase again due mainly to the effects of the Tax Cuts and Jobs Act.
According to David Foss, President and CEO, "We are happy to report another strong quarter of revenue and operating income growth. Our sales teams continue to have a very solid year through our third quarter, and our fourth quarter has started out very well as it appears they should exceed their quota target for the fiscal year. We have now migrated 34 financial institutions to the new payment platform, and we continue to see high levels of interest. I want to thank all of our associates for all their efforts to produce these results."
Operating Results
Revenue, cost of sales, and gross profit results for the quarter and the nine months ended March 31, 2018 were as follows:
Revenue (Unaudited)
(In Thousands)
Three Months Ended
March 31,
%
Change
Nine Months Ended
March 31,
%
Change
2018
2017
2018
2017
Revenue
Services & Support
$
244,830
$
226,856
8
%
$
706,879
$
666,062
6
%
Percentage of Total Revenue
64
%
64
%
63
%
64
%
Processing
139,854
126,911
10
%
412,495
381,287
8
%
Percentage of Total Revenue
36
%
36
%
37
%
36
%
Total Revenue
384,684
353,767
9
%
1,119,374
1,047,349
7
%
The increased revenue in the services and support revenue line for the third quarter of fiscal 2018 was mainly driven by growth in our "outsourcing and cloud" and "product delivery and services" revenues. The increase in outsourcing and cloud and the increase in processing revenue were partially due to revenue from Ensenta. Deconversion fees, which are included within product delivery and services, increased $3.8 million compared to the third quarter of the prior year. Excluding deconversion fees from both periods, revenue from fiscal 2018 acquisitions, and fiscal 2017 revenue attributable to divested products, revenue increased 6%. For the nine months ended March 31, 2018, deconversion fees increased $0.9 million compared to the prior year-to-date period. Excluding deconversion fees from both periods, revenue from fiscal 2018 acquisitions, and fiscal 2017 revenue attributable to divested products, revenue increased 7%. The increase in the services and support line was driven primarily by increased "outsourcing and cloud" and "product delivery and services" revenue. The product delivery and services revenue increase in the year-to-date period was driven by the completion of revised contractual obligations on several long-term contracts that permitted the Company to recognize previously deferred revenue related to our bundled arrangements. The increase in the processing line was driven by increased "transaction and digital" and "card" processing revenue. For the third quarter of fiscal 2018, core segment revenue increased 7% to $136.6 million from $127.2 million in the same period a year ago. Payments segment revenue increased 12% to $132.6 million, from $118.4 million in the same quarter last year. Revenue from the complementary segment increased 11% to $104.5 million in the third quarter of fiscal 2018 from $94.2 million in the same period of fiscal 2017. Revenue in the corporate and other segment decreased 22% to $11.0 million, compared to $14.0 million for the third quarter of fiscal 2017. For the nine months ended March 31, 2018, revenue in the core segment increased 10% to $399.9 million, compared to $364.0 million a year ago. Payments segment revenue increased 6% to $381.7 million, from $359.9 million for the first nine months of fiscal 2017. Complementary segment revenue increased 7% to $298.1 million, up from $279.2 million a year ago. Revenue from the corporate and other segment decreased 11% to $39.6 million for the nine months ended March 31, 2018 from $44.3 million for the nine months ended March 31, 2017.
Operating Expenses and Operating Income
Operating income increased 9% to $96.3 million, or 25% of third quarter fiscal 2018 revenue, compared to $88.7 million, or 25% of revenue in the third quarter of fiscal 2017.
For the year-to-date period, operating income increased 6% to $283.8 million, or 25% of revenue, compared to operating income of $268.8 million, or 26% of revenue, for the nine months ended March 31, 2017.
(Unaudited, In Thousands)
Three Months Ended
March 31,
%
Change
Nine Months Ended
March 31,
%
Change
2018
2017
2018
2017
Cost of Revenue
$
221,592
$
206,727
7
%
$
637,960
$
599,636
6
%
Percentage of Total Revenue
58
%
58
%
57
%
57
%
Research and Development
22,591
20,801
9
%
65,934
61,413
7
%
Percentage of Total Revenue
6
%
6
%
6
%
6
%
Selling, General, & Administrative
44,185
39,794
11
%
133,532
119,795
11
%
Percentage of Total Revenue
11
%
11
%
12
%
11
%
Gain on disposal of a business
—
(2,286)
(100)
%
(1,894)
(2,250)
(16)
%
Total Operating Expenses
288,368
265,036
9
%
835,532
778,594
7
%
Operating Income
$
96,316
$
88,731
9
%
$
283,842
$
268,755
6
%
Operating Margin
25
%
25
%
25
%
26
%
Cost of revenue increased 7% for the third quarter of fiscal 2018 compared to the third quarter of fiscal 2017, but remained consistent as a percentage of revenue. The increased costs were primarily due to increased headcount driving increased salaries and benefits as well as higher direct costs of product, costs related to our new card payment processing platform and faster payments initiatives, and increased amortization of capitalized software. For the nine months ended March 31, 2018, cost of revenue increased 6% compared to the equivalent period of the prior year, but remained a consistent percentage of revenue. The increased costs were primarily due to higher personnel costs, higher direct costs of product, costs related to our new card payment processing platform and faster payments initiatives, and increased amortization of capitalized software. Research and development expense increased for the third quarter and year-to-date period mainly due to increased salary and personnel costs resulting from increased headcount, but remained consistent with the prior year third quarter and year-to-date period as a percentage of total revenue. Selling, general, and administrative expenses for the third quarter of fiscal 2018 increased 11% over the third quarter of the prior fiscal year, but remained a consistent percentage of revenue. The increase was primarily due to increased commission expense, salaries, and personnel costs. For the nine months ended March 31, 2018, selling, general, and administrative expenses increased 11% compared to the equivalent period of fiscal 2017, and increased less than 1% as a percentage of revenue. The increased spending was mainly due to the Jack Henry Annual Conference in October, as well as increased commissions, salaries, personnel costs, and increased professional service expenses due to contracting with outside experts in preparation for our adoption of the new ASC 606 revenue standard. In the third quarter of fiscal 2017, we recognized a gain related to the sale of Alogent. For the nine months ended March 31, 2018, gains on disposals of businesses totaled $1.9 million, due to the disposals of the ATM Manager and jhaDirect product lines. The prior year gain was related to the sale of Alogent.
Net Income
Net income for the third quarter and the nine months ended March 31, 2018 was significantly impacted by the effects of the Tax Cuts and Jobs Act.
(Unaudited, In Thousands,
Except Per Share Data)
Three Months Ended
March 31,
%
Change
Nine Months Ended
March 31,
%
Change
2018
2017
2018
2017
Income Before Income Taxes
$
95,712
$
88,495
8
%
$
283,093
$
268,360
5
%
Provision for Income Taxes
23,317
28,451
(18)
%
(8,287)
87,258
(109)
%
Net Income
$
72,395
$
60,044
21
%
$
291,380
$
181,102
61
%
Diluted earnings per share
$
0.93
$
0.77
21
%
$
3.76
$
2.31
62
%
Provision for income taxes decreased in the third quarter, with an effective tax rate at 24.4% of income before income taxes, compared to 32.1% for the same quarter of the prior year. The decrease was due to adjustments recorded as a result of the Tax Cuts and Jobs Act. The decreased provision for income taxes in the nine months ended March 31, 2018 was also due primarily to the Tax Cuts and Jobs Act.
According to Kevin Williams, CFO, "The Tax Cuts and Jobs Act impacted the quarter and year to date net income as we continue to implement the new rules over our fiscal year, which will continue to adjust the full year to a blended effective rate. The table below adjusts out all the non-operational impacts on the financials by excluding deconversion fees, revenue and operating income from acquisitions, and revenue and gain from divestitures to allow our investors to focus on our true operating performance of revenue growth of 6% and operating income increase of 8% over the respective prior year quarter."
Effects of Deconversion Fees, Acquisitions, and Divestitures
The table below shows our revenue and operating income (in thousands) for the third quarter and nine months ended March 31, 2018 compared to the prior year periods, excluding the impacts of deconversion fees, divestitures, and fiscal 2018 acquisitions.
Three Months Ended
March 31,
%
Change
Nine Months Ended
March 31,
%
Change
2018
2017
2018
2017
Reported Revenue (GAAP)
$
384,684
$
353,767
9
%
$
1,119,374
$
1,047,349
7
%
Adjustments:
Deconversion fees
15,734
11,888
34,288
33,423
Revenue from fiscal 2018 acquisitions
7,637
—
9,057
—
Revenue from divestitures
—
2,261
—
7,497
Proforma Revenue
$
361,313
$
339,618
6
%
$
1,076,029
$
1,006,429
7
%
Reported Operating Income (GAAP)
$
96,316
$
88,731
9
%
$
283,842
$
268,755
6
%
Adjustments:
Deconversion fees
15,458
11,888
33,195
33,416
Operating income from fiscal 2018 acquisitions
632
—
85
—
Operating income from divestitures
—
438
—
1,871
Gain on disposal of businesses
—
2,286
1,894
2,250
Proforma Operating Income
$
80,226
$
74,119
8
%
$
248,668
$
231,218
8
%
Balance Sheet and Cash Flow Review
At March 31, 2018, cash and cash equivalents increased to $57.4 million from $42.9 million at March 31, 2017. Trade receivables totaled $168.9 million at March 31, 2018 compared to $139.5 million at March 31, 2017. The company had $105.0 million borrowed at March 31, 2018 and $50.0 million outstanding debt at March 31, 2017. Total deferred revenue decreased to $305.5 million at March 31, 2018, compared to $338.7 million a year ago. Stockholders' equity increased to $1,223.1 million at March 31, 2018, compared to $1,012.1 million a year ago.
Cash provided by operations totaled $234.9 million in fiscal 2018 compared to $198.9 million last year. The following table summarizes net cash (in thousands) from operating activities:
(Unaudited, In Thousands)
Nine Months Ended March 31,
2018
2017
Net income
$
291,380
$
181,102
Depreciation
36,470
37,554
Amortization
75,787
66,882
Change in deferred income taxes
(70,104)
14,830
Other non-cash expenses
6,161
8,804
Change in receivables
113,465
114,420
Change in deferred revenue
(206,358)
(182,309)
Change in other assets and liabilities
(11,929)
(42,416)
Net cash provided by operating activities
$
234,872
$
198,867
The change in deferred income taxes was mainly related to the Tax Cuts and Jobs Act.
Cash used in investing activities for fiscal 2018 totaled $239.1 million, compared to $103.5 million for the same period in fiscal 2017 and included the following:
(Unaudited, In Thousands)
Nine Months Ended March 31,
2018
2017
Payment for acquisitions, net of cash acquired
$
(137,654)
$
—
Capital expenditures
(17,858)
(28,150)
Proceeds from the sale of businesses
350
2,286
Proceeds from the sale of assets
258
949
Internal use software
(6,965)
(14,780)
Computer software developed
(72,186)
(63,804)
Purchase of investments
$
(5,000)
$
—
Net cash from investing activities
$
(239,055)
$
(103,499)
On December 21, 2017, the Company acquired all equity interest of Ensenta Corporation, a California-based provider of real-time, cloud-based solutions for mobile and online payments and deposits, making Jack Henry & Associates the leading provider of consumer remote deposit capture services. On August 31, 2017, the Company purchased Vanguard Software Group, a Florida-based company specializing in the underwriting, spreading, and online decisioning of commercial loans.
Financing activities used cash of $53.2 million in fiscal 2018 and $122.8 million in fiscal 2017.
(Unaudited, In Thousands)
Nine Months Ended March 31,
2018
2017
Borrowings on credit facilities
$
125,000
$
80,000
Repayments on credit facilities
(70,000)
(30,200)
Purchase of treasury stock
(30,018)
(103,885)
Dividends paid
(76,429)
(67,641)
Net cash from issuance of stock and tax related to stock-based compensation
(1,733)
(1,036)
Net cash from financing activities
$
(53,180)
$
(122,762)
Quarterly Conference Call
The company will hold a conference call on May 2, 2018; at 7:45 a.m. Central Time and investors are invited to listen at www.jackhenry.com .
About Jack Henry & Associates
Jack Henry & Associates, Inc. (NASDAQ: JKHY) is a leading provider of technology solutions and payment processing services primarily for the financial services industry. Its solutions serve approximately 8,900 customers nationwide, and are marketed and supported through three primary brands. Jack Henry Banking® supports banks ranging from community banks to multi-billion dollar institutions with information processing solutions. Symitar® is the leading provider of information processing solutions for credit unions of all sizes. ProfitStars® provides highly specialized products and services that enable financial institutions of every asset size and charter, and diverse corporate entities to mitigate and control risks, optimize revenue and growth opportunities, and contain costs. Additional information is available at www.jackhenry.com .
Statements made in this news release that are not historical facts are forward-looking information. Actual results may projected in any forward-looking information. Specifically, there are a number of important factors that could cause actual results to anticipated by any forward-looking information. Additional information on these and other factors, which could affect the Company's financial results, are included in its Securities and Exchange Commission (SEC) filings on Form 10-K, and potential investors should review these statements. Finally, there may be other factors not mentioned above or included in the Company's SEC filings that may cause actual results to differ materially from any forward-looking information.
Condensed Consolidated Statements of Income
(Unaudited)
(In Thousands, Except Per Share Data)
Three Months Ended
March 31,
%
Change
Nine Months Ended
March 31,
%
Change
2018
2017
2018
2017
REVENUE
$
384,684
$
353,767
9
%
$
1,119,374
$
1,047,349
7
%
EXPENSES
Cost of Revenue
221,592
206,727
7
%
637,960
599,636
6
%
Research & Development
22,591
20,801
9
%
65,934
61,413
7
%
Selling, General, & Administrative
44,185
39,794
11
%
133,532
119,795
11
%
Gain on disposal of businesses
—
(2,286)
(100)
%
(1,894)
(2,250)
(16)
%
Total Expenses
288,368
265,036
9
%
835,532
778,594
7
%
OPERATING INCOME
96,316
88,731
9
%
283,842
268,755
6
%
INTEREST INCOME (EXPENSE)
Interest income
130
42
210
%
424
209
103
%
Interest expense
(734)
(278)
164
%
(1,173)
(604)
94
%
Total
(604)
(236)
156
%
(749)
(395)
90
%
INCOME BEFORE INCOME TAXES
95,712
88,495
8
%
283,093
268,360
5
%
PROVISION FOR INCOME TAXES
23,317
28,451
(18)
%
(8,287)
87,258
(109)
%
NET INCOME
$
72,395
$
60,044
21
%
$
291,380
$
181,102
61
%
Diluted net income per share
$
0.93
$
0.77
$
3.76
$
2.31
Diluted weighted average shares outstanding
77,546
77,932
77,586
78,319
Consolidated Balance Sheet Highlights (Unaudited)
(In Thousands)
March 31,
%
Change
2018
2017
Cash and cash equivalents
$
57,402
$
42,916
34
%
Receivables
168,934
139,503
21
%
Total assets
1,905,368
1,686,983
13
%
Accounts payable and accrued expenses
$
90,122
$
75,062
20
%
Current and long-term debt
105,000
50,000
110
%
Deferred revenue
305,536
338,744
(10)
%
Stockholders' equity
1,223,085
1,012,112
21
%
View original content: http://www.prnewswire.com/news-releases/jack-henry--associates-ends-third-quarter-fiscal-2018-with-9-increase-in-operating-income-300640456.html
SOURCE Jack Henry & Associates, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/pr-newswire-jack-henry-associates-ends-third-quarter-fiscal-2018-with-9-percent-increase-in-operating-income.html |
NEW YORK--(BUSINESS WIRE)-- The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of investors who purchased Gridsum Holding Inc. ("Gridsum Holding") (NASDAQ: GSUM) securities.
Click here to learn about the case: http://www.wongesq.com/pslra-c/gridsum-holding-inc?wire=2 . There is no cost or obligation to you.
According to the complaint, throughout the Class Period, the Company issued materially false and misleading statements and/or failed to disclose that: (i) Gridsum lacked effective internal control over financial reporting; (ii) consequently, Gridsum’s financial statements were inaccurate and misleading, and did not fairly present, in all material respects, the financial condition and results of operations of the Company; and (iii) as a result of the foregoing, Gridsum’s public statements were materially false and misleading at all relevant times.
If you suffered a loss in Gridsum you have until June 25, 2018 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff. To obtain additional information, contact Vincent Wong, Esq. either via email [email protected] , by telephone at 212.425.1140, or visit http://www.wongesq.com/pslra-c/gridsum-holding-inc?wire=2 .
Vincent Wong, Esq. is an experienced attorney that has represented investors in securities litigations involving financial fraud and violations of shareholder rights. Attorney advertising. Prior results do not guarantee similar outcomes.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180509006031/en/
Law Offices of Vincent Wong
Vincent Wong, Esq.
39 East Broadway
Suite 304
New York, NY 10002
Tel. 212.425.1140
Fax. 866.699.3880
E-Mail: [email protected]
Source: Law Offices of Vincent Wong | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/business-wire-gsum-shareholder-alert-the-law-offices-of-vincent-wong-notifies-investors-of-a-class-action-involving-gridsum-holding-inc.html |
BETHLEHEM, Pa., May 04, 2018 (GLOBE NEWSWIRE) -- OraSure Technologies, Inc. (NASDAQ:OSUR), a leader in point of care diagnostic tests and specimen collection devices, today announced that Roberto Cuca has been appointed as the Company’s new Chief Financial Officer, effective as of June 8, 2018. Mr. Cuca will initially serve as Senior Advisor to the Company until his appointment is effective. Mr. Cuca will succeed Ronald H. Spair, who will retire from the Company on the same date.
Since September 2013, Mr. Cuca has served as Senior Vice President and Chief Financial Officer of Trevena, Inc., a clinical stage biopharmaceutical company, where he led the finance and investor relations functions and worked with senior management to establish and execute overall corporate strategy. Prior to his time at Trevena, Mr. Cuca held various leadership positions in the finance organization of Endo Health Solutions Inc., a pharmaceutical company. His most recent position at Endo was Treasurer and Senior Vice President, Finance, where he was responsible for capital raises and cash management, mergers, acquisitions and licensing transactions, tax planning and compliance, and risk management. Before that, Mr. Cuca was Director, Corporate and Business Development at moksha8 Pharmaceuticals, Inc., an emerging markets-focused pharmaceutical company, and an equity analyst covering U.S. pharmaceutical companies at J.P. Morgan Chase & Co. Mr. Cuca received an M.B.A. from the Wharton School of the University of Pennsylvania, a J.D. from Cornell Law School, and an A.B. from Princeton University. Mr. Cuca is also a CFA Charterholder.
“We are delighted to welcome Roberto as the Company’s new Chief Financial Officer,” said Stephen S. Tang, Ph.D., President and CEO of OraSure Technologies. “Roberto’s strong mix of finance, investor relations and business development experience, and particularly his most recent experience as CFO of a publicly-traded life sciences company, makes him especially well qualified to be OraSure’s next Chief Financial Officer. We look forward to working with Roberto in his new role and are confident he will be a strong contributor for many years to come.”
“I am very excited to be joining OraSure at this important point in the Company’s history,” said Mr. Cuca. “I look forward to contributing to the corporate strategy and its implementation in the coming years, building on the significant accomplishments OraSure has achieved to date.”
About OraSure Technologies
OraSure Technologies is a leader in the development, manufacture and distribution of point of care diagnostic and collection devices and other technologies designed to detect or diagnose critical medical conditions. Its first-to-market, innovative products include rapid tests for the detection of antibodies to HIV and HCV on the OraQuick ® platform, oral fluid sample collection, stabilization and preparation products for molecular diagnostic applications, and oral fluid laboratory tests for detecting various drugs of abuse. OraSure's portfolio of products is sold globally to various clinical laboratories, hospitals, clinics, community-based organizations and other public health organizations, research and academic institutions, distributors, government agencies, physicians' offices, commercial and industrial entities and consumers. The Company's products enable healthcare providers to deliver critical information to patients, empowering them to make decisions to improve and protect their health. For more information on OraSure Technologies, please visit www.orasure.com .
Company contact:
Shauna White
Corporate Marketing Manager
484-353-1575
[email protected]
www.orasure.com
Source:OraSure Technologies, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/04/globe-newswire-orasure-technologies-appoints-new-chief-financial-officer.html |
May 15, 2018 / 10:01 AM / Updated an hour ago Indonesian children who joined suicide attacks kept isolated by parents Kanupriya Kapoor 4 Min Read
SURABAYA, Indonesia (Reuters) - The parents of Indonesian children and young adults who took part in deadly suicide bombings in Surabaya had isolated them within a tightly knit circle of militant Islamists, police said on Tuesday. Anti-terror policemen walk during a raid of a house of a suspected terrorist at Medokan Ayu area in Surabaya, Indonesia May 15, 2018. REUTERS/Sigit Pamungkas
A family of six killed at least 13 people, including themselves, by bombing three churches in Surabaya on Sunday in the worst militant attack in the world’s biggest Muslim-majority country since the bombing of restaurants in Bali in 2005.
On Monday, another militant family of five riding two motorbikes blew themselves up at a police checkpoint in the city, wounding 10 people and killing four of the family and two others. An eight-year-old daughter survived.
“These children have been indoctrinated by their parents. It seems they did not interact much with others,” East Java Police Chief Machfud Arifin told reporters.
The eight-year-old daughter who survived did not have explosives strapped to her, but was thrown three metres (10 ft) into the air by the blast and was receiving intensive care in hospital, police said.
“She’s conscious. She will be accompanied by relatives and social workers when questioned by police,” said Arifin.
Police in Sidoarjo, near Surabaya, recovered pipe bombs at an apartment where a blast on Sunday killed three members of a family alleged to have been making bombs. Anti-terror policemen walk during a raid of a house of a suspected terrorist at Medokan Ayu area in Surabaya, Indonesia May 15, 2018. REUTERS/Sigit Pamungkas
Three children survived and in interviews with police described how they had interacted only with parents and adults of similar ideology.
Every Sunday evening they were made to attend a prayer circle with these adults, said Arifin, adding that the families behind the two sets of suicide attacks had attended.
Police said that the fathers of the families involved in the church bombing and the apartment in Sidoarjo where bombs were found were also friends.
After some major successes tackling Islamist militancy since 2001, there has been a resurgence in recent years, including in January 2016 when four suicide bombers and gunmen attacked a shopping area in the capital, Jakarta. Slideshow (8 Images) MIDDLE CLASS HOUSING COMPLEX
Police suspect the attacks on the churches were carried out by a cell of the Islamic State-inspired group Jemaah Ansharut Daulah (JAD), an umbrella organisation on a U.S. State Department terrorist list that is reckoned to have drawn hundreds of Indonesian sympathisers of Islamic State.
The family involved in those attacks lived in a middle class housing complex in the city and police said the father was the head of a local JAD cell.
“I think the family setting and the isolation from the outside world... were perfect settings for him to indoctrinate the rest of his family,” said Alexander Raymond Arifianto, an Indonesia expert at Nanyang Technological University in Singapore.
Surabaya Mayor Tri Rismaharini was quoted as saying by news portal Tempo.co that one of the sons had also refused to attend flag raising ceremonies or go to classes on Indonesia’s state ideology Pancasila, which enshrines religious diversity under an officially secular system.
Indonesian Vice President Jusuf Kalla urged the public to provide information that could help stop attacks.
“Please be the government’s eyes and ears so these things won’t happen in the future,” Kalla told a conference in Jakarta.
In all, around 30 people have been killed since Sunday in attacks, including 13 suspected perpetrators, police said.
Sidney Jones, of the Jakarta-based Institute for Policy Analysis of Conflict, said in a commentary for the Lowy Institute that the attacks showed how urgent it was for authorities to learn more about family networks.
“If three families can be involved in two days’ worth of terrorist attacks in Surabaya, surely there are more ready to act,” he said. Additional reporting by Jessica Damiana and Gayatri Suroyo; Writing by Ed Davies; Editing by Nick Macfie | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-indonesia-bomb/indonesian-children-who-joined-suicide-attacks-kept-isolated-by-parents-idUKKCN1IG1BB |
After countless user requests, Instagram has finally decided to roll out a mute button to hide posts from certain friends.
Instagram announced the update Tuesday and painted it as a personalization tool, which is technically true, but the feature will undoubtedly be used to block posts from people you don’t want to see without alerting that you unfollowed them. Think: friends and relatives who post too often, or exes with whom you want to maintain a civil relationship.
Should you decide to mute someone, you can still look at posts on their profile page and receive notifications whenever they mention you in a comment or tag you in a post. Instagram says the feature “will be rolling out over the coming weeks.”
To mute an account, tap the “…” menu in the top right corner of the post, which allows you to mute their feed in addition to Instagram Stories as well. The option will also be available on a user’s profile itself, or by pressing and holding on stories. | ashraq/financial-news-articles | http://fortune.com/2018/05/22/instagram-mute-button/ |
AXA's investment arm takes companies to task over diversity Sinead Cruise and Simon Jessop Published 22 Hours Ago
* New voting policy follows 5 years of private engagement
* Protest votes directed at annual accounts, chairmen
* Fund launch to demonstrate profitability of diversity
LONDON, May 3 (Reuters) - AXA Investment Managers will vote in protest against companies which do not explain how they will boost the number of women on their boards, joining growing demands for workplace diversity.
AXA IM, one of Europe's biggest fund managers and part of French insurer AXA Group, said the move followed five years of unsatisfactory private engagement with firms considered to have too few, if any, female decision-makers.
"We are using our influence as investors through our engagement activities, to address this (diversity) in all markets, developed and emerging," Shade Duffy, Head of Corporate Governance, told Reuters.
"We will vote against all-male boards where there is no communication of plans to seek to appoint women to the board in the near future," AXA IM's Duffy added.
This reflected its global commitment to improving diversity among the hundreds of companies it owns stakes in, as part of a bigger plan to drive greater innovation and spur higher returns.
As of April 30, the number of 'oppose' votes AXA IM has logged in annual shareholder meetings this year has risen to 25 from 1 last year, as a result of the new policy.
The protest covers shareholder resolutions, ranging from votes against the Annual Report and Accounts to the re-election of the chairman or the chairman of the nominations committee.
Duffy declined to name the firms AXA IM has opposed, pending communication with the relevant companies and directors.
"Our aspiration here (is) not just about leadership or the visible face of a company - it is about the broader workforce and the progression of women to roles where they can influence strategy and performance," Duffy said.
"The board is just the tip of the iceberg," she added.
News of AXA IM's voting intentions comes as executives face investors at annual general meetings, a forum for raising concerns about the way a company is run or is performing.
It follows a similar move by Legal & General Investment Management, one of Britain's biggest money managers, which last month said it would vote against chairs of boards which had fewer than 25 percent female membership.
A law introduced last year in Britain requires companies and charities with more than 250 workers - covering almost half of its workforce - to report their gender pay gap, which in Britain stands at 18.4 percent.
DIVERSITY PREMIUM
AXA IM has a tradition of pushing companies to consider reforms that promote better working conditions, greater care of the environment and improve public health.
In 2016 it became the first major fund firm to announce it would ban all new investments in the tobacco industry, which led to a 1.8 billion-euros sell off of tobacco bonds and stocks.
That followed a 500 million euro ($602 million) divestment from companies with a high involvement in coal-related activities in 2015, in line with the wider group's corporate responsibility strategy on climate change.
AXA IM also launched a fund in February 2017, led by Anne Tolmunen, which it hopes will demonstrate how companies with stronger gender diversity can deliver higher returns.
The AXA WF MiX in Perspectives Fund is targeting outperformance of the MSCI All Country World Index by selecting global companies who have at least 20 percent female representation at board and executive level and a broader commitment to achieve gender balance across their workforces.
Atlas Copco, Facebook, Microsoft, Statoil and Bank of America are among the AXA WF MiX fund's top 10 positions. At the end of March, it had delivered a 12.8 percent return since its launch. ($1 = 0.8309 euros) (Reporting by Sinead Cruise and Simon Jessop Editing by Alexander Smith) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/03/reuters-america-axas-investment-arm-takes-companies-to-task-over-diversity.html |
May 5, 2018 / 7:02 PM / Updated an hour ago We must attract more women to survive, Merkel tells her party Reuters Staff 2 Min Read
BERLIN (Reuters) - Chancellor Angela Merkel pressed her conservative Christian Democrats (CDU) on Saturday to attract more women to their ranks or else lose their status as one of Germany’s two big popular parties, or ‘Volksparteien’. German Chancellor Angela Merkel speaks during the celebrations of the 70th anniversary of the "Women's Union" of the Christian Democratic Union (CDU) in Frankfurt, Germany, May 5, 2018. REUTERS/Ralph Orlowski
Speaking on the 70th anniversary of her conservatives’ women’s union, Merkel said the CDU needed to boost the proportion of women in its membership above some 25 percent if it wanted to win more than 40 percent of the vote.
“That’s why this is not just a question of women who want to make a career, but it is a survival matter for this Volkspartei,” she said. Slideshow (5 Images)
Both the mainstream political blocs - the CDU and their Bavarian allies, and the left-leaning Social Democrats (SPD) - suffered their worst post-war election results in last September’s national election - 33 and 21 percent respectively.
Frustration about the influx of more than a million migrants since 2015 propelled the far-right Alternative for Germany (AfD) into parliament for the first time.
Merkel, 63, is the CDU’s first female leader and the first woman to be German chancellor. Earlier this year, the CDU elected another woman, Annegret Kramp-Karrenbauer, who is sometimes dubbed ‘mini-Merkel’, as party general-secretary, putting her in pole position to succeed Merkel as chancellor. Writing by Paul Carrel; Editing by Stephen Powell | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-germany-politics-cdu/we-must-attract-more-women-to-survive-merkel-tells-her-party-idUKKBN1I60SS |
HAWTHORNE, Calif. (AP) — Billionaire Elon Musk says he's almost completed a tunnel under a Los Angeles suburb to test a transportation system that would scoot commuters underground on electric sleds.
Musk tweeted Thursday that, pending regulatory approvals, free rides will be offered to the public in a few months. He also posted an Instagram video of the tunnel.
Last year, the Hawthorne City Council approved an approximately 2-mile (3.2-kilometer) test tunnel from Musk's SpaceX rocket plant to a point east of Los Angeles International Airport. Musk's Boring Company is currently seeking approval to tunnel into western Los Angeles.
Musk describes a system in which vehicles would descend via elevators into tunnels and move on electrically powered sleds.
His latest tweet says an operational system would give priority to pods for pedestrians and cyclists. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/11/the-associated-press-elon-musk-says-la-area-test-tunnel-almost-complete.html |
Updated: May 15, 2018 2:09 PM ET
Disney is using its stockpile of blockbuster franchises to boost advertisement sales.
This week, characters from The Incredibles — which has a sequel out June 15 — will appear as part of a sweepstakes campaign with Clorox . It will be announced via promotional spots on Good Morning America , as well as other digital and social platforms. It’s just one example of Disney’s sweeping efforts to use its franchise characters to generate upfront ad sales.
“We are starting to evolve how we expand engagement around premieres of these movies on our platforms,” Rita Ferro, president of advertising sales for ABC-Disney TV Group, told Variety .
Disney in recent years acquired Lucasfilm and Marvel, giving the entertainment giant a year-long pipeline of blockbusters ranging from Star Wars to the Avengers . The popular characters are bait for advertisers looking to lure trend-conscious consumers. Earlier this year, Chadwick Boseman’s Black Panther appeared in a Lexus Super Bowl ad and worked with the brand for promotions aired during ABC’s Academy Awards show. The film was also promoted during an NCAA halftime show on Disney-owned ESPN and ABC’s broadcast of its hit show B lack-ish .
“The ability to use event programming across all platforms to showcase Black Panther in unique ways not only helped create awareness, but stimulated conversation that created additional earned impressions” Anthy Price, executive vice president of media, integrated marketing, and synergy at The Walt Disney Studios, told Variety .
Another recent example is Disney’s partnership with the Solo Cup Company to advertise the upcoming Solo: A Star Wars Story on Solo products, including the iconic red cups. In retrospect, inevitable:
— John Scalzi (@scalzi) May 7, 2018
According to Variety , Disney is looking to offer clients opportunities to spend across a variety of platforms, including one of its cable channels, Freeform. Whereas ABC tends to draw more female consumers, and ESPN appeals to more men—movies are a safe bet for both.
This year has already seen the arrival of Black Panther and Avengers: Infinity War — both of which smashed box office records. Next up is Star Wars’ Han Solo later this month, along with Incredibles 2 and Ant-Man and the Wasp later this summer. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/15/disney-incredibles-avengers-star-wars-black-panther-ad-sales/ |
May 23, 2018 / 10:33 AM / a few seconds ago Jobless actors, PR experts get leg up in Swiss hiring scheme Reuters Staff 3 Min Read
ZURICH (Reuters) - Out-of work actors, public relations experts and watchmakers looking for new jobs in their fields are set to get favored treatment under a new Swiss system of hiring preferences that takes effect in July. FILE PHOTO: A nightview shows Switzerland's highest skyscaper the Prime Tower (126 metres /413 ft) in Zurich Switzerland July 18, 2016. REUTERS/Arnd Wiegmann
Non-EU member Switzerland adopted the scheme to help mobilize labor at home than curb immigration from the European Union, as voters had demanded in a binding 2014 referendum.
Brussels insists that EU citizens must be able to live and work in Switzerland — whose population is a quarter foreign — as the price for enhanced Swiss access to the EU single market, the biggest for Swiss exports.
The new Swiss system approved by parliament in 2016 headed off a direct clash over immigration and is now being rolled out. It gives people registered as jobless in Switzerland first crack at open jobs in sectors with above-average unemployment.
The government approved on Wednesday the list of categories that fall under the scheme because they have jobless rates of 8 percent or more, a threshold set to fall to 5 percent from 2020.
The overall Swiss jobless rate stood at 2.7 percent in April.
The economy ministry will determine each year which job categories qualify for hiring preferences based on average nation-wide unemployment rates they show over 12 months.
Alongside actors, public relations experts and watchmakers, the current list includes some categories of farm labor, telephonists, reception staff and housekeepers.
Even though the new hiring system averted a diplomatic crisis, Swiss-EU ties remain fragile as the sides try to negotiate a treaty that would put relations on a firmer footing. A patchwork of 120 sectoral accords now governs ties.
Most Swiss support the government’s plan to forge a new treaty that would have arbitration panels to help settle disputes, a poll published last month showed.
While arbitration could take the edge off Swiss reservations about giving the European Court of Justice a role in settling disputes, differences over state aid and Swiss measures to shelter domestic labor remain potential stumbling blocks.
The two sides aim to wrap up negotiations this year, but any deal faces Swiss voter approval under the neutral country’s system of direct democracy. Parallel EU negotiations with Britain over terms of its EU exit also complicate matters. Reporting by Michael Shields; Editing by Edmund Blair | ashraq/financial-news-articles | https://uk.reuters.com/article/us-swiss-eu/jobless-actors-pr-experts-get-leg-up-in-swiss-hiring-scheme-idUKKCN1IO1D6 |
NEW DELHI (Reuters) - The Supreme Court on Friday ordered the ruling Bharatiya Janata Party to prove it had the support of a majority of lawmakers in Karnataka after an inconclusive election.
Bharatiya Janata Party (BJP) leader B. S. Yeddyurappa is administered the oath as Chief Minister of Karnataka by Governor Vajubhai Vala inside the Governor's house in Bengaluru, India, May 17, 2018. REUTERS/Abhishek N. Chinnappa Karnataka, home to the technology hub of Bengaluru, has been at the centre of a political storm, with the main opposition Congress saying Prime Minister Narendra Modi’s BJP formed a government there without having a majority.
“The honourable judges have risen to the occasion and saved democracy,” said Ghulam Nabi Azad, a leader of the Congress party, after three Supreme Court judges ordered Saturday’s trial of strength in the state legislature.
“They have shown the rule of law still exists in this country.”
The BJP fell short of an outright majority in the 225-member state assembly, despite emerging from last Saturday’s election as the single largest party, with 104 seats.
Congress, which had previously ruled the state, partnered with a regional party in an alliance after the poll to stake a claim to form the government, saying that together they had at least 117 seats.
But the state’s governor, who has the constitutional task of inviting the party with the largest number of seats to form the government after an election, picked the BJP for the role, prompting its rivals to turn to the courts.
Outgoing Chief Minister of Karnataka, Siddaramaiah, attends a protest against Bharatiya Janata Party (BJP) leader B.S. Yeddyurappa's swearing-in as Chief Minister of the southern state of Karnataka, in Bengaluru, India, May 17, 2018. REUTERS/Abhishek N. Chinnappa The governor had given the BJP 15 days to prove its majority, according to a copy of a letter the party posted on social network Twitter.
Karnataka, with a population of 66 million, was the first major state this year to elect an assembly, and will be followed by three more before general elections in the summer of 2019.
The BJP has been gradually tightening its hold on India’s states, and now governs 21 of a total of 29, with Karnataka seen as offering a beachhead in the south, where the party’s presence is limited.
Critics have accused the BJP of trying to intimidate opposition legislators in Karnataka into breaking ranks, to amass a majority.
The BJP says it has the right to lead the state government because it emerged as the single largest party and is confident of winning the trust vote.
Bharatiya Janata Party (BJP) leader B. S. Yeddyurappa flashes the victory sign after taking oath as Chief Minister of the southern state of Karnataka inside the governor's house in Bengaluru, India, May 17, 2018. REUTERS/Abhishek N. Chinnappa “We are absolutely sure of our numbers and will decisively prove our majority on the floor of the house,” it said on Twitter, following Friday’s decision.
The Supreme Court ordered state authorities to ensure adequate security for Saturday’s vote.
Reporting by Suchitra Mohanty, Writing by Aditya Kalra; Editing by Sanjeev Miglani and Clarence Fernandez
| ashraq/financial-news-articles | https://in.reuters.com/article/india-election-bjp-karnataka-congress/supreme-court-orders-bjp-to-prove-majority-after-karnataka-election-idINKCN1IJ12D |
May 15 (Reuters) - Boxlight Corp:
* Q1 LOSS PER SHARE $0.20 * Q1 REVENUE ROSE 43 PERCENT TO $6.0 MILLION Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-boxlight-q1-loss-per-share-020/brief-boxlight-q1-loss-per-share-0-20-idUSASC0A2H0 |
FTSE Russell and ADS Investment Solutions launch Saudi Arabia index 2 Hours Ago International investors are looking for access to Saudi Arabia, says Ryan Lemand, senior executive officer at ADS Investment Solutions. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/15/ftse-russell-and-ads-investment-solutions-launch-saudi-arabia-index.html |
ERBIL/KIRKUK, Iraq (Reuters) - Six months ago, Iraq’s Kurds believed they’d never have to participate in a national election again, having just voted for their century-old dream of an independent state.
A man walks past campaign posters ahead of the parliamentary election in Erbil, Iraq May 6, 2018.REUTERS/Azad Lashkari But on Saturday, they head to the polls, disillusioned with the political elites who led their failed independence bid.
Their vote could undermine the grip on power that two ruling parties have enjoyed in Iraq’s Kurdistan Region since it gained semi-autonomous status 27 years ago.
The Kurdistan Democratic Party (KDP) and the Patriotic Union of Kurdistan (PUK) are facing their first serious challenge from new parties in Saturday’s nationwide elections to choose a new prime minister and parliament.
While Prime Minister Haider al-Abadi appears marginally ahead in a tight race, the new Kurdish parties are hoping to exploit discontent that has only grown in their region since their independence dream was shattered.
“We had everything, and now we have nothing,” said Mohammed Abdelhamid, a 32-year-old Kurdish vegetable seller in Kirkuk. “They led us down this path, why should I ever vote for them again?”
As the older generation fades and an economic crisis sharpens demand for change, the power of the political establishment over their tribal support bases is waning.
Veteran PUK leader Jalal Talabani, who served as Iraqi president, died last year, and the KDP’s Masoud Barzani has been weakened since the failed referendum that he championed.
New parties are trying to fill the vacuum, chief among them the Coalition for Democracy and Justice, led by former Kurdish regional prime minister Barham Salih. A disciple of Talabani, he left the PUK last year and is campaigning against corruption, a key issue for many Kurdish voters.
“There is a deep crisis in the Kurdistan Region,” Salih told Reuters. “This crisis is the result of a failed system of governance based on partisanship and nepotism in the administration of the country.”
OPPOSITION PARTY Salih is expected to take seats from the KDP and PUK, as well as from Gorran, an opposition party which spun off from the PUK in 2009. The fledgling New Generation Movement, led by political novice Shaswar Abdulwahid, is also trying to win seats from establishment candidates but is not considered a serious contender.
“We’re seeing a weakening of support for the two governing parties who no longer have anything to say to their voters,” said Yousif Mohammed, the former KRG parliamentary speaker banned from Erbil, who now heads Gorran’s list in Sulaimaniya.
The parties are nervously eyeing Saturday’s election, since its outcome will be a solid indication of their support base in the post-referendum era.
Barham Salih, Former Prime Minister of Iraq's Kurdistan Regional Government and Head of the Coalition for Democracy and Justice speaks with his supporter in Sulaimaniyah, Iraq May 8, 2018. REUTERS/Ako Rasheed This is seen as a vital reality check ahead of regional elections set for Sept. 30. If the upstart parties do well on Saturday, many expect the internal balance of power to shift within the KRG come autumn.
The KDP and PUK dominate the Kurdish regional parliament and the majority of Kurdish MPs sent to the national parliament have been from those two parties.
The brief jubilation after last year’s vote to break away from Baghdad was shattered when the central government imposed swift punitive measures and retook the oil city of Kirkuk, which had been held by the Kurds for three years.
Now, the exuberance of the independence vote has been replaced with the painful belief that Iraq’s Kurdish leadership gambled away the hard-fought autonomy which their region has enjoyed since the 1991 Gulf War.
DISPIRITED Interviews with dozens of Kurdish voters show a people left dispirited by the failure of their independence push, with some saying they will not take part in the ballot.
“I have no desire to participate in these elections,” said Gulala Jabar Abdullah, 38, a teacher in Sulaimaniya. “For 27 years, we haven’t seen anything from the two parties in government.”
There has been little enthusiasm for the election among Kurds. But in the multi-ethnic city of Kirkuk, the campaign is in full force with every inch of public space dominated by candidates’ billboards. In Kirkuk province, 458 candidates are battling for just 13 seats, a sign of its importance.
Whatever the results on Saturday, Kurdish MPs sent to Baghdad will face the mammoth task of mending acrimonious post-referendum relations with the federal government.
Ties with Baghdad thawed somewhat in March, when Abadi lifted a ban on international flights into the Kurdish region and paid a portion of its civil service salaries.
But negotiations have since stalled over oil exports and revenue-sharing, worsening the Kurds’ debt problems and public salary shortfalls after three years during which their share of the federal budget was withheld in disputes over oil sales.
When framed as part of a necessary step to independence, Kurds were more forgiving of austerity measures. That project now blunted, popular discontent has been rising.
Slideshow (3 Images) “Every year we have a few months of salary missing,” said a KRG customs officer. He earns extra money helping at his father’s shoe shop in Erbil’s main souk. “Life is too hard.”
In March, thousands of civil servants demonstrated against salary cuts, including in the KDP strongholds of Erbil and Dohuk for the first time. They were met with a violent crackdown in which five people were killed.
“Democracy works everywhere except here,” said Abu Ghayeb, a longtime KDP supporter in Erbil who said he is too angry with the Kurdish leadership to vote for them again.
“We stay poor,” said Abu Ghayeb, a retired police officer who supplements his meagre pension by selling knick-knacks by the roadside, “But they get richer. How if not by corruption?”
VOTERS SWITCH Salih’s Coalition for Democracy and Justice is most likely to capitalize on this wave of discontent. His messaging hammers home that he will clean up the corruption which has plagued the governing parties.
While the PUK and KDP retain significant support, several voters told Reuters they are switching party affiliation this year, buoyed by Salih’s message.
“Dr. Barham is a good person and he respects everyone,” said Naim Mohammed Aziz, 36, a taxi driver in Erbil who used to belong to the Kurdistan Islamist Party. “The government doesn’t care about us anymore, we need someone new.”
In KDP strongholds, his posters are ripped down within hours of being put up, which his supporters take as a compliment.
“It means the governing parties feel the threat,” said former KRG Trade Minister Mohammed Raof Mohammed, and Salih’s Erbil campaign manager.
The New Generation movement has also rattled the establishment. Leading candidate Rabun Maroof was beaten up while campaigning in Erbil this week.
The party has corralled some supporters, particularly young people excited by his message of change.
“We as Kurdish youth, we want to support this movement to help build Kurdistan anew,” said Aras Anwar, a 20-year-old volunteer campaigner.
Others have lost patience. “I can’t wait 10 years for change,” said Abdullah, the Sulaimaniya teacher. She has been on strike for months over years of unpaid salary.
“To vote or not to vote, it doesn’t matter,” she said. “Our voices won’t count.”
Reporting by Raya Jalabi in Erbil, Sulaimaniya, and Kirkuk; Additional reporting by Mustafa Mahmoud in Kirkuk; Editing by Dominic Evans and Giles Elgood
| ashraq/financial-news-articles | https://www.reuters.com/article/us-iraq-election-kurds/after-failed-independence-bid-disillusioned-kurds-to-vote-in-iraqi-poll-idUSKBN1IB2KD |
NAIROBI (Reuters) - Floodwater from a flower-farm dam that burst after days of torrential rain in Kenya’s Rift Valley killed at least 24 people as it swept through 450 homes, the local governor said on Thursday.
Nakuru county governor Lee Kinyanjui told Reuters as many as 2,000 people had been affected by the rupturing of the dam on Wednesday night. Engineers had been sent to carry out safety checks on three other nearby reservoirs.
Reporting by Duncan Miriri; Editing by Ed Cropley/James Macharia
| ashraq/financial-news-articles | https://www.reuters.com/article/us-kenya-floods-homes/24-killed-around-2000-affected-by-kenyan-dam-burst-governor-idUSKBN1IB16D |
May 01, 2018 The Modern Cell Carrier: How We Got Here Technology and regulation have shaped how we communicate, but how did we get here, and what's next? By Evan Engel and Ryan Knutson May 01, 2018 7:17 pm Now T-Mobile has agreed to buy Sprint, the U.S. wireless industry is about to be dominated by three major players. But how did we go from the days of one giant landline monopoly to four competitive cell companies? Illustration: Shaumbe Wright/WSJ A Brief History Of We live in a fast-changing world where industries are constantly having to adapt to new trends and technologies. This Wall Street Journal brief history series helps explain the now, by looking back at how we got here. Up Next in A Brief History Of Ep.5 How a Steel Box Changed the World: A Brief History of Shipping Ep.6 Humor, Rivalry and Billions of Dollars: A Brief History of Super Bowl Ads Ep.7 A Brief History of the Winter Olympics: Pushing the Extreme Ep.8 From Phonographs to Spotify: A Brief History of the Music Industry A Brief History of Cable: Creating and Cutting the Cord Ep.1 A Brief History of Retail Ep.2 | ashraq/financial-news-articles | http://www.wsj.com/video/series/a-brief-history-of/the-modern-cell-carrier-how-we-got-here/980E2187-401D-48A1-B82B-1486CEE06CB9?mod=rss |
May 22 (Reuters) - Blackline Inc:
* BLACKLINE ANNOUNCES OFFERING OF 3,500,000 SHARES BY SELLING STOCKHOLDERS
* BLACKLINE INC - COMMENCED UNDERWRITTEN PUBLIC OFFERING OF 3.5 MILLION SHARES OF COMMON STOCK BY INVESTMENT FUNDS AFFILIATED WITH SILVER LAKE SUMERU Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-blackline-announces-offering-of-35/brief-blackline-announces-offering-of-3-5-mln-shares-by-selling-stockholders-idUSASC0A3AF |
(Reuters) - Oil prices are at risk for further gains due to the United States’ decision to withdraw from the 2015 Iran nuclear agreement, coupled with rising tensions in other oil-producing countries such as Saudi Arabia and Venezuela, Goldman Sachs said in a note Wednesday.
The Goldman Sachs company logo is seen in the company's space on the floor of the New York Stock Exchange, (NYSE) in New York, U.S., April 17, 2018. REUTERS/Brendan McDermid The investment bank’s current forecast is for Brent crude to hit $82.50 a barrel by the summer; it is currently trading around $77 a barrel. The harsher approach by the United States could result in an initial loss of about 500,000 barrels a day (bpd) in Iran’s output, which is currently 3.8 million bpd.
Such a loss would boost oil prices by about $6.20 per barrel, Goldman said. “Such elevated oil geopolitical risks exacerbate the upside risks to Brent forecasts and reinforce our view that oil price volatility will continue to increase,” they wrote.
Reporting by David Gaffen; editing by Jonathan Oatis
| ashraq/financial-news-articles | https://www.reuters.com/article/us-iran-nuclear-oil-goldman/iran-deal-withdrawal-other-global-issues-risk-higher-oil-prices-goldman-sachs-idUSKBN1IA29S |
May 3, 2018 / 4:32 PM / Updated 3 hours ago ATP World Tour 250, Munich Men's Singles Results Reuters Staff 1 Results from the ATP World Tour 250, Munich Men's 2nd Round .. Marton Fucsovics (HUN) beat Marco Cecchinato (ITA) 7-6(5) 6-1 Maximilian Marterer (GER) beat 3-Diego Schwartzman (ARG) 6-4 6-2 6-Philipp Kohlschreiber beat Mischa Zverev (GER) 6-2 6-2 (GER) 2-Roberto Bautista Agut beat Casper Ruud (NOR) 6-4 6-3 (ESP) | ashraq/financial-news-articles | https://uk.reuters.com/article/tennis-atp-results-mens-singles/atp-world-tour-250-munich-mens-singles-results-idUKMTZXEE535V9HZH |
May 14, 2018 / 3:44 PM / in 34 minutes Access roads at risk, Hawaii volcano could spur more evacuations Terray Sylvester 3 Min Read
PAHOA, Hawaii (Reuters) - Lava oozing from giant rips in the earth that have sprouted near Hawaii’s Kilauea volcano threatened highways on Monday, raising the possibility that officials will order remaining residents to evacuate before access routes are cut off. Volcanic gases rise from the ground in the Leilani Estates subdivision during ongoing eruptions of the Kilauea Volcano in Hawaii, U.S., May 13, 2018. REUTERS/Terray Sylvester
Since May 3 when Kilauea began erupting, 19 lava-spewing fissures have opened in the area, including one that tore through a subdivision on Monday in the Lower Puna area of Hawaii’s Big Island.
Steaming cracks along one of the areas main routes, Highway 132, have raised concerns a new fissure may develop there, which would imperil access for 2,000 people in the lower Puna area.
If the highway is cut off, officials will start to plan for a mass evacuation, Hawaii National Guard spokesman Maj. Jeff Hickman told reporters.
“We’ve been telling them, ‘evacuate if you can, because if we have to come in and get you, we’ll be putting first responders at risk,” Hickman said. A view of Fissure 17, is seen looking southward from Hwy 132, in Hawaii, U.S. May 13, 2018. Picture taken on May 13, 2018. USGS/Handout via REUTERS
(GRAPHIC: Scorched earth - tmsnrt.rs/2IldVyS )
The Honolulu County Mayor’s office, which oversees Puna, said on Sunday that lava eruptions had destroyed 37 structures.
Since the eruptions began, officials have ordered the evacuations of nearly 2,000 people, mostly in the Leilani Estates area, where explosions could be heard on Sunday as steam rose from cracks in the roads. Slideshow (3 Images)
The American Red Cross said 500 people sought refuge in its shelters on Sunday night because of volcanic activity.
“This is adding to the growing fear of a mass evacuation,” the Red Cross said in a statement. “Some highways are closed and hundreds are without power.”
In addition, the U.S. Geological Survey said that pent-up steam could cause an explosion at the top of the volcano as the pool of lava recedes, launching a 20,000-foot (6,100-meter) plume that could spread debris over 12 miles (19 kilometers).
Oozing flows of molten rock have destroyed some 37 buildings in the past 10 days, while emissions of sulfur dioxide gas in some areas have turned vegetation brown. No deaths or major injuries have been reported in latest series of eruptions from Kilauea, which has been in a state of nearly constant eruption since 1983.
Kilauea, a 4,000-foot-high (1,200-meters) volcano with a lake of lava at its summit is located in the far east of Hawaii’s 4,028-square-mile (10,430-square-km) Big Island, which is home to about 200,000 people.
The USGS warned that fissures could erupt throughout the area, and Civil Defense officials on Sunday ordered people living on Halekamahina Road to evacuate and be on the alert for gas emissions and lava spatter.
One of the newest fissures, a 1,000-foot (300-meter) groove with smoke pouring out both ends, was sending a narrow lava flow toward the ocean two miles away, Civil Defense officials said on Monday. If it reaches the water, it will breach a coastal route, highway 137, another access route in Lower Puna. Reporting by Terray Sylvester in Pahoa and Jolyn Rosa in Honolulu; additional reporting by Rich McKay in Atlanta and Andrew Hay; Writing by Peter Szekely in New York; Editing by Bill Tarrant and Grant McCool | ashraq/financial-news-articles | https://www.reuters.com/article/us-hawaii-volcano/warnings-of-more-lava-and-possible-explosion-at-hawaiian-volcano-idUSKCN1IF278 |
Axon CEO touts benefits of his police tech 15 Hours Ago Jim Cramer sits down with Axon Enterprise co-founder and CEO Rick Smith, who talks about his company's latest acquisition. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/04/axon-ceo-touts-benefits-of-his-police-tech.html |
May 17 (Reuters) - Warehouse club opeartor BJ’s Wholesale Club has filed with U.S. regulators for a New York Stock Exchange listing, its second attempt at trying to become a public company.
The company, owned by private equity firms Leonard Green & Partners LP and CVC Capital Partners Ltd, will list under the symbol “BJ”, a regulatory filing showed on Thursday. (Reporting by Sweta Singh in Bengaluru; Editing by Arun Koyyur)
| ashraq/financial-news-articles | https://www.reuters.com/article/bjwholesale-ipo/bjs-wholesale-club-files-for-listing-on-nyse-idUSL3N1SO4NY |
Small health insurers have every incentive to get bigger.
That is the takeaway from Tuesday’s announcement that WellCare Health Plans plans to buy privately held insurer Meridian for $2.5 billion. Like WellCare, Meridian specializes in government-sourced business such as Medicaid and Medicare Advantage.
WellCare is certainly paying up for... | ashraq/financial-news-articles | https://www.wsj.com/articles/clean-bill-of-health-for-insurance-deals-1527696891 |
Deutsche Bank AG executives have considered plans in recent weeks to eliminate close to 10,000 jobs, or about one in 10 employees, as part of moves to accelerate cost-cutting, according to people familiar with internal bank discussions.
The latest plan, with cuts that likely would extend into 2019, follows months of thorny debate over how fast and deep job losses should be at the beleaguered German lender. The process has divided senior executives and left investors unconvinced.
... RELATED VIDEO A Brief History of Retail Banking The retail banking industry is undergoing another major shift, and the future looks high-tech, sophisticated, and, for big banks, very urban. So what has changed? | ashraq/financial-news-articles | https://www.wsj.com/articles/deutsche-bank-zeroes-in-on-plans-for-10-000-job-cuts-1527080041 |
Budweiser has gone to the history books for its latest lager.
A new beer the massive brewer is rolling out this month, Freedom Reserve Red Lager, is inspired by a hand-written recipe found in George Washington's military journal kept during the French and Indian War in 1757.
Meant to celebrate U.S. veterans and American history, the red lager is made by Budweiser brewers who are also "proud veterans," the company says. Proceeds benefit Folds of Honor, a non-profit group that provides educational scholarships to military families.
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This is the latest marketing move by Budweiser to tap into historical notes for its beers. Two years ago Budweiser was available in packaging labeled "America" on cans and bottles. And in October 2017, the brewery released its first Reserve Collection beer, 1933 Repeal Reserve Amber Lager, which celebrated the end of Prohibition.
show chapters Legal pot becomes buzzkill for beer sales 2 Hours Ago | 05:27 This second Reserve Collection beer, Freedom Reserve Red Lager, was described by Washington as a "small beer" in his journal, which is online in the Digital Public Library of America.
Budweiser's 5.4% alcohol beer based on Washington's recipe will not be hop-heavy, but will have "a rich caramel malt taste and a smooth finish with a hint of molasses," the company says in a news release announcing the beer.
The beer will begin showing up at retail this month and will be available through September or while supplies last. "We are incredibly proud of our Freedom Reserve Red Lager because it was passionately brewed by our veteran brewers who have bravely served our country," said Budweiser vice president Ricardo Marques in a statement.
Freedom Reserve Red Lager is just one of several new recipes Budweiser has in the works to energize sales. Scheduled for release in September, is another limited-edition beer, Budweiser Reserve Copper Lager, which is aged on Jim Beam bourbon barrel staves.
Don't want to go out to get Bud's new beer? Bud is teaming with alcohol delivery service Drizly to give new customers $5 off their first delivery with the code "Freedom," through July 15.
This is not the first time the founding fathers have served up inspiration to brewers. Blue Point Brewing, made its own beer from Washington's military journal two years ago. Anheuser-Busch acquired the Patchogue, N.Y. brewery in 2014.
Yards Brewing of Philadelphia has made George Washington's Tavern Porter, which is inspired by Washington's descriptions, since 1999. It also makes Thomas Jefferson's Tavern Ale, based on Jefferson's recipe of beer made at his Monticello home, and Poor Richard's Tavern Spruce, an amber ale based on Benjamin Franklin's original recipe. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/02/budweisers-new-beer-is-based-on-george-washingtons-hand-written-recipe.html |
HAMILTON, Bermuda--(BUSINESS WIRE)-- Essent Group Ltd. (NYSE: ESNT) announced today that Jane P. Chwick and Angela Heise have joined its Board of Directors.
“We are very pleased to have Jane and Angela join our Board of Directors,” said Mark Casale, Chairman and Chief Executive Officer. “They both bring tremendous depth of technology and cybersecurity experience to our Board. In an ever changing world of newer technologies being implemented across the mortgage lending landscape, Jane and Angela will provide valuable insight and guidance in enhancing strategies and processes across our entire operating platform.”
Jane P. Chwick had been co-chief executive officer of Trewtec, Inc., a technology advisory firm designed to help board members and CEOs evaluate the technology function in their companies, since September 2014. Prior to this role, she was a partner and co-chief operating officer of the technology division of Goldman Sachs Group, Inc., where she was responsible for financial and business planning, technical strategy and ongoing management of an 8,000-person organization until her retirement in April 2013. During her 30 year career at Goldman Sachs, Ms. Chwick held a number of senior positions, including global head of technology of the securities division and global head of derivatives technology. She is currently a director of MarketAxess Holdings, Inc., ThoughtWorks, Inc., People's United Financial, Inc. and Voya Financial, Inc., and also serves as a board member of the Queens College Foundation. Ms. Chwick received a B.A. in Mathematics from Queens College and an MBA from St. Johns University with a concentration in MIS and Quantitative Analysis.
Angela L. Heise serves as president of the Civil Group at Leidos Holdings, Inc., a provider of information technology, engineering, and science solutions in the defense, intelligence, homeland security, civil, and health markets, where she is responsible for providing solutions to U.S. cabinet-level civil agencies and major elements of the public sector across the globe. Her areas of focus include air traffic automation, energy and the environment, federal infrastructure and logistics, information technology and cybersecurity, and transportation security. Prior to her role with Leidos, Ms. Heise held a number of positions with Lockheed Martin between 1997 and 2016, including vice president of enterprise information technology solutions. Most recently, from 2015 to 2016, Ms. Heise served as vice president of commercial cyber, where she was responsible for the delivery of a portfolio of cybersecurity and information technology solutions and services to Global 1000 customers. Ms. Heise holds a BS in computer science from Southern Illinois University.
About the Company
Essent Group Ltd. (NYSE: ESNT) is a Bermuda-based holding company (collectively with its subsidiaries, “Essent”) which, through its wholly-owned subsidiary Essent Guaranty, Inc., offers private mortgage insurance for single-family mortgage loans in the United States. Essent provides private capital to mitigate mortgage credit risk, allowing lenders to make additional mortgage financing available to prospective homeowners. Headquartered in Radnor, Pennsylvania, Essent Guaranty, Inc. is licensed to write mortgage insurance in all 50 states and the District of Columbia, and is approved by Fannie Mae and Freddie Mac. Essent also offers mortgage-related insurance, reinsurance and advisory services through its Bermuda-based subsidiary, Essent Reinsurance Ltd. Additional information regarding Essent may be found at www.essentgroup.com and www.essent.us .
Source: Essent Group Ltd.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180530005189/en/
Essent Group Ltd.
Media Contact
610-230-0556
[email protected]
or
Investor Relations Contact
Christopher G. Curran
Senior Vice President – Investor Relations
855-809-ESNT
[email protected]
Source: Essent Group Ltd. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/business-wire-essent-group-ltd-announces-jane-p-chwick-angela-heise-have-joined-board-of-directors.html |
May 2 (Reuters) - Acesite (Phils.) Hotel Corp:
* FY GROSS REVENUE 436.6 MILLION PESOS VERSUS 589.2 MILLION PESOS
* FY NET LOSS ATTRIBUTABLE 45.0 MILLION PESOS VERSUS PROFIT OF 69.6 MILLION PESOS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-acesite-hotel-corp-posts-fy-net-lo/brief-acesite-hotel-corp-posts-fy-net-loss-attributable-45-mln-idUSFWN1S80QM |
May 17, 2018 / 7:35 AM / Updated 7 hours ago Daily Briefing: Italy - Eurozone braced for next challenge Mark John , Mike Dolan 7 Italy's 5-Star Movement and the League are now seen close to signing off on a radical government pact that will set Rome up for a likely showdown with the European Union over spending plans that will bust the eurozone's deficit rules. Duomo's cathedral and Porta Nuova's financial district are seen in Milan, Italy, May 16, 2018. REUTERS/Stefano Rellandini
The Italian economy is the third largest in the eurozone and almost 10 times the size of Greece’s: make no mistake that this is a potentially a big new challenge to the stability of the euro in the making.
Roadblocks to government formation still exist: The two parties still need to find a candidate for prime minister, and will seek the backing of their supporters in informal ballots at the weekend.
Once these hurdles have been overcome, they will need the blessing of President Sergio Matteralla, who has made clear he does not want to see Italy break with Europe.
The Telegraph reports that Britain will tell Brussels it is ready to stay in the European Union's customs union beyond the 2021 transition deadline if the technology required to operate complex new borders plans is not ready in time.
It adds that officials warn it may not be in place until 2023. If true, this starts to looks very much like one of those slippery slope scenarios when the final date for leaving the customs union starts to move ever further beyond the horizon. Sterling has risen against the euro this morning on the hopes of some investors that this will be the case. No official comment is forthcoming from Downing Street.
Meanwhile the European Union holds its first summit with Balkans membership hopefuls in 15 years.
All the rage in the couple of decades after the fall of the Berlin Wall, so-called enlargement of the bloc to new nations has since dramatically slowed amid concerns that the EU has yet to fully digest its newest members and growing voter hostility in some quarters to cross-border migration.
While the EU is a long way from firm promises of membership to any of the six nations present, it will seek to persuade them that this can be a long-term goal if they pursue the necessary political and economic reforms. French President Emmanuel Macron, British Prime Minister Theresa May and German Chancellor Angela Merkel walk during the EU-Western Balkans Summit in Sofia, Bulgaria, May 17, 2018. REUTERS/Stoyan Nenov
What it wants to avoid at all costs is them falling into the embrace of Moscow. MARKETS AT 0655 GMT
U.S. Treasury borrowing rates continue to surge first on Thursday, adding stress to bond markets around the world and keeping the dollar pumped up too.
Ten-year Treasury yields hit a near 7-year high of 3.12 percent – a jump of more than 12 basis points in just three days – as U.S. retail sales numbers were the latest to show the brisk expansion continuing stateside and as Brent crude oil hit another 3-1/2 year high just shy of $80.
While the 2-year yield hit its highest since 2008, the 2-10-year yield curve is steepening and hit 52 basis points for the first time in about three weeks.
The dollar index was higher first thing, even if off its best levels from Wednesday.
Euro/dollar is struggling to keep a foothold back above $1.18 and dollar/yen hit its highest level since late January at 110.57. Sterling bucked the trend, rallying against both the dollar and the euro after a UK newspaper reported that Prime Minister May would tell Brussels that Britain was prepared to stay in the European Union’s customs union after a transitional arrangement beyond 2021. Traders work on the floor of the New York Stock Exchange shortly after the opening bell in New York, U.S., May 14, 2018. REUTERS/Lucas Jackson
The other two big macro market spotlights stay on Italy and Turkey .
Benchmark Italian government bond yields nudged higher after a 16 basis point jump on Wednesday following reports, subsequently denied, that the prospective Five Star/League coalition government had drafted an economic plan that would seek 250 billion of debt forgiveness from the European Central Bank.
While few people see that as either a realistic proposal or one that would remain in the coalition’s agenda, the tone of the new government’s stance toward euro zone rules was seen as confrontational and spooked some investors.
Markets now eagerly await the final agreement to see what details remain in there.
Two-year Italian government yields moved into positive territory on Wednesday for the first time in almost a year – the only other positive yielding two-year government bond is Greece.
That said 10-year Italian yields are now only back to levels seen around the election in March and still remain remarkably calm given the 10 week government hiatus.
In Turkey the lira resumed its steep slide first thing after a brief stabilization Wednesday when the central bank warned it would take action.
In the absence of that, however, one of the main concerns is that President Erdogan has stated he plans to take more control over monetary policy after next month’s elections – questioning the independence of the central bank and unnerving those who are puzzled by Erdogan’s stated belief that lower interest rates brings lower inflation.
Erdogan met with the central bank chief on Wednesday, but there’s been no read out from that meeting. In equities, Wall St closed higher last night but futures are on the backfoot given rising Treasury yields.
Asia bourses were mixed, but MSCI’s all-country index was in positive territory.
European stocks were flat to positive , with Italy’s blue chips recovering some of Wednesday’s lost ground.
A look at the day ahead from European Economics and Politics Editor Mark John and EMEA markets editor Mike Dolan. The views expressed are their own. Editing by Matthew Mpoke Bigg | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-europe-view-thursday/daily-briefing-italy-eurozone-braced-for-next-challenge-idUKKCN1II0S8 |
(Adds detail)
LONDON, May 31 (Reuters) - Premier League soccer team Chelsea, whose Russian owner Roman Abramovich has faced delays in having his UK visa renewed, said on Thursday that work on their new stadium in London would be suspended indefinitely because of the unfavourable investment climate.
In a statement, the club did not say whether the decision was related to the visa problems of Abramovich who was reported to have taken Israeli citizenship earlier this week.
“Chelsea Football Club announces today that it has put its new stadium project on hold. No further pre-construction design and planning work will occur,” the club website statement said.
“The club does not have a time frame set for reconsideration of its decision,” it added. “The decision was made due to the current unfavourable investment climate.”
The Blues were planning to build a new 60,000-seat stadium at their current home in Stamford Bridge, west London. The current stadium capacity is around 42,000.
Last year, London mayor Sadiq Khan approved the 500 million pound redevelopment, although the estimated cost of the project has risen since.
Premier league winners in 2016/17, Chelsea missed out on Champions League football by finishing fifth this year, and there is substantial uncertainty around the future of manager Antonio Conte.
Abramovich bought Chelsea in 2003, since when the club has won five Premier League titles, five FA Cups and one Champions League during the most successful spell in the club’s 113-year history.
But British authorities, whose relations with Moscow have been strained since the poisoning in Salisbury three months ago of a former Russian spy and his daughter, are yet to renew the oligarch’s visa after it expired last month, according to two sources familiar with the matter.
Britain’s interior minister said in March that the government would look retrospectively at visas issued to wealthy foreign investors and consider whether action needs to be taken, and Prime Minister Theresa May has said it is right to see whether visas were being used properly.
A spokesman for Abramovich was not immediately available for comment. (Reporting by Alistair Smout; editing by Stephen Addison)
| ashraq/financial-news-articles | https://www.reuters.com/article/soccer-england-che-stadium/update-1-soccer-chelsea-suspend-new-stadium-plans-due-to-unfavourable-investment-climate-idUSL5N1T242B |
May 15 (Reuters) - Clear Channel Outdoor Holdings Inc :
* CLEAR CHANNEL OUTDOOR WINS LONG-TERM SAN DIEGO METROPOLITAN TRANSIT SYSTEM EXPANSION, NEW AGREEMENT ENABLES ADVERTISERS TO REACH CONSUMERS ACROSS THE ENTIRE SAN DIEGO DMA Source text for Eikon: Further company coverage: ([email protected])
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-clear-channel-outdoor-wins-long-te/brief-clear-channel-outdoor-wins-long-term-san-diego-metropolitan-transit-system-expansion-idUSFWN1SM0XX |
Russian economy adapted pretty quickly to latest sanctions: Central bank 2 Hours Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/24/russian-economy-adapted-pretty-quickly-to-latest-sanctions-central-bank.html |
The Choice is Clear: Concrete Value Creation vs. Illusory Value
SAN JOSE, Calif.--(BUSINESS WIRE)-- SJW Group (NYSE: SJW) today announced that its Board of Directors will be sending a letter to its fellow SJW Group stockholders regarding SJW Group’s Merger of Equals with Connecticut Water Service, Inc. (NASDAQ: CTWS) (“Connecticut Water”). The letter, which is included below, urges stockholders to consider the facts regarding SJW Group’s merger of equals with Connecticut Water.
Dear Fellow Stockholders,
We are excited about the progress we have made towards completing the merger of equals with Connecticut Water Service, Inc. (“Connecticut Water”), which is expected to close during the fourth quarter of 2018. We have already achieved significant momentum toward closing, including important federal anti-trust clearance, the filing of our applications with Connecticut and Maine public utility regulators, and progress in merger integration and transition planning. Our combined company will have the scale, geographic diversity, and financial strength to deliver what we believe will be immediate and long-term value to our stockholders .
In the near future, you will be asked to vote at a Special Meeting of Stockholders to support our merger with Connecticut Water. This proposed combination of our two companies deserves your support. In addition to generating attractive value for stockholders, the merger will provide significant benefits to customers, all employees and the communities that we serve.
As you might have heard, California Water Service Group (“Cal Water”) has made an unsolicited, non-binding indication of interest to acquire our company for $68.25 per share in cash. Our Board of Directors carefully evaluated the non-binding indication and unanimously rejected it as neither a superior proposal nor reasonably likely to lead to a superior proposal. The Board also unanimously reaffirmed its commitment to the merger of equals with Connecticut Water. Now, Cal Water has embarked upon an expensive and ill-advised campaign to break up our merger of equals by asking you to vote against the transaction.
Here are the facts.
Our merger of equals with Connecticut Water offers meaningful opportunities to generate not only immediate shareholder value, but value well into the future through:
Highly attractive earnings and growth accretion. Demonstrated track records by both companies of producing meaningful total shareholder return (share price appreciation + dividends). A strong balance sheet that enhances financial flexibility to increase growth. A solid credit profile that supports future share repurchase. Enhanced equity value from the formation of a leading pure play national water company. Continued investment in a company that cares about the environment for our communities, customers and employees.
In contrast, Cal Water’s inferior non-binding indication asks you to forgo these compelling opportunities. How? Under Cal Water’s non-binding indication you would receive cash for your stock. That means you would no longer be an SJW Group stockholder and would have no opportunity to share in what we believe is a very bright future for our company. By comparison, the substantial ongoing benefits that will only be available to stockholders in our stock-for-stock merger of equals with Connecticut Water far outweigh Cal Water’s non-binding indication.
Since Cal Water’s non-binding indication is cash-for-stock, it would be a taxable transaction for SJW Group stockholders. 1 For many stockholders, once you pay taxes on the transaction, you will have less than $68.25 per share. In contrast, our merger of equals with Connecticut Water is anticipated to be not taxable.
Here’s an example: Assuming a stockholder has held SJW Group stock for 15 years, that stockholder would have acquired the shares for around $14 each. After paying up to 20 percent capital gains tax on the difference between Cal Water’s $68.25 per share and the $14 per share cost basis, the stockholder could be left with only $57 or so in cash per share.
Over the past 15 years, SJW Group stockholders have enjoyed a dividend that has increased every year. In fact, SJW Group has paid its stockholders a dividend for the last 74 consecutive years and has increased its annual dividend in each of the last 50 years . Given our dividend track record, we believe SJW Group stockholders are best served by the proposed merger with Connecticut Water rather than trying to find another company in which to invest the money they would have left after paying taxes on the Cal Water non-binding indication.
Clearly, we believe the merger of equals with Connecticut Water remains the best choice for SJW Group and its stockholders. This is really a choice between a concrete value-creation opportunity represented by the merger of equals with Connecticut Water versus illusory value and foregone opportunities if you believe Cal Water .
In the near future, we will be sending you a detailed proxy statement describing our proposed merger of equals with Connecticut Water along with a GREEN proxy card. You should read the material carefully. We urge you to vote on the GREEN card FOR all proposals related to our merger of equals with Connecticut Water. If you receive any materials from Cal Water, there is no need for action on your part. We recommend that you recycle the white cards and any materials you might receive from Cal Water.
Sincerely,
The SJW Group Board of Directors
If you have any questions please call our proxy solicitors:
Georgeson LLC
William Fiske / Edward Greene
212-440-9800; 866-357-4029, [email protected]
Forward Looking Statements
This document contains within the meaning of the Private Litigation Reform Act of 1995, as amended. Some of these can be identified by the use of forward-looking words such as “believes,” “expects,” “may,” “will,” “should,” “seeks,” “approximately,” “intends,” “plans,” “estimates,” “projects,” “strategy,” or “anticipates,” or the negative of those words or other comparable terminology.
The accuracy of such statements is subject to a number of risks, uncertainties and assumptions including, but not limited to, the following factors: (1) the risk that the conditions to the closing of the transaction are not satisfied, including the risk that required approvals from the shareholders of Connecticut Water or the shareholders of SJW Group for the transaction are not obtained; (2) the risk that the regulatory approvals required for the transaction are not obtained, or that in order to obtain such regulatory approvals, conditions are imposed that adversely affect the anticipated benefits from the proposed transaction or cause the parties to abandon the proposed transaction; (3) the risk that the anticipated tax treatment of the transaction is not obtained; (4) the effect of water, utility, environmental and other governmental policies and regulations; (5) litigation relating to the transaction; (6) uncertainties as to the timing of the consummation of the transaction and the ability of each party to consummate the transaction; (7) risks that the proposed transaction disrupts the current plans and operations of Connecticut Water or SJW Group; (8) the ability of Connecticut Water and SJW Group to retain and hire key personnel; (9) competitive responses to the proposed transaction; (10) unexpected costs, charges or expenses resulting from the transaction; (11) potential adverse reactions or changes to business relationships resulting from the announcement or completion of the transaction; (12) the combined companies’ ability to achieve the growth prospects and synergies expected from the transaction, as well as delays, challenges and expenses associated with integrating the combined companies’ existing businesses; and (13) legislative and economic developments. These risks, as well as other risks associated with the proposed transaction, are more fully discussed in the joint proxy statement/prospectus that is included in the Registration Statement on Form S-4 that has been filed with the Securities and Exchange Commission (“SEC”) in connection with the proposed transaction.
In addition, actual results are subject to other risks and uncertainties that relate more broadly to SJW Group’s overall business, including those more fully described in SJW Group’s filings with the SEC, including its annual report on Form 10-K for the fiscal year ended December 31, 2017, and Connecticut Water’s overall business and financial condition, including those more fully described in Connecticut Water’s filings with the SEC, including its annual report on Form 10-K for the fiscal year ended December 31, 2017. Forward looking statements are not guarantees of performance, and speak only as of the date made, and neither SJW Group or its management nor Connecticut Water or its management undertakes any obligation to update or revise any .
Additional Information and Where to Find It
In connection with the proposed transaction between SJW Group and Connecticut Water, on April 25, 2018, SJW Group filed with the SEC a Registration Statement on Form S-4 that includes a joint proxy statement of SJW Group and Connecticut Water that also constitutes a prospectus of SJW Group. These materials are not yet final and will be amended. SJW Group and Connecticut Water may also file other documents with the SEC regarding the proposed transaction. This document is not a substitute for the joint proxy statement/prospectus, Form S-4 or any other document which SJW Group or Connecticut Water may file with the SEC. INVESTORS AND SECURITY HOLDERS OF SJW GROUP AND CONNECTICUT WATER ARE URGED TO READ THE REGISTRATION STATEMENT, THE JOINT PROXY STATEMENT/PROSPECTUS AND ALL OTHER RELEVANT DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND RELATED MATTERS. Investors and security holders may obtain free copies of the Form S-4 and the joint proxy statement/prospectus and other documents filed with the SEC by SJW Group and Connecticut Water through the website maintained by the SEC at www.sec.gov . Copies of documents filed with the SEC by SJW Group are available free of charge on SJW Group’s investor relations website at https://sjwgroup.com/investor_relations . Copies of documents filed with the SEC by Connecticut Water are available free of charge on Connecticut Water’s investor relations website at https://ir.ctwater.com/ .
No Offer or Solicitation
This communication is for informational purposes only and is not intended to and does not constitute an offer to sell, or the solicitation of an offer to subscribe for or buy, or a solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in which such offer, sale or solicitation would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, and otherwise in accordance with applicable law.
Participants in the Solicitation
SJW Group, Connecticut Water and certain of their respective directors and officers, and other members of management and employees, may be deemed to be participants in the solicitation of proxies from the holders of SJW Group and Connecticut Water securities in respect of the proposed transaction. Information regarding SJW Group’s directors and officers is available in SJW Group’s annual report on Form 10-K for the fiscal year ended December 31, 2017 and its proxy statement for its 2018 annual meeting dated March 6, 2018, which are filed with the SEC. Information regarding Connecticut Water’s directors and officers is available in Connecticut Water’s annual report on Form 10-K for the fiscal year ended December 31, 2017, and its proxy statement for its 2018 annual meeting dated April 6, 2018, which are filed with the SEC. Investors may obtain additional information regarding the interest of such participants by reading the Form S-4 and the joint proxy statement/prospectus and other documents filed with the SEC by SJW Group and Connecticut Water. These documents are available free of charge from the sources indicated above.
1 All stockholders’ tax situations are different. We advise you to consult with your tax advisor.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180511005147/en/
Investors
SJW Group
Andrew Walters, 408-279-7818
Chief Administrative Officer
[email protected]
or
Georgeson LLC
William Fiske / Edward Greene
212-440-9800; 866-357-4029
[email protected]
or
Media
SJW Group
Jayme Ackemann, 408-918-7247
Director, Corporate Communications
[email protected]
or
Abernathy MacGregor
Ian Campbell, 213-630-6550,
[email protected]
or
Chuck Dohrenwend, 212-371-5999,
[email protected]
or
Kendell Moore, 212-371-5999,
[email protected]
Source: SJW Group | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/11/business-wire-sjw-group-board-of-directors-issues-letter-to-fellow-sjw-group-stockholders.html |
LAKE HAVASU CITY, Ariz., May 18, 2018 (GLOBE NEWSWIRE) -- State Bank Corp. (OTCPink:SBAZ) (“Company”), the holding company for Mohave State Bank (“Bank”), today announced its Board of Directors declared a regular quarterly cash dividend of $0.06 per share. The dividend is payable on June 29, 2018 to shareholders of record on June 15, 2018. Based on the current share price, the annualized dividend yield is 1.80%.
About the Company
State Bank Corp., headquartered in Lake Havasu City, Arizona, is the parent company of Mohave State Bank, the largest locally-owned bank in Mohave County. Mohave State Bank is a full-service bank providing deposit and loan products, and convenient on-line banking to individuals, businesses and professionals. The Bank was established in October 1991, and the holding company was formed in 2004. Specializing in providing exceptional customer service and investing in its local communities, Mohave State Bank was named 2018 Bank of the Year by Western Independent Bankers. The Bank has nine full-service branches: two in Lake Havasu City, two in Kingman, two in Prescott, one in Bullhead City, one in Prescott Valley, and one in Cottonwood, Arizona. The Bank also operates a loan production office in Sedona, AZ. The Company is traded over-the-counter as SBAZ. For further information, please visit the web site: www.mohavestbank.com .
Forward Looking Statement
This press release may include forward-looking statements about State Bank Corp. and Mohave State Bank. These statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such risks and uncertainties include, but are not limited to, the following factors: the expected cost savings, synergies and other financial benefits from the completed merger might not be realized within the expected time frames or at all. Annualized, pro forma, projected and estimated numbers in this press release are used for illustrative purposes only, are not forecasts and may not reflect actual results. All forward-looking statements included in this press release are based on information available at the time of the release, and State Bank Corp. and Mohave State Bank assume no obligation to update any forward-looking statements.
Contact: Brian M. Riley, President & CEO
Craig Wenner, EVP & CFO
928 855 0000
www.mohavestbank.com
Source:State Bank Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/18/globe-newswire-state-bank-corp-declares-regular-quarterly-cash-dividend-of-0-point-06-per-share.html |
CARDIFF, Wales (Reuters) - Qatar Airways would back partially-owned IAG ( ICAG.L ) if the British Airways-owner decides to proceed with a takeover of Norwegian Air Shuttle ( NWC.OL ), Qatar’s CEO said, while declining to give further details of his plans to set up a new airline.
A Qatar Airways Airbus A350-1000 is pictured at the Eurasia Airshow in the Mediterranean resort city of Antalya, Turkey April 25, 2018. REUTERS/Murad Sezer Qatar Airways is IAG’s biggest shareholder with a 21 percent stake, theoretically giving it some sway over IAG’s strategy, which could involve the acquisition of Norwegian.
As for Qatar Airway’s own strategy, Chief Executive Akbar al-Baker was tight-lipped over plans revealed in April to set up a new airline, other than to repeat that he was interested in establishing an Indian domestic carrier.
When asked if he was interested in setting up a new airline in a country other than India he replied: “Maybe”, declining to give further details or say whether it would be a low-cost airline.
Related Coverage Qatar Airways CEO says 777X behind schedule but sees Boeing catching up IAG, which also owns Iberia, Aer Lingus and Vueling, bought a 4.6 percent stake in low-cost player Norwegian in April, with a view to starting takeover discussions in a deal which would give it a leading position in the budget long-haul trans-Atlantic market. “Qatar Airways will always support IAG in anything they do,” Baker told reporters at a press conference on Wednesday.
“Whatever they do to expand their business it has been thought after well and we will support them.”
Norwegian has said a number of groups have approached it since IAG took its stake.
But Qatar, which also owns stakes in Cathay Pacific and Italy’s Meridiana, said it has no plans to take a stake in Norwegian.
“We leave that relationship to IAG,” Baker told Reuters.
The CEO was speaking in Cardiff, where Qatar Airways was launching a new route between the Welsh capital and Doha, which from June will be a daily service.
Baker said that Qatar Airways wanted to keep expanding in Britain. It already flies to four UK destinations, and in May will add London Gatwick as a fifth, and would like to launch a new route between Doha and Belfast, Northern Ireland, in future.
Reporting by Sarah Young, Editing by Paul Sandle and Adrian Croft
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/us-qatar-airways-britain/qatar-airways-would-back-any-iag-norwegian-takeover-ceo-idUSKBN1I31JQ |
HERAT, Afghanistan (Reuters) - Think Super Mario Bros, but with an Afghan twist. This is how Afghanistan’s first generation of female coders explain their abilities as game-makers after uploading more than 20 games on digital app stores this year.
More than 20 young women in the western city of Herat have established themselves as computer experts, building apps and websites as well as tracking down bugs in computer code.
Like the team of Afghan schoolgirls who rose to fame last year when they competed in a robotics competition in the United States, the coders show what reserves of talent there are to be tapped when Afghan girls are given a chance.
“Coders can work from home and it is in this process women are building a new career path for themselves and for the next generation,” said Hasib Rasa, project manager of Code to Inspire, which teaches female students coding in Herat.
One of the games designed by the all-female team has caught the eye of developers and gamers as it illustrates the scourge of opium cultivation and the challenges the Afghan security forces face as they try to stamp it out.
The 2D game “Fight Against Opium” is an animated interpretation of the missions that Afghan soldiers undertake to destroy opium fields, fight drug lords and help farmers switch to growing saffron.
Afghanistan is the world’s largest source of opium but it also grows saffron - the world’s most expensive spice - which has long been pushed as an alternative to wean farmers off a crop used to make heroin.
Despite a ban, opium production hit a record in 2017, up 87 percent over 2016, according to a U.N. study.
Afghan coders practice at the Code to Inspire computer training center in Herat, Afghanistan April 24, 2018. Picture taken April 24, 2018. REUTERS/Mohammad Shoib Khatira Mohammadi, a student who helped develop the anti-opium game, said she wanted to show the complexities of the drug problem in the simplest way.
“We have illustrated our country’s main problem through a game,” said Mohammadi.
At the institute, more than 90 girls and young women, wearing headscarves and long black coats, are trained in coding and software development, a profession seen by some in conservative Afghanistan as unsuitable for women.
In Afghan society, it is unusual for women to work outside the home. Those who do, are mostly teachers, nurses, doctors, midwives and house helpers.
After the ouster of the Taliban in 2001, women regained freedom to work in offices with male colleagues - but many consider working as a software developer a step too far.
Hasib Rasa said girls are encouraged to design original player characters, goals, and obstacles that reflect Afghanistan’s ethos.
Afghan coders practice at the Code to Inspire computer training center in Herat, Afghanistan April 24, 2018. Picture taken April 24, 2018. REUTERS/Mohammad Shoib The course is exclusively aimed at females, aged 15-25, who are unable to pursue a four-year degree due to lack of funds or hail from families where they are prevented from enrolling in co-education schools.
“In Afghanistan the ability to work remotely is a key tool in the push for equality,” said Rasa.
Writing by Rupam Jain; Editing by Rob Birsel and Darren Schuettler
| ashraq/financial-news-articles | https://in.reuters.com/article/afghanistan-game-women/afghan-girl-coders-design-games-to-fight-opium-and-inequality-idINKBN1I901V |
2:52 PM ET Wed, 24 May 2017 | 01:02
I spend a lot of time on the road — and in the air. In fact, besides rent, my biggest expense is travel . But it's an expense that is important to me, and one that I budget for accordingly.
Plus, I keep things as cheap as I can . One of my biggest money-saving travel hacks is simple: I go where I know people.
Hotel and Airbnb bills can add up, so I eliminate that expense altogether by visiting cities where friends and family live. In the past 12 months, I've been to places like New Orleans, London, Puerto Rico and San Francisco and haven't spent a dime on lodging.
After crunching the numbers, I figure it saves me a couple thousand dollars every year. show chapters 7:57 AM ET Wed, 24 May 2017 | 01:52
I travel about once a month for an average of three nights per trip. That's 36 nights out of the year. Say a hotel room, split with whomever I'm traveling with, costs $50 to $75 per night. That's a yearly savings of $1,800 to $2,700.
I realize this strategy isn't feasible for everyone. I'm lucky to have family sprinkled throughout the U.S. and Europe. But if you have the option of crashing on a friend's couch or in a family guest bedroom, keep that in mind the next time you're planning a trip.
You'll want to give your host plenty of heads up and make sure they know they have a place to stay if they're ever in your city. It's also a good idea to bring a hostess gift, like a bottle of wine or nice box of chocolates. show chapters 10:53 AM ET Wed, 19 April 2017 | 01:20
Besides traveling where friends and family live, here are my other favorites strategies for traveling on the cheap:
1. I take advantage of credit card rewards. Perks like these can go a long way.Within the first year of signing up for the popular travel credit card , the Chase Sapphire Reserve, I saved over $2,000 on travel , thanks to a generous sign-up bonus and rewards points earned for using the card on a regular basis.
Read more about how to pick the best rewards credit card and check out the best credit cards for travelers . And remember, if you're going to rack up points, you'll want to make sure you're using your card responsibly and able to pay off your balance in full every month .
2. I book flights as far in advance as possible. Typically, the earlier you book travel, the less you'll pay. So when I know for a fact that I'll be traveling at a certain time — home for Thanksgiving and Christmas, for example — I'll buy flights months in advance.
Keep in mind that airlines will often charge you more than $100 to change your flight, so you do want to make sure your trip is set before buying tickets.
3. I sweat the small stuff. Little expenses can add up, particularly on longer trips. When traveling, I always skip the overpriced food and drinks at the airport. If I have a long flight or layover, I'll pack protein bars to tide me over and a water bottle to refill.
I also refuse to pay for internet access at hotels or the airport and hunker down in places that offer free Wi-Fi, like Starbucks or other cafes. And, if I'm abroad, I use a credit card that doesn't charge foreign transaction fees, which can add up fast. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/01/simple-hack-i-use-to-save-thousands-of-dollars-on-travel-each-year.html |
Total Revenue for the Quarter Increased 22%
SOUTH PORTLAND, Maine--(BUSINESS WIRE)-- WEX Inc. (NYSE:WEX), a leading provider of corporate payment solutions, today reported financial results for the three months ended March 31, 2018.
First Quarter 2018 Financial Results
Total revenue of 2018 increased 22% to $354.8 million from $291.4 million of 2017. Of the $63 million increase in the quarter, only $9.0 million was the result of higher fuel prices.
Net income attributable to shareholders on a GAAP basis increased by $19.2 million to $48.6 million, or $1.12 per diluted share, compared with $29.4 million, or $0.68 per diluted share, of 2017. The Company's adjusted net income attributable to shareholders, which is a non-GAAP measure, was $78.7 million of 2018, or $1.81 per diluted share, up 47% per diluted share from $52.9 million or $1.23 per diluted share for the same period last year. See Exhibit 1 for a full explanation and reconciliation of adjusted net income attributable to shareholders and adjusted net income attributable to shareholders per diluted share to the comparable GAAP measures.
“I am pleased to report a strong start to the year, highlighted by top and bottom line results above our guidance range with strong contributions from each of our business segments,” said Melissa Smith, WEX’s president and chief executive officer. “We remain focused on our sustained ability to bring compelling new features and products to market, which is allowing us to continue to sign new customers, retain and grow our current base, and ultimately drive profitable growth.”
Smith continued, “In the first quarter, we built on our performance from last year, with our employees across the world focused on bringing future based solutions across many business-to-business markets through the use of technology, adding a number of impressive wins, and capitalizing on our organic growth opportunities. We look forward to carrying this momentum through 2018.”
First Quarter 2018 Performance Metrics
Average number of vehicles serviced was approximately 11.5 million, an increase of 8% from the first quarter of 2017. Total fuel transactions processed increased 6% from the first quarter of 2017 to 131.8 million. Payment processing transactions increased 7% to 109.8 million. U.S. retail fuel price increased 16% to $2.78 per gallon from $2.40 per gallon of 2017. Travel and Corporate Solutions purchase volume grew 20% to $7.9 billion, from $6.6 billion of 2017. Health and Employee Benefit Solutions average number of Software-as-a-Service (SaaS) accounts in the U.S. grew 26% to 10.8 million from 8.6 million of 2017.
Financial Guidance and Assumptions
The Company provides revenue guidance on a GAAP basis and earnings guidance on a non-GAAP basis, due to the uncertainty and an indeterminate amount of certain elements that are included in reported GAAP earnings.
For the full year 2018, the Company expects revenue in the range of $1.435 billion to $1.475 billion and adjusted net income in the range of $337 million to $355 million, or $7.75 to $8.15 per diluted share. For the second quarter of 2018, WEX expects revenue in the range of $357 million to $367 million and adjusted net income in the range of $85 million to $90 million, or $1.96 to $2.06 per diluted share.
“Our first quarter performance reflects our sustained ability to drive growth. We are confident with our current position and will strive to identify additional opportunities for growth throughout the year, and drive scale through solid execution," said Roberto Simon, WEX's chief financial officer.
Second quarter 2018 guidance is based on an assumed average U.S. retail fuel price of $2.90 per gallon. Full year 2018 guidance is based on an assumed average U.S. retail fuel price of $2.80 per gallon. The fuel prices referenced above are based on the applicable NYMEX futures price. Our guidance assumes approximately 43.5 million shares outstanding for the second quarter and full year 2018.
The Company's guidance also assumes that second quarter 2018 fleet credit loss will range from 10 to 15 basis points and full year will range from 11 to 16 basis points.
The Company's adjusted net income guidance, which is a non-GAAP measure, excludes unrealized gains and losses on derivative instruments, net foreign currency remeasurement gains and losses and related derivatives, acquisition related intangible amortization, other acquisition and divestiture related items, stock-based compensation, restructuring and other costs, debt restructuring and debt issuance cost amortization, similar adjustments attributable to our non-controlling interest and certain tax related items. We are unable to reconcile our adjusted net income guidance to the comparable GAAP measure without unreasonable effort because of the difficulty in predicting the amounts to be adjusted, including but not limited to, foreign currency exchange rates, unrealized gains and losses on derivative instruments and acquisition and divestiture related items, which may have a significant impact on our financial results.
Additional Information
As previously disclosed, beginning of 2018, the Company has modified the presentation of certain line items in its unaudited condensed consolidated statements of income. Under the new presentation, the Company will segregate costs of services from other operating expenses and has reclassified its operating expenses into functional categories in order to provide additional detail into the underlying drivers of changes in operating expenses and align its presentation with industry practice. There are no changes to the presentation of revenues, non-operating expenses or other statement of income captions. Additionally, the revised presentation does not result in a change to previously reported revenues, operating income, income before income taxes or net income. Amounts from the prior period have been recast to reflect the new presentation.
Management uses the non-GAAP measures presented within this news release to evaluate the Company's performance on a comparable basis. Management believes that investors may find these measures useful for the same purposes, but cautions that they should not be considered a substitute for, or superior to, disclosure in accordance with GAAP.
To provide investors with additional insight into its operational performance, WEX has included in this news release in Exhibit 2, a table illustrating the impact of foreign currency translations and fuel prices for each of our reportable segments for the three months ended March 31, 2018 and 2017, and in Exhibit 3, a table of selected non-financial metrics for the quarter ended March 31, 2018 and four preceding quarters. The Company is also providing selected segment revenue information for the three months ended March 31, 2018 and 2017 in Exhibit 4.
Conference Call Details
In conjunction with this announcement, WEX will host a conference call today, May 3, 2018, at 9:00 a.m. (ET). As previously announced, the conference call will be webcast live on the Internet, and can be accessed along with the accompanying slides at the Investor Relations section of the WEX website, www.wexinc.com . The live conference call also can be accessed by dialing (866) 334-7066 or (973) 935-8463. The Conference ID number is 90476316. A replay of the webcast and the accompanying slides will be available on the Company's website.
About WEX
Powered by the belief that complex payment systems can be made simple, WEX (NYSE:WEX) is a leading provider of payment processing and business solutions across a wide spectrum of sectors, including fleet, travel and healthcare. WEX operates in more than 10 countries and in more than 20 currencies through more than 3,300 associates around the world. WEX fleet cards offer 11.5 million vehicles exceptional payment security and control; purchase volume in travel and corporate solutions grew to $7.9 billion; and the WEX Health financial technology platform helps 300,000 employers and more than 25 million consumers better manage healthcare expenses. For more information, visit www.wexinc.com .
Forward-Looking Statements
This earnings release contains , including statements regarding: financial guidance; assumptions underlying the Company's financial guidance; future growth opportunities; customer signings; profitability; technology advances; and, market expansion. Any statements that are not statements of historical facts may be deemed to be When used in this earnings release, the words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “project” and similar expressions are intended to identify , although not all contain such words. These are subject to a number of risks and uncertainties that could materially, including: the effects of general economic conditions on fueling patterns as well as payment and transaction processing activity; the impact of foreign currency exchange rates on the Company’s operations, revenue and income; changes in interest rates; the impact of fluctuations in fuel prices; the effects of the Company’s business expansion and acquisition efforts; potential adverse changes to business or employee relationships, including those resulting from the completion of an acquisition; competitive responses to any acquisitions; uncertainty of the expected financial performance of the combined operations following completion of an acquisition; the ability to successfully integrate the Company's acquisitions; the ability to realize anticipated synergies and cost savings; unexpected costs, charges or expenses resulting from an acquisition; the Company's failure to successfully operate and expand ExxonMobil's European and Asian commercial fuel card programs; the failure of corporate investments to result in anticipated strategic value; the impact and size of credit losses; the impact of changes to the Company's credit standards; breaches of the Company’s technology systems or those of our third-party service providers and any resulting negative impact on our reputation, liabilities or relationships with customers or merchants; the Company’s failure to maintain or renew key agreements; failure to expand the Company’s technological capabilities and service offerings as rapidly as the Company’s competitors; failure to successfully implement the Company's information technology strategies and capabilities in connection with its technology outsourcing and insourcing arrangements and any resulting cost associated with that failure; the actions of regulatory bodies, including banking and securities regulators, or possible changes in banking or financial regulations impacting the Company’s industrial bank, the Company as the corporate parent or other subsidiaries or affiliates; the impact of the Company’s outstanding notes on its operations; the impact of increased leverage on the Company's operations, results or borrowing capacity generally, and as a result of acquisitions specifically; the incurrence of impairment charges if our assessment of the fair value of certain of our reporting units changes; the uncertainties of litigation; as well as other risks and uncertainties identified in Item 1A of our Annual Report for the year ended December 31, 2017, filed on Form 10-K with the Securities and Exchange Commission on March 1, 2018. The Company's do not reflect the potential future impact of any alliance, merger, acquisition, disposition or stock repurchases. The speak only as of the date of this earnings release and undue reliance should not be placed on these statements. The Company disclaims any obligation to update any as a result of new information, future events or otherwise.
WEX INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
(unaudited)
Three months ended March 31, 2018 2017 Revenues Payment processing revenue $ 168,454 $ 136,378 Account servicing revenue 78,704 61,539 Finance fee revenue 49,682 43,372 Other revenue 57,989 50,068 Total revenues 354,829 291,357 Cost of services Processing costs 79,640 64,334 Service fees 12,326 17,600 Provision for credit losses 13,990 12,231 Operating interest 8,485 4,893 Depreciation and amortization 20,450 17,384 Total cost of services 134,891 116,442 General and administrative 55,309 42,151 Sales and marketing 56,541 40,158 Depreciation and amortization 29,726 31,854 Operating income 78,362 60,752 Financing interest expense (27,337 ) (27,148 ) Net foreign currency gain 390 8,442 Net unrealized gains on interest rate swap agreements 13,508 1,565 Income before income taxes 64,923 43,611 Income taxes 15,589 14,535 Net income 49,334 29,076 Less: Net income (loss) from non–controlling interest 701 (325 ) Net income attributable to shareholders $ 48,633 $ 29,401 Net income attributable to WEX Inc. per share: Basic $ 1.13 $ 0.69 Diluted $ 1.12 $ 0.68 Weighted average common shares outstanding: Basic 43,049 42,871 Diluted 43,450 43,119
WEX INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
(unaudited)
March 31,
December 31,
2018
2017
Assets Cash and cash equivalents $ 373,169 $ 508,072 Restricted cash 26,716 18,866 Accounts receivable (net of allowances of $31,443 in 2018 and $30,207 in 2017) 2,770,399 2,517,980 Securitized accounts receivable, restricted 170,327 150,235 Prepaid expenses and other current assets 80,598 69,413 Total current assets 3,421,209 3,264,566 Property, equipment and capitalized software (net of accumulated depreciation of $279,693 in 2018 and $264,928 in 2017) 162,968 163,908 Goodwill 1,876,922 1,876,132 Other intangible assets (net of accumulated amortization of $427,812 in 2018 and $392,827 in 2017) 1,119,768 1,154,047 Investment securities 23,049 23,358 Deferred income taxes, net 6,914 7,752 Other assets 144,790 253,088 Total assets $ 6,755,620 $ 6,742,851 Liabilities and Stockholders’ Equity Accounts payable $ 947,317 $ 811,362 Accrued expenses 298,179 315,346 Short-term deposits 778,858 986,989 Short-term debt, net 300,710 397,218 Other current liabilities 31,825 24,795 Total current liabilities 2,356,889 2,535,710 Long-term debt, net 2,132,283 2,027,752 Long-term deposits 330,043 306,865 Deferred income taxes, net 132,442 119,283 Other liabilities 33,774 32,683 Total liabilities 4,985,431 5,022,293 Commitments and contingencies Stockholders’ Equity Common Stock $0.01 par value; 175,000 shares authorized; 47,500 shares issued in 2018 and 47,352 in 2017; 43,072 shares outstanding in 2018 and 43,022 in 2017 475 473 Additional paid-in capital 567,038 569,319 Retained earnings 1,453,957 1,404,683 Accumulated other comprehensive loss (89,150 ) (90,795 ) Treasury stock at cost; 4,428 shares in 2018 and 2017 (172,342 ) (172,342 ) Total WEX Inc. stockholders' equity 1,759,978 1,711,338 Non-controlling interest 10,211 9,220 Total stockholders’ equity 1,770,189 1,720,558 Total liabilities and stockholders’ equity $ 6,755,620 $ 6,742,851
Exhibit 1
Reconciliation of GAAP Net Income Attributable to Shareholders to Adjusted Net Income Attributable to Shareholders
(in thousands, except per share data)
(unaudited)
31, 2018 2017 per diluted share per diluted share
Net income attributable to shareholders $ 48,633 $ 1.12 $ 29,401 $ 0.68 Unrealized gains on derivative instruments (13,508 ) (0.31 ) (1,565 ) (0.04 ) Net foreign currency remeasurement gains (390 ) (0.01 ) (8,442 ) (0.20 ) Acquisition–related intangible amortization 35,236 0.81 37,978 0.88 Other acquisition and divestiture related items 637 0.01 2,136 0.05 Stock–based compensation 8,955 0.21 6,457 0.15 Restructuring and other costs 5,671 0.13 1,747 0.04 Debt restructuring and debt issuance cost amortization 6,692 0.15 1,954 0.05 ANI adjustments attributable to non–controlling interest (352 ) (0.01 ) (799 ) (0.02 ) Tax related items (12,893 ) (0.30 ) (15,979 ) (0.37 ) Adjusted net income attributable to shareholders $ 78,681 $ 1.81 $ 52,888 $ 1.23 The Company's non-GAAP adjusted net income excludes unrealized gains and losses on derivatives, net foreign currency remeasurement gains and losses, acquisition-related intangible amortization, other acquisition and divestiture related items, stock-based compensation, restructuring and other costs, debt restructuring and debt issuance cost amortization, similar adjustments attributable to our non-controlling interest and certain tax related items.
Although adjusted net income is not calculated in accordance with generally accepted accounting principles (“GAAP”), this non-GAAP measure is integral to the Company's reporting and planning processes and the chief operating decision maker of the Company uses segment adjusted operating income to allocate resources among our operating segments. The Company considers this measure integral because it excludes the above-specified items that the Company's management excludes in evaluating the Company's performance. Specifically, in addition to evaluating the Company's performance on a GAAP basis, management evaluates the Company's performance on a basis that excludes the above items because:
Exclusion of the non-cash, mark-to-market adjustments on derivative instruments, including interest rate swap agreements, helps management identify and assess trends in the Company's underlying business that might otherwise be obscured due to quarterly non-cash earnings fluctuations associated with these derivative contracts. Net foreign currency gains and losses primarily result from the remeasurement to functional currency of cash, receivable and payable balances, certain intercompany notes denominated in foreign currencies and any gain or loss on foreign currency hedges relating to these items. The exclusion of these items helps management compare changes in operating results between periods that might otherwise be obscured due to currency fluctuations. The Company considers certain acquisition-related costs, including certain financing costs, investment banking fees, warranty and indemnity insurance, certain integration related expenses and amortization of acquired intangibles, as well as gains and losses from divestitures, to be unpredictable, dependent on factors that may be outside of our control and unrelated to the continuing operations of the acquired or divested business or the Company. In prior periods not reflected above, the Company has adjusted for goodwill impairments, acquisition-related asset impairments and gains and losses on divestitures. In addition, the size and complexity of an acquisition, which often drives the magnitude of acquisition-related costs, may not be indicative of such future costs. The Company believes that excluding acquisition-related costs and gains or losses of divestitures facilitates the comparison of our financial results to the Company's historical operating results and to other companies in our industry. Stock-based compensation is different from other forms of compensation as it is a non-cash expense. For example, a cash salary generally has a fixed and unvarying cash cost. In contrast, the expense associated with an equity-based award is generally unrelated to the amount of cash ultimately received by the employee, and the cost to the Company is based on a stock-based compensation valuation methodology and underlying assumptions that may vary over time. Restructuring and other costs are related to employee termination benefits from certain identified initiatives to further streamline the business, improve the Company's efficiency, create synergies and to globalize the Company's operations, all with an objective to improve scale and increase profitability going forward. We exclude these items when evaluating our continuing business performance as such items are not consistently occurring and do not reflect expected future operating expense, nor do they provide insight into the fundamentals of current or past operations of our business. Debt restructuring and debt issuance cost amortization are unrelated to the continuing operations of the Company. Debt restructuring costs are not consistently occurring and do not reflect expected future operating expense, nor do they provide insight into the fundamentals of current or past operations of our business. In addition, since debt issuance cost amortization is dependent upon the financing method which can vary widely company to company, we believe that excluding these costs helps to facilitate comparison to historical results as well as to other companies within our industry. The adjustments attributable to non-controlling interest have no significant impact on the ongoing operations of the business. The tax related items are the difference between the Company’s U.S. GAAP tax provision and a pro forma tax provision based upon the Company’s adjusted net income before taxes as well as the impact from certain discrete tax items. The methodology utilized for calculating the Company’s adjusted net income tax provision is the same methodology utilized in calculating the Company’s U.S. GAAP tax provision.
For the same reasons, WEX believes that adjusted net income may also be useful to investors as one means of evaluating the Company's performance. However, because adjusted net income is a non-GAAP measure, it should not be considered as a substitute for, or superior to, net income, operating income or cash flows from operating activities as determined in accordance with GAAP. In addition, adjusted net income as used by WEX may not be comparable to similarly titled measures employed by other companies.
The table below shows the impact of certain macro factors on reported revenue:
Exhibit 2 Segment Revenue Results
(in thousands)
(unaudited)
Travel and Corporate
Health and Employee
Fleet Solutions Solutions
Benefit Solutions
Total WEX Inc. Three months ended March 31, 2018 2017 2018 2017 2018 2017 2018 2017
Reported revenue $ 230,365 $ 190,823 $ 66,779 $ 47,713 $ 57,685 $ 52,821 $ 354,829 $ 291,357 FX impact (favorable) / unfavorable (2,975 ) — (1,432 ) — 218 — (4,189 ) — PPG impact (favorable) / unfavorable (8,968 ) — — — — — (8,968 ) — To determine the impact of foreign exchange translation (“FX”) on revenue, revenue from entities whose functional currency is not denominated in U.S. dollars, as well as revenue from purchase volume transacted in non-U.S. denominated currencies, were translated using the weighted average exchange rates for the same period in the prior year.
To determine the impact of price per gallon of fuel (“PPG”) on revenue, revenue variable to changes in fuel prices was calculated based on the average retail price of fuel for the same period in the prior year for the portion of our business that earns revenue based on a percentage of fuel spend. For the portions of our business that earn revenue based on margin spreads, revenue was calculated utilizing the comparable margin from the prior year.
The table below shows the impact of certain macro factors on Adjusted Net Income:
Segment Estimated Earnings Impact
(in thousands)
(unaudited)
Travel and Corporate
Health and Employee
Fleet Solutions Solutions
Benefit Solutions
Three months ended March 31, 2018 2017 2018 2017 2018 2017
FX impact (favorable) / unfavorable $ (754 ) $ — $ (761 ) $ — $ 64 $ — PPG impact (favorable) / unfavorable $ (6,155 ) $ — $ — $ — $ — $ — To determine the estimated earnings impact of FX, revenue and expenses from entities whose functional currency is not denominated in U.S. dollars, as well as revenue and variable expenses from purchase volume transacted in non-U.S. denominated currencies, were translated using the weighted average exchange rates for the same period in the prior year, net of tax.
To determine the estimated earnings impact of PPG, revenue and certain variable expenses impacted by changes in fuel prices, were adjusted based on the average retail price of fuel for the same period in the prior year for the portion of our business that earns revenue based on a percentage of fuel spend, net of applicable taxes. For the portions of our business that earn revenue based on margin spreads, revenue was adjusted to the comparable margin from the prior year, net of non-controlling interest and applicable taxes.
Exhibit 3
Selected Non-Financial Metrics 1
(unaudited)
Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017 Fleet Solutions: Payment processing transactions (000s) 109,827 108,767 110,047 108,134 102,765 Payment processing gallons of fuel (000s) 2,877,303 2,877,971 2,905,700 2,907,875 2,775,590 Average US fuel price (US$ / gallon) $ 2.78 $ 2.68 $ 2.51 $ 2.41 $ 2.40 Payment processing $ of fuel (000s) $ 8,438,143 $ 8,199,619 $ 7,688,750 $ 7,399,901 $ 7,080,117 Net payment processing rate 1.27 % 1.18 % 1.17 % 1.18 % 1.22 % Payment processing revenue (000s) $ 106,978 $ 95,948 $ 90,270 $ 87,678 $ 86,262 Net late fee rate 0.41 % 0.44 % 0.42 % 0.39 % 0.42 % Late fee revenue (000s) $ 34,657 $ 35,510 $ 32,077 $ 28,713 $ 29,463 Travel and Corporate Solutions: Purchase volume (000s) $ 7,940,543 $ 7,405,045 $ 8,662,533 $ 7,676,935 $ 6,599,797 Net interchange rate 0.56 % 0.53 % 0.51 % 0.52 % 0.53 % Payment solutions processing revenue (000s) $ 44,777 $ 39,332 $ 44,177 $ 40,276 $ 34,875 Health and Employee Benefit Solutions: Purchase volume (000s) $ 1,503,400 $ 887,511 $ 955,652 $ 1,126,854 $ 1,347,219 Average number of SaaS accounts (000s) 10,826 9,774 9,566 8,934 8,576 1 The Company adopted Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers ("Topic 606") as of January 1, 2018, utilizing the modified retrospective method of transition. Impacted non-financial metrics have been updated prospectively. Definitions and explanations:
Payment processing transactions represents the total number of purchases made by fleets that have a payment processing relationship with WEX.
Payment processing gallons of fuel represents the total number of gallons of fuel purchased by fleets that have a payment processing relationship with WEX.
Payment processing dollars of fuel represents the total dollar value of the fuel purchased by fleets that have a payment processing relationship with WEX.
Net payment processing rate prior to January 1, 2018 represents the percentage of the dollar value of each payment processing transaction that WEX records as revenue from merchants, less any discounts given to fleets or strategic relationships. With the adoption of Topic 606, effective January 1, 2018, net payment processing rate represents the percentage of the dollar value of each payment processing transaction that WEX records as revenue from merchants less certain discounts given to customers and network payments.
Net late fee rate represents late fee revenue as a percentage of fuel purchased by fleets that have a payment processing relationship with WEX.
Late fee revenue represents fees charged for payments not made within the terms of the customer agreement based upon the outstanding customer receivable balance.
Purchase volume in the Travel and Corporate Solutions segment represents the total dollar value of all transactions that use WEX corporate card products and virtual card products.
Net interchange rate prior to January 1, 2018 represents the percentage of the dollar value of each transaction that WEX records as revenue, less any discounts given to customers or strategic relationships. With the adoption of Topic 606, effective January 1, 2018, net interchange rate represents the percentage of the dollar value of each payment processing transaction that WEX records as revenue from merchants, less certain discounts given to customers and network fees.
Purchase volume in the Health and Employee Benefit Solutions segment represents the total US dollar value of all transactions where interchange is earned by WEX.
Average number of Health and Employee Benefit Solutions accounts represents the number of active flexible spending, health savings and reimbursement accounts in the United States.
Exhibit 4
Segment Revenue Information
(in thousands)
(unaudited)
Three months ended March 31, Increase (decrease) Fleet Solutions 2018 2017 Amount Percent Revenues Payment processing revenue $ 106,978 $ 86,262 $ 20,716 24 % Account servicing revenue 42,210 36,069 6,141 17 % Finance fee revenue 43,604 36,429 7,175 20 % Other revenue 37,573 32,063 5,510 17 % Total revenues $ 230,365 $ 190,823 $ 39,542 21 % Three months ended March 31, Increase (decrease) Travel and Corporate Solutions 2018 2017 Amount Percent Revenues Payment processing revenue $ 44,777 $ 34,875 $ 9,902 28 % Account servicing revenue 9,469 155 9,314 NM Finance fee revenue 259 223 36 16 % Other revenue 12,274 12,460 (186 ) (1 )% Total revenues $ 66,779 $ 47,713 $ 19,066 40 % NM - Not meaningful
Three months ended March 31, Increase (decrease) Health and Employee Benefit Solutions 2018 2017 Amount Percent Revenues Payment processing revenue $ 16,699 $ 15,241 $ 1,458 10 % Account servicing revenue 27,025 25,315 1,710 7 % Finance fee revenue 5,819 6,720 (901 ) (13 )% Other revenue 8,142 5,545 2,597 47 % Total revenues $ 57,685 $ 52,821 $ 4,864 9 %
View source version on businesswire.com : https://www.businesswire.com/news/home/20180503005327/en/
News media:
WEX Inc.
Jessica Roy, 207-523-6763
[email protected]
or
Investors:
WEX Inc.
Steve Elder, 207-523-7769
[email protected]
Source: WEX Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/business-wire-wex-inc-reports-first-quarter-2018-financial-results.html |
DUARTE, Calif.--(BUSINESS WIRE)-- City of Hope, the world-renowned independent research and treatment center for cancer, diabetes and other life-threatening diseases, today announced its new Music, Film and Entertainment Industry Board president as Evan Lamberg, president of Universal Music Publishing Group, North America.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180514006208/en/
Evan Lamberg, president of Universal Music Publishing North America, named president of City of Hope’s Music, Film & Entertainment Industry Board (Photo: Business Wire)
In this two-year position, Lamberg will oversee efforts and fundraising strategies of the Music, Film and Entertainment Industry Group. The division is comprised of a wide range of industry executives, including all major labels, law firms, artist management, music publishing, concert promotion/touring, and digital and gaming companies. Lamberg takes over from Peter Gray, general manager and executive vice president, promotion & media, Warner Bros. Records, whose two-year term ended December 30, 2017.
“I am especially honored to take this position for the next two years and help guide the Music, Film and Entertainment Industry Board at City of Hope,” said Lamberg. “We all have family and friends who have been touched by life-threatening diseases. The work done at City of Hope has improved the lives of millions of people around the globe, and it has personally saved the lives of a number of my friends. They are a rare place that treats the body as well as the soul, and I hope to help continue their tradition of making people’s lives better. I would also like to thank Peter Gray as it’s been a pleasure to work with him during his presidency.”
“I am so pleased to be handing the reins to Evan,” said Peter Gray. “This has been an amazing and fulfilling experience for me and I couldn’t think of anyone more qualified and dedicated to taking the group forward than Evan.”
“For decades, the music industry has been a generous supporter of City of Hope and our lifesaving mission,” said City of Hope Chief Philanthropy Officer Kristin Bertell. “We are excited that Evan Lamberg will be leading the Music, Film and Entertainment Board and are extremely grateful to Peter Gray’s commitment of dedicated service over the past two years.”
Lamberg has been an active board member of the Music, Film and Entertainment Industry Group for six years. He also serves as co-chairman of Songs of Hope, an event that honors songwriters, which has raised more than $3.7 million for City of Hope.
About City of Hope’s Music, Film and Entertainment Industry Group
For more than four decades, the Music, Film and Entertainment Industry Group has been actively involved in raising both funds and awareness for City of Hope. Embodying the same spirit that allows music and film to cross borders and uplift people around the world, the group has raised more than $118 million, and been a powerful force in bringing attention to the cutting-edge work of City of Hope to cure and prevent cancer, diabetes, HIV/AIDS and other life-threatening diseases.
Founded in 1973, the Music, Film and Entertainment Industry Group consists of over 150 music and entertainment executives who dedicate their efforts and time in support of City of Hope. The Group represents a wide range of volunteers from across the industry including all major labels, law firms, artist management, music publishing, concert promotion/touring, and digital and gaming companies. It has recently expanded with the creation of Future Hope, a team of young professionals who take a more grassroots approach to fundraising events to help build interest and dedication to City of Hope for the future.
Given the high-profile nature of the entertainment business, the Music, Film and Entertainment Industry Group holds a special place within the nationwide network of volunteers and chapters who give their time to support City of Hope, garnering tremendous attention and raising significant funding for the life-changing work of this internationally-recognized organization.
About City of Hope
City of Hope is an independent research and treatment center for cancer, diabetes and other life-threatening diseases. Designated as one of only 49 comprehensive cancer centers, the highest recognition bestowed by the National Cancer Institute, City of Hope is also a founding member of the National Comprehensive Cancer Network, with research and treatment protocols that advance care throughout the world. City of Hope’s main campus is in Duarte, California, just northeast of Los Angeles, with additional locations throughout Southern California. It is ranked as one of "America's Best Hospitals" in cancer by U.S. News & World Report. Founded in 1913, City of Hope is a pioneer in the fields of bone marrow transplantation , diabetes and numerous breakthrough cancer drugs based on technology developed at the institution.
For more information about City of Hope , follow us on Facebook , Twitter , YouTube or Instagram .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180514006208/en/
City of Hope
Letisia Marquez
800-888-5323
[email protected]
Source: City of Hope | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/business-wire-evan-lamberg-president-of-universal-music-publishing-north-america-named-president-of-city-of-hopeas-music-film.html |
In the news release, Global Net Lease Closed on Five Industrial Properties for $83.0 Million, issued 17-May-2018 by Global Net Lease, Inc. over PR Newswire, we are advised by the company that an updated version of the original news release is available, as follows:
Global Net Lease Closed on Five Industrial Properties for $83.0 Million
NEW YORK, May 17, 2018 /PRNewswire/ -- Global Net Lease, Inc. (NYSE: GNL), a real estate investment trust focused on the acquisition of net lease industrial properties, today announced that it closed on the acquisition of five industrial assets representing approximately 1.4 million square feet for $83.0 million. The five buildings are leased to a leading steel service supplier with products and services provided to clients throughout the Midwestern U.S. and Canada that has an implied investment grade credit rating on Moody's Analytics of "Baa3 3 ." The buildings were purchased at a price equating to a weighted-average GAAP capitalization rate of 8.19% 1 and a weighted-average remaining lease term of 10.0 years 2 . This transaction strengthens GNL's already strong Midwest presence and lengthens its weighted-average remaining lease term.
These properties are part of the $293 million of acquisitions announced earlier in 2018 and to date $146.4 million has closed. GNL funded the transactions with borrowings under its revolving credit facility.
Property Summary
Three of the buildings are located in Michigan, one in Ohio and one in Indiana, all well- positioned near interstate highways and rail facilities. Additionally, the properties are near numerous major cities in the Midwest, further enhancing the tenant's supply chain efforts. The industrial buildings included in this transaction comprise all of the tenant's facilities and also house the company's offices, central inventory, and processing depot.
Property Summary Table
Closing
Date
Buildings
Square
Feet
Asset Type
Lease
Term
(yrs) (1)
Purchase
Price
(mm)
Location
5/16/2018
5
1,392,000
Industrial
10.0
$83.0
Michigan,
Ohio and
Indiana
(1)
As of May 16, 2018.
About Global Net Lease, Inc.
Global Net Lease, Inc. (NYSE: GNL) is a publicly traded real estate investment trust listed on the NYSE focused on acquiring a diversified global portfolio of commercial properties, with an emphasis on sale-leaseback transactions involving single tenant, mission critical income producing net-leased assets across the United States, Western and Northern Europe. Additional information about GNL can be found on its website at www.globalnetlease.com .
Important Notice
The statements in this press release that are not historical facts may be forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause actual results or events to be materially different. Forward-looking statements may include, but are not limited to, statements regarding stockholder liquidity and investment value and returns. The words "anticipates," "believes," "expects," "estimates," "projects," "plans," "intends," "may," "will," "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those contemplated by such forward-looking statements, including those set forth in the Risk Factors section of GNL's Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission. Further, forward-looking statements speak only as of the date they are made, and GNL undertakes no obligation to update or revise any forward-looking statement to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results, unless required to do so by law.
1 GAAP capitalization rate is a rate of return on a real estate investment property based on the expected, straight-lined rental income that the property will generate under its existing lease. GAAP capitalization rate is calculated by dividing the income the property will generate (before debt service and depreciation and after fixed costs and variable costs) by the acquisition price of the property.
2 The weighted average remaining lease term in years based upon square feet as of May 16, 2018.
3 Implied Investment Grade includes ratings of tenant parent (regardless of whether or not the parent has guaranteed the tenant's obligation under the lease) or lease guarantor. Implied Investment Grade ratings are also determined using a proprietary Moody's analytical tool, which compares the risk metrics of the non-rated company to those of a company with an actual rating. The ratings information is as of March 2, 2018.
View original content: http://www.prnewswire.com/news-releases/global-net-lease-closed-on-five-industrial-properties-for-83-0-million-300649928.html
SOURCE Global Net Lease, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/pr-newswire-c-o-r-r-e-c-t-i-o-n--global-net-lease-inc.html |
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