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PHOENIX, May 2, 2018 /PRNewswire/ -- Grand Canyon Education, Inc. (NASDAQ: LOPE), a comprehensive regionally accredited university that offers over 225 graduate and undergraduate degree programs and certificates across nine colleges both online and on ground at its over 275 acre campus in Phoenix, Arizona, today announced financial results for the 2018.
For the three months ended March 31, 2018:
Net revenue increased 11.1% to $275.7 million for the first quarter of 2018, compared to $248.2 million for the first quarter of 2017. End-of-period enrollment increased 9.6% to 91,378 at March 31, 2018, from 83,352 at March 31, 2017, as ground enrollment increased 9.6% to 17,386 at March 31, 2018, from 15,857 at March 31, 2017 and online enrollment increased 9.6% to 73,992 at March 31, 2018, from 67,495 at March 31, 2017. Operating income for the three months ended March 31, 2018 was $90.1 million, an increase of 17.6% as compared to $76.6 million for the same period in 2017. The operating margin for the three months ended March 31, 2018 was 32.7%, compared to 30.9% for the same period in 2017. The tax rate in the three months ended March 31, 2018 was 18.8% compared to 26.5% in the same period in 2017. The lower effective tax rate year over year is a result of the Tax Cuts and Jobs Act (the "Act") which was signed into law on December 22, 2017. The Act reduces the corporate federal tax rate from a maximum of 35% to a flat 21% rate effective January 1, 2018. Additionally, the University continues to benefit from the adoption of the share-based compensation standard, which resulted in the recognition of excess tax benefits from share-based compensation awards that vested or settled in the consolidated income statement. Excess tax benefits recorded for the three months ended March 31, 2018 and 2017 were $5.3 million and $8.5 million, respectively. The inclusion of excess tax benefits and deficiencies as a component of our income tax expense will increase volatility within our provision for income taxes as the amount of excess tax benefits or deficiencies from share-based compensation awards are dependent on our stock price at the date the restricted awards vest, our stock price on the date an option is exercised, and the quantity of options exercised. Net income increased 31.8% to $73.7 million for the first quarter of 2018, compared to $55.9 million for the same period in 2017. Diluted net income per share was $1.52 for the first quarter of 2018, compared to $1.16 for the same period in 2017. Adjusted EBITDA increased 16.2% to $108.0 million for the first quarter of 2018, compared to $92.9 million for the same period in 2017.
Balance Sheet and Cash Flow
The University financed its operating activities and capital expenditures during the three months ended March 31, 2018 and 2017 primarily through cash provided by operating activities. Our unrestricted cash and cash equivalents and investments were $334.8 million and $242.7 million at March 31, 2018 and December 31, 2017, respectively. Our restricted cash and cash equivalents at March 31, 2018 and December 31, 2017 were $72.8 million and $94.5 million, respectively. In December 2012, we entered into a new credit agreement, which increased our term loan to $100 million with a maturity date of December 2019. Indebtedness under the term loan is secured by our assets and is guaranteed by certain of our subsidiaries.
Net cash provided by operating activities for the three months ended March 31, 2018 was $119.0 million as compared to $109.7 million for the three months ended March 31, 2017. The increase in cash generated from operating activities between the three months ended March 31, 2017 and the three months ended March 31, 2018 is primarily due to increased net income and the timing of income tax and employee related payments as well as changes in other working capital such as accounts payable, accrued liabilities, deferred revenue and student deposits.
Net cash used in investing activities was $38.5 million and $48.6 million for the three months ended March 31, 2018 and 2017, respectively. Our cash used in investing activities was primarily related to the purchase of short-term investments and capital expenditures. Purchases of short-term investments net of proceeds of these investments was $3.2 million and $19.0 million during the three months ended March 31, 2018 and 2017, respectively. Capital expenditures were $35.2 million and $21.7 million for the three months ended March 31, 2018 and 2017, respectively. During the three-month period for 2018, capital expenditures primarily consisted of ground campus building projects such as the construction of two additional residence halls, an additional classroom building and parking garage to support our growing traditional student enrollment, as well as purchases of computer equipment, other internal use software projects and furniture and equipment to support our increasing employee headcount. Included in off-site development for 2018 is $0.2 million we spent on the student services building that is in close proximity to our ground traditional campus. During the three-month period for 2017, capital expenditures primarily consisted of ground campus building projects such as the construction of an additional dormitory to support our growing traditional student enrollment, land acquisitions adjacent to our campus, as well as purchases of computer equipment, other internal use software projects and furniture and equipment to support our increasing employee headcount. Included in off-site development for 2017 is $7.9 million we spent on the building and parking garage in close proximity to our ground traditional campus. Employees that work in two leased office buildings in the Phoenix area were relocated to this new building by the end of 2016.
Net cash used in financing activities was $12.8 million and $33.1 million for the three months ended March 31, 2018 and 2017, respectively. During the three-month period for 2018, $11.5 million was used to purchase common shares withheld in lieu of income taxes resulting from the vesting of restricted share awards and $0.5 million was used to purchase treasury stock in accordance with the University's share repurchase program, and principal payments on notes payable and capital leases totaled $1.7 million, partially offset by proceeds from the exercise of stock options of $0.9 million. During the three-month period for 2017, $25.0 million was used to repay the revolving line of credit, $9.5 million was used to purchase common shares withheld in lieu of income taxes resulting from restricted share awards and principal payments on notes payable and capital leases totaled $1.7 million, which amounts were partially offset by proceeds from the exercise of stock options of $3.1 million.
2018 Outlook
Q2 2018: Net revenue of $235.0 million; Target Operating Margin 23.2%; Diluted EPS of $0.85 using 48.6 million diluted shares; student counts of 80,900
Q3 2018: Net revenue of $254.0 million; Target Operating Margin 24.9%; Diluted EPS of $0.98 using 48.7 million diluted shares; student counts of 98,400
Q4 2018: Net revenue of $291.0 million; Target Operating Margin 33.0%; Diluted EPS of $1.47 using 48.9 million diluted shares; student counts of 97,100
Full Year 2018: Net revenue of $1,055.7 million; Target Operating Margin 28.8%; Diluted EPS of $4.82 using 48.7 million diluted shares
This news release contains "forward-looking statements" which include information relating to future events, future financial performance, strategies expectations, competitive environment, regulation, and availability of resources. These forward-looking statements include, without limitation, statements regarding: projections, predictions, expectations, estimates, and forecasts as to our business, financial and operating results, and future economic performance, as well as; and statements of management's goals and objectives and other similar expressions concerning matters that are not historical facts. Words such as "may," "should," "could," "would," "predicts," "potential," "continue," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar expressions, as well as statements in future tense, identify forward-looking statements.
Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time those statements are made or management's good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ expressed in or suggested by the forward-looking statements. Important factors that could cause such differences include, but are not limited to: our announced intention to sell our academic and related operations and assets to a non-profit entity and become a services company; our failure to comply with the extensive regulatory framework applicable to our industry, including Title IV of the Higher Education Act and the regulations thereunder, state laws and regulatory requirements, and accrediting commission requirements; the ability of our students to obtain federal Title IV funds, state financial aid, and private financing; potential damage to our reputation or other adverse effects as a result of negative publicity in the media, in the industry or in connection with governmental reports or investigations or otherwise, affecting us or other companies in the for-profit post-secondary education sector; risks associated with changes in applicable federal and state laws and regulations and accrediting commission standards, including pending rulemaking by the Department of Education; competition from other universities in our geographic region and market sector, including competition for students, qualified executives and other personnel; our ability to properly manage risks and challenges associated with strategic initiatives, including the expansion of our campus, potential acquisitions or divestitures of, or investments in, new businesses, acquisitions of new properties, or the development of new campuses; our expected tax payments and tax rate, including the effect of the Tax Cuts and Jobs Act of 2017; our ability to hire and train new, and develop and train existing, faculty and employees; the pace of growth of our enrollment; our ability to convert prospective students to enrolled students and to retain active students to graduation; our success in updating and expanding the content of existing programs and developing new programs in a cost-effective manner or on a timely basis; industry competition, including competition for qualified executives and other personnel; risks associated with the competitive environment for marketing our programs; failure on our part to keep up with advances in technology that could enhance the online experience for our students; the extent to which obligations under our loan agreement, including the need to comply with restrictive and financial covenants and to pay principal and interest payments, limits our ability to conduct our operations or seek new business opportunities; our ability to manage future growth effectively; general adverse economic conditions or other developments that affect job prospects of our students; and other factors discussed in reports on file with the Securities and Exchange Commission.
Forward-looking statements speak only as of the date the statements are made. You should not put undue reliance on any forward-looking statements. We assume no obligation to update forward-looking statements to reflect actual results, changes in assumptions, or changes in other factors affecting forward-looking information, except to the extent required by applicable securities laws. If we do update one or more no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.
Conference Call
Grand Canyon Education, Inc. will discuss its first quarter 2018 results and 2018 outlook during a conference call scheduled for today, May 2, 2018 at 4:30 p.m. Eastern time (ET). To participate in the live call, investors should dial 877-577-1769 (domestic and Canada) or 706-679-7806 (international), passcode 6287379 at 4:25 p.m. (ET). The Webcast will be available on the Grand Canyon Education, Inc. Web site at www.gcu.edu .
A replay of the call will be available approximately two hours following the conclusion of the call, at 855-859-2056 (domestic) or 404-537-3406 (international), passcode 6287379. It will also be archived at www.gcu.edu in the investor relations section for 60 days.
About Grand Canyon Education, Inc.
Grand Canyon Education, Inc. is a comprehensive regionally accredited university that offers over 225 graduate and undergraduate degree programs and certificates across nine colleges both online and on ground at our over 275 acre campus in Phoenix, Arizona, at leased facilities and at facilities owned by third party employers of our students. We are committed to providing an academically rigorous educational experience with a focus on professionally relevant programs that meet the objectives of our students. Our undergraduate programs are designed to be innovative and meet the future needs of employers while providing students with the needed critical thinking and effective communication skills developed through a Christian-oriented, liberal arts foundation. We offer master and doctoral degrees in contemporary fields that are designed to provide students with the capacity for transformational leadership in their chosen industry, emphasizing the immediate relevance of theory, application, and evaluation to promote personal and organizational change. Approximately 91,400 students were enrolled as of March 31, 2018. For more information about Grand Canyon Education, Inc., please visit http://www.gcu.edu .
Grand Canyon Education, Inc. is regionally accredited by The Higher Learning Commission, Grand Canyon University, 3300 W. Camelback Road, Phoenix, AZ 85017, www.gcu.edu .
GRAND CANYON EDUCATION, INC.
Consolidated Income Statements
(Unaudited)
Three Months Ended
March 31,
2018
2017
(In thousands, except per share data)
Net revenue
$ 275,681
$ 248,206
Costs and expenses:
Instructional costs and services
111,027
102,574
Admissions advisory and related
34,854
31,972
Advertising
25,715
24,631
Marketing and promotional
2,684
2,460
General and administrative
11,309
9,941
Total costs and expenses
185,589
171,578
Operating income
90,092
76,628
Interest expense
(346)
(580)
Interest and other income
981
2
Income before income taxes
90,727
76,050
Income tax expense
17,046
20,138
Net income
$ 73,681
$ 55,912
Earnings per share:
Basic income per share
$ 1.55
$ 1.20
Diluted income per share
$ 1.52
$ 1.16
Basic weighted average shares outstanding
47,432
46,748
Diluted weighted average shares outstanding
48,397
48,070
GRAND CANYON EDUCATION, INC.
Adjusted EBITDA
Adjusted EBITDA, a non-GAAP financial measure, is defined as net income plus interest expense, less interest income and other gain (loss) recognized on investments, plus income tax expense, and plus depreciation and amortization (EBITDA), as adjusted for (i) the amortization of prepaid royalty payments recorded in conjunction with a settlement of a dispute with our former owner; (ii) contributions to Arizona school tuition organizations in lieu of the payment of state income taxes; (iii) share-based compensation and (iv) one-time, unusual charges or gains, such as litigation and regulatory reserves, impairment charges and asset write-offs, and exit or lease termination costs. We present Adjusted EBITDA, a non-GAAP financial measure, because we consider it to be an important supplemental measure of our operating performance. We also make certain compensation decisions based, in part, on our operating performance, as measured by Adjusted EBITDA, and our loan agreement requires us to comply with covenants that include performance metrics substantially similar to Adjusted EBITDA. All of the adjustments made in our calculation of Adjusted EBITDA are adjustments to items that management does not consider to be reflective of our core operating performance. Management considers our core operating performance to be that which can be affected by our managers in any particular period through their management of the resources that affect our underlying revenue and profit generating operations during that period and does not consider the items for which we make adjustments (as listed above) to be reflective of our core performance.
We believe Adjusted EBITDA allows us to compare our current operating results with corresponding historical periods and with the operational performance of other companies in our industry because it does not give effect to potential differences caused by variations in capital structures (affecting relative interest expense, including the impact of write-offs of deferred financing costs when companies refinance their indebtedness), tax positions (such as the impact on periods or companies of changes in effective tax rates or net operating losses), the book amortization of intangibles (affecting relative amortization expense), and other items that we do not consider reflective of underlying operating performance. We also present Adjusted EBITDA because we believe it is frequently used by securities analysts, investors, and other interested parties as a measure of performance.
In evaluating Adjusted EBITDA, investors should be aware that in the future we may incur expenses similar to the adjustments described above. Our presentation of Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by expenses that are unusual, non-routine, or non-recurring. Adjusted EBITDA has limitations as an analytical tool in that, among other things it does not reflect:
cash expenditures for capital expenditures or contractual commitments; changes in, or cash requirements for, our working capital requirements; interest expense, or the cash required to replace assets that are being depreciated or amortized; and the impact on our reported results of earnings or charges resulting from the items for which we make adjustments to our EBITDA, as described above and set forth in the table below.
In addition, other companies, including other companies in our industry, may calculate these measures differently than we do, limiting the usefulness of Adjusted EBITDA as a comparative measure. Because of these limitations, Adjusted EBITDA should not be considered as a substitute for net income, operating income, or any other performance measure derived in accordance with and reported under GAAP, or as an alternative to cash flow from operating activities or as a measure of our liquidity. We compensate for these limitations by relying primarily on our GAAP results and only use Adjusted EBITDA as a supplemental performance measure.
The following table provides a reconciliation of net income to Adjusted EBITDA, which is a non-GAAP measure for the periods indicated:
Three Months Ended
March 31,
2018
2017
Net income
$ 73,681
$ 55,912
Plus: interest expense
346
580
Less: interest income and other
(981)
(2)
Plus: income tax expense
17,046
20,138
Plus: depreciation and amortization
13,873
13,193
EBITDA
103,965
89,821
Plus: royalty to former owner
74
74
Plus: fixed asset impairments
-
122
Plus: transaction expenses
487
-
Plus: estimated litigation and regulatory reserves
3
-
Plus: share-based compensation
3,469
2,931
Adjusted EBITDA
$ 107,998
$ 92,948
GRAND CANYON EDUCATION, INC.
Consolidated Balance Sheets
ASSETS:
March 31,
December 31,
(In thousands, except par value)
2018
2017
Current assets
(Unaudited)
Cash and cash equivalents
$ 242,846
$ 153,474
Restricted cash and cash equivalents
72,816
94,534
Investments
91,910
89,271
Accounts receivable, net
9,469
10,908
Income tax receivable
1,329
2,086
Other current assets
16,994
24,589
Total current assets
435,364
374,862
Property and equipment, net
950,156
922,284
Prepaid royalties
2,689
2,763
Goodwill
2,941
2,941
Other assets
833
723
Total assets
$ 1,391,983
$ 1,303,573
LIABILITIES AND STOCKHOLDERS' EQUITY:
Current liabilities
Accounts payable
$ 36,100
$ 29,139
Accrued compensation and benefits
25,013
23,173
Accrued liabilities
26,571
20,757
Income taxes payable
30,234
16,182
Student deposits
72,948
95,298
Deferred revenue
64,130
46,895
Current portion of notes payable
6,670
6,691
Total current liabilities
261,666
238,135
Other noncurrent liabilities
1,131
1,200
Deferred income taxes, noncurrent
19,900
18,362
Notes payable, less current portion
58,274
59,925
Total liabilities
340,971
317,622
Commitments and contingencies
Stockholders' equity
Preferred stock, $0.01 par value, 10,000 shares authorized; 0 shares issued and outstanding at March 31, 2018 and December 31, 2017
-
-
Common stock, $0.01 par value, 100,000 shares authorized; 52,496 and 52,277 shares issued and 48,217 and 48,125 shares outstanding at March 31, 2018 and December 31, 2017, respectively
525
523
Treasury stock, at cost, 4,279 and 4,152 shares of common stock at March 31, 2018 and December 31, 2017, respectively
(112,726)
(100,694)
Additional paid-in capital
237,056
232,670
Accumulated other comprehensive loss
(526)
(724)
Retained earnings
926,683
854,176
Total stockholders' equity
1,051,012
985,951
Total liabilities and stockholders' equity
$ 1,391,983
$ 1,303,573
GRAND CANYON EDUCATION, INC.
Consolidated Statements of Cash Flows
(Unaudited)
Three Months Ended
March 31,
(In thousands)
2018
2017
Cash flows provided by operating activities:
Net income
$ 73,681
$ 55,912
Adjustments to reconcile net income to net cash provided by operating activities:
Share-based compensation
3,469
2,931
Provision for bad debts
4,997
4,383
Depreciation and amortization
13,947
13,267
Deferred income taxes
1,928
3,723
Other
539
122
Changes in assets and liabilities:
Accounts receivable
(3,558)
(3,265)
Prepaid expenses and other
(1,332)
(2,257)
Accounts payable
563
1,042
Accrued liabilities and employee related liabilities
7,665
3,381
Income taxes receivable/payable
14,809
16,654
Deferred rent
(36)
(92)
Deferred revenue
24,686
29,020
Student deposits
(22,350)
(15,165)
Net cash provided by operating activities
119,008
109,656
Cash flows used in investing activities:
Capital expenditures
(35,173)
(21,729)
Purchases of land and building improvements related to off-site development
(174)
(7,898)
Purchases of investments
(17,122)
(26,532)
Proceeds from sale or maturity of investments
13,944
7,571
Net cash used in investing activities
(38,525)
(48,588)
Cash flows used in financing activities:
Principal payments on notes payable and capital lease obligations
(1,716)
(1,698)
Net borrowings from revolving line of credit
—
(25,000)
Repurchase of common shares including shares withheld in lieu of income taxes
(12,032)
(9,516)
Net proceeds from exercise of stock options
919
3,122
Net cash used in financing activities
(12,829)
(33,092)
Net increase in cash and cash equivalents and restricted cash
67,654
27,976
Cash and cash equivalents and restricted cash, beginning of period
248,008
130,907
Cash and cash equivalents and restricted cash, end of period
$315,662
$158,883
Supplemental disclosure of cash flow information
Cash paid for interest
$ 321
$ 674
Cash paid for income taxes
$ 375
$ 438
Supplemental disclosure of non-cash investing and financing activities
Purchases of property and equipment included in accounts payable
$ 13,081
$ 5,993
Reclassification of capitalized costs – adoption of ASC 606
$ 9,015
$ -
Reclassification of deferred revenue – adoption of ASC 606
$ 7,451
$ -
The following is a summary of our student enrollment at March 31, 2018 and 2017 by degree type and by instructional delivery method:
2018 (1)
2017 (1)
# of Students
% of Total
# of Students
% of Total
Graduate degrees (2)
38,569
42.2%
34,962
41.9%
Undergraduate degree
52,809
57.8%
48,390
58.1%
Total
91,378
100.0%
83,352
100.0%
2018 (1)
2017 (1)
# of Students
% of Total
# of Students
% of Total
Online (3)
73,992
81.0%
67,495
81.0%
Ground (4)
17,386
19.0%
15,857
19.0%
Total
91,378
100.0%
83,352
100.0%
(1)
Enrollment at March 31, 2018 and 2017 represents individual students who attended a course during the last two months of the calendar quarter. Included in enrollment at March 31, 2018 and 2017 are students pursuing non-degree certificates of 1,495 and 1,086, respectively.
(2)
Includes 7,913 and 7,441 students pursuing doctoral degrees at March 31, 2018 and 2017, respectively.
(3)
As of March 31, 2018 and 2017, 50.4% and 49.9%, respectively, of our working adult students (online and professional studies students) were pursuing graduate degrees.
(4)
Includes both our traditional on-campus ground students, as well as our professional studies students.
View original content: http://www.prnewswire.com/news-releases/grand-canyon-education-inc-reports-first-quarter-2018-results-300641406.html
SOURCE Grand Canyon Education, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/pr-newswire-grand-canyon-education-inc-reports-first-quarter-2018-results.html |
CAIRO (Reuters) - Four Egyptian officials including the chairman of the state Food Industries Holding Company (FIHC) have been arrested on suspicion of taking bribes from commodities trading firms, state news MENA reported on Tuesday.
The other officials include a supply ministry advisor responsible for coordination with parliament, and an official in the FIHC chairman’s office, according to MENA.
The bribes exceeded 2 million Egyptian pounds ($112,000), MENA said.
Reporting by Ali Abdelaty; Writing by Eric Knecht; editing by John Stonestreet
| ashraq/financial-news-articles | https://www.reuters.com/article/us-egypt-corruption/egypt-officials-arrested-suspected-of-taking-bribes-from-commodity-firms-mena-idUSKCN1IU1T3 |
SAN FRANCISCO, Nurix, Inc., a private drug discovery company, today announced the appointment of Dr. Nancy Pryer as the company’s chief development officer. Dr. Pryer will join Nurix’s executive management team to lead the company’s preclinical, translational and clinical drug development efforts.
“We are delighted to welcome Dr. Pryer to Nurix,” said Arthur T. Sands, M.D., Ph.D., chief executive officer of Nurix. “Her extraordinary depth of experience in oncology and drug development broadly will provide great value to Nurix as we advance our breakthrough science into human clinical studies.”
Dr. Pryer joins Nurix from BioMarin Pharmaceutical, where she served as vice president of translational sciences. In that role, she led the company’s efforts in biomarker discovery, bioanalytics, immunogenicity assessment and clinical pharmacology. Prior to joining BioMarin, Dr. Pryer held leadership roles in oncology drug discovery and translational development at Novartis Institutes for Biomedical Research, Raven, SUGEN and Onyx Pharmaceuticals. Dr. Pryer received her Ph.D. in biology from the University of North Carolina, Chapel Hill, and completed post-doctoral work in the lab of Dr. Randy Schekman at the University of California, Berkeley.
“This is an exciting time in the field of protein homeostasis and targeted protein degradation, as years of effort are yielding novel candidate therapeutics for oncology and other unmet medical needs,” said Dr. Pryer. “Throughout my career I’ve been passionate about evaluating drug mechanism of action to develop new therapies for select patient populations. I look forward to working with Arthur and the Nurix team to apply these translational medicine approaches as we move the Nurix pipeline through IND-enabling studies and into the clinic.”
About Nurix
Nurix, Inc. is a leader in the discovery of small molecules that modulate the ubiquitin proteasome system (UPS) to address significant, unmet medical needs. The UPS is a regulatory pathway that controls protein levels, a function vital to the healthy life of a cell, and presents therapeutic opportunities in multiple disease areas. Nurix was founded by internationally-recognized experts in the ubiquitin proteasome field and is funded by leading life science investors Third Rock Ventures and The Column Group. In September 2015, Nurix and Celgene entered into a broad collaboration targeting protein homeostasis for next-generation therapies in oncology, inflammation and immunology. The company is headquartered in San Francisco, California. For more information, please visit http://www.nurix-inc.com .
Media Contact
Sara Zelkovic
LifeSci Public Relations
[email protected]
Source: Nurix | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-nurix-appoints-nancy-pryer-ph-d-chief-development-officer.html |
PARIS, May 2 (Reuters) - French cosmetics group L’Oreal on Wednesday said it had bought South Korean make-up and fashion firm Nanda, as industry leaders jostle for a slice of one of the world’s most dynamic beauty markets.
L’Oreal did not disclose how much it had paid for the company, detailing only that Nanda, known for its fashion business Stylenanda and 3CE cosmetics brand, had a turnover of 127 million euros ($152 million) in 2017.
The acquisition was estimated at around 400 billion won ($371.56 million), Korean media previously reported.
Foreign investors including LVMH, Estee Lauder and Unilever are also among those betting on continued demand for Korean beauty products in Asian markets such as China, backed by the popularity of Korean pop culture. ($1 = 0.8358 euros) ($1 = 1,076.5300 won) (Reporting by Sarah White Editing by Laurence Frost)
| ashraq/financial-news-articles | https://www.reuters.com/article/loreal-stylenanda/loreal-snaps-up-south-korean-cosmetics-firm-nanda-idUSASO00045F |
French president lauds Europe as the 'most attractive place' for tech giants Macron is currently spearheading efforts for Europe to adopt tougher regulations on digital companies. Speaking to CNBC's Karen Tso on the sidelines of the VivaTech event in Paris Thursday, Macron said: "Europe is the right place to build this new framework." 7 Hours Ago | 01:18
French President Emmanuel Macron said Europe must avoid making the same mistakes as the U.S. and China if the region is to successfully tackle some of the world's biggest tech giants.
Macron is currently spearheading efforts for Europe to adopt tougher regulations on digital companies. On Wednesday, the French leader said that while he was a firm believer in innovation, executives from some of the world's largest tech companies had to make sure they contributed more to society .
Speaking to CNBC's Karen Tso on the sidelines of the VivaTech event in Paris Thursday, Macron said: "Europe is the right place to build this new framework. The U.S. is not regulated … regulation is made by private players (so) it is not sustainable for our citizens because you will have huge scandals."
"China is over-regulated; everything is concentrated by the government … Innovation and smart regulation, that is the best way to be the most attractive place and this is here," he added. 'There is no free lunch'
Earlier in the week during his signature "Tech for Good" summit, Macron sat down with the likes of Facebook CEO Mark Zuckerberg, IBM 's Virginia Rometty, Microsoft Corp's Satya Nadella and Intel Corp's Brian Krzanich. The French president warned the global tech bosses they would not be able to continue riding the coattails of the digital economy without contributing more to society. "It is not possible just to have free-riding on one side, when you make a good business," Macron said as he addressed some of the world's leading corporate hitters on Wednesday."There is no free lunch. I want from you some commitments," he added.In addition to a tax on the revenues of digital behemoths, Macron has called for tech firms to take a more robust stance on issues such as data protection and so-called fake news.
To date, progress on such fronts has been somewhat limited. Sam Meredith Digital Reporter, CNBC.com Related Securities | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/24/french-president-lauds-europe-as-the-most-attractive-place-for-tech-giants.html |
ERIE, Pa., May 25, 2018 /PRNewswire/ -- Rob Kepperling will step into the role of Illinois branch manager starting June 7.
Kepperling began his career with Erie Insurance in 2004 in the Claims division. In 2011, he moved into a sales role as a senior district sales manager for Tennessee. In 2014, he held an integral role helping ERIE open for business in the state of Kentucky.
Kepperling earned his bachelor's degree from Eastern Kentucky University. In addition to formal education, Rob has earned several insurance designations including his associate in claims, associate in insurance services, certified insurance counselor and certified professional insurance agent.
About Erie Insurance
According to A.M. Best Company, Erie Insurance Group, based in Erie, Pennsylvania, is the 10 th largest homeowners insurer and 11 th largest automobile insurer in the United States based on direct premiums written and the 16 th largest property/casualty insurer in the United States based on total lines net premium written. The Group, rated A+ (Superior) by A.M. Best Company, has more than 5 million policies in force and operates in 12 states and the District of Columbia. Erie Insurance Group is a FORTUNE 500 company.
News releases and more information about Erie Insurance Group are available at www.erieinsurance.com .
View original content with multimedia: http://www.prnewswire.com/news-releases/erie-insurance-names-kepperling-as-illinois-branch-manager-300655079.html
SOURCE Erie Insurance | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/25/pr-newswire-erie-insurance-names-kepperling-as-illinois-branch-manager.html |
April 30 (Reuters) - Quantenna Communications Inc:
* QUANTENNA ANNOUNCES FIRST QUARTER 2018 FINANCIAL RESULTS * Q1 REVENUE $45.1 MILLION VERSUS I/B/E/S VIEW $43.9 MILLION
* SEES Q2 LOSS PER SHARE BETWEEN $0.04 AND $0.02 * SEES Q2 ADJUSTED EARNINGS PER SHARE $0.07 - $0.09 Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-quantenna-communications-reports-q/brief-quantenna-communications-reports-qtrly-loss-per-share-of-0-09-idUSASC09YB0 |
May 16, 2018 / 4:19 PM / Updated 12 hours ago First-time director brings "post-post-colonial" South Africa to Cannes Will Russell 3 Min Read
CANNES, France (Reuters) - With its characters herding cattle through an austere, dusty landscape, “The Harvesters” bears a passing resemblance to a Western.
But the setting of the movie, which won critical acclaim for its first-time director in Cannes, is not the Wild West but South Africa, and its cowboys are Afrikaners, a community that thrived in the apartheid era but now faces an uncertain future.
The story follows teenage boy Janno, the oldest child and only son in a God-fearing family whose life and sense of self are thrown into chaos by his parents’ decision to foster an orphan, Pieter, a 13-year-old child recovering from drug addiction and life as a rent boy.
Writer-director Etienne Kallos, a South African, but not an Afrikaner, was drawn to the story of a community in a “post-post-colonial” world that finds itself increasingly isolated.
“They are overlooked, I would say, in many ways,” Kallos told Reuters in Cannes.
“They are under-represented, especially because the only thing people think about is apartheid. But there’s so much more going on.
“The new generation of Afrikaners was born completely outside the apartheid regime and they’re moving towards some sort of a new Africa and don’t know what that is yet.”
There is a sense of identity under threat, both for the community and for Janno himself, played by newcomer Brent Vermeulen, whose deep feelings for his best friend do not fit with the macho rugby-playing culture.
Screen Daily said: “This assured feature debut effectively hints at a churning savagery beneath the surface, which is every bit as unforgiving as the stark landscape”.
That landscape, in Eastern Free State and KwaZulu-Natal, with its mesas, striking flat-topped mountains, was the starting point for Kallos.
“I set out to make a film about place,” he said.
“We worked hard to somehow capture ... a grandeur that the landscape is bigger than the people.
“I wanted to feel the landscape was more important than the characters or more powerful than the characters.”
“The Harvesters” (“Die Stropers”) is in competition in the “Un Certain Regard” section at the Cannes Film Festival that runs to May 19. 71st Cannes Film Festival - Photocall for the film "The Harvesters" (Die Stropers) in competition for the category Un Certain Regard - Cannes, France, May 15, 2018. Director Etienne Kallos with cast members Juliana Venter, Alex van Dyk, Lily Bertish, Joshua Anderson, Brent Vermeulen and Jan Daniel Naude. REUTERS/Eric Gaillard Writing by Robin Pomeroy; Editing by Alison Williams | ashraq/financial-news-articles | https://uk.reuters.com/article/us-filmfestival-cannes-the-harvesters/first-time-director-brings-post-post-colonial-south-africa-to-cannes-idUKKCN1IH2B1 |
Moqtada al-Sadr was leading in Iraq's parliamentary election with more than half the votes counted, the electoral commission said, a surprise comeback for the powerful nationalist Shi'ite cleric who had been sidelined by Iran-backed rivals.
Shi'ite militia leader Hadi al-Amiri's bloc, which is backed by Tehran, was in second place, according to the count of more than 95 percent of the votes cast in 10 of Iraq's 18 provinces.
The preliminary results are a setback for Prime Minister Haider al-Abadi who, despite entering the election as the apparent frontrunner, appeared to be running third.
Sadr's apparent victory does not mean his bloc could necessarily form the next government as whoever wins the most seats must negotiate a coalition government, expected to be formed within 90 days of the official results.
Security and commission sources had earlier said Abadi was leading the election, which was held on Saturday and is the first since the defeat of Islamic State in the country.
Turnout was 44.52 percent with 92 percent of votes counted, the Independent High Electoral Commission said - that was significantly lower than in previous elections. Full results are due to be officially announced later on Monday.
Sadr and Amiri both came in first in four of the 10 provinces where votes were counted, but the cleric's bloc won significantly more votes in the capital, Baghdad, which has the highest number of seats.
The commission did not announce how many seats each bloc had gained and said it would do so after announcing the results from the remaining provinces.
A document provided to Reuters by a candidate in Baghdad that was also circulating among journalists and analysts showed results from all 18 provinces.
Reuters could not independently verify the document's authenticity but the results in it for the 10 provinces announced by the electoral commission matched those of the commission.
Reuters calculations based on the document showed Sadr had won the nationwide popular vote with more than 1.3 million votes and gained 54 of parliament's 329 seats. He was followed by Amiri with more than 1.2 million votes, translating into 47 seats, and Abadi with more than 1 million votes and 42 seats.
'Iran out' Sadr will not become prime minister as he did not run in the election but his apparent victory puts him in a position to pick someone for the job. Winning the largest number of seats does not automatically guarantee that, however. The other winning blocs would have to agree on the nomination.
In a 2010 election, Vice President Ayad Allawi's group won the largest number of seats, albeit with a narrow margin, but he was blocked from becoming prime minister for which he blamed Tehran.
The same fate could befall Sadr. Iran has publicly stated it would not allow his bloc to govern.
"We will not allow liberals and communists to govern in Iraq," Ali Akbar Velayati, top adviser to the Islamic Republic's Supreme Leader Ayatollah Ali Khamenei, said in February.
His statement, which sparked criticism by Iraqi figures, was referring to the electoral alliance between Sadr, the Iraqi Communist Party and other secular groups who joined protests organized by Sadr in 2016 to press the government to see through a move to stem endemic corruption.
Sadr has a zealous following among the young, poor and dispossessed but had been sidelined by influential Iranian-backed figures.
Younes Mohammad | Getty Images During the election campaign, frustrated Iraqis of all shades, complained about their political elite's systematic patronage, bad governance and corruption, saying they didn't receive any benefits of their country's oil wealth.
Iraq has been ranked among the world's most corrupt countries, with high unemployment, rife poverty, weak public institutions and bad services despite high oil revenues for many years. Endemic corruption has eaten at the government's financial resources.
Sadr derives much of his authority from his family. Sadr's father, highly respected Grand Ayatollah Mohammed Sadeq al-Sadr, was murdered in 1999 for defying Saddam Hussein. His father's cousin, Mohammed Baqir, was killed by Saddam in 1980.
Celebrations erupted on the streets of Baghdad after the commission's announcement, with thousands of Sadr's supporters singing, chanting, dancing and setting off fireworks while carrying his picture and waving Iraqi flags.
"For the first time I can say congratulations to the leader and congratulations to the Iraqi people, congratulations on winning first place in Baghdad, and God willing we will be the first in Iraq," said Abbas Allawi, a candidate on the Sadr-backed Sairoon list.
Many of his supporters chanted "Iran out".
Balancing Act Whoever wins the election will have to contend with the fallout from U.S. President Donald Trump's decision to quit Iran's nuclear deal, a move Iraqis fear could turn their country into a theater of conflict between Washington and Tehran.
Abadi, a British-educated engineer who came to power four years ago after Islamic State seized a third of Iraq's territory, received U.S. military support for Iraq's army to defeat the Sunni Muslim militant group even as he gave free rein to Iran to back Shi'ite militias fighting on the same side.
He was viewed as a frontrunner before the election. His rivals were seen as Maliki and Amiri, both closer than Abadi to Iran, which has wide sway in Iraq as the primary Shi'ite power in the region.
If parliament chooses to grant him a second term, Abadi will remain under pressure to maintain that balancing act amid tensions between Washington and Tehran over the nuclear accord.
Haydar Hadi | Anadolu Agency | Getty Images Iraqi Prime Minister Haider al-Abadi delivers a speech during Baghdad Dialogue Conference in Baghdad, Iraq on January 14, 2017. Abadi was seen by some Iraqis as lacking charisma and as ineffective. He had no powerful political machine of his own when he took office.
But the defeat of Islamic State and Abadi's campaign to eradicate Iraq's rampant corruption improved his standing.
Amiri's Badr organization played a key role in the battle against Islamic State. But some Iraqis resent his close ties to Tehran. The dissident-turned-militia leader spent more than two decades fighting Saddam from exile in Iran.
The results unexpectedly showed former Prime Minister Nuri al-Maliki, who was touted as a serious challenger to Abadi, lagging behind.
Unlike Abadi, a rare ally of both the United States and Iran, Sadr is an enemy of both.
He has led two uprisings against U.S. forces in Iraq and is one of the few Shi'ite leaders to distance himself from Iran.
He portrays himself as an Iraqi nationalist and last year met Crown Prince Mohammed bin Salman of Saudi Arabia who is staunchly opposed to Iran. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/14/firebrand-cleric-sadr-on-course-to-win-iraq-election.html |
May 1 (Reuters) - MARKA:
* Q1 LOSS 8 MILLION DIRHAMS VERSUS LOSS OF 27.9 MILLION DIRHAMS YEAR AGO
* Q1 REVENUE 20.4 MILLION DIRHAMS VERSUS 33.3 MILLION DIRHAMS YEAR AGO Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-uaes-marka-q1-loss-narrows/brief-uaes-marka-q1-loss-narrows-idUSFWN1S806P |
May 24, 2018 / 7:23 AM / Updated 20 minutes ago British lender Paragon posts first-half profit growth Reuters Staff 2 Min Read
(Reuters) - Britain’s mortgage lender Paragon Banking Group ( PARA.L ) reported a 4.7 percent rise in first-half underlying profit on Thursday, helped by a surge in lending volumes.
New buy-to-let lending business - used by homeowners and landlords to fund purchases of property which they then rent out - rose over 20 percent to 670.5 million pounds in the first six months ended March 31, from 556.2 million pounds a year earlier.
Paragon has been increasingly focusing on professional landlords to help drive a surge in this business even as tax and regulatory changes have made the property market tougher for smaller investors.
Paragon said that since no new regulations have been introduced in the last six months, the buy-to-let market is slowly stabilising, although new house purchase funding activity is lower than that seen in previous years.
The pipeline for new buy-to-let lending was up 6.1 percent to 787.6 million pounds from 742.3 million pounds a year ago.
Commercial lending volume rose 49 percent in the first half of the year to 269.3 million pounds, while mortgage lending increased nearly 23 percent to 721 million pounds.
The company raised its outlook for commercial lending to over 600 million pounds from a prior estimate of 500 million pounds on expectations of strong lending volumes throughout the year.
Mortgage volumes for the year is expected to be over 1.6 billion pounds, the company said.
Paragon said asset finance lending rose to 163.8 million pounds from 106.6 million pounds a year earlier, benefiting from the acquisition of legal specialist finance broker Iceberg in January.
The company’s pre-tax profit rose to 77.2 million pounds from 69.4 million pounds a year ago.
Shares of the company was down 0.5 percent at 549 pence in early trading. Reporting by Sangameswaran S in Bengaluru; Editing by Sunil Nair and Arun Koyyur | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-paragon-banking-results/british-lender-paragons-posts-first-half-profit-growth-idUKKCN1IP0YF |
Indonesia police say deadly hostage crisis ends 2:40pm IST - 01:22
Indonesian police say a hostage crisis at a high-security jail outside Jakarta ends after Islamist militant prisoners who killed five police surrender and release an officer they were holding.
Indonesian police say a hostage crisis at a high-security jail outside Jakarta ends after Islamist militant prisoners who killed five police surrender and release an officer they were holding. //reut.rs/2rCu2xQ | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/10/indonesia-police-say-deadly-hostage-cris?videoId=425465855 |
WINCHESTER, Va., May 29, 2018 /PRNewswire/ -- American Woodmark Corporation (NASDAQ: AMWD) (the "Company") today announced results for its fourth fiscal quarter ended April 30, 2018.
Fiscal Fourth Quarter 2018
Net sales for the fourth fiscal quarter increased 57% to $405.9 million compared with the same quarter of the prior fiscal year. The current fourth fiscal quarter results include three months of results from the Company's acquisition of RSI Home Products, Inc. ("RSI"), which closed December 29, 2017. Excluding the impact of the RSI acquisition, net sales for the fourth fiscal quarter increased 3% to $266.7 million compared with the same quarter of the prior fiscal year. Excluding the impact of the RSI acquisition, the Company experienced growth in both the new construction and dealer channels during the fourth quarter of fiscal year 2018.
Net income was $19.1 million ($1.08 per diluted share) for the fourth quarter of the current fiscal year compared with $17.3 million ($1.06 per diluted share) in the same quarter of the prior fiscal year. Net income was positively impacted by additional sales volumes and lower incentive costs which were partially offset by acquisition related costs of $2.7 million, intangible amortization of $12.3 million and gross margin declines in the core business mainly due to raw material inflation. Adjusted EPS per diluted share was $1.64 for the fourth quarter of the current fiscal year compared with $1.13 in the same quarter of the prior fiscal year. Beginning with this earnings release, the Company has revised its definition of Adjusted EPS per diluted share to exclude intangibles amortization charges. Further details are contained below.
Adjusted EBITDA was $65.3 million or 16.1% of net sales compared to $34.5 million or 13.3% of net sales for the same quarter of the prior fiscal year. The increase is primarily due to sales growth in the quarter and the inclusion of three months of results for RSI.
"With an Adjusted EBITDA margin of 16.1%, we were very pleased with our performance over the past quarter," said Cary Dunston, Chairman and CEO. "We had solid growth in our dealer and new construction channels while home center channel sales continued to be challenging. Our integration work is proceeding on plan as we remain focused on strategically leveraging our combined businesses to gain share in the market."
Fiscal Year 2018
Net sales for the 2018 fiscal year increased 21% to $1,250.3 million from the prior fiscal year. Excluding the impact of the RSI acquisition, net sales for the 2018 fiscal year increased 4% to $1,072.6 million from the prior fiscal year. Excluding the impact of the RSI acquisition, the Company experienced growth in both the new construction and dealer channels during the entire fiscal year.
Net income for the 2018 fiscal year was $63.1 million ($3.77 per diluted share) compared with $71.2 million ($4.34 per diluted share) for the prior fiscal year. Adjusted EPS per diluted share was $5.24 for the 2018 fiscal year compared with $4.45 for the prior fiscal year.
Adjusted EBITDA was $175.8 million or 14.1% of net sales compared to $133.7 million or 13.0% of net sales for the prior fiscal year. The year over year increase is primarily due to additional sales growth and the inclusion of four months of results for RSI.
Cash provided by operating activities for the 2018 fiscal year was $86.8 million. Free cash flow totaled $36.9 million for the entire fiscal year. Additionally, the Company paid down $40.0 million of its term loan facility during the fourth fiscal quarter.
About American Woodmark
American Woodmark Corporation manufactures and distributes kitchen, bath and home organization products for the remodeling and new home construction markets. Its products are sold on a national basis directly to home centers, builders and distributors and through a network of independent dealers. At April 30, 2018, the Company operated eighteen manufacturing facilities in the United States and Mexico and seven primary service centers located throughout the United States.
Safe harbor statement under the Private Securities Litigation Reform Act of 1995: All made by the Company involve material risks and uncertainties and are subject to change based on factors that may be beyond the Company's control. Accordingly, the Company's future performance and financial results may differ materially from those expressed or implied in any such . Such factors include, but are not limited to, those described in the Company's filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K. The Company does not undertake to publicly update or revise its forward looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized.
USE OF NON-GAAP FINANCIAL MEASURES
This press release refers to the following non-GAAP financial measures:
Beginning with this earnings release, the Company has revised its definition of Adjusted EPS per diluted share to exclude intangibles amortization charges. Further details are contained below. Adjusted EPS per diluted share, which excludes expenses related to the RSI acquisition, the inventory step-up amortization related to the RSI acquisition, the amortization of intangibles and the related tax benefits of these items. Adjusted EBITDA, which consists of EBITDA (net income adjusted to exclude interest income and adding back interest expense, income tax provision and depreciation and amortization) adjusted to exclude expenses related to the RSI acquisition, the inventory step-up amortization related to the RSI acquisition, stock compensation expense, and gain/loss of asset disposal. Adjusted EBITDA margin, which is Adjusted EBITDA divided by net sales. Free cash flow, which is cash flow from continuing operating activities less capital expenditures consisting of cash payments for property, plant and equipment and cash payments for investments in displays. Net sales excluding RSI sales, which is net sales minus sales from RSI.
Refer to the "Non-GAAP Financial Measures" section below for a discussion of these non-GAAP measures and their reconciliation to the most directly comparable GAAP measure.
AMERICAN WOODMARK CORPORATION
Unaudited Financial Highlights
(in thousands, except share data)
Operating Results
Three Months Ended
Twelve Months Ended
April 30
April 30
2018
2017
2018
2017
Net sales
$
405,887
$
258,737
$
1,250,274
$
1,030,248
Cost of sales & distribution
316,692
201,166
994,871
805,612
Gross profit
89,195
57,571
255,403
224,636
Sales & marketing expense
22,446
18,851
77,843
70,979
General & administrative expense
28,413
12,336
69,855
45,419
Operating income
38,336
26,384
107,705
108,238
Interest expense & other income
10,175
(378)
12,945
(687)
Income tax expense
9,052
9,414
31,619
37,726
Net income
$
19,109
$
17,348
$
63,141
$
71,199
Earnings Per Share:
Weighted average shares outstanding - diluted
17,618,977
16,389,578
16,744,705
16,398,240
Net income per diluted share
$
1.08
$
1.06
$
3.77
$
4.34
Condensed Consolidated Balance Sheet
(Unaudited)
April 30
April 30
2018
2017
Cash & cash equivalents
$
78,410
$
176,978
Investments - certificates of deposit
8,000
51,750
Customer receivables
136,355
63,115
Inventories
104,801
42,859
Income taxes receivable
25,996
301
Other current assets
10,805
4,225
Total current assets
364,367
339,228
Property, plant & equipment, net
218,102
107,933
Investments - certificates of deposit
1,500
20,500
Trademarks, net
8,889
—
Customer relationship intangibles, net
258,778
—
Goodwill
767,451
—
Other assets
26,258
33,612
Total assets
$
1,645,345
$
501,273
Current portion - long-term debt
$
4,143
$
1,598
Accounts payable & accrued expenses
166,312
99,899
Total current liabilities
170,455
101,497
Long-term debt
809,897
15,279
Deferred income taxes
71,563
—
Other liabilities
11,765
32,048
Total liabilities
1,063,680
148,824
Stockholders' equity
581,665
352,449
Total liabilities & stockholders' equity
$
1,645,345
$
501,273
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Twelve Months Ended
April 30
2018
2017
Net cash provided by operating activities
$
86,775
$
77,080
Net cash used by investing activities
(44,316)
(53,744)
Net cash used by financing activities
(141,027)
(20,821)
Net (decrease) increase in cash and cash equivalents
(98,568)
2,515
Cash and cash equivalents, beginning of period
176,978
174,463
Cash and cash equivalents, end of period
$
78,410
$
176,978
NON-GAAP FINANCIAL MEASURES
We have reported our financial results in accordance with generally accepted accounting principles (GAAP). In addition, we have discussed our financial results using the non-GAAP measures described below.
A reconciliation of these non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP are set forth below.
These non-GAAP financial measures should be viewed in addition to, and not as a substitute for, our reported results prepared in accordance with GAAP, and such non-GAAP financial measures should not be construed as being more important than the comparable GAAP measures.
Adjusted EPS per diluted share
We use Adjusted EPS per diluted share in evaluating the performance of our business and profitability. Management believes that this measure provides useful information to investors by offering additional ways of viewing the Company's results by providing an indication of performance and profitability excluding the impact of unusual and/or non-cash items. We define Adjusted EPS per diluted share as diluted earnings per share excluding the per share impact of (1) expenses related to the RSI acquisition, (2) inventory step-up amortization due to the increase in the fair value of inventory acquired through the RSI acquisition (that was fully expensed in the quarter ended January 31, 2018), (3) the amortization of intangible assets, and (4) the tax benefit of RSI acquisition expenses and the inventory step-up and intangible amortization. The amortization of intangible assets is driven by the RSI acquisition and will recur in future periods. We began excluding amortization of intangible assets from our definition of Adjusted EPS per diluted share beginning with this earnings release as management determined that such an exclusion would better help it evaluate the performance of our business and profitability and we also received feedback from some of our investors regarding the same.
Adjusted EBITDA and Adjusted EBITDA margin
We use Adjusted EBITDA and Adjusted EBITDA margin in evaluating the performance of our business, and we use each in the preparation of our annual operating budgets and as indicators of business performance and profitability. We believe Adjusted EBITDA and Adjusted EBITDA margin allow us to readily view operating trends, perform analytical comparisons and identify strategies to improve operating performance.
We define Adjusted EBITDA as net income adjusted to exclude (1) income tax expense, (2) interest (income) expense, net, (3) depreciation and amortization expense, (4) amortization of customer lists and trademarks, (5) expenses related to the RSI acquisition, (6) inventory step-up amortization, (7) stock-based compensation expense, and (8) gain/loss on asset disposal. We believe Adjusted EBITDA, when presented in conjunction with comparable GAAP measures, is useful for investors because management uses Adjusted EBITDA in evaluating the performance of our business.
We define Adjusted EBITDA margin as Adjusted EBITDA as a percentage of net sales.
Free cash flow
To better understand trends in our business, we believe that it is helpful to subtract amounts for capital expenditures consisting of cash payments for property, plant and equipment and cash payments for investments in displays from cash flows from continuing operations which is how we define free cash flow. Management believes this measure gives investors an additional perspective on cash flow from operating activities in excess of amounts required for reinvestment. It also provides a measure of our ability to repay our debt obligations.
Net sales excluding RSI sales
To better understand and compare the performance of our core American Woodmark business by our management and our investors, we believe it is helpful to subtract the amount of sales from our recently acquired and now wholly-owned subsidiary, RSI Home Products, Inc., from our net sales and report this amount with our quarterly earnings announcements. We may discontinue using this non-GAAP financial measure at a later juncture once RSI has become fully integrated into our Company and the quarter to quarter comparisons of our core business are no longer as helpful to compare performance.
Summary
Management believes all of these non-GAAP financial measures provide an additional means of analyzing the current period's results against the corresponding prior period's results. However, these non-GAAP financial measures should be viewed in addition, and not as a substitute for, the Company's reported results prepared in accordance with GAAP. Our non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP.
A reconciliation of these non-GAAP financial measures and the most directly comparable measures calculated and presented in accordance with GAAP are set forth on the following tables:
Reconciliation of Net Sales and Percentage of Net Sales Excluding RSI
Three Months Ended
Twelve Months Ended
April 30,
April 30,
(in thousands)
2018
2017
Percent Change
2018
2017
Percent Change
Net sales excluding RSI
$
266,734
$
258,737
3
%
$
1,072,550
$
1,030,248
4
%
RSI sales
139,153
—
—
177,724
—
—
Net Sales
$
405,887
$
258,737
57
%
1,250,274
1,030,248
21
%
Reconciliation of Adjusted Non-GAAP Financial Measures to the GAAP Equivalents
(in thousands)
Three Months Ended
Twelve Months Ended
April 30,
April 30,
2018
2017
2018
2017
Net income (GAAP)
$
19,109
$
17,348
$
63,141
$
71,199
Add back:
Income tax expense
9,052
9,414
31,619
37,726
Interest (income) expense, net
10,167
(294)
13,054
(521)
Depreciation and amortization expense
11,092
4,963
28,671
18,682
Amortization of customer lists and trademarks
12,250
—
16,333
—
EBITDA (Non-GAAP)
$
61,670
$
31,431
$
152,818
$
127,086
Add back:
Acquisition related expenses
2,739
1,958
12,902
2,686
Inventory step-up amortization (1)
—
—
6,334
—
Stock compensation expense
591
992
3,097
3,469
Loss on asset disposal
335
158
615
444
Adjusted EBITDA (Non-GAAP)
$
65,335
$
34,539
$
175,766
$
133,685
Net Sales
$
405,887
$
258,737
$
1,250,274
$
1,030,248
Adjusted EBITDA margin (Non-GAAP)
16.1
%
13.3
%
14.1
%
13.0
%
Reconciliation of Net Income to Adjusted Net Income
(in thousands, except share data)
Three Months Ended
Twelve Months Ended
April 30,
April 30,
2018
2017
2018
2017
Net income (GAAP)
$
19,109
$
17,348
$
63,141
$
71,199
Add back:
Acquisition related expenses
2,739
1,958
12,902
2,686
Amortization of intangibles
12,250
—
16,333
—
Inventory step-up amortization (1)
—
—
6,334
—
Tax benefit of add backs
(5,134)
(708)
(10,970)
(969)
Adjusted net income (Non-GAAP)
$
28,964
$
18,598
$
87,740
$
72,916
Weighted average diluted shares
17,618,977
16,389,578
16,744,705
16,398,240
Adjusted EPS per diluted share (Non-GAAP)
$
1.64
$
1.13
$
5.24
$
4.45
(1)
The inventory step-amortization is the increase in the fair value of inventory acquired through the RSI acquisition that was fully expensed in the quarter ended January 31, 2018.
Revised Reconciliation of Net Income to Adjusted Net Income for Q3 FY2018
(in thousands, except share data)
Three Months Ended
Nine Months Ended
January 31,
January 31,
2018
2017
2018
2017
Net income (GAAP)
$
1,996
$
14,553
$
44,032
$
53,851
Add back:
Acquisition related expenses
10,163
728
10,163
728
Amortization of intangibles
4,083
—
4,083
—
Inventory step-up amortization (1)
6,334
—
6,334
—
Tax benefit of add backs
(5,836)
(261)
(5,836)
(261)
Adjusted net income (Non-GAAP)
$
16,740
$
15,020
$
58,776
$
54,318
Weighted average diluted shares
16,690,760
16,381,223
16,461,509
16,400,842
Adjusted EPS per diluted share (Non-GAAP) (2)
$
1.00
$
0.92
$
3.57
$
3.31
(2)
Beginning with this earnings release, the Company has excluded the impact of intangible asset amortization (and the related tax benefit) from the calculation of Adjusted EPS per diluted share. The following table presents a reconciliation of Adjusted EPS per diluted share as reported to the prior method for the periods presented:
Three Months Ended
Nine Months Ended
January 31,
January 31,
2018
2017
2018
2017
As reported
$
0.84
$
0.92
$
3.41
$
3.31
Intangible asset amortization (net of tax)
0.16
—
0.16
—
Prior method
$
1.00
$
0.92
$
3.57
$
3.31
Free Cash Flow
Twelve Months Ended
April 30,
2018
2017
Cash provided by operating activities
$
86,775
$
77,080
Less: Capital expenditures (3)
49,893
25,531
Free cash flow
$
36,882
$
51,549
(3)
Capital expenditures consist of cash payments for property, plant and equipment and cash payments for investments in displays. During fiscal 2018 and 2017, approximately $21.1 million and $3.0 million, respectively, in costs were incurred related to the new company headquarters.
View original content: http://www.prnewswire.com/news-releases/american-woodmark-corporation-announces-fourth-quarter-results-300655445.html
SOURCE American Woodmark Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/29/pr-newswire-american-woodmark-corporation-announces-fourth-quarter-results.html |
May 16 (Reuters) - Bancorp Inc:
* BANCORP INC - CO REPORTS TERMINATION OF PREVIOUSLY-ANNOUNCED SALE OF A $36.9 MILLION NON-PERFORMING LOAN - SEC FILING Source bit.ly/2IP3XWY Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-bancorp-inc-reports-termination-of/brief-bancorp-inc-reports-termination-of-sale-of-36-9-million-non-performing-loan-idUSFWN1SN10X |
April 30, 2018 / 6:32 AM / 3 days ago German monthly retail sales drop for fourth month running Reuters Staff 2 Min Read
BERLIN (Reuters) - German monthly retail sales unexpectedly fell in March, data showed on Monday, marking a fourth consecutive drop and dampening recent cheer around a consumer-led upswing in Europe’s biggest economy. FILE PHOTO: People carry their shopping bags in downtown Hamburg, Germany, January 25, 2018. REUTERS/Fabian Bimmer/File Photo
The volatile indicator, which is often subject to revision, showed retail sales decreased by 0.6 percent on the month in real terms, the Federal Statistics Office said.
That confounded the Reuters consensus forecast for a 0.8 percent rise and followed an upwardly revised drop of 0.2 percent in February.
“The weather was likely still bad for shopping in March, but the weakness is nevertheless puzzling,” said Greg Fuzesi at JP Morgan.
“Looking ahead, things should pick up significantly in April/May, when many of the recently negotiated pay increases kick in and when the recent surprise weakness could finally unwind,” he added.
In April, German unions reached an inflation-busting pay hike deal for more than 2 million public sector workers and in February unions secured an unusually high pay hike for 3.9 million workers in the industrial sector, amounting to a roughly 4 percent annual rise for 2018 and 2019.
Private consumption has been a key growth driver in recent years as consumers benefit from rising wages, record-high employment and strong job security but foreign trade propelled Germany’s fourth-quarter growth.
The German Finance Ministry has said growth could slow slightly in the first quarter, but the upswing remains robust and broad-based. Fuzesi said growth could even stall in the first three months of 2018.
On the year, retail sales climbed by 1.3 percent, beating a Reuters consensus forecast for a 1.0 percent increase.
The retail sales data came after a GfK survey published last week showed the mood among German consumers fell heading into May amid fears that a possible confrontation between the West and Russia in Syria and protectionist U.S. trade policies could hurt the economy. Reporting by Michelle Martin; Editing by Paul Carrel and Toby Chopra | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-germany-retail/german-monthly-retail-sales-unexpectedly-drop-in-march-idUKKBN1I10FA |
May 15 (Reuters) - Jetblack Corp:
* JETBLACK CORP - CONFIRMED CURRENT CHAIRMAN AND CEO DANIEL A. GOLDIN HAS BEEN APPOINTED CHAIRMAN AND CEO UNTIL NEXT SHAREHOLDER MEETING Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-jetblack-corp-says-confirmed-danie/brief-jetblack-corp-says-confirmed-daniel-goldin-has-been-appointed-ceo-and-chairman-until-next-shareholder-meeting-idUSFWN1SM1C8 |
Pope appoints new cardinals to cement legacy 11:07am EDT - 01:02
Pope Francis said on Sunday he would elevate 14 churchmen from five continents to the rank of cardinal, picking candidates that work with the poor or where Catholics are in a minority and putting his stamp on the group that will elect his successor.
Pope Francis said on Sunday he would elevate 14 churchmen from five continents to the rank of cardinal, picking candidates that work with the poor or where Catholics are in a minority and putting his stamp on the group that will elect his successor. //reut.rs/2IyzVHB | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/20/pope-appoints-new-cardinals-to-cement-le?videoId=428753319 |
May 7, 2018 / 3:03 PM / in 4 hours New directory lists mental health providers with diabetes expertise Carolyn Crist 5 Min Read
(Reuters Health) - The American Diabetes Association and the American Psychological Association have created a new public directory of mental health providers with diabetes-specific education or experience, the organizations announced recently.
Coping with diabetes can be a stressful and sometimes life-long burden that may contribute to anxiety, depression and other mental health issues.
The two professional groups built the ADA-APA Mental Health Provider Diabetes Education Program in 2017 to give therapists the tools to treat the unique mental health challenges that diabetes patients face.
Moore than 100 professionals completed the program last year and are now listed in the online directory ( bit.ly/2qwpecx ).
“It is critical for people living with diabetes to have access to comprehensive support and care in order to manage this chronic illness,” said Dr. William Cefalu, ADA’s chief scientific, medical and mission officer.
“Diabetes is unique because it is managed on a daily basis by the person with diabetes, requiring that individuals make hundreds of health decisions - from food choices to medication administration - each and every day,” he told Reuters Health by email.
This puts people with diabetes at an increased risk for anxiety, depression and eating disorders, as well as patient burden while managing the disease. In particular, depression rates are twice that in the general population, and some common medications used to treat depression interact with diabetes treatments, said Doug Tynan, APA’s director of integrated care.
“We know the complex relationship between diabetes and depression symptoms,” he told Reuters Health by phone. “We wanted better information for both prescribing therapists and non-prescribing therapists such as social workers to understand the interactions with behavior and emotion that they may see.”
The education program is a seven-hour, in-person course offered at both the ADA and APA’s annual meetings, followed by a five-hour online course. Licensed providers can also be included in the directory if they can demonstrate at least two years of professional experience addressing the mental health needs of patients with diabetes.
Registration filled to capacity for the first two programs in 2017, and now more than 100 providers from 26 states are part of the directory. Two additional trainings will be held this summer at the ADA’s Scientific Sessions on June 21 and at the APA’s Annual Meeting on August 5. During the training, professionals learn how to test their blood, count carbohydrates during meals and live with diabetes management, Tynan said.
“Are you treating the patient for two separate disorders or one with both physical and emotional manifestations?” he said. “If your blood sugar is poorly controlled and you need to get up several times in the night, is your sleep disturbed due to diabetes or depression? To us, it’s all the same.”
The ADA first recommended routine mental health screenings for patients with diabetes in 2016. The organization released a position statement about psychosocial care to emphasize the critical mental health element of diabetes care. The group also added mental health recommendations to the 2017 Standards of Medical Care in Diabetes, the ADA’s annual guide to diabetes care.
“To truly understand diabetes in the life of a patient, it requires understanding the ins and outs and the daily demands that go into managing diabetes,” said Cynthia Munoz, a pediatric psychologist at the Children’s Hospital of Los Angeles. Munoz, an ADA board member, serves as one of five experts on the steering committee that oversees incoming applications and training for the directory.
“It’s a relentless condition with blood glucose checks, insulin doses, and food and drink intake,” she said in a telephone interview. “People don’t realize the math involved with diabetes and all of the calculations and monitoring required.”
The recommendations remind healthcare providers to consider the life circumstances of the patient with diabetes when considering treatment, particularly for those at lower socioeconomic levels who have limited access to both diabetes services and mental health professionals, she noted.
“Many people want to be supportive of our diabetes community but lack the expertise to provide support,” Munoz said. “The providers in the directory understand what diabetes is - and what it’s not - and can work with patients as a team to provide that support.” | ashraq/financial-news-articles | https://www.reuters.com/article/us-health-diabetes-psychologist-director/new-directory-lists-mental-health-providers-with-diabetes-expertise-idUSKBN1I81NI |
CHICAGO, On Thursday, May 24, members of Animal Equality will protest in front of McDonald's new Chicago headquarters to urge the company to eliminate the cruelest standard practices used by its chicken suppliers. Since March, thousands of consumers have participated in a robust campaign by Animal Equality and other animal protection organizations calling on the fast-food giant to reduce the suffering of the hundreds of millions of chickens raised annually for McDonald's menu items.
Animal Equality's campaign, McChickenCruelty.com , has included a petition reaching McDonald's executives; social media actions, and demonstrations in front of McDonald's restaurants and at McDonald's Worldwide Conference in Orlando. At this protest, Animal Equality will showcase iAnimal , the organization's pioneering virtuality reality experience which gives viewers a glimpse inside gruesome factory farms like those which raise chickens for McDonald's. Animal Equality will also feature aerial and mobile billboards around the event which depict the miserable lives of chickens.
Date: 5/24/18
Time: 11am-1pm CT (aerial banner to fly over protest at 12pm)
Location: McDonald's New Chicago Headquarters, 1043 W. Randolph St., Chicago, IL
Nearly 90 companies — including many of McDonald's competitors such as Burger King, Subway, and Jack in the Box — have already committed to making meaningful changes that will improve the lives of chickens. Meanwhile, McDonald's continues to drag its feet.
On March 25, a full-page ad ran in the New York Times announcing a joint coalition effort from some of the nation's largest nonprofits in their aligned ask for McDonald's to commit to welfare reforms for the chickens in its supply chain. The coalition of animal protection groups, including The Humane League, Animal Equality, Compassion in World Farming, Compassion Over Killing, Mercy For Animals, and World Animal Protection, have united to ask McDonald's to implement higher, science-based animal welfare standards for its chicken supply chain by switching to healthier breeds of birds, providing more room for the chickens to move, monitoring air and litter quality, and providing environmental enrichment. More information can be found at the coalition's website, TruthAboutMcdonaldsChicken.com .
"Chickens raised for McDonald's are bred to be so unnaturally big their own legs can't support their weight. They are crammed into dark sheds and trapped in filth, unable to engage in most natural behaviors," said Ollie Davidson, Animal Equality's Corporate Campaigns Coordinator. "As one of the most iconic brands in the world, McDonald's has the power and social responsibility to eliminate the cruelest farming practices used by its producers and reduce the suffering of hundreds of millions of animals."
For more information, contact:
Ollie Davidson
773-791-8297
[email protected]
Notes to Editors
Animal Equality is an animal protection organization that works toward a world without animal suffering. Animal Equality is a voice for farmed animals all over the world inspiring society, companies and policymakers to adopt compassionate changes for animals. The organization is active in the United States, United Kingdom, Germany, Italy, Spain, Mexico, Brazil and India.
Related Links
Animal Equality campaign website
Coalition website
Related Video
http://www.youtube.com/watch?v=sHgMh2yJ2LQ
View original content with multimedia: releases/activists-protest-mcdonalds-subpar-animal-welfare-standards-during-annual-shareholders-meeting-300653954.html
SOURCE Animal Equality | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/pr-newswire-activists-protest-mcdonalds-subpar-animal-welfare-standards-during-annual-shareholders-meeting.html |
Beyond the politics of trade policy and tariffs, the U.S. needs to reduce waste volume and clean up its recycled materials to compete in U.S. and Chinese markets (“Recycling Firms Hit by Crushing Economics,” Business & Finance, May 14).
Contamination is an issue for any manufacturer using recycled materials. Single-stream recycling and community recycling targets based on the percentage of total waste stream recycled have led the recycling industry to major inefficiencies. Does it make sense to mix recyclables, contaminate... | ashraq/financial-news-articles | https://www.wsj.com/articles/recycled-materials-must-be-clean-enough-to-reuse-1526580626 |
Former Red Bull Director of Sales to Lead Phivida's Global Sales and Distribution
VANCOUVER, May 1, 2018 /PRNewswire/ - Phivida Holdings Inc. ("Phivida" or "The Company") (CSE: VIDA ; OTCMKTS: PHVAF ) is pleased to announce the appointment of Mr. Douglas Campbell as The Company's new Chief Commercial Officer commencing May 1 st , 2018.
Mr. Campbell is a highly accomplished senior sales executive with over 20 years of key account retention with a proven track record of establishing sustainable revenues, maximizing returns in underperforming markets while increasing profitability, and cultivating productivity of high performance sales teams.
Mr. Campbell brings a wealth of executive leadership, multi-channel marketing expertise and strong relationships with the largest food and beverage distributors and retailers in the world, serving Fortune 500 brands.
As the former Director of Sales of Red Bull North America, Mr. Campbell forged strategic alliances with major distributors resulting in over-indexing growth in the functional beverage category. Mr. Campbell supervised over 19,000 accounts in 13 states, nine major metropolitan areas, managing six direct reports and 26 indirect reports.
Supporting Phivida CEO Jim Bailey, and former President of Red Bull Canada, he was instrumental in building the category in North America and driving annual revenue growth from $0 to over $150 million in less than ten years.
Beyond Red Bull, Mr. Campbell has managed the successful growth of several multinational brands in highly competitive beverage categories, including; Diaego's Smirnoff, Johnny Walker, Guinness, Baileys brands; Mikes Hard Lemonade (Mark Anthony Group), Brown Forman's Jack Daniels and Southern Comfort and Stoli Vodka.
As CCO, Mr. Campbell will supervise all business development activities while introducing Phivida's CBD-Hemp Oil infused products to some the largest food and beverage distribution partners in the USA, and internationally.
Phivida commercialization strategy centers around building major channel partnerships, targeting alternative health care clinics, natural specialty grocery chains, and ecommerce. His extensive experience in managing top-tier sales teams and implementing successful multi-channel strategies will be valuable assets in this endeavor.
"Doug was our first choice for senior leadership in sales and distribution," said Phivida CEO Jim Bailey. "He is a great motivator of distributors, retailers and captive sales professionals. We are proud to welcome him to Phivida, within the role of Chief Commercial Officer."
Mr. Campbell states, "Phivida represents the ideal opportunity for me to translate a rewarding career in beverage sales and marketing into my growing passion for the health and wellness sector. I have turned to natural plant-based treatment to heal myself from sports injuries and as a tool in disease prevention, and I am a firm believer in the value of cannabidiol infused products. Most of all, I am thrilled to join Phivida working alongside my Red Bull alumnus and commercialize another ground-breaking functional beverage category." Mr. Campbell said.
Phivida President and Chairman, Mr. John Belfontaine states, "On behalf of the board, we are pleased to welcome Doug as our new Chief Commercial Officer. Management continues to evolve the senior executive leadership team by adding depth of experience, networks and a proven record of success. This exercise is vital to stewarding long term shareholder value through new market share expansion and revenue growth." said Mr. Belfontaine.
The CBD product market in the USA is estimated to reach $1.9 billion by 2022 i , and is anticipated to grow into a greater share of a global health and wellness market which is reported to have reached $1 Trillion USD as of 2017. ii
Phivida Holdings Inc.
Phivida is a premiere brand of cannabidiol ("CBD") infused functional foods, beverages and clinical health products, poised for global distribution. Using nanoencapsulation technology, Phivida converts cannabinoid oils and extracts into water soluble delivery, enhancing bioavailability, and timed released within the body.
Phivida's nanoencapsulated CBD is infused into CBD beverages, foods and supplements containing a proprietary blend of phytonutraceuticals studied to target a range of health conditions, from chronic pain, to terminal diseases. The World Anti-Doping Association's recently lifted a ban of CBD from hemp oil and the World Health Organization's recent statement supports clinical benefits of CBD for athletes and active families.
Celebrating; Health and Wellness, In Harmony™, Phivida's mission is to lead the alternative health care sector as the benchmark quality standard in premium cannabinoid infused foods, beverages and clinical products, with a dedication to research, education and investing back into the communities which we so proudly serve.
Phivida ["fiii-vee-daa"] is a publicly traded company listed on the Canadian Securities Exchange under the ticker symbol "VIDA". For more information on Phivida visit www.phivida.com or join our social media network @Phivida. For investor information please email us at [email protected] . | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/pr-newswire-phivida-appoints-new-chief-commercial-officer.html |
PALMER, Mass., May 10, 2018 /PRNewswire/ -- Complete HealthCare Solutions, Inc., a leader in healthcare technology, today announced the acquisition of PDQ Billing Services, Myrtle Beach, South Carolina. Founded in 1993, PDQ Billing services have been providing the very best in revenue cycle management and credentialing services to the ambulatory healthcare segment.
This strategic acquisition further advances Complete HealthCare Solutions strategy to offer a single source for the most comprehensive, high performing Revenue Cycle Management services and health information technology solutions. Complete HealthCare Solutions, Inc. delivers industry-leading RCM services including lowest days in A/R, superb denial management, clean aging resulting in increased practice revenue.
"Adding these assets to Complete Healthcare Solutions existing portfolio enables us to better serve our clients, improve scalability and further drive our investment in innovation," said Complete HealthCare Solutions President and Chief Executive Officer Michael A. Penna.
"This transaction is expected to directly benefit our existing clients and the PDQ Billing Service clients and team members we'll welcome to our family. Complete HealthCare Solutions, Inc. is a critical strategic partner to thousands of private provider practices and healthcare organizations and our highest priority is to successfully meet their needs, allowing them to focus on healthcare."
Complete HealthCare Solutions, Inc. portfolio includes a robust set of clinical and financial solutions supporting the full scope of care delivery processes — including Revenue Cycle Management Services, Credentialing, Patient Pay Solutions, Lytec and Medisoft (PM software) UnifiMD (EHR solution); Updox (Patient Portal and Engagement), and Rcopia4 (DrFirst Erx).
Michael A. Penna
[email protected]
Related Links
Revenue Cycle Management
EMR
View original content with multimedia: http://www.prnewswire.com/news-releases/complete-healthcare-solutions-inc-acquires-pdq-billing-services-300646334.html
SOURCE Complete HealthCare Solutions, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/pr-newswire-complete-healthcare-solutions-inc-acquires-pdq-billing-services.html |
PARIS/FRANKFURT, May 9 (Reuters) - Major European companies including carmaker PSA, plane manufacturer Airbus and Siemens said they were keeping a close watch on relations with Iran after President Donald Trump pulled the United States out of a nuclear deal.
Peugeot-manufacturer PSA, one of the big European businesses with operations in the country, said it hoped the European Union would adopt a common position on Iran.
“Like other economic players, we are following the evolution of the matter, and are also following the EU’s official position on this topic,” said a spokesman for PSA, adding that PSA hoped the EU would adopt its own independent position regarding Iran.
Siemens said it would also closely monitor the situation.
“We are assessing the implications of the Iran decision,” Siemens Chief Financial Officer Ralf Thomas told reporters.
“Of course we will always comply with export control regulations, and we would look at how different governments set the rules. We have a firm grip on our position,” added Thomas.
Airbus, which won a bumper order with IranAir along with Boeing, said it needed time to study the impact of Trump’s decision on Iran.
On May 8, President Trump pulled the United States out of the international nuclear deal with Iran, raising the risk of conflict in the Middle East, upsetting European allies and casting uncertainty over global oil supplies.
France, which has had close business ties with Iran since before the fall of the Shah in 1979,has sought to deepen trade ties since sanctions against Iran were lifted in 2016.
Major French companies operating in Iran include PSA, rival carmaker Renault and oil major Total.
Trump’s decision could scupper Total’s multibillion-dollar gas project in the country unless it can secure a waiver.
Shares in Renault, PSA and Airbus all fell on Wednesday, although Total’s share price climbed higher, as oil prices rose in the wake of Trump’s move to pull the U.S. out of the Iran nuclear agreement deal. (Reporting by Gilles Guillaume, John Revill and Tim Hepher; Editing by Sudip Kar-Gupta Editing by Keith Weir)
| ashraq/financial-news-articles | https://www.reuters.com/article/iran-nuclear-companies/siemens-psa-and-airbus-monitoring-iran-developments-after-trump-move-idUSL8N1SG2GB |
Facebook chief Zuckerberg faces EU grilling 6:25am BST - 01:03
Facebook CEO Mark Zuckerberg is in Brussels as an EU parliamentary hearing looks at public privacy concerns at the U.S. social media giant. The hearing will be streamed live online.
Facebook CEO Mark Zuckerberg is in Brussels as an EU parliamentary hearing looks at public privacy concerns at the U.S. social media giant. The hearing will be streamed live online. //reut.rs/2GFBdut | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/22/facebook-chief-zuckerberg-faces-eu-grill?videoId=429227225 |
Today's Bell Ringers, May 1, 2018 1 Hour Ago Ringing today's closing bells are Beth Wozniak, CEO of Nvent Electric at the NYSE, and Claude LeBlanc, president and CEO of Ambac Financial Group at the NASDAQ. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/01/todays-bell-ringers-may-1-2018.html |
May 17 (Reuters) - Barclays PLC:
* APPOINTMENT OF ADAM KELLEHER AS DIRECTOR AND CHIEF DATA SCIENTIST FOR RESEARCH Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-barclays-appoints-adam-kelleher-as/brief-barclays-appoints-adam-kelleher-as-director-and-chief-data-scientist-for-research-idUSFWN1SO0LV |
May 7 (Reuters) - Hannover Rueck SE:
* CFO SAYS EXPECTS MODERATE PRICE INCREASES IN JULY RENEWALS
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-hannover-re-cfo-says-expects-moder/brief-hannover-re-cfo-says-expects-moderate-price-increases-in-july-renewals-idUSL8N1SE0VE |
European Union Italy president under pressure to accept euroskeptic minister Savona has been a vocal critic of the euro and the European Union, but he has distinguished credentials, including in a former role as an industry minister. Formally, Prime Minister-designate Giuseppe Conte presents his cabinet to the president, who must endorse it. Conte, a little-known law professor with no political experiences, met the president on Friday without resolving the deadlock. Published 8 Hours Ago Reuters Simona Granati | Corbis | Corbis |Getty Images
Italy's would-be coalition parties turned up the pressure on President Sergio Mattarella on Saturday to endorse their euroskeptic pick as economy minister, saying the only other option may be a new election.
Mattarella has held up formation of a government, which would end more than 80 days of political deadlock, over concern about the far-right League and anti-establishment 5-Star Movement's desire to make the 81-year-old economist Paolo Savona economy minister.
Savona has been a vocal critic of the euro and the European Union, but he has distinguished credentials, including in a former role as an industry minister.
Formally, Prime Minister-designate Giuseppe Conte presents his cabinet to the president, who must endorse it. Conte, a little-known law professor with no political experiences, met the president on Friday without resolving the deadlock.
"I hope no one has already decided 'no'," League leader Matteo Salvini shouted to supporters in northern Italy.
"Either the government gets off the ground and starts working in the coming hours, or we might as well go back to elections," Salvini said.
Later 5-Star leader Luigi Di Maio said he expected there to be a decision on whether the president would back the government within 24 hours.
5-Star also defended Savona's nomination. show chapters 5:36 AM ET Fri, 25 May 2018 | 01:35
"It is a political choice ... Blocking a ministerial choice is beyond (the president's) role," Alessandro Di Battista, a top 5-Star politician, said.
Mattarella has not spoken publicly about Savona, but through his aides he has made it clear he does not want an anti-euro economy minister and that he would not accept the "diktat" of the parties.
Savona's criticism of the euro and German economic policy has further spooked markets already concerned about the future government's willingness to reign in the massive debt, worth 1.3 times its annual output.
The League and 5-Star have said Savona should not be judged on his opinions, but on his credentials. Savona has had high-level experience at the Bank of Italy, in government as industry minister in 1993-94, and with employers' lobby Confindustria.
On his new Facebook page, Conte said he had received best wishes for his government in a phone call with French President Emmanuel Macron.
European Commissioner for Economic Affairs Pierre Moscovici was not hostile when asked about Savona in an interview with France's Europe1 radio, saying he would work with whoever Italy named.
"Italians decide their own government," Moscovici said. "Italy is and should remain a country at the heart of the euro zone... What worries me is the debt, which must be contained." Debt
The prospect of Italy's government going on a spending spree on promised tax cuts and welfare benefits roiled markets last week.
On Friday, the closely watched gap between the Italian and German 10-year bond yields, seen as a measure of political risk for the euro zone, was at its widest in four years at 215 basis points. show chapters 6:53 AM ET Fri, 25 May 2018 | 05:09
The chance that the new government will weaken public finances and roll back a 2011 pension reform prompted Moody's to say -- after markets had closed on Friday -- that it may downgrade the country's sovereign debt rating.
Moody's has a 'Baa2' long-term rating with a negative outlook on Italy. A downgrade to 'Baa3' would take the country's debt to just one notch above junk.
Despite the recent surge, Italian yields are well below the peaks they reached during the euro zone crisis of 2011-2012, thanks mainly to the shield provided by the European Central Bank 's bond buying program. Related Securities | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/27/italy-president-under-pressure-to-accept-euroskeptic-minister.html |
WASHINGTON (Reuters) - U.S. Treasury Secretary Steven Mnuchin said on Tuesday he does not anticipate major oil price hikes after renewed sanctions hit Iranian production because some countries are willing to increase output to offset such losses.
U.S. Treasury Secretary Steven Mnuchin is seen as he and a U.S. delegation member for trade talks with China, leave a hotel in Beijing, China May 3, 2018. REUTERS/Jason Lee Mnuchin, speaking to reporters at a news briefing, declined to identify countries which may add output, saying there had been conversations with “different parties that would be willing to increase oil supply to offset this. So my expectation is not that oil prices will go higher - to a certain extent, some of this was already in the market on oil prices.”
Mnuchin said that licenses for Boeing Co and Airbus to sell aircraft and components to Iran will be revoked as a result of the reimposed sanctions on Tehran.
“Under the original deal, there were waivers for commercial aircraft, parts and services and the existing licenses will be revoked,” Mnuchin said.
Reporting by David Lawder; Editing by James Dalgleish
| ashraq/financial-news-articles | https://www.reuters.com/article/us-iran-nuclear-treasury/u-s-treasurys-mnuchin-does-not-see-iran-sanctions-hiking-oil-prices-idUSKBN1I93AE |
SANTIAGO (Reuters) - A foreign-backed miner has sued Chile to block state-run Codelco from exploiting a lithium deposit where both have claims, according to a lawsuit filed in March that will be carefully watched by potential investors being courted by the country’s new government.
A view of Maricunga salt flat placed next to 'Los Andes' mountain range, Copiapo, Chile, February 10, 2018. Picture taken February 10, 2018. REUTERS/David Pasten The little-known and remote Maricunga salt flat is far smaller than the expansive Salar de Atacama, where top lithium producers Albemarle and Chile’s SQM SQM_pb.SN rule supreme.
But the legal conflict at Maricunga under the newly inaugurated conservative government of President Sebastian Pinera may prove a bellwether for foreign miners anxious to invest in Chile, which is home to half of the world’s lithium reserves.
The skirmish has pitted Salar Blanco, 50 percent owned by Australia’s Lithium Power International, with smaller stakes held by Canada’s Bearing Lithium and local capital, against state copper miner Codelco [COBRE.UL], in a country famously protective of its lithium.
Lithium is among the world’s hottest commodities and a key ingredient in the rechargeable batteries that power everything from cell phones and tablets to electric vehicles.
In its final days in March, the former center-left government granted Codelco a permit to operate in Maricunga - a critical first step in the top copper miner’s first foray into lithium.
At the same time, the country’s nuclear commission CChen granted Salar Blanco a permit to extract approximately 473,135 tonnes of lithium carbonate over 30 years. Chile considers lithium to be a strategic resource, citing its potential use in nuclear fusion.
But Salar Blanco says Codelco’s permit overlaps its property, alleging it was issued in error in a lawsuit filed with Santiago’s Appeals Court in mid-March, shortly after Pinera took office. The case has put a Codelco search for a partner at Maricunga on hold.
A view of Maricunga salt flat placed next to 'Los Andes' mountain range, Copiapo, Chile, February 10, 2018. Picture taken February 10, 2018. REUTERS/David Pasten Codelco said in a statement filed with the court that Salar Blanco had sued only after it had decided not to take part in the Codelco tender.
Mining Minister Baldo Prokurica told Reuters in April that he hoped for a quick resolution.
“The worst that can happen is that this case drags on and that it slows the development of lithium,” Prokurica said.
Lithium Power International CEO Martin Howell said in an interview that he hoped the suit would be resolved in six months.
“With the new center-right government ... looking to attract foreign investment into the country, I think this will be resolved sooner rather than later,” he said.
Slideshow (4 Images) TURNING POINT? Maricunga’s 90 square miles (145 sq km) make it less than 5 percent the size of the sprawling Salar de Atacama. But Salar Blanco calls it one of the “highest-grade lithium brine salars globally.”
The permit to extract lithium obtained by the firm, which says it has invested around $30 million at Maricunga, was hailed as a turning point by investors put off by what some perceive as a heavy hand in the lithium industry under the previous government.
“With this new extraction and export license, the Chilean government is signaling the end of those obstacles,” Steve Cochrane, CEO of Lithium Chile, said in a statement in March.
Salar Blanco had initially sought to partner with Codelco in Maricunga, but Holland said it retracted its bid after concluding Codelco’s holdings were not in a “favorable position” in the deposit.
Chile’s biggest lithium producer, SQM, will be watching the proceedings with interest.
A contract signed in January requires Codelco and SQM to consider partnering at Maricunga, bringing a long dispute between SQM and the government to an end.
But a high-level executive at Codelco told Reuters in April that any such association with SQM, which in 2017 agreed to pay more than $30 million in fines to U.S. regulators to resolve corruption cases, would be “very difficult.”
Holland told Reuters that Salar Blanco has also had discussions with SQM.
“We’ve had many discussions with them over the years, and I’ll just leave it at that for the time being,” he said.
Reporting Fabian Cambero, additional reporting and writing by Dave Sherwood; editing by Caroline Stauffer and Rosalba O'Brien
| ashraq/financial-news-articles | https://www.reuters.com/article/us-chile-lithium-maricunga/private-firm-takes-on-codelco-for-control-of-chile-lithium-deposit-idUSKBN1IA0GZ |
Intent 'not to take baby': Accused kidnapper 3:00am IST - 01:27
Gloria Williams, the woman who pled guilty earlier this year of kidnapping a newborn child in 1998, said during the second day of her sentencing hearing that her ''intent was not to take a baby'', but thought having the baby would make her boyfriend at the time, Charles Manigo, happy. Williams allegedly took Kamiyah Mobley, who is now 19 years old, and raised her in South Carolina. Rough Cut (no reporter narration).
Gloria Williams, the woman who pled guilty earlier this year of kidnapping a newborn child in 1998, said during the second day of her sentencing hearing that her "intent was not to take a baby", but thought having the baby would make her boyfriend at the time, Charles Manigo, happy. Williams allegedly took Kamiyah Mobley, who is now 19 years old, and raised her in South Carolina. Rough Cut (no reporter narration). //reut.rs/2KD4zgq | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/04/intent-not-to-take-baby-accused-kidnappe?videoId=423891956 |
President Trump discloses payment to Michael Cohen 1 Hour Ago CNBC's Eamon Javers reports on President Trump's new financial disclosure form where the president discloses a loan he took from Michael Cohen. The form did not disclose reason for the payment. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/16/trump-discloses-cohen-payment.html |
May 2, 2018 / 7:50 AM / Updated 33 minutes ago Tech stocks and miners drive European shares higher after Apple results Reuters Staff 3 Min Read
LONDON (Reuters) - European shares rose on Wednesday, boosted by some strong earnings updates and a rising tech sector after results from Apple exceeded weak expectations, while investors’ focus turned to euro zone GDP figures and the U.S. Fed meeting. The German share price index, DAX board, is seen at the stock exchange in Frankfurt, Germany, March 21, 2018. REUTERS/Tilman Blasshofer
Shares in iPhone supplier ams ( AMS.S ) jumped 8.1 percent after Apple ( AAPL.O ) surprised the market with solid iPhone X sales, flouncing investors’ expectations for a much weaker performance.
Other chipmakers STMicroelectronics ( STM.MI ), Infineon ( IFXGn.DE ), BE Semiconductor ( BESI.AS ) and ASML ( ASML.AS ) also gained 1.1 to 3.8 percent after the tech giant’s results helped sentiment on the sector.
Europe’s tech sector .SX8P rose 1.1 percent to a six-week high.
It helped the pan-European STOXX 600 climb 0.4 percent, reaching its highest level since Feb 5 in early deals as investors awaited GDP data for the euro zone at 0900 GMT, and the U.S. Federal Reserve meeting later in the day.
Broadly strong earnings have helped the European index rise in recent weeks.
On Wednesday British satellite firm Inmarsat ( ISA.L ) led the pack, jumping 10.9 percent after reporting stronger first-quarter revenue.
Shares in Swedish oil firm Lundin ( LUPE.ST ) rose 4.7 percent after it became the latest European oil company to beat earnings expectations, helped by higher output.
British online grocer Ocado ( OCDO.L ) was a top gainer, up 5.2 percent after it signed a partnership deal with Swedish grocer ICA ( ICAA.ST ) to develop its online business.
Among results disappointments, Paddy Power Betfair ( PPB.L ) was the worst-performing on the European index, down 6.3 percent after first-quarter earnings fell. The bookmaker also announced a 500 million pound share buyback programme.
Mining stocks .SXPP gained 1.7 percent, providing the bedrock for Europe’s gains as copper prices recovered on strong China factory data. Reporting by Helen Reid | ashraq/financial-news-articles | https://uk.reuters.com/article/us-europe-stocks/tech-stocks-and-miners-drive-european-shares-higher-after-apple-results-idUKKBN1I30TP |
* Some positive developments seen in geopolitics
* Oil selloffs weigh on oil-related names
* Airliners gain on cheaper oil prices
* Trading subdued, with U.S, UK markets closed for holidays
By Tomo Uetake
TOKYO, May 28 (Reuters) - Japanese shares gave up initial gains on Monday as a further slide in oil prices pulled down energy-related stocks, offsetting renewed hopes of a U.S.-North Korea summit next month.
The benchmark Nikkei share average was nearly flat at 22,445.27 points by the mid-morning break, erasing gains of 0.4 percent earlier in the session.
The broader Topix slipped 0.2 percent to 1,768.21, with the JPX-Nikkei Index 400 edged down 0.1 percent to 15,641.00.
As oil prices extended their sharp declines on Monday, oil refinery and exploration companies were hit hard, with Inpex , Japex and JXTG all shedding between 3.6 and 4.2 percent each.
But lower fuel prices benefitted the air transportation sector index, which advanced 1.7 percent.
Although the Nikkei had opened higher on optimism that the historic summit meeting between United States and North Korea may be back on track, most investors were cautious and kept to the sidelines.
“Although there are some new developments in geopolitics — the revived talks for U.S.-North Korean summit and Italian president’s decision to defend the euro — these are reasons ‘not to sell’, rather than ‘to buy,’” said Yuya Fukue, trader at Rheos Capital Works.
President Donald Trump said on Sunday a U.S. team had arrived in North Korea to prepare for a proposed summit between him and North Korean leader Kim Jong Un, which Trump pulled out of last week before reconsidering.
Developments in Italy were also giving investors pause.
While the country’s president rejected a eurosceptic pick for the key economy ministry, his decision led to a collapse in efforts to form a coalition government, triggering a possible constitutional crisis and opening the prospect of fresh elections. (Reporting by Tomo Uetake; Editing by Kim Coghill)
| ashraq/financial-news-articles | https://www.reuters.com/article/japan-stocks-midday/nikkei-sheds-gains-as-falling-oil-prices-drag-on-energy-shares-idUSL3N1SZ1I9 |
May 7 (Reuters) - Banco di Sardegna SpA:
* Q1 OPERATING INCOME EUR 94.6 MILLION VERSUS EUR 89.2 MILLION YEAR AGO
* Q1 NET PROFIT EUR 29.3 MILLION VERSUS EUR 5.3 MILLION YEAR AGO
* WRITEDOWNS ON GROSS NON-PERFORMING LOANS AT END-MARCH AT EUR 1.1 BILLION AFTER IFRS 9 IMPLEMENTATION Source text for Eikon: (Gdynia Newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-banco-di-sardegna-q1-net-profit-up/brief-banco-di-sardegna-q1-net-profit-up-at-eur-29-3-mln-idUSFWN1SE0XN |
KUALA LUMPUR (Reuters) - Malaysia’s defeated United Malays National Organisation (UMNO) has asked police to return to the party millions of dollars seized from properties linked to former prime minister Najib Razak.
FILE PHOTO: Malaysia’s former Prime Minister Najib Razak attends the United Malays National Organisation (UMNO) 72th anniversary celebrations in Kuala Lumpur, Malaysia May 11, 2018. REUTERS/Athit Perawongmetha/File Photo A week after Najib’s defeat in an election on May 9, police raided his home and other properties as anti-graft agents relaunched an investigation into what happened to billions of dollars missing from an insolvent state fund founded by Najib during his nearly ten years in power.
During the raids, police seized cash, jewellery and luxury items estimated to be worth millions of dollars.
UMNO said in statement late on Thursday that the money was campaign contributions and party funding left over after the election and it was seized while it was in the process of being transferred to the party’s new leadership.
“As such, UMNO seeks to recover these funds and requests the police to release these funds and return them to the party after completion of all due process and investigations by the relevant authorities,” the party said.
Out of power for the first time since independence six decades ago, UMNO said it needed the money to recover from its defeat.
“UMNO is in the process of rebuilding and the return of our party funds will help in this process,” the statement said.
Najib quit as president of UMNO a day after the election, and was replaced by his deputy Ahmad Zahid Hamidi.
The new government is led by 92-year-old Mahathir Mohamad, a former prime minister and UMNO leader who joined the opposition to defeat his erstwhile protege after becoming convinced of his corruption.
UMNO has long been known for its ‘cash politics’, as the party has built its support among ethnic Malays through a system of patronage.
The UMNO statement noted that Mahathir had handed back 1.2 billion ringgit ($301 million) to the party and its 3 million members when he stepped down as party president in 2003.
Malaysian police’s head of commercial crime is holding a press conference on Friday related to 1Malaysia Development Berhad, the state fund at the heart of the scandal.
On Thursday, Najib concluded a statement to anti-graft agents related to transactions of $10.6 million into his bank account that investigators had traced to a former unit of 1MDB.
($1 = 3.9830 ringgit)
Reporting by Rozanna Latiff and Joseph Sipalan; Writing by Simon Cameron-Moore; Editing by Darren Schuettler
| ashraq/financial-news-articles | https://in.reuters.com/article/malaysia-politics/malaysias-defeated-umno-party-asks-for-its-money-back-idINKCN1IQ0DM |
May 14 (Reuters) - Canterbury Park Holding Corp:
* Q1 EARNINGS PER SHARE $0.22 * Q1 REVENUE ROSE 6.8 PERCENT TO $12.2 MILLION Source text for Eikon: Further company coverage:
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KUALA LUMPUR, May 2 (Reuters) - QSR Brands, Malaysia’s largest fast food operator, is considering an initial public offering to raise around 2 billion ringgit ($509.55 million), shareholder Johor Corp said on Wednesday.
Johor Corp would like to see QSR’s IPO done no later than November, its President and Chief Executive Officer, Kamaruzzaman Abu Kassim, told reporters. Johor Corp is the investment arm of Malaysia’s Johor state.
QSR, whose owners also include private equity firm CVC Capital Partners Ltd, operates and manages the Kentucky Fried Chicken (KFC) and Pizza Hut restaurant franchises in Malaysia.
$1 = 3.9250 ringgit Reporting by Liz Lee; Editing by Subhranshu Sahu
| ashraq/financial-news-articles | https://www.reuters.com/article/malaysia-qsrbrands-ipo/malaysias-largest-fast-food-operator-qsr-brands-eyes-500-mln-ipo-idUSL3N1S918C |
BRUSSELS, May 14 (Reuters) - British companies cannot be directly involved in a new EU satellite navigation system after Brexit but Britain will have access to its signal, the EU’s chief Brexit negotiator said on Monday.
“Third countries and their companies cannot participate in the development of security-sensitive matters,” Michel Barnier told an event in Brussels, referring to the Galileo programme.
“These rules will not prevent the UK as a third country from using the encrypted signal of Galileo providing that the relevant agreements between the EU and the UK are in place.” (Reporting by Robin Emmott; editing by Andrew Roche)
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May 16, 2018 / 3:26 PM / in 13 minutes Facebook CEO to meet with European Parliament to talk privacy -- company Reuters Staff 1 Min Read
May 16 (Reuters) - Facebook chief executive Mark Zuckerberg will meet with leaders of the European Parliament in Brussels to talk about privacy issues, a company spokesman in Washington said Tuesday.
The company said it had agreed to the proposal “to meet with leaders of the European Parliament and appreciate the opportunity for dialogue, to listen to their views and show the steps we are taking to better protect people’s privacy.” The European Parliament president said in a statement that the meeting would take place “as soon as possible” and potentially next week. Zuckerberg testified before the U.S. Congress last month on privacy issues. (Reporting by David Shepardson Editing by Chizu Nomiyama) | ashraq/financial-news-articles | https://www.reuters.com/article/facebook-eu-privacy/facebook-ceo-to-meet-with-european-parliament-to-talk-privacy-company-idUSL2N1SN12T |
May 9 (Reuters) - MKS Instruments Inc:
* MKS INSTRUMENTS PROMOTES DR. JOHN T.C. LEE TO PRESIDENT * MKS INSTRUMENTS INC - LEE WILL CONTINUE IN HIS CURRENT ROLE AS CHIEF OPERATING OFFICER Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-mks-instruments-promotesdr-john-tc/brief-mks-instruments-promotesdr-john-t-c-lee-to-president-idUSASC0A16J |
The mayor of Bridgeport plans to appeal directly to Democratic voters in Connecticut to gauge whether they are willing to put a convicted felon on the ballot during this summer’s primary for governor.
On Monday, Bridgeport Mayor Joe Ganim, who announced his intention to run in January, said he will collect signatures to qualify for the primary. His campaign will need to collect nearly 15,500 signatures from registered Democrats to compete in the primary. The signatures are due by June 12.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/bridgeport-mayor-to-petition-for-spot-in-democratic-primary-for-governor-1525122510 |
VANCOUVER, May 11, 2018 /PRNewswire/ - Mason Resources Corp. (TSX:MNR; OTCQB: MSSNF – "Mason" or the "Company") is pleased to report its financial results for the first quarter ended March 31, 2018. All figures are in US dollars unless otherwise noted.
Q1 2018 HIGHLIGHTS
Net loss for Q1 2018 was $0.3 million, which was a reduction of 57% from the comparative period of 2017 ($0.7 million net loss). Operating cash outflow after working capital movements for Q1 2018 was $0.1 million, which was a reduction of 85% from the comparative period of 2017 ($0.7 million cash outflow). The Company's cash balance at March 31, 2018 was $7.1 million with no debt.
OUTLOOK AND STRATEGY
Corporate
The Company's corporate focus going forward will be to maximize market value through assessing and executing on options to move its Ann Mason copper-molybdenum porphyry project (the "Ann Mason Project") in Nevada forward, possibly including introducing one or more strategic partners. In addition, Mason is undertaking a process to prioritize and progress other growth strategies involving its Lordsburg copper-gold porphyry property in New Mexico and additional potential new exploration acquisitions. Fiscal responsibility, including restricting cash expenditures to value adding activities, remains a high priority.
The Company expects to spend between $1.2 million and $1.4 million for the 2018 year, which includes $0.4 million for corporate costs, investor relations, and compliance and the balance related to the Ann Mason Project and Lordsburg property.
Ann Mason Project
The Ann Mason Project is believed to be the 4th largest undeveloped copper porphyry resource in Canada/U.S.A. and remains open in several directions. On May 10, 2017, Mason filed its NI 43-101 technical report titled "2017 Updated Preliminary Economic Assessment on the Ann Mason Project, Nevada, U.S.A." (the "2017 PEA") on SEDAR at www.sedar.com . The Company is currently evaluating options for its Ann Mason Project, which may include optimizing certain aspects of the 2017 PEA, commencing a Pre-Feasibility study and testing high priority exploration targets with potential to provide alternative production options.
The Company is targeting expenditures of between $0.7 million and $0.9 million for the 2018 year, including claim fees and payments, site maintenance and local administration costs.
Lordsburg Property
The Company is managing the costs associated with the Lordsburg property while management evaluates the best path forward to add value to the project. Expenditures for 2018 are mainly for claim fees and local administration costs. The Company expects to spend approximately $0.1 million for the 2018 year.
The Company's first quarter 2018 unaudited consolidated financial statements and Management's Discussion and Analysis ("MD&A") are available on SEDAR at www.sedar.com and on the Company's website at www.MasonResources.com .
SUMMARY OF FINANCIAL RESULTS
The Company's Q1 2018 net loss of $0.3 million included $0.2 million of exploration costs and $0.3 million of general and administration costs, which were partially offset by $0.2 million foreign exchange gain.
Exploration expenses for Q1 2018 included costs of $0.1 million relating to the Ann Mason Project. Compared to the comparative 2017 and 2016 periods, the expenses were 17% and 43% lower, respectively, due to the moderation of exploration programs relating to the Ann Mason Project since 2016. Exploration expenses relating to the Lordsburg property during these periods were minimal.
General and administrative costs in Q1 2018 included costs of $0.2 million related to administrative and executive services through the Administrative Services Agreement ("ASA") with Entrée Resources Ltd. The expenses in the current year are comparable to the comparative period in 2017 but are 32% higher than the comparative period in 2016 due to the expenses incurred under the ASA.
QUALIFIED PERSON
Robert Cinits, P.Geo., Mason's Chief Operating Officer, a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101"), has approved the technical information in this release.
ABOUT MASON RESOURCES CORP.
Mason Resources Corp. is a well-funded Canadian company focused on copper exploration and development in the U.S.A. The Company's key asset is its 100% owned Ann Mason Project – an extensive, prospective land package located in the Yerington District of Nevada. The Ann Mason Project hosts two copper-molybdenum porphyry deposits, Ann Mason and Blue Hill, as well as numerous earlier-stage or untested priority targets. The Ann Mason deposit is currently at a PEA level and is among the largest undeveloped copper porphyry resources in Canada/U.S.A. The excellent infrastructure, year-round access, strong community support and clear permitting process are all factors that contribute to making Yerington, Nevada one of the best mining jurisdictions in the world. Mason also holds a 100% interest in the Lordsburg property, an exciting earlier-stage copper-gold porphyry project, located within an historic mining district in New Mexico.
Mason's strong financial position and high-quality asset portfolio provide it with a solid foundation and flexibility for growth, by advancing development of Ann Mason towards Pre-Feasibility, introducing one or more strategic development partners, exploring high priority targets or considering strategic acquisitions. More information on Mason Resources can be found at www.MasonResources.com .
This news release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements include, but are not limited to, statements with respect to corporate strategies and plans of Mason; uses of funds; the ability of Mason to maximize returns to shareholders; the potential to optimize certain aspects of the 2017 PEA; completion of a Pre-Feasibility study on the Ann Mason Project; a potential strategic development partner for the Ann Mason Project; the potential impact of future exploration results on Ann Mason mine design and economics; the potential development of Ann Mason; plans for future exploration and development programs and budgets; anticipated business activities; proposed acquisitions and dispositions of assets; and future financial performance.
While the Company has based these forward-looking statements on its expectations about future events as at the date that such statements were prepared, the statements are not a guarantee of the Company's future performance and are based on numerous assumptions regarding present and future business strategies, local and global economic conditions and the environment in which Mason will operate in the future, including the price of copper, gold, silver and molybdenum. Uncertainties and factors which could cause actual results to differ materially from future results expressed or implied by forward-looking statements and information include, amongst others, unanticipated costs, expenses or liabilities; discrepancies between actual and anticipated production, mineral resources and metallurgical recoveries; the size, grade and continuity of deposits not being interpreted correctly from exploration results; the results of preliminary test work not being indicative of the results of future test work; fluctuations in commodity prices and demand; changing foreign exchange rates; actions by government authorities; the availability of funding on reasonable terms; the impact of changes in interpretation to or changes in enforcement of, laws, regulations and government practices, including laws, regulations and government practices with respect to mining, foreign investment, royalties and taxation; the terms and timing of obtaining necessary environmental and other government approvals, consents and permits; the availability and cost of necessary items such as power, water, skilled labour, transportation and appropriate smelting and refining arrangements; and misjudgements in the course of preparing forward-looking statements. In addition, there are also known and unknown risk factors which may cause the actual results, performances or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements and information. Such factors include, among others, risks related to international operations, including legal and political risk; risks associated with changes in the attitudes of governments to foreign investment; changes in project parameters as plans continue to be refined; inability to upgrade Inferred mineral resources to Indicated or Measured mineral resources; inability to convert mineral resources to mineral reserves; conclusions of economic evaluations; future prices of copper, gold, silver and molybdenum; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; delays in obtaining government approvals, permits or licences or financing or in the completion of development or construction activities; environmental risks; title disputes; limitations on insurance coverage; as well as those factors discussed in the Company's most recently filed MD&A and in the Company's Annual Information Form for the financial year ended December 31, 2017, dated March 16, 2018 filed with the Canadian Securities Administrators and available at www.sedar.com . There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company is under no obligation to update or alter any forward-looking statements except as required under applicable securities laws.
View original content: http://www.prnewswire.com/news-releases/mason-resources-reports-first-quarter-2018-results-300646886.html
SOURCE Mason Resources | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/11/pr-newswire-mason-resources-reports-first-quarter-2018-results.html |
PARKLAND INCREASES GUIDANCE BY $50 MILLION TO 650 MILLION ±5%
CALGARY, Alberta, May 02, 2018 (GLOBE NEWSWIRE) -- Parkland Fuel Corporation (“Parkland”) (TSX:PKI) Canada's largest and one of North America's fastest growing independent marketers of fuel and petroleum products and a leading convenience store operator, announced today the financial and operating results for the three months ended March 31, 2018. All financial figures are expressed in Canadian dollars.
“The Parkland team delivered exceptional results in the first quarter,” said Bob Espey, President and Chief Executive Officer. “These results were due to strong base business growth and supply improvement and optimization activities that yielded a one-time benefit of approximately $30 million.”
Parkland is revising its 2018 Adjusted EBITDA guidance from $600 million ±5% to $650 million ±5%. This increase is driven by a one-time Adjusted EBITDA benefit, of approximately $30 million, related to supply initiatives, earlier than anticipated realization of synergies related to the integration of our Acquisitions (5) as well as our forecast for continued strength in crack spreads at the Burnaby Refinery during the second quarter of 2018.
KEY COMPONENTS OF PARKLAND'S STRATEGY – Q1 2018 HIGHLIGHTS
GROW
Achieved record first quarter Adjusted EBITDA of $153 million, a 119% increase over the comparable period in 2017. Grew pre-Acquisitions business ("Base Business”) Adjusted EBITDA by 19%, well ahead of Parkland's strategic organic growth target of 3-5%. Realized 53% growth in fuel and petroleum product volumes, delivering 4,211 million litres in the first quarter of 2018 compared to 2,756 million litres for the same period in 2017. Experienced 16% growth in Commercial Base Business propane volumes mainly attributable to large customer wins and favourable weather conditions for propane demand in Ontario. Achieved strong Retail Company C-Store same-store sales growth ("Company C-Store SSSG") of 4.1% across Canada in the first quarter of 2018. This marks the 9th consecutive quarter of positive Company C-Store SSSG at Parkland. The strong Company C-Store SSSG was driven by ongoing marketing programs including implementation of our new On the Run / Marché Express store concepts, the rollout of our proprietary private label brand "59th Street Food Co.", improved merchandising and higher forecourt to backcourt conversion rates. Parkland also saw growth in sustainable higher-margin categories such as beverages, snacks and confectionery.
SUPPLY
Completed a major maintenance event at the Burnaby Refinery, which began in early February and was completed in the first week of April 2018. Executed supply improvement and optimization initiatives that generated an incremental one-time benefit to Supply Adjusted EBITDA of approximately $30 million. Grew Supply Adjusted EBITDA by 209% in the first quarter of 2018 compared to the same period in 2017. The growth was driven by contributions from the Chevron Acquisition, profitable supply sourcing initiatives, improved supply economics in the Base Business, and lower Base Business operating costs.
ACQUIRE
Parkland exited the Ultramar Acquisition (5) transitional services agreement ("TSA") in April 2018, and is well under way to exit the Chevron Acquisition (5) TSA in late 2018. As at March 31, 2018, Parkland has completed initiatives that are expected to result in Annual Synergies (6) on the Acquisitions of approximately $44 million for fiscal year 2018. Parkland expects that the Annual Synergies (6) on the Acquisitions will reach approximately $80 million by the end of 2020.
QUARTERLY FINANCIAL DATA
($ millions, unless otherwise noted) 2018 2017 — For the three months ended Mar 31 Dec 31 Sep 30 June 30 Mar 31 Dec 31 Sep 30 June 30 Financial Summary Sales and operating revenue 3,342 3,369 2,600 1,806 1,785 1,740 1,638 1,570 Adjusted gross profit (1) 430 469 266 168 191 197 171 167 Adjusted EBITDA (1) Retail 69 94 74 38 25 33 41 36 Commercial 38 28 8 5 29 16 4 7 Supply 71 93 25 18 23 34 24 23 Parkland USA 4 4 4 5 3 4 4 3 Corporate (29 ) (21 ) (15 ) (12 ) (10 ) (10 ) (13 ) (13 ) Consolidated 153 198 96 54 70 77 60 56 Net earnings (loss) 20 49 12 (1 ) 22 3 15 5 Per share – basic 0.15 0.37 0.10 (0.01 ) 0.23 0.03 0.15 0.05 Per share – diluted 0.15 0.37 0.10 (0.01 ) 0.22 0.03 0.15 0.05 Distributable cash flow (2) 29 45 45 23 38 29 28 28 Per share (2)(3) 0.22 0.33 0.35 0.20 0.40 0.30 0.29 0.30 Adjusted distributable cash flow (2) 110 86 64 39 46 43 33 37 Per share (2)(3) 0.84 0.64 0.50 0.35 0.48 0.45 0.35 0.39 Dividends 38 39 38 33 28 28 28 27 Dividends declared per share outstanding 0.2902 0.2886 0.2886 0.2886 0.2852 0.2835 0.2835 0.2835 Dividend payout ratio (2) 131 % 89 % 83 % 146 % 72 % 94 % 99 % 96 % Adjusted dividend payout ratio (2) 35 % 46 % 59 % 84 % 60 % 64 % 83 % 74 % Total assets 5,492 5,412 4,830 4,281 2,469 2,562 2,424 1,834 Shares outstanding (million shares) 132 131 131 130 97 96 96 95 Weighted average number of common shares (million shares) 131 131 131 111 96 96 96 95 Operating Summary Fuel and petroleum product volume (million litres) 4,211 4,432 3,557 2,588 2,756 2,783 2,659 2,536 Fuel and petroleum product adjusted gross profit (1) Retail (cpl) 7.88 8.95 7.10 5.78 5.25 5.39 5.69 5.64 Commercial (cpl) 9.53 8.29 6.71 9.36 13.16 11.47 8.64 10.47 Parkland USA (cpl) 3.65 3.48 2.97 3.31 3.58 3.62 3.26 3.17 Operating costs (4) (cpl) 4.92 4.50 3.40 3.00 3.11 2.93 2.79 2.93 Marketing, general and administrative (cpl) 1.66 1.62 1.37 1.41 1.28 1.39 1.38 1.42 (1) Measure of segment profit. See Section 12 of the MD&A.
(2) Non-GAAP financial measure. See Section 12 of the MD&A.
(3) Calculated using the weighted average number of common shares.
(4) Operating costs (cpl) were restated to conform to current period's presentation in the consolidated statements of income. Specifically, customer finance income, which was formerly presented separately, is now included in operating costs.
(5) On June 28, 2017, Parkland acquired the majority of the Canadian business and assets of CST Brands, Inc. (the "Ultramar Acquisition") and on October 1, 2017, Parkland acquired all outstanding shares of Chevron Canada R & M ULC (the "Chevron Acquisition"), (collectively, “the Acquisitions”).
(6) Annual Synergies is an annualized measure and is considered to be forward-looking information. See Section 12 and Section 14 of the MD&A.
MD&A AND FINANCIAL STATEMENTS
The Q1 2018 Management’s Discussion and Analysis (“MD&A”) and the interim condensed consolidated financial statements provide a detailed explanation of Parkland’s operating results for the three months ended March 31, 2018. An English version of these documents will be available online at www.parkland.ca and SEDAR immediately after the results are released by newswire under Parkland’s profile at www.sedar.com . French Financial Statements and MD&A will be posted to www.parkland.ca and SEDAR as soon as they become available.
CONFERENCE CALL AND WEBCAST INFORMATION
Parkland will host a webcast and conference call at 6:30 a.m. MDT (8:30 a.m. EDT) on Thursday, May 3, 2018, to discuss the results for the three months ended March 31, 2018.
To access the conference call by telephone, dial toll-free 1-844-889-7784 [Conference ID: 1080827]. The webcast slide presentation can be accessed at https://edge.media-server.com/m6/p/3mj5y7qp . Please connect and log in approximately 10 minutes before the beginning of the call.
The webcast will be available for replay two hours after the conference call ends. It will remain available at the link above for one year and will also be posted to www.parkland.ca .
FORWARD-LOOKING STATEMENTS AND NON-GAAP FINANCIAL MEASURES
Certain statements contained in this news release constitute forward-looking information and statements (collectively, “forward-looking statements”). When used in this news release the words ‘‘expect’’, ‘‘will’’, ‘‘could’’, ‘‘would’’, ‘‘believe’’, “continue”, ‘‘pursue’’ and similar expressions are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things, signs of growth, business objectives and growth strategies; the strength of Parkland’s operations and financial condition; sources of growth; anticipated synergies; matters related to TSAs; forecasted crack spreads; supply improvement and optimization and plans and objectives of or involving Parkland.
These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These forward-looking statements speak only as of the date of this news release. Parkland does not undertake any obligations to publicly update or revise any forward-looking statements except as required by securities law. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks and uncertainties including, but not limited to, general economic, market and business conditions; industry capacity; competitive action by other companies; refining and marketing margins; the ability of suppliers to meet commitments; actions by governmental authorities and other regulators including but not limited to increases in taxes or restricted access to markets; changes and developments in environmental and other regulations; and other factors, many of which are beyond the control of Parkland. See also the risks and uncertainties described in “Forward-Looking Statements” and “Risk Factors” included in Parkland’s Annual Information Form dated March 9, 2018 and in “Forward-Looking Statements” and “Risk Factors” in the Q1 2018 MD&A, each as filed on SEDAR and available on the Parkland website at www.parkland.ca .
Financial Measures
This news release refers to certain Non-GAAP financial measures that are not determined in accordance with International Financial Reporting Standards (“IFRS”). Distributable Cash Flow, Distributable Cash Flow per Share, Adjusted Distributable Cash Flow, Adjusted Distributable Cash Flow per Share, Dividend Payout Ratio, Adjusted Dividend Payout Ratio and Adjusted Marketing, General and Administrative expenses are not measures recognized under IFRS and do not have standardized meanings prescribed by IFRS. Management considers these to be important supplemental measures of Parkland’s performance and believes these measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in its industries. See Section 12 of the Q1 2018 MD&A for a discussion of non-GAAP measures and their reconciliations to the nearest applicable IFRS measure.
Adjusted EBITDA and Adjusted Gross Profit are measures of segment profit, and Annual Synergies is an annualized measure and is considered to be forward-looking information. See Section 12 of the Q1 2018 MD&A and Note 14 of the Interim Condensed Consolidated Financial Statements for a reconciliation of these measures of segment profit. Investors are encouraged to evaluate each adjustment and the reasons Parkland considers it appropriate for supplemental analysis.
Investors are cautioned, however, that these measures should not be construed as an alternative to net earnings determined in accordance with IFRS as an indication of Parkland’s performance. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
ABOUT PARKLAND FUEL CORPORATION
Parkland is Canada's largest and one of North America's fastest growing independent suppliers and marketers of fuel and petroleum products and a leading convenience store operator. Parkland services customers through three channels: Retail, Commercial and Wholesale. Parkland optimizes its fuel supply across these three channels by operating the Parkland Burnaby Refinery, and leveraging a growing portfolio of supply relationships and storage infrastructure. Parkland provides trusted and locally relevant fuel brands and convenience store offerings, including its On the Run/Marché Express banners, in the communities it serves.
Parkland creates value for shareholders by focusing on its proven strategy of growing organically, realizing a supply advantage and acquiring prudently and integrating successfully. At the core of our strategy are our people, as well as our values of safety, integrity, community and respect, which are embraced across our organization.
FOR FURTHER INFORMATION
Investor Inquiries
Dean Morrison
Director, Investor Relations
587-887-8339
[email protected]
Media Inquiries
Annie Cuerrier
Director, Corporate Communications
403-567-2579
[email protected]
To sign up for Parkland news alerts, please go to https://goo.gl/mNY2zj or visit www.parkland.ca .
Source: Corporation Pétroles Parkland | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/globe-newswire-parkland-fuel-corporation-announces-record-first-quarter-adjusted-ebitda-of-153-million.html |
The dollar fell against the euro and a broad range of other currencies Wednesday, as investors took stock of the latest developments in Italian politics.
The euro was recently up 1.1% at $1.1663. The WSJ Dollar Index, which measures the U.S. currency against a basket of 16 others, was off 0.6% at 87.06.
Tensions eased Wednesday as Italian... | ashraq/financial-news-articles | https://www.wsj.com/articles/dollar-falls-as-italian-political-tensions-ease-1527700059 |
May 15, 2018 / 1:20 AM / Updated 19 hours ago ATP World Tour Masters 1000 / WTA Premier, Rome Masters Women's Singles Results Reuters Staff 2 Min Read May 15 (OPTA) - Results from the ATP World Tour Masters 1000 / WTA Premier, Rome Masters Women's Singles matches on Monday .. 1st Round .. 1-Simona Halep (ROU) (Bye) Naomi Osaka (JPN) beat Victoria Azarenka (BLR) 6-0 6-3 Donna Vekic (CRO) beat Carla Suarez Navarro (ESP) 6-1 6-2 13-Madison Keys (USA) beat Anastasia Pavlyuchenkova 6-4 6-1 (RUS) 9-Sloane Stephens (USA) beat Barbora Strycova (CZE) 6-7(4) 6-3 6-1 Kaia Kanepi (EST) beat Camilla Rosatello (ITA) 6-1 6-2 7-Caroline Garcia (FRA) (Bye) 3-Garbine Muguruza (ESP) (Bye) Daria Gavrilova (AUS) beat Natalia Vikhlyantseva 5-7 6-4 6-3 (RUS) Dominika Cibulkova (SVK) beat Francesca Schiavone (ITA) 6-1 6-7(5) 6-2 Johanna Konta (GBR) beat 17-Magdalena Rybarikova 6-4 6-3 (SVK) Shuai Zhang (CHN) beat Mihaela Buzarnescu (ROU) 6-3 7-6 5-Jelena Ostapenko (LAT) (Bye) 6-Karolina Pliskova (CZE) (Bye) Petra Martic (CRO) beat Lesia Tsurenko (UKR) 6-1 6-2 4-Elina Svitolina (UKR) (Bye) 8-Venus Williams (USA) (Bye) Anett Kontaveit (EST) beat 12-Coco Vandeweghe (USA) 6-1 6-1 Aleksandra Krunic (SRB) beat Roberta Vinci (ITA) 2-6 6-0 6-3 Alison Van Uytvanck (BEL) beat Samantha Stosur (AUS) 6-7(6) 6-3 6-2 2-Caroline Wozniacki (DEN) (Bye) | ashraq/financial-news-articles | https://uk.reuters.com/article/tennis-atp-results-womens-singles/atp-world-tour-masters-1000-wta-premier-rome-masters-womens-singles-results-idUKMTZXEE5FQX1LPJ |
May 10, 2018 / 5:15 PM / Updated 2 hours ago Lajovic downs Del Potro in Madrid as Edmund maintains progress Reuters Staff 3 Min Read
MADRID (Reuters) - World number six Juan Martin del Potro crashed out of the Madrid Open on Thursday after Serbia’s Dusan Lajovic came back from a set down to beat the Argentine 3-6 6-4 7-6(6) in the third round. Tennis - ATP 1000 - Madrid Open - Madrid, Spain - May 10, 2018 Serbia's Dusan Lajovic celebrates winning his third round match against Argentina's Juan Martin del Potro REUTERS/Paul Hanna
Del Potro looked in complete control as he converted two break-point opportunities to take the opening set but Lajovic, ranked 95 in the world, dug deep to stay in the contest.
A break midway through the second set was enough for Lajovic to force a decider before he wrapped up his first career victory over a top-10 opponent in the tiebreak.
“It’s for sure my best win, and definitely one of the best matches I’ve played,” the Serbian said. “I still am not believing it 100 percent, but I know I deserved to win today.” Tennis - ATP 1000 - Madrid Open - Madrid, Spain - May 10, 2018 Argentina's Juan Martin del Potro reacts during his third round match against Serbia's Dusan Lajovic REUTERS/Paul Hanna
In the quarter-finals, Lajovic will meet South Africa’s Kevin Anderson who overcame German Philipp Kohlschreiber 6-3 7-6(7).
Britain’s Kyle Edmund followed up his surprise win over Novak Djokovic by defeating world number 10 David Goffin to reach the last eight of an ATP Masters 1000 event for the first time in his career. Slideshow (2 Images)
The 23-year-old broke his Belgian opponent’s serve twice in the opening set and once in the second, to seal a 6-3 6-3 victory in an hour and 12 minutes.
“I managed my game very well,” the Briton said. “My game is better the better I manage it and pick the moments not to be aggressive.
“If I don’t pull the trigger too often, then I play well. It’s about being controlled and relaxed and not worrying too much. Goffin is a top player so I’m very pleased.
“My new trick is to try and continue that momentum and not just have a good win and not back it up.”
Edmund will next face Canadian teenager Denis Shapovalov, who achieved a 6-4 6-4 win over compatriot Milos Raonic.
“It was definitely one of my best days on clay,” said 19-year-old Shapovalov, who is ranked 43rd in the world, 19 places below Raonic. “To be on the court against such a legend for me, and for my country, it was an honour.
“What (Raonic) does for our country, for tennis, for these past couple years, it’s incredible. To beat him, it was a huge confidence booster for me.” Reporting by Hardik Vyas in Bengaluru,; Editing by Neville Dalton | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-tennis-madrid-men/lajovic-downs-del-potro-in-madrid-as-edmund-maintains-progress-idUKKBN1IB2JH |
April’s exposed Apple funds 4 Hours Ago 01:40 01:40 | 11:30 AM ET Thu, 26 April 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/01/aprils-exposed-apple-funds.html |
MADRID, Spain and CAMBRIDGE, Mass., May 09, 2018 (GLOBE NEWSWIRE) -- Oryzon Genomics (ISIN Code: ES0167733015, ORY), a public clinical-stage biopharmaceutical company leveraging epigenetics to develop therapies in diseases with strong unmet medical need, today reported financial results for the first quarter of 2018 and provided an update on the Company's recent developments.
The company has worked intensively during this quarter to finalize the preparations of two Phase IIa clinical trials with ORY-1001 in Acute Myeloid Leukemia and in Small Cell Lung Cancer, after having recovered all the rights to the molecule at no cost at the end of January. The company is planning to submit these new clinical trials shortly to obtain the authorization of the regulatory agencies, and will inform in this regard in due course.
The Phase I clinical trial of ORY-2001, a dual inhibitor of LSD1 and MAOB, in 106 healthy volunteers to evaluate its potential in Alzheimer's disease (AD) and Multiple Sclerosis (MS) allowed to characterize its safety and define the doses to be used in the next Clinical Phases II with patients. It also allowed to establish the capacity of the drug administered orally to penetrate into the brain.
This program recruited its first patient in the Phase IIa trial in MS, SATEEN, during the month of January. During the first quarter the company also submitted to the Spanish Medicines Agency (AEMPS) and other European countries a clinical trial application (CTA) to obtain approval for a Phase IIa clinical study of ORY-2001 in AD patients in mild and moderate stages. This clinical trial was approved by the AEMPS at the beginning of April.
The company has also made progress in new preclinical experiments with ORY-2001 and in the characterization of the mechanism of action in other indications of the Central Nervous System that the company considers may be a relevant option in the future clinical development of the drug. Among them it is worth to mention the treatment of behavioral alterations present in patients suffering from diseases such as Parkinson's, autistic spectrum disorder, depression and others. These data may substantially broaden the potential clinical development of ORY-2001 beyond the current indications of AD and MS that the company is advancing in clinical trials.
ORY-3001, the company’s third LSD1 inhibitor, in development for the treatment of a non-oncological, yet undisclosed, orphan disease, has successfully completed the regulatory toxicology necessary to obtain the permits to start clinical studies.
In summary, the company has two "first-in-class" epigenetic experimental molecules in clinical trials in humans in Phase IIa or ready to start Phase IIa, and a third one that has completed the regulatory preclinical phase.
First Quarter Highlights
In JANUARY 2018 ORYZON announced first patient In in ORY-2001 MS Phase IIa trial SATEEN and presented new preclinical data on ORY-2001 in MS at the third annual ACTRIMS Forum 2018 in San Diego In FEBRUARY 2018 ORYZON appointed clinical development leader Lori A. Kunkel, M.D., as a Scientific Advisor In FEBRUARY 2018 ORYZON revamped its Board with an expert in Biomedicine and Epigenetics in the US industry. In MARCH 2018 ORYZON announced publication of a paper in Cancer Cell establishing the relevance of ORY-1001 as an antileukemic differentiating drug. In APRIL 2018 ORYZON received approval from the Spanish Regulatory Authorities to start ETHERAL: a Phase IIa clinical trial in Alzheimer’s Disease with ORY-2001
Financial Update: First Quarter 2018 Financial Results
Collaboration revenue was $0.00 million for the last 3 months ended March 31, 2018 and $0.02 million for the last 3 months ended March 31, 2017. The 1st quarter 2017 revenues was the last accrual of the Roche license 2015 milestone.
Research and development (R&D) expenses established themselves at $2.3 million for the last 3 months ended March 31, 2018 compared to the $1.6 million for the last 3 months ended March 31, 2017. The $0.7 million increase was driven primarily by accelerated R&D efforts to start ETHERAL - a Phase IIa clinical trial with ORY-2001 in Alzheimer’s Disease, and SATEEN - a Phase IIa clinical trial with ORY-2001in Multiple Sclerosis.
General and administrative expenses were $0.9 million for the last 3 months ended March 31, 2018 and $1.0 million for the last 3 months ended March 31, 2017
Net loss of $1.3 million (-$0.04 per share) for the last 3 months ended March 31, 2018 represents an improvement of 7% compared to the net loss of $1.4 million for the last 3 months ended March 31, 2017 (-$0.05 per share).
Cash, cash equivalents and marketable securities totaled $38.1 million as of March 31, 2018, compared to $29.8 million as of March 31, 2017.
ORYZON GENOMICS SA BALANCE SHEET DATA (UNAUDITED) (Amounts in thousands US $) March 31st,
2018 March 31st,
2017 Cash and cash equivalents 37,848 22,612 Marketable securities 224 7,207 Total Assets 72,720 55,971 Deferred revenue 0 0 Total Stockholders' equity 41,009 22,983
ORYZON GENOMICS SA STATEMENTS OF OPERATIONS (UNAUDITED) (US $, amounts in thousands except per share data) Three Months Ended
March 31, 2018 2017 Collaboration Revenue 0 18 Operating expenses: Research and Development 2,334 1,564 General and administrative 887 967 Total operating expenses 3,221 2,531 Loss from Operations -3,221 -2,513 Other income, net 2,458 1,509 Net Loss -763 -1,004 Net Financial & Tax -499 -374 Net Result -1,262 -1,378 Loss per share allocable to common stockholders: Basic -0.04 -0.05 Diluted -0.04 -0.05 Weighted average Shares outstanding Basic 33,492,804 27,728,838 Diluted 33,492,804 27,728,838 About Oryzon
Founded in 2000 in Barcelona, Spain, Oryzon (ISIN Code: ES0167733015) is a clinical stage biopharmaceutical company considered as the European champion in Epigenetics. The company has one of the strongest portfolios in the field. Oryzon’s LSD1 program has rendered two compounds in clinical trials. In addition, Oryzon has ongoing programs for developing inhibitors against other epigenetic targets. The company has a strong technological platform for biomarker identification and performs biomarker and target validation for a variety of malignant and neurodegenerative diseases. The company has offices in Spain and USA. For more information, visit www.oryzon.com .
FORWARD-LOOKING STATEMENTS
This communication contains forward-looking information and statements about Oryzon Genomics, S.A., including financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, capital expenditures, synergies, products and services, and statements regarding future performance. Forward-looking statements are statements that are not historical facts and are generally identified by the words “expects”, “anticipates”, “believes”, “intends”, “estimates” and similar expressions. Although Oryzon Genomics, S.A. believes that the expectations reflected in such forward-looking statements are reasonable, investors and holders of Oryzon Genomics, S.A. shares are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of Oryzon Genomics, S.A., that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include those discussed or identified in the documents sent by Oryzon Genomics, S.A. to the Comisión Nacional del Mercado de Valores, which are accessible to the public. Forward-looking statements are not guarantees of future performance. The auditors of Oryzon Genomics, S.A, have not reviewed them. You are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date they were made. All subsequent oral or written forward-looking statements attributable to Oryzon Genomics, S.A. or any of its members, directors, officers, employees or any persons acting on its behalf are expressly qualified in their entirety by the cautionary statement above. All forward-looking statements included herein are based on information available to Oryzon Genomics, S.A. on the date hereof. Except as required by applicable law, Oryzon Genomics, S.A. does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. This press release is not an offer of securities for sale in the United States. The Company’s securities may not be offered or sold in the United States absent registration or an exemption from registration. Any public offering of the Company’s securities to be made in the United States will be made by means of a prospectus that may be obtained from the Company or the selling security holder, as applicable, that will contain detailed information about the Company and management, as well as financial statements.
US Contact: Spain: The Company: The Trout Group ATREVIA Emili Torrell Thomas Hoffmann Patricia Cobo/Luis Rejano BD Director +1 646 378 2932 +34 91 564 07 25 +34 93 515 13 13 [email protected] [email protected]
[email protected] [email protected]
Source: Oryzon Genomics | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/globe-newswire-oryzon-reports-financial-results-and-corporate-updateafor-the-1st-quarter-2018.html |
PARIS (Reuters) - Reden Solar, a niche solar energy player backed by private equity funds, is looking to buy solar projects to take advantage of a government push to boost renewable energy in France.
FILE PHOTO: File photo shows a general view of solar panels used to produce renewable energy at the photovoltaic park in Cestas, France, December 1, 2015. REUTERS/Regis Duvignau//File Photo France has been a laggard in renewables as its relies on nuclear for about three quarters of its electricity needs. But this could change now President Emmanuel Macron has made solar energy the focus of French renewable energy policies.
Against this backdrop, Reden hopes to grow quickly rather than risk being swallowed by big companies like Engie or Total.
“With the financial clout of our shareholders we can grow. If a company comes on the market, we could be interested,” Reden CEO Thierry Carcel said.
An IPO is a possibility, though there are no plans currently.
Based in Agen, southern France, Reden split off from renewables group Fonroche last year, when infrastructure fund InfraVia bought a 53 percent stake alongside listed investment company Eurazeo, which has 47 percent.
Reden has a 1.7 percent market share of France’s solar market, with 180 megawatts of installed capacity. This puts it in the top ten in a country where market leader EDF Energies Nouvelles’ 290 megawatt accounts for only about 4 percent of total capacity, according to consultancy Finergreen.
France had just 7.7 gigawatts (GW) of solar capacity installed at the end of 2017 - compared to Germany’s 43 GW.
But state-owned utility EDF plans to build 30 GW by 2035 and the French government has doubled tender volume for solar projects, sparking a race for size among the many small-to medium size companies in the industry.
“There are four to six significant players left in France, including Reden. The small ones will be eaten, maybe by Total, maybe by us,” said InfraVia CEO Vincent Levita.
InfraVia - which manages 1.9 billion euros ($2.28 billion) of assets - in 2016 sold stakes in solar firms Soparsol and Soley after holding on to them for about five years.
“We are ready to follow Reden if it makes acquisitions,” said Renaud Haberkorn head of Eurazeo Patrimoine, one of the funds under Eurazeo, which has 15 billion euros under management in total.
Finergreen CEO Damien Ricordeau sees rapid consolidation in the next year, with the top 20 solar firms capturing 50 percent of installed capacity.
“Things are moving fast, we expect 2-3 of the top 25 players will disappear by year-end,” Ricordeau said.
Since France’s energy giants have been slow to invest in solar, about the only way to catch up is through M&A.
Engie in 2015 bought Solairedirect. Total in September bought into renewables firm Eren and last month bought power retailer Direct Energie, which itself had just bought solar and wind firm Quadran.
Funds and foreign groups are also on the acquisition trail. Since October, Denmark’s renewable energy investment firm Obton bought Coruscant, Ireland’s power firm Amarenco bought Groupe Carré, and French solar firm Tenergie linked up with Credit Agricole.
Reden, which has equity of about 200 million euros, plans to double its installed capacity and has a pipeline of 350 MW solar projects in France and overseas.
Its overseas projects, mostly ground-mounted solar, include 60 MW in Mexico, 150 MW in Chile, 50 MW in Puerto Rico and last week it bought 50 MW in Portugal. In France it mainly puts panels on rooftops.
($1 = 0.8335 euros)
Reporting by Geert De Clercq. Editing by Jane Merriman
| ashraq/financial-news-articles | https://www.reuters.com/article/us-france-solar-reden/reden-looks-to-ma-to-take-advantage-of-frances-solar-push-idUSKBN1I31E1 |
JERUSALEM, April 30 (Reuters) - Bezeq Israel Telecom , the country’s largest telecoms group, named Shlomo Rodav as chairman on Monday, ending nearly a year without a permanent board chief in the wake of a securities investigation into the company.
Rodav, elected at a special board meeting that followed a change in a number of directors, had served as Bezeq’s chairman between 2007 and 2010.
He replaces David Granot, who took over as interim chairman when Shaul Elovitch stepped down in June at the outset of the investigation. Elovitch controls Bezeq through B Communications , a unit of his indebted Eurocom group.
Shareholders last week voted for a new board that removed Elovitch’s majority. Elovitch, a family friend of Prime Minister Benjamin Netanyahu, was arrested along with a number of other officials connected with Bezeq. They all deny any wrongdoing.
Bezeq CEO Stella Handler was also arrested in connection with an investigation into alleged fraud, bribery and securities offences. She has denied any wrongdoing and plans to step down in July. (Reporting by Steven Scheer; Editing by Tova Cohen)
| ashraq/financial-news-articles | https://www.reuters.com/article/bezeq-chairman/shlomo-rodav-returns-as-bezeq-israel-telecom-chairman-idUSL8N1S74SZ |
Media mogul Rupert Murdoch may be in a pickle. He was preparing to divide up his empire, 21st Century Fox, selling some of its most valuable entertainment assets to Walt Disney for $52.4 billion in stock. That seemed to suit Mr. Murdoch well, allowing him to retain some of his powers at an enlarged Disney even as his own kingdom shrinks.
Now Comcast has thrown a wrench into his plans.
The... | ashraq/financial-news-articles | https://www.wsj.com/articles/comcast-crashes-disneys-fox-hunt-but-victory-isnt-assured-1525818374 |
Jewel Samad | AFP | Getty Images
Check out the companies making headlines after the bell :
Cognex stock plummeted more than 16 percent after hours. The machine vision systems company reported earnings that beat analyst expectations but slightly missed on revenues. Guidance was very weak with 2018 revenue looking to be 10 percent lower than expected.
Akamai shares rose more than 3 percent in the extended session after reporting earnings and revenue that beat Wall Street estimates.
Allison Transmission stock surged more than 3 percent post-market. The transmissions manufacturer beat expectations on top and bottom lines. It also increased its revenue and sales guidance for the upcoming year.
Shares of Tenet Healthcare gained 5 percent in extended trading. The hospital company reported revenues and earnings that surpassed analyst expectations. Its earnings guidance was also raised well above estimates.
Inogen stock soared more than 22 percent after the bell. The med-tech company's earnings and revenue exceeded Wall Street's estimates, partially due to an income tax benefit of $1.1 million in the first quarter. The company also raised its 2018 guidance.
Electronics for Imaging shares jumped almost 5 percent post-market. The printing technology company's earnings fell in line with estimates but its revenue was higher than expected. | ashraq/financial-news-articles | https://www.cnbc.com/2018/04/30/after-hours-buzz-cgnx-akam-more.html |
Former Medicare chief Andy Slavitt has added two partners to his new venture capital firm, which aims to find profits in serving the poorest, sickest and most vulnerable Americans.
Slavitt's Town Hall Ventures is officially launching this week at HLTH , a health-care conference in Las Vegas. Joining Slavitt are Trevor Price and David Whelan from Oxeon Partners, a New York-based company with an executive search and investment arm.
Town Hall got its name from a series of visits Slavitt made to town halls across the country to answer questions about the Affordable Care Act, as President Donald Trump and congressional Republicans aimed to repeal and replace it last year. Slavitt, who ran Medicare under President Barack Obama and helped implement the ACA, was a vocal advocate of upholding the legislation, known as Obamacare.
Slavitt, who lives outside of Minneapolis, has no interest in jumping into the fray of Silicon Valley health-tech investors, who have sought outsized returns in wellness apps, tools for urban professionals and technologies that provide an alternative to seeing a doctor in person.
"We're looking to get away from the 35-year-old white guy theory of investing," Slavitt told CNBC.
Rather, Slavitt said he's looking for investments in companies that are trying to improve lives for the most at-risk populations. That includes entrepreneurs seeking solutions to end the opioid epidemic and those targeting mental health, loneliness, maternity, kidney dialysis and care to people in the earliest and latest stages of life.
Getty Images Senior vice president of CGI Federal Cheryl Campbell (L) talks to group executive vice president for Optum/QSSI Andrew Slavitt prior to a hearing on implementation of the Affordable Care Act before the House Energy and Commerce Committee October 24, 2013. Veteran venture capitalist John Doerr, who made high-profile bets on Amazon and Google , is advising the team. Slavitt said Doerr told the partners he wanted to get involved because the firm is going after the most underinvested part of health care. Longtime health investor Ann Lamont is also serving as an advisor.
Town Hall has already invested in four companies:
Cityblock , which was built in partnership with Alphabet to provide services to poor, urban populations. WelbeHealth , a start-up serving the frail elderly. Aetion , which is gathering real-world evidence around drug pricing. Somatus , which is developing technologies for people with chronic kidney disease. The firm plans to write checks that range from $1 million to $5 million but doesn't intend to lead financing rounds. Slavitt declined to comment on the size of the fund or provide names of its limited partners.
Finding the under-invested parts of health care Price and Whelan bring with them a track record of investing in so-called tech-enabled services, including companies that are building new models of delivering care. Examples include Landmark Health, which provides medical care in the home to the very sick, and VillageMD, a primary care physician group.
Slavitt said he'll avoid software-based products that are designed to make health less personal. But he does think that technology can create better experiences and "close some of the gaps" when it comes to accessing care, such as in rural areas where the nearest doctor is miles away. Cityblock, which is composed of former Google employees, doctors and policy experts, was the firm's first investment.
Iyah Romm, CityBlock's CEO, is planning to use the funds to create neighborhood health hubs for low-income Americans, which would allow members to access a care team of doctors, coaches and mobile apps.
Romm said in an interview that the Town Hall team stands out in the world of venture because the partners are "in the trenches."
"Health care is broken and I believe Town Hall can help bring us all together to fix it," he said. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/07/andy-slavitt-adds-trevor-price-and-david-whelan-to-town-hall-ventures.html |
April 30 (Reuters) - Global Palm Resources Holdings Ltd :
* EXPECTS A QTRLY NET PROFIT AFTER TAX WHICH WILL BE SUBSTANTIALLY LOWER THAN THAT OF PRECEDING QUARTER
* EXPECTED RESULT DUE TO DECREASE IN THE SALES VOLUME AND AVERAGE SELLING PRICE OF CRUDE PALM OIL, Source text : ( bit.ly/2jiEnes ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-global-palm-resources-expects-subs/brief-global-palm-resources-expects-substantially-lower-qtrly-npat-comapred-to-previous-qtr-idUSFWN1S70FF |
May 27, 2018 / 10:34 PM / Updated 8 hours ago Australia increases Takata air bags recall to just under 4 million cars Reuters Staff 2 Min Read
SYDNEY (Reuters) - Australia said on Monday it was recalling an additional 1.1 million cars fitted with Takata Corp TKTDQ.PK air bags, increasing the size of the country’s biggest ever compulsory recall to just under four million cars. FILE PHOTO: A woman stands next to a logo of Takata Corp at a showroom for vehicles in Tokyo, Japan, November 6, 2015. REUTERS/Toru Hanai/File Photo
The Takata air bags have been linked to at least 18 deaths and 180 injuries globally because the inflators can rupture and shoot metal fragments into vehicles, leading to mass recalls around the world.
Australia has already ordered that manufacturers, including Audi ( NSUG.DE ), Ford ( F.N ), Volkswagen ( VOWG_p.DE ) and Toyota ( 7203.T ), replace almost three million air bags by Dec. 31, 2020, or face fines of A$1.1 million (644,021.94 pounds) per breach.
The Australian Consumer and Competition Commission (ACCC) said on Monday the additional 1.1 million vehicle models would be recalled at a later, unspecified date.
Michael Sukkar, assistant minister to the Treasurer, said drivers of the vehicles added to the list would be informed of the timetable for replacement directly.
Pressure is growing on manufacturers globally to meet recall timetables.
The U.S. auto safety agency said earlier this month it wanted to meet with 12 major automakers that failed to fulfil a December 2017 target deadline for completing repairs on the highest-priority vehicles.
Takata has been hit hard by the scandal, filing for bankruptcy a year ago as it sought court protection from creditors after almost a decade of recalls and lawsuits. Reporting by Colin Packham; Editing by Peter Cooney, Jane Wardell and Michael Perry | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-australia-takata-recall/australia-orders-recall-of-further-1-1-million-cars-fitted-with-takata-air-bags-idUKKCN1IS0TW |
TAMPA, Fla.--(BUSINESS WIRE)-- Overseas Shipholding Group, Inc. (NYSE: OSG) (the “Company” or “OSG”) a provider of energy transportation services for crude oil and petroleum products in the U.S. Flag markets, today reported results for the first quarter 2018.
Highlights
Net income for the first quarter was $3.7 million, or $0.04 per diluted share, compared with net income of $5.4 million, or $0.06 per diluted share, for the first quarter 2017. Shipping revenues for the first quarter 2018 were $101.0 million, down 6.6% compared with the same period in 2017. Time charter equivalent (TCE) revenues (A) , a non-GAAP measure, for the first quarter 2018 were $88.8 million, down 13.2% compared with the first quarter 2017. Sequentially, shipping revenues and TCE revenues increased 8.9% and 7.3%, respectively, over the fourth quarter of 2017. First quarter 2018 Adjusted EBITDA (B) , a non-GAAP measure, was $26.3 million, down 27.3% from $36.2 million in the first quarter 2017. Adjusted EBITDA increased 15.6% from the 2017 fourth quarter. Total cash (C) was $111.7 million as of March 31, 2018. Prepayments of $75.2 million were made during the first quarter 2018 for the Company’s OBS Term Loan.
Mr. Sam Norton, CEO, stated, “We saw marked improvement in our financial performance during the just completed quarter compared to the fourth quarter of 2017. Rising spot market rates, higher utilization rates, a renewal of time charter activity, and a rebound in our niche market businesses to historical norms all contributed to the improved results. We now have greater confidence that we have seen the bottom of the market for spot and time charter rates and that a sustained recovery in our conventional Jones Act trades is now well underway.”
First Quarter 2018 Results
Shipping revenues were $101.0 million for the quarter, down 6.6% compared with the first quarter of 2017. TCE revenues for the first quarter of 2018 were $88.8 million, a decrease of $13.5 million, or 13.2%, compared with the first quarter of 2017. This decrease reflected weakened market conditions, reduction of two vessels in operation in the first quarter of 2018 when compared to the 2017 first quarter and a growing proportion of the Company's fleet becoming exposed to the spot markets.
Operating income for the first quarter of 2018 was $13.6 million, compared to operating income of $19.4 million in the first quarter of 2017.
Net income for the first quarter was $3.7 million, or $0.04 per diluted share, compared with net income of $5.4 million, or $0.06 per diluted share, for the first quarter 2017.
Adjusted EBITDA was $26.3 million for the first quarter, a decrease of $9.9 million compared with the first quarter of 2017, driven primarily by the decline in TCE revenues.
A, B, C Reconciliations of these non-GAAP financial measures are included in the financial tables attached to this press release starting on Page 7. During the first quarter of 2018, market conditions firmed in comparison to the fourth quarter of 2017 resulting in higher TCE day rates for our product tankers operating in the spot market. Similar conditions occurred in spot market rates for ATBs; however, the benefit was reduced as utilization remains a challenge. These factors resulted in a 7.3% increase in TCE revenues and an increase in operating income to $13.6 million from $3.9 million compared to the fourth quarter of 2017. Adjusted EBITDA during the current quarter increased $3.6 million or 15.6% when compared to fourth quarter of 2017.
Conference Call
The Company will host a conference call to discuss its first quarter 2018 results at 9:00 a.m. Eastern Time (“ET”) on Wednesday, May 9, 2018.
To access the call, participants should dial (844) 850-0546 for domestic callers and (412) 317-5203 for international callers. Please dial in ten minutes prior to the start of the call.
A live webcast of the conference call will be available from the Investor Relations section of the Company’s website at http://www.osg.com/ .
An audio replay of the conference call will be available starting at 11:00 a.m. ET on Wednesday, May 9, 2018 by dialing (877) 344-7529 for domestic callers and (412) 317-0088 for international callers, and entering Access Code 10119908.
About Overseas Shipholding Group, Inc.
Overseas Shipholding Group, Inc. (NYSE: OSG) is a publicly traded tanker company providing energy transportation services for crude oil and petroleum products in the U.S. Flag markets. OSG is a major operator of tankers and ATBs in the Jones Act industry. OSG’s 23-vessel U.S. Flag fleet consists of seven ATBs, two lightering ATBs, three shuttle tankers, nine MR tankers, and two non-Jones Act MR tankers that participate in the U.S. MSP. OSG is committed to setting high standards of excellence for its quality, safety and environmental programs. OSG is recognized as one of the world’s most customer-focused marine transportation companies and is headquartered in Tampa, FL. More information is available at www.osg.com .
Forward-Looking Statements
This release contains forward-looking statements. In addition, the Company may make or approve certain statements in future filings with the Securities and Exchange Commission (SEC), in press releases, or in oral or written presentations by representatives of the Company. All statements other than statements of historical facts should be considered forward-looking statements. These matters or statements may relate to the Company’s prospects, its ability to retain and effectively integrate new members of management and the effect of the Company’s spin-off of International Seaways, Inc. Forward-looking statements are based the Company’s current plans, estimates and projections, and are subject to change based on a number of factors. Investors should carefully consider the risk factors outlined in more detail in the Annual Report on Form 10-K for OSG and in similar sections of other filings made by the Company with the SEC from time to time. The Company assumes no obligation to update or revise any forward-looking statements. Forward-looking statements and written and oral forward-looking statements attributable to the Company or its representatives after the date of this release are qualified in their entirety by the cautionary statements contained in this paragraph and in other reports previously or hereafter filed by the Company with the SEC.
Consolidated Statements of Operations ($ in thousands, except per share amounts)
Three Months Ended
March 31,
2018 2017 Shipping Revenues: Time and bareboat charter revenues $ 53,895 $ 79,767 Voyage charter revenues 47,135 28,349 101,030 108,116 Operating Expenses: Voyage expenses 12,252 5,792 Vessel expenses 33,505 35,644 Charter hire expenses 22,547 22,577 Depreciation and amortization 12,372 16,625 General and administrative 6,783 8,095 Total operating expenses 87,459 88,733 Operating income 13,571 19,383 Other expense (631 ) (793 ) Income before interest expense, reorganization items and income taxes 12,940 18,590 Interest expense (8,076 ) (9,357 ) Income before reorganization items and income taxes 4,864 9,233 Reorganization items, net — (235 ) Income before income taxes 4,864 8,998 Income tax provision (1,202 ) (3,569 ) Net income $ 3,662 $ 5,429 Weighted Average Number of Common Shares Outstanding: Basic - Class A 88,105,439 87,908,032 Diluted - Class A 88,620,596 88,179,855 Per Share Amounts: Basic and diluted net income - Class A $ 0.04 $ 0.06 The Company adopted ASU No. 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost (ASC 715), which requires that an employer classify and report the service cost component in the same line item or items in the statement of operations as other compensation costs arising from services rendered by the pertinent employees during the period and disclose by line item in the statement of operations the amount of net benefit cost that is included in the statement of operations. The other components of net benefit cost would be presented in the statement of operations separately from the service cost component and outside the subtotal of income from operations. The Company adopted this accounting standard on January 1, 2018 and has applied the guidance retrospectively.
Consolidated Balance Sheets ($ in thousands)
March 31,
2018 December 31,
2017 (unaudited) ASSETS Current Assets: Cash and cash equivalents $ 111,467 $ 165,994 Restricted cash 58 58 Voyage receivables, including unbilled of $6,243 and $9,919 24,345 24,209 Income tax receivable 1,413 1,122 Receivable from INSW 34 372 Other receivables 1,944 2,184 Inventories, prepaid expenses and other current assets 13,168 13,356 Total Current Assets 152,429 207,295 Vessels and other property, less accumulated depreciation 624,123 632,509 Deferred drydock expenditures, net 22,966 23,914 Total Vessels, Other Property and Deferred Drydock 647,089 656,423 Restricted cash - non current 191 217 Investments in and advances to affiliated companies 38 3,785 Intangible assets, less accumulated amortization 39,867 41,017 Other assets 21,348 23,150 Total Assets $ 860,962 $ 931,887 LIABILITIES AND EQUITY Current Liabilities: Accounts payable, accrued expenses and other current liabilities $ 34,029 $ 34,371 Current installments of long-term debt — 28,160 Total Current Liabilities 34,029 62,531 Reserve for uncertain tax positions 3,224 3,205 Long-term debt 375,762 420,776 Deferred income taxes, net 85,104 83,671 Other liabilities 45,584 48,466 Total Liabilities 543,703 618,649 Equity: Common stock - Class A ($0.01 par value; 166,666,666 shares authorized; 78,733,688 and 78,277,669 shares issued and outstanding) 787 783 Paid-in additional capital 586,043 584,675 Accumulated deficit (263,324 ) (265,758 ) 323,506 319,700 Accumulated other comprehensive loss (6,247 ) (6,462 ) Total Equity 317,259 313,238 Total Liabilities and Equity $ 860,962 $ 931,887 Consolidated Statements of Cash Flows ($ in thousands)
Three Months Ended
March 31,
2018 2017 Cash Flows from Operating Activities: Net income $ 3,662 $ 5,429 Items included in net income not affecting cash flows: Depreciation and amortization 12,372 16,625 Amortization of debt discount and other deferred financing costs 1,106 1,334 Compensation relating to restricted stock awards and stock option grants 793 541 Deferred income tax provision 1,492 1,178 Reorganization items, non-cash — 214 Other – net 645 616 Loss on extinguishment of debt, net 981 937 Distributed earnings of affiliated companies 3,747 3,657 Payments for drydocking (2,037 ) (730 ) SEC, Bankruptcy and IRS claim payments — (5,000 ) Changes in operating assets and liabilities (1,789 ) (11,066 ) Net cash provided by operating activities 20,972 13,735 Cash Flows from Financing Activities: Payments on debt (28,166 ) — Extinguishment of debt (47,000 ) (15,225 ) Tax withholding on share-based awards (359 ) (1,060 ) Net cash used in financing activities (75,525 ) (16,285 ) Net decrease in cash, cash equivalents and restricted cash (54,553 ) (2,550 ) Cash, cash equivalents and restricted cash at beginning of period 166,269 206,933 Cash, cash equivalents and restricted cash at end of period $ 111,716 $ 204,383 The Company adopted ASU No. 2016-18, Statement of Cash Flows (ASC 230), Restricted Cash, which requires that amounts generally described as restricted cash and restricted cash equivalents be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The standard is effective for annual periods beginning after December 31, 2017 and interim periods within that reporting period. The Company adopted this accounting standard on January 1, 2018. The prior period has been adjusted to conform to current period presentation, which resulted in a decrease of $9,542 in net cash provided by investing activities for the three months ended March 31, 2017, related to changes in restricted cash amounts.
Spot and Fixed TCE Rates Achieved and Revenue Days
The following tables provides a breakdown of TCE rates achieved for spot and fixed charters and the related revenue days for the three months ended March 31, 2018 and the comparable period of 2017. Revenue days in the quarter ended March 31, 2018 totaled 1,932 compared with 2,125 in the prior year quarter. A summary fleet list by vessel class can be found later in this press release.
2018 2017 Three Months Ended March 31, Spot
Earnings
Fixed
Earnings
Spot
Earnings
Fixed
Earnings
Jones Act Handysize Product Carriers: Average rate $ 41,227 $ 64,947 $ 45,061 $ 63,136 Revenue days 337 720 72 989 Non-Jones Act Handysize Product Carriers: Average rate $ 35,900 $ 62,542 $ 32,132 $ 15,543 Revenue days 172 8 112 68 ATBs: Average rate $ 12,230 $ 22,979 $ 17,057 $ 29,433 Revenue days 261 261 180 524 Lightering: Average rate $ 70,925 $ — $ 75,124 $ — Revenue days 173 — 180 — Fleet Information
As of March 31, 2018, OSG’s operating fleet consisted of 23 vessels, 13 of which were owned, with the remaining vessels chartered-in. Vessels chartered-in are on Bareboat Charters.
Vessels Owned Vessels Chartered-in Total at March 31, 2018 Vessel Type Number Weighted
by
Ownership
Number Weighted
by
Ownership
Total
Vessels
Vessels
Weighted by
Ownership
Total dwt (1)
Handysize Product Carriers 4 4.0 10 10.0 14 14.0 664,490 Rebuilt ATBs 7 7.0 — — 7 7.0 195,131 Lightering ATBs 2 2.0 — — 2 2.0 91,112 Total Operating Fleet 13 13.0 10 10.0 23 23.0 950,733 (1) Total dwt is defined as total deadweight tons for all vessels of that type. Reconciliation to Non-GAAP Financial Information
The Company believes that, in addition to conventional measures prepared in accordance with GAAP, the following non-GAAP measures may provide certain investors with additional information that will better enable them to evaluate the Company’s performance. Accordingly, these non-GAAP measures are intended to provide supplemental information, and should not be considered in isolation or as a substitute for measures of performance prepared with GAAP.
(A) Time Charter Equivalent (TCE) Revenues
Consistent with general practice in the shipping industry, the Company uses TCE revenues, which represents shipping revenues less voyage expenses, as a measure to compare revenue generated from a voyage charter to revenue generated from a time charter. Time charter equivalent revenues, a non-GAAP measure, provides additional meaningful information in conjunction with shipping revenues, the most directly comparable GAAP measure, because it assists Company management in making decisions regarding the deployment and use of its vessels and in evaluating their financial performance. Reconciliation of TCE revenues of the segments to shipping revenues as reported in the consolidated statements of operations follow:
Three Months Ended ($ in thousands) March 31,
2018
March 31,
2017 December 31,
2017 Time charter equivalent revenues $ 88,778 $ 102,324 $ 82,754 Add: Voyage expenses 12,252 5,792 10,061 Shipping revenues $ 101,030 $ 108,116 $ 92,815 Vessel Operating Contribution
Vessel operating contribution, a non-GAAP measure, is TCE revenues minus vessel expenses and charter hire expenses.
Our “niche market activities,” which includes Delaware Bay lightering, MSP vessels and shuttle tankers, continue to provide a stable operating platform underlying our total U.S. Flag operations. These vessels’ operations are insulated from the forces affecting the broader Jones Act market.
The following table sets forth the contribution of our vessels:
Three Months Ended
March 31,
($ in thousands) 2018 2017 Niche Market Activities $ 27,905 $ 25,467 Jones Act Handysize Tankers 2,306 8,050 ATBs 2,507 10,675 Vessel Operating Contribution $ 32,718 $ 44,192 (B) EBITDA and Adjusted EBITDA
EBITDA represents net (loss)/income from continuing operations before interest expense, income taxes and depreciation and amortization expense. Adjusted EBITDA consists of EBITDA adjusted for the impact of certain items that we do not consider indicative of our ongoing operating performance. EBITDA and Adjusted EBITDA do not represent, and should not be a substitute for, net (loss)/income or cash flows from operations as determined in accordance with GAAP. Some of the limitations are: (i) EBITDA and Adjusted EBITDA do not reflect our cash expenditures, or future requirements for capital expenditures or contractual commitments; (ii) EBITDA and Adjusted EBITDA do not reflect changes in, or cash requirements for, our working capital needs; and (iii) EBITDA and Adjusted EBITDA do not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on our debt. While EBITDA and Adjusted EBITDA are frequently used as a measure of operating results and performance, neither of them is necessarily comparable to other similarly titled captions of other companies due to differences in methods of calculation. The following table reconciles net income/(loss) from continuing operations as reflected in the consolidated statements of operations, to EBITDA and Adjusted EBITDA:
Three Months Ended ($ in thousands) March 31,
2018 March 31,
2017 December 31,
2017 Net income $ 3,662 $ 5,429 $ 53,645 Income tax provision/(benefit) 1,202 3,569 (59,679 ) Interest expense 8,076 9,357 9,125 Depreciation and amortization 12,372 16,625 12,573 EBITDA 25,312 34,980 15,664 Severance costs — 16 — Loss on disposal of vessels and other property, including impairments — — 5,847 Loss on extinguishment of debt, net 981 937 1,238 Reorganization items, net — 235 (8 ) Adjusted EBITDA $ 26,293 $ 36,168 $ 22,741 (C) Total Cash
($ in thousands) March 31,
2018
December 31,
2017
Cash and cash equivalents $ 111,467 $ 165,994 Restricted cash - current 58 58 Restricted cash – non-current 191 217 Total Cash $ 111,716 $ 166,269
View source version on businesswire.com : https://www.businesswire.com/news/home/20180509005329/en/
Investor Relations & Media:
Overseas Shipholding Group, Inc.
Susan Allan, 813-209-0620
[email protected]
Source: Overseas Shipholding Group, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/business-wire-overseas-shipholding-group-reports-first-quarter-2018-results.html |
EDEN PRAIRIE, Minn., May 01, 2018 (GLOBE NEWSWIRE) -- CHF Solutions, Inc. (Nasdaq:CHFS) announces today that its first quarter financial results will be released on Tuesday, May 8, 2018. The company will host a conference call and webcast at 9:00 AM ET that morning, during which management will discuss the company's financial results and provide a general business overview.
To access the live webcast, please visit the CHF Solutions website at http://ir.chf-solutions.com or access the webcast directly at https://edge.media-server.com/m6/p/dxgvnn8x . Alternatively, you may access the live conference call by dialing (877) 303-9826 (U.S.) or (224) 357-2194 (international) and using conference ID 8694787. An audio archive of the webcast and the call script will be available following the call on the Investor page at www.chf-solutions.com .
About CHF Solutions
CHF Solutions, Inc. (NASDAQ:CHFS) is a medical device company focused on commercializing the Aquadex FlexFlow system for Aquapheresis® therapy. The Aquadex FlexFlow system is indicated for temporary (up to eight hours) ultrafiltration treatment of patients with fluid overload who have failed diuretic therapy, and extended (longer than 8 hours) ultrafiltration treatment of patients with fluid overload who have failed diuretic therapy and require hospitalization. All treatments must be administered by a healthcare provider, under physician prescription, both of whom having received training in extracorporeal therapies. The company's mission is to predict, measure, and control patient fluid balance through science, collaboration, and innovative medical technology. CHF Solutions is a Delaware corporation headquartered in Minneapolis, Minnesota with wholly owned subsidiaries in Australia and Ireland. The company has been listed on the NASDAQ Capital Market since February 2012.
CONTACTS:
INVESTORS:
Claudia Napal Drayton
Chief Financial Officer
CHF Solutions, Inc.
952-345-4205
[email protected]
-or-
Bret Shapiro
Managing Partner
CORE IR
516-222-2560
[email protected]
www.coreir.com
MEDIA
Jules Abraham
JQA Partners, Inc.
917-885-7378
[email protected]
Source:CHF Solutions, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/globe-newswire-chf-solutions-inc-to-announce-first-quarter-2018-financial-results-may-8-2018.html |
Rebels free over 200 child soldiers in Sudan 3:32pm BST - 01:14
Armed groups in South Sudan have released 210 children in Jonglei State's Pibor area as part of efforts by UN agencies and other partners to get warring parties to stop recruiting child soldiers. ▲ Hide Transcript ▶ View Transcript
Armed groups in South Sudan have released 210 children in Jonglei State's Pibor area as part of efforts by UN agencies and other partners to get warring parties to stop recruiting child soldiers. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2L23IoJ | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/27/rebels-free-over-200-child-soldiers-in-s?videoId=430777726 |
Even with most Americans feeling more financially secure than they did five years ago, many are struggling to set aside any type of savings.
About 40 percent of adults said that if faced with a $400 unexpected expense, they would either not be able to pay it or would do so by selling something or borrowing money, according to the Federal Reserve's Report on the Economic Well-Being of U.S. Households in 2017 , released on Tuesday.
Jose Luis Pelaez, Inc. | Getty Images Additionally, less than 40 percent of nonretired adults think they are on track in saving for their golden years and 25 percent have no retirement savings or pension at all, the report says.
These results show that "millions of Americans are in desperate need of establishing a savings habit before it's too late," said Greg McBride, chief financial analyst at Bankrate.
The survey, conducted in November and December, includes information from 12,000 people across the country about their financial well-being.
In general, the improving results mirror the economic expansion that's occurred since the Federal Reserve began conducted the study in 2013. Fully 74 percent of respondents said they either were doing OK or living comfortably in 2017, up from 70 percent a year ago and 63 percent in 2013.
Nevertheless, saving can be tricky, especially for households already working with a tight budget. Debt — i.e., from credit cards, student loans — also can stand in the way of being able to set aside money regularly.
Overall consumer debt, excluding mortgages, is on track to reach $4 billion this year , according to recent data from LendingTree.
For other people, part of the hurdle is making savings a habit. Allocating an amount to a retirement or savings account (or ideally both) before your paycheck reaches you can make setting money aside easier.
"Use direct deposit and payroll deductions to automate your savings so it happens first, before you even roll out of bed on payday morning," McBride said.
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show chapters Almost half of Americans don't expect to have enough to retire comfortably 11:30 AM ET Mon, 14 May 2018 | 01:04 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/22/fed-survey-40-percent-of-adults-cant-cover-400-emergency-expense.html |
LISBON (Reuters) - Utility company EDP ( EDP.LS ) may balk at the meagre 5 percent premium offered for its shares by China Three Gorges (CTG) but the battle for Portugal’s biggest business has largely played out already.
FILE PHOTO: The logo of Portuguese utility company EDP - Energias de Portugal is seen at the company's offices in Oviedo, Spain, May 14, 2018. REUTERS/Eloy Alonso To some it looks like a lowball bid, but Portugal has welcomed the offer because it considers the Chinese firm’s pledge to keep EDP-Energias de Portugal intact more important than the price and it wants closer ties with a country that has ploughed billions into its economy.
That openness to investment from China, including in strategic sectors like energy, stands out amid suspicions elsewhere in Europe about Chinese acquisitions.
The Chinese state-owned hydropower giant became EDP’s biggest shareholder in 2011. So when reports of merger talks between EDP and Spanish rival Gas Natural ( GAS.MC ) emerged in July 2017, it beat a path to the Lisbon government’s door.
A Gas Natural takeover would have threatened CTG’s ambition to use EDP to diversify beyond China, while Portugal’s Socialist government feared a European rival could break up the business, an industry source familiar with the talks and a political source with knowledge of the government’s position said.
“Nearly a year ago, Gas Natural approached EDP and that was the time when CTG started to think about this move,” said one industry source with knowledge of CTG’s takeover bid.
“If CTG has been a partner for more than six years, has invested in the company, in a strategic sector for Portugal, and has good relations with the government, it is natural that they talk,” the source said.
EDP and Gas Natural denied being in talks last year. But just over a month after the reports, Portugal added a clause to its takeover laws allowing shareholders with the same ultimate owner to combine all their voting rights.
Previously, the votes would have been capped at 25 percent, whatever the size of their combined holdings.
That could be crucial as CTG’s bid for EDP progresses. While it owns 23.3 percent, another Chinese state-owned company, CNIC, holds 5 percent, most recently buying 2 percent at the end of 2017.
CTG in China and a spokesman for the Portuguese government did not respond to requests for comment.
‘PURELY POLITICAL’ CTG first bought 21.4 percent of EDP in December 2011 for 2.7 billion euros (2.4 billion pounds), stepping in when Portugal privatised the company to raise funds after an international bailout to stabilise government finances.
The Chinese company has since invested some 2 billion euros in power ventures with EDP, which has a portfolio of renewable energy assets such as wind, hydro and solar power in countries such as Brazil, the United States, France, Italy and Poland.
In April this year, there were reports of interest in EDP from another European utility, this time Engie ( ENGIE.PA ). The French company declined to comment while EDP said at the time that no contacts had been established.
A few weeks later, CTG launched its takeover bid. It offered 9.07 billion euros for the rest of EDP on May 11, a premium of just 5 percent above the utility company’s share price before the offer became public.
EDP described the offer as too low, but left the door open to negotiations. Some analysts expect EDP to ask for a 20 to 30 percent premium but no other bidder has yet emerged and EDP shares are trading less than 5 percent above the offer price.
“It was predictable and there have already been conversations with the government for a long time,” said an industry source close to EDP who has knowledge of the talks.
“This is purely political,” the source said. “CTG knew that there were many European companies looking at EDP, which is medium-sized and has interesting assets.”
In its bid announcement, CTG made clear it saw EDP’s long-term future as a Portuguese company strengthened by CTG’s assets, with a large free float of shares that could potentially be used as a springboard for European expansion.
Slideshow (3 Images) That will please the government, which wants to protect EDP’s 6,000 jobs in Portugal and keep its headquarters in the country.
“What matters to the government is the strategic importance of EDP to the country,” said Filipe Garcia, head of Informacao de Mercados Financeiros consultancy, adding that the takeover price was a secondary consideration for the government.
OPEN DOOR POLICY Links between Portugal and China stretch back centuries to when the European nation controlled the port of Macau. In recent years, Lisbon has embraced Beijing’s belt and road initiative to invest in infrastructure linking Asia to Europe.
Chinese firms now own 25 percent of Portugal’s national grid, 27 percent of its largest listed bank, and all of its largest insurer and biggest private hospitals operator.
Prime Minister Antonio Costa also told parliament last week that the change to Portuguese takeover law last year was made with Chinese investors in mind.
“It was my initiative and aimed to ensure that Portugal would offer the same conditions to foreigners, namely Chinese, as Europeans,” Costa said.
The clause added on July 29, 2017, was designed to favour the “capture of foreign direct investment from, namely, foreign state entities...”, according to the text.
The combined shareholding of CTG and CNIC, a Chinese state-owned investment company, now comes to 28.5 percent, close to the 33 percent needed to assure effective control of EDP. Under Portuguese law, company statutes can only be changed if two-thirds of shareholders vote in favour.
Costa denied in parliament the change was made with CTG in mind: “This was approved a year ago, when there was no takeover, nor any prediction of a takeover bid.”
‘BONDS OF CONFIDENCE’ When CTG launched its offer, it was conditional on getting 50 percent plus one share, in line with Portuguese rules. However, market regulator CMVM said on May 23 it was waiving this requirement, effectively allowing CTG to raise its stake in EDP, even if it doesn’t reach a simple majority.
“The Chinese have established bonds of confidence with Portugal,” a senior political source told Reuters. “There is mutual confidence and that changes everything.”
Chinese Foreign Minister Wang Yi paid a well-timed visit to Lisbon on May 18. He hailed Portugal’s “open attitude” to foreign investment and promised Beijing would continue to encourage investment by Chinese firms in Portugal.
Chinese citizens have also poured 2 billion euros into Portuguese housing in the past few years, boosting a property market boom which has helped propel a strong economic recovery.
As Lisbon’s ties with CTG have grown closer, its relationship with EDP has come under strain. The government was annoyed last year by what it saw as EDP Chief Executive Antonio Mexia’s openness to potential European suitors, political sources with knowledge of the government’s position said.
In January this year, EDP upset the government again when it stopped paying an extraordinary tax contribution energy companies have had to pay since Portugal’s 2011-14 debt crisis.
“I won’t comment,” the prime minister told reporters at the time. “I only regret the hostile attitude that EDP has maintained and which therefore represents a change in the stance it had towards the previous government.”
If CTG’s bid does succeed, the timing could be auspicious, with Chinese President Xi Jinping planning to visit to Portugal later this year.
“The visit may signal a new phase of strategic partnership between the two countries, with the signing of agreements,” Foreign Minister Augusto Santos Silva said after meeting his Chinese counterpart this month.
Additional reporting by Shanghai newsroom; editing by Mark Bendeich and David Clarke
| ashraq/financial-news-articles | https://in.reuters.com/article/uk-edp-m-a-china-portugal-insight/in-portugal-trust-in-china-is-the-art-of-the-deal-idINKCN1IU13U |
May 4, 2018 / 6:02 AM / Updated 19 minutes ago Senior Vietnamese police official found dead amid illegal gambling probe Reuters Staff 2 Min Read
HANOI (Reuters) - A senior official at a Vietnamese police department in charge of high-tech crimes was found dead in his office on Friday, state media reported.
Colonel Vo Tuan Dung, deputy director of the department, apparently hanged himself, several state newspapers, including Dan Tri and Tuoi Tre, reported. They cited police.
Phone calls to officials at the High Tech Crime Police Department went unanswered.
Police are investigating Dung’s death, state media reported.
Dung was the deputy head of the department, whose former head, Nguyen Thanh Hoa, was arrested in March on suspicion of involvement in an illegal online gambling ring.
Authorities in April also arrested Lieutenant General Phan Van Vinh, the former chief of the General Department of Police, whom police said was suspected of involvement in the ring.
The two former officers have yet to face trial. They have made no public statements.
Officials and state media in the communist-ruled country often denounce gambling as a “social evil” but it is widespread. Police shut down dozens of gambling rings annually.
Last year, Vietnam said it would allow some citizens to gamble at selected casinos, in a move aimed at boosting domestic tourism and raising state revenue.
Vietnamese citizens aged 21 years and over with a regular monthly income of at least 10 million dong ($440) will be allowed to enter casinos for a trial period of three years, according to a government decree.
The arrests of the police officials come amid a corruption crackdown in Vietnam that has seen several senior government officials and executives of state-owned enterprises arrested and jailed. Reporting by Khanh Vu; Editing by James Pearson, Robert Birsel | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-vietnam-security/senior-vietnamese-police-official-found-dead-amid-illegal-gambling-probe-idUKKBN1I50FC |
Bayer cuts Monsanto synergy target by $300 mln 10:19pm IST - 01:59
Pharmaceutical and life science multi-national Bayer said on Friday that positive synergy effects from the planned takeover of U.S. seeds maker Monsanto would be about $300 million below its previous target because it will sell more businesses than initially expected to get antitrust approval. Kate King reports.
Pharmaceutical and life science multi-national Bayer said on Friday that positive synergy effects from the planned takeover of U.S. seeds maker Monsanto would be about $300 million below its previous target because it will sell more businesses than initially expected to get antitrust approval. Kate King reports. //reut.rs/2KRF2PS | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/25/bayer-cuts-monsanto-synergy-target-by-30?videoId=430252473 |
Vatican treasurer faces historical abuse trial 00:51
Vatican Treasurer George Pell must face trial on charges of historical sexual offences, an Australian court ruled on Tuesday, making him the most senior Catholic official to be tried on such allegations. He pleaded not guilty.
Vatican Treasurer George Pell must face trial on charges of historical sexual offences, an Australian court ruled on Tuesday, making him the most senior Catholic official to be tried on such allegations. He pleaded not guilty. //reut.rs/2Kp4sEW | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/01/vatican-treasurer-faces-historical-abuse?videoId=422856485 |
May 29, 2018 / 4:14 AM / Updated an hour ago Kyrgyzstan's central bank cuts policy rate by 25 bp
BISHKEK, May 29 (Reuters) - Kyrgyzstan’s central bank cut its policy rate to 4.75 percent from 5.00 percent on Tuesday, it said in a statement, citing moderate inflation and positive economic growth dynamics. (Reporting by Olga Dzyubenko Writing by Olzhas Auyezov; Editing by Gopakumar Warrier) | ashraq/financial-news-articles | https://www.reuters.com/article/kyrgyzstan-rates/kyrgyzstans-central-bank-cuts-policy-rate-by-25-bp-idUSL5N1T008K |
CNBC International Look Ahead: May 11, 2018 14 Hours Ago CNBC market reporters bring you the latest on the stock markets throughout the day as well as fast, accurate, and actionable business news. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/11/cnbc-international-look-ahead-may-11-2018.html |
0 COMMENTS U.S. government bonds were little changed Monday ahead of the scheduled sale of $115 billion of short- and intermediate-term notes.
The yield on the benchmark 10-year Treasury note closed at 3.065%, falling for the second consecutive session, from 3.067% Friday. The yield on the two-year note rose to 2.570% from 2.568% Friday. Bond yields rise as prices fall.
Yields steadied and stock prices gained as investors perceived risks of a trade war with China had cooled. Treasury Secretary Steven Mnuchin told Fox News on Sunday that the U.S. was “putting the trade war on hold” and wouldn’t assess tariffs on Beijing while the two sides talked.
The gap between two- and 10-year Treasury yields, known as the yield curve, declined Monday to about 0.495% percentage point, reversing last week’s steepening trend. Short-term yields rose the most, with two-, five- and seven-year auctions occurring in the short- and intermediate-term parts of the yield curve. Many investors attribute at least some of the rise in yields this year to an increase in bond sales needed to fund the government.
The Treasury said in January that it would boost debt sales by $42 billion in the period from February through April, and in May it said it would add an additional $27 billion of sales on top of the earlier increase.
The flatter yield curve means investors “are not getting paid very much” to take the risk that inflation could accelerate during the life of the debt, said Michael Cloherty, head of interest-rate strategy at RBC Capital Markets. Inflation is a threat to the value of a bonds’ fixed-interest payments.
Some investors will also be watching for comments about the path of interest-rate increases from three Fed officials speaking Monday. Investors late Monday saw a 52% likelihood that the Federal Reserve will raise interest rates four times in 2018, according to CME Group data. Fed officials penciled in three increases after their December and March meetings.
Write to Daniel Kruger at [email protected] | ashraq/financial-news-articles | https://www.wsj.com/articles/u-s-government-bonds-little-changed-ahead-of-bond-auctions-1526917692 |
BOCA RATON, Fla., Sensus Healthcare, Inc. (NASDAQ: SRTS) , a medical device company specializing in the non-invasive treatment of non-melanoma skin cancers and keloids with superficial radiation therapy (SRT), announced today the appointment of Rita Gable as its Vice President of Sales – Oncology, effective immediately. Ms. Gable, who will report to Joe Sardano, Sensus CEO, has 15 years of sales experience, specializing in the oncology market.
"Along with Sensus' rapidly growing international business, our domestic oncology efforts are accelerating, as well, leading us to bring Rita on board to continue to drive these opportunities," said Sardano. "As we are committed to building the best team possible to support these efforts, Rita is a natural choice for this role. Given her deep industry knowledge and leadership experience, Rita will propel Sensus' oncology business forward and enable us to penetrate additional markets."
Ms. Gable joins Sensus from Belgium-based IBA, where she served as Strategic Account Manager and successfully marketed and sold proton therapy equipment to both hospital-based and standalone oncology departments in the U.S. Prior to joining IBA, she worked as Account Manager at Tomotherapy, where she marketed and sold the company's first helical linear accelerator in the U.S. oncology market. Previously, she also held various positions of increasing responsibility at General Electric Healthcare, including CVCT Product Specialist, CT Product Specialist and Account Manager.
"Sensus is leading the charge when it comes to providing highly effective, non-invasive treatment for both non-melanoma skin cancer and keloids for patients across the country and world, and I am eager to join the team at such a pivotal moment in the Company's history," added Ms. Gable. "I look forward to leveraging my nearly two decades of oncology sales experience and strong relationship base to strengthen the Company's domestic oncology initiatives in the months and years to come."
About Sensus Healthcare
Sensus Healthcare, Inc., is a medical device company that is committed to providing non-invasive and cost-effective treatment for non-melanoma skin cancers and keloids. Sensus uses a proprietary low-energy X-ray technology known as superficial radiation therapy (SRT), which is a result of over a decade of dedicated research and development. Sensus has successfully incorporated SRT into its portfolio of treatment devices, the SRT-100™ and SRT-100 Vision™. To date, SRT technology has been used to effectively and safely treat oncological and non-oncological skin conditions in thousands of patients. Sensus recently launched Sensus Laser Systems, three next-generation devices that showcase the latest in technology and function for the aesthetic dermatology market. For more information, visit https://www.sensushealthcare.com .
Forward-Looking Statements
This press release includes statements that are, or may be deemed, ''forward-looking statements.'' In some cases, these forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes," "estimates," "anticipates," "expects," "plans," "intends," "may," "could," "might," "will," "should," "approximately," "potential" or, in each case, their negative or other variations thereon or comparable terminology, although not all forward-looking statements contain these words.
By their nature, forward-looking statements involve risks and uncertainties because they relate to events, competitive dynamics, and healthcare, regulatory and scientific developments and depend on the economic circumstances that may or may not occur in the future or may occur on longer or shorter timelines than anticipated. Although we believe that we have a reasonable basis for each forward-looking statement contained in this press release, we caution you that forward-looking statements are not guarantees of future performance and that our actual results of operations, financial condition and liquidity, and the development of the industry in which we operate may differ materially from the forward looking statements contained in this press release, as a result of, among other factors: our ability to achieve and sustain profitability; market acceptance of the SRT-100 product line; our ability to successfully commercialize our products, including the SRT-100; our ability to compete effectively in selling our products and services, including responding to technological change and cost containment efforts of our customers; our need and ability to obtain additional financing in the future, as well as complying with the restrictions our existing revolving credit facility imposes; our ability to expand, manage and maintain our direct sales and marketing organizations; our actual financial results may vary significantly from forecasts and from period to period; our ability to successfully develop new products, improve or enhance existing products or acquire complementary products, technologies, services or businesses; our ability to obtain and maintain intellectual property of sufficient scope to adequately protect our products, including the SRT-100, and our ability to avoid infringing or otherwise violating the intellectual property rights of third parties; market risks regarding consolidation in the healthcare industry; the willingness of healthcare providers to purchase our products if coverage, reimbursement and pricing from third party payors for procedures using our products significantly declines; the level and availability of government and third party payor reimbursement for clinical procedures using our products; our ability to effectively manage our anticipated growth, including hiring and retaining qualified personnel; the regulatory requirements applicable to us and our competitors; our ability to manufacture our products to meet demand; our reliance on third party manufacturers and sole- or single-source suppliers; our ability to reduce the per unit manufacturing cost of the SRT-100; our ability to efficiently manage our manufacturing processes; the regulatory and legal risks, and certain operating risks, that our international operations subject us to; off label use of our products; the fact that product quality issues or product defects may harm our business; the accuracy of our financial statements and accounting estimates, including allowances for accounts receivable and inventory obsolescence; any product liability claims; limited trading in our shares and the concentration of ownership of our shares; cyberattacks and other data breaches and the adverse effect on our reputation; new legislation, administrative rules, or executive orders, including those that impact taxes and international trade regulation; the provisions in our certificate of incorporation, bylaws, or Delaware law that discourage takeovers or that limit certain disputes to be brought exclusively in the Delaware Court of Chancery; geographic concentration of our customers in the U.S. and China; and other risks described from time to time in Sensus Healthcare's filings with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2016.
In addition, even if our results of operations, financial condition and liquidity, and the development of the industry in which we operate are consistent with the forward-looking statements contained in this press release, they may not be predictive of results or developments in future periods. Any forward-looking statements that we make in this press release speak only as of the date of such statement, and we undertake no obligation to update such statements to reflect events or circumstances after the date of this press release. You should read carefully our "Cautionary Note Regarding Forward-Looking Information" and the factors described in the "Risk Factors" section of our periodic reports filed with the Securities and Exchange Commission to better understand the risks and uncertainties inherent in our business.
Media Contacts:
Caitlin Kasunich / Kathryne Hunter
KCSA Strategic Communications
212-896-1241 / 212-896-1204
[email protected] / [email protected]
Investor Contact:
Kim Sutton Golodetz
LHA Investor Relations
(212) 838-3777
[email protected]
releases/sensus-healthcare-appoints-rita-gable-as-vice-president-of-sales---oncology-300639691.html
SOURCE Sensus Healthcare | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/pr-newswire-sensus-healthcare-appoints-rita-gable-as-vice-president-of-sales--oncology.html |
Revenue up 5% year-over-year Exabyte shipment up 34% year-over-year
CUPERTINO, Calif.--(BUSINESS WIRE)-- Seagate Technology plc (NASDAQ:STX) (the “Company” or “Seagate”) today reported financial results for the quarter ended March 30, 2018. For the third quarter, the Company reported revenue of $2.8 billion, gross margin of 30.2%, net income of $381 million and diluted earnings per share of $1.31. On a non-GAAP basis, which excludes the net impact of certain items, Seagate reported gross margin of 30.8%, net income of $424 million and diluted earnings per share of $1.46.
During the third quarter, the Company generated $558 million in cash flow from operations and $489 million in free cash flow. Year to date, the Company has generated approximately $1.6 billion in cash flow from operations and approximately $1.4 billion in free cash flow. Cash and cash equivalents totaled approximately $2.9 billion at the end of the quarter. There were 287 million ordinary shares issued and outstanding as of the end of the quarter.
“Seagate achieved our second consecutive quarter of year-over-year revenue growth and exceeded our financial performance expectations for the March quarter, through solid execution and strong demand for our mass storage products. Looking ahead, the growing Data Age demand on storage, combined with consistent investment in our leading storage technology platforms and efficient operational capabilities, will continue to drive economic value for customers and returns for shareholders,” said Dave Mosley, Seagate’s chief executive officer.
For a detailed reconciliation of GAAP to non-GAAP results, see accompanying financial tables.
Seagate has issued a Supplemental Financial Information document, which is available on Seagate’s Investors Relations website at www.seagate.com/investors .
Quarterly Cash Dividend
The Board of Directors of the Company (the “Board”) has approved a quarterly cash dividend of $0.63 per share, which will be payable on July 5, 2018 to shareholders of record as of the close of business on June 20, 2018. The payment of any future quarterly dividends will be at the discretion of the Board and will be dependent upon Seagate’s financial position, results of operations, available cash, cash flow, capital requirements and other factors deemed relevant by the Board.
Investor Communications
Seagate management will hold a public webcast today at 6:00 a.m. Pacific Time that can be accessed on its Investor Relations website at www.seagate.com/investors . During today’s webcast, the Company will provide an outlook for its fourth fiscal quarter of 2018, including key underlying assumptions.
An archived audio webcast of this event will be available on Seagate’s Investors Relations website at www.seagate.com/investors shortly following the event conclusion.
About Seagate
To learn more about the Company’s products and services, visit www.seagate.com and follow us on Twitter , Facebook , LinkedIn , Spiceworks , YouTube and subscribe to our blog . The contents of our website and social media channels are not a part of this release.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended, including, in particular, statements about the Company’s plans, strategies and prospects, financial projections, estimates of industry growth, market demand, shifts in technology, its supply-chain management capabilities, potential impact of trade barriers such as import/export duties and restrictions, tariffs and quotas, changes in the regulatory regime governing the flow of data across international borders and dividend issuance plans for the fiscal quarter ending June 29, 2018 and beyond. These statements identify prospective information and may include words such as “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “projects,” “should,” “may,” “will,” or the negative of these words, variations of these words and comparable terminology. These forward-looking statements are based on information available to the Company as of the date of this report and are based on management’s current views and assumptions. These forward-looking statements are conditioned upon and also involve a number of known and unknown risks, uncertainties, and other factors that could cause actual results, performance or events to differ materially from those anticipated by these forward-looking statements. Such risks, uncertainties, and other factors may be beyond the Company’s control and may pose a risk to the Company’s operating and financial condition. Such risks and uncertainties include, but are not limited to: items that may be identified during its financial statement closing process that cause adjustments to the estimates included in this report; the uncertainty in global economic conditions; the impact of the variable demand and adverse pricing environment for disk drives; the Company’s ability to successfully qualify, manufacture and sell its disk drive products in increasing volumes on a cost-effective basis and with acceptable quality; the impact of competitive product announcements; the Company’s ability to achieve projected cost savings in connection with restructuring plans; possible excess industry supply with respect to particular disk drive products; disruptions to its supply chain or production capabilities; unexpected advances in competing technologies or changes in market trends; the development and introduction of products based on new technologies and expansion into new data storage markets; the Company’s ability to comply with certain covenants in its credit facilities with respect to financial ratios and financial condition tests; currency fluctuations that may impact the Company’s margins and international sales; cyber-attacks or other data breaches that disrupt the Company’s operations or result in the dissemination of proprietary or confidential information and cause reputational harm; and fluctuations in interest rates. Information concerning risks, uncertainties and other factors that could cause results to differ materially from the expectations described in this press release is contained in the Company’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission on August 4, 2017, the “Risk Factors” section of which is incorporated into this press release by reference, and other documents filed with or furnished to the Securities and Exchange Commission. These forward-looking statements should not be relied upon as representing the Company’s views as of any subsequent date and the Company undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made.
The inclusion of Seagate’s website address in this press release is intended to be an inactive textual reference only and not an active hyperlink. The information contained in, or that can be accessed through, Seagate’s website and social media channels are not part of this press release.
SEAGATE TECHNOLOGY PLC CONDENSED CONSOLIDATED BALANCE SHEETS (In millions) (Unaudited) March 30, June 30, 2018 2017 (a)
ASSETS Current assets: Cash and cash equivalents $ 2,926 $ 2,539 Accounts receivable, net 1,076 1,199 Inventories 1,002 982 Other current assets 243 321 Total current assets 5,247 5,041 Property, equipment and leasehold improvements, net 1,720 1,875 Goodwill 1,238 1,238 Other intangible assets, net 204 281 Deferred income taxes 398 609 Other assets, net 205 224 Total Assets $ 9,012 $ 9,268 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 1,645 $ 1,626 Accrued employee compensation 188 237 Accrued warranty 110 113 Current portion of long-term debt 503 — Accrued expenses 609 650 Total current liabilities 3,055 2,626 Long-term accrued warranty 125 120 Long-term accrued income taxes 10 15 Other non-current liabilities 139 122 Long-term debt, less current portion 4,319 5,021 Total Liabilities 7,648 7,904 Total Equity 1,364 1,364 Total Liabilities and Equity $ 9,012 $ 9,268 (a) The information in this column was derived from the Company’s audited Consolidated Balance Sheet as of June 30, 2017.
SEAGATE TECHNOLOGY PLC
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except per share data) (Unaudited) For the Three Months Ended For the Nine Months Ended March 30, March 31, March 30, March 31, 2018 2017 2018 2017 Revenue $ 2,803 $ 2,674 $ 8,349 $ 8,365 Cost of revenue 1,956 1,858 5,889 5,857 Product development 254 324 767 944 Marketing and administrative 135 150 422 457 Amortization of intangibles 6 28 47 85 Restructuring and other, net 11 48 95 164 Total operating expenses 2,362 2,408 7,220 7,507 Income from operations 441 266 1,129 858 Interest income 10 5 23 7 Interest expense (60 ) (60 ) (182 ) (160 ) Other, net 2 1 (18 ) (10 ) Other expense, net (48 ) (54 ) (177 ) (163 ) Income before income taxes 393 212 952 695 Provision for income taxes 12 18 231 37 Net income $ 381 $ 194 $ 721 $ 658 Net income per share: Basic $ 1.33 $ 0.66 $ 2.50 $ 2.22 Diluted 1.31 0.65 2.48 2.20 Number of shares used in per share calculations: Basic 286 296 288 297 Diluted 291 300 291 299 Cash dividends declared per ordinary share $ 0.63 $ 0.63 $ 1.89 $ 1.89 SEAGATE TECHNOLOGY PLC CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) For the Nine Months Ended March 30, March 31, 2018 2017 OPERATING ACTIVITIES Net income $ 721 $ 658 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 461 573 Share-based compensation 85 110 Impairment of long-lived assets — 35 Deferred income taxes 209 12 Other non-cash operating activities, net 9 17 Changes in operating assets and liabilities:
Accounts receivable, net 124 165 Vendor receivables 54 32 Inventories (20 ) (170 ) Accounts payable 74 124 Accrued employee compensation (49 ) 61 Accrued expenses, income taxes and warranty (24 ) 69 Other assets and liabilities 1 (13 ) Net cash provided by operating activities 1,645 1,673 INVESTING ACTIVITIES Acquisition of property, equipment and leasehold improvements (270 ) (330 ) Proceeds from the sale of fixed assets 2 — Proceeds from sale of properties previously classified as held for sale 43 — Maturities of short-term investments — 6 Other investing activities, net (14 ) (13 ) Net cash used in investing activities (239 ) (337 ) FINANCING ACTIVITIES Redemption and repurchase of debt (209 ) (97 ) Net proceeds from issuance of long-term debt — 1,232 Taxes paid related to net share settlement of equity awards (22 ) (25 ) Repurchases of ordinary shares (361 ) (248 ) Dividends to shareholders (545 ) (374 ) Proceeds from issuance of ordinary shares under employee stock plans 110 83 Net cash (used in) provided by financing activities (1,027 ) 571 Effect of foreign currency exchange rate changes on cash, cash equivalents, and restricted cash 8 (8 ) Increase in cash, cash equivalents, and restricted cash 387 1,899 Cash, cash equivalents, and restricted cash at the beginning of the period 2,543 1,132 Cash, cash equivalents, and restricted cash at the end of the period $ 2,930 $ 3,031 Use of non-GAAP financial information
The Company uses non-GAAP measures of adjusted revenue, gross margin, net income, diluted earnings per share and operating expenses which are adjusted from results based on GAAP to exclude certain expenses, gains and losses. These non-GAAP financial measures may be provided to enhance the user’s overall understanding of the Company’s current financial performance and its prospects for the future. Specifically, the Company believes non-GAAP results provide useful information to both management and investors as these non-GAAP results exclude certain expenses, gains and losses that it believes are not indicative of its core operating results and because it is similar to the approach used in connection with the financial models and estimates published by financial analysts who follow the Company.
These non-GAAP results are some of the primary measurements management uses to assess the Company’s performance, allocate resources and plan for future periods. Reported non-GAAP results should only be considered as supplemental to results prepared in accordance with GAAP, and not considered as a substitute for, or superior to, GAAP results. These non-GAAP measures may differ from the non-GAAP measures reported by other companies in its industry.
SEAGATE TECHNOLOGY PLC ADJUSTMENTS TO GAAP NET INCOME AND DILUTED NET INCOME PER SHARE (In millions, except per share amounts) (Unaudited) For the Three Months
For the Nine Months
Ended March 30, 2018
Ended March 30, 2018
Reconciliation of GAAP Net Income: GAAP Net income $ 381 $ 721 Non-GAAP adjustments: Revenue A — (6 ) Cost of revenue B 16 56 Product development C 5 8 Marketing and administrative D 1 2 Amortization of intangibles E 4 43 Restructuring and other, net F 11 95 Other expense, net G 5 7 Provision for income taxes H 1 208 Non-GAAP net income $ 424 $ 1,134 Reconciliation of GAAP Diluted Net Income Per Share: GAAP $ 1.31 $ 2.48 Non-GAAP $ 1.46 $ 3.90 Shares used in diluted net income per share calculation 291 291 A For the nine months ended March 30, 2018, Revenue has been adjusted on a non-GAAP basis to exclude the favorable adjustments for sales of certain discontinued products. B For the three and nine months ended March 30, 2018, Cost of revenue has been adjusted on a non-GAAP basis to exclude amortization of intangibles associated with acquisitions, write off of certain inventory and other charges related to restructuring. C For the three and nine months ended March 30, 2018, Product development expenses have been adjusted on a non-GAAP basis to exclude the impact of write off of certain fixed assets and other charges related to restructuring. D For the three and nine months ended March 30, 2018, Marketing and administrative expenses have been adjusted on a non-GAAP basis to exclude the write off of certain fixed assets related to restructuring. E For the three and nine months ended March 30, 2018, Amortization of intangibles related to our acquisitions has been excluded on a non-GAAP basis. F For the three and nine months ended March 30, 2018, Restructuring and other net, has been adjusted on a non-GAAP basis primarily related to reductions in our workforce and other exit costs as a result of our ongoing focus on cost efficiencies in all areas of our business. G For the three and nine months ended March 30, 2018, Other expense, net has been adjusted on a non-GAAP basis to exclude the impact of impairment of a strategic investment, net impact of losses recognized on the early redemption and repurchase of debt and impact of our disposed data service business. H For the three and nine months ended March 30, 2018, Provision for income taxes represents the tax effects of non-GAAP adjustments determined using a hybrid with and without method and effective tax rate for the applicable adjustment and jurisdiction and a provisional tax expense of $4 million and $212 million, respectively for the re-measurement of our U.S. deferred tax assets at the lower 21% tax rate resulting from the U.S. Tax Cuts and Jobs Act enacted on December 22, 2017.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180501005523/en/
Seagate Technology plc
Andrew Larg, 408-658-1059
[email protected]
Source: Seagate Technology plc | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/business-wire-seagate-technology-reports-fiscal-third-quarter-2018-financial-results.html |
May 17, 2018 / 9:17 PM / Updated 36 minutes ago Exclusive: Manafort's former son-in-law cuts plea deal, to cooperate with government: sources Nathan Layne 4 Min Read
NEW YORK (Reuters) - The former son-in-law of Paul Manafort, the one-time chairman of President Donald Trump’s campaign, has cut a plea deal with the Justice Department that requires him to cooperate with other criminal probes, two people with knowledge of the matter said. President Trump's former campaign manager Paul Manafort departs U.S. District Court after a motions hearing in Alexandria, Virginia, U.S., May 4, 2018. REUTERS/Jonathan Ernst
The guilty plea agreement, which is under seal and has not been previously reported, could add to the legal pressure on Manafort, who is facing two indictments brought by Special Counsel Robert Mueller in his probe of alleged Russian meddling in the 2016 presidential election.
Manafort has been indicted in federal courts in Washington and Virginia with charges ranging from tax evasion to bank fraud and has pleaded not guilty to the charges.
Jeffrey Yohai, a former business partner of Manafort, was divorced from Manafort’s daughter last August.
Yohai has not been specifically told how he will be called on to cooperate as part of his plea agreement, but the two people familiar with the matter say they consider it a possibility that he will be asked to assist with Mueller’s prosecution of Manafort.
Legal experts have said that Mueller wants to keep applying pressure on Manafort to plead guilty and assist prosecutors with their probe. Manafort chaired the Trump campaign for three months before resigning in August 2016.
Both Trump and Russia have denied allegations they colluded to help Republican Trump win the election.
Hilary Potashner, a public defender who is representing Yohai, did not immediately respond to a request for comment.
Manafort’s spokesman, Jason Maloni, declined to comment.
Andrew Brown, a federal prosecutor in Los Angeles, had been overseeing an investigation into Yohai’s real estate and bank dealings in California and New York several months before Mueller was appointed to his post in May 2017.
Yohai’s agreement, which was concluded early this year, included him pleading guilty to misusing construction loan funds and to a count related to a bank account overdraft.
While the deal was cut with Brown’s office, the federal government “can ask for help at any time,” said one of the people familiar with the matter.
A spokesman for Brown did not respond to a request for comment and a spokesman for Mueller declined to comment. MANAFORT TRIAL PENDING
Manafort is to go on trial later this year to fight the two indictments. The charges against him range from failing to disclose lobbying work for a pro-Russian Ukrainian political party to bank fraud.
As a close business partner, Yohai was privy to many of Manafort’s financial dealings, according to the two people familiar with the matter and court filings in the bankruptcies of four Los Angeles properties in 2016. In addition to co-investing in California real estate, the two cooperated in getting loans for property deals in New York, Manafort’s indictments show.
Mueller sent a team of prosecutors to interview Yohai last June, asking him about Manafort’s relationship with Trump, his ties to Russian oligarchs, and his borrowing of tens of millions of dollars against properties in New York, Reuters reported in February, citing people with knowledge of the matter. Reporting by Nathan Layne; Editing by Alistair Bell | ashraq/financial-news-articles | https://in.reuters.com/article/usa-trump-russia-manafort-exclusive/exclusive-manaforts-former-son-in-law-cuts-plea-deal-to-cooperate-with-govt-sources-idINKCN1II2YE |
TORONTO, Eurocontrol Technics Group Inc. (TSX Venture:EUO) (OTCQB:EUCTF) (“Eurocontrol” or the “Company”), a Canadian public company with three subsidiaries specializing in the sale, development and commercialization of innovative test and measurement technologies for the scientific testing, precision agriculture and semiconductor sectors, announces that it has filed its interim financial statements and Management’s Discussion and Analysis (“MD&A”) for the first quarter ended March 31, 2018.
The first quarter results reflect a 38% decrease in first quarter revenue to $348,317 compared to $560,248 for the interim period ended March 31, 2017. The Company recognized EBITDA of ($1,839,527) ($1,565,799 in 2017) resulting in a net loss of $1,751,345 for the quarter compared to a net loss of $1,378,799 for the three month period ended March 31, 2017.
As part of the previously announced strategic review process that is being overseen by a special committee of independent directors of the Company, steps have been implemented to reduce staffing levels at the Company’s subsidiary companies, Xenemetrix, Croptimal and XwinSys, located in Israel. The Company’s board of directors is continuing to consider and evaluate strategic alternatives and is evaluating potential investment opportunities that will enhance the Company’s growth profile and future profitability. There is no assurance that the review by the Company’s board of directors will result in a transaction or other strategic alternative and the board has not set a timetable for the completion of the review process.
About Eurocontrol Technics Group Inc.
Eurocontrol is a TSX Venture and OTCQB traded company that has three wholly owned subsidiaries, Xenemetrix Ltd., XwinSys Technology Development Ltd. and Croptimal Ltd. Xenemetrix designs, manufacturers and markets ED-XRF systems, a technology that is the most accurate and economic method for determining the chemical composition of many types of materials, including the analysis of petroleum oils and fuel. XwinSys has developed a patented, fully automated metrology system for the semiconductor industry that combines 2D and 3D image processing technology with Xenemetrix’s ED-XRF technology. Croptimal, is introducing a new mobile ED-XRF spectroscopic material analysis laboratory for the precision agriculture industry.
For further information on Eurocontrol, please visit the Company's website at www.eurocontrol.ca or contact Paul Wood at (416) 361-2808 or [email protected] .
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 this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
Forward-Looking Statements
This news release contains “ ”. All statements, other than statements of historical fact included in this news release, regarding Eurocontrol’s strategy, future operations, possible strategic transactions, financial position, prospects, plans and objectives of management are . When used in this press release, the words “plan,” “will,” “would,” “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project” and similar expressions are intended to identify , although not all contain such identifying words. These are based on Eurocontrol’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. As such, actual results, performance, or achievements could differ materially from those expressed in, or implied by, these and accordingly, no assurance can be given that any of the events anticipated by the will transpire or occur, or if any of them do so, what benefits or negative impact they will have on Eurocontrol and its shareholders.
Source: Eurocontrol Technics Group Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/globe-newswire-eurocontrol-reports-first-quarter-2018-results.html |
May 26, 2018 / 11:45 AM / Updated 2 hours ago Afghanistan registers candidates for long-delayed elections Reuters Staff 2 Min Read
KABUL (Reuters) - Afghanistan launched the registration of candidates for parliamentary and district elections on Saturday, taking another step towards a long-delayed ballot that has been threatened by deadly attacks on voter registration centres. FILE PHOTO: Afghan women arrive at a voter registration centre to register for the upcoming parliamentary and district council elections in Kabul, Afghanistan April 23, 2018.REUTERS/Mohammad Ismail/File Photo
Gula Jan Badi Sayad, head of the Independent Election Commission, told a news conference registration would be open for the next 12 days. Hundreds of candidates are expected to come forward.
The elections for the national parliament and district councils are due to be held on Oct. 20, more than three years after parliament’s original five-year term ended in 2015.
As well as giving the assembly a legal mandate to sit, they are seen as a dry run for a presidential election expected in 2019. FILE PHOTO: An Afghan man arrives at a voter registration centre to register for the upcoming parliamentary and district council elections in Kabul, Afghanistan April 23, 2018. REUTERS/Mohammad Ismail/File Photo
The elections have been strongly backed by Afghanistan’s international partners, which see them as a key test of democratic legitimacy, but they have faced a series of hurdles including technical problems, worries over voter fraud and major security concerns.
About 60 people were killed last month when a suicide bomber attacked a voter registration centre in the capital Kabul and there have been a string of smaller incidents elsewhere.
Sayad said on Saturday that some 3.2 million people had registered to vote so far, still well short of the potential electorate of 14 million but exceeding some forecasts that the violence would halt the registration process entirely. Reporting by Abdul Aziz Ibrahimi; Writing by James Mackenzie; Editing by Helen Popper | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-afghanistan-election/afghanistan-registers-candidates-for-long-delayed-elections-idUKKCN1IR0C7 |
Trump back in step with NRA after Parkland shooting 12:13am BST - 01:52
President Donald Trump enthusiastically embraced the National Rifle Association on Friday, vowing to protect Second Amendment rights, despite suggesting just weeks ago after a Florida school shooting that he would take on the powerful gun-rights group. Rough Cut (no reporter narration).
President Donald Trump enthusiastically embraced the National Rifle Association on Friday, vowing to protect Second Amendment rights, despite suggesting just weeks ago after a Florida school shooting that he would take on the powerful gun-rights group. Rough Cut (no reporter narration). //reut.rs/2FK2gEA | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/04/trump-back-in-step-with-nra-after-parkla?videoId=423926575 |
(Adds details of case, comments from Apple)
May 24 (Reuters) - After nearly five days of deliberations, a U.S. jury on Thursday said Samsung Electronics Co Ltd should pay $539 million Apple Inc for copying patented smartphone features, technology publication CNET reported, bringing a years-long feud between the technology companies into its final stages.
The worlds top smartphone rivals have been in court over patents since 2011, when Apple filed a lawsuit alleging Samsungs smartphones and tablets slavishly copied its products. Samsung was found liable in a 2012 trial, but a disagreement over the amount to be paid led to the current retrial over damages where arguments ended on May 18.
Samsung previously paid Apple $399 million to compensate Apple for infringement of some of the patents at issue in the case. The jury has been deliberating the case since last week.
Because of that credit, if the verdict is upheld on appeal it will result in Samsung making an additional payment to Apple of nearly $140 million.
In a statement, Apple said it was pleased that the members of the jury "agree that Samsung should pay for copying our products.
Samsung did not immediately respond to a request for comment.
The new jury verdict followed a trial in San Jose, California, before Judge Lucy Koh that focused on how much Samsung should pay for infringing Apple patents covering aspects of the iPhone's design. The jury awarded Apple $533.3 million for Samsung's violation of so-called design patents and $5.3 million for the violation of so-called utility patents.
Apple this year told jurors it was entitled to the $1 billion in profits Samsung made from selling infringing phones, saying the iPhone's design was crucial to their success.
Samsung sought to limit damages to about $28 million, saying it should only pay for profits attributable to the components of its phones that infringed Apple patents.
Jurors in the earlier trial awarded $1.05 billion to Apple, which was later reduced by appeals courts.
Samsung paid $548 million to Apple in December 2015, including $399 million for infringement of some of the patents at issue in this week's trial. (Reporting by Stephen Nellis in San Francisco and Jan Wolfe in New York; Editing by Lisa Shumaker) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/24/reuters-america-update-1-u-s-jury-awards-apple-539-mln-in-samsung-patent-retrial-cnet.html |
ISLAMABAD (Reuters) - A Pakistani exchange student killed in a mass shooting in Texas last week was buried in her home town of Karachi on Wednesday, her coffin draped with Pakistan’s green and white flag.
Sabika Sheikh, 17, was among eight students and two teachers killed in Texas when Santa Fe High School, southeast of Houston, on Friday joined a grim list of U.S. schools and campuses where students and staff have been gunned down, stoking a divisive debate about gun laws.
Sheikh’s body arrived in Pakistan on Tuesday night and the funeral was held at a graveyard near her home in Karachi in the middle class Gulshe-e-Iqbal neighborhood.
Among about 400 people at the funeral was U.S. Ambassador David Hale and politicians from the provincial Sindh government.
“This innocent girl had gone to brighten the name of Pakistan,” Amir Khan, a senior leader of the Muttahida Quami Movement party which forms the city government in Karachi, told reporters at the funeral.
Relatives carry the casket, wrapped in national flag and shawl, locally known as Ajrak, containing the body of Sabika Aziz Sheikh, a Pakistani exchange student, who was killed with others when a gunman attacked Santa Fe High School in Santa Fe, Texas, U.S., outside her residence in Karachi, Pakistan May 23, 2018. REUTERS/Akhtar Soomro “But due to bad luck in a country that accuses the world of terrorism, she became a victim of terrorism herself.”
Sheikh’s father, Aziz, said earlier the thought of school shootings had never crossed his mind when he sent Sabika to study in the United States.
“Sabika’s case should become an example to change the gun laws,” Aziz Sheikh told Reuters. [L3N1SS2PQ]
Slideshow (4 Images) Sabika was part of the YES exchange program funded by the U.S. State Department, which provides scholarships for students from countries with significant Muslim populations to spend an academic year in the United States. She was due to return to Pakistan on June 9.
“I have no words to express my feelings,” family friend Mohammad Ali said after the coffin arrived at the family home. “It is a great loss to Pakistan. She wanted to do a lot for this country.”
Writing by Saad Sayeed; Editing by Nick Macfie
| ashraq/financial-news-articles | https://www.reuters.com/article/us-texas-shooting-pakistan/pakistani-girl-killed-in-texas-school-shooting-buried-in-karachi-idUSKCN1IO0SV |
Mad Money with Jim Cramer Cramer Remix: Great expectations are the bane of this market "Mad Money" host Jim Cramer gets to the bottom of the market action and explains how stocks are becoming victim to high expectations. Cramer also sits down with the CEOs of Agco and Cullen/Frost Bankers. In Cramer's lightning round, he blesses buying the currently hated stock of Applied Materials. 17 Hours Ago | 01:07
Apple's second-quarter earnings beat on Tuesday illustrated just how differently this company's stock behaves compared with the rest of the market, CNBC's Jim Cramer said.
"The bane of this market is not tariffs or interest rates or inflation; no, the real killer is great expectations," the "Mad Money" host said on Tuesday. "Apple is truly the vast exception to the rule."
Ahead of the iPhone maker's earnings report, analysts had effectively eviscerated the estimates with downbeat supplier surveys and doom-spelling notes about weak China sales, Cramer said.
But after Tuesday's closing bell, the largest company in the world proved them wrong.
"The company sold more iPhones than most of the bullish analysts thought, including the X, which the community had derided endlessly," Cramer said after he and CNBC's Josh Lipton spoke with Apple CEO Tim Cook .
On the call, Cook touted the success of the iPhone X and spoke to the strength of Apple's sales in China, shrugging off negative estimates that had emerged ahead of the quarter.
So, in a market where analyst sentiment going into the quarter can seem way too grim — or, conversely, way too optimistic — Cramer asked investors to remain cautious and do their own homework.
"[Apple's] estimates and any enthusiasm that had once been generated by the largest company in the world had long since diminished," he said. "For the vast majority of stocks, though, it's quite the opposite. I'm saying that Apple is the outlier. Many stocks have kind of just been set up for disappointment because, totally unlike Apple, there's been endless number bumps but, more importantly, endless upgrades." Erasing tax cut gains Getty Images A woman walks past the New York Stock Exchange in New York City.
When Cramer realized that the stock market has erased nearly all of its gains since Congress passed the Trump administration's sweeping tax overhaul, he was baffled.
"It's like the whole darned thing never happened," he said on Tuesday. "Does that make any sense, or does this weakness represent an absurd overreaction?"
Cramer went with the second notion . He pointed to the windfall that occurred after the corporate tax cuts: companies gave out employee bonuses , then searched for things to acquire. Some are still figuring out how best to use the extra cash.
Small- to medium-sized businesses are also showing interest in building more properties, opening more stores and hiring more employees, according to their first-quarter, post-earnings conference calls, Cramer said. Off the charts: Strength ahead for... GE?! Balint Porneczi | Bloomberg | Getty Images The General Electric logo on a GE Aviation CF6-80C jet engine as it hangs from the wing.
The increasingly volatile stock market has forced CNBC's Jim Cramer to look for stocks that are most likely to rebound when the major averages take a hit, like they did early on Tuesday.
So, to help him seek out the best buys into weakness, the "Mad Money" host recruited the help of technician Marc Chaikin, the creator of key technical tools like the Chaikin volume indicator, the Chaikin Oscillator and the Chaikin Money Flow.
Chaikin, also the founder and CEO of Chaikin Analytics, pointed to one sub-sector that has been roaring for over six months: the refiners .
He used three indicators: the Chaikin Money Flow tool, which tracks buying and selling pressure in a given stock; the Chaikin Relative Strength tool, which compares a stock's performance over the past six months with the S&P 500's ; and the Chaikin Power Gauge, which uses 20 different fundamental and technical data points to build a reading that's either very bearish (red) or very bullish (green). For Chaikin to recommend a stock, all three indicators need to be showing bullish signs.
And one surprising dark horse fit Chaikin's "buy" trifecta: the stock of embattled industrial conglomerate General Electric . Agco CEO rails against Trump-era protectionism
Martin Richenhagen, the chairman and CEO of global agriculture equipment manufacturer Agco , isn't too happy about the Trump administration's latest trade tiffs .
"We like free trade. We don't like all kind[s] of protectionism. We don't like sanctions. We don't like customs. We want to do business all over the world," the CEO told Cramer on Tuesday . "The problem with China, for example, hitting back is not so much our problem, but it's a problem for the American farmers. So what the government [is doing] right now, I think, is not really well thought through, and they're always surprised by the reactions. I hope they learn."
Richenhagen, whose company reported an earnings beat on Tuesday fueled by a particularly strong North American business, specifically pushed back against policies put forth by Commerce Secretary Wilbur Ross .
"I think it's stupid to believe that with this kind of protectionism, you can achieve anything," Richenhagen said. "That's maybe old people with old ideas like Wilbur Ross, who doesn't know about business anymore. I know him pretty well. The guy seems to be sharp. He made money when, basically, Bush sanctioned steel, and so maybe he believes that this is good for the industry. I don't think so."
Richenhagen added that the White House has not been receptive to his ideas.
"I try to very politely raise my voice, but I think right now we have people in Washington who don't listen," he said. "They don't read, they don't listen and they have, maybe, not the brightest background, I would say." Cullen/Frost Bankers CEO on economic strength
Cullen/Frost Bankers Chairman and CEO Phillip Green was much more welcoming when it came to the Trump administration's policies as they related to his regional banking giant.
"I think the tax act has helped," the CEO said after earnings . "I think some of the investment that's been done by companies buying equipment, taking advantage of depreciation rules, etc., has been a positive, but that really hasn't been what's been driving our growth. It's been a help to it, but our growth is that our people understand what they're supposed to be doing, they're really executing and they're just taking advantage of the economies that we're in."
Cullen/Frost's operations are based in Texas, so Green also shared some of the economic benefits his state has been seeing in sectors served by his company.
"Business has been great. Take the energy business. You know, there was a problem a couple years ago and we've been moving out of it," Green told Cramer . "The Permian Basin is as hot as it's ever been. I saw some numbers on the first-quarter growth on energy employment – it was 21 percent annualized growth. Rig count, three-year high. So the energy business is really, I think, recovered, particularly in the Permian and it's beginning to recover in Eagle Ford and some of the other basins in the state." Lightning round: All in on AMAT?
In Cramer's lightning round , he rattled off his take on callers' favorite stocks:
Applied Materials Inc. : "Look, I'm not going to fight you on [buying Applied Materials]. I know a lot of people are selling Applied Materials because they feel like it's a play on DRAMs. I think it's much bigger than that. It's got a big display business. I'm going to concur that Applied Materials is just too low down here."
Editas Medicine : "Oh, boy, another one of these small biotech companies. I got all the guys who would possibly buy them just absolutely on the ropes, so I'm going to have to say pass."
Disclosure: Cramer's charitable trust owns shares of Apple.
Questions for Cramer? | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/01/cramer-remix-great-expectations-are-the-bane-of-this-market.html |
May 22 (Reuters) - Oncolytics Biotech Inc:
* ONCOLYTICS BIOTECH® HAS APPLIED TO LIST ITS COMMON SHARES ON NASDAQ AND ANNOUNCES SHARE CONSOLIDATION
* ONCOLYTICS BIOTECH - BOARD DETERMINED SHARE CONSOLIDATION TO BE DONE ON BASIS OF 1 NEW SHARE FOR EVERY 9.5 CURRENTLY OUTSTANDING SHARES Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-oncolytics-biotech-says-has-applie/brief-oncolytics-biotech-says-has-applied-to-list-its-common-shares-on-nasdaq-idUSFWN1ST0Q1 |
(Adds details)
WINDSOR, England, May 19 (Reuters) - Oprah Winfrey, Serena Williams, Elton John, the Beckhams and the Clooneys were among the celebrities arriving at the wedding of Prince Harry to Meghan Markle on Saturday, with a mix of big names from the worlds of entertainment and sport expected at the nuptials.
Harry, 33, will marry the 36-year-old American actress in front of 600 guests at St George’s Chapel in Windsor in a ceremony that will be watched by millions around the world.
Actor George Clooney was among the first major celebrities to arrive, accompanied by his lawyer wife Amal, who wore a mustard yellow dress and hat.
Soccer star David Beckham arrived soon after, with his wife Victoria, once a singer with the Spice Girls and now a successful fashion designer, wearing a long, sleek, dark dress.
Dressed in pale pink, Winfrey added a touch of Hollywood glamour inside the chapel, wearing sunglasses as she chatted to British actor Idris Elba ahead of the service.
Elton John, who sang at the funeral of Prince Diana, was also there as was tennis champion Williams, who posted a picture of herself getting ready for the wedding on Instagram.
Markle previously starred in the television series “Suits” and some of her fellow actors were also seen arriving at the chapel. Actress Priyanka Chopra and television host James Corden were also spotted ahead of the ceremony. (Writing by Marie-Louise Gumuchian Editing by Kevin Liffey and Giles Elgood)
| ashraq/financial-news-articles | https://www.reuters.com/article/britain-royals-wedding-guests/update-1-clooneys-beckhams-and-oprah-among-celebrities-at-royal-wedding-idUSL5N1SQ09D |
NEW YORK/TEGUCIGALPA (Reuters) - The Trump administration said on Friday it will end temporary protections for immigrants in the United States from Honduras on Jan. 5, 2020, leaving potentially 57,000 people vulnerable to deportation.
It is the latest in a series of decisions by President Donald Trump to shut down temporary protected status (TPS) granted to immigrants after natural disasters or violent conflicts that would prevent them from safely returning to their home countries.
The government of Honduras said on Friday that it “profoundly regrets the cancellation of the programme” and pledged free legal and consular support for Hondurans living in the United States.
Marlon Tabora, the Honduras ambassador to the United States, said the conditions did not exist in the Central American country to deal with the repatriation of tens of thousands of people.
“These families have lived in the United States for 20 years and re-integrating them into the country will not be easy if they decide to return,” he said.
After El Salvador, Hondurans are the second largest nationality with TPS to lose their status, which was granted to the country in 1999 following the devastation of Hurricane Mitch.
The government said it had conducted a review and found “conditions in Honduras that resulted from the hurricane have notably improved.” The 18-month timeline to end the programme would allow “individuals with TPS to arrange for their departure or to seek an alternative lawful immigration,” the Department of Homeland Security said in a statement.
The Boston-based Lawyers’ Committee for Civil Rights and Economic Justice said later on Friday that it would amend a legal complaint filed in February to include the Hondurans affected. The original complaint challenged the Trump administration’s decision to terminate a similar programme protecting immigrants from Haiti and El Salvador.
In January, the Trump administration ended TPS classification for some 200,000 Salvadorans, who had been allowed to live and work in the United States since 2001. Their status will expire in 2019.
The administration also recently ended the programme for Nepal.
TPS critics complain that repeated extensions in six- to 18-month increments of the status, sometimes for decades, has given beneficiaries de facto residency in the United States.
FILE PHOTO: An aircraft carrying deportees, including a group of Honduran children from the U.S., taxis down the runway at the international airport in San Pedro Sula, northern Honduras July 14, 2014. REUTERS/Jorge Cabrera/File Photo In November, then-acting Homeland Security Secretary Elaine Duke set a deadline of six months to make a decision about TPS for Honduras, which is one of the most violent countries in the Western Hemisphere and recently has been convulsed by protests following a contested presidential election. Duke is no longer in charge, replaced by Kirstjen Nielsen.
Most of the other countries that have come up for TPS review have had the status terminated, except for Syria, which is in the midst of a devastating war.
Canada has become the target of choice for those who fear deportation from the United States. Last year, almost 10,000 Haitians crossed the border illegally amid fears their U.S. temporary protected status might end.
Canadian Immigration Minister Ahmed Hussen said Hondurans had until 2020 to decide what to do, meaning it was unlikely people would rush north.
“I don’t believe we will see that wave of individuals coming to Canada,” he told the Canadian Broadcasting Corp.
The decisions on TPS are upending the lives of people who have settled in the United States, sometimes for decades, according to immigration advocates.
“They have made enormous contributions to this nation as workers, small-business owners, homeowners, parents of U.S. citizens and community members,” said Frank Sharry, executive director at the Washington-based America’s Voice Education Fund.
Some Democratic lawmakers decried the decision and said Congress should act to pass legislation that would allow long-time TPS holders to remain in the United States.
Karen Valladares, the director of the National Forum for Migration, a non-governmental organisation in Honduras, said people continue to leave because of gang and drug-related violence and lack of economic opportunities.
FILE PHOTO: A bus carrying deportees, 17 Honduran adult women, as well as 12 girls and nine boys, aged between 18 months and 15 years, according to the Honduran government, from the U.S. leaves the international airport in San Pedro Sula, northern Honduras, July 14, 2014. REUTERS/Jorge Cabrera/File Photo “There have not been concrete improvements in the security situation,” Valladares said. In some ways, she added, “Honduras is worse off than when they left.”
Reporting by Mica Rosenberg in New York and Gustavo Palencia in Tegucigalpa; editing by Bill Trott and Rosalba O'Brien
| ashraq/financial-news-articles | https://in.reuters.com/article/usa-immigration-honduras/trump-administration-moves-to-expel-some-57000-hondurans-idINKBN1I52KU |
May 6, 2018 / 5:23 PM / Updated 2 hours ago Republican House Armed Service chair warns Trump against leaving Iran deal Reuters Staff 2 Min Read
WASHINGTON (Reuters) - The Republican leader of the U.S. House Armed Services Committee said President Trump should not walk away from the Iran nuclear deal. Rep. Mac Thornberry (R-TX) speaks at a news conference on Capitol Hill in Washington, U.S., March 22, 2018. REUTERS/Aaron P. Bernstein
President Donald Trump is facing a May 12 deadline on whether to re-impose sanctions against Iran. Texas Congressman Mac Thornberry said on Fox News Sunday it would be a mistake for Trump to scuttle the nuclear accord reached with Tehran. “I would counsel against it,” he said.
As Chairman of the House Armed Services Committee, Thornberry is considered a key Republican voice on national security issues. Thornberry said that while he was opposed to the deal when it was signed by the Obama Administration in 2015, exiting the agreement now would erode Washington’s leverage against Tehran.
“I thought it was a bad deal,” he said. “But the key question is, ok, what happens next if the U.S. pulls out? Does Iran kick out those inspectors so we lose the visibility we have?”
Trump has signalled he may tear up the 2015 deal and re-impose sanctions later this month. Trump Administration officials have said the nuclear accord fails to address Iran’s ballistic missile programme and will allow Tehran to rebuild its nuclear programme after some of its provisions expire.
Thornberry said that Trump should work with European allies to address these shortcomings in the accord. But scuttling the deal, he said, would take pressure off Iran by dividing Washington from its allies.
“The Europeans are not going to re-impose sanctions so where does that leave us and Iran?” he said. Reporting by Joel Schectman; Editing by Phil Berlowitz | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-iran-nuclear-usa-thornberry/republican-house-armed-service-chair-warns-trump-against-leaving-iran-deal-idUKKBN1I70PX |
BERLIN (Reuters) - Britain’s MI5 spy chief on Monday said he was not aware that outside influence determined the outcome of the British vote in 2016 to leave the European Union.
Andrew Parker, speaking to reporters in Berlin after the first public speech outside Britain by a serving head of MI5, underscored the importance of joining forces to combat what he called increasing cyber and propaganda attacks by Russia.
Asked if MI5 had concluded that Russia also targeted the Brexit vote, Parker said, “I’m not aware of any information suggesting that the outcome was determined by any sort of interference.” He declined to respond to a follow-up question about whether Russia had launched any such attempts.
Reporting by Andrea Shalal; Editing by Joseph Nasr
| ashraq/financial-news-articles | https://www.reuters.com/article/us-britain-eu-influence/mi5-chief-not-aware-outside-influence-determined-outcome-of-brexit-vote-idUSKCN1IF1FU |
TORONTO, May 02, 2018 (GLOBE NEWSWIRE) -- The following issues have been halted by IIROC / L’OCRCVM a suspendu la négociation des titres suivants :
Company / Société : MTY Food Group Inc.
TSX Symbol / Symbole TSX : MTY (all issues) Reason / Motif : Pending News / Nouvelle en attente
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IIROC Inquiries
1-877-442-4322 (Option 2)
Source:Investment Industry Regulatory Organization of Canada | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/globe-newswire-iiroc-trading-halt-suspension-de-la-negociation-par-locrcvm--mty-all-issues.html |
FRANKFURT, May 9 (Reuters) - SMA Solar, Germany’s largest solar company, on Wednesday said first-quarter operating profit rose 72 percent, boosted by stronger demand for solar equipment in Europe and Asia.
First-quarter earnings before interest and tax came in at 4.3 million euros ($5.10 million), up from the 2.5 million in the year-earlier period. ($1 = 0.8438 euros) (Reporting by Christoph Steitz Editing by Maria Sheahan)
| ashraq/financial-news-articles | https://www.reuters.com/article/sma-solar-results/sma-solar-posts-profit-rise-on-stronger-demand-in-europe-asia-idUSASO0004JQ |
HERNDON, Va., May 30, 2018 /PRNewswire/ -- Ekran System, Inc., an innovative insider threat management software vendor, today announced the appointment of Neil Butchart as Vice President of Business Development. With three decades of technology sales and business channel development experience, Butchart is to support the aggressive expansion strategy of the company at US and global markets.
"We are excited to have Neil Butchart, an industry veteran and respected business leader, on our team. Ekran System welcomes his experience and energy, as we have ambitious plans to become a leader in North America, while continuing our successful growth in Europe and Asia," said Dennis Turpitka, Founder and CEO of Ekran System. "Recently recognized as a cybersecurity accelerator finalist, it's a logical next step for us."
As the insider threats continue to make ominous statistics in data breach and cybersecurity incident reports, security experts call for specialized tools to detect and prevent them. Many enterprises build their information security systems from multiple tools simply checking off particular compliance requirements from their lists; and small and medium businesses face inflexibility and significant cost of such high-profile systems. Ekran System have developed a disruptive and very scalable detection and protection technology, focused specifically on privileged and insider threat related risks.
"I am impressed by the intuitive and comprehensive platform that Ekran System has developed over the last several years, to address this growing security challenge," said Butchart. "They have built a scalable product based on years of cybersecurity specialist feedback, and from extensive discussions with partners and end customers around the globe. I'm excited to be part of the Ekran System expansion in delivering this enterprise-grade protection to businesses of all sizes"
Ekran System, Inc. is a cybersecurity software vendor delivering a comprehensive insider threat management platform. Built specifically to monitor, analyze, and prevent risks associated with authorized users and privileged account activity, the platform supports various deployment architectures and scales and seamlessly integrates with existent cybersecurity infrastructure.
Since its inception in 2013, Ekran System continuously grows engaging customers in both SMB and big enterprise segments working with small firms, public and educational institutions, and Fortune 500 companies.
In 2017, Ekran System was selected as a finalist of Mach37 cybersecurity accelerator.
View original content with multimedia: http://www.prnewswire.com/news-releases/ekran-system-an-ambitious-information-security-market-contender-hires-a-veteran-executive-to-lead-expansion-300655832.html
SOURCE Ekran System, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/pr-newswire-ekran-system-an-ambitious-information-security-market-contender-hires-a-veteran-executive-to-lead-expansion.html |
TORONTO, Centerra Gold Inc. (TSX:CG) (“Centerra” or the “Company”) announces that the 11 nominees listed in the management information circular for its 2018 annual meeting of shareholders (the “Meeting”) held earlier today were elected as directors of Centerra. The vote for director nominees was conducted by ballot. 250,319,873 shares were represented at the Meeting, representing 86.75% of Centerra’s issued and outstanding common shares. The detailed results of the vote for the election of directors are set out below:
Nominee Votes For % Votes For Votes Withheld % Votes
Withheld Richard W. Connor 236,214,876 97.47 6,139,084 2.53 Eduard Kubatov 234,696,732 96.84 7,657,228 3.16 Askar Oskombaev 229,386,603 94.65 12,967,357 5.35 Stephen A. Lang 234,763,475 96.87 7,590,485 3.13 Michael Parrett 236,690,133 97.66 5,663,827 2.34 Jacques Perron 229,358,651 94.64 12,995,309 5.36 Scott G. Perry 232,955,779 96.12 9,398,181 3.88 Sheryl K. Pressler 235,543,973 97.19 6,809,987 2.81 Bektur Sagynov 229,386,143 94.65 12,967,817 5.35 Bruce Walter 228,378,579 94.23 13,975,381 5.77 Susan Yurkovich 242,297,312 99.98 56,648 0.02 Final voting results on all matters voted on at the Meeting will be filed on SEDAR at www.sedar.com .
About Centerra
Centerra Gold Inc. is a Canadian-based gold mining company focused on operating, developing, exploring and acquiring gold properties in North America, Asia and other markets worldwide and is the largest Western-based gold producer in Central Asia. Centerra operates two flagship assets, the Kumtor Mine in the Kyrgyz Republic and the Mount Milligan Mine in British Columbia, Canada and is building its 100% owned Öksüt Gold Mine in Turkey. Centerra's shares trade on the Toronto Stock Exchange (TSX) under the symbol CG. The Company is based in Toronto, Ontario, Canada.
Additional information on Centerra is available on the Company’s web site at www.centerragold.com and at SEDAR at www.sedar.com .
A PDF accompanying this announcement is available at http://resource.globenewswire.com/Resource/Download/53f444a1-97ba-491f-a1ad-7ed6bdd8cfd0 .
For more information: John W. Pearson Vice President, Investor Relations (416) 204-1953 [email protected]
Source: Centerra Gold Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/globe-newswire-centerra-gold-announces-election-of-directors.html |
May 15 (Reuters) - Amneal Pharmaceuticals Inc:
* AMNEAL INTRODUCES FIRST GENERIC FOR MEPHYTON® (PHYTONADIONE) TABLETS, 5MG
* AMNEAL PHARMACEUTICALS INC - PRODUCT IS AVAILABLE IN 100-CT BOTTLES AND IS NOW SHIPPING TO WHOLESALERS, DISTRIBUTORS AND DIRECT TO TRADE Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-amneal-introduces-first-generic-fo/brief-amneal-introduces-first-generic-for-mephyton-tablets-5mg-idUSFWN1SM11D |
May 8 (Reuters) - PPL Corp:
* ORATION ANNOUNCES PRICING OF COMMON STOCK OFFERING WITH A FORWARD COMPONENT
* PRICING OF A REGISTERED UNDERWRITTEN OFFERING OF 55 MILLION SHARES OF ITS COMMON STOCK AT A PRICE PER SHARE OF $27.00 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-ppl-corp-announces-pricing-of-comm/brief-ppl-corp-announces-pricing-of-common-stock-offering-with-a-forward-component-idUSASC0A0TY |
T-Mobile US Inc. added customers across its business in the latest quarter and raised its subscriber growth target for the year, showing how the company continues to boost revenue in a mature U.S. wireless market.
The results come days after the company struck a roughly $26 billion deal to buy fellow wireless phone operator Sprint Corp., a deal that, if completed, would reshape the U.S. wireless industry.
T-Mobile... | ashraq/financial-news-articles | https://www.wsj.com/articles/t-mobile-rings-up-subscriber-growth-1525208193 |
30 COMMENTS “MERLOT IS ONE of the great grapes,” said winemaker Aaron Pott as we stood in the living room of his Napa Valley home. On the table in front of us were bottles of Merlot-dominant Blackbird Vineyards “Illustration” he’d produced. The selection included vintages that were almost entirely Merlot—though the front labels omitted this fact. As Mr. Pott later noted, the wine was launched when “Merlot bashing” was on the rise, some 10 years ago.
American Merlot remains a hard sell today and especially in Napa, where Cabernet Sauvignon is the undisputed and most profitable star. Indeed, Napa growers have been pulling up their Merlot vines at a rapid clip and replanting them with Cabernet. According to Napa Valley Vintners, in 2007 there were 6,828 acres of Merlot in Napa; 10 years later, Merlot acreage is down to 4,583.
“When you go to pour Merlot for people in the tasting room they will actually put their hand over the glass,” said Jim Duane, winemaker at Seavey Vineyard, who makes a small amount of Merlot in addition to Cabernet with consulting winemaker Philippe Melka. Mr. Duane is a Merlot fan. “Cabernet is powerful but Merlot is the one that allows me to express elegance,” he said.
Napa Valley winemaker Steve Matthiasson believes that the best wine in his diverse portfolio is his Red Hen Vineyard Merlot, produced from a vineyard in the Oak Knoll district in the southern end of the Valley. The vineyard was once Merlot-dominant but has since been replanted mostly to Cabernet by its owner. Mr. Matthiasson is the only winemaker who still buys Merlot grapes from Red Hen Vineyard, and he has to work to convince drinkers, even professionals, to try the wine. “When we do a line-up of our wines, our Merlot is more expressive than our Cabernet, and that raises a lot of eyebrows,” he said.
Anti-Merlot sentiment surfaced around the time of the movie “Sideways” (2004), though the grape’s waning popularity likely had less to do with the character Miles’s avowed distaste for the grape than it did with all the lousy American Merlot on the market back then. There was too much Merlot grown in all the wrong places. “Back in the 1990s people just put Merlot in everywhere,” said Mr. Matthiasson. “There was tons of Merlot.”
Much of the Merlot planted in unsuitable locations failed to get ripe—or turned out far too ripe—resulting in wines that were either green and weedy or soft, sweet, boring fruit bombs. A far cry, in other words, from the “lush complex wines that smell like violets” that Mr. Pott described as his ideal.
Richie Allen, winemaker at Rombauer Vineyards, noted that Merlot needs the right conditions (humidity) and soil (preferably clay) to thrive. Merlot is a pretty temperamental grape “with a lot more in common with Pinot Noir than Cabernet,” he said. Rombauer is in the middle of the Valley, but Mr. Allen sources much of his Merlot in the southern end of Napa, in the cool, humid Napa Carneros region, which he said “has a lot of clay soil.”
I confessed to the easygoing, Australian-born Mr. Allen that I was surprised to discover that a Rombauer Merlot even existed. The winery is synonymous with the big, oaky (and wildly popular) Rombauer Chardonnay sometimes called “cougar juice” or “housewife heroin” by both fans and detractors. Mr. Allen laughed. “The Rombauer Merlot drinker is not the Rombauer Chardonnay drinker,” he said. And his 2014 Rombauer Merlot was no oak bomb, but an attractive, bright-red, cherry-inflected red with good acidity and soft tannins. “Of all the wines I make, this is the one my wife likes to drink,” said Mr. Allen.
‘ When you go to pour Merlot, people will put their hand over the glass. ’
Duckhorn Vineyards may be the only winery in Napa more famous for its Merlots than its Cabernets. Duckhorn’s iconic Three Palms Vineyard Merlot debuted in 1978 to almost-immediate acclaim. Winemaker Renée Ary acknowledged her winery’s unusual status in the Valley but noted that she, too, has trouble sourcing good Merlot for the winery’s other Merlot bottlings. “We can buy all the Cabernet we want but it’s hard to find good Merlot,” she said.
I met Ms. Ary and Duckhorn president and CEO Alex Ryan in a vineyard that’s home to three very tall, very spindly palm trees. Quite far north of most Napa Merlot vineyards, its 83 acres are very flat and not particularly impressive or picturesque, though quite rocky. “It’s some of the rockiest vineyard soil in Napa,” said Ms. Ary.
Ms. Ary had brought along several of the Duckhorn Merlots, which we tasted at a picnic table in the vineyard. The wines ranged from a good if rather straightforward 2014 Napa Valley Merlot to the bigger, more tannic and structured 2014 Stout Vineyard Merlot, an intense and powerful wine made from hillside fruit that would clearly need time to unwind. “Growing Merlot in the mountains is hit or miss,” said Ms. Ary. The 2014 vintage was clearly a good one.
Finally, we tasted both the 2014 and 2015 vintages of the Three Palms Vineyard Merlot. The former, a lush, rich, layered wine, was Wine Spectator’s 2017 Wine of the Year. “We have to limit people to buying one bottle,” said Mr. Ryan. The 2015 was a much tighter, more focused, less openly inviting wine.
Shafer Vineyards has long produced one of the most consistently sought after and well made Merlots in Napa. (They also turn out some famously good Cabernets.) But the 2014 vintage was the last Shafer Merlot vintage, said president Doug Shafer. With longtime winemaker Elias Fernandez, Mr. Shafer decided to stop making a varietally labeled wine and make what they called TD-9, a Merlot-dominant blend.
They had a lighter crop for the 2014 vintage, and they realized they could add other grapes (Cabernet and Malbec) and meet both quality and quantity demands. “’We’re taking Merlot and making it better,” Mr. Shafer said.
I was sad to hear this news: The Shafer had always been one of my favorite Napa Merlots. I found out I was far from alone when I spoke to Tony Gonzalez, a senior vice president portfolio manager at the Winebow Group, a distributor for Shafer wines. The company sold out their inventory of the 2014 Merlot, 102 cases, in three weeks. I went looking for a bottle and found one left in my local store. “A woman called looking for nine bottles,” said the salesperson I spoke with, who seemed surprised by this fact.
Perhaps all those drinkers in search of the Shafer wine would do well to try some of the other remaining Napa Merlots listed below. Who knows? They might even spark a pro-Merlot trend.
OENOFILE // Merlots and Merlot-Dominant Blends that Rate High
Photo: F. Martin Ramin/ The Wall Street Journal 1. 2013 Blackbird Vineyards “Arise” $55
This Merlot-dominant blend from winemaker Aaron Pott—who also produces the more pricey “Illustration” containing even more Merlot—is a beautiful, well balanced wine marked by fine tannins and aromas of black fruit and spice.
2. 2014 Seavey Vineyard Napa Valley Merlot $65
Based at the foot of Howell Mountain, Seavey Vineyard produces a small amount of Merlot in addition to Cabernet Sauvignon. Their 2014 is an intense and tightly wound wine that needs decanting or, better yet, cellaring a few years.
3. 2014 Rombauer Vineyards Napa Valley Merlot $45
The Rombauer Chardonnay is more famous (some might say infamous), but the Merlot deserves more attention. Sourced from the cool Napa Carneros region, this soft red has a lively acidity that lends a juicy edge.
4. 2014 Duckhorn Vineyards Three Palms Vineyard Napa Valley Merlot $98
The most famous single-vineyard Merlot from the iconic Three Palms Vineyard does not disappoint. This lush, full-bodied wine, deliciously accessible now, will reward cellaring for several years as well.
5. 2014 Shafer Vineyards Napa Valley Merlot $55
This is the last vintage of the much-loved Shafer Merlot—as of 2015, the winery produces a blend (TD-9) instead. This is a big, bold and relatively high-octane (15.3% ABV) Merlot that delivers both pleasure and power.
Email Lettie at [email protected].
More in Food & Drink
The Surprising Truth About the Price of Rosé May 24, 2018 Can You Judge a Wine By the Shape of Its Bottle? May 10, 2018 What Savvy Wine Buyers Should Know About the Points System May 3, 2018 Would You Know a Fake Wine If You Tasted It? April 12, 2018 What It Takes to Out-Sleuth Wine Fraud April 6, 2018 | ashraq/financial-news-articles | https://www.wsj.com/articles/enough-with-the-merlot-bashing-a-wine-thats-ripe-for-revival-1524766357 |
BELBUCA® Net Revenues Increased 76% Over 1Q17 Achieved Significant Prescription Growth Increase of 55% for BELBUCA in 1Q18 vs 1Q17 Achieved Company Total Net Revenue of $11.3 Million for 1Q18 Addition of New and Improved Managed Care Coverage
BDSI Conference Call and Webcast Scheduled for 4:30 PM ET Today
RALEIGH, N.C., BioDelivery Sciences International, Inc. (NASDAQ:BDSI) today reported financial results for the first quarter ended March 31, 2018 and provided an update on recent business highlights.
“BELBUCA® prescription growth this quarter was strong, showing an increase of 9% over the fourth quarter of last year and 55% year-over-year,” said Scott Plesha, President of BioDelivery Sciences. “Notably, we have reached an all-time high in monthly BELBUCA prescriptions in March and weekly prescription sales through the month of April continue to be strong. Driving strength this quarter was the recently completed sales force expansion, allowing us to increase both our number of target healthcare professionals and the reach and frequency.”
“Another key driver of growth was improvements in our managed care contracting, where we continued to add new managed care contracts and improve on existing ones. We are seeing a meaningful benefit from our recently effective contracts with Humana, ProCareRx and CVS/Caremark,” continued Mr. Plesha. “On the legislative and regulatory front, we are seeing substantial activity around the current opioid epidemic and a recognition of the need for responsible opioid prescribing and for Schedule III opioid alternatives such as buprenorphine with less abuse and addiction potential compared to Schedule II opioids. We believe all of these factors: our focused sales efforts, improved managed care contracting, and an underlying need for alternatives in the marketplace, position us well for continued growth in 2018 and beyond.”
First Quarter 2018 Financial Highlights
In the first quarter of 2018, BDSI recorded total net revenue of $11.3 million, a 19% increase year-over-year versus $9.5 million on a comparable basis. While reported revenue in 2017 was $29.5 million, it included the recognition of $20.0 million of deferred revenue associated with the termination of BDSI’s previous license agreement for BELBUCA with Endo.
Total net revenue for BELBUCA (buprenorphine) buccal film and BUNAVAIL® (buprenorphine and naloxone) buccal film in the first quarter of 2018 was $8.0 million and $1.8 million, respectively, versus $9.4 million and $1.7 million, respectively, in the fourth quarter of 2017, and $4.6 million and $3.2 million, respectively, in the first quarter of 2017.
Total operating expenses for the first quarter ended March 31, 2018, were $16.0 million, compared to $21.6 million and $15.9 million in the fourth quarter of 2017 and first quarter of 2017, respectively.
Net loss for the first quarter ended March 31, 2018, was $10.6 million, or ($0.18) per diluted share, compared to a net loss of $16.2 million, or ($0.29) per diluted share, in the fourth quarter of 2017. This compares to net income of $48.3 million, or $0.87 per diluted share, in the first quarter of 2017.
At March 31, 2018, BDSI had cash and cash equivalents of approximately $12.1 million. This compares to cash and cash equivalents of approximately $21.2 million at December 31, 2017.
RECENT COMPANY HIGHLIGHTS
Appointed Herm Cukier as Chief Executive Officer and a member of the Board of Directors effective May 8, 2018. Herm brings a strong background in commercial operations leadership to BDSI.
Achieved strong BELBUCA growth in the first quarter, with total prescription sales increasing 9% over the prior quarter.
BELBUCA total prescriptions reached their highest monthly total to date with over 10,000 prescriptions in March.
Completed expansion of sales force increasing the number of territory managers from 65 to 85 and regional sales managers from 5 to 9. This translates into coverage of an additional 3,500 plus healthcare providers and the reach and frequencies with high potential targets.
Effective January 30, 2018, BELBUCA was commercially available in Canada via BDSI’s exclusive agreement with Purdue (Canada). BDSI has received upfront and milestone payments under this agreement and is eligible for additional milestones and royalties on net sales.
Conference Call & Webcast Thursday, May 10 @ 4:30pm Eastern Time Domestic: 800-289-0438 International: 323-794-2423 Passcode: 5157508 Webcast: http://public.viavid.com/index.php?id=129149 Replays available through May 24: Domestic: 844-512-2921 International: 412-317-6671 Conference ID: 5157508 About BioDelivery Sciences International
BioDelivery Sciences International, Inc. (NASDAQ:BDSI) is a specialty pharmaceutical company with a focus in the areas of pain management and addiction medicine. BDSI is utilizing its novel and proprietary BioErodible MucoAdhesive (BEMA ® ) technology and other drug delivery technologies to develop and commercialize, either on its own or in partnership with third parties, new applications of proven therapies aimed at addressing important unmet medical needs.
BDSI's marketed products and those in development address serious and debilitating conditions such as breakthrough cancer pain, chronic pain, and opioid dependence. BDSI's headquarters is in Raleigh, North Carolina.
For more information, please visit or follow us: Internet: http://www.bdsi.com Facebook: Facebook.com/BioDeliverySI Twitter: @BioDeliverySI BUNAVAIL ® (buprenorphine and naloxone) buccal film (CIII) and BELBUCA ® (buprenorphine) buccal film (CIII) are marketed in the U.S. by BioDelivery Sciences. For full prescribing information and important safety information on BDSI products please visit www.bdsi.com where the Company promptly posts press releases, SEC filings, and other important information or contact the Company at (800) 469-0261. For full prescribing and safety information on BELBUCA, please visit www.belbuca.com and for full prescribing and safety information on BUNAVAIL, please visit www.bunavail.com .
Cautionary Note on Forward-Looking Statements
This press release, the conference call and webcast described herein, and any statements of employees, representatives and partners of BioDelivery Sciences International, Inc. ("BDSI") related thereto contain, or may contain, among other things, certain " " within the meaning of the Private Securities Litigation Reform Act of 1995. Such involve significant risks and uncertainties. Such statements may include, without limitation, statements with respect to the BDSI's plans, objectives, projections, expectations and intentions and other statements identified by words such as "projects," "may," "will," "could," "would," "should," "believes," "expects," "anticipates," "estimates," "intends," "plans," "potential" or similar expressions. These statements are based upon the current beliefs and expectations of the BDSI's management and are subject to significant risks and uncertainties, including those detailed in the BDSI's filings with the Securities and Exchange Commission. Actual results (including, without limitation, the results of the Company’s commercialization programs for BELBUCA and BUNAVAIL as described herein) may differ significantly from those set forth or implied in the . These involve certain risks and uncertainties that are subject to change based on various factors (many of which are beyond the BDSI's control). BDSI undertakes no obligation to publicly update any , whether as a result of new information, future presentations or otherwise, except as required by applicable law.
BDSI ® , BEMA ® , ONSOLIS ® , BUNAVAIL ® and BELBUCA ® are registered trademarks of BioDelivery Sciences International, Inc. The BioDelivery Sciences, BUNAVAIL, and BELBUCA logos are trademarks owned by BioDelivery Sciences International, Inc. All other trademarks and tradenames are owned by their respective owners.
© 2018 BioDelivery Sciences International, Inc. All rights reserved.
Contacts
Mary Coleman
BioDelivery Sciences International, Inc.
919-582-9050
[email protected]
Monique Kosse
Managing Director
LifeSci Advisors
212-915-3820
[email protected]
BIODELIVERY SCIENCES INTERNATIONAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (U.S. DOLLARS, IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS) Three Months Ending March 31, 2018 2017 Revenues: Product sales 9,838 7,795 Product royalty revenues 440 1,661 Research and development reimbursements - 22 Contract revenue 1,003 20,000 Total Revenues 11,281 29,478 Cost of sales 3,415 5,645 Expenses: Research and development: 2,484 2,671 Selling, general and administrative 13,505 13,259 Total expenses 15,989 15,930 (Loss) income from operations (8,123 ) 7,903 Interest expense, net (2,505 ) (2,886 ) Bargain purchase gain - 27,336 Other expense, net (7 ) - (Loss) income before income taxes $ (10,635 ) $ 32,353 Income tax (expense) benefit (74 ) 15,972 Net (loss) income attributable to common stockholders $ (10,709 ) $ 48,325 Basic: Weighted average common stock shares outstanding 58,062,997 54,519,574 Basic (loss) earnings per share $ (0.18 ) $ 0.89 Diluted: Diluted weighted average common stock shares outstanding 58,062,997 55,431,628 Diluted (loss) earnings per share $ (0.18 ) $ 0.87
BIODELIVERY SCIENCES INTERNATIONAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (U.S. DOLLARS, IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS) March 31, December 31, 2018 2017 ASSETS Current assets: Cash $ 12,090 $ 21,195 Accounts receivable, net 8,123 8,852 Inventory, net 5,441 6,091 Prepaid expenses and other current assets 2,828 3,610 28,482 39,748 Property and equipment, net 3,621 3,778 Goodwill 2,715 2,715 BELBUCA® license and distribution rights intangible asset, net 39,375 40,500 Other intangible assets, net 1,196 1,360 Total assets $ 75,389 $ 88,101 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable and accrued liabilities $ 20,335 $ 26,149 Total current liabilities 20,335 26,149 Notes payable, net 48,285 47,660 Other long-term liabilities 5,415 5,415 Total liabilities 74,035 79,224 Commitments and contingencies Stockholders' equity: Preferred Stock, $.001 par value; 5,000,000 shares authorized; 2,093,155 and 2,093,155 shares of Series A Non-Voting Convertible Preferred Stock outstanding at December 31, 2017 and 2016, respectively. 2 2 Common Stock, $.001 par value; 75,000,000 shares authorized; 58,646,522 and 55,904,072 shares issued; 58,631,031 and 55,888,581 shares outstanding at March 31, 2018 and December 31, 2017, respectively 59 56 Additional paid-in capital 316,970 313,922 Treasury stock, at cost, 15,491 shares (47 ) (47 ) Accumulated deficit (315,630 ) (305,056 ) Total stockholders' equity 1,354 8,877 Total liabilities and stockholders' equity $ 75,389 $ 88,101
BIODELIVERY SCIENCES INTERNATIONAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (U.S. DOLLARS, IN THOUSANDS) Three Months Ending March 31, 2018 2017 Operating activities: Net (loss) income $ (10,709 ) $ 48,325 Adjustments to reconcile net (loss) income to net cash flows from operating activities Depreciation 230 111 Accretion of debt discount and loan costs 625 1,040 Amortization of Intangible Assets 1,289 1,369 (Benefit) provision for inventory obsolescence (66 ) 153 Stock based compensation expense 2,921 3,070 Deferred income taxes - (15,972 ) Bargain purchase gain - (27,336 ) Changes in assets and liabilities, net of effect of acquisition: Accounts receivable 864 (2,662 ) Inventories 716 480 Prepaid expenses and other assets 782 194 Accounts payable and accrued expenses (3,413 ) 3,942 Deferred revenue - (21,716 ) Net cash flows used in operating activities (6,761 ) (9,002 ) Investing activities: BELBUCA® Acquisitions (1,951 ) - Purchase of equipment (73 ) - Net cash flows used in investing activities (2,024 ) 0 Financing activities: Proceeds from exercise of stock options 130 - Payment on note payable - 45,000 Proceeds from notes payable - (30,000 ) Payment of deferred financing fees (450 ) (2,798 ) Net cash flows (used in) provided by financing activities (320 ) 12,202 Net change in cash and cash equivalents (9,105 ) 3,200 Cash and cash equivalents at beginning of year 21,195 32,019 Cash and cash equivalents at end of year $ 12,090 $ 35,219 Cash paid for interest $ 1,880 $ 946
Source:BioDelivery Sciences International, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/globe-newswire-biodelivery-sciences-reports-positive-first-quarter-2018-financial-results-and-provides-corporate-update.html |
May 16 (Reuters) - Century Aluminum Co:
* CENTURY ALUMINUM SAYS CO, CERTAIN UNITS ENTERED AMENDED & RESTATED $175 MILLION SENIOR SECURED REVOLVING CREDIT FACILITY - SEC FILING
* CENTURY ALUMINUM - NEW CREDIT FACILITY REPLACES CO’S EXISTING $150 MILLION SENIOR SECURED REVOLVING CREDIT FACILITY SCHEDULED TO EXPIRE IN 2020
* CENTURY ALUMINUM CO - $175 MILLION CREDIT FACILITY TO HAVE A 5-YEAR TERM THROUGH MAY 16, 2023
* CENTURY ALUMINUM - $175 MILLION CREDIT FACILITY INCLUDES UNCOMMITTED ACCORDION FEATURE WHERE BORROWERS MAY RAISE CAPACITY OF FACILITY BY UP TO $50 MILLION Source text: ( bit.ly/2IId2kf ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-century-aluminum-says-co-certain-u/brief-century-aluminum-says-co-certain-units-entered-amended-restated-175-mln-senior-secured-revolving-credit-facility-idUSFWN1SN0Z2 |
May 17 (Reuters) - The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.
Headlines
Big Four accountancy firms plan for forced break-up on.ft.com/2rLImVh
UK digital technology sector outpacing wider economy on.ft.com/2rLDHCK
TfL operating deficit worsens by 26 pct to 1 bln stg on.ft.com/2KuT9u0
Rajan says he won't apply to be BoE governor on.ft.com/2Ku5bUr
Overview
The Big Four accountancy firms— KPMG, Deloitte, EY and PwC — have drawn up contingency plans for a break up of their UK businesses after pressure for a forced split rises following high-profile corporate collapses that have called into question the quality of their work as both auditors and consultants for the largest British companies.
Britain’s digital technology sector is growing faster than the economy as a whole and spreading beyond the south-east and big regional cities, according to an annual report compiled by the state-funded advocacy body Tech Nation.
Transport for London said its full-year operating deficit widened by 26 percent to 1 billion pounds ($1.35 billion) after its government grant was cut and passenger numbers fell.
Former Reserve Bank of India governor Raghuram Rajan said at an event on Wednesday he would not apply to become governor of the Bank of England when the vacancy is advertised later this year.
$1 = 0.7382 pounds Compiled by Bengaluru newsroom; Editing by Sandra Maler
| ashraq/financial-news-articles | https://www.reuters.com/article/britain-press-ft/press-digest-financial-times-may-17-idUSL3N1SO02S |
May 14, 2018 / 7:49 PM / Updated 7 minutes ago Russian billionaires take boardroom battle to London High Court Barbara Lewis 3 Min Read
LONDON (Reuters) - Russia tycoon Oleg Deripaska gave evidence in the London High Court on Monday in a case challenging the sale of shares in Norilsk Nickel (Nornickel) ( GMKN.MM ) by soccer club owner Roman Abramovich. FILE PHOTO: President of En+ Group, Oleg Deripaska attends an agreement signing ceremony with the Krasnoyarsk region's government, in Moscow, Russia December 12, 2017. REUTERS/Sergei Karpukhin/File Photo
Deripaska, making his first public appearance since being made a target of U.S. sanctions, wants to stop Abramovich selling Nornickel shares to another Russian billionaire Vladimir Potanin, saying it violates a 2012 shareholder deal.
The hearing, which is expected to last four days, is part of a long-running battle for control of the mining firm, one of the world’s biggest producers of nickel.
Deripaska, the co-owner of En+ ( ENPLq.L ) and Rusal ( 0486.HK ) that have also been targeted by U.S. sanctions, told the court he was “quite upset that Rusal’s interests could be seriously damaged” when asked about discussions with Potanin.
Deripaska, who was dressed in a dark blue suit and tie, spoke to the court in Russian via an interpreter. FILE PHOTO: The logo of Russia's miner Norilsk Nickel (Nornickel) is seen on a board at the St. Petersburg International Economic Forum 2017 (SPIEF 2017) in St. Petersburg, Russia, June 1, 2017. REUTERS/Sergei Karpukhin/File Photo
Deripaska and Potanin have periodically been at loggerheads since Rusal bought a stake in Nornickel just before the 2008 global financial crash. Court documents said Deripaska and Potanin disagreed on how Nornickel should be run.
Potanin’s Interros Holding said in March it had completed the purchase from Abramovich of a 2 percent stake in Nornickel, a deal that could be reversed if the London court rules in favor of Rusal.
Before purchasing the additional 2 percent, Potanin had 30.4 percent of Nornickel, against Rusal’s 27.8 percent stake.
Nornickel is a $27.68 billion company that competes with Brazil’s Vale VALE5.SA for the rank of the world’s top nickel producer. It is also the world’s largest palladium producer.
Abramovich, who also owns England’s Chelsea football club, stepped in as a “white knight” minority shareholder in 2012 to act as a buffer between Potanin and Deripaska.
He and his partners have a stake in Nornickel amounting to 6.3 percent, including 4.2 percent that is owned via a Cyprus-based company called Crispian.
The deal involved a five-year lock-up period, which the court heard was intended to be long enough to “build trust”. During that period, the parties were barred from selling most of their Nornickel stakes.
Deripaska was ranked Russia’s 19th richest man worth $6.7 billion by Forbes magazine before Washington imposed sanctions in April on him, as well as on Rusal and En+, in response to what the United States called Russia’s “malign activities”.
Potanin is expected to appear before the court on Tuesday.
The hearing is due to last until Thursday, after which further written submissions are expected.
After that, legal sources said the judge could take about two weeks to deliver his judgment. Reporting by Barbara Lewis in London and Polina Devitt in Moscow; Editing by Edmund Blair | ashraq/financial-news-articles | https://www.reuters.com/article/us-russia-nornickel-rusal-court/russian-billionaires-take-boardroom-battle-to-london-high-court-idUSKCN1IF2RX |
A double bottom pattern is developing in the S&P 500 .
While that's a bullish, dominant pattern in the index, its development is slow, indecisive and uncertain. That suggests it will run into strong resistance around the level of the double top pattern created in early 2018.
But rather than leading to a strong up trend breakout, the current reaction suggests the S&P index may become trapped in a long, slow sideways pattern with the market moving between 2,580 and 2,790.
That type of sideways pattern is good for traders as the market rallies and retreats within the confines of a broad trading band. It's not so good, however, for long-term investors because the market returns are limited by the strong resistance level. Investors look for a good breakout above the upper resistance level near 2,790.
The current behavioral relationships in the Guppy Multiple Moving Average indicator suggest that a strong breakout has a low probability of developing.
The short-term group of averages used to track the inferred behavior of traders has shown some compression and expansion activity. However, this is not particularly strong. There is no great trading conviction in the rallies, nor in the retreats.
The long-term group of averages is used to infer the behavior and thinking of investors. The degree of separation in the long-term GMMA is an indication of the strength of the trend and the confidence level of investors. That is seen very clearly on the left side of the chart. Compare that to the degree of separation seen on the right side of the chart and it's clear that investors have lost confidence in the market. The compression and clustering in the short-term group suggests market nervousness and a lack of commitment to a strongly developing uptrend.
This behavior confirms the potential to develop a sideways trading pattern in what becomes a directionless or moribund market.
That's also confirmed by the reduction in volatility. The daily ranges in the index activity — low to high — are small and about the same size anytime in 2016 until Jan. 29, 2018. The general uptrend is not interrupted by days of significantly large daily ranges.
After February 2018, the market is dominated by large daily ranges. The daily range between the low and the high expands dramatically, but in recent weeks stability has returned to the index. The daily ranges have reduced and are now similar to the period prior to February.
The difference is that the reduction in daily ranges is not associated with strong and well-supported trend behavior. Instead they show a market that has slowed substantially.
Volatility, momentum and trending activity have declined. The breakout, below or above, the trading band will set the next trend direction. The critical question is how the index behaves as it approaches resistance near 2,790.
Trade war threats have not turned the uptrend into a downtrend, but they have neutered all trending activity.
For more insight from CNBC contributors, follow @CNBCopinion on Twitter. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/29/the-sp-is-setting-up-to-benefit-traders-stymie-long-term-investors.html |
May 11 (Reuters) - PFSweb Inc:
* PFSWEB INC FILES FOR NON-TIMELY 10-Q - SEC FILING
* PFSWEB INC SAYS EXPECTS Q1 FORM 10-Q WILL REFLECT TOTAL REVENUE OF $78.4 MILLION COMPARED TO $78.8 MILLION LAST YEAR
* PFSWEB INC SAYS EXPECTS Q1 FORM 10-Q WILL REFLECT NET LOSS OF $0.7 MILLION FOR QUARTER ENDED MARCH 31, 2018 COMPARED TO LOSS OF $4.9 MILLION LAST YEAR Source text: ( bit.ly/2wE2i1A ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-pfsweb-inc-files-for-non-timely-10/brief-pfsweb-inc-files-for-non-timely-10-q-idUSFWN1SI18I |
* U.S. says it still holds threat of imposing tariffs on $50 bln of Chinese goods
* China doesn't want to fight but isn't afraid to - Xinhua
* U.S. plans to shorten length of visas issued to some Chinese citizens (Adds comments from American Chamber of Commerce in China, comment on Qualcomm)
SHANGHAI/BEIJING, May 30 (Reuters) - China on Wednesday lashed out at Washington's unexpected statement that it will press ahead with tariffs and restrictions on investments by Chinese companies, saying Beijing was ready to fight back if Washington was looking to ignite a trade war.
The United States said on Tuesday that it still held the threat of imposing tariffs on $50 billion of imports from China and would use it unless Beijing addressed the issue of theft of American intellectual property.
The declaration came after the two sides had agreed earlier this month to look at steps to narrow China's $375 billion trade surplus with America, and days ahead of a visit to Beijing by U.S. Commerce Secretary Wilbur Ross for further negotiations.
William Zarit, chairman of the American Chamber of Commerce in China, said Washington's threat of tariffs appeared to have been "somewhat effective" thus far.
"I don't think it is only a tactic, personally," he told reporters on Wednesday, adding that the group does not view tariffs as the best way to address the trade frictions.
"The thinking became that if the U.S. doesn't have any leverage and there is no pressure on our Chinese friends, then we will not have serious negotiations."
China's Commerce Ministry reacted swiftly overnight with a short statement, saying it was surprised and saw it as contrary to the consensus both sides had reached recently.
The Global Times said the United States was suffering from a "delusion" and warned that the "trade renege could leave Washington dancing with itself".
The widely read tabloid is run by the Communist Party's official People's Daily, although its stance does not necessarily reflect Chinese government policy.
"The Chinese government will have the necessary measures in place to deal with a U.S. withdrawal from any settled agreement. If the U.S. wants to play games, then China would be more than willing to play along and do so until the very end," it said.
ZTE AND QUALCOMM
Fears of a trade war between the world's two biggest economies had also receded after the administration of President Donald Trump said it had reached a deal that would put ZTE Corp back in business after banning China's second-biggest telecoms equipment maker from buying U.S. technology parts.
Still hanging in the balance, however, is San Diego-based Qualcomm Inc's proposal to acquire NXP Semiconductors NV - a $44 billion deal that requires clearance from China's antitrust regulators. The recent easing in tensions had fuelled optimism that an agreement was imminent.
"On hold now," a person familiar with Qualcomm's talks with the Chinese government said on Wednesday, declining to be identified as the negotiations are confidential.
"Trump is crazy. Crazy tactics might work, though," the person added.
State news agency Xinhua said China hoped that the United States would not act impulsively but stood ready to fight to protect its own interests.
"China's attitude, as always, is: we do not want to fight, but we are also not afraid to fight," it said in a commentary.
"China will continue to hold pragmatic consultations with the United States' delegation and hope that the United States will act in accordance with the spirit of the joint statement."
'INTENSE NEGOTIATIONS'
Commerce Secretary Ross is scheduled to visit Beijing from June 2 to June 4 to try and get China to agree to firm numbers for additional U.S. exports to the country.
The deal to reduce China's trade surplus with the U.S. was separate from the U.S. probe into China's alleged theft of intellectual property.
A White House official said on Tuesday that the U.S. government plans to shorten the length of visas issued to some Chinese citizens as part of a strategy to prevent intellectual property theft by U.S. rivals.
Citing a document issued by the Trump administration in December, the official said the U.S. government would consider restrictions on visas for science and technology students from some countries.
The China Daily newspaper said the repeated U.S. claim that Beijing had forced foreign firms to transfer their technologies to Chinese businesses was without evidence and was being used as an excuse to facilitate its trade protectionism.
It said technology transfers between U.S. companies and their Chinese partners were the result of normal business practices, not coercive policies. (Reporting by Brenda Goh in SHANGHAI and Michael Martina in BEIJING; Additional writing by Ryan Woo; Editing by Kim Coghill) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/30/reuters-america-update-2-china-slams-surprise-u-s-trade-announcement-says-ready-to-fight.html |
REDWOOD CITY, Calif., May 04, 2018 (GLOBE NEWSWIRE) -- Avinger, Inc. (Nasdaq:AVGR), a leading developer of innovative treatments for peripheral artery disease (PAD), today announced that it will release its financial results for the first quarter 2018 after the close of trading on Monday, May 14, 2018. The Company will host a corresponding conference call beginning at 1:30pm PT/4:30pm ET.
Individuals interested in listening to the conference call may do so by dialing (877) 407-8293 for domestic callers or (201) 689-8349 for international callers. To listen to a live webcast, please visit this link: https://78449.themediaframe.com/dataconf/productusers/avgr/mediaframe/24599/indexl.html
A replay of the call will be available beginning May 14, 2018 at approximately 7:30pm PT/10:30pm ET through May 28, 2018. To access the replay, dial (877) 660-6853 or (201) 612-7415 and reference Conference ID: 13679774. The webcast will also be available on Avinger's website for six months following the completion of the call at: www.avinger.com .
About Avinger, Inc.
Avinger is a commercial-stage medical device company that designs and develops the first-ever image-guided, catheter-based system that diagnoses and treats patients with peripheral artery disease (PAD). Avinger is dedicated to radically changing the way vascular disease is treated through its Lumivascular platform, which currently consists of the Lightbox imaging console, the Ocelot family of chronic total occlusion (CTO) catheters, and the Pantheris® family of atherectomy devices. Avinger is based in Redwood City, California. For more information, please visit www.avinger.com .
Public Relations Contact:
Phil Preuss
VP of Marketing & Business Operations
Avinger, Inc.
(650) 241-7900
[email protected]
Investor Contact:
Matt Ferguson
Chief Business Officer & CFO
Avinger, Inc.
(650) 241-7916
[email protected]
Source:Avinger, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/04/globe-newswire-avinger-to-announce-first-quarter-2018-financial-results-on-may-14-2018.html |
May 2, 2018 / 3:02 PM / Updated 19 minutes ago TSB chief executive to lose bonus linked to computer system migration Reuters Staff 1 Min Read
LONDON (Reuters) - The Chief Executive of British lender TSB, Paul Pester, will not receive a bonus that he was due and which was linked to the bank’s botched computer system migration, TSB’s chairman Richard Meddings told lawmakers on Wednesday. FILE PHOTO: Chief Executive of the TSB bank, Paul Pester, poses at the bank's Baker Street branch in London September 9, 2013. REUTERS/Andrew Winning
A systems migration at TSB over the weekend of April 21-22 left up to 1.9 million customers unable to access their accounts, with many complaining they could not pay vital bills.
Customers were still complaining on Wednesday, more than a week later. Reporting By Emma Rumney and Lawrence White, editing by Silvia Aloisi | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-tsb-ceo/tsb-chief-executive-to-lose-bonus-linked-to-computer-system-migration-idUKKBN1I322F |
May 15 (Reuters) - Las Vegas Railway Express Inc:
* LAS VEGAS RAILWAY EXPRESS, INC. ACQUIRES A MINORITY INTEREST IN UNITED SHORTLINE INSURANCE SERVICES 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-las-vegas-railway-express-buys-min/brief-las-vegas-railway-express-buys-minority-interest-in-united-shortline-insurance-services-idUSASC0A29J |
Would you Rather: F.A.N.G.: 4 buys 1:00 PM ET Thu, 24 May 2018 The "Fast Money" traders debate which F.A.N.G. stocks they would rather buy. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/24/would-you-rather-f-a-n-g-4-buys.html |
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