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NEW ORLEANS, May 2, 2018 /PRNewswire/ -- Jones Walker LLP announced today that Jonathan A. Hunter joined the firm as a partner on the Energy Industry Team in the New Orleans office.
Mr. Hunter devotes his practice full time to representing oil and gas companies. Utilizing experience gained through 30 years of litigation, negotiation, and counseling, Mr. Hunter guides E&P companies through matters arising under the numerous federal statutes that govern operations on federal lands offshore (Gulf of Mexico, Pacific and Atlantic Oceans, offshore Alaska) and onshore. Whether challenging regulatory enforcement actions, intervening in citizen suits brought under federal environmental statutes, defending qui tam cases brought under the False Claims Act, or representing federal oil and gas lessees in governmental investigations, Mr. Hunter has consistently achieved excellent results for E&P companies operating on federal lands.
Mr. Hunter's experience also extends to oil and gas issues arising under state law, including the interpretation of oil and gas leases and joint operating agreements, payment of royalties, lease maintenance, and lease development. He has tried royalty, contract, and expropriate disputes in federal and state courts and in arbitration.
"Jonathan Hunter is respected as a go-to energy lawyer in the country and we are honored to have him join our energy team at Jones Walker. His extensive knowledge and decades of experience in the energy industry reinforces our ability to serve our clients," said Bill Hines , Managing Partner of Jones Walker LLP.
A graduate of Yale University and the Paul M. Hebert Law Center at Louisiana State University, Mr. Hunter has written and lectured extensively on offshore and onshore oil and gas subjects. He has been listed in both Chambers USA "Leading Lawyers for Business" and Best Lawyers for many years.
About Jones Walker
Jones Walker LLP ( www.joneswalker.com ) is among the 120 largest law firms in the United States serving local, regional, national, and international business interests with offices in Alabama, Arizona, the District of Columbia, Florida, Georgia, Louisiana, Mississippi, New York, and Texas. The firm is committed to providing a comprehensive range of legal services to major multinational, public and private corporations Fortune® 500 companies, money center banks, worldwide insurers, and emerging companies doing business in the United States and abroad.
Contact: Betsy Fortin
504.582.8183
[email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/jonathan-a-hunter-joins-jones-walker-300640507.html
SOURCE Jones Walker LLP | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/pr-newswire-jonathan-a-hunter-joins-jones-walker.html |
SHANGHAI (Reuters) - China has issued new guidelines to enforce academic integrity in science that include plans to “record and assess” the conduct of scientists and institutions and punish anyone guilty of misconduct, state news agency Xinhua reported.
The guidelines, released on Wednesday by the ruling Communist Party and the State Council, or cabinet, prohibit plagiarism, fabrication of data and research conclusions, ghost-writing and peer review manipulation, according to Xinhua.
Scandals in recent years involving things like faked research, plagiarism and problematic peer review standards have dented China’s reputation as a growing force in the world of scientific research.
Xinhua said China would build a “scientific integrity mechanism” to drive innovation while maintaining zero tolerance for severe academic dishonesty.
“Anyone who violates the integrity rules will be held accountable by law,” it said, citing a document issued by the party and government.
“Those who are found to have committed academic misconduct will be banned from teaching or doing any kind of research work in government-run schools and scientific institutions. Their research grants will be cancelled and honours revoked, according to the guidelines,” it said.
The Ministry of Science and Technology would take responsibility for coordinating and managing the effort in scientific fields, while the state-run Chinese Academy of Social Sciences would do so in social sciences.
Xinhua said the science ministry planned to build “a journal warning mechanism to put any domestic or international academic journals that ignores academic quality while seeking high payments onto a blacklist”.
Papers published in such journals would not be recognised in any kind of assessment, it said.
The guidelines also aimed to change the standards by which scientists are evaluated so that integrity becomes a key factor, rather than just the production of papers, patents, titles, projects and the collection of honours, it said.
Reporting by John Ruwitch; Editing by Stephen Coates
| ashraq/financial-news-articles | https://in.reuters.com/article/china-science/china-issues-rules-to-get-tough-on-academic-integrity-idINKCN1IW042 |
May 21 (Reuters) - DPW Holdings Inc:
* QTRLY NET LOSS INCREASED $5.1 MILLION TO $6.1 MILLION * QTRLY NET LOSS $6.1 MILLION VERSUS NET LOSS OF $994,000 FOR THE SAME QUARTER ENDING MARCH 31, 2017 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-dpw-holdings-says-q1-gross-sales-r/brief-dpw-holdings-says-q1-gross-sales-rose-219-2-pct-to-5-196-mln-idUSASC0A34W |
No honeymoon just yet for newly wed royal couple 3:08pm BST - 02:04
The new Duke and Duchess of Sussex plan to hit the ground running as a royal couple. They won't be taking a honeymoon yet, and will get stuck into their first royal engagement just days after Saturday's lavish wedding.
The new Duke and Duchess of Sussex plan to hit the ground running as a royal couple. They won't be taking a honeymoon yet, and will get stuck into their first royal engagement just days after Saturday's lavish wedding. //reut.rs/2KFl8aA | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/20/no-honeymoon-just-yet-for-newly-wed-roya?videoId=428677395 |
VANCOUVER, British Columbia, May 22, 2018 (GLOBE NEWSWIRE) -- ICC Labs Inc. (“ICC Labs” or the “Company”) (TSX-V:ICC) (Frankfurt:2Q9) is pleased to announce that it has signed a letter of intent with CanPharma GmbH ( “CanPharma” ), a licensed importer and wholesaler of narcotics in the Federal Republic of Germany.
Through its relationship with CanPharma, ICC Labs intends to export to Germany cannabidiol (CBD) isolate, oils and other derivatives, as well as various medicinal tetrahydrocannabinol (THC) cannabis products, including dried flowers and cannabis extracts from our facilities in Uruguay and Colombia. The export arrangement for (THC) cannabis products is subject to receipt of the requisite regulatory approvals and the negotiation of definitive agreements by the end of second quarter in 2018.
Germany, with a population of 83 million people, €3.3 trillion in GDP and €320 billion of healthcare expenditure, is home to Europe’s largest medical cannabis market. Germany is already leading the way among European countries with a market value of €10.2 billion (US$11.9 billion). (1)
“As part of our strategy to gain a foothold in the European markets, we expect that CanPharma would distribute imported “BIDIOL” branded CBD oils and other medicinal CBD derivatives through German pharmacies. Our CO 2 extraction laboratory currently under construction in Uruguay’s Science Park free trade zone in accordance with international Good Manufacturing Practices (GMP) guidelines is expected allow us to meet all the GMP requirements from the German regulatory authorities.
As we previously announced on March, 2018, we signed a term sheet for the acquisition of a strategic 25% interest in Global Group Kalapa S.L., a private company headquartered in Spain. We are now seeking to further our entrance into the European market with our CanPharma relationship, which will also facilitate our sale of medicinal products through B2B distribution channels. We look forward to diversifying our operations from two low cost jurisdictions in Latin America, with our European expansion into the B2B market,” commented Alejandro Antalich, Chief Executive Officer of ICC Labs.
Note: (1) Source: Zhang, Mona. “German Parties Consider Sale of Marijuana in Pharmacies Or Dispensaries”, (2017), online: www.forbe.com .
ABOUT ICC LABS INC.
ICC Labs is a fully licensed producer and distributor of medicinal cannabinoid extracts, recreational cannabis and industrial hemp products in Uruguay as well as a fully licensed producer of medicinal cannabis in Colombia. The Company has active operations in Uruguay, and is focused on becoming the worldwide leading producer of cannabinoid extracts, giving support and promoting responsible use for medicinal purposes, backed by scientific research and innovation, while following strict compliance with standards for quality and safety.
For more information, please visit www.icclabs.com .
Contact:
ICC Labs Inc.
Alejandro Antalich, Chief Executive Officer
t: 598-2900-0000
e: [email protected]
Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
Certain statements in this press release constitute forward-looking information. All statements other than statements of historical fact contained in this press release, including, without limitation, those regarding the Company’s future production and sales, results of operations, strategy, plans, objectives, goals and targets, and any statements preceded by, followed by or that include the words “believe”, “expect”, “aim”, “intend”, “plan”, “continue”, “will”, “may”, “would”, “anticipate”, “estimate”, “forecast”, “predict”, “project”, “seek”, “should” or similar expressions or the negative thereof, are forward-looking statements. These statements are not historical facts but instead represent only the Company’s expectations, estimates and projections regarding future events. These statements are not guarantees of future performance and involve assumptions, risks and uncertainties that are difficult to predict. Therefore, actual results may differ materially from what is expressed, implied or forecasted in such forward-looking statements.
Additional factors that could cause actual results, performance or achievements to differ materially include, but are not limited to: receipt of the requisite regulatory approvals required, including from the TSXV, production and export of CBD and medicinal products, and ICC’s ability to complete the construction of its extraction laboratory. Additional information identifying risks and uncertainties is contained in the Company’s filings with Canadian securities regulators, and available at www.sedar.com . Management provides forward-looking statements because it believes they provide useful information to investors when considering their investment objectives and cautions investors not to place undue reliance on forward-looking information. Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, the Company. These forward-looking statements are made as of the date of this press release and the Company assumes no obligation to update or revise them to reflect subsequent information, events or circumstances or otherwise, except as required by law.
Source:ICC Labs Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/globe-newswire-icc-labs-signs-loi-to-export-cannabis-to-germany-for-medicinal-purposes.html |
May 3 (Reuters) - SAUDI REAL ESTATE CO:
* SIGNS MOU WITH ACCOR HOTELS FOR OPERATION AND MANAGEMENT OF HOTELS IN RIYADH
* MOU WILL BE VALID FROM MAY 03 UNTIL AUG 03, 2018 Source: ( bit.ly/2Ihzb8y )
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-saudi-real-estate-signs-mou-with-a/brief-saudi-real-estate-signs-mou-with-accor-hotels-idUSFWN1SA17F |
in 8 minutes BRIEF-Kandi Technologies Group Reports Q1 Adjusted Non-GAAP Loss Per Share Of $0.01 Kandi Technologies Group Inc:
* KANDI TECHNOLOGIES REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS
* Q1 ADJUSTED NON-GAAP LOSS PER SHARE $0.01 * Q1 REVENUE ROSE 95 PERCENT TO $8.3 MILLION
* KANDI ELECTRIC VEHICLES GROUP SOLD 3,295 EV PRODUCTS IN Q1 OF 2018
* KANDI MODEL K23 PRODUCTION SALES ARE EXPECTED TO BE ADVANCED IN SECOND HALF OF 2018 | ashraq/financial-news-articles | https://www.reuters.com/article/brief-kandi-technologies-group-reports-q/brief-kandi-technologies-group-reports-q1-adjusted-non-gaap-loss-per-share-of-0-01-idUSASC0A1DI |
May 18 (Reuters) - Carlyle Group LP:
* THE CARLYLE GROUP ENTERS INTO EXCLUSIVE NEGOTIATIONS TO ACQUIRE HGH INFRARED SYSTEMS
* EQUITY FOR THE TRANSACTION WILL BE PROVIDED BY CARLYLE EUROPE TECHNOLOGY PARTNERS III
* CARLYLE GROUP - ENTERED INTO EXCLUSIVE DISCUSSIONS WITH HGH INFRARED SYSTEMS TO ACQUIRE A MAJORITY STAKE IN HGH , ALONGSIDE MANAGEMENT Source text: bit.ly/2Ld8hxl Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-carlyle-group-enters-into-exclusiv/brief-carlyle-group-enters-into-exclusive-negotiations-to-acquire-hgh-infrared-systems-idUSFWN1SP070 |
Freehold, N.J, May 30, 2018 (GLOBE NEWSWIRE) -- Jensyn Acquisition Corp. (NASDAQ:JSYN) (“Jensyn Acquisition” or the “Company”) , a company formed for the purpose of entering into a merger, share exchange, asset acquisition or other similar business combination with one or more businesses or entities, issued a clarification of the press release issued on May 30, 2018. Jensyn Capital, LLC, a company controlled by certain of the initial stockholders of the Company, has agreed to contribute to Jensyn Acquisition $.042 per month for a period of three months for each public share that is not converted into cash at Jensyn Acquisition’s special meeting in lieu of annual meeting of stockholders being held on June 4, 2018, thus totaling an additional $0.126 per share for the three month period ending September 3, 2018. This contribution will increase funds available in Jensyn Acquisition’s trust account for the conversion of shares from approximately $10.65 per share on June 4, 2018 to approximately $10.78 per share at September 3, 2018.
About Jensyn Acquisition Corp.
Jensyn Acquisition Corp. is a blank check company formed for the purpose of entering into a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities.
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United Stated Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts, and involve risks and uncertainties that could cause actual results to differ materially from those expected and projected. Words such as “expects”, “believes”, “anticipates”, “intends”, “estimates”, “seeks” and variations and similar words and expressions are intended to identify such forward-looking statements. Such forward-looking statements of the proposed business combination, are based on current expectations that are subject to risks and uncertainties. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements. For information identifying important factors that could cause actual results to differ materially from those contemplated in the forward-looking statements, please refer to the “Risk Factors” section of Jensyn Acquisition’s Annual Report on Form 10-K for the year ended December 31, 2017 and other filings with the United States Securities and Exchange Commission by Jensyn Acquisition. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made, and except as expressly required by applicable securities law, Jensyn Acquisition disclaims any obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
Contact: Jeffrey Raymond President and Chief Executive Officer Jensyn Acquisition Corp. +1 (888) 536-7965 [email protected] www.jensyn.com Docs #3237623-v1
Source:Jensyn Acquisition Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/globe-newswire-jensyn-acquisition-corp-issues-clarification-of-earlier-release.html |
May 15 (Reuters) - Interpace Diagnostics Group Inc:
* INTERPACE DIAGNOSTICS GROUP REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS, BUSINESS PROGRESS AND RECENT ACCOMPLISHMENTS
* Q1 REVENUE ROSE 39 PERCENT TO $4.8 MILLION * QTRLY LOSS PER SHARE $0.11 Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-interpace-diagnostics-group-q1-rev/brief-interpace-diagnostics-group-q1-revenue-rises-39-percent-idUSASC0A29L |
May 10 (Reuters) - Diffusion Pharmaceuticals Inc:
* DIFFUSION PHARMACEUTICALS REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS AND PROVIDES BUSINESS UPDATE
* DIFFUSION PHARMA - BELIEVE CASH & CASH EQUIVALENTS TO ENABLE CO TO FUND OPERATING EXPENSES, CAPITAL EXPENDITURE REQUIREMENTS THROUGH JUNE 2019
* DIFFUSION PHARMACEUTICALS INC - QTRLY NET LOSS PER SHARE OF COMMON STOCK $0.27 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-diffusion-pharma-qtrly-net-loss-pe/brief-diffusion-pharma-qtrly-net-loss-per-share-of-common-stock-0-27-idUSASC0A1K5 |
May 6, 2018 / 1:13 PM / Updated 5 minutes ago ZTE applies to U.S. Commerce department for suspension of business ban Reuters Staff 1 Min Read
(Reuters) - China’s ZTE Corp ( 0763.HK ) ( 000063.SZ ) has submitted an application to the U.S. Commerce Department’s Bureau of Industry and Security for the suspension of a business ban, it said in a filing to Shenzhen stock exchange on Sunday. FILE PHOTO: A ZTE smart phone is pictured in this illustration taken April 17, 2018. REUTERS/Carlo Allegri/Illustration/File Photo
Washington imposed a seven-year ban on U.S. companies selling components and software to ZTE after finding the Chinese telecoms company breached U.S. sanctions on Iran.
A U.S. trade delegation has said it would report back to President Donald Trump about China’s representations on ZTE after the two sides’ meet on May 3-4. Reporting by Min Zhang, John Ruwitch; Editing by Keith Weir | ashraq/financial-news-articles | https://uk.reuters.com/article/usa-china-zte/zte-applies-to-u-s-commerce-department-for-suspension-of-business-ban-idUKKBN1I70FR |
DALLAS, May 30 (Reuters) - Exxon Mobil Corp shareholders rejected a proposal on Wednesday at their annual meeting that would have split the roles of chairman and chief executive.
Shareholders also rejected a proposal that would have forced the world’s largest publicly traded oil producer to provide greater disclosure on its lobbying expenditures. Shareholders did approve the full slate of 10 nominees to the company’s board of directors at their Dallas meeting. (Reporting by Ernest Scheyder)
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/exxon-mobil-agm/exxon-shareholders-reject-proposal-to-split-ceo-chair-roles-idUSL2N1T01D0 |
May 25, 2018 / 7:59 AM / Updated 2 hours ago Chinese, others clamor for crude exports, but U.S. straining capacity Ayenat Mersie 4 Min Read
NEW YORK (Reuters) - The U.S. oil export infrastructure is straining to keep up as the country’s crude oil exports hit new highs and China snaps up more of it than ever before. Automobiles speed past an oil refinery as they travel down a major highway in Carson, California, U.S., May 23, 2018. REUTERS/Mike Blake
U.S. crude production has surged to a record 10.7 million barrels a day, driven largely by growth from the Permian shale patch in West Texas, which pumps more than 3 million bpd.
However, the infrastructure to move it abroad is lagging, even as U.S. prices are well below the Brent benchmark, a discount that sits just off three-year highs at $8.09 per barrel.
U.S. crude exports peaked at 2.6 million bpd two weeks ago, but are expected to keep rising.
No definitive data are available on how much crude the United States can export, though analysts estimate a nationwide capacity of 3.5 million to 4 million bpd. Most terminal operators and companies do not disclose capacity, and the U.S. Energy Department does not track it.
“So far, export capacity is keeping pace, but we are walking a tightrope,” said Bernadette Johnson, vice president at DrillingInfo.
That capacity may begin to be tested next month, as Sinopec, Asia’s largest refiner, bought a record 16 million barrels, or about 533,000 bpd of U.S. crude, to load in June, two sources with knowledge of the matter said on Wednesday.
For the last six months of available data, ending in February, the United States only exported about 332,000 bpd to China. BOTTLENECKS
Analysts are concerned about how quickly the crude terminals at Gulf Coast ports, many initially designed for imports, can shift to handling exports. Only the Louisiana Offshore Oil Port can handle supertanker exports, but it only started testing in February. The supertankers, known as VLCCs or very large crude carriers, can handle some 2 million barrels of oil - the amount preferred by Asian buyers with bigger ports.
“There’s only one dock on the Gulf Coast that can handle a VLCC deepwater, and that’s LOOP. And the LOOP has only started to export,” said Sandy Fielden, director of research in commodities and energy at Morningstar.
Port of Corpus Christi in Texas is developing its Harbor Island port, which will accommodate 120 VLCCs per year, said Jarl Pedersen, chief commercial officer at the port, with a targeted completion of late 2020.
Kpler, a cargo tracking service, on Thursday estimated that up to 4.8 million bpd can be moved from the top crude-exporting ports of Corpus Christi, Houston, Port Arthur and New Orleans. Their estimate in October was 3.2 million bpd.
PIRA Energy Group put the U.S. overall crude export capacity at 3.5 million bpd, while Morningstar’s estimate is 3.8 million bpd at most.
In addition to port constraints, inadequate pipeline space has created a glut of supply in west Texas, pushing the principle cash grade there to a $13 discount to benchmark U.S. crude futures this month, the biggest in 3-1/2 years.
“The constraint is really the pipeline coming down from the Permian to Corpus Christi,” said Pedersen. However, the ship channel still needs to be deepened, a $320 million project in development with the U.S. Army Corps of Engineers.
There is only 3.4 million bpd of pipeline capacity while total output from tight oil and legacy production from vertical wells in the Permian is at more than 4.2 million bpd, according to energy consultancy Wood Mackenzie.
“The combined volumes mean that the infrastructure is crammed full – there’s little or no room for incremental volumes,” R.T. Dukes, head of U.S. Lower 48 oil supply at Wood Mackenzie said in a note.
About 300,000 bpd of new pipeline capacity is due to come on by end January, but “it’s really from next summer that we’ll see big new capacity,” Dukes said.
In the second half of 2019, another 1.25 million bpd will be added, lifting total capacity up to 5 million bpd, he said.
“That’s when the big discount of WTI at Midland will narrow,” Dukes said. An oil pump is seen operating in the Permian Basin near Midland, Texas, U.S. on May 3, 2017. REUTERS/Ernest Scheyder/Files Reporting by Ayenat Mersie; additional reporting by Florence Tan in SINGAPORE; editing by Richard Chang and Richard Pullin | ashraq/financial-news-articles | https://in.reuters.com/article/usa-oil-exports-china/chinese-others-clamor-for-crude-exports-but-u-s-straining-capacity-idINKCN1IQ0TX |
ServiceNow Has Plans for Huge Revenue Growth ServiceNow CEO John Donahoe wants to make corporate tech as easy to use as consumer tech. Photo credit: ServiceNow By Adam Lashinsky 10:04 AM EDT
This article first appeared in Data Sheet, Fortune’s daily newsletter on the top tech news. To get it delivered daily to your in-box, sign up here .
I was in Las Vegas yesterday attending the annual user conference of a business software company called ServiceNow. It’s a $30-billion-plus market value company you wouldn’t have heard of if you don’t work in the guts of your company’s IT department. But credit ServiceNow—which started by automating “tickets” that route internal tasks—for capturing commercial value from mundane jobs others hadn’t monetized.
A few takeaways:
* ServiceNow’s (now) CEO for one year is John Donahoe, the former CEO of eBay (ebay) . In his keynote he noted that tech at work, compared with consumer technology, is pretty bad. “No one would call it simple, easy to use, or intuitive,” he says, implying that ServiceNow aims to change that.
* At its annual update for Wall Street analysts, ServiceNow says it aspires to having as much as $15 billion in revenue in a few years, up from just under $2 billion last year.
* Talking to chief information officers at the event, I heard repeatedly that many are giving human names to the “bots” running various tasks on their information systems in the hopes the anthropomorphizing will allay human fears. Example: Magellan Health’s (mgln) employee portal is called Vern, which stands for “virtual employee resource network.” It comes complete with a goofy-looking human-like animated presence.
* Tech leaders have begun thinking of the needs of their machines in the same way they think about their employees. “Accenture has tens of thousands of non-human workers,” says Andrew Wilson, the firm’s chief information officer. That’s interesting, if a little scary.
The “ future of work ” is one of the abiding new buzz phrases of our age. Consider these topics a small window on what that future will look like. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/09/servicenow-has-plans-for-huge-revenue-growth/ |
(Adds Musk Twitter posts, paragraphs 16-18; updates stock price)
May 14 (Reuters) - Tesla Inc's chief executive officer told employees on Monday the company is undergoing a "thorough reorganization," as it contends with production problems, senior staff departures and two crashes last week involving its electric, self-driving cars.
CEO Elon Musk said in an email it was "flattening the management structure to improve communication," combining functions and trimming activities "not vital to the success of our mission" in the reorganization. The company confirmed the note that was disclosed earlier by the Wall Street Journal.
Tesla is at a critical juncture as it tries to fix production headaches that have slowed the rollout of its Model 3 sedan, a mid-market car seen as important to Tesla's success, and as it expands on other fronts.
Tesla shares fell 2.9 percent to $292.37 on Monday.
Senior Tesla executives have departed or cut back work. Waymo, Alphabet Inc's self-driving unit, said on Sunday that Matthew Schwall had joined the company from Tesla, where he was the electric carmaker's main technical contact with U.S. safety investigators.
Last week, Tesla said Doug Field, senior vice president of engineering, was taking time off to recharge.
The company is developing multiple new vehicles, including a semi truck, and registered a new car firm in Shanghai in a likely step toward production in China.
Musk said on a May 2 earnings call that the company was "going to conduct sort of a reorganization restructuring of the company ... this month and make sure we're well set up to achieve that goal."
He added that "the number of sort of third-party contracting companies that we're using has really gotten out of control, so we're going to scrub the barnacles on that front. It's pretty crazy. You've got barnacles on barnacles. So there's going to be a lot of barnacle removal."
Tesla will still rapidly hire critical positions "to support the Model 3 production ramp and future product development," Musk said in the email.
Tesla faces a variety of other issues.
Investors gave a rare rebuke to Musk after he cut off analysts on the earnings call asking about profit potential, sending shares down 5 percent despite promises that production of the Model 3 was on track.
The company changed the terms of its borrowing agreement with banks to allow it to pledge its Fremont, California, auto plant as collateral.
A U.S. traffic safety regulator on May 2 contradicted Tesla's claim that the agency had found that its Autopilot technology significantly reduced crashes.
Autopilot, a form of advanced cruise control, handles some driving tasks and warns those behind the wheel they are always responsible for the vehicle's safe operation, Tesla has said.
In a Twitter post on Monday, Musk denied a Wall Street Journal report that Tesla had rejected a system that would have tracked driver eye movement when using Autopilot.
"This is false," Musk wrote. "Eyetracking rejected for being ineffective, not for cost. WSJ fails to mention that Tesla is safest car on road, which would make article ridiculous. Approx 4X better than avg," Musk said, without explaining the basis for the figure.
Tesla said in March that its vehicles using Autopilot were four times safer than conventional vehicles based on the number of miles per fatalities. In another Twitter message on Monday, Musk said the "probability of fatality is much lower in a Tesla. We will be reporting updated safety numbers after each quarter."
In the latest of two reported crashes last week that have drawn attention, a Tesla Model S sedan was traveling at 60 miles per hour (97 km per hour) when it smashed into a fire truck stopped at a red light in South Jordan, Utah, about 20 miles south of Salt Lake City on Friday night, according to police.
National Transportation Safety Board spokesman Keith Holloway said on Monday the agency is not investigating the Utah crash.
The Tesla driver suffered a broken ankle and was taken to a hospital while the firefighter was not injured, the police said.
Witnesses said the Tesla sedan did not brake before impact, police said in a statement. It was unknown whether the Autopilot feature in the Model S was engaged at the time, police said.
"Tesla has not yet received any data from the car and thus does not know the facts of what occurred, including whether Autopilot was engaged," the company said in a statement on Monday.
The NTSB said last week it was investigating a Tesla accident in Fort Lauderdale, Florida, on May 8 that killed two teenagers and injured another - the agency's fourth active probe into crashes of the company's electric vehicles.
(Reporting by Sanjana Shivdas in Bengaluru and David Shepardson in Washington; Editing by Jeffrey Benkoe and Grant McCool) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/14/reuters-america-update-5-tesla-ceo-musk-tells-staff-he-plans-thorough-reorganization.html |
May 30, 2018 / 4:23 PM / Updated 7 minutes ago Combating euroscepticism, EU plans to double Erasmus student funding Reuters Staff 2 Min Read
BRUSSELS (Reuters) - The European Commission proposed on Wednesday to double funding for the Erasmus student exchange programme, hoping to get more youngsters into the popular scheme that aims to promote people’s European identity. FILE PHOTO: European Commission Vice-President Jyrki Katainen attends a news conference on the launch of VentureEU, a Pan-European Venture Capital Funds-of-Funds programme in Brussels, Belgium, April 10, 2018. REUTERS/Eric Vidal/File Photo
The proposal appears aimed to combat rising nationalism and euroscepticism that led to Britain’s vote to quit the bloc and political turmoil in Italy, a country where widespread support for the European Union has given way to increasing resentment.
“Strengthening European identity and the participation of young people in democratic processes is of paramount importance for the Union’s future,” the Commission said in its proposal for a 30 billion euro ($35 billion) budget for 2021-2027, up from 14.7 billion euros in the current seven-year period. FILE PHOTO: European Commission Vice President Jyrki Katainen addresses the European Parliament during a debate on the US decision to impose tariffs on steel and aluminium in Strasbourg, France March 14, 2018. REUTERS/Vincent Kessler/File Photo
“Every euro that we invest in Erasmus is an investment in our future,” Commission Vice-President Jyrki Katainen said of the scheme that allows university students to spend a year studying in another EU member state.
“It is the very essence of a borderless Europe,” he added.
The proposal, which requires the approval of member states, would triple the number of participants to 12 million in the next seven-year period and would expand it to youth workers, school pupils, trainees and sports coaches. Reporting by Megan Dollar; editing by Francesco Guarascio and Robin Pomeroy | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-eu-budget-erasmus/combating-euroscepticism-eu-plans-to-double-erasmus-student-funding-idUKKCN1IV26B |
May 24, 2018 / 2:55 PM / Updated 15 minutes ago Lira weakness reflects quick-fix government measures, business lobby says Reuters Staff 3 Min Read
ISTANBUL (Reuters) - The Turkish government’s quick-fix economic packages has called the continued health of the economy into question and this is reflected in the recent slide in the lira, the head of Turkey’s main business lobby group TUSIAD said on Thursday. FILE PHOTO: Turkish Lira banknotes are seen in this October 10, 2017 picture illustration. REUTERS/Murad Sezer/Illustration/File Photo
The ruling AK Party government has introduced a series of incentive packages for certain sectors including tax cuts and subsidies and recently announced a new reform package worth around 24 billion lira (£3.74 billion) ahead of parliamentary and presidential elections on June 24.
Turkey’s central bank raised its top interest rate by 300 basis points to 16.5 percent at an extraordinary meeting on Wednesday in a bid to shore up the ailing currency.
After a sharp rebound late on Wednesday, the lira slid again on Thursday and has lost around 20 percent of its value against the dollar this year.
The lira has been hit by investor concerns about central bank independence after President Tayyip Erdogan vowed to take a tighter grip of policy after June 24 elections.
“Quick fix measures and packages cause a questioning of the sustainability of a country’s economy. The exchange rate rise (lira weakening) shows that this questioning has already begun for Turkey,” TUSIAD chairman Erol Bilecik said.
The government introduced incentive packages and tax amnesties to businesses and subsidies to certain sectors in the recent years to stimulate economy and boost growth.
Turkey’s economy expanded 7.4 percent last year and Erdogan, who faces presidential and parliamentary elections next month, wants to maintain growth by encouraging spending with cheap borrowing costs.
Turkey needs to restore trust in its economy as soon as possible, Bilecik said, adding that the rate hike move by the central bank eased the recent issues in the economy to some extent.
Speaking at the same event, Tuncay Ozilhan, another executive at TUSIAD, said that the central bank should be able to take steps independently.
The lira stood at 4.7625 against the dollar at 1350 GMT, recuperating some of its losses, versus its close of 4.5900.
Separately, Istanbul Chamber of Commerce head Sekib Avdagic said everyone should unite against lira weakening so that the instruments used by the central bank would still be effective.
We should support the rate hike decision by the central bank, Avdagic said in a statement.
“I advise to business circles and producers not to start doing business with dollar if they have not been doing deals with it,” Avdagic also said. Reporting by Ceyda Caglayan and Daren Butler; Writing by Ezgi Erkoyun; Editing by Matthew Mpoke Bigg | ashraq/financial-news-articles | https://www.reuters.com/article/uk-turkey-economy-business/lira-weakness-reflects-quick-fix-government-measures-business-lobby-says-idUSKCN1IP2KJ |
Closing Bell Ringer: May 11, 2018 13 Hours Ago Ringing today's closing bells are U.S. Coast Guard at the NYSE and the Webby Awards at the Nasdaq. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/11/video/2017/10/17/closing-bell-ringer-date.html |
May 8 (Reuters) - Facebook Inc:
* FACEBOOK - JEFF ZIENTS, CEO OF CRANEMERE, HAS BEEN APPOINTED TO COMPANY’S BOARD AND AUDIT COMMITTEE, EFFECTIVE MAY 31, 2018
* FACEBOOK - FOLLOWING ZIENTS’S APPOINTMENT BOARD WILL CONSIST OF SEVEN INDEPENDENT, NON-EMPLOYEE DIRECTORS OUT OF NINE TOTAL DIRECTORS Source text: ( bit.ly/2ojL4Nm ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-facebook-jeff-zients-ceo-of-cranem/brief-facebook-jeff-zients-ceo-of-cranemere-has-been-appointed-to-cos-board-and-audit-committee-idUSFWN1SF17H |
(Refiles with correct link)
May 29 (Reuters) - Cefc Anhui International Holding Co Ltd :
* SAYS GENERAL MANAGER WANG SHIXIONG RESIGNS DUE TO PERSONAL REASONS Source text in Chinese: bit.ly/2smGTnY Further company coverage: (Reporting by Hong Kong newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/idUSB9N1SO00Z |
SAN DIEGO--(BUSINESS WIRE)-- AmpliPhi Biosciences Corporation (NYSE American: APHB) , a clinical-stage biotechnology company focused on the development of therapies for antibiotic-resistant infections using bacteriophage technology, today announced that management will hold a business update conference call on Tuesday, May 15, 2018 beginning at 4:30 p.m. Eastern time (1:30 p.m. Pacific time).
Live Call: U.S. 866-652-5200 International 412-317-6060 Passcode 10120002 Live Webcast: AmpliPhi IR Website
The webcast replay will be available approximately 2 hours after completion of the call and will be archived for 30 days.
Replay: U.S. 877-344-7529 International 412-317-0088 Passcode 10120002 The replay will be available for 48 hours starting approximately 2 hours after completion of the call. About AmpliPhi Biosciences
AmpliPhi Biosciences Corporation is a clinical-stage biotechnology company focused on treating antibiotic-resistant infections using its proprietary bacteriophage-based technology. AmpliPhi’s lead product candidates, AB-SA01 and AB-PA01, target multidrug-resistant Staphylococcus aureus and Pseudomonas aeruginosa, which are included on the WHO’s 2017 Priority Pathogens List. Phage therapeutics are uniquely positioned to address the threat of antibiotic-resistance as they can be precisely targeted to kill select bacteria, have a differentiated mechanism of action, can penetrate and disrupt biofilms (a common bacterial defense mechanism against antibiotics), are potentially synergistic with antibiotics and have been shown to restore antibiotic sensitivity to drug-resistant bacteria. For more information visit www.ampliphibio.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180508005698/en/
At the Company:
AmpliPhi Biosciences
Matthew Dansey, 858-800-4869
[email protected]
or
Investor Relations:
Westwicke Partners
Robert H. Uhl, 858-356-5932
[email protected]
Source: AmpliPhi Biosciences Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/business-wire-ampliphi-biosciences-to-hold-2018-first-quarter-and-business-update-conference-call-on-may-15.html |
May 3 (Reuters) - Adverum Biotechnologies Inc:
* ADVERUM BIOTECHNOLOGIES ANNOUNCES LEADERSHIP CHANGES * BOARD AND AMBER SALZMAN, CHIEF EXECUTIVE OFFICER MADE A MUTUAL DETERMINATION THAT SALZMAN STEP DOWN
* BOARD OF DIRECTORS IS INITIATING A SEARCH PROCESS TO RECRUIT A NEW PRESIDENT AND CHIEF EXECUTIVE OFFICER
* ADVERUM BIOTECHNOLOGIES - LEONE PATTERSON, SENIOR VICE PRESIDENT AND CHIEF FINANCIAL OFFICER, APPOINTED INTERIM CHIEF EXECUTIVE OFFICER OF ADVERUM Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-adverum-biotechnologies-announces/brief-adverum-biotechnologies-announces-leadership-changes-idUSASC09ZS0 |
May 23, 2018 / 10:21 AM / Updated 10 minutes ago SE Asia Stocks-Most markets fall; Malaysia slumps over 2 pct Reuters Staff 4 Min Read * Malaysia declines most in about 2-1/2 years * Singapore touches over 5-week closing low * Philippines extends fall into 6th session By Karthika Suresh Namboothiri May 23 (Reuters) - Most Southeast Asian stock markets fell on Wednesday, with Malaysia declining the most since January 2016, as risk appetite took a hit after U.S. President Donald Trump tempered optimism over trade talks between the world's top two economies. MSCI's Asian stocks outside Japan were down 0.8 percent after U.S. President Donald Trump said he was not pleased with recent trade talks with Beijing. "The on-and-off status of U.S.-China trade talks is affecting sentiment. At some point, traders may just decide to stay on the sidelines," said Liu Jinshu, director of research, NRA Capital. Malaysian shares plunged 2.21 percent to their lowest close since early January over worries about the size of debt its previous government had left behind. Finance Minister Lim Guan Eng said on Tuesday that the previous government deceived the public and parliament over the country's financial situation and state fund 1Malaysia Development Bhd. This came amid worries that the new government's populist promises could undermine the country's economic prospects at an increasingly challenging time. Foreign stock inflows for 2018 have been wiped out, with the market posting net outflows of $21.2 million as of May 21, according to data from OCBC Bank. Telecom company Axiata Group slumped 12.6 percent on weak quarterly earnings, while CIMB Group Holdings fell 6.5 percent. Singapore shares fell 1.3 percent to their lowest close in more than five weeks. Index heavyweight Oversea-Chinese Banking Corp declined 1.8 percent, while DBS Group dropped 1.5 percent. Banking stocks traded lower as they are likely to have some exposure to Hyflux Ltd's debt, said Liu Jinshu. Water treatment company Hyflux said on Tuesday it filed for reorganisation of its business after lower electricity prices hurt its finances. The city-state's headline consumer price index rose lower than expected in April from a year earlier. Philippine shares erased early gains to end 1.1 percent lower, extending falls into a sixth session. Property operator SM Investments Corp closed 3.5 percent lower. Meanwhile, Indonesian shares rose 0.7 percent to their highest close in a week. Financials and consumer stocks were among the top gainers, with Astra International and Bank Mandiri rising 4 percent each. Vietnam shares fell 2 percent in intraday trading before recovering to close 0.3 percent higher. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change on the day Market Current Previous close Pct Move Singapore 3496.27 3543.18 -1.32 Bangkok 1753.6 1760.71 -0.40 Manila 7560.47 7646.2 -1.12 Jakarta 5792.001 5751.119 0.71 Kuala Lumpur 1804.25 1845.03 -2.21 Ho Chi Minh 988.94 985.91 0.31 Change on year Market Current End 2017 Pct Move Singapore 3496.27 3402.92 2.74 Bangkok 1753.6 1753.71 -0.01 Manila 7560.47 8558.42 -11.66 Jakarta 5792.001 6355.654 -8.87 Kuala Lumpur 1804.25 1796.81 0.41 Ho Chi Minh 988.94 984.24 0.48 (Reporting by Karthika Suresh Namboothiri; Additional reporting by Binisha H. Ben; Editing by Subhranshu Sahu) | ashraq/financial-news-articles | https://www.reuters.com/article/southeast-asia-stocks/se-asia-stocks-most-markets-fall-malaysia-slumps-over-2-pct-idUSL3N1SU3SH |
ABOARD A U.S. MILITARY AIRCRAFT (Reuters) - U.S. Defense Secretary Jim Mattis said on Tuesday that the United States would continue to confront what Washington sees as China’s militarization of islands in the South China Sea, despite drawing condemnation from Beijing for an operation in the region over the weekend.
U.S. Defense Secretary Jim Mattis testifies before a Senate Armed Services Committee hearing on the “Defense Department budget posture in review of the Defense Authorization Request for FY2019 and the Future Years Defense Program” on Capitol Hill in Washington, U.S., April 26, 2018. REUTERS/Aaron P. Bernstein Reuters first reported that two U.S. Navy warships sailed near South China Sea islands claimed by China on Sunday, even as President Donald Trump seeks Chinese cooperation on North Korea.
The operation, known as “freedom of navigation,” was the latest attempt to counter what Washington sees as Beijing’s efforts to limit freedom of navigation in the strategic waters, where Chinese, Japanese and some Southeast Asian navies operate.
China expressed its anger, saying it had sent ships and aircraft to warn the U.S. warships to leave.
“You’ll notice there is only one country that seems to take active steps to rebuff them or state their resentment (to) them, but it’s international waters and a lot of nations want to see freedom of navigation,” Mattis told reporters while enroute to Hawaii, where he will oversee a change of command for U.S. Pacific Command.
While the Sunday operation had been planned months in advance, and similar operations have become routine, it comes at a particularly sensitive time and just days after the Pentagon disinvited China from a major U.S.-hosted naval drill.
Critics have said these operations have little impact on Chinese behavior and are largely symbolic.
Pentagon officials have long complained that China has not been candid enough about its rapid military build-up and using South China Sea islands to gather intelligence.
Recent satellite photographs showed China appeared to have deployed truck-mounted surface-to-air missiles or anti-ship cruise missiles at Woody Island.
Earlier this month, China’s air force landed bombers on disputed islands and reefs in the South China Sea as part of a training exercise in the region.[L3N1SR08Q]
“When they (Chinese) do things that are opaque to the rest of us, then we cannot cooperate in areas that we would otherwise cooperate in,” Mattis said.
Mattis said U.S. diplomats were engaged on the issue and he had heard concerns about Chinese actions not just from within the United States government, but also from regional allies.
He will have strong words for China when he travels to Singapore for the Shangri-la dialogue, a security forum, later this week.
China’s claims in the South China Sea, through which about $5 trillion in shipborne trade passes each year, are contested by Brunei, Malaysia, the Philippines, Taiwan and Vietnam.
Reporting by Idrees Ali; Editing by Leslie Adler
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-defense-china/mattis-says-u-s-to-continue-operations-in-south-china-sea-idUSKCN1IU2RB |
May 3 (Reuters) - Charles Taylor PLC:
* ANNOUNCES A PLACING OF UP TO 6.8 MILLION NEW ORDINARY SHARES OF 1 PENNY EACH IN CAPITAL OF COMPANY
* PLACING REPRESENTS ABOUT 9.75% OF CURRENT ISSUED SHARE CAPITAL OF COMPANY RAISING GROSS PROCEEDS OF UP TO APPROXIMATELY £17.6 MILLION
* BOOKBUILD WILL OPEN WITH IMMEDIATE EFFECT FOLLOWING THIS ANNOUNCEMENT. Source text for Eikon: ([email protected])
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-charles-taylor-says-to-raise-176-m/brief-charles-taylor-says-to-raise-17-6-mln-stg-via-placing-idUSFWN1SA07G |
FBI chief "deeply concerned" about China's ZTE Wednesday, May 16, 2018 - 01:21
FBI Director Christopher Wray told a Senate panel on Wednesday that the law enforcement agency is ''deeply concerned'' about any company like China's ZTE gaining positions of power in the U.S. telecommunications market. Rough Cut (no reporter narration).
FBI Director Christopher Wray told a Senate panel on Wednesday that the law enforcement agency is "deeply concerned" about any company like China's ZTE gaining positions of power in the U.S. telecommunications market. Rough Cut (no reporter narration). //reut.rs/2L7fBe6 | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/16/fbi-chief-deeply-concerned-about-chinas?videoId=427524534 |
May 2 (Reuters) - Security Bank Corp:
* Q1 NET INCOME 2.35 BILLION PESOS, DOWN 16.6 PERCENT * QTRLY NET INTEREST INCOME GREW BY 13% TO 5 BILLION PESOS
* CET 1 RATIO 16.5 PERCENT AS AT QUARTER END Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-security-bank-corp-posts-q1-net-in/brief-security-bank-corp-posts-q1-net-income-of-2-35-bln-pesos-idUSFWN1S9092 |
May 11 (Reuters) - Dicerna Pharmaceuticals Inc:
* DICERNA PHARMACEUTICALS FILES PROSPECTUS RELATES TO POSSIBLE RESALE OF UP TO 24.5 MILLION SHARES OF CO'S COMMON STOCK BY SELLING STOCKHOLDERS - SEC FILING Source text: ( bit.ly/2Iya2Xu ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-dicerna-pharma-files-prospectus-re/brief-dicerna-pharma-files-prospectus-relates-to-possible-resale-of-up-to-24-5-mln-shares-of-common-stock-idUSFWN1SI1H6 |
Deutsche Bank 's investors are fed up.
Despite many big U.S. banks posting record profits, the share price of Frankfurt's flagship lender is tumbling and revenues are declining.
Germany's biggest bank which, not long ago, wanted to be among the five biggest investment banks in the world, needs some stronger medication to turn around its fortunes, according to some investors.
The bank announced Thursday morning it plans to significantly reduce global staff levels to less than 90,000, from a current level of around 97,000. It said it would cut headcount in its equities sales and trading business by 25 percent. The move comes amid a broad restructuring effort designed to reduce costs and restore profitability.
Meanwhile, Deutsche Bank's Chairman Paul Achleitner, who has presided over countless strategy changes and has picked as many as four chief execs in his six years at the helm, faces a vote of no confidence at an AGM (annual general meeting) Thursday.
'Very difficult day'
More and more influential investors like U.K.-based Hermes are joining the chorus of criticism over the latest management changes and countless strategy upheavals.
He'll most likely not be voted out as the big shareholders, like Qatar's royal family, China's HNA and private-equity firm Cerberus Capital are still supporting him. But the big question is how big will the protest vote be. Former co-CEO Anshu Jain got a protest vote of 39 percent at the bank's AGM in 2015 and left the company only some weeks later.
"In theory, the shareholders could replace him today, it will not happen, but it will be a very difficult day for him," Stefan Mueller, CEO of Frankfurt-based consultancy DGWA, told CNBC Thursday.
When asked whether he expected Achleitner to serve for his full-term over the next five years, Mueller replied: "No, I think he will step down this year or they will ask him to step down this year."
show chapters Deutsche Bank at the beginning and not the end of its restructuring: Pro 13 Hours Ago | 03:18 Deutsche Bank announced more details on its latest strategy change on Thursday. Achleitner spoke in front of shareholders, saying that U.S. banker John Thain had agreed to head up a new strategy committee on the bank's supervisory board.
Christian Sewing, the bank's new CEO, plans to concentrate more on Europe and boost the retail side of the bank while hoping to slash costs at the company in a credible way.
"The bank is miserable at cost management and implementation," a source close to Deutsche Bank's management told CNBC, who wished to remain anonymous due to the sensitivity of the situation.
"Strategies always sounded good but there was no clear commitment to also enact changes," the source added.
Make or break time Sewing has to now show that he is different for his predecessors. "It's a make or break time for the bank." one senior manager at the bank, who also wanted to remain anonymous due to the sensitivity of the situation, told CNBC.
Right after his nomination and a presentation of the new company strategy, investors were disappointed about a lack of details. How many jobs will go, where will they go and how much will it cost? These are the main questions investors want to know when it comes to cost-cutting at the bank.
On Thursday morning, following the announcement of job cuts, Sewing said the bank remained "committed" to its corporate and investment bank, and its international presence. "We are unwavering in that," he added.
Another perhaps even more important question is the one about its dwindling revenues.
The scenario of a break-up or a merger with another bank, which for many years always sounded as a good but unrealistic idea, seems to be gaining more traction. Still it's only an idea, but the likes of Cerberus who has a stake in Deutsche and in Commerzbank , seem to be putting their money on it.
Deutsche Bank's shares have tumbled 32 percent so far this year. That compares to a drop of nearly 5 percent for the wider Euro Stoxx 600 banking index. On Thursday, shares were flat at the European open as the bank's AGM began. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/24/deutsche-bank-shareholders-pressure-chairman-and-ceo.html |
THE UNITED STATES AND CHINA HAVE AGREED TO "MEANINGFUL INCREASES" IN U.S. AGRICULTURE AND ENERGY EXPORTS - WHITE HOUSE STATEMENT Published 20 Mins Ago Reuters
THE UNITED STATES AND CHINA HAVE AGREED TO "MEANINGFUL INCREASES" IN U.S. AGRICULTURE AND ENERGY EXPORTS - WHITE HOUSE STATEMENT | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/19/reuters-america-the-united-states-and-china-have-agreed-to-meaningful-increases-in-u-s-agriculture-and-energy-exports--white-house.html |
PARIS, May 30 (Reuters) - France’s largest poultry processor, LDC, said on Wednesday it has agreed to acquire Hungarian group Tranzit, continuing its expansion in Europe.
The takeover will give LDC a production base in Hungary for geese and ducks and a significant export business to Germany, the French group said.
The acquisition, subject to regulatory clearance, will see LDC take a 70 percent stake for an undisclosed sum, with Tranzit’s family owners retaining the remaining 30 percent.
Tranzit had sales of 108 million euros ($126 million) last year and earnings before interest, tax, depreciation and amortisation (EBITDA) of 20 million euros, LDC said.
“We have a European project and Hungary is a stage in that,” Chairman Denis Lambert told reporters, declining to specify other countries or potential targets LDC was looking at.
LDC has in recent years developed operations in Poland in parallel to further expansion in the French market.
The group this month won approval from a French court to acquire assets from insolvent rival Doux, an export-focused poultry producer that has struggled to compete against cheaper Brazilian chicken in the Middle East.
LDC said production sites secured from Doux would help it further increase its chicken volumes in a growing French market, although the difficulties of French peers meant imported chicken was maintaining market share above 40 percent.
Reporting results for its financial year that ended on Feb. 28, LDC said full-year current operating profit rose to 184.7 million euros from 176.6 million euros a year earlier.
That surpassed its forecast for a stable operating profit, partly because commodity costs for its convenience food division rose less sharply than expected, it said.
Net profit rose to 140.7 million euros from 130.3 million.
For 2018/19, the group said it targeted stable current operating profit for its main poultry division, and increases for convenience food and international businesses, which Lambert said suggested a slight rise in overall operating profit.
However, he cautioned that the outlook was subject to commodity costs. Further inflation in cereals and soybeans - used in poultry feed - after price rises in recent months could lead it to renegotiate tariffs with customers, Lambert said.
$1 = 0.8603 euros Reporting by Gus Trompiz; Editing by Susan Fenton
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/france-poultry-ldc/french-poultry-group-ldc-extends-international-push-with-hungary-deal-idUSL5N1T14VI |
May 30 (Reuters) - Single-day trading volume on U.S. Treasury and interest rates futures and options reached a record high on Tuesday as jitters about Italy’s political instability and a rout in U.S. and European stocks spurred a massive bond market rally, a CME Group spokeswoman said on Wednesday.
A combined 39.6 million in CBOT bond and CME interest rates contracts changed hands on Tuesday, breaking the previous peak of 26.6 million set on Nov. 9, 2016, according to the CME spokeswoman. (Reporting by Richard Leong Editing by Chizu Nomiyama)
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/usa-bonds-volume/u-s-bond-rates-futures-options-hit-volume-record-cme-idUSL2N1T10Q2 |
JERUSALEM (Reuters) - Russia is unlikely to try to limit Israel’s military actions in Syria, Israeli Prime Minister Benjamin Netanyahu said on Wednesday after meeting Russian President Vladimir Putin.
Russian President Vladimir Putin and Israeli Prime Minister Benjamin Netanyahu attend a meeting at the Kremlin in Moscow, Russia May 9, 2018. Sergei Ilnitsky/Pool via REUTERS Since intervening in the Syrian civil war on behalf of President Bashar al-Assad in 2015, Russia has generally turned a blind eye to Israeli attacks on suspected arms transfers and deployments by Assad’s Iranian and Lebanese Hezbollah allies.
But Moscow’s condemnation of an April 9 strike that killed seven Iranian personnel set off speculation in Israel that Russian patience might be wearing thin.
Netanyahu flew to Moscow on Wednesday to meet Putin, hours after U.S. President Donald Trump quit the Iranian nuclear deal and after Syria accused Israel of carrying out a fresh missile strike on an army base near Damascus.
“Given what is happening in Syria at this very moment, there is a need to ensure the continuation of military coordination between the Russian military and the Israel Defence Forces,” Netanyahu told reporters before departing, referring to a hotline designed to prevent the countries clashing accidentally.
After the talks with Putin, Netanyahu sounded upbeat.
“In previous meetings, given statements that were putatively attributed to - or were made by - the Russian side, it was meant to have limited our freedom of action or harm other interests and that didn’t happen, and I have no basis to think that this time will be different,” he told reporters in a phone briefing.
There was no immediate comment from the Kremlin.
The Syrian Observatory for Human Rights said on Wednesday that the overnight air strike near Damascus killed at least 15 people, including eight Iranians. Israel has neither confirmed nor denied responsibility.
But the Israelis have said they are on high alert for a possible attack by Iranian forces in Syria, after Tehran vowed to avenge the April 9 strike. Israel has pledged to prevent Iran and Hezbollah from forming a Lebanese-Syria front against it.
Netanyahu’s relationship with Putin has been buoyed by a long-running Israeli courting of Russian sensitivities.
During his 10-hour Moscow visit, the Israeli leader attended, alongside Putin, annual Red Square celebrations of the anniversary of the end of World War Two. Israel recognizes the Russian date, May 9. Most Western powers mark it on May 8.
“When the president of Russia invites the prime minister of the state of the Jews to stand alongside him at the parade symbolizing the Red Army’s victory over the Nazis, its liberation, also, of the (concentration) camps, of Jews and others – for Russia, that is very significant,” Israeli Intelligence Minister Israel Katz told the Ynet news site.
Last week, Israeli Defence Minister Avigdor Lieberman used a Russian newspaper interview to remind Moscow that Israel had not joined Western sanctions against it over the Crimea crisis and the poisoning of a Russian ex-spy in Britain.
Editing by Matthew Mpoke Bigg
| ashraq/financial-news-articles | https://www.reuters.com/article/us-mideast-crisis-syria-israel-russia/russia-unlikely-to-limit-israeli-actions-in-syria-netanyahu-idUSKBN1IA2UA |
CARLSBAD, Calif., May 9, 2018 /PRNewswire/ -- Leaping to the forefront of the rapidly growing fields of Artificial Intelligence (AI) and video analytics, Nortek Security & Control LLC (NSC), a global leader in smart connected devices and systems for residential, security, access control and digital health markets, today announced the acquisition of San Jose, California-based IntelliVision Technologies Corp. , a pioneer and leader in Artificial Intelligence, smart cameras and deep learning-based video analytics software. IntelliVision will operate as a wholly owned subsidiary of NSC. IntelliVision will continue to support its customers and products.
"This acquisition is a great fit for us," NSC President Mike O'Neal said today. "The IntelliVision team brings incredible strengths from which we will together build rich, future-ready solutions, with intelligence that will transform the NSC product line. This will extend our leadership position in security, automation and entertainment technology, with significant benefits for our partners and customers."
IntelliVision® AI and video analytics solutions provide actionable insights for security and monitoring in smart home, smart enterprise, and smart city applications; business intelligence for smart enterprise and smart retail; and advanced driver assistance systems (ADAS) for automobiles. The company's software includes licenses for dozens of patents and has been deployed globally in over 4 million cameras from over 50 top tier brand customers and consumer electronics manufacturers. Customers include Comcast, ADT, Netgear, Ring, Ambarella, Schneider Electric/Pelco, Dallmeier, DLink, Disney, and Zebra.
"We are thrilled to become part of Nortek Security & Control," commented IntelliVision CEO Vaidhi Nathan, who will stay on to lead video analytics and artificial intelligence development under the NSC umbrella. "We now have the support and resources of a major market-leader. Plus, integrating IntelliVision's AI and video analytics technologies into NSC's security, control and entertainment platforms will create clear leadership advantages in the markets we collectively serve."
NSC Executive Vice President of Marketing and Innovation Joe Roberts said that IntelliVision technology will be embedded in key NSC products and systems. "The video analytics and AI technology will empower us to offer incredibly personalized control and automation solutions, and will add significantly to our security platforms," said Roberts. "This will create important new benefits for our dealers and exceptional experiences for the end-users of our products."
Roberts cited IntelliVision's strengths in face detection, recognition and search, intelligent motion, object detection and tracking, intrusion/perimeter watch, object classification (people, vehicle, pet), license plate detection and recognition (LPR/ANPR), and audio recognition. "For example, imagine a security or access control system that can recognize an approaching person," continued Roberts. "The system itself can provide a hands-free, multi-factor authentication that nearly eliminates false positives all while improving the user experience. And for automation, knowing who is in the room enables setting the lighting and climate scenes according to that person's preference. Now the connected home is not just smart, but intuitive."
According to Roberts, the acquisition also strengthens the company's ongoing investments in voice and natural language technologies and significantly adds to the company's growing patent portfolio.
About IntelliVision
IntelliVision is a market leader in AI and deep learning-based video analytics software for smart cameras, providing video analytics solutions for several markets including Smart Home/IoT, Smart Security, Smart Retail, Smart City and Smart Auto/ADAS. IntelliVision technology includes licenses for dozens of patents and has been recognized as the Brains Behind the Eyes™ for many applications deploying and using cameras to provide actionable insights and real-time alerts to other home, business and security systems. IntelliVision provides the largest suite of video analytic products in the market today. Its products are used by Top Tier camera vendors, Fortune 500 companies, the US Government and many leading brands. IntelliVision is a privately-held company headquartered in San Jose, California with offices in Asia and Europe. For further information, visit intelli-vision.com .
About Nortek Security & Control
Nortek Security & Control LLC is a global leader in smart connected devices and systems for residential smart home, security, access control, AV distribution, and digital health markets. NSC and its partners have deployed more than 4 million connected systems and over 25 million security and home control sensors and peripherals. Through its family of brands including 2GIG®, ELAN®, Gefen®, GoControl®, Linear®, Mighty Mule® and Numera®, NSC designs solutions for national telecoms, big-box retailers, OEM partners, service providers, security dealers, technology integrators, and consumers.
Headquartered in Carlsbad, California, NSC has over 50 years of innovation and is dedicated to addressing the lifestyle and business needs of millions of customers every day. For further information, visit nortekcontrol.com .
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SOURCE Nortek Security & Control | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/pr-newswire-nortek-security-control-acquires-intellivision-establishing-leadership-in-artificial-intelligence-and-video-analytics.html |
Asa Mathat | Vox Media James Murdoch, CEO of 21st Century Fox, speaking at the 2018 Code Conference.
Facebook looks "less like an ad business and more like an attack surface," James Murdoch, the CEO of 21st Century Fox , said at Recode's Code Conference this week.
"You can have neo-Nazis or foreign governments or political actors or whatever [on the platform,]" Murdoch said at the conference in Rancho Palos Verdes, California. "It's easy to do. You can just buy people's accounts and buy their identities — there are farms where you can do that right?... That doesn't seem great."
Facebook is facing heightened scrutiny after widespread reports of abuse on its platform, including foreign election meddling and difficult-to-detect hate speech . show chapters 43 Mins Ago | 01:30
"From a national security perspective, as well, you really worry about this kind of a platform and I hope that they're dealing with that as seriously as they say they are," Murdoch said.
Facebook has upped its content review efforts and vowed to more effectively curtail abuse surrounding elections. Chief Operating Officer Sheryl Sandberg said at Code the company didn't properly anticipate all the ways in which bad actors could abuse the service.
But Facebook's top executives have repeatedly said there will always be bad actors and dampening abuse will be a constant, ongoing battle. Facebook did not immediately respond to request for comment on Murdoch's response.
James Murdoch's father, Rupert Murdoch , is the CEO of News Corp and founder and chairman of 21st Century Fox, and has a rocky history with Facebook CEO Mark Zuckerberg . Earlier this year Rupert Murdoch said Facebook should have to pay news publishers for content.
The Murdochs aren't immune to regulatory scrutiny and privacy concerns: James Murdoch and Rupert Murdoch both appeared before Parliament after their media company was accused of hacking the voicemails of crime victims, politicians, celebrities and veterans in search of stories. show chapters 43 Mins Ago | 03:02
Still, Murdoch questioned the ad-based business model that Facebook has repeatedly defended.
"Is engagement above all driving us to the lower common denominators just to have more clicks and more time?" Murdoch asked. "I think that's probably true."
Murdoch, citing tech pioneer Jaron Lanier , said "a communication platform connecting billions of people where every single conversation is mediated by somebody spending money precisely to manipulate them" is bad for society.
Fox is currently the subject of an acquisition bid by Disney , but Comcast is considering a rival all-cash bid.
Disclosure: Comcast owns NBCUniversal, the parent company of CNBC. WATCH: Trump's 'fake news' fight a boon for media companies show chapters | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/30/fox-ceo-james-murdoch-at-code-2018-facebook-is-an-attack-surface.html |
(Adds detail, updates prices) By Melanie Burton MELBOURNE, May 1 (Reuters) - London copper hit its lowest in three weeks on Tuesday, dampened by a stronger dollar ahead of a U.S. monetary policy meeting and by a holiday in top metals user China. Aluminium and zinc prices also came under pressure after the United States delayed aluminium and steel tariffs for some countries and announced permanent exemptions for others, raising the prospect of better metal supply. FUNDAMENTALS * COPPER: London Metal Exchange copper fell to its weakest in three weeks at $6,752 a tonne, accelerating downwards after it broke below the 200-day moving average at $6,800, with the world's top metals buyers absent from the market. * SHFE: The Shanghai Futures Exchange remained closed for a second day of public holidays, reopening on Wednesday. * COPPER DEMAND: Signals from the physical market were mixed. Pointing to healthy demand, ShFE copper stocks fell by 18 percent, or more than 50,000 tonnes, over April, while LME copper set for delivery to consumers jumped by a similar volume. CU-STX-SGH * But in China's domestic market, physical metal has traded at a 250 yuan ($39.48) to 400 yuan discount to the ShFE front-month contract for the past week, the widest in around six months, suggesting tepid demand for spot metal. * TARIFFS: U.S. President Donald Trump has postponed the imposition of steel and aluminium tariffs on Canada, the European Union and Mexico until June 1, and has reached agreements for permanent exemptions for Argentina, Australia and Brazil, the White House said on Monday. * ALUMINIUM: London aluminium had slipped 0.6 percent to $2,242 a tonne by 0727 GMT, while LME zinc, used to galvanise steel, fell 0.8 percent to $3,103.50 a tonne. LME nickel, used by stainless steel makers, climbed 0.2 percent. * RUSAL: U.S. Treasury Secretary Steven Mnuchin on Monday said the United States was not seeking to put Russian metals giant Rusal out of business by hitting it with sanctions, according to an interview with Bloomberg News. * For the top stories in metals and other news, click or DATA/EVENT AHEAD (GMT) 1400 U.S. ISM manufacturing PMI Apr 1400 U.S. Construction spending Mar U.S. Federal Reserve starts two-day monetary policy meeting DATA BASE METALS PRICES 0728 GMT Three month LME copper 6757.5 Most active ShFE copper 0 Three month LME aluminium 2242 Most active ShFE aluminium 0 Three month LME zinc 3103.5 Most active ShFE zinc 0 Three month LME lead 2318 Most active ShFE lead 0 Three month LME nickel 13660 Most active ShFE nickel 0 Three month LME tin 21250 Most active ShFE tin 0 ($1 = 6.3325 Chinese yuan renminbi) (Reporting by Melanie Burton Editing by Joseph Radford)
| ashraq/financial-news-articles | https://www.reuters.com/article/global-metals/metals-london-copper-drops-to-three-week-low-on-stronger-dollar-china-holiday-idUSL3N1S81LH |
(Adds detail, background)
* Imports 1.24 mln T of Iranian crude in April, down 12.1 pct y/y
* Jan-April oil imports from Iran drop 34 pct to 4.69 mln T y/y
* Russian April crude imports more than double to 1 mln T y/y
* April total crude imports at 11.59 mln T, up 2.5 pct on-year
By Jane Chung
SEOUL, May 15 (Reuters) - South Korea’s crude oil imports from Iran fell 12.1 percent in April from a year ago, while imports of Russian oil more doubled, customs data showed on Tuesday.
South Korea imported 1.24 million tonnes of Iranian crude, or 303,025 barrels per day (bpd), in April, down from 1.41 million tonnes from last year, according to the customs data.
The world’s fifth-biggest crude oil importer has increased its imports of Iranian crude, mainly condensate, or an ultra-light oil since sanctions were lifted in 2016.
However, imports have fallen this year, partly reflecting a cut in supplies to South Korea by the National Iranian Oil Co due to lower production and the start of a new splitter, sources have said.
Worries had also been growing about the potential reimposition of U.S. sanctions against Iran, which U.S. President Donald Trump announced on May 8, spurring some South Korean buyers to replace imports of Iranian condensate.
South Korean refiner Hyundai Oilbank made its first purchase of Norwegian condensate, while SK Incheon Petrochem said it would continue to buy light crude including from Russia and Kazakhstan.
In the first four months of this year, South Korea’s intake of Iranian oil dropped 34 percent to 4.69 million tonnes, or 286,308 bpd, versus about 7.1 million tonnes over the same period a year ago, the data showed.
In total, South Korea’s April crude oil imports were 11.59 million tonnes, or 2.83 million bpd, up 2.5 percent from 11.30 million tonnes from 2017, according to the data.
April crude imports from Saudi Arabia, South Korea’s top crude oil supplier, fell 6.9 percent to 3.32 million tonnes, or 810,564 bpd, from last year.
Meanwhile, South Korea imported 1.01 million tonnes from Russia in April, or 33,689 bpd, up 132.4 percent from 434,974 tonnes last year, according to the data.
For the January-April period of this year, South Korean brought in 48.29 million tonnes of crude, or 2.95 million bpd, up 0.2 percent from 48.18 million tonnes in the same period in 2017.
Final data for the country’s April crude imports data will be released by state-run Korea National Oil Corp (KNOC) later this month.
Reporting By Jane Chung; editing by Richard Pullin
| ashraq/financial-news-articles | https://www.reuters.com/article/southkorea-oil-iran/update-1-s-koreas-april-iranian-crude-oil-imports-fall-12-1-pct-y-y-idUSENNI5E0SY |
MUMBAI/LONDON (Reuters) - Three directors of India’s Fortis Healthcare ( FOHE.NS ) have quit ahead of a shareholder vote on Tuesday to decide their future, the company said, the latest twist in a prolonged takeover for one of the country’s largest hospital operators.
A Fortis hospital building is pictured in Gurgaon, India, May 11, 2018. REUTERS/Saumya Khandelwal Harpal Singh, Tejinder Singh Shergill and Sabina Vaisoha cited personal reasons for their resignations, coming days after two major Fortis shareholders said the directors had not met their fiduciary duties.
Their departures raised fresh questions about the direction cash-strapped Fortis will take as it considers bids from five parties who have proposed to buy whole or part of the company.
Fortis has received more than a dozen competing offers since it first agreed in March to a proposal from a consortium led by rival Manipal Hospitals Enterprises.
Fortis then said in May it planned to accept an offer from Hero Enterprise Investment Office and Burman Family Office that valued the company at 90 billion rupees. Shareholders responded by pushing the company’s shares down 5 percent.
Eastbridge Capital and Jupiter India — two large investors who together control about 12 percent of the company — had called for Tuesday’s vote.
They said the directors had not satisfactorily exercised "their respective fiduciary duties towards shareholders and have failed to maintain expected levels of corporate governance," according to a filing bit.ly/2KJdNa7 made by Fortis last week.
A fourth director, Brian Tempest, still faces a vote at Tuesday’s meeting.
Indian proxy advisory firms have previously questioned the independence of the Fortis board.
“Shareholders need a decision-making body that is objective, independent, and does have a historical association with the promoter group or their companies,” Institutional Investor Advisory Services said in a note last month.
Eastbridge and Jupiter believed that the four directors were not independent and had been appointed by Fortis’ founders, a source close to the two shareholders told Reuters last week.
Harpal Singh, one of the three directors who resigned, defended the board’s decisions.
In a letter made public by Fortis on Sunday, Singh said the selection of the Hero-Burman offer was based “on criteria of certainty, simplicity of structure, no walk away rights, an early infusion of funds, capacity to address strategic needs and the ability to traverse a challenging landscape”.
Fortis’ founders quit as directors of the company in February and have denied any wrongdoing.
Fortis itself is under investigation in India for financial fraud, though it said in April it expected the probes to be over in 12 months.
Recent developments in the healthcare industry have made the company a takeover target.
Private healthcare spending is rising, and the government is working on expanding insurance to hundreds of millions of people in a country that lacks adequate heath facilities. The insurance scheme is expected to benefit private hospitals such as those run by Manipal and Fortis, analysts say.
Days after Fortis said it planned to accept the Hero-Burman offer, Manipal Hospitals and private equity firm TPG Capital Management sweetened their bid to buy the company, sparking a rally in Fortis shares.
Reporting by Zeba Siddiqui in Mumbai and Alasdair Pal in London; Additional reporting by Subrat Patnaik; Editing by Darren Schuettler
| ashraq/financial-news-articles | https://www.reuters.com/article/us-fortis-health-m-a/three-directors-quit-as-takeover-fight-for-indias-fortis-drags-on-idUSKCN1IM117 |
May 23, 2018 / 1:07 AM / Updated 15 hours ago Red Bull can celebrate 250th race with Monaco win Alan Baldwin 4 Min Read
MONACO (Reuters) - Former champions Red Bull can scoop the jackpot in Monaco this weekend as they celebrate the team’s 250th Formula One race start. Formula One - F1 - Azerbaijan Grand Prix - Baku City Circuit, Baku, Azerbaijan - April 29, 2018 Red Bull's Daniel Ricciardo and Max Verstappen in action during the race REUTERS/David Mdzinarishvili
The most glamorous grand prix on the calendar, with its historic track winding past the 19th century casino and along the harbourside, could favour Max Verstappen and Daniel Ricciardo.
“We don’t head into the weekend as favourites — they are Red Bull and Ferrari,” Mercedes team boss Toto Wolff warned ahead of the sport’s showcase event.
“Red Bull are strong in the slow-speed corners and where straight line speed is less important, while Ferrari dominated last year.”
Mercedes are leading both world championships, with Lewis Hamilton 17 points clear of Ferrari’s Sebastian Vettel after five races.
But the Briton’s hopes of three wins in a row, after Azerbaijan and Spain, could be dented by rivals who — on past form and circuit characteristics — can be expected to come back strong.
Ferrari swept the front row last year and finished one-two, with Vettel leading polesitter Kimi Raikkonen, while Hamilton could manage only seventh. His Finnish team mate Valtteri Bottas was fourth. Related Coverage Formula One statistics for the Monaco Grand Prix
Vettel could do with a boost after winning the first two races and then failing to make it onto the podium in the last three.
“Going to Monaco I’m fairly optimistic, I don’t see why we shouldn’t be in a good shape,” the German told reporters after Barcelona.
“But then you need to see when you get there. The tyres are different, also significantly softer and the track is unique. So we’ll see. Hopefully it’s a nice surprise,” added the four times world champion. BULLISH RICCIARDO
Australian Ricciardo, who finished third in the Mediterranean principality last year and was on pole position in 2016, has every reason to feel as bullish as the branding on his overalls. Formula One - F1 - Azerbaijan Grand Prix - Baku City Circuit, Baku, Azerbaijan - April 29, 2018 The cars of Red Bull's Daniel Ricciardo and Max Verstappen after crashing out during the race REUTERS/David Mdzinarishvili
“To win in Monaco would be huge, for the 250th, for the team,” said Ricciardo, the winner in Baku in April. “It’s a place I’ve always enjoyed going, always enjoyed racing and I’ve always believed I’ll win there.
“Coming so close has made that fire even greater,” added the Australian, who finished runner-up behind Hamilton in Monaco two years ago.
“That’s a big one on my list which I want to tick off. Even if I retire from F1 one day without winning it, I’ll probably keep coming back for one race a year just to try and make it happen,” he joked.
Should Verstappen, who finished third in Barcelona, qualify on pole then the Dutch 20-year-old would replace Vettel as the youngest ever to achieve the feat.
“It was great to be back on the podium in Barcelona and our car was very strong in the last sector there, which is mainly low speed corners and what we need for Monaco,” commented Verstappen.
“Monaco also doesn’t have any long straights, so I think it should be a good circuit for us.”
The race could also be good for Sauber’s Charles Leclerc, who will be the first Monegasque driver to race in front of his home crowd since Olivier Beretta in 1994 — three years before the 20-year-old was born.
“I have dreamt of being part of this event ever since I was a child and it is incredible for this dream to finally come true,” said Leclerc, who will be hoping to score points for the third race in a row. Reporting Toby Davis | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-motor-f1-monaco/red-bull-can-celebrate-250th-race-with-monaco-win-idUKKCN1IO03U |
May 17, 2018 / 7:01 AM / Updated 5 hours ago Asia oil thirst tab $1 trillion a year as crude rises to $80 Henning Gloystein , Rajendra Jadhav , Neil Jerome Morales 5 Min Read
SINGAPORE/MUMBAI/MANILA (Reuters) - Oil prices are poised to break through $80 per barrel and Asia’s demand is at a record, pushing the cost of the region’s thirst for crude to $1 trillion this year, about twice what it was during the market lull of 2015/2016. FILE PHOTO: Motorists drives past an electronic board at a gas station in Paranaque city, Metro Manila, the Philippines February 4, 2016. REUTERS/Erik De Castro/File Photo
Oil prices have gained 20 percent since January to just shy of $80 per barrel LCOc1, a level not seen since 2014. [O/R]
With the U.S. dollar .DXY - in which virtually all oil is traded - also growing stronger, concerns are rising that economies will take a hit, especially in import-reliant Asia. Surging costs could have an inflationary effect that will hurt both consumers and companies.
“Asia is most vulnerable to an oil price spike,” Canadian investment bank RBC Capital Markets warned in a note this month, after oil prices hit their highest since November 2014.
Asia-Pacific consumes more than 35 percent of the 100 million barrels of oil the world uses each day, according to industry data, with the region’s global share steadily rising.
Asia is also the world’s smallest oil producing region, accounting for less than 10 percent of output.
(GRAPHIC: reut.rs/2wLchCf ) INFLATION, RISING COSTS
U.S. bank Morgan Stanley said this week that diesel use contributes 10-20 percent to cash costs for miners, while oil contributes from 4 percent to 50 percent to the cost of power generation, depending on a company’s or country’s fuel mix.
“A rising oil price therefore shifts the entire cost curve higher,” it said.
China is by far Asia’s - and the world’s - biggest importer of oil, ordering 9.6 million barrels per day in April. That’s almost 10 percent of global consumption.
At current prices, this amounts to a Chinese oil import bill of $768 million per day, $23 billion per month - a whopping $280 billion a year.
Other Asian countries are even more exposed to rising oil prices. Most damage will be done to countries like India and Vietnam, which not only rely heavily on imports, but also where national wealth is not yet large enough to absorb sudden increases in fuel costs.
“Poorer countries with limited borrowing capacity may face financing difficulty amid higher import bills,” RBC said.
Unless fuel is heavily subsidized, households and businesses in poorer countries are also more vulnerable to rising oil prices than they are in wealthier nations.
In developing economies like India, Vietnam or the Philippines, fuel costs eat up around 8-9 percent of an average person’s salary, according to Reuters research and figures from statistics portal Numbeo. That compares to just 1-2 percent in wealthy countries like Japan or Australia.
(GRAPHIC: reut.rs/2wLchCf ) FILE PHOTO: A worker fills a car with diesel at a fuel station in Jammu August 29, 2013. REUTERS/Mukesh Gupta/File Photo DIESEL & LOGISTICS
The surge in oil prices has a particularly big impact on transport and logistics companies. One such firm in Asia is courier LBC Express Holdings ( LBC.PS ) in the Philippines.
“LBC has been intently watching the movement of crude oil prices ... What we, at LBC, are preparing for are the effects an oil price increase may have on our carriers: airlines, shipping lines, trucking companies,” its Chief Financial Officer Enrique V. Rey Jr said.
The high oil price “challenges us to improve our own efficiencies to achieve better economies of scale and maintain our margins,” he said.
Some firms say they will pass on any higher costs to consumers.
Chryss Alfonsus Damuy, President and Chief Executive at Philippine firm Chelsea Logistics ( CLC.PS ), said his firm could be affected by higher oil prices, but “we can pass on the effect to consumer via price adjustments.”
Others said if they burden consumers with higher costs, they will lose clients.
Ashish Savla, owner of 50-truck strong Pravin Roadways in Mumbai, India, said diesel accounts for more than half of his company’s expenses, and that it was difficult to pass rising expenses on to customers.
“Diesel prices have jumped 16 percent in a year, but I couldn’t raise freight charges by 5 percent. If I charge more, clients will use cheaper railroads,” Savla said.
Anil Mittal, who runs a container logistics company and is a member of Bombay Goods Transport Association, said his firm was “already operating at wafer-thin margins” before prices rose.
The “diesel price hike has hit our business hard,” he said. Many small transport firms like his “are struggling to pay back bank loans they took to buy trucks.”
Given the economic costs and its reliance on imports, economists say it is time for Asia to limit its exposure to oil.
“It is very important for Asia to reduce its oil dependency and increase its energy efficiency ... to protect itself from future oil shocks,” RBC Capital Markets said.
(GRAPHIC: reut.rs/2G465IO ) Reporting by Henning Gloystein in SINGAPORE, Rajendra Jadhav in MUMBAI and Jerome Morales in MANLIA; Writing by Henning Gloystein; Editing by Tom Hogue | ashraq/financial-news-articles | https://in.reuters.com/article/us-asia-oil-demand-costs-analysis/asia-oil-thirst-tab-1-trillion-a-year-as-crude-rises-to-80-idINKCN1II0I5 |
(Reuters) - U.S. President Donald Trump acknowledged on Wednesday it was unclear if his planned summit with North Korean leader Kim Jong Un in Singapore next month would go ahead.
North Korea threw the meeting into doubt, saying it might not attend if Washington continues to demand that it unilaterally abandon its nuclear weapons.
Previous attempts to persuade North Korea to back off its nuclear weapons program have been doomed, in part by the North’s concerns about being attacked and enmity between Pyongyang and Washington.
The following describes how Trump and Kim came to the table and how previous talks failed:
2017-2018 TRUMP RHETORIC, HISTORIC PLAN
After becoming president in January 2017, Donald Trump seeks help from Chinese President Xi Jinping in dealing with North Korea. Moon Jae-in, who favors engagement with the North, is elected president of South Korean in May.
As Pyongyang tests missiles capable of reaching the United States, Trump turns up the tension and in a September 2017 U.N. address threatens to “totally destroy North Korea” while mocking Kim as “little rocket man.” Kim responds with a threat to “tame the mentally deranged U.S. dotard with fire.”
The United States pushes for increased U.N. economic sanctions against North Korea including bans on exports of coal, iron and seafood. Trump addresses the South Korean National Assembly two months later, saying the North will have to take steps toward denuclearization if it wants to talk. He also labels North Korea a state sponsor of terrorism, a designation that had been removed in 2008.
The 2018 Winter Olympics, hosted by South Korea, provide a breakthrough with the North sending a delegation to the games.
In March, Trump and Kim agree to meet. North Korea says it will suspend its missile and weapons testing and, despite past insults, Trump praises Kim as “very honorable.”
Trump announces on Twitter on May 10 that the meeting will take place in Singapore on June 12.
North Korea lays out details of a plan to dismantle its Punggye-ri nuclear test site later in May.
2010-2016 DEMISE OF TALKS
North Korea’s sinking of a South Korean patrol ship near the nations’ maritime border in March 2010 becomes a roadblock to talks. The situation worsens in November when the North fires artillery at a South Korean island, killing two soldiers. The South, United States and Japan reject China’s call to resume six-party talks until relations improve.
In 2011, China, Russia and the United States make separate and unsuccessful moves to restart negotiations. North Korean leader Kim Jong Il dies in December and son Kim Jong Un takes power.
Concerns rise in 2013 as the North makes rocketry advances and continues nuclear testing but no more talks are held. The administration of President Barack Obama increases sanctions on Pyongyang.
2003-2009 SIX-PARTY TALKS
In 2003, Kim Jong Il announces Pyongyang will withdraw from the Non-Proliferation Treaty it had agreed to in 1985. Three months later North Korea announces it has a nuclear weapon.
Talks begin in August 2003 between North Korea, South Korea, China, the United States, Russia and Japan.
In 2004-05, as the talks are held intermittently, North Korea continues missile testing. As would become a pattern, Pyongyang offers to curtail its work in exchange for aid.
With the talks in abeyance until 2006, the North accuses the United States of being a nuclear menace, drawing a warning from President George W. Bush.
In 2007, North Korea promises to shut its nuclear reactor in exchange for fuel oil. It later demands the United States release $25 million in frozen funds, which it gets, clearing the way for more talks.
A North Korean pledge to disclose all its nuclear activities by the end of 2007 goes unfulfilled.
In May 2008, North Korea demands the United States remove it from a list of state sponsors of terrorism. Washington complies in October, prompting the North to resume dismantling its Yongbyon nuclear plant.
In 2009, the U.N. Security Council responds to a missile test by threatening to increase sanctions and Pyongyang says it will no longer participate in six-party talks.
1994-2002 NORTH KOREA-U.S. TALKS UNDER CLINTON, BUSH
In 1994, North Korea and the United States, under President Bill Clinton, sign an “agreed framework” with the goal of freezing and eventually discontinuing Pyongyang’s nuclear program. In exchange, North Korea has the possibility of normalized relations, fuel oil and help building light-water nuclear reactors.
North Korea’s production and sale of missiles become an issue. Talks begin with the United States pushing the North to curtail the missile business, while Pyongyang demands financial compensation for lost income. In 1998 sanctions are imposed on the North for sending missile technology and parts to Pakistan.
When Bush becomes president in 2001, Pyongyang detects a more hostile attitude and U.S. sanctions are imposed on a North Korean company for missile-related transfers to Iran.
Relations are frayed further in 2002 when Bush labels North Korea as part of an “axis of evil” sponsoring terrorism and seeking nuclear weapons.
The agreed framework breaks down in December 2002 as the United States determines North Korea has been secretly pursuing nuclear weapons and Pyongyang says it has a right to them for defensive purposes. The North orders international inspectors out of the country while reopening its shuttered nuclear facilities.
Compiled by Bill Trott; Editing by Grant McCool and Alistair Bell
| ashraq/financial-news-articles | https://www.reuters.com/article/us-northkorea-missiles-talks-factbox/factbox-lets-try-again-u-s-north-korea-talks-have-failed-often-idUSKCN1IH2F1 |
Lewis Hamilton wins from pole at Spanish Grand Prix 5 Hours Ago CNBC's Adam Reed discusses highlights from Formula One's Spanish Grand Prix and the Premier League's final day. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/14/lewis-hamilton-wins-from-pole-at-spanish-grand-prix.html |
VANCOUVER, British Columbia, May 23, 2018 (GLOBE NEWSWIRE) -- Anfield Energy Inc. (TSX.V:AEC) (OTCQB:ANLDF) (FRANKFURT:0AD) (“Anfield” or “the Company”) is pleased to announce that Stephen S. Lunsford has agreed to join the Company’s Board of Directors. Mr. Lunsford has had an extensive career as a geologist in the uranium sector, spanning four decades, with his vast experience generated through his time working with entities such as Cameco Resources, Inc., American Nuclear Corp. and Power Resources, Inc. (PRI). In addition, Mr. Lunsford was involved in a feasibility study completed by PRI for Cotter with regard to Anfield’s recently-acquired Charlie project in Wyoming. Overall, Mr. Lunsford’s regional expertise and uranium asset knowledge will be a significant asset to Anfield.
“We are excited to have someone of Mr. Lunsford’s calibre joining our board of directors,” commented Anfield’s CEO Corey Dias. “His successful career spanning four decades in the uranium industry with well-known entities in the sector, such as Cameco and PRI, is impressive, and his extensive knowledge of Wyoming uranium will prove to be a great value to the Company as we move our projects forward. Moreover, his direct knowledge with regard to the Charlie project could allow Anfield to further streamline our path to production.”
Mr. Lunsford began his career with American Nuclear Corp. in 1972 where he began as a field geologist supervising field drilling programs for as many as seven drill rigs. He later became a project geologist where he organized and directed all aspects of exploration drilling programs.
In 1987 Mr. Lunsford began work as a project geologist with Everest Minerals, which became PRI in 1989. In 1996 PRI was acquired by Cameco Inc., and in 2008 PRI’s name was changed to Cameco Resources. During his time with Everest/PRI/Cameco, Mr. Lunsford planned and implemented delineation and exploration drilling programs and mapped subsurface roll fronts by means of drill hole geophysical logs. As project geologist he generated uranium reserve/resource evaluations, created and maintained drill hole databases and planned and designed in-situ patterns. His responsibilities also included data collection and geology for generating mine permit applications.
From 2000 to 2002 Mr. Lunsford served as the senior project geologist on PRI’s Smith Ranch-Highland Mine where he evaluated the uranium reserve/resource estimation by geologic and geostatistical methods. He designed and evaluated uranium in-situ production patterns, performed prospect evaluations, and created and/or supervised maintenance of the geophysical drill hole database. He also managed production databases, tracked production and created monthly production reports.
In 2002 he became chief geologist for the Smith Ranch-Highland Mine where he evaluated uranium prospects and supervised uranium IST mining efforts. As chief geologist he functioned as the qualified person (QP) for purposes of NI 43-101 reports.
From 2006 until his retirement in 2013, Mr. Lunsford served as senior evaluation geologist for PRI/Cameco Resources. In this position he generated uranium prospects internally and evaluated prospects submitted from outside sources. During this period he continued to serve as the QP on NI 43-101 reports for PRI/Cameco.
From 2013 to 2014 Mr. Lunsford was a consulting geologist to Tetra Tech and Anatolia Energy on the Temrezil Uranium project in Turkey. His responsibilities included reserve/resource estimation to enable definition of mineral resource boundaries, and assisting in preparation of a preliminary wellfield layout to support the development of a pre-feasibility study.
We also announce the resignation of Jim Rasmussen from the Anfield Board. We would like to thank Mr. Rasmussen for his significant contributions to the Company over the years, and wish him all the best in his future endeavours.
About Anfield
Anfield is a uranium and vanadium development and near-term production company that is committed to becoming a top-tier energy-related fuels supplier by creating value through sustainable, efficient growth in its assets. Anfield is a publicly-traded corporation listed on the TSX-Venture Exchange (AEC-V), the OTCQB Marketplace (ANLDF) and the Frankfurt Stock Exchange (0AD). Anfield is focused on two production centres, as summarized below:
Wyoming – Irigaray ISR Processing Plant (Resin Processing Agreement)
Anfield has signed a Resin Processing Agreement with Uranium One whereby Anfield would process up to 500,000 pounds per annum of its mined material at Uranium One’s Irigaray processing plant in Wyoming. In addition, the Company can both buy and borrow uranium from Uranium One in order to fulfill some or all of its sales contracts.
Anfield’s 24 ISR mining projects are located in the Black Hills, Powder River Basin, Great Divide Basin, Laramie Basin, Shirley Basin and Wind River Basin areas in Wyoming. Anfield’s two projects in Wyoming for which NI 43-101 resource reports have been completed are Red Rim and Clarkson Hill.
The Charlie Project, acquired from Cotter Corporation is located in the Pumpkin Buttes Uranium District in Johnson County, Wyoming. The Charlie Project consists of a 720-acre Wyoming State uranium lease which has been in development since 1969.
Arizona/Utah – Shootaring Canyon Mill
A key asset in Anfield’s portfolio is the Shootaring Canyon Mill in Garfield County, Utah. The Shootaring Canyon Mill is strategically located within one of the historically most prolific uranium production areas in the United States, and is one of only three licensed uranium mills in the United States.
Anfield’s conventional uranium assets consist of mining claims and state leases in southeastern Utah and Arizona, targeting areas where past uranium mining or prospecting occurred. Anfield’s conventional uranium assets include the Velvet-Wood Project, the Frank M Uranium Project, as well as the Findlay Tank breccia pipe. An NI 43-101 Preliminary Economic Assessment has been completed for the Velvet-Wood Project. All conventional uranium assets are situated within a 125-mile radius of the Shootaring Mill.
On behalf of the Board of Directors
ANFIELD ENERGY INC.
Corey Dias, Chief Executive Officer
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.
Contact:
Anfield Energy, Inc.
Clive Mostert
Corporate Communications
780-920-5044
[email protected]
www.anfieldenergy.com
Safe Harbor Statement
THIS NEWS RELEASE CONTAINS “FORWARD-LOOKING STATEMENTS”. STATEMENTS IN THIS NEWS RELEASE THAT ARE NOT PURELY HISTORICAL ARE FORWARD-LOOKING STATEMENTS AND INCLUDE ANY STATEMENTS REGARDING BELIEFS, PLANS, EXPECTATIONS OR INTENTIONS REGARDING THE FUTURE.
EXCEPT FOR THE HISTORICAL INFORMATION PRESENTED HEREIN, MATTERS DISCUSSED IN THIS NEWS RELEASE CONTAIN FORWARD-LOOKING STATEMENTS THAT ARE SUBJECT TO CERTAIN RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH STATEMENTS. STATEMENTS THAT ARE NOT HISTORICAL FACTS, INCLUDING STATEMENTS THAT ARE PRECEDED BY, FOLLOWED BY, OR THAT INCLUDE SUCH WORDS AS “ESTIMATE,” “ANTICIPATE,” “BELIEVE,” “PLAN” OR “EXPECT” OR SIMILAR STATEMENTS ARE FORWARD-LOOKING STATEMENTS. RISKS AND UNCERTAINTIES FOR THE COMPANY INCLUDE, BUT ARE NOT LIMITED TO, THE RISKS ASSOCIATED WITH MINERAL EXPLORATION AND FUNDING AS WELL AS THE RISKS SHOWN IN THE COMPANY’S MOST RECENT ANNUAL AND QUARTERLY REPORTS AND FROM TIME-TO-TIME IN OTHER PUBLICLY AVAILABLE INFORMATION REGARDING THE COMPANY. OTHER RISKS INCLUDE RISKS ASSOCIATED WITH SEEKING THE CAPITAL NECESSARY TO COMPLETE THE PROPOSED TRANSACTION, THE REGULATORY APPROVAL PROCESS, COMPETITIVE COMPANIES, FUTURE CAPITAL REQUIREMENTS AND THE COMPANY’S ABILITY AND LEVEL OF SUPPORT FOR ITS EXPLORATION AND DEVELOPMENT ACTIVITIES. THERE CAN BE NO ASSURANCE THAT THE COMPANY WILL BE ABLE TO COMPLETE THE PROPOSED TRANSACTION, THAT THE COMPANY’S EXPLORATION EFFORTS WILL SUCCEED OR THE COMPANY WILL ULTIMATELY ACHIEVE COMMERCIAL SUCCESS. THESE FORWARD-LOOKING STATEMENTS ARE MADE AS OF THE DATE OF THIS NEWS RELEASE, AND THE COMPANY ASSUMES NO OBLIGATION TO UPDATE THE FORWARD-LOOKING STATEMENTS, OR TO UPDATE THE REASONS WHY ACTUAL RESULTS COULD DIFFER FROM THOSE PROJECTED IN THE FORWARD-LOOKING STATEMENTS. ALTHOUGH THE COMPANY BELIEVES THAT THE BELIEFS, PLANS, EXPECTATIONS AND INTENTIONS CONTAINED IN THIS NEWS RELEASE ARE REASONABLE, THERE CAN BE NO ASSURANCE THOSE BELIEFS, PLANS, EXPECTATIONS OR INTENTIONS WILL PROVE TO BE ACCURATE. INVESTORS SHOULD CONSIDER ALL OF THE INFORMATION SET FORTH HEREIN AND SHOULD ALSO REFER TO THE RISK FACTORS DISCLOSED IN THE COMPANY’S PERIODIC REPORTS FILED FROM TIME-TO-TIME.
THIS NEWS RELEASE HAS BEEN PREPARED BY MANAGEMENT OF THE COMPANY WHO TAKES FULL RESPONSIBILITY FOR ITS CONTENTS.
Source:Anfield Energy Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/globe-newswire-anfield-energy-announces-the-appointment-of-stephen-s-lunsford-to-board-of-directors.html |
TOKYO, May 15, 2018 (GLOBE NEWSWIRE) -- Internet Initiative Japan Inc. ("IIJ") (NASDAQ:IIJI) (TSE:3774) today announced its full year (“FY2017”) and fourth quarter (“4Q17”) consolidated financial results for the fiscal year ended March 31, 2018 (from April 1, 2017 to March 31, 2018). 1
Highlights of Financial Results for FY2017 Revenues
Operating Income
Income before Income Tax Expense
Net Income attributable to IIJ
Annual Cash Dividend JPY176.1 billion (up 11.6% YoY)
JPY6.8 billion (up 31.7% YoY)
JPY7.8 billion (up 44.5% YoY)
JPY5.1 billion (up 61.3% YoY)
JPY27.00 per common share Financial Targets for FY2018 Revenues
Operating Income
Annual Cash Dividend JPY190.0 billion (up 7.9% YoY)
JPY7.0 billion (up 3.5% YoY)
JPY27.00 per common share Overview of FY2017 Financial Results and Business Outlook
“As a leading comprehensive network service provider, we continued to expand recurring revenue which contributed to revenue and operating income growth for FY2017. Year over year revenue growth of recurring revenue, which amounted to 82.9% of FY2017 total revenue, was 14.0%, especially led by mobile and security. As for mobile, we accumulated subscription mainly through our 137 MVNE clients, despite the ongoing competitive consumer mobile market, as well as accumulation of M2M/IoT type transactions. Security-related services largely grew by 26.2% year over year due to overall strong demand and a particularly large project for a local government. Other recurring revenues such as Internet connectivity, outsourcing, WAN and systems operation and maintenance also grew with continuous accumulation of contracts. Operating income increased year over year mainly because both network and SI gross margin amount grew and a larger than expected NTT Docomo’s mobile interconnectivity unit price revision,” said Eijiro Katsu, COO and President of IIJ.
“As for business developments, we made several progress by leveraging our business assets: We launched full-MVNO services and plan to further accumulate enterprise IoT projects which inquiry number reached over 320 as of March 2018. Such IoT projects include connected homes business with Chubu Electric Power, smart factory business with Hirata, a factory production engineering company to name a few; We decided to build our second module-based data center near Tokyo to integrate our data center racks currently spread out in the metropolitan area for more effective operation; By leveraging IIJ Raptor, 2 we established a new equity method investee, DeCurret, with eighteen prominent Japanese companies to launch cryptocurrency exchange and settlement platform business and plan to provide services from the latter half of FY2018; Almost all major Japanese broadcasting companies joined our equity method investee, JOCDN, to provide CDN services best-suited for Japanese Internet contents holders including TVer and others. Its business has kicked off quite fine and currently provide highly reliable CDN services to fifteen clients and expect to expand its customer base. We believe these are critical successful factors for our middle-to-long term growth,” said Katsu.
“For FY2018, we plan to continuously accumulate recurring revenue. As for operating income, we expect the continuous revenue growth of network, cloud and SI to create the total operating income growth while forefront fixed cost related to full-MVNO operations increases,” said Katsu.
“We seek for a significant income growth in FY2019 as the full-MVNO related cost burden should impose much less negative impact on our income as we accumulate revenue growth. For the middle term, we believe we shall be even more well positioned in the coming IoT society by leveraging our full-MVNO operations as well our strong competitive advantage of having wide range of service line-ups including cloud and mobile, SI expertise, and blue-chip customer base,” concluded Koichi Suzuki, Founder, CEO and Chairman of IIJ.
1 Unless otherwise stated, all financial figures discussed in this announcement are prepared in accordance with U.S. GAAP, unaudited and consolidated.
2 IIJ Raptor Service was launched in 2010 and its 13 customers include Nomura Securities and Sony Bank.
FY2017 Financial Results Summary
Operating Results Summary FY2016 FY2017 YoY Change JPY millions JPY millions % Total revenues 157,789 176,051 11.6 Network services 92,996 108,119 16.3 Systems integration (SI) 57,749 60,431 4.6 Equipment sales 2,994 3,470 15.9 ATM operation business 4,050 4,031 (0.5 ) Total costs 132,542 147,818 11.5 Network services 76,387 88,698 16.1 Systems integration (SI) 50,992 53,612 5.1 Equipment sales 2,735 3,142 14.9 ATM operation business 2,428 2,366 (2.6 ) Total gross margin 25,247 28,233 11.8 Network services 16,609 19,421 16.9 Systems integration (SI) 6,756 6,819 0.9 Equipment sales 260 328 26.6 ATM operation business 1,622 1,665 2.7 SG&A expenses and R&D 20,113 21,471 6.8 Operating income 5,134 6,762 31.7 Income before income tax expense 5,427 7,840 44.5 Net income attributable to IIJ 3,167 5,109 61.3
Segment Results Summary FY2016 FY2017 JPY millions JPY millions Total revenues 157,789 176,051 Network services and SI business 154,126 172,370 ATM operation business 4,050 4,031 Elimination (387 ) (350 ) Operating income 5,134 6,762 Network service and SI business 3,854 5,430 ATM operation business 1,438 1,510 Elimination (157 ) (178 ) We have omitted segment analysis because most of our revenues are dominated by network services and systems integration (SI) business.
FY2017 Revenues and Income
Revenues
Total revenues were JPY176,051 million, up 11.6% YoY (JPY157,789 million for FY2016).
Network services revenue was JPY108,119 million, up 16.3% YoY (JPY92,996 million for FY2016).
Revenues for Internet connectivity services for enterprise were JPY27,944 million, up 23.5% YoY from JPY22,634 million for FY2016, mainly due to an increase in mobile-related services revenues along with an expansion of MVNE business clients’ transactions.
Revenues for Internet connectivity services for consumers were JPY24,761 million, up 13.9% YoY from JPY21,735 million for FY2016, mainly due to the revenue growth of “IIJmio Mobile Service,” consumer mobile services which offer inexpensive data communication and voice services with SIM cards.
Revenues for WAN services were JPY29,295 million, up 10.7% YoY compared to JPY26,460 million for FY2016, mainly due to the revenue growth along with order accumulation.
Revenues for Outsourcing services were JPY26,119 million, up 17.8% YoY from JPY22,167 million for FY2016, mainly due to an increase in security-related services revenues.
Network Services Revenues Breakdown FY2016 FY2017 YoY
Change JPY millions JPY millions % Internet connectivity services (Enterprise) 22,634 27,944 23.5 IP service * 9,768 10,105 3.4 IIJ FiberAccess/F and IIJ DSL/F 3,043 2,997 (1.5 ) IIJ Mobile service (Enterprise) 9,595 14,619 52.4 IIJ Mobile MVNO Platform Service 6,441 10,866 68.7 Others 228 223 (2.1 ) Internet connectivity services (Consumer) 21,735 24,761 13.9 IIJ 19,634 23,448 19.4 IIJmio Mobile Service 17,109 20,710 21.0 hi-ho 2,101 1,313 (37.5 ) WAN services 26,460 29,295 10.7 Outsourcing services 22,167 26,119 17.8 Total network services 92,996 108,119 16.3 * IP service revenues include revenues from the data center connectivity service.
Number of Contracts and Subscription for Connectivity Services *1 as of
Mar. 31, 2017 as of
Mar. 31, 2018 YoY
Change Internet connectivity services (Enterprise) 933,496 1,414,782 481,286 IP service (1Gbps-) 437 468 31 IP service (100Mbps-999Mbps) 591 658 67 IP service (-99Mbps) 658 614 (44 ) IIJ Data center connectivity service 253 241 (12 ) IIJ FiberAccess/F and IIJ DSL/F 72,605 72,630 25 IIJ Mobile service (Enterprise) 857,903 1,339,586 481,683 IIJ Mobile MVNO Platform Service *2 582,250 824,731 242,481 Others 1,049 585 (464 ) Internet connectivity services (Consumer) 1,409,259 1,363,531 (45,728 ) IIJ *2 1,275,875 1,363,531 87,656 IIJmio Mobile Service 951,249 1,005,092 53,843 hi-ho *2 133,384 - (133,384 ) Total contracted bandwidth (Gbps) *3 2,773.3 3,117.7 344.4 *1. Numbers in the table above show number of contracts except for “IIJ Mobile service (Enterprise),” “IIJ” and “hi-ho” which show number of subscriptions.
*2. On December 31, 2017, IIJ sold all the shares of common stock of hi-ho which was IIJ’s wholly owned subsidiary. Accordingly, hi-ho’s subscription for “Internet connectivity services (Consumer)” decreased to zero, hi-ho’s mobile service subscription of 14,735 was reclassed to “IIJ Mobile MVNO Platform Service” and a part of hi-ho’s subscription other than mobile service subscription of 47,683 is included in IIJ’s subscription for “Internet connectivity services (Consumer)” in our 3Q17 (from April 1, 2017 to December 31, 2017) financial results.
*3. Regarding IP service, data center connectivity service and IIJ FiberAccess/F and IIJ DSL/F of Internet connectivity services (Enterprise), total contracted bandwidths are calculated by multiplying number of contracts by contracted bandwidths respectively.
SI revenues were JPY60,431 million, up 4.6% YoY (JPY57,749 million for FY2016).
Systems construction revenue, a one-time revenue, was JPY22,528 million, almost same revenue volume as FY2016 revenue of JPY22,626 million, mainly due to continuous acquisition of system construction projects. Systems operation and maintenance revenue, a recurring revenue, was JPY37,903 million, up 7.9% YoY (JPY35,123 million for FY2016), mainly due to continued accumulation of systems operation orders as well as an increase in private cloud services’ revenues.
Orders received for SI and equipment sales totaled JPY68,988 million, up 0.6% YoY (JPY68,599 million for FY2016); orders received for systems construction and equipment sales were JPY25,810 million, down 3.4% YoY (JPY26,721 million for FY2016) and orders received for systems operation and maintenance were JPY43,178 million, up 3.1% YoY (JPY41,877 million for FY2016).
Order backlog for SI and equipment sales as of March 31, 2018 amounted to JPY46,588 million, up 12.3% YoY (JPY41,501 million as of March 31, 2017); order backlog for systems construction and equipment sales was JPY6,991 million, down 2.6% YoY (JPY7,179 million as of March 31, 2017) and order backlog for systems operation and maintenance was JPY39,597 million, up 15.4% YoY (JPY34,322 million as of March 31, 2017).
Equipment sales revenues were JPY3,470 million, up 15.9% YoY (JPY2,994 million for FY2016).
ATM operation business revenues were JPY4,031 million, down 0.5% YoY (JPY4,050 million for FY2016). As of March 31, 2018, 1,096 ATMs have been placed.
Cost and expense
Total cost of revenues was JPY147,818 million, up 11.5% YoY (JPY132,542 million for FY2016).
Cost of network services revenue was JPY88,698 million, up 16.1% YoY (JPY76,387 million for FY2016). There were an increase in outsourcing-related costs due to our mobile services and an increase in circuit-related costs along with our WAN services revenue increase. Regarding NTT Docomo’s interconnectivity charge for MVNO-related services, the charge based on their FY2016 actual cost was revised in March 2018 and it decreased by 18.2% year over year. Gross margin was JPY19,421 million, up 16.9% YoY (JPY16,609 million for FY2016) and gross margin ratio was 18.0%.
Cost of SI revenues was JPY53,612 million, up 5.1% YoY (JPY50,992 million for FY2016). There was an increase in outsourcing-related costs along with our SI revenue increase. Gross margin was JPY6,819 million, up 0.9% YoY (JPY6,756 million for FY2016) and gross margin ratio was 11.3%.
Cost of equipment sales revenues was JPY3,142 million, up 14.9% YoY (JPY2,735 million for FY2016). Gross margin was JPY328 million, up 26.6% YoY (JPY260 million for FY2016) and gross margin ratio was 9.5%.
Cost of ATM o peration b usiness revenues was JPY2,366 million, down 2.6% YoY (JPY2,428 million for FY2016). Gross margin was JPY1,665 million, up 2.7% YoY (JPY1,622 million for FY2016) and gross margin ratio was 41.3%.
SG&A and R&D expenses
SG&A and R&D expenses in total were JPY21,471 million, up 6.8% YoY (JPY20,113 million for FY2016).
Sales and marketing expenses were JPY12,688 million, up 11.0% YoY (JPY11,432 million for FY2016) mainly due to increases in advertising expenses, personnel-related expenses, and sales commission expenses.
General and administrative expenses were JPY8,296 million, up 1.0% YoY (JPY8,215 million for FY2016) mainly due to increases in personnel-related expenses.
Research and development expenses were JPY487 million, up 4.5% YoY (JPY466 million for FY2016).
Operating income
Operating income was JPY6,762 million, up 31.7% YoY (JPY5,134 million for FY2016).
Other income (expenses)
Other income (expenses) was an income of JPY1,078 million (an income of JPY293 million for FY2016), mainly because of net gain on sales of other investments, including available-for-sale securities, of JPY1,068 million (JPY217 million for FY2016), distribution from fund investment of JPY270 million (included in other-net of JPY237 million, JPY321 million for FY2016), dividend income of JPY243 million (JPY118 million for FY2016), interest expense of JPY375 million (JPY304 million for FY2016), and foreign exchange losses of JPY16 million (foreign exchange losses of JPY45 million for FY2016).
Income before income tax expenses
Income before income tax expenses was JPY7,840 million, up 44.5% YoY (JPY5,427 million for FY2016).
Net income
Income tax expense was JPY2,696 million (JPY2,225 million for FY2016).
Equity in net income of equity method investees was JPY135 million (JPY130 million for FY2016) mainly due to net income of Internet Multifeed Co.
As a result of the above, net income was JPY5,279 million, up 58.4% YoY (JPY3,332 million for FY2016).
Net income attributable to IIJ
Net income attributable to non-controlling interests was JPY170 million (JPY165 million for FY2016) mainly related to net income of Trust Networks Inc.
Net income attributable to IIJ was JPY5,109 million, up 61.3% YoY (JPY3,167 million for FY2016).
FY2017 Balance Sheets
Balance sheets
As of March 31, 2018, the balance of total assets was JPY153,449 million, increased by JPY16,054 million from the balance as of March 31, 2017 of JPY137,395 million.
As of March 31, 2018, the balance of current assets was JPY67,185 million, increased by JPY3,463 million from the balance as of March 31, 2017 of JPY63,722 million. The major breakdown of current assets was: an increase in accounts receivables by JPY4,447 million to JPY31,831 million, a decrease in inventories by JPY1,084 million to JPY1,715 million, an increase in prepaid expenses by JPY832 million to JPY8,443 million and a decrease in cash and cash equivalents by JPY556 million to JPY21,403 million. As of March 31, 2018, the balance of noncurrent assets was JPY86,264 million, increased by JPY12,591 million from the balance as of March 31, 2017 of JPY73,673 million. The major breakdown of noncurrent assets was: property and equipment of JPY46,414 million, increased by JPY6,639 million, including JPY1,205 million by purchase of land, from the balance as of March 31, 2017, other investments of JPY11,374 million, increased by JPY3,450 million mainly due to an increase in the fair value of available-for-sale securities and an increase in prepaid expenses-noncurrent by JPY1,358 million to JPY7,966 million. Other investments as of March 31, 2018, consisted of JPY9,288 million in available-for-sale securities, JPY1,014 million in nonmarketable equity securities and JPY1,072 million in investments in funds, including some through a trust. As of March 31, 2018, the balance of non-amortized intangible assets was JPY6,116 million, decreased by JPY104 million from the balance as of March 31, 2017 of JPY6,220 million. The major breakdown of non-amortized intangible assets was JPY6,082 million in goodwill. The balance of amortized intangible assets, which was customer relationships, was JPY2,671 million, decreased by JPY365 million from the balance as of March 31, 2017 of JPY3,036 million.
As of March 31, 2018, the balance of current liabilities was JPY42,145 million, increased by JPY2,162 million from the balance as of March 31, 2017 of JPY39,983 million. The major breakdown of current liabilities was: an increase in income taxes payable by JPY852 million to JPY1,928 million, an increase in capital lease obligations-current portion by JPY837 million to JPY5,656 million and a decrease in accounts payable (trade and other) by JPY563 million to JPY16,399 million. As of March 31, 2018, the balance of noncurrent liabilities was JPY37,315 million, increased by JPY7,283 million from the balance as of March 31, 2017 of JPY30,032 million. The major breakdown of noncurrent liabilities was: an increase in long-term borrowings by JPY7,000 million to JPY15,500 million and an increase in capital lease obligations-noncurrent by JPY536 million to JPY10,921 million.
As of March 31, 2018, the balance of total IIJ shareholders’ equity was JPY73,270 million, increased by JPY6,528 million from the balance as of March 31, 2017 of JPY66,742 million and IIJ shareholders’ equity ratio (total IIJ shareholders’ equity divided by total assets) as of March 31, 2018 was 47.7%.
FY2017 Cash Flows
Cash flows
Cash and cash equivalents as of March 31, 2018 were JPY21,403 million (JPY21,959 million as of March 31, 2017).
Net cash provided by operating activities for FY2017 was JPY13,262 million (net cash provided by operating activities of JPY7,368 million for FY2016). There were net income of JPY5,279 million, depreciation and amortization of JPY12,365 million, and adjustment of net gain on sales of other investments, which was deducted from proceeds provided by operating activities, of JPY1,068 million. Regarding changes in operating assets and liabilities, it was net cash out of JPY3,526 million mainly due to an increase in accounts receivable along with revenue growth, an increase in prepaid expenses (including prepaid expense-noncurrent) in relation to upfront payment for software licenses and maintenance cost for service facilities.
Net cash used in investing activities for FY2017 was JPY13,037 million (net cash used in investing activities of JPY7,376 million for FY2016), mainly due to payments for purchase of property and equipment of JPY15,771 million (JPY10,624 million for FY2016), including JPY1,205 million for purchase of land, proceeds from sales of property and equipment, which include sales and leaseback transactions, of JPY3,306 million (JPY3,046 million for FY2016), investment in equity method investees, including DeCurret Inc., of JPY2,005 million (JPY99 million for FY2016) and proceeds from sales of available-for-sale securities of JPY1,207 million (JPY5 million for FY2016).
Net cash used in financing activities for FY2017 was JPY748 million (net cash provided by financing activities of JPY2,492 million for FY2016), mainly due to proceeds from long-term borrowings of JPY7,000 million, principal payments under capital leases of JPY5,724 million (JPY4,820 million for FY2016), FY2016 year-end and FY2017 interim dividends payments of JPY1,217 million (JPY1,126 million for FY2016) and payments of long-term accounts payable of JPY571 million (JPY30 million for FY2016).
FY2018 Financial Targets
Our total revenue and operating income targets for the fiscal year ending March 31, 2019 are as follows.
(JPY in billions) Total Revenue Operating Income 1H FY2018 Target 90.0 2.5 Full FY2018 Target 190.0 7.0 As Japanese economy continues to recover slowly, Japanese enterprises’ IT-related investment as well as spending should continue to grow during FY2018. For the mid-to-long term, market opportunity should expand as mobile-related services growth along with IoT-related projects and further penetration of cloud service as well as demand for outsourcing by Japanese enterprises. For FY2018, with continuous accumulation of network services and SI projects, we seek to increase revenue and operating income by expanding gross margin amount.
We target total revenue of JPY190.0 billion, up 7.9% year over year, mainly by continuously accumulating recurring revenue of network services and systems operation and maintenance. As for operating income, we target JPY7.0 billion, up 3.5% year over year. Gross margin growth, mainly by continuous expansion of network services gross margin as well as SI gross margin ratio improvement, should absorb forefront fixed cost increase related to full-MVNO operations.
Due to the revision of the accounting principles generally accepted in the U.S. (“U.S.GAAP”), fluctuation of unrealized gains or losses on holding available-for-sale equity securities will be recognized in other income (expenses) on our consolidated statements of income from 1Q18* and fluctuations of stock prices may impact our consolidated statements of income. Due to difficulties of forecasting such fluctuation, we do not disclose our FY2018 targets for income before income tax expense, net income attributable to IIJ, basic net income attributable to IIJ per share, and consolidated payout ratio of dividends.
*Unrealized gains or losses on holding available-for-sale equity securities are evaluated based on the closing price of March 30, 2018, FY2017-end, and are reclassed from accumulated other comprehensive income to retained earnings at the beginning of our FY2018. After that, fluctuations of unrealized gains or losses due to fluctuations of stock prices will be recognized in other income (expenses) at every quarter.
Consideration on IFRS Adoption
We are considering to voluntarily adopt International Financial Reporting Standards (“IFRS”) from the filing of our FY2018 annual report “Yuka-shoken-houkokusho.” Under IFRS, we have an alternative to recognize unrealized gains or losses on holding available-for-sale equity securities as other comprehensive income.
Because of different accounting principles, our FY2018 consolidated financial statements disclosed in “Yuka-shoken-houkokusho” which will be prepared under IFRS might differ from our FY2018 consolidated financial statements disclosed in earnings press release as well as in the Convocation Notice for the 27 th Ordinary General Meeting for Shareholders which will be prepared under the U.S. GAAP.
Planned schedule for voluntary adoption of IFRS:
Mid-May 2019: FY2018 unaudited consolidated financial statements disclosed in earnings press release (U.S.GAAP) Late-May 2019: FY2018 audited consolidated financial statements disclosed in the Convocation Notice for the 27 th Ordinary General Meeting for Shareholders (U.S.GAAP) Late-June 2019: FY2018 audited consolidated financial statements disclosed in annual report “Yuka-shoken-houkokusho” (IFRS)
FY2018 Dividend Forecast
Our FY2018 dividend forecast is as follows:
Interim Year-end Full Year FY2018 Dividend (forecast) JPY13.50 (forecast) JPY13.50 (forecast) JPY27.00 (forecast) FY2017 Dividend (scheduled) JPY13.50 (paid) JPY13.50 (scheduled) JPY27.00 (scheduled) FY2017 Reconciliation of Non-GAAP Financial Measures
The following table summarizes the reconciliation of adjusted EBITDA to net income attributable to IIJ in our consolidated statements of income that are prepared in accordance with U.S. GAAP.
Adjusted EBITDA FY2016 FY2017 JPY millions JPY millions Adjusted EBITDA 16,109 19,127 Depreciation and Amortization (10,894 ) (12,365 ) Impairment loss on other intangible assets (81 ) - Operating Income 5,134 6,762 Other Income 293 1,078 Income Tax Expense 2,225 2,696 Equity in Net Income of Equity Method Investees 130 135 Net income 3,332 5,279 Less: Net income attributable to noncontrolling interests (165 ) (170 ) Net Income attributable to IIJ 3,167 5,109
CAPEX FY2016 FY2017 JPY millions JPY millions CAPEX, including capital leases 16,531 20,828 Acquisition of Assets by Entering into Capital Leases 8,302 7,109 Purchase of Property and Equipment 8,229 13,719 Presentation
Presentation materials will be posted on our web site ( https://www.iij.ad.jp/en/ir/ ) on May 15, 2018.
About Internet Initiative Japan Inc.
Founded in 1992, IIJ is one of Japan's leading Internet-access and comprehensive network solutions providers. IIJ and its group companies provide total network solutions that mainly cater to high-end corporate customers. IIJ's services include high-quality Internet connectivity services, mobile services, security services, cloud computing services, and systems integration. Moreover, IIJ operates one of the largest Internet backbone networks in Japan that is connected to the United States, the United Kingdom and Asia. IIJ listed on the U.S. NASDAQ Stock Market in 1999 and on the First Section of the Tokyo Stock Exchange in 2006.
For inquiries, contact:
IIJ Investor Relations
Tel: +81-3-5205-6500 E-mail: [email protected] URL: https://www.iij.ad.jp/en/ir
Statements made in this press release regarding IIJ’s or management’s intentions, beliefs, expectations, or predictions for the future are forward-looking statements that are based on IIJ’s and managements’ current expectations, assumptions, estimates and projections about its business and the industry. These forward-looking statements, such as statements regarding revenues and operating and net profitability, are subject to various risks, uncertainties and other factors that could cause IIJ’s actual results to differ materially from those contained in any forward-looking statement. These risks, uncertainties and other factors include: IIJ’s ability to maintain and increase revenues from higher-margin services such as outsourcing services; the possibility that revenues from connectivity services may decline substantially as a result of competition and other factors; the ability to compete in a rapidly evolving and competitive marketplace; the impact on IIJ's profits of fluctuations in costs such as backbone costs and subcontractor costs; the impact on IIJ's profits of fluctuations in the price of available-for-sale securities; fluctuations of equity in net income (loss) of equity method investees; the impact of technological changes in its industry; IIJ’s ability to raise additional capital to cover its indebtedness; the possibility that NTT, IIJ’s largest shareholder, may decide to exercise substantial influence over IIJ; and other risks referred to from time to time in IIJ’s filings on Form 20-F of its annual report and other filings with the United States Securities and Exchange Commission.
Internet Initiative Japan Inc. Consolidated Balance Sheets (Unaudited) (As of March 31, 2017 and March 31, 2018) As of March 31, 2017 As of March 31, 2018 Thousands of
JPY Thousands of
JPY ASSETS CURRENT ASSETS: Cash and cash equivalents 21,958,591 21,402,892 Accounts receivable, net of allowance for doubtful accounts of
JPY 107,684 thousand and JPY 123,453 thousand
at March 31, 2017 and March 31, 2018, respectively 27,383,692 31,830,882 Inventories 2,798,054 1,714,547 Prepaid expenses—current 7,610,925 8,442,981 Deferred tax assets—current 1,298,469 - Other current assets, net of allowance for doubtful accounts of
JPY 15,192 thousand and JPY 720 thousand at March 31, 2017 and
March 31, 2018, respectively 2,672,008 3,793,449 Total current assets 63,721,739 67,184,751 INVESTMENTS IN EQUITY METHOD INVESTEES 3,150,175 5,246,313 OTHER INVESTMENTS 7,924,914 11,374,442 PROPERTY AND EQUIPMENT, net of accumulated depreciation and
amortization of JPY 50,566,983 thousand and JPY 55,470,955 thousand
at March 31, 2017 and March 31, 2018, respectively 39,775,444 46,414,250 GOODWILL 6,169,609 6,082,472 OTHER INTANGIBLE ASSETS—Net 3,087,017 2,704,668 GUARANTEE DEPOSITS 3,060,365 3,422,443 DEFERRED TAX ASSETS—Noncurrent 80,566 183,808 NET INVESTMENT IN SALES-TYPE LEASES—Noncurrent 2,047,682 1,545,293 Prepaid expenses—Noncurrent 6,607,437 7,965,889 OTHER ASSETS, net of allowance for doubtful accounts of
JPY 61,877 thousand and JPY 60,929 thousand
at March 31, 2017 and March 31, 2018, respectively 1,770,201 1,324,490 TOTAL 137,395,149 153,448,819 As of March 31, 2017 As of March 31, 2018 Thousands of
JPY Thousands of
JPY LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Short-term borrowings 9,250,000 9,250,000 Capital lease obligations—current portion 4,818,723 5,655,875 Accounts payable—trade 14,653,065 14,950,920 Accounts payable—other 2,308,790 1,448,423 Income taxes payable 1,075,745 1,928,037 Accrued expenses 2,755,581 3,111,385 Deferred income—current 3,750,542 4,237,676 Other current liabilities 1,370,661 1,562,717 Total current liabilities 39,983,107 42,145,033 LONG-TERM BORROWINGS 8,500,000 15,500,000 CAPITAL LEASE OBLIGATIONS—Noncurrent 10,384,643 10,920,726 ACCRUED RETIREMENT AND PENSION COSTS—Noncurrent 3,532,965 3,724,634 DEFERRED TAX LIABILITIES—Noncurrent 963,845 688,787 DEFERRED INCOME—Noncurrent 3,656,612 3,952,279 OTHER NONCURRENT LIABILITIES 2,993,777 2,528,803 Total Liabilities 70,014,949 79,460,262 COMMITMENTS AND CONTINGENCIES SHAREHOLDERS' EQUITY: Common-stock—authorized, 75,520,000 shares; issued and
outstanding, 46,711,400 and 46,713,800 shares at March 31, 2017 and
March 31, 2018, respectively 25,509,499 25,511,804 Additional paid-in capital 36,117,511 36,175,937 Retained earnings 4,511,945 8,404,228 Accumulated other comprehensive income 2,499,700 5,074,872 Treasury stock—1,650,909 shares held by the company at March 31,
2017 and March 31, 2018, respectively (1,896,784 ) (1,896,784 ) Total Internet Initiative Japan Inc. shareholders' equity 66,741,871 73,270,057 NONCONTROLLING INTERESTS 638,329 718,500 Total equity 67,380,200 73,988,557 TOTAL 137,395,149 153,448,819
Internet Initiative Japan Inc. Consolidated Statements of Income and
Consolidated Statements of Comprehensive Income (Unaudited) (For the fiscal year ended March 31, 2017 and March 31, 2018) Fiscal Year Ended Fiscal Year Ended March 31, 2017 March 31, 2018 Thousands of
JPY Thousands of
JPY REVENUES: Network services: Internet connectivity services (enterprise) 22,633,739 27,943,656 Internet connectivity services (consumer) 21,734,968 24,761,487 WAN services 26,459,697 29,295,097 Outsourcing services 22,167,432 26,118,657 Total 92,995,836 108,118,897 Systems integration: Systems construction 22,625,753 22,527,433 Systems operation and maintenance 35,122,940 37,903,235 Total 57,748,693 60,430,668 Equipment sales 2,994,449 3,470,400 ATM operation business 4,050,081 4,030,684 Total revenues 157,789,059 176,050,649 COSTS AND EXPENSES: Cost of network services 76,386,849 88,697,639 Cost of systems integration 50,992,480 53,612,063 Cost of equipment sales 2,735,169 3,142,262 Cost of ATM operation business 2,427,870 2,365,403 Total costs 132,542,368 147,817,367 Sales and marketing 11,431,467 12,688,046 General and administrative 8,214,598 8,295,583 Research and development 466,319 487,451 Total costs and expenses 152,654,752 169,288,447 OPERATING INCOME 5,134,307 6,762,202 OTHER INCOME (EXPENSES): Dividend income 117,567 242,576 Interest income 35,259 30,527 Interest expense (303,685 ) (375,202 ) Foreign exchange gain (loss), net (45,116 ) (15,863 ) Net gain on sales of other investments 216,646 1,068,303 Loss on sales of stocks of an affiliate (12,070 ) - Impairment of other investments (30,554 ) (109,840 ) Other —net 314,806 237,420 Other income —net 292,853 1,077,921 INCOME FROM OPERATIONS BEFORE INCOME TAX EXPENSE
AND EQUITY IN NET INCOME OF EQUITY METHOD INVESTEES 5,427,160 7,840,123 INCOME TAX EXPENSE 2,224,880 2,695,839 EQUITY IN NET INCOME OF EQUITY METHOD INVESTEES 129,791 134,656 NET INCOME 3,332,071 5,278,940 LESS: NET INCOME ATTRIBUTABLE TO
NONCONTROLLING INTERESTS (165,561 ) (169,991 ) NET INCOME ATTRIBUTABLE TO INTERNET
INITIATIVE JAPAN INC. 3,166,510 5,108,949 Fiscal Year Ended Fiscal Year Ended March 31, 2017 March 31, 2018 NET INCOME PER SHARE BASIC WEIGHTED-AVERAGE NUMBER OF SHARES (shares) 45,652,981 45,062,878 DILUTED WEIGHTED-AVERAGE NUMBER OF SHARES (shares) 45,772,470 45,215,686 BASIC WEIGHTED-AVERAGE NUMBER OF
ADS EQUIVALENTS (ADSs) 91,305,962 90,125,756 DILUTED WEIGHTED-AVERAGE NUMBER OF
ADS EQUIVALENTS (ADSs) 91,544,940 90,431,372 BASIC NET INCOME PER SHARE (JPY) 69.36 113.37 DILUTED NET INCOME PER SHARE (JPY) 69.18 112.99 BASIC NET INCOME PER ADS EQUIVALENT (JPY) 34.68 56.69 DILUTED NET INCOME PER ADS EQUIVALENT (JPY) 34.59 56.50 Consolidated Statements of Comprehensive Income (Unaudited) Fiscal Year Ended Fiscal Year Ended March 31, 2017 March 31, 2018 Thousands of
JPY Thousands of
JPY NET INCOME 3,332,071 5,278,940 OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: Foreign currency translation adjustments (181,110 ) (904 ) Unrealized holding gain on securities 1,280,095 2,542,210 Defined benefit pension plans 204,046 33,866 TOTAL COMPREHENSIVE INCOME 4,635,102 7,854,112 LESS: COMPREHENSIVE INCOME ATTRIBUTABLE TO
NONCONTROLLING INTERESTS (165,561 ) (169,991 ) COMPREHENSIVE INCOME ATTRIBUTABLE TO
INTERNET INITIATIVE JAPAN INC. 4,469,541 7,684,121
Internet Initiative Japan Inc. Consolidated Statements of Shareholders' Equity (Unaudited) (For the fiscal year ended March 31, 2017 and March 31, 2018)
Total
equity Internet Initiative Japan Inc. shareholders' equity NON
CONTROLLING
INTERESTS Retained earnings
(Accumulated deficit) Accumulated
other
comprehensive
income (loss) Shares of
common
stock
outstanding Common
stock Treasury
stock Additional
paid-in
capital Thousands
of JPY Thousands
of JPY Thousands
of JPY Shares Thousands
of JPY Thousands
of JPY Thousands
of JPY Thousands
of JPY BALANCE, MARCH 31, 2016 65,343,975 2,471,276 1,196,669 46,711,400 25,509,499 (392,070 ) 36,059,833 498,768 Dividends paid to noncontrolling interests (26,000 ) (26,000 ) Stock-based compensation 57,678 57,678 Net Income 3,332,071 3,166,510 165,561 Other Comprehensive
income (loss), net of tax 1,303,031 1,303,031 Dividends paid (1,125,841 ) (1,125,841 ) Payments for purchase of treasury stock (1,504,714 ) (1,504,714 ) BALANCE, MARCH 31, 2017 67,380,200 4,511,945 2,499,700 46,711,400 25,509,499 (1,896,784 ) 36,117,511 638,329 Issuance of common stock upon
exercise of stock options 2 2,400 2,305 (2,303 ) Dividends paid to noncontrolling interests (46,800 ) (46,800 ) Change in ownership for non-controlling
interests and others (39,612 ) 3,408 (43,020 ) Stock-based compensation 57,321 57,321 Net Income 5,278,940 5,108,949 169,991 Other Comprehensive
income (loss), net of tax 2,575,172 2,575,172 Dividends paid (1,216,666 ) (1,216,666 ) BALANCE, MARCH 31, 2018 73,988,557 8,404,228 5,074,872 46,713,800 25,511,804 (1,896,784 ) 36,175,937 718,500
Internet Initiative Japan Inc. Consolidated Statements of Cash Flows (Unaudited) (For the fiscal year ended March 31, 2017 and March 31, 2018) Fiscal Year Ended Fiscal Year Ended March 31, 2017 March 31, 2018 Thousands of
JPY Thousands of
JPY OPERATING ACTIVITIES: Net income 3,332,071 5,278,940 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 10,893,657 12,364,873 Impairment loss on other intangible assets 81,000 - Provision for retirement and pension costs, less payments 252,825 241,868 Provision for allowance for doubtful accounts 68,300 94,839 Gain on sales of property and equipment (31,809 ) (12,376 ) Loss on disposal of property and equipment 170,971 112,329 Net gain on sales of other investments (216,646 ) (1,068,303 ) Loss on sales of stocks of an affiliate 12,070 - Impairment of other investments 30,554 113,450 Foreign exchange loss, net 18,152 32,514 Equity in net income of equity method investees, less dividends received (78,709 ) (83,465 ) Deferred income tax benefit (94,343 ) (312,933 ) Other (44,667 ) 25,856 Changes in operating assets and liabilities net of effects from divestitures of a company : Increase in accounts receivable (3,751,392 ) (4,823,584 ) Decrease in net investment in sales-type lease — noncurrent 492,530 502,389 Decrease (increase) in inventories (800,296 ) 1,085,649 Increase in prepaid expenses (2,859,763 ) (842,521 ) Increase in other current and noncurrent assets (3,317,968 ) (2,194,591 ) Increase in accounts payable 827,792 358,299 Increase (decrease) in income taxes payable (2,621 ) 861,899 Increase (decrease) in accrued expenses (167,597 ) 351,710 Increase in deferred income—current 1,257,870 487,931 Increase in deferred income—noncurrent 604,269 332,765 Increase in other current and noncurrent liabilities 691,442 354,226 Net cash provided by operating activities 7,367,692 13,261,764 INVESTING ACTIVITIES: Purchase of property and equipment (10,623,993 ) (15,770,587 ) Proceeds from sales of property and equipment 3,046,189 3,305,813 Purchase of other investments (410,587 ) (286,695 ) Investment in equity method investees (99,000 ) (2,004,808 ) Proceeds from sales of available-for-sale securities 4,840 1,206,516 Proceeds from sales of other investments 534,549 157,341 Payments of guarantee deposits (50,345 ) (380,343 ) Refund of guarantee deposits 92,002 26,458 Payments for refundable insurance policies (56,476 ) (56,362 ) Proceeds from sale of stock of a subsidiary, net of cash divested - 726,081 Proceeds from subsidies 200,000 48,976 Other (13,000 ) (9,715 ) Net cash used in investing activities (7,375,821 ) (13,037,325 ) Fiscal Year Ended Fiscal Year Ended March 31, 2017 March 31, 2018 Thousands of
JPY Thousands of
JPY FINANCING ACTIVITIES: Proceeds from short-term borrowings with initial maturities over three months and
long-term borrowings 8,550,000 9,550,000 Net increase in short-term borrowings with initial maturities less than three months - (150,000 ) Repayments of short-term borrowings with initial maturities over three months (50,000 ) (2,550,000 ) Principal payments under capital leases (4,819,530 ) (5,723,729 ) Proceeds from long-term accounts payable 1,498,306 - Payments of long-term accounts payable (30,122 ) (571,373 ) Dividends paid (1,125,841 ) (1,216,666 ) Payments for purchase of treasury stock (1,504,714 ) - Other (26,000 ) (86,410 ) Net cash provided by (used in) financing activities 2,492,099 (748,178 ) EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS (94,474 ) (31,960 ) NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 2,389,496 (555,699 ) CASH AND CASH EQUIVALENTS, BEGINNING OF THE PERIOD 19,569,095 21,958,591 CASH AND CASH EQUIVALENTS, END OF THE PERIOD 21,958,591 21,402,892 ADDITIONAL CASH FLOW INFORMATION: Interest paid 302,035 368,413 Income taxes paid 2,462,106 2,063,530 NONCASH INVESTING AND FINANCING ACTIVITIES: Acquisition of assets by entering into capital leases 8,301,695 7,108,629 Facilities purchase liabilities 2,308,790 1,448,423 Asset retirement obligation 31,980 49,609 Fourth Quarter FY2017 Consolidated Financial Results (3 months)
The following tables are highlight data of fourth Quarter FY2017 (3 months) consolidated financial results (unaudited, for the three months ended March 31, 2018).
Operating Results Summary 4Q16 4Q17 YoY
Change JPY millions JPY millions % Total Revenues: 44,187 48,439 9.6 Network Services 24,515 28,119 14.7 Systems Integration (SI) 17,891 18,130 1.3 Equipment Sales 787 1,195 51.9 ATM Operation Business 994 995 0.0 Cost of Revenues: 36,770 39,961 8.7 Network Services 20,113 22,588 12.3 Systems Integration (SI) 15,348 15,715 2.4 Equipment Sales 711 1,089 53.2 ATM Operation Business 598 569 (4.7 ) SG&A Expenses and R&D 5,438 5,491 1.0 Operating Income 1,979 2,987 50.9 Income before Income Tax Expense 1,994 3,512 76.1 Net Income attributable to IIJ 1,256 2,421 92.7
Network Service Revenue Breakdown 4Q16 4Q17 YoY
Change JPY millions JPY millions % Internet Connectivity Service (Enterprise) 6,173 7,526 21.9 IP Service *1 2,438 2,552 4.7 IIJ FiberAccess/F and IIJ DSL/F 763 735 (3.8 ) IIJ Mobile Service 2,915 4,183 43.5 IIJ Mobile MVNO Platform Service 2,083 3,125 50.0 Others 57 56 (0.3 ) Internet Connectivity Service (Consumer) 5,832 6,054 3.8 IIJ 5,344 6,054 13.3 IIJmio Mobile Service 4,672 5,367 14.9 hi-ho *2 488 - (100.0 ) WAN Services 6,612 7,619 15.2 Outsourcing Services 5,899 6,920 17.3 Network Services Revenues 24,515 28,119 14.7 *1 IP service revenues include revenues from the data center connectivity service.
*2. On December 31, 2017, IIJ sold all the shares of common stock of hi-ho which was IIJ’s wholly owned subsidiary. Accordingly, hi-ho’s revenue for “Internet connectivity services (Consumer)” decreased to zero.
Reconciliation of Non-GAAP Financial Measures (Fourth Quarter FY2017 (3 months))
The following table summarizes the reconciliation of adjusted EBITDA to net income in our consolidated statements of income that are prepared in accordance with U.S. GAAP.
Adjusted EBITDA 4Q16 4Q17 JPY millions JPY millions Adjusted EBITDA 4,948 6,196 Depreciation and Amortization (2,888 ) (3,209 ) Impairment loss on other intangible assets (81 ) - Operating Income 1,979 2,987 Other Income (Expense) 15 525 Income Tax Expense (Benefit) 759 1,082 Equity in Net Income of Equity Method Investees 61 33 Net income 1,296 2,463 Less: Net income attributable to noncontrolling interests (39 ) (42 ) Net Income attributable to IIJ 1,257 2,421 The following table summarizes the reconciliation of capital expenditures to the purchase of property and equipment in our consolidated statements of cash flows that are prepared and presented in accordance with U.S. GAAP.
CAPEX 4Q16 4Q17 JPY millions JPY millions CAPEX, including capital leases 4,273 5,072 Acquisition of Assets by Entering into Capital Leases 2,459 1,484 Purchase of Property and Equipment 1,814 3,588
Internet Initiative Japan Inc. Quarterly Consolidated Statements of Income and
Quarterly Consolidated Statements of Comprehensive Income (Unaudited) (Three Months ended March 31, 2017 and March 31, 2018) Three Months Ended Three Months Ended March 31, 2017 March 31, 2018 Thousands of
JPY Thousands of
JPY REVENUES: Network services: Internet connectivity services (enterprise) 6,172,534 7,525,693 Internet connectivity services (consumer) 5,832,016 6,054,155 WAN services 6,611,961 7,619,194 Outsourcing services 5,898,789 6,920,258 Total 24,515,300 28,119,300 Systems integration: Systems construction 8,652,946 7,996,955 Systems operation and maintenance 9,237,719 10,132,656 Total 17,890,665 18,129,611 Equipment sales 786,800 1,195,037 ATM operation business 994,342 994,727 Total revenues 44,187,107 48,438,675 COST AND EXPENSES: Cost of network services 20,113,321 22,588,521 Cost of systems integration 15,348,322 15,714,175 Cost of equipment sales 710,907 1,088,830 Cost of ATM operation business 597,775 569,491 Total costs 36,770,325 39,961,017 Sales and marketing 3,039,453 3,137,162 General and administrative 2,286,433 2,225,575 Research and development 111,908 128,326 Total costs and expenses 42,208,119 45,452,080 OPERATING INCOME 1,978,988 2,986,595 OTHER INCOME (EXPENSE): Dividend income 11,231 11,792 Interest income 8,478 7,397 Interest expense (85,481 ) (98,828 ) Foreign exchange gain (loss), net (22,044 ) (44,394 ) Net gain on sales of other investments 2,708 694,804 Loss on sales of stocks of an affiliate (12,070 ) - Impairment of other investments - (109,840 ) Other—net 112,320 64,024 Other income —net 15,142 524,955 INCOME FROM OPERATIONS BEFORE INCOME
TAX EXPENSE AND EQUITY IN NET INCOME
OF EQUITY METHOD INVESTEES 1,994,130 3,511,550 INCOME TAX EXPENSE 759,028 1,081,884 EQUITY IN NET INCOME OF EQUITY
METHOD INVESTEES 60,547 33,487 NET INCOME 1,295,649 2,463,153 LESS: NET INCOME ATTRIBUTABLE TO
NONCONTROLLING INTERESTS (39,400 ) (42,100 ) NET INCOME ATTRIBUTABLE TO
INTERNET INITIATIVE JAPAN INC. 1,256,249 2,421,053 Three Months Ended Three Months Ended March 31, 2017 March 31, 2018 NET INCOME PER SHARE BASIC WEIGHTED-AVERAGE NUMBER OF
SHARES (shares) 45,652,981 45,062,891 DILUTED WEIGHTED-AVERAGE NUMBER
OF SHARES (shares) 45,772,470 45,227,668 BASIC WEIGHTED-AVERAGE NUMBER OF
ADS EQUIVALENTS (ADSs) 91,305,962 90,125,782 DILUTED WEIGHTED-AVERAGE NUMBER
OF ADS EQUIVALENTS (ADSs) 91,544,940 90,455,336 BASIC NET INCOME PER SHARE (JPY) 27.52 53.73 DILUTED NET INCOME PER SHARE (JPY) 27.45 53.53 BASIC NET INCOME PER ADS
EQUIVALENT (JPY) 13.76 26.86 DILUTED NET INCOME PER ADS
EQUIVALENT (JPY) 13.72 26.77 Quarterly Consolidated Statements of Comprehensive Income (Unaudited) Three Months Ended Three Months Ended March 31, 2017 March 31, 2018 Thousands of
JPY Thousands of
JPY NET INCOME 1,295,649 2,463,153 OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: Foreign currency translation adjustments 274,048 12,497 Unrealized holding gain on securities 359,360 410,023 Defined benefit pension plans 193,168 31,369 TOTAL COMPREHENSIVE INCOME 2,122,225 2,917,042 LESS: COMPREHENSIVE INCOME ATTRIBUTABLE TO
NONCONTROLLING INTERESTS (39,400 ) (42,100 ) COMPREHENSIVE INCOME ATTRIBUTABLE TO
INTERNET INITIATIVE JAPAN INC. 2,082,825 2,874,942
Internet Initiative Japan Inc. Consolidated Statements of Cash Flows (Unaudited) (Three Months ended March 31, 2017 and March 31, 2018) Three Months Ended Three Months Ended March 31, 2017 March 31, 2018 Thousands of
JPY Thousands of
JPY OPERATING ACTIVITIES: Net income 1,295,649 2,463,153 Adjustments to reconcile net income to net cash
provided by operating activities: Depreciation and amortization 2,887,608 3,209,013 Impairment loss on other intangible assets 81,000 - Provision for retirement and pension costs, less payments 63,902 45,669 Provision for allowance for doubtful accounts 48,311 26,908 Loss (gain) on sales of property and equipment (16,399 ) 1,260 Loss on disposal of property and equipment 116,490 49,938 Net gain on sales of other investments (2,708 ) (694,804 ) Loss on sales of stocks of an affiliate 12,070 - Impairment of other investments - 113,450 Foreign exchange loss, net 18,429 43,525 Equity in net income of equity method investees, less dividends received (60,547 ) (33,487 ) Deferred income tax benefit (444,078 ) (289,924 ) Other 7,049 71,165 Changes in operating assets and liabilities net of effects from divestitures of a company : Increase in accounts receivable (3,687,105 ) (4,233,708 ) Decrease in net investment in sales-type lease — noncurrent 92,140 130,941 Decrease in inventories 786,260 2,614,446 Decrease (increase) in prepaid expenses (405,326 ) 512,885 Decrease (increase) in other current and noncurrent assets 1,216,437 (202,209 ) Increase (decrease) in accounts payable 667,465 (540,684 ) Increase in income taxes payable 764,551 1,397,103 Increase (decrease) in accrued expenses (186,236 ) 110,343 Increase in deferred income—current 1,117,832 67,994 Increase in deferred income—noncurrent 302,112 96,280 Increase (decrease) in other current and noncurrent liabilities (1,714,893 ) 6,504 Net cash provided by operating activities 2,960,013 4,965,761 INVESTING ACTIVITIES: Purchase of property and equipment (2,683,903 ) (3,985,425 ) Proceeds from sales of property and equipment 827,010 549,094 Purchase of other investments (94,416 ) (155,577 ) Investment in an equity method investee - (1,830,000 ) Proceeds from sales of available-for-sale securities 4,840 746,499 Proceeds from sales of other investments 300 1,075 Payments of guarantee deposits (33,243 ) (82,198 ) Refund of guarantee deposits 4,298 5,625 Payments for refundable insurance policies (14,091 ) (14,090 ) Other 2,000 (5 ) Net cash used in investing activities (1,987,205 ) (4,765,002 ) Three Months Ended Three Months Ended March 31, 2017 March 31, 2018 Thousands of
JPY Thousands of
JPY FINANCING ACTIVITIES: Net increase in short-term borrowings with initial maturities less than three months - (150,000 ) Principal payments under capital leases (1,284,643 ) (1,493,754 ) Proceeds from long-term accounts payable 1,498,306 - Payments of long-term accounts payable (30,122 ) (165,122 ) Payments for purchase of treasury stock (522,607 ) - Other - 11,250 Net cash used in financing activities (339,066 ) (1,797,626 ) EFFECT OF EXCHANGE RATE CHANGES ON
CASH AND CASH EQUIVALENTS 58,631 (44,389 ) NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 692,373 (1,641,256 ) CASH AND CASH EQUIVALENTS, BEGINNING OF THE PERIOD 21,266,218 23,044,148 CASH AND CASH EQUIVALENTS, END OF THE PERIOD 21,958,591 21,402,892
Note: The following information is provided to disclose Internet Initiative Japan Inc. ("IIJ") financial results (unaudited) for the fiscal year ended March 31, 2018 (“FY2017”) in the form defined by the Tokyo Stock Exchange.
Consolidated Financial Results for the Fiscal Year Ended March 31, 2018
[Under accounting principles generally accepted in the United States ("U.S. GAAP")]
May 15, 2018
Company name: Internet Initiative Japan Inc.
Exchange listed: Tokyo Stock Exchange First Section
Stock code number: 3774
URL: https://www.iij.ad.jp/
Representative: Eijiro Katsu, President and Representative Director
Contact: Akihisa Watai, Managing Director and CFO
TEL: (03) 5205-6500
Scheduled date for annual general shareholder’s meeting: June 28, 2018
Scheduled date for dividend payment: June 29, 2018
Scheduled date for filing of annual report ( Yuka-shoken-houkokusho ) to Japan’s regulatory organization: June 29, 2018
Supplemental material on annual results: Yes
Presentation on quarterly report: Yes (for institutional investors and analysts)
(Amounts of less than JPY one million are rounded)
1. Consolidated Financial Results for the Fiscal Year Ended March 31, 2018
(April 1, 2017 to March 31, 2018)
(1) Consolidated Results of Operations (% shown is YoY change) Total revenues Operating income Income before
income tax expense Net income
attributable to IIJ JPY millions % JPY millions % JPY millions % JPY millions % Fiscal year ended March 31, 2018 176,051 11.6 6,762 31.7 7,840 44.5 5,109 61.3 Fiscal year ended March 31, 2017 157,789 12.2 5,134 (16.4 ) 5,427 (12.4 ) 3,167 (21.6 )
(Note1) Total comprehensive income attributable to IIJ
Fiscal year ended March 31, 2018: JPY7,684 million (up 71.9% YoY)
Fiscal year ended March 31, 2017: JPY4,470 million (up 35.6% YoY) (Note2) Income before income tax expense represents income from operations before income tax expense and equity in net income in equity method investees, respectively, in IIJ's consolidated financial statements.
Basic net income
attributable to IIJ
per share Diluted net income
attributable to IIJ
per share Net income
attributable to IIJ
to total
shareholders' equity Income before
income tax
expense to total
assets Total revenues
operating margin
ratio JPY JPY % % % Fiscal year ended
March 31, 2018 113.37 112.99 7.3 5.4 3.8 Fiscal year ended
March 31, 2017 69.36 69.18 4.8 4.3 3.3
(Reference) Equity in net income of equity method investees
Fiscal year ended March 31, 2018: JPY135 million
Fiscal year ended March 31, 2017: JPY130 million
(2) Consolidated Financial Position Total assets Total equity Total IIJ
shareholders'
equity Total IIJ
shareholders'
equity to total
assets Total IIJ
shareholders’
equity per share JPY millions JPY millions JPY millions % JPY As of March 31, 2018 153,449 73,989 73,270 47.7 1,625.95 As of March 31, 2017 137,395 67,380 66,742 48.6 1,481.16
(3) Consolidated Cash Flow Operating activities Investing activities Financing activities Cash and cash
equivalents
(end of the
period) JPY millions JPY millions JPY millions JPY millions Fiscal year ended
March 31, 2018 13,262 (13,037 ) (748 ) 21,403 Fiscal year ended
March 31, 2017 7,368 (7,376 ) 2,492 21,959
2. Dividends Dividend per Shares Total cash
dividends for
the year Payout
Ratio
(consolidated) Ratio of
Dividends to
Shareholder's
Equity
(consolidated) 1Q-end 2Q-end 3Q-end Year-end Total JPY JPY JPY JPY JPY JPY millions % % Fiscal Year Ended
March 31, 2017 - 13.50 - 13.50 27.00 1,229 38.9 1.9 Fiscal Year Ended
March 31, 2018 - 13.50 - 13.50 27.00 1,217 23.8 1.7 Fiscal Year Ending
March 31, 2019
(forecast) - 13.50 - 13.50 27.00 (Note) Change from the latest released dividend forecasts: No.
3. Target of Consolidated Financial Results for the Fiscal Year Ending March 31, 2019
(April 1, 2018 through March 31, 2019) (% shown is YoY change) Total
Revenues Operating
Income JPY millions % JPY millions % Interim Period Ending
September 30, 2018 90,000 8.4 2,500 8.0 Fiscal Year Ending
March 31, 2019 190,000 7.9 7,000 3.5 * Notes
Changes in significant subsidiaries for the fiscal year ended March 31, 2018
(Changes in significant subsidiaries for the fiscal year ended March 31, 2018 which resulted in changes in scope of consolidation): None
Changes in significant accounting and reporting policies for the consolidated financial statements Changes due to the revision of accounting standards: Yes
In November 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-17 “Balance Sheet Classification of Deferred Taxes.” This ASU requires that deferred tax assets and liabilities be classified as noncurrent on the consolidated balance sheet. IIJ adopted this ASU from the first quarter beginning April 1, 2017, on a prospective basis, and did not retrospectively adjust the consolidated balance sheet as of March 31, 2017.
As of March 31, 2017, the balance of current deferred tax assets and liabilities amounted to JPY1,298,469 thousand and JPY108,994 thousand, respectively.
Others: No
Number of shares outstanding (shares of common stock)
The number of shares outstanding (inclusive of treasury stock):
As of March 31, 2018: 46,713,800 shares
As of March 31, 2017: 46,711,400 shares
The number of treasury stock:
As of March 31, 2018: 1,650,909 shares
As of March 31, 2017: 1,650,909 shares
The weighted average number of shares outstanding:
For the fiscal year ended March 31, 2018: 45,062,878 shares
For the fiscal year ended March 31, 2017: 45,652,981 shares
[English Translation]
May 15, 2018
Company name: Internet Initiative Japan Inc.
Company representative: Eijiro Katsu, President and Representative Director
(Stock Code Number: 3774, The First Section of the Tokyo Stock Exchange)
Contact: Akihisa Watai, Managing Director and CFO
TEL: 81-3-5205-6500
Information Pertaining to Our Largest Shareholder
1. About Our Largest Shareholder (As of March 31, 2018)
Name Relationship Its Ownership Percentage (%) Securities Exchanges
where its Shares are Listed Direct
ownership Indirect
ownership Total Nippon
Telegraph and
Telephone
Corporation
(“NTT”) IIJ is NTT's
affiliate
company 22.4 4.5 26.9 Tokyo Stock Exchange (First Section) 2. Position of the Listed Company (IIJ) within NTT Group and other relationships
The ownership percentage by NTT, which is IIJ's largest shareholder, was 26.9% as of March 31, 2018, including its indirect ownership. However, IIJ's business activities are not affected by NTT's ownership in IIJ and IIJ is maintaining its management independence.
3. Business Relationship with NTT Group
IIJ uses services provided by Nippon Telegraph and Telephone East Corporation and Nippon Telegraph and Telephone West Corporation for a significant portion of IIJ’s access circuits, services provided by NTT Communications Corporation for a significant portion of IIJ’s domestic and international backbone circuits, and services provided by NTT DOCOMO, INC for a significant portion of IIJ’s mobile infrastructure, to provide Internet connectivity and other services to IIJ’s customers. IIJ also leases a part of Internet data center facilities from NTT Group companies to provide Internet data center services. The aggregate amount paid to for these services was JPY27,545 million for the fiscal year ended March 31, 2018.
4. Policy Concerning Measures to Protect Minority Shareholders in Transactions with NTT Group
Business transactions with the NTT Group are within the scope of normal business practices and there is no special contract made in relation to the investment by NTT Group.
End
Source:Internet Initiative Japan, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/globe-newswire-iij-announces-full-year-and-fourth-quarter-financial-results-for-the-fiscal-year-ended-march-31-2018.html |
FOR IMMEDIATE RELEASE
ALPHARETTA, Ga., May 03, 2018 (GLOBE NEWSWIRE) -- At nearly 100 years old, a $267 million publicly traded company is rebranding itself to better reflect its diverse offerings.
Superior Uniform Group, Inc. ( NASDAQ: SGC ) shareholders voted to approve changing its name to Superior Group of Companies to better embody its position as a parent company of branding divisions at its annual meeting on Thursday afternoon.
SGC serves some of the world’s most respected brands with call center support, custom promotional products and uniforms. The company delivers more than 12 million promotional products and communicates with more than 10 million consumers annually. SGC outfits more than 5 million American workers each day.
“Our new name recognizes our rich history as ‘Superior’ and includes how diverse we’ve become as a family of companies all working toward brand enhancement,” said CEO Michael Benstock. “This name change and rebrand allows us to better identify our company and represents all of our branding solutions under the Superior Group of Companies name.”
Founded in 1920 as a uniform provider of medical apparel, SGC grew into one of the country’s largest designers, manufacturers and distributors of branded uniform programs. The company launched a call center division in 2008 and a promotional product company in 2009. Over the past five years, SGC acquired five companies in the uniform and branded merchandise space and achieved a 41 percent compounded annual growth rate in its call center business. SGC is an international leader in brand-building services.
SGC includes seven signature brands within its three divisions.
Superior Branding Solutions:
BAMKO is one of the world’s largest full-service branded merchandise companies. It provides unique custom branding, design, sourcing and marketing solutions to some of the world’s most successful brands. Tangerine Promotions is a design and production powerhouse with expertise in promotional products, custom POS displays, racks and signage across all substrates. Public Identity supplies collegiate-licensed products and apparel for hundreds of the country’s most prestigious colleges and universities.
Superior BPO Solutions:
The Office Gurus is a leading provider for custom contact center and back office support services. It operates as an extension of its customers’ organizations, representing them as the voice of their brand. With a global presence, the company is able to develop custom solutions to fit every business size and model.
Superior Uniform Group:
Fashion Seal Healthcare is the nation’s leading supplier of uniforms to health care facilities, laundries and distributors. It’s held the leading position since 1920 by continually innovating products and services to the constantly changing health care market. HPI Direct is a leading branded-image apparel designer, manufacturer and distributor for the world’s largest brands in food service, retail, transportation, security and hospitality industries. It develops and manages award-winning uniform and employee identification programs. CID Resources is a leading provider of branded medical uniforms. CID created its WonderWink family of brands in 2010 and built it into a leader in retail scrubs, elevating the Carhartt® and Vera Bradley® brands into successful scrub brands. Together, these brands represent a diverse and innovative retail offering, providing style, fit and features for every medical professional.
“Our company grew rapidly and we’ve built a first-class, innovative branding company serving some of the world’s top brands,” said Benstock. “Promotional products, telephone-based customer engagement and uniforms are essential elements of the modern brand. Now we have the opportunity to better tell our story. While we’re the same great organization, we now have a name that more clearly indicates our full scope of capabilities.”
Superior Group of Companies will continue to trade as SGC on the NASDAQ stock exchange.
Superior Group of Companies , formerly known as Superior Uniform Group, provides a wide range of award-winning products and services. It provides customized support for each of its divisions through its shared services model. SGC’s commitment to service, technology, quality and value-added benefits – as well as its financial strength and resources – provides unparalleled support for its customers’ diverse needs while embracing a "customer first, every time" philosophy and culture in all of its business segments. Visit www.superiorgroupofcompanies.com for more information.
Investor Relations Contact: Hala Elsherbini Halliburton Investor Relations for Superior Group of Companies 972-458-8000 News Contact: Katie Boyles Axia Public Relations for Superior Group of Companies 904-303-2628
Source:Superior Uniform Group, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/globe-newswire-superior-uniform-group-renamed-superior-group-of-companies.html |
1 Hour Ago | 05:50
President Donald Trump is imposing tariffs to bolster trade leverage — and it's working, Steve Odland , president and CEO of the Committee for Economic Development, a Washington think tank, told CNBC
"They're putting tariffs on because every time they do, they get action," Odland, who is also a CNBC contributor, said Thursday on " Power Lunch ." "That action can then be released a week later, a couple weeks later, but it's the only thing that moves it forward."
"It's all negotiations," said Odland, who was chairman and CEO of Office Depot from 2005 to 2010.
Trump announced steel and aluminum tariffs on March 1 as a way to alleviate what he deemed were unfair trading practices.
On Thursday, Commerce Secretary Wilbur Ross said the Trump administration will place those tariffs on steel and aluminum imports from Canada , Mexico and the European Union, effective at midnight Thursday. The levy will be 25 percent on steel imports and 10 percent on aluminum imports. The U.S. had given those allies a reprieve from the duties, but the exemptions were set to expire Friday.
Odland said he's not endorsing Trump's nontraditional way of conducting negotiations.
"I'm just simply explaining," he said. "It is effective."
"We can talk about whether it's the right way or the wrong way or following rules or not," Odland said. "The point though is that what we've been doing hasn't worked. [The administration] is trying something different now."
Regardless, the tariffs drew sharp criticism from around the world and the U.S. allies targeted planned retaliation. European Commission President Jean-Claude Juncker said the EU will introduce countermeasures . Canada announced retaliatory tariffs on steel and aluminum, and Mexico also said it would impose tariffs in response.
John Rutledge , chief investment officer at Safanad, a financial firm, called the administration's actions "totally irresponsible" and "ridiculous."
"This idea of negotiating by pointing guns at each other's heads and saying, 'I'll pull the trigger,' is really stupid," Rutledge, also a CNBC contributor, said Thursday on "Power Lunch." "It is not the way you conduct a trade negotiation."
"Trade policy is not done by announcements from presidents and Cabinet members," said Rutledge, who was one of the architects of former President Ronald Reagan's economic plan. "It's done by negotiations between teams, ahead of time."
But Odland pointed out that there are no agreed-upon rules for negotiating.
"Once [the rules] are negotiated, it's called WTO ," he said.
"We all want the WTO to work," Odland said. "We want our trading partners to be fair. This is an attempt to do it. It's unconventional for sure."
The White House did not respond to a request for comment. Kellie Ell News Associate for CNBC Related Securities | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/31/trump-uses-tariffs-to-bolster-trade-leverage--and-its-working-ceo.html |
First Quarter 2018 Financial Highlights (year over year):
Revenues of $167.4 million, compared to $134.6 million, up 24% Net income attributable to common shareholders of $7.0 million, compared to $(0.6) million Net income per diluted share of $0.15, compared to $(0.01) Adjusted EBITDA of $15.8 million, compared to $6.0 million, up 164% Non-GAAP EPS of $0.16, compared to a loss of $(0.04) Record high project backlog of $1.9 billion, up 15%
FRAMINGHAM, Mass.--(BUSINESS WIRE)-- Ameresco, Inc. (NYSE:AMRC), a leading energy efficiency and renewable energy company, today announced financial results for the fiscal quarter ended March 31, 2018. The Company has also furnished supplemental information in conjunction with this press release in a Current Report on Form 8-K. The supplemental information includes non-GAAP financial metrics, and has been posted to the “Investor Relations” section of the Company’s website at www.ameresco.com .
Management Commentary
“First quarter results were outstanding, demonstrating the momentum in our business,” said George P. Sakellaris, President and Chief Executive Officer of Ameresco. “All of our lines of business grew revenue meaningfully while expanding profitability. Our recurring revenue streams grew over 20% and contributed the majority of our profit, a direct result of our strategic focus. Efficiency project revenue was up over 30% with broad strength across the country complementing the continued momentum with the Federal government. Looking ahead, we are expecting the momentum to continue, which could help drive growth for years to come. Based on the strong first quarter results, we are reiterating the annual guidance we offered a few weeks ago, which reflects our confidence in the outlook for another year of accelerating growth.”
Financial Results
(All financial result comparisons made are against the prior year period unless otherwise noted.)
First Quarter 2018
Revenues were $167.4 million, compared to $134.6 million. Operating income was $8.3 million, compared to operating loss of $0.6 million.
Net income attributable to common shareholders was $7.0 million compared to a loss of $0.6 million, and net income per diluted share was $0.15 compared to a loss of $0.01. Non-GAAP EPS was $0.16, compared to a loss of $0.04.
Adjusted EBITDA, a non-GAAP financial measure, was $15.8 million, compared to $6.0 million.
Additional First Quarter 2018 Operating Highlights:
Cash flows used in operating activities were $37.1 million, compared to $32.0 million, and adjusted cash from operations, a non-GAAP financial measure, was $(0.5) million, compared to $3.2 million. Total project backlog was $1.9 billion and consisted of: $595.6 million of fully-contracted backlog, representing signed customer contracts for installation or construction of projects, which we expect to convert into revenue over the next two to four years, on average; and $1.3 billion of awarded projects, representing projects in development for which we do not have signed contracts. Assets in development were $221.4 million or 90 MWe.
FY 2018 Guidance
Based on year to date performance and expectations for the remainder of 2018, Ameresco is revising its 2018 outlook. Ameresco expects net income per diluted share to be in the range of $0.60 to $0.70 for 2018. Ameresco reaffirms total revenue to be in the range of $765 million to $800 million and adjusted EBITDA to be in the range of $75 million to $85 million in 2018. This guidance excludes the impact of any non-controlling interest activity and our restructuring activities, as well as any related tax impact.
Share Repurchase Program
Through the end of the first quarter, the Company repurchased 2,085,397 shares of its Class A common stock for $11.5 million. The Company has approximately $3.5 million of remaining authorization under the share repurchase program it announced in May 2016.
Webcast Reminder
The Company will host a conference call today at 8:30 a.m. ET today to discuss results.
The conference call will be available via the following dial in numbers:
U.S. Participants: Dial 1-877-359-9508 (Access Code: 4396436) International Participants: Dial 1-224-357-2393 (Access Code: 4396436)
Participants are advised to dial into the call at least ten minutes prior to register.
A live, listen-only webcast of the conference call will also be available over the Internet. Individuals wishing to listen can access the call through the “Investor Relations” section of the Company’s website at www.ameresco.com .
An archived webcast will be available on the Company’s website for one year.
Use of Non-GAAP Financial Measures
This press release and the accompanying tables include references to adjusted EBITDA, non-GAAP EPS, non-GAAP net income and adjusted cash from operations, which are non-GAAP financial measures. For a description of these non-GAAP financial measures, including the reasons management uses these measures, please see the section following the accompanying tables titled “Exhibit A: Non-GAAP Financial Measures”. For a reconciliation of these non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with GAAP, please see Other Non-GAAP Disclosures and Non-GAAP Financial Guidance in the accompanying tables.
About Ameresco, Inc.
Founded in 2000, Ameresco, Inc. (NYSE:AMRC) is a leading independent provider of comprehensive services, energy efficiency, infrastructure upgrades, asset sustainability and renewable energy solutions for businesses and organizations throughout North America and Europe. Ameresco’s sustainability services include upgrades to a facility’s energy infrastructure and the development, construction and operation of renewable energy plants. Ameresco has successfully completed energy saving, environmentally responsible projects with federal, state and local governments, healthcare and educational institutions, housing authorities, and commercial and industrial customers. With its corporate headquarters in Framingham, MA, Ameresco has more than 1,000 employees providing local expertise in the United States, Canada, and the United Kingdom. For more information, visit www.ameresco.com .
Safe Harbor Statement
Any statements in this press release about future expectations, plans and prospects for Ameresco, Inc., including statements about market conditions, pipeline and backlog, as well as estimated future revenues and net income, and other statements containing the words “projects,” “believes,” “anticipates,” “plans,” “expects,” “will” and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including the timing of, and ability to, enter into contracts for awarded projects on the terms proposed; the timing of work we do on projects where we recognize revenue on a percentage of completion basis, including the ability to perform under recently signed contracts without unusual delay; demand for our energy efficiency and renewable energy solutions; our ability to arrange financing for our projects; changes in federal, state and local government policies and programs related to energy efficiency and renewable energy; the ability of customers to cancel or defer contracts included in our backlog; the effects of our recent acquisitions and restructuring activities; seasonality in construction and in demand for our products and services; a customer’s decision to delay our work on, or other risks involved with, a particular project; availability and costs of labor and equipment; the addition of new customers or the loss of existing customers; market price of the Company's stock prevailing from time to time; the nature of other investment opportunities presented to the Company from time to time; the Company's cash flows from operations; and other factors discussed in our Annual Report on Form 10-K for the year ended December 31, 2017, filed with the U.S. Securities and Exchange Commission on March 7, 2018. In addition, the forward-looking statements included in this press release represent our views as of the date of this press release. We anticipate that subsequent events and developments will cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.
AMERESCO, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
March 31, December 31, 2018 2017 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 34,125 $ 24,262 Restricted cash 16,894 15,751 Accounts receivable, net 93,622 85,121 Accounts receivable retainage, net 19,869 17,484 Costs and estimated earnings in excess of billings 64,064 104,852 Inventory, net 8,683 8,139 Prepaid expenses and other current assets 23,258 14,037 Income tax receivable 4,246 6,053 Project development costs 14,652 11,379 Total current assets 279,413 287,078 Federal ESPC receivable 254,349 248,917 Property and equipment, net 5,817 5,303 Energy assets, net 381,724 356,443 Deferred income tax 3,570 — Goodwill 56,294 56,135 Intangible assets, net 2,231 2,440 Other assets 28,377 27,635 Total assets $ 1,011,775 $ 983,951 LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS AND STOCKHOLDERS' EQUITY Current liabilities: Current portions of long-term debt and capital lease liabilities $ 26,253 $ 22,375 Accounts payable 100,085 135,881 Accrued expenses and other current liabilities 23,818 23,260 Billings in excess of cost and estimated earnings 22,462 19,871 Income taxes payable 564 755 Total current liabilities 173,182 202,142 Long-term debt and capital lease liabilities, less current portions and net of deferred financing fees 218,398 173,237 Federal ESPC liabilities 244,341 235,088 Deferred income taxes, net — 584 Deferred grant income 7,050 7,188 Other liabilities 17,784 18,754 Redeemable non-controlling interests 10,751 10,338 Stockholders' equity: Preferred stock, $0.0001 par value, 5,000,000 shares authorized, no shares issued and outstanding at March 31, 2018 and December 31, 2017 — — Class A common stock, $0.0001 par value, 500,000,000 shares authorized, 29,552,750 shares issued and 27,467,353 shares outstanding at March 31, 2018, 29,406,315 shares issued and 27,533,049 shares outstanding at December 31, 2017 3 3 Class B common stock, $0.0001 par value, 144,000,000 shares authorized, 18,000,000 shares issued and outstanding at March 31, 2018 and December 31, 2017 2 2 Additional paid-in capital 117,242 116,196 Retained earnings 238,378 235,844 Accumulated other comprehensive loss, net (3,786 ) (5,626 ) Less - treasury stock, at cost, 2,085,397 shares at March 31, 2018 and 1,873,266 shares at December 31, 2017 (11,570 ) (9,799 ) Total stockholders' equity 340,269 336,620 Total liabilities, redeemable non-controlling interests and stockholders' equity $ 1,011,775 $ 983,951
AMERESCO, INC.
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except share and per share amounts)
Three Months Ended March 31, 2018 2017 (Unaudited) (Unaudited) Revenues $ 167,410 $ 134,610 Cost of revenues 131,937 108,686 Gross profit 35,473 25,924 Selling, general and administrative expenses 27,204 26,487 Operating income (loss) 8,269 (563 ) Other expenses, net 3,544 1,826 Income (loss) before benefit for income taxes 4,725 (2,389 ) Income tax benefit (2,779 ) (645 ) Net income (loss) 7,504 (1,744 ) Net (income) loss attributable to redeemable non-controlling interests (516 ) 1,100 Net income (loss) attributable to common shareholders $ 6,988 $ (644 ) Net income (loss) per share attributable to common shareholders: Basic $ 0.15 $ (0.01 ) Diluted $ 0.15 $ (0.01 ) Weighted average common shares outstanding: Basic 45,373,000 45,514,000 Diluted 45,994,000 45,514,000
AMERESCO, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Three Months Ended March 31, 2018 2017 (Unaudited) (Unaudited) Cash flows from operating activities: Net income (loss) $ 7,504 $ (1,744 ) Adjustments to reconcile net income (loss) to cash flows from operating activities: Depreciation of energy assets 6,312 5,109 Depreciation of property and equipment 542 693 Amortization of deferred financing fees 419 397 Amortization of intangible assets 253 380 Provision for bad debts 64 — Gain on sale of assets — (104 ) Unrealized gain on ineffectiveness of interest rate swaps (102 ) (123 ) Stock-based compensation expense 355 343 Deferred income taxes (2,920 ) (859 ) Unrealized foreign exchange gain (loss) 492 (185 ) Changes in operating assets and liabilities: Accounts receivable (1,837 ) 30,478 Accounts receivable retainage (2,453 ) (1,333 ) Federal ESPC receivable (37,967 ) (34,418 ) Inventory, net (544 ) 1,154 Costs and estimated earnings in excess of billings 30,906 7,193 Prepaid expenses and other current assets (4,578 ) (2,686 ) Project development costs (2,325 ) (1,155 ) Other assets (281 ) (23 ) Accounts payable, accrued expenses and other current liabilities (33,227 ) (31,939 ) Billings in excess of cost and estimated earnings 565 (3,053 ) Other liabilities 135 65 Income taxes payable 1,617 (201 ) Cash flows from operating activities (37,070 ) (32,011 ) Cash flows from investing activities: Purchases of property and equipment (1,015 ) (387 ) Purchases of energy assets (12,818 ) (29,121 ) Proceeds from sale of assets of a business — 2,777 Acquisitions, net of cash received (21,343 ) (2,409 ) Cash flows from investing activities (35,176 ) (29,140 ) Cash flows from financing activities: Payments of financing fees (575 ) (338 ) Proceeds from exercises of options 691 240 Repurchase of common stock (1,771 ) (2,049 ) Proceeds from senior secured credit facility, net 17,404 18,000 Proceeds from long-term debt financings 33,501 12,878 Proceeds from Federal ESPC projects 36,581 35,167 Proceeds from Federal ESPC energy assets 717 — Proceeds from sale-leaseback financings — 8,783 Distributions from investment by redeemable non-controlling interests, net (103 ) (62 ) Payments on long-term debt (2,322 ) (8,010 ) Cash flows from financing activities 84,123 64,609 Effect of exchange rate changes on cash (185 ) 51 Net increase in cash, cash equivalents and restricted cash 11,692 3,509 Cash, cash equivalents and restricted cash, beginning of period 60,105 52,826 Cash, cash equivalents and restricted cash, end of period $ 71,797 $ 56,335
Non-GAAP Financial Measures (in thousands)
Three Months Ended March 31, 2018 2017 (Unaudited) (Unaudited) Adjusted EBITDA: Net income (loss) attributable to common shareholders $ 6,988 $ (644 ) Impact from redeemable non-controlling interests 516 (1,100 ) Plus: Income tax benefit (2,779 ) (645 ) Plus: Other expenses, net 3,544 1,826 Plus: Depreciation and amortization of intangible assets 7,107 6,182 Plus: Stock-based compensation 355 343 Plus: Restructuring and other charges 32 — Adjusted EBITDA $ 15,763 $ 5,962 Adjusted EBITDA margin 9.4 % 4.4 % Non-GAAP net income (loss) and EPS: Net income (loss) attributable to common shareholders $ 6,988 $ (644 ) Impact from redeemable non-controlling interests 516 (1,100 ) Plus: Restructuring and other charges 32 — Plus: Income Tax effect of non-GAAP adjustments (27 ) — Non-GAAP net income (loss) $ 7,509 $ (1,744 ) Diluted net income (loss) per common share $ 0.15 $ (0.01 ) Effect of adjustments to net income (loss) 0.01 (0.03 ) Non-GAAP EPS $ 0.16 $ (0.04 ) Adjusted cash from operations: Cash flows from operating activities $ (37,070 ) $ (32,011 ) Plus: proceeds from Federal ESPC projects 36,581 35,167 Adjusted cash from operations $ (489 ) $ 3,156 Three Months Ended March 31, 2018 2017 (Unaudited) (Unaudited) Construction backlog: Awarded (1) $ 1,293,000 $ 1,138,200 Fully-contracted 595,600 505,000 Total construction backlog $ 1,888,600 $ 1,643,200 Energy assets in development (2) $ 221,400 $ 206,600 Three Months Ended March 31 2018 2017 (Unaudited) (Unaudited) New contracts and awards: New contracts $ 135,000 $ 55,000 New awards (1) $ 229,000 $ 236,000 (1) Represents estimated future revenues from projects that have been awarded, though the contracts have not yet been signed
(2) Estimated total construction value of all energy assets in construction and development
Non-GAAP Financial Guidance
Adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA):
(in thousands) Year Ended December 31, 2018 Low High Operating income $ 44,000 $ 52,000 Depreciation and amortization of intangible assets 30,000 31,000 Stock-based compensation 1,000 2,000 Restructuring and other charges — — Adjusted EBITDA $ 75,000 $ 85,000 Exhibit A: Non-GAAP Financial Measures
We use the non-GAAP financial measures defined and discussed below to provide investors and others with useful supplemental information to our financial results prepared in accordance with GAAP. These non-GAAP financial measures should not be considered as an alternative to any measure of financial performance calculated and presented in accordance with GAAP. For a reconciliation of these non-GAAP measures to the most directly comparable financial measures prepared in accordance with GAAP, please see Other Non-GAAP Disclosure and Non-GAAP Financial Guidance in the tables above.
We understand that, although measures similar to these non-GAAP financial measures are frequently used by investors and securities analysts in their evaluation of companies, they have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for the most directly comparable GAAP financial measures or an analysis of our results of operations as reported under GAAP. To properly and prudently evaluate our business, we encourage investors to review our GAAP financial statements included above, and not to rely on any single financial measure to evaluate our business.
Adjusted EBITDA and Adjusted EBITDA Margin
We define adjusted EBITDA as operating income before depreciation, amortization of intangible assets, stock-based compensation expense, restructuring charges, loss related to a significant non-core project in Canada and charges related to a significant customer bankruptcy. We believe adjusted EBITDA is useful to investors in evaluating our operating performance for the following reasons: adjusted EBITDA and similar non-GAAP measures are widely used by investors to measure a company's operating performance without regard to items that can vary substantially from company to company depending upon financing and accounting methods, book values of assets, capital structures and the methods by which assets were acquired; securities analysts often use adjusted EBITDA and similar non-GAAP measures as supplemental measures to evaluate the overall operating performance of companies; and by comparing our adjusted EBITDA in different historical periods, investors can evaluate our operating results without the additional variations of depreciation and amortization expense, stock-based compensation expense, restructuring charges and loss related to a significant non-core project in Canada. We define adjusted EBITDA margin as adjusted EBITDA stated as a percentage of revenue.
Our management uses adjusted EBITDA and adjusted EBITDA margin as measures of operating performance, because they do not include the impact of items that we do not consider indicative of our core operating performance; for planning purposes, including the preparation of our annual operating budget; to allocate resources to enhance the financial performance of the business; to evaluate the effectiveness of our business strategies; and in communications with the board of directors and investors concerning our financial performance.
During the first quarter of 2016, we changed our calculation and presentation of adjusted EBITDA to exclude restructuring charges and losses related to a significant non-core project in Canada and during the third quarter of 2016, we changed our calculation and presentation of adjusted EBITDA in order to exclude charges related to a significant customer bankruptcy. We do not consider these items indicative of our core operating performance. Adjusted EBITDA and adjusted EBITDA margin for the prior periods have been recalculated to be presented on a comparable basis.
Non-GAAP Net Income and EPS
We define non-GAAP net income and earnings per share ("EPS") to exclude certain discrete items that management does not consider representative of our ongoing operations, including restructuring charges, loss related to a significant non-core project in Canada, impact from redeemable non-controlling interest and charges related to a significant customer bankruptcy. We consider non-GAAP net income and non-GAAP EPS to be important indicators of our operational strength and performance of our business because they eliminate the effects of events that are not part of the Company's core operations.
Adjusted Cash from Operations
We define adjusted cash from operations as cash flows from operating activities plus proceeds from Federal ESPC projects. Cash received in payment of Federal ESPC projects is treated as a financing cash flow under GAAP due to the unusual financing structure for these projects. These cash flows, however, correspond to the revenue generated by these projects. Thus we believe that adjusting operating cash flow to include the cash generated by our Federal ESPC projects provides investors with a useful measure for evaluating the cash generating ability of our core operating business. Our management uses adjusted cash from operations as a measure of liquidity because it captures all sources of cash associated with our revenue generated by operations.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180501005415/en/
Ameresco, Inc.
Media Relations
CarolAnn Hibbard, 508-661-2264
[email protected]
or
Investor Relations
John Granara, 508-661-2215
[email protected]
or
The Blue Shirt Group
Gary Dvorchak, CFA, 323-240-5796
[email protected]
Source: Ameresco, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/business-wire-ameresco-reports-first-quarter-2018-financial-results.html |
French tech ecosystem started gaining steam in 2016: Incubator chief 6 Hours Ago France’s tech scene has been seeing a big "cultural shift," Roxanne Varza, director of Station F, said. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/07/french-tech-ecosystem-started-gaining-steam-in-2016-incubator-chief.html |
May 17, 2018 / 11:54 PM / Updated 19 hours ago Instacart faces new challenge with Kroger/Ocado tie-up Lisa Baertlein , Melissa Fares 3 Min Read
LOS ANGELES/NEW YORK (Reuters) - U.S. grocery delivery company Instacart suffered a new setback on Thursday when Kroger Co ( KR.N ), one of its major U.S. customers, announced a partnership with British automated online grocery service Ocado Group Plc ( OCDO.L ).
Kroger’s deal with Ocado - coming less than a year after Amazon.com ( AMZN.O ) bought key Instacart partner Whole Foods - puts more pressure on the 5-year-old San Francisco company that picks and delivers groceries for dozens of other retailers, including Costco Wholesale Corp ( COST.O ), Walmart Inc’s ( WMT.N ) Sam’s Club, Albertsons and Sprouts Farmers Market Inc ( SFM.O ).
Instacart currently delivers groceries for Kroger stores in 45 U.S. markets, including Ralphs in Southern California, Mariano’s in Chicago and King Soopers in Denver.
Instacart did not immediately respond to requests for comment.
A Kroger spokesman said the Instacart relationship was unaffected by the Ocado deal, adding that it viewed them as “complimentary.”
Kroger Chief Executive Rodney McMullen told Reuters it typically takes about two years to get Ocado’s roboticized warehouses ready to fill orders and deliver groceries.
“Instacart is still the best partner for home delivery if one doesn’t have dedicated e-commerce” operations, said Burt
Flickinger, managing director of consultancy Strategic Resource Group.
Still, grocery industry analysts said the Kroger and Whole Foods deals could force a business model change or other strategic shift at Instacart, which so far has raised $1 billion from investors.
If the Ocado partnership gives Kroger the confidence to bring delivery in-house, “that will be disastrous for Instacart,” said Neil Saunders, managing director of GlobalData Retail.
Whole Foods was Instacart’s largest and most important customer last summer when Amazon said it was buying the natural and organic chain.
Whole Foods CEO John Mackey told Reuters this week that the chain’s long-term delivery partnership with Instacart remained in place as it expands free two-hour delivery for Amazon Prime subscribers. Reporting by Lisa Baertlein in Los Angeles and Melissa Fares in New York; Additional reporting by Uday Sampath Kumar in Bengaluru; Editing by Peter Cooney | ashraq/financial-news-articles | https://www.reuters.com/article/us-ocado-group-kroger-instacart/instacart-faces-new-challenge-with-kroger-ocado-tie-up-idUSKCN1II36Y |
HONOLULU, Barnwell Industries, Inc. (NYSE American:BRN) today reported net earnings of $679,000, $0.08 per share, and a net loss of $338,000, $0.04 per share, for the three and six months ended March 31, 2018, respectively, as compared to a net loss of $615,000, $0.07 per share, and net earnings of $1,026,000, $0.12 per share, for the three and six months ended March 31, 2017, respectively.
Mr. Alexander Kinzler, Chief Executive Officer of Barnwell, commented, “The net earnings for the quarter ended March 31, 2018 were due to a $2,250,000 gain, before taxes, primarily from the sale of the Company’s principal oil property located in the Red Earth area of Alberta, Canada. Approximately 50% of the proceeds were remitted by the buyer to the Canadian tax authorities as taxes withheld on the sale. This sale has provided the Company additional liquidity and reduced Barnwell’s asset retirement obligations. Also impacting the Company’s results this quarter as compared to the prior year quarter were lower oil production which declined 42% and lower natural gas production, down 28%, and prices, down 23%, and a decrease in contract drilling operating results in the current quarter as compared to the prior year’s quarter.
“The loss for the six months ended March 31, 2018 as compared to last year’s net earnings for the six months ended March 31, 2017 was largely due to a $1,678,000 decrease in land investment profits as there were no lot sales this six month period by the Kukio Resort land development partnerships whereas in last year’s six month period one lot was sold by the partnerships for $20,975,000. This also resulted in a corresponding decrease in equity in earnings from affiliates, which decreased $2,389,000 to a loss of $233,000. This was partially offset by the aforementioned gain on the sale of the Red Earth oil properties and a $460,000 income tax benefit due to the enactment of changes to the U.S. federal income tax laws in December 2017. Additionally, general and administrative expenses decreased $737,000 due to decreases in fees related to the lot sold for $20,975,000 in the prior year, compensation costs and the closure of our New York office last year.
“At March 31, 2018 Barnwell had cash, cash equivalents and certificates of deposit of $16,588,000 and working capital of $18,646,000 and our third quarter, to end June 30, 2018, has begun with the receipt in April of a $310,000 percentage of sales payment by Kaupulehu Developments and a $373,000 distribution from the Kukio Resort land development partnerships.”
The information contained in this press release contains “forward-looking statements,” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. A forward-looking statement is one which is based on current expectations of future events or conditions and does not relate to historical or current facts. These statements include various estimates, forecasts, projections of Barnwell’s future performance, statements of Barnwell’s plans and objectives, and other similar statements. Forward-looking statements include phrases such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “predicts,” “estimates,” “assumes,” “projects,” “may,” “will,” “will be,” “should,” or similar expressions. Although Barnwell believes that its current expectations are based on reasonable assumptions, it cannot assure that the expectations contained in such forward-looking statements will be achieved. Forward-looking statements involve risks, uncertainties and assumptions which could cause actual results to differ materially from those contained in such statements. The risks, uncertainties and other factors that might cause actual results to differ materially from Barnwell’s expectations are set forth in the “Forward-Looking Statements,” “Risk Factors” and other sections of Barnwell’s annual report on Form 10-K for the last fiscal year and Barnwell’s other filings with the Securities and Exchange Commission. Investors should not place undue reliance on the forward-looking statements contained in this press release, as they speak only as of the date of this press release, and Barnwell expressly disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statements contained herein.
COMPARATIVE OPERATING RESULTS (Unaudited) Three months ended Six months ended March 31, March 31, 2018 2017 2018 2017 Revenues $ 1,975,000 $ 3,029,000 $ 3,831,000 $ 7,319,000 Net earnings (loss) attributable to Barnwell Industries, Inc. $ 679,000 $ (615,000 ) $ (338,000 ) $ 1,026,000
Net earnings (loss) per share – basic and diluted $ 0.08 $ (0.07 ) $ (0.04 ) $ 0.12 Weighted-average shares and equivalent shares outstanding: Basic and diluted 8,277,160 8,277,160 8,277,160 8,277,160 CONTACT:
Alexander C. Kinzler
Chief Executive Officer and President
Russell M. Gifford
Executive Vice President and Chief Financial Officer
Tel: (808) 531-8400
Source:Barnwell Industries, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/globe-newswire-barnwell-industries-inc-reports-results-for-the-second-quarter-and-six-months-ended-march-31-2018.html |
May 2 (Reuters) - Loto Interactive Ltd:
* UNIT & SHENZHEN E-SUN SKY ENTER DEAL WITH SHENZHEN GENERAL LOTTERY TECHNOLOGY CO FOR SUPPLY & PURCHASE OF SPORTS LOTTERY TERMINALS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-loto-interactive-says-unit-shenzhe/brief-loto-interactive-says-unit-shenzhen-e-sun-sky-sign-deal-with-shenzhen-general-lottery-technology-co-idUSFWN1S90MA |
SACRAMENTO, Calif. (AP) — California may start requiring solar panels on new homes and low-rise apartment buildings built after 2020, the first such mandate nationwide and the state's latest step to curb greenhouse gas emissions.
The California Energy Commission, which will vote on the regulations Wednesday, estimates they would add an average $10,500 in construction costs for a single-family home but generate about $16,000 in energy savings. The standards also include requirements around ventilation and indoor air quality.
California has positioned itself as the nationwide leader on clean energy, pushing for more electric vehicles on the roads and fewer emissions from residential and commercial buildings.
"This is going to be an important step forward for our state to continue to lead the clean energy economy," said Kelly Knutsen, director of technology advancement for the California Solar and Storage Association.
Few industry groups outwardly oppose the plan after working for years with the commission to shape the regulations. But Republican legislative leaders said Californians can't afford to pay any more for housing in the state's already extremely expensive market.
"That's just going to drive the cost up and make California, once again, not affordable to live," said Assemblyman Brian Dahle, the chamber's Republican leader.
About 117,000 new single-family homes and 48,000 multi-family units will be built in 2020, the commission estimates.
The state updates its building codes, including energy efficiency standards, once every three years. If the solar panel and ventilation standards pass, they'll still need approval later this year form the California Building Standards Commission.
It does include exceptions when requiring solar panels isn't feasible — such as on a home shrouded in shade — or cost effective. Installing storage batteries or allowing community-shared solar generation are available options. The requirement would only apply to newly constructed homes, not existing ones, although many homeowners are choosing to install solar panels with the help of rebate programs.
The California Building Industry Association supports the solar panel requirement after years of working with the energy commission to refine it, said Robert Raymer, the association's technical director.
"On the one hand, we would prefer that this had been put off for a few more years, but the fact is that the California Energy Commission has been working on this, with us, for the past 10 years," he said. "We know this is coming, we did everything we could to push down compliance costs and increase design flexibility." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/09/the-associated-press-california-may-require-solar-panels-on-new-homes-in-2020.html |
Boeing Co has asked the National Labor Relations Board to reject a union’s request for the agency’s three Republican members to recuse themselves from a major case involving the company, calling it “utterly without merit.”
Chicago-based Boeing in a brief released on Friday told the NLRB that an International Union of Painters and Allied Trades local’s claims that the Republicans showed anti-union bias in a recent press release were frivolous, and that the union’s motion should be rejected because it is not a party to the case.
To read the full story on WestlawNext Practitioner Insights, click here: bit.ly/2rqycJL
Our | ashraq/financial-news-articles | https://www.reuters.com/article/labor-boeing/boeing-says-unions-recusal-motion-in-nlrb-case-frivolous-idUSL1N1SE1TW |
(Reuters) - India cricket captain Virat Kohli has signed a one month deal to represent Surrey in June, the English county championship side announced on Thursday.
Cricket - Sri Lanka v India - India's Team Practice Session - Galle, Sri Lanka - July 25, 2017 - India's captain Virat Kohli looks on as he walks off the ground ahead of their first test match. REUTERS/Dinuka Liyanawatte/Files Kohli’s participation in county cricket means he will be unavailable for India as they take on Afghanistan in a test match in June in Bengaluru.
"It has long been an ambition of mine to play county cricket and I am thankful to Alec Stewart and Surrey for allowing me the opportunity to join them during their 2018 season. I can't wait to get to the Kia Oval," Kohli told the club's website reut.rs/2rkLs1B.
Surrey’s director of cricket Alec Stewart said: “We are thrilled to have signed the biggest name in world cricket for the month of June.
“Playing and training alongside Virat will be a massive benefit for our players who will have the opportunity to learn so much from him.”
Kohli is fourth Indian test player in county cricket this year with batsman Cheteshwar Pujara currently at Yorkshire and fast bowlers Ishant Sharma and Varun Aaron playing for Sussex and Leicestershire, respectively.
India begin their tour of England in July with three Twenty20 internationals and three one-day internationals. They then take on the hosts in a five-test series starting in August.
Cricket - India v Australia - India team practice session - M Chinnaswamy Stadium, Bengaluru, India - 03/03/17 - India's captain Virat Kohli bats in the nets. REUTERS/Danish Siddiqui/Files Reporting by Shrivathsa Sridhar in Bengaluru, editing by Pritha Sarkar
| ashraq/financial-news-articles | https://in.reuters.com/article/cricket-india-kohli/cricket-kohli-signs-one-month-deal-to-play-for-surrey-idINKBN1I41V9 |
May 27, 2018 / 11:33 AM / Updated 6 hours ago Pakistan crush sorry England at Lord's Ed Osmond 2 Min Read
LONDON (Reuters) - Pakistan wrapped up a crushing nine-wicket victory over England on Sunday to inflict the hosts’ first defeat in a May test match at Lord’s. Cricket - England vs Pakistan - First Test - Lord's Cricket Ground, London, Britain - May 27, 2018 Pakistan's Imam ul-Haq and Haris Sohail celebrate after winning the First Test Action Images via Reuters/John Sibley
England’s last four wickets tumbled in 27 minutes and Pakistan knocked off the 64 runs they needed in less than an hour on the fourth day to put the touring side 1-0 up in the two-match series.
“We were not good enough if I’m being brutally honest, we have been outplayed in all three departments,” England captain Joe Root said at the presentation ceremony.
“Pakistan’s bowlers exploited the conditions well but we played some poor shots and you can’t afford to do that.”
England resumed on 235 for six after Jos Buttler and debutant Dom Bess had shared an unbroken partnership of 125 in the final session on Saturday to save their team from a humiliating innings defeat.
Buttler fell in the second over, trapped lbw by man-of-the-match Mohammad Abbas for 67 and failing to get the decision overturned on review. England vs Pakistan - First Test - Lord's Cricket Ground, London, Britain - May 27, 2018 England's James Anderson during the match Action Images via Reuters/John Sibley
Mark Wood hit one four before he nicked Mohammad Amir, bowling with the second new ball, to wicketkeeper Sarfraz Ahmed.
Stuart Broad edged Abbas to Sarfraz without scoring and Amir comprehensively bowled the 20-year-old Bess for 57 to dismiss the hosts for 242 as England lost their last four wickets for the addition of six runs.
James Anderson bowled Azhar Ali for four with a fine delivery that knocked out his off stump before Imam-ul-Haq (18 not out) and Haris Sohail (39 not out) shared an unbroken second-wicket partnership of 54 to see Pakistan to their target.
“I am very proud of my team,” Pakistan captain Sarfraz said.
“We have a very inexperienced team but we are very confident in our players. Our bowlers did a great job for us.”
The second test at Headingley starts on Friday. Reporting by Ed Osmond,; Editing by Christian Radnedge | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-cricket-test-eng-pak/pakistan-beat-england-by-nine-wickets-in-first-test-idUKKCN1IS0CB |
May 3, 2018 / 1:22 PM / Updated 19 minutes ago BRIEF-Trimedyne Reports Quarterly Earnings Per Share $0.20 Reuters Staff
May 3 (Reuters) - Trimedyne Inc:
* TRIMEDYNE REPORTS ITS FINANCIAL RESULTS FOR THE QUARTER ENDING ON MARCH 31, 2018 * QUARTERLY EARNINGS PER SHARE $0.20
* QUARTERLY REVENUE ROSE 21 PERCENT TO $1.352 MILLION Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-trimedyne-reports-quarterly-earnin/brief-trimedyne-reports-quarterly-earnings-per-share-0-20-idUSASC09ZKF |
PARIS, May 18 (Reuters) - France said on Friday it had frozen the assets of three people nine companies suspected of involvement in the development of chemical weapons in Syria.
In a joint statement, Finance Minister Bruno Le Maire and Foreign Minister Jean-Yves Le Drian said the move was aimed at cracking down on networks suspected of helping Syria’s Scientific Studies and Research Center.
The U.S. government and other countries accuse the centre of helping to develop chemical weapons for the government of Syrian President Bashar al-Assad.
“Three people and nine companies have been targeted for their role in the research and/or acquisition of materials for the development of chemicals and ballistic weapons for this country,” the statement said.
The statement did not reveal the identities of the individuals or companies. (Reporting by Sudip Kar-Gupta; Editing by Richard Lough)
| ashraq/financial-news-articles | https://www.reuters.com/article/mideast-crisis-syria-france/france-freezes-assets-of-3-people-9-firms-over-syria-chemical-weapons-idUSP6N1SB00E |
BERLIN (Reuters) - Pharmaceutical group Bayer ( BAYGn.DE ) is selling a further stake in plastics company Covestro ( 1COV.DE ), placing a holding of around 14.2 percent via an accelerated bookbuilding process.
FILE PHOTO: The corporate logo of Bayer is seen at the headquarters building in Caracas, Venezuela March 1, 2016. REUTERS/Marco Bello/File Photo Covestro was spun off from Bayer in 2015 and Bayer said this latest sale marks the start of the full separation from its former unit.
Bayer, which is buying seed maker Monsanto ( MON.N ), raised 1.8 billion euros ($2.15 billion) in January from selling a 10.4 percent stake in Covestro.
The latest sale of around 29 million shares to institutional investors was set to generate proceeds of about 2.2 billion euros, Bayer said.
Bayer said that, after the sale, it would hold just under 7 percent of Covestro shares which it acquired from Bayer Pension Trust. These would be used to repay an exchangeable bond issued in 2017 that matures in 2020, Bayer said.
BofA Merrill Lynch and J.P. Morgan are acting as joint bookrunners. They said the shares would be placed at a price range of 75.26 to market.
Covestro shares closed at 76.48 euros on Thursday, while Bayer shares closed at 99.97 euros.
Reporting by Victoria Bryan; Editing by Alexandra Hudson and Edmund Blair
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/us-bayer-covestro-sale/bayer-to-sell-further-covestro-stake-for-2-2-billion-euros-idUSKBN1I426W |
May 7 (Reuters) - Navios Maritime Containers Inc:
* NAVIOS MARITIME CONTAINERS INC - AGREED TO ACQUIRE THREE CONTAINERSHIPS FOR A TOTAL PURCHASE PRICE OF $117.25 MILLION
* NAVIOS MARITIME CONTAINERS INC. ANNOUNCES ACQUISITION OF THREE CONTAINERSHIPS
* NAVIOS MARITIME CONTAINERS - AGREED TO ACQUIRE TWO 8,204 TEU CONTAINERSHIPS, YM UTMOST AND YM UNITY, FOR $67.0 MILLION FROM NAVIOS MARITIME PARTNERS
* NAVIOS MARITIME CONTAINERS INC - TO ACQUIRE ONE 10,000 TEU CONTAINERSHIP FOR $50.25 MILLION FROM A THIRD PARTY
* NAVIOS MARITIME CONTAINERS INC - EXPECTS TO TAKE DELIVERY OF ALL THREE VESSELS IN Q2 OF 2018
* NAVIOS MARITIME CONTAINERS - CONTAINERSHIPS ARE EXPECTED TO GENERATE APPROXIMATELY $18.7 MILLION OF AGGREGATE EBITDA OVER NEXT TWELVE MONTHS
* NAVIOS MARITIME CONTAINERS INC - EXPECTED TO FINANCE ACQUISITIONS WITH CASH ON ITS BALANCE SHEET AND APPROXIMATELY $61.0 MILLION OF NEW BANK DEBT
* NAVIOS MARITIME CONTAINERS INC - FOLLOWING ACQUISITION, CO WILL OWN 25 VESSELS, TOTALING 119,538 TEU WITH AN AVERAGE AGE OF 10.1 YEARS Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-navios-maritime-containers-announc/brief-navios-maritime-containers-announces-acquisition-of-three-containerships-idUSASC0A06U |
Andy Serkis and Benedict Cumberbatch talk 'Mowgli' 5:34am IST - 01:54
Benedict Cumberbatch and actor-director Andy Serkis discuss the long-awaited adaptation of The Jungle Book, 'Mowgli. Rough Cut.
Benedict Cumberbatch and actor-director Andy Serkis discuss the long-awaited adaptation of The Jungle Book, 'Mowgli. Rough Cut. //reut.rs/2IHCwyK | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/24/andy-serkis-and-benedict-cumberbatch-tal?videoId=429712406 |
DUBAI, May 29 (Reuters) - Deutsche Bank has cut eight positions within its equities research team in Dubai, as it moves to close the unit as part of a global scaling back of equities business, sources familiar with the matter said.
A Dubai-based spokesman for the bank declined to comment.
The sources declined to be identified because they are not authorised to speak publicly about the matter.
Deutsche pledged last week to cut at least 7,000 jobs under a restructuring.
Reporting by Saeed Azhar and Tom Arnold; Editing by Mark Potter
| ashraq/financial-news-articles | https://www.reuters.com/article/deutsche-bank-mideast-redundancies/deutsche-bank-cuts-eight-equities-research-positions-in-dubai-sources-idUSL5N1T02CI |
We are not lending new money to Oleg Deripaska: VTB's Kostin 6:44 AM ET Tue, 22 May 2018 VTB Chairman and President Andrey Kostin speaks about his organization's dealings with Russian oligarch Oleg Deripaska. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/22/we-are-not-lending-new-money-to-oleg-deripaska-vtbs-kostin.html |
VANCOUVER, May 7, 2018 /PRNewswire/ - INCA ONE GOLD CORP. ( TSXV: IO, Frankfurt: SU9.F, SSEV: IOCL ) (" Inca One " or the " Company ") is pleased to announce that it has received approval from the TSXV for debt restructuring and shares for debt settlement agreements as previously announced in the press release dated March 29, 2018.
Emerging Manager Platform (2) Ltd. – Income Bonds Fund (" EMP ") has agreed to amend the terms of its existing $2,362,500 Secured Debenture (" Debt ") and issue shares for the settlement of $762,500 of principal and $258,680 of accrued interest. The post restructuring amount of the Secured Debenture is $1,600,000 and the maturity date of the Debt has been extended for 3 years to September 1, 2021. The Debt has an annual interest rate of 11% paid quarterly, with the first interest payment due September 1, 2018 and the Company has the right to prepay all or any part of the principal outstanding to EMP plus accrued and unpaid interest, without premium or penalty.
As consideration for restructuring the Debt, the Company issued to EMP, 1,066,667 units of the Company (the " Bonus Units "). The Bonus Units are comprised of one common share of the Company (each, a " Bonus Share ") and one warrant (each, a " Bonus Warrant "). Each Bonus Warrant is exercisable into one common share of the Company at an exercise price of $0.10 until the maturity date.
The debt settlement with EMP and certain other creditors, provided for the settlement of an aggregate of $1,083,887 in debt through the issuance of an aggregate of 18,020,484 common shares of the Company at an issue price of $0.06 per common share.
About Inca One
Inca One is a Canadian-based mineral processing company. The Company's activities consist of the production of gold and silver from the processing of purchased minerals located in Peru. Peru is the 6th largest producer of gold in the world and the Peruvian government estimates the small-scale mining sector accounts for a significant portion of all Peruvian gold production, estimated to be valued at approximately US$3 billion annually. The Company purchases its mineral from government registered small-scale mining producers from various regions and processes it at the Chala One milling facility located in Chala, Southern Peru.
On behalf of the Board,
Edward Kelly,
President and CEO
INCA ONE GOLD CORP.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
Statements regarding the Company which are not historical facts are "forward-looking statements" that involve risks and uncertainties. Such information can generally be identified by the use of forwarding-looking wording such as "may", "expect", "estimate", "anticipate", "intend", "believe" and "continue" or the negative thereof or similar variations. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements due to factors such as: (i) fluctuation of mineral prices; (ii) a change in market conditions; and (iii) the fact that future operational results may not be accurately predicted based on this limited information to date. Except as required by law, the Company does not intend to update any changes to such statements. Inca One believes the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included herein should not be unduly relied upon.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
View original content: http://www.prnewswire.com/news-releases/inca-one-gold-corp-announces-completion-of-debt-restructuring-and-debt-settlement-300643809.html
SOURCE Inca One Gold Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/pr-newswire-inca-one-gold-corp-announces-completion-of-debt-restructuring-and-debt-settlement.html |
The National Highway Traffic Safety Administration is the second federal agency to begin looking into the fatal crash involving a Tesla Model S in Fort Lauderdale, Florida this week.
"The agency will take appropriate action based on its review," NHTSA said Thursday.
It follows the National Transportation Safety Board, which said Wednesday it is sending a team to investigate the crash on State Route A1A , which killed two teenagers and injured a third.
The NTSB said it expects the primary focus of its investigation to be the electric vehicle battery fire. The agency said it does not currently expect Autopilot to be part of its inquiry.
All three occupants in the vehicle involved in the crash Tuesday night in Fort Lauderdale were 18-year-old males. A report from the Fort Lauderdale Police Department released Wednesday afternoon said the vehicle's speed is believed to have been a factor in the accident.
"Our thoughts are with the families and friends affected by this tragedy," Tesla said in a statement. "We are working to establish the facts of the incident and offer our full cooperation to local authorities."
show chapters 5 outrageous Elon Musk moments from the bizarre Tesla call 10:37 PM ET Thu, 3 May 2018 | 02:21 There have been a few high-profile crashes involving Tesla cars, including some where Autopilot was engaged. Most recently, a man crashed his Tesla Model X in Mountain View, California, in March.
The ensuing investigation led to a falling out between Tesla and the National Transportation Safety Board, which was looking into the crash. The NTSB said Tesla had improperly released information related to the crash before it had been properly vetted. Tesla had said it withdrew from the investigation, and that the agency had violated its own rules by releasing "incomplete information to the media."
— CNBC's Lora Kolodny contributed to this story. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/10/nhtsa-joins-ntsb-in-looking-into-fatal-tesla-crash-in-florida.html |
May 3 (Reuters) - The Reserve Bank of India said on Thursday it accepted all 48 bids for 111.48 billion rupees ($1.67 billion) at its one-day reverse repo auction on Wednesday, through which it absorbs liquidity from the banking system. REPO DATE BIDS BIDS FIXED RECEIVED ACCEPTED RATE No. AMT (bln No. AMT (bln (%) rupees) rupees) 02/05 6 38 6 38 6.00 27/04 26 189.26 26 189.26 6.00 26/04 14 122.90 14 122.90 6.00 25/04 7 90.20 7 90.20 6.00 24/04 9 110.95 9 110.95 6.00 23/04 9 120.10 9 120.10 6.00 21/04 5 27.15 5 27.15 6.00 20/04 23 172.82 23 172.82 6.00 19/04 8 103.35 8 103.35 6.00 18/04 5 36.35 5 36.35 6.00 17/04 6 37.05 6 37.05 6.00 16/04 13 86.10 13 86.10 6.00 13/04 8 45.85 8 45.85 6.00 12/04 4 27.60 4 27.60 6.00 11/04 5 38.10 5 38.10 6.00 10/04 12 64.75 12 64.75 6.00 09/04 7 35.35 7 35.35 6.00 07/04 1 2.40 1 2.40 6.00 06/04 6 36.85 6 36.23 6.00 05/04 7 37.50 7 37.50 6.00 04/04 5 36.10 5 36.10 6.00 03/04 6 34.30 6 34.30 6.00 REVERSE REPO DATE BIDS BIDS FIXED RECEIVED ACCEPTED RATE NO AMT (bln NO AMT (bln (%) rupees) rupees) 02/05 48 111.48 48 111.48 5.75 01/05 27 139.24 27 139.24 5.75 30/04 15 73.25 15 73.25 5.75 27/04 56 248.20 56 248.20 5.75 26/04 53 149.65 53 149.65 5.75 25/04 46 170.40 46 170.40 5.75 24/04 53 152.73 53 152.73 5.75 23/04 42 95.32 42 95.32 5.75 21/04 24 51.71 24 51.71 5.75 20/04 25 32.62 25 32.62 5.75 19/04 28 45.91 28 45.91 5.75 18/04 36 54.97 36 54.97 5.75 17/04 37 88.59 37 88.59 5.75 16/04 35 123.69 35 123.69 5.75 13/04 72 325.99 72 325.99 5.75 12/04 68 518.60 68 518.60 5.75 11/04 61 396.04 61 396.04 5.75 10/04 53 157.31 53 157.31 5.75 09/04 53 224.67 53 224.67 5.75 07/04 41 164.36 41 164.36 5.75 05/04 73 510.39 73 510.39 5.75 04/04 76 936.02 76 936.02 5.75 03/04 74 568.40 74 568.40 5.75 Source text - bit.ly/2HQyf7I ($1 = 66.6800 Indian rupees) (Bengaluru newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/india-cenbank-reverserepo/table-india-cenbank-says-reverse-repo-bids-fall-to-111-48-bln-rupees-idUSB8N1RI019 |
SACRAMENTO, Calif., May 23, 2018 /PRNewswire/ -- The McClatchy Company (NYSE American-MNI) announced today the final results of its offer to purchase for cash up to $13 million of its 9.0% Senior Secured Notes due in 2022 (the "9.0% Notes") pursuant to the terms and conditions of the Offer to Purchase dated April 25, 2018 (the "Offer"). Based on the results provided by the trustee of the 9.0% Notes, $0.5 million aggregate principal amount of the 9.0% Notes were tendered prior to the Offer's expiration at 5 p.m., Eastern time on Tuesday, May 22, 2018.
As previously announced, and in compliance with the terms of the indenture for the 9.0% Notes, McClatchy was required to offer to purchase for cash up to $13 million of the outstanding 9.0% Notes at par as a result of selling The State building and surrounding land in Columbia, South Carolina.
The Columbia building and land has been simultaneously leased back by The State. In accordance with the indenture on the notes maturing in 2027 and 2029, leaseback transactions are considered asset sales and proceeds equal to the net present value of the attributable debt is required to be repurchased in publicly traded bonds within 90 days of entering into the lease. On May 15, 2018, consent from a majority of the holders of the unsecured notes maturing 2027 and 2029 was received allowing the company to omit the requirement to repurchase publicly traded bonds in accordance with the indenture on the notes maturing in 2027 and 2029.
Elaine Lintecum, McClatchy's chief financial officer, said, "These 9.0% Notes continue to trade at a premium and similar to our offers last year, we are not surprised that a majority of the holders declined our offer."
About McClatchy
McClatchy operates 30 media companies in 14 states, providing each of its communities with strong independent local journalism in the public interest and advertising services in a wide array of digital and print formats. McClatchy is a publisher of iconic brands including the Miami Herald, The Kansas City Star, The Sacramento Bee, The Charlotte Observer, The (Raleigh) News & Observer, and the (Fort Worth) Star-Telegram. McClatchy is headquartered in Sacramento, Calif., and listed on the New York Stock Exchange American under the symbol MNI. #ReadLocal
Additional Information
Statements in this press release regarding future financial and operating results, including our strategies for success and their effects, our real estate monetization efforts and the repurchase of outstanding notes, revenues, and management's efforts with respect to cost reduction efforts and efficiencies, cash expenses, revenues, adjusted EBITDA, debt levels, interest costs and creation of shareholder value as well as future opportunities for the company and any other statements about management's future expectations, beliefs, goals, plans or prospects constitute forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Any statements that are not statements of historical fact (including statements containing the words "believes," "plans," "anticipates," "expects," "estimates" and similar expressions) should also be considered to be forward-looking statements. There are a number of important risks and uncertainties that could cause actual results or events to differ materially from those indicated by such forward-looking statements, including: McClatchy may not generate cash from operations, or otherwise, necessary to reduce debt or meet debt covenants as expected; we may not be successful in reducing debt whether through tenders offers, open market repurchase programs or other negotiated transactions; including sales of real estate properties may not close as anticipated or result in cash distributions in the amount or timing anticipated; McClatchy may not successfully implement audience strategies designed to increase audience revenues and may experience decreased audience volumes or subscriptions; McClatchy may experience diminished revenues from advertising; McClatchy may not achieve its expense reduction targets including efforts related to legacy expense initiatives or may do harm to its operations in attempting to achieve such targets; McClatchy's operations have been, and will likely continue to be, adversely affected by competition, including competition from internet publishing and advertising platforms; increases in the cost of newsprint; bankruptcies or financial strain of its major advertising customers; litigation or any potential litigation; geo-political uncertainties including the risk of war; changes in printing and distribution costs from anticipated levels, including changes in postal rates or agreements; changes in interest rates; changes in pension assets and liabilities; changes in factors that impact pension contribution requirements, including, without limitation, the value of the company-owned real property that McClatchy has contributed to its pension plan; increased consolidation among major retailers in our markets or other events depressing the level of advertising; our inability to negotiate and obtain favorable terms under collective bargaining agreements with unions; competitive action by other companies; an inability to fully implement and execute its share repurchase plan; and other factors, many of which are beyond our control; the Company may not be able to successfully refinance its 9.0% Senior Secured Notes due 2022; the company may not be able to consummate the debt refinancing transaction with Chatham as well as the other risks detailed from time to time in the company's publicly filed documents, including the company's Annual Report on Form 10-K for the year ended Dec. 31, 2017, filed with the U.S. Securities and Exchange Commission. McClatchy disclaims any intention and assumes no obligation to update the forward-looking information contained in this release.
View original content with multimedia: http://www.prnewswire.com/news-releases/mcclatchy-announces-final-results-of-debt-tender-offer-at-par-for-2022-notes-300653222.html
SOURCE McClatchy | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/pr-newswire-mcclatchy-announces-final-results-of-debt-tender-offer-at-par-for-2022-notes.html |
May 7, 2018 / 5:00 PM / Updated 12 minutes ago Bitcoin drop tied to CME futures listing, Fed paper shows Reuters Staff 2 Min Read
SAN FRANCISCO, May 7 (Reuters) - Bitcoin’s drop in value from its December 2017 peak of $19,511 was tied directly to the listing of futures contracts tied to the cryptocurrency’s value, new research published by the San Francisco Federal Reserve showed Monday.
“The rapid run-up and subsequent fall in the price after the introduction of futures does not appear to be a coincidence,” four researchers wrote in the latest edition of the regional Fed bank’s Economic Letter.
Fed policymakers have been dismissive, particularly in recent months, of bitcoin’s promise as an alternative currency to the dollar or other central bank-backed money. San Francisco Fed President John Williams, who will next month move to New York to run the Fed there, has been particularly critical.
“One of the problems they have is the values are extremely volatile,” Williams said in April of cryptocurrencies in general and bitcoin in particular.
Trading in futures, which sometimes reduces volatility in the underlying asset, appeared this time to aid bitcoin’s fall.
The introduction of the contracts on CME, one week after a much thinner trade on began rival Chicago Board Options Exchange, gave bitcoin pessimists an easy way to bet on a drop in value. This is known as short-selling in the stock market but is an integral and unremarkable aspect of futures markets.
As trade in downside bets picked up on CME, the authors of the Fed paper wrote, that created a broader downcycle that affected the underlying “spot” bitcoin market as well, reducing order flow and putting downward pressure on the price.
“With falling prices, pessimists started to make money on their bets, fueling further short selling and further downward pressure on prices,” they wrote. (Reporting by Ann Saphir Editing by Chizu Nomiyama) | ashraq/financial-news-articles | https://www.reuters.com/article/usa-fed-bitcoin/bitcoin-drop-tied-to-cme-futures-listing-fed-paper-shows-idUSL1N1SE116 |
(Reuters) - Virtu Financial Inc ( VIRT.O ), the high-speed trading and market-making firm, on Friday reported first-quarter earnings well above expectations, helped by high levels of market volatility in the period.
Virtu earned $410 million, or $1.86 per diluted share, compared with $145 million or 10 cents a diluted share a year earlier.
Stripping out one-time items, such as a $329 million net gain from the sale of fixed income trading platform BondPoint, Virtu earned 76 cents a share. That was 15 cents above the average estimate of analysts, according to Thomson Reuters I/B/E/S.
A stock market selloff in early February spurred volatility in the markets, which had been unusually calm in 2016 and 2017, driving trading volumes higher as investors tried to hedge themselves.
“This environment clearly played a significant role in our Q1 results,” Virtu’s Chief Executive Officer, Doug Cifu, said on a conference call with analysts.
Virtu, a market maker in equities, options, fixed income, currencies and commodities, bought rival KCG Holdings Inc in 2017 for around $1.4 billion and has been integrating the two firms while stripping out costs.
Market makers commit their own capital to offer to buy securities from or sell securities to broker-dealers, banks and institutions.
Because the market-making business thrives on volatility-driven volume, Virtu’s stock was seen by many investors as a way to get upside exposure to the market turbulence. That interest drove the company’s stock up 88 percent from the end of January until Thursday’s market close.
On Friday, Virtu’s stock was down 5.6 percent at $33.95 in early trading as investors tempered their expectations following the company’s acknowledgement that the volatility from the first quarter had eased in the latest quarter. The stock sank 6.7 percent at the open.
However, the trading environment “does remain decidedly better than the second half of 2016 and overall 2017,” Cifu said.
Virtu’s revenues totaled $815.1 million in the quarter, versus $147.3 million for the same period in 2017.
Net trading income nearly tripled to $406.2 million from $139.6 million for the same period in 2017.
Reporting by John McCrank in New York; Editing by Jeffrey Benkoe
| ashraq/financial-news-articles | https://www.reuters.com/article/us-virtu-fincl-results/virtu-earnings-top-expectations-on-volatile-markets-idUSKBN1I51MQ |
* MSCI Asia-Pacific index up 0.4 pct, Nikkei rises 0.1 pct
* Asia stocks firmer after oil surge boosts Wall St energy shares
* Ringgit slides after Malaysia vote upset
* Kiwi hits 5-mth low after dovish-sounding RBNZ statement
By Shinichi Saoshiro
TOKYO, May 10 (Reuters) - Asian stocks rose on Thursday, with energy shares leading the way as crude oil prices bolted higher after U.S. President Donald Trump’s decision to pull out of a nuclear deal with Iran.
MSCI’s broadest index of Asia-Pacific shares outside Japan advanced 0.4 percent, while Japan’s Nikkei climbed 0.1 percent. South Korea’s KOSPI rose 0.4 percent and Shanghai edged up 0.3 percent.
Brent crude futures rose 0.7 percent to $77.76 a barrel in early trade, the highest since November 2014 and building on gains of about 3 percent on Wednesday. U.S. light crude futures rose 0.8 percent.
But battered emerging market investors got another jolt after a stunning election upset in Malaysia.
Moody’s ratings agency said the country was now in uncharted territory after an alliance of opposition parties led by former prime minister Mahathir Mohamad shocked the ruling coalition.
The ringgit slid more than 2 percent in the non-deliverable forward market and the cost to insure against a Malaysian debt default rose.
“The surprise win by Mahathir’s coalition party is likely to see an increase in policy uncertainty at least in the short term with market volatility likely to be higher,” said Sian Fenner, lead Asian economist at Oxford Economics.
Special public holidays were declared for Thursday and Friday following the elections. But, highlighting investor worries, the U.S.-traded iShares MSCI Malaysia ETF plunged 6 percent overnight to a one-year low.
“Malaysian markets are expected to eventually regain some calm as Mahathir’s win may not spell a dramatic policy departure from those under (incumbent prime minister) Najib,” said Kota Hirayama, senior emerging markets economist at SMBC Nikko Securities in Tokyo.
“Malaysia still enjoys a current account surplus and this could help cushion any fiscal spending policies Mahathir could pursue. That said, the opposition parties that won is a loose coalition and it remains to be seen if they can retain a united front.”
Overnight, the Dow gained 0.75 percent and the S&P 500 climbed nearly 1 percent, with the S&P energy index rallying 2 percent.
Energy shares soared as crude oil prices reached 3-1/2-year highs, with investors betting the U.S. withdrawal from a nuclear agreement with Iran would increase tensions in the Middle East and curtail oil supply.
Rising oil prices in turn pushed up U.S. Treasury yields by fanning inflation concerns. The 10-year Treasury note yield rose to a two-week high above the 3 percent threshold before pulling back a little to 2.986 percent.
Shored up by higher yields, the dollar climbed to a 4-1/2-month high of 93.416 against a basket of six major currencies overnight. The dollar index was last at 92.979.
The New Zealand dollar retreated to a five-month low of $0.6916 after the Reserve Bank of New Zealand (RBNZ) wrongfooted hawks by keeping interest rates steady and saying the next move might be a cut or a hike.
“The RBNZ surprised markets with a slight dovish shift. It kept the official cash rate (OCR) on hold, as was widely expected, but notably allowed for the OCR to move ‘up or down’, rather than simply on hold – a slightly dovish development in our view,” said Imre Speizer, economist at Westpac.
The euro crawled back to $1.1869 after slipping overnight to $1.1823, its lowest since late December. The dollar was 0.1 percent lower at 109.665 yen after brushing an eight-day peak of 109.930. (Reporting by Shinichi Saoshiro Additional reporting by Richard Leong in New York and Swati Pandey in Sydney; Editing by Kim Coghill)
| ashraq/financial-news-articles | https://www.reuters.com/article/global-markets/global-markets-asia-stocks-rise-as-crude-oil-extends-rally-on-iran-worries-idUSL3N1SH1M9 |
HERNDON, Va.--(BUSINESS WIRE)-- Strayer Education, Inc. (NASDAQ: STRA) today announced financial results for the period ended March 31, 2018. Financial highlights are as follows:
Three Months Ended March 31:
For the first quarter, student enrollment at the Company’s main operating unit, Strayer University, increased 6% to 46,184 compared to 43,387 for the same period in 2017. New student enrollment for the period increased 6% and continuing student enrollment for the period increased 7%. Revenue was $116.5 million compared to $114.9 million for the same period in 2017, as higher winter term enrollment was offset by lower revenue per student due to the continuing effect of scholarships issued in the fall 2017 term. Income from operations decreased to $11.3 million from $18.4 million for the same period in 2017, primarily due to costs associated with the Company’s pending merger with Capella Education Company. Adjusted income from operations, which is a non-GAAP financial measure, was $16.7 million compared to $18.4 million in the same period in 2017. For more details on non-GAAP financial measures, refer to the information on pages 8 through 10. Net income, which includes the effects of the new lower federal income tax rate, was $9.5 million, and adjusted net income was $13.9 million, compared to net income of $10.6 million in the same period in 2017. Earnings before interest, taxes, depreciation, and amortization (EBITDA) was $16.4 million compared to $22.8 million in 2017. Adjusted EBITDA was $24.8 million compared to $25.7 million in the same period in 2017. Diluted earnings per share was $0.84 compared to $0.95 for the same period in 2017. Adjusted diluted earnings per share grew 29% to $1.23 from $0.95 for the same period in 2017. Diluted weighted average shares outstanding increased 2% to 11,311,000 from 11,121,000 for the same period in 2017.
Balance Sheet and Cash Flow
At March 31, 2018, the Company had cash and cash equivalents of $165.9 million and no debt. Cash flow from operations was $17.0 million compared to $24.5 million during 2017, primarily due to cash payments of costs related to the Company’s pending merger with Capella Education Company. Capital expenditures for 2018 were $4.2 million compared to $3.8 million for the same period in 2017.
For the first quarter of 2018, bad debt expense as a percentage of revenues was 5.5% compared to 3.8% for the same period in 2017.
The Company had $70.0 million of share repurchase authorization remaining at March 31, 2018. No shares were repurchased in the first quarter of 2018.
Q2 2018 Outlook
Total enrollments at Strayer University for the second quarter of 2018 are anticipated to grow 8% to approximately 46,800 students from 43,411 students for the same period in 2017. New student enrollments are expected to increase approximately 7% and continuing student enrollments are expected to increase approximately 8%. Revenue per student for the second quarter is expected to decrease by approximately 5% due primarily to the continuation of students participating in scholarship programs launched in 2017. Additionally, the Company expects the tax rate in the second quarter to be in the range of 27% to 28%, excluding the impact of any non-deductible merger costs, and other discrete tax adjustments.
New Campus Openings
The Company opened a new campus in Macon, Georgia, incorporating a new smaller, more cost-efficient design intended to service a student body that values a brick-and-mortar presence, even while taking an increasing majority of their courses online. The Company is on track to open two to three additional new campuses by the end of 2018.
Common Stock and Common Stock Equivalents
At March 31, 2018, the Company had 11,300,671 common shares issued and outstanding, including 458,522 shares of restricted stock. The Company also had 250,000 restricted stock units outstanding and 100,000 vested stock options outstanding.
Common Stock Cash Dividend
The Company announced today that it declared a regular, quarterly cash dividend of $0.25 per share of common stock. This dividend will be paid on June 18, 2018 to shareholders of record as of June 4, 2018.
Merger Update
The Company confirmed today that its pending merger with Capella Education Company remains on track to close in the third quarter of 2018, subject to approval by the Higher Learning Commission, Capella University’s accreditor.
Conference Call with Management
Strayer Education, Inc. to discuss its first quarter 2018 earnings results at 10:00 a.m. (ET) today. To participate on the live call, investors should dial (877) 303-9047 ten minutes prior to the start time. In addition, the call will be available via webcast. To access the live webcast of the conference call, please go to www.strayereducation.com 15 minutes prior to the start time of the call to register. Following the call, the webcast will be archived and available at www.strayereducation.com .
About Strayer Education, Inc.
Strayer Education, Inc. (NASDAQ: STRA) is educating a more competitive and qualified workforce by solving higher education’s most challenging problems. It includes Strayer University , a regionally accredited institution that delivers affordable degree programs for working adults, and a Top 25 Princeton Review-ranked executive MBA program through the Jack Welch Management Institute . Non-degree web and mobile application development courses are offered through the New York Code + Design Academy . Strayer also transforms the workforces of its corporate partners through customized degree and professional development programs. By deploying innovative teaching methods and technologies that enhance student learning outcomes, Strayer makes it possible for working adults to acquire the skills they need to succeed in today’s rapidly changing economy.
Forward-Looking Statements
This press release contains statements that are forward-looking and are made pursuant to the “safe-harbor” provisions of the Private Securities Litigation Reform Act of 1995 (the “Reform Act”). Such statements may be identified by the use of words such as “expect,” “estimate,” “assume,” “believe,” “anticipate,” “will,” “forecast,” “outlook,” “plan,” “project,” or similar words. The statements are based on the Company’s current expectations and are subject to a number of assumptions, uncertainties, and risks. In connection with the safe-harbor provisions of the Reform Act, the Company has identified important factors that could cause the Company’s actual results to those expressed in or implied by such statements. The assumptions, uncertainties and risks include the pace of growth of student enrollment, the Company’s continued compliance with Title IV of the Higher Education Act, and the regulations thereunder, as well as regional accreditation standards and state regulatory requirements, rulemaking by the Department of Education and increased focus by the U.S. Congress on for-profit education institutions, competitive factors, risks associated with the opening of new campuses, risks associated with the offering of new educational programs and adapting to other changes, risks relating to the timing of regulatory approvals, the Company’s ability to implement its growth strategy, risks associated with the ability of the University’s students to finance their education in a timely manner, risks associated with the Company’s pending merger with Capella Education Company, including the risk that the merger may not be completed on the agreed terms or at all, and general economic and market conditions. Further information about these and other relevant risks and uncertainties may be found in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017 and in its subsequent filings with the Securities and Exchange Commission, all of which are incorporated herein by reference and which are available from the Commission. The Company undertakes no obligation to update or revise .
STRAYER EDUCATION, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Amounts in thousands, except per share data) For the Three Months Ended
March 31,
2017 2018 Revenues $ 114,912 $ 116,469 Costs and expenses: Instruction and educational support 61,416 63,776 Marketing 18,718 20,124 Admissions advisory 4,716 4,676 General and administration 11,619 11,218 Merger costs — 5,347 Total costs and expenses 96,469 105,141 Income from operations 18,443 11,328 Investment income 181 448 Interest expense 159 159 Income before income taxes 18,465 11,617 Provision for income taxes 7,887 2,150 Net income $ 10,578 $ 9,467 Earnings per share: Basic $ 1.00 $ 0.88 Diluted $ 0.95 $ 0.84 Weighted average shares outstanding: Basic 10,630 10,745 Diluted 11,121 11,311
STRAYER EDUCATION, INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands, except share and per share data) December 31, March 31, 2017 2018 ASSETS Current assets: Cash and cash equivalents $ 155,933 $ 165,867 Tuition receivable, net 23,122 24,997 Other current assets 11,293 10,558 Total current assets 190,348 201,422 Property and equipment, net 73,763 73,686 Deferred income taxes 24,452 23,803 Goodwill 20,744 20,744 Other assets 11,971 12,155 Total assets $ 321,278 $ 331,810 LIABILITIES & STOCKHOLDERS' EQUITY Current liabilities: Accounts payable and accrued expenses $ 46,177 $ 45,806 Income taxes payable 1,038 2,541 Contract liabilities 21,851 23,931 Total current liabilities 69,066 72,278 Other long-term liabilities 43,015 41,240 Total liabilities 112,081 113,518 Commitments and contingencies Stockholders' equity: Common stock, par value $0.01, 20,000,000 shares authorized; 11,167,425 and 11,300,671 shares issued and outstanding at December 31, 2017 and March 31, 2018, respectively
112 113 Additional paid-in capital 47,079 49,766 Retained earnings 162,006 168,413 Total stockholders' equity 209,197 218,292 Total liabilities and stockholders' equity $ 321,278 $ 331,810
STRAYER EDUCATION, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Amounts in thousands) For the Three Months Ended
March 31,
2017 2018 Cash flows from operating activities: Net income $ 10,578 $ 9,467 Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of gain on sale of assets (71 ) — Amortization of deferred rent (477 ) (417 ) Amortization of deferred financing costs 66 66 Depreciation and amortization 4,370 5,035 Deferred income taxes 762 (1,842 ) Stock-based compensation 2,427 2,688 Changes in assets and liabilities: Tuition receivable, net 19 (2,249 ) Other current assets 616 931 Other assets 397 115 Accounts payable and accrued expenses (2,836 ) (867 ) Income taxes payable 7,089 3,995 Contract liabilities 2,441 1,192 Other long-term liabilities (846 ) (1,065 ) Net cash provided by operating activities 24,535 17,049 Cash flows from investing activities: Purchases of property and equipment (3,841 ) (4,233 ) Net cash used in investing activities (3,841 ) (4,233 ) Cash flows from financing activities: Common dividends paid (2,853 ) (2,889 ) Net cash used in financing activities (2,853 ) (2,889 ) Net increase in cash, cash equivalents, and restricted cash 17,841 9,927 Cash, cash equivalents, and restricted cash – beginning of period 129,758 156,448 Cash, cash equivalents, and restricted cash – end of period $ 147,599 $ 166,375 Non-cash transactions: Purchases of property and equipment included in accounts payable $ 571 $ 2,385
Non-GAAP Financial Performance Measures
In our press release and schedules, and on the related conference call, we report certain financial measures that are not required by, or presented in accordance with, accounting principles generally accepted in the United States of America (“GAAP”). We discuss management’s reasons for reporting these non-GAAP measures below, and the press release schedules reconcile the most directly comparable GAAP measure to each non-GAAP measure that we reference. Although management evaluates and presents these non-GAAP measures for the reasons described below, please be aware that these non-GAAP measures have limitations and should not be considered in isolation or as a substitute for revenue, operating income, income from continuing operations, net income, earnings per share or any other comparable operating measure prescribed by GAAP. In addition, we may calculate and/or present these non-GAAP financial measures differently than measures with the same or similar names that other companies report, and as a result, the non-GAAP measures we report may not be comparable to those reported by others.
Management uses certain non-GAAP measures to evaluate the Company’s financial performance because those non-GAAP measures allow for period-over-period comparisons of its ongoing operations before the impact of these items. These measures are Adjusted Income from Operations, Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA), Adjusted EBITDA, Adjusted Net Income, and Adjusted Earnings Per Share. These non-GAAP measures exclude charges associated with the Company’s previously announced merger with Capella Education Company. Adjusted EBITDA also excludes stock-based compensation expense and costs related to the Company’s acquisition of the New York Code + Design Academy. Each of these non-GAAP measures is reconciled to the most directly comparable GAAP measures on pages 9 and 10. Non-GAAP financial measures should be considered in addition to, and not as substitutes for, the Company’s reported GAAP results.
STRAYER EDUCATION, INC. NON-GAAP UNAUDITED ADJUSTING STATEMENTS OF INCOME (Amounts in thousands, except per share data) For the Three Months Ended March 31, 2018 Non-GAAP Adjustments As Reported
(GAAP)
Merger Costs
(1)
As Adjusted
(Non-GAAP)
Income from operations $ 11,328 $ 5,347 $ 16,675 Investment income 448 — 448 Interest expense 159 — 159 Income before income taxes 11,617 5,347 16,964 Provision for income taxes 2,150 914 3,064 Net income $ 9,467 $ 4,433 $ 13,900 Earnings per share: Basic $ 0.88 $ 0.41 $ 1.29 Diluted $ 0.84 $ 0.39 $ 1.23 Weighted average shares outstanding: Basic 10,745 — 10,745 Diluted 11,311 — 11,311 (1)
Reflects charges associated with the Company’s previously announced merger with Capella Education Company.
STRAYER EDUCATION, INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES ADJUSTED EBITDA (Amounts in thousands, except per share data) Three Months Ended
March 31,
2017 2018 Net income $ 10,578 $ 9,467 Provision for income taxes 7,887 2,150 Investment income (181 ) (448 ) Interest expense 159 159 Depreciation and amortization 4,370 5,035 EBITDA (1) 22,813 16,363 Stock-based compensation 2,427 2,688 Fair value adjustments (2) 466 381 Merger costs (3) — 5,347 Adjusted EBITDA (1) $ 25,706 $ 24,779 (1)
Denotes non-GAAP financial measures. Please see pages 8-9 for more detail regarding these adjustments and management’s reasons for providing this information. (2)
Reflects the amortization of amounts paid to the sellers of the New York Code + Design Academy, which was acquired in January 2016. (3)
Reflects charges associated with the Company’s previously announced merger with Capella Education Company.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180502005341/en/
Strayer Education, Inc.
Daniel Jackson
Executive Vice President and Chief Financial Officer
703-713-1862
[email protected]
Source: Strayer Education, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/business-wire-strayer-education-inc-reports-first-quarter-enrollment-revenues-and-earnings.html |
NY AG Schneiderman resigns following abuse allegations 10 Hours Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/08/ny-ag-schneiderman-resigns-following-abuse-allegations.html |
Q1 2018 Strategic Highlights
Closed sale of Philippines businesses at an attractive valuation Allocated $1 billion to prepay Parent debt and improve credit ratings Restructured 531 MW Alto Maipo hydroelectric project under construction in Chile Implemented $100 million cost savings program Signed long-term PPAs for 838 MW of renewables
Q1 2018 Financial Highlights
Diluted EPS of $1.03, compared to Q1 2017 Diluted Loss Per Share of ($0.04) Adjusted EPS of $0.28, compared to Q1 2017 Adjusted EPS of $0.17 Reaffirming 2018 guidance and expectations for 8% to 10% average annual growth in Adjusted EPS and Parent Free Cash Flow through 2020
ARLINGTON, Va.--(BUSINESS WIRE)-- The AES Corporation (NYSE: AES) today reported financial results 2018.
"Over the past three months we have made significant progress on our strategic objectives. We have further simplified our portfolio by selling our Philippine assets for $1 billion and allocated most of those funds to reduce Parent debt. We continued to reduce risk by restructuring the Alto Maipo hydroelectric project with a fixed price, lump sum construction contract," said Andrés Gluski , AES President and Chief Executive Officer. "We made good progress on our 4 GW of projects under construction, completing the 671 MW Eagle Valley CCGT at IPL, and signed new PPAs for more than 800 MW of renewable projects in the U.S. and Argentina."
"We first quarter results, including the significant margin improvement in South America and the US. We have implemented the reorganization we announced earlier this year, which will improve our efficiency and deliver $100 million in annual savings," said Tom O'Flynn , AES Executive Vice President and Chief Financial Officer. "To that end, we remain confident in our ability to deliver on our 2018 guidance and 8% to 10% average annual growth through 2020. We are encouraged by recent credit rating improvements and we are on track to achieve investment grade ratings in 2020."
Key Q1 2018 Financial Results
First quarter 2018 Diluted Earnings Per Share from Continuing Operations (Diluted EPS) was $1.03, an increase of $1.07 compared to first quarter 2017, primarily reflecting the gain on the sale of Masinloc in the Philippines.
First quarter 2018 Adjusted Earnings Per Share (Adjusted EPS, a non-GAAP financial measure) was $0.28, an increase of $0.11 compared to first quarter 2017, primarily driven by higher contributions from all of the Company's Strategic Business Units (SBU) and a lower effective tax rate. Margins primarily improved at the Company's:
South America SBU, reflecting market reforms enacted in Argentina, as well as higher contracted pricing in Chile and Colombia; and US and Utilities SBU, due to lower maintenance costs and improved availability at generation facilities, as well as higher regulated rates at DPL in Ohio.
Detailed Strategic Highlights
On track to achieve investment grade credit metrics in 2019 and attain investment grade ratings in 2020 Upgraded by S&P to BB+ and outlook revised by Moody's to Ba2 Positive Alto Maipo, a subsidiary AES Gener (67% owned by AES), finalized a new construction contract with Strabag and secured additional funding from project lenders, for the 531 MW Alto Maipo hydroelectric project in Chile New agreement, which is expected to be effective this week upon completion of customary conditions, is fixed price and lump sum, transfers all geological risks to Strabag and provides a date certain for completion, with strong performance guarantees AES Gener will invest $200 million, which will be contributed to the project on a 50/50 basis, along with additional non-recourse debt, and an additional $200 million will be funded toward the project's completion in 2020, for a total of $400 million (AES ownership-adjusted $270 million) Commenced commercial operations of 671 MW Eagle Valley CCGT in Indiana Remaining 3.8 GW under construction on schedule through 2020 Year-to-date, signed long-term Power Purchase Agreements (PPA) for 838 MW of renewables that are expected to begin construction later this year, including: sPower signed 15-year a PPA with Microsoft for 315 MW of solar in Virginia and a 30-year PPA for 220 MW of wind in South Dakota AES Distributed Energy signed PPAs of 17-25 years for 120 MW of solar in New York, Massachusetts and Rhode Island AES Argentina agreed to acquire the 100 MW Energetica wind development project in Argentina with a 20-year, U.S. Dollar-denominated PPA AES Argentina will use local debt capacity to fund the project Committed to adopt the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD)
Guidance and Expectations 1
The Company reaffirms its 2018 Adjusted EPS guidance of $1.15 to $1.25 and its average annual growth rate target of 8% to 10% through 2020. Growth in 2018 will be primarily driven by contributions from new businesses, cost savings and lower Parent interest.
The Company also reaffirms its 2018 Parent Free Cash Flow expectation of $600 million to $675 million.
The Company's 2018 guidance and expectations through 2020 are based on foreign currency and commodity forward curves as of March 31, 2018.
1 Adjusted EPS and Parent Free Cash Flow are non-GAAP financial measures. See attached "Non-GAAP Measures" for definition of Adjusted EPS and see below for definition of Parent Free Cash Flow. The Company is not able to provide a corresponding GAAP equivalent or reconciliation for its Adjusted EPS guidance without unreasonable effort. See "Non-GAAP measures" for a description of the adjustments to reconcile Adjusted EPS to Diluted EPS 2018. Non-GAAP Financial Measures
See Non-GAAP Measures for definitions of Adjusted Earnings Per Share and Adjusted Pre-Tax Contributions, as well as reconciliations to the most comparable GAAP financial measures.
Parent Free Cash Flow should not be construed as an alternative to Net Cash Provided by Operating Activities which is determined in accordance with GAAP. Parent Free Cash Flow is equal to Subsidiary Distributions less cash used for interest costs, development, general and administrative activities, and tax payments by the Parent Company. Parent Free Cash Flow is used for dividends, share repurchases, growth investments, recourse debt repayments, and other uses by the Parent Company.
Attachments
Condensed Consolidated Statements of Operations, Segment Information, Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Cash Flows, Non-GAAP Measures and Parent Financial Information.
Conference Call Information
AES will host a conference call on Tuesday, May 8, 2018 at 9:00 a.m. Eastern Daylight Time (EDT). Interested parties may listen to the teleconference by dialing 1-888-317-6003 at least ten minutes before the start of the call. International callers should dial +1-412-317-6061. The Conference ID for this call is 3372053. Internet access to the conference call and presentation materials will be available on the AES website at www.aes.com by selecting “ Investors ” and then “ Presentations and Webcasts .”
A webcast replay, as well as a replay in downloadable MP3 format, will be accessible at www.aes.com beginning shortly after the completion of the call.
About AES
The AES Corporation (NYSE: AES) is a Fortune 200 global power company. We provide affordable, sustainable energy to 15 countries through our diverse portfolio of distribution businesses as well as thermal and renewable generation facilities. Our workforce is committed to operational excellence and meeting the world’s changing power needs. Our 2017 revenues were $11 billion and we own and manage $33 billion in total assets. To learn more, please visit www.aes.com . Follow AES on Twitter @TheAESCorp .
Safe Harbor Disclosure
This news release contains within the meaning of the Securities Act of 1933 and of the Securities Exchange Act of 1934. Such include, but are not limited to, those related to future earnings, growth and financial and operating performance. Forward-looking statements are not intended to be a guarantee of future results, but instead constitute AES’ current expectations based on reasonable assumptions. Forecasted financial information is based on certain material assumptions. These assumptions include, but are not limited to, our accurate projections of future interest rates, commodity price and foreign currency pricing, continued normal levels of operating performance and electricity volume at our distribution companies and operational performance at our generation businesses consistent with historical levels, as well as achievements of planned productivity improvements and incremental growth investments at normalized investment levels and rates of return consistent with prior experience.
Actual results could those projected in our due to risks, uncertainties and other factors. Important factors that could affect actual results are discussed in AES’ filings with the Securities and Exchange Commission (the “SEC”), including, but not limited to, the risks discussed under Item 1A “Risk Factors” and Item 7: Management’s Discussion & Analysis in AES’ 2017 Annual Report on Form 10-K and in subsequent reports filed with the SEC. Readers are encouraged to read AES’ filings to learn more about the risk factors associated with AES’ business. AES undertakes no obligation to update or revise any , whether as a result of new information, future events or otherwise.
Any Stockholder who desires a copy of the Company’s 2017 Annual Report on Form 10-K dated on or about February 26, 2018 with the SEC may obtain a copy (excluding Exhibits) without charge by addressing a request to the Office of the Corporate Secretary, The AES Corporation, 4300 Wilson Boulevard, Arlington, Virginia 22203. Exhibits also may be requested, but a charge equal to the reproduction cost thereof will be made. A copy of the Form 10-K may be obtained by visiting the Company’s website at www.aes.com .
THE AES CORPORATION
Condensed Consolidated Statements of Operations (Unaudited)
Three Months Ended March 31, 2018 2017 (in millions, except
per share amounts)
Revenue: Regulated $ 722 $ 813 Non-Regulated 2,018 1,768 Total revenue 2,740 2,581 Cost of Sales: Regulated (601 ) (703 ) Non-Regulated (1,483 ) (1,321 ) Total cost of sales (2,084 ) (2,024 ) Operating margin 656 557 General and administrative expenses (56 ) (54 ) Interest expense (281 ) (287 ) Interest income 76 63 Gain (loss) on extinguishment of debt (170 ) 17 Other expense (9 ) (24 ) Other income 13 73 Gain on disposal and sale of businesses 788 — Asset impairment expense — (168 ) Foreign currency transaction losses (19 ) (20 ) INCOME FROM CONTINUING OPERATIONS BEFORE TAXES AND EQUITY IN EARNINGS OF AFFILIATES 998 157 Income tax expense (231 ) (67 ) Net equity in earnings of affiliates 11 7 INCOME FROM CONTINUING OPERATIONS 778 97 Income (loss) from operations of discontinued businesses, net of income tax expense of $0 and $2, respectively (1 ) 1 NET INCOME 777 98 Noncontrolling interests: Less: Income from continuing operations attributable to noncontrolling interests and redeemable stocks of subsidiaries (93 ) (121 ) Less: Income from discontinued operations attributable to noncontrolling interests — (1 ) NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION $ 684 $ (24 ) AMOUNTS ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS: Income (loss) from continuing operations, net of tax $ 685 $ (24 ) Loss from discontinued operations, net of tax (1 ) — NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION $ 684 $ (24 ) BASIC EARNINGS PER SHARE: NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS $ 1.04 $ (0.04 ) DILUTED EARNINGS PER SHARE: NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS $ 1.03 $ (0.04 ) DILUTED SHARES OUTSTANDING 663 659 DIVIDENDS DECLARED PER COMMON SHARE $ 0.13 $ 0.12 THE AES CORPORATION Strategic Business Unit (SBU) Information (Unaudited) Three Months Ended March 31, (in millions) 2018 2017 REVENUE US and Utilities SBU $ 1,027 $ 1,047 South America SBU 895 747 MCAC SBU 408 348 Eurasia SBU 419 429 Corporate, Other and Inter-SBU eliminations (9 ) 10 Total Revenue $ 2,740 $ 2,581 THE AES CORPORATION
Condensed Consolidated Balance Sheets (Unaudited)
March 31,
2018
December 31,
2017
(in millions, except share
and per share data)
ASSETS CURRENT ASSETS Cash and cash equivalents $ 1,212 $ 949 Restricted cash 415 274 Short-term investments 617 424 Accounts receivable, net of allowance for doubtful accounts of $13 and $10, respectively 1,498 1,463 Inventory 569 562 Prepaid expenses 66 62 Other current assets 703 630 Current assets of discontinued operations and held-for-sale businesses 358 2,034 Total current assets 5,438 6,398 NONCURRENT ASSETS Property, Plant and Equipment: Land 502 502 Electric generation, distribution assets and other 24,311 24,119 Accumulated depreciation (8,168 ) (7,942 ) Construction in progress 4,043 3,617 Property, plant and equipment, net 20,688 20,296 Other Assets: Investments in and advances to affiliates 1,282 1,197 Debt service reserves and other deposits 541 565 Goodwill 1,059 1,059 Other intangible assets, net of accumulated amortization of $454 and $441, respectively 362 366 Deferred income taxes 94 130 Service concession assets, net of accumulated amortization of $0 and $206, respectively — 1,360 Loan receivable 1,474 — Other noncurrent assets 1,635 1,741 Total other assets 6,447 6,418 TOTAL ASSETS $ 32,573 $ 33,112 LIABILITIES AND EQUITY CURRENT LIABILITIES Accounts payable $ 1,317 $ 1,371 Accrued interest 289 228 Accrued and other liabilities 1,182 1,232 Non-recourse debt, includes $986 and $1,012, respectively, related to variable interest entities 2,025 2,164 Current liabilities of discontinued operations and held-for-sale businesses 63 1,033 Total current liabilities 4,876 6,028 NONCURRENT LIABILITIES Recourse debt 4,060 4,625 Non-recourse debt, includes $1,570 and $1,358, respectively, related to variable interest entities 13,601 13,176 Deferred income taxes 1,207 1,006 Pension and other postretirement liabilities 189 230 Other noncurrent liabilities 2,264 2,365 Total noncurrent liabilities 21,321 21,402 Commitments and Contingencies (see Note 8) Redeemable stock of subsidiaries 851 837 EQUITY THE AES CORPORATION STOCKHOLDERS’ EQUITY Common stock ($0.01 par value, 1,200,000,000 shares authorized; 816,331,182 issued and 661,364,449 outstanding at March 31, 2018 and 816,312,913 issued and 660,388,128 outstanding at December 31, 2017) 8 8 Additional paid-in capital 8,397 8,501 Accumulated deficit (1,525 ) (2,276 ) Accumulated other comprehensive loss (1,808 ) (1,876 ) Treasury stock, at cost (154,966,733 and 155,924,785 shares at March 31, 2018 and December 31, 2017, respectively) (1,879 ) (1,892 ) Total AES Corporation stockholders’ equity 3,193 2,465 NONCONTROLLING INTERESTS 2,332 2,380 Total equity 5,525 4,845 TOTAL LIABILITIES AND EQUITY $ 32,573 $ 33,112 THE AES CORPORATION
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Three Months Ended March 31, 2018 2017 (in millions) OPERATING ACTIVITIES: Net income $ 777 $ 98 Adjustments to net income: Depreciation and amortization 254 291 Gain on disposal and sale of businesses (788 ) — Asset impairment expense — 168 Deferred income taxes 180 (6 ) Provisions for contingencies — 12 Loss (gain) on extinguishment of debt 170 (17 ) Loss on sales of assets 2 12 Other 72 48 Changes in operating assets and liabilities (Increase) decrease in accounts receivable (39 ) 50 (Increase) decrease in inventory (16 ) (16 ) (Increase) decrease in prepaid expenses and other current assets (33 ) 111 (Increase) decrease in other assets 19 (43 ) Increase (decrease) in accounts payable and other current liabilities (66 ) (65 ) Increase (decrease) in income tax payables, net and other tax payables — 38 Increase (decrease) in other liabilities (17 ) 27 Net cash provided by operating activities 515 708 INVESTING ACTIVITIES: Capital expenditures (495 ) (474 ) Proceeds from the sale of businesses, net of cash and restricted cash sold 1,180 4 Sale of short-term investments 149 907 Purchase of short-term investments (345 ) (716 ) Contributions to equity affiliates (44 ) — Other investing (29 ) (38 ) Net cash provided by (used in) investing activities 416 (317 ) FINANCING ACTIVITIES: Borrowings under the revolving credit facilities 881 225 Repayments under the revolving credit facilities (783 ) (84 ) Issuance of recourse debt 1,000 — Repayments of recourse debt (1,774 ) (341 ) Issuance of non-recourse debt 757 569 Repayments of non-recourse debt (510 ) (295 ) Payments for financing fees (14 ) (18 ) Distributions to noncontrolling interests (17 ) (33 ) Contributions from noncontrolling interests and redeemable security holders 11 29 Dividends paid on AES common stock (86 ) (79 ) Payments for financed capital expenditures (89 ) (26 ) Other financing (6 ) (26 ) Net cash used in financing activities (630 ) (79 ) Effect of exchange rate changes on cash 5 11 (Increase) decrease in cash and restricted cash of discontinued operations and held-for-sale businesses 74 (35 ) Total increase in cash, cash equivalents and restricted cash 380 288 Cash, cash equivalents and restricted cash, beginning 1,788 1,960 Cash, cash equivalents and restricted cash, ending $ 2,168 $ 2,248 SUPPLEMENTAL DISCLOSURES: Cash payments for interest, net of amounts capitalized $ 207 $ 195 Cash payments for income taxes, net of refunds $ 71 $ 74 SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES: Non-cash contributions of assets and liabilities for Fluence acquisition $ 20 $ — Dividends declared but not yet paid $ 86 $ 79 Conversion of Alto Maipo loans and accounts payable into equity $ — $ 279 THE AES CORPORATION
NON-GAAP FINANCIAL MEASURES
(Unaudited)
RECONCILIATION OF ADJUSTED PRE-TAX CONTRIBUTION (PTC) AND ADJUSTED EPS
Adjusted PTC is defined as pre-tax income from continuing operations attributable to The AES Corporation excluding gains or losses of the consolidated entity due to (a) unrealized gains or losses related to derivative transactions and equity securities; (b) unrealized foreign currency gains or losses; (c) gains, losses and associated benefits and costs due to dispositions and acquisitions of business interests, including early plant closures; (d) losses due to impairments; (e) gains, losses and costs due to the early retirement of debt; and (f) costs directly associated with a major restructuring program, including, but not limited to, workforce reduction efforts, relocations, and office consolidation. Adjusted PTC also includes net equity in earnings of affiliates on an after-tax basis adjusted for the same gains or losses excluded from consolidated entities.
Adjusted EPS is defined as diluted earnings per share from continuing operations excluding gains or losses of both consolidated entities and entities accounted for under the equity method due to (a) unrealized gains or losses related to derivative transactions and equity securities; (b) unrealized foreign currency gains or losses; (c) gains or losses and associated benefits and costs due to dispositions and acquisitions of business interests, including early plant closures, and the tax impact from the repatriation of sales proceeds; (d) losses due to impairments; (e) gains, losses and costs due to the early retirement of debt; (f) costs directly associated with a major restructuring program, including, but not limited to, workforce reduction efforts, relocations, and office consolidation; and (g) tax benefit or expense related to the enactment effects of 2017 U.S. tax law reform.
The GAAP measure most comparable to Adjusted PTC is income from continuing operations attributable to AES. The GAAP measure most comparable to Adjusted EPS is diluted earnings per share from continuing operations. We believe that Adjusted PTC and Adjusted EPS better reflect the underlying business performance of the Company and are considered in the Company’s internal evaluation of financial performance. Factors in this determination include the variability due to unrealized gains or losses related to derivative transactions or equity securities, unrealized foreign currency gains or losses, losses due to impairments and strategic decisions to dispose of or acquire business interests, retire debt or implement restructuring activities, which affect results in a given period or periods. In addition, for Adjusted PTC, earnings before tax represents the business performance of the Company before the application of statutory income tax rates and tax adjustments, including the effects of tax planning, corresponding to the various jurisdictions in which the Company operates. Adjusted PTC and Adjusted EPS should not be construed as alternatives to income from continuing operations attributable to AES and diluted earnings per share from continuing operations, which are determined in accordance with GAAP.
For the year beginning January 1, 2018, the Company changed the definition of Adjusted PTC and Adjusted EPS to exclude unrealized gains or losses from equity securities resulting from a newly effective accounting standard. We believe excluding these gains or losses provides a more accurate picture of continuing operations. Factors in this determination include the variability due to unrealized gains or losses related to equity securities remeasurement. The Company has also reflected these changes in the comparative period.
Three Months Ended
March 31, 2018
Three Months Ended
March 31, 2017
Net of NCI (1)
Per Share
(Diluted) Net
of NCI (1)
Net of NCI (1) Per Share
(Diluted) Net
of NCI (1)
(in millions, except per share amounts) Income (loss) from continuing operations, net of tax, attributable to AES and Diluted EPS $ 685 $ 1.03 $ (24 ) $ (0.04 ) (2)
Add: Income tax expense from continuing operations attributable to AES 198 20 Pre-tax contribution $ 883 $ (4 ) Adjustments Unrealized derivative and equity securities losses (gains) $ 12 $ 0.02 $ (1 ) $ — Unrealized foreign currency gains (3 ) — (9 ) (0.01 ) Disposition/acquisition losses (gains) (778 ) (1.17 ) (3)
52 0.08 (4)
Impairment expense — — 168 0.25 (5)
Losses (gains) on extinguishment of debt 171 0.26 (6)
(16 ) (0.02 ) (7)
Restructuring costs 3 — — — Less: Net income tax expense (benefit) 0.14 (8)
(0.09 ) (9)
Adjusted PTC and Adjusted EPS $ 288 $ 0.28 $ 190 $ 0.17 | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/business-wire-aes-advances-its-strategic-transformation-and-delivers-strong-first-quarter-2018-results.html |
FRANKFURT, May 24 (Reuters) - A U.S. warning it may introduce tariffs on foreign auto imports hit shares in German carmakers BMW, Daimler and Volkswagen on Thursday, which together have a more than 90 percent share of North America’s premium car market.
Washington said on Wednesday it had launched an investigation into car and truck imports due to signs they had damaged the U.S. auto industry.
That could lead to new U.S. tariffs similar to those imposed on imported steel and aluminium in March.
BMW and Daimler shares fell as much as 3.1 percent in early Thursday trading, while Volkswagen’s dropped as much as 2.5 percent.
“(U.S. President) Donald Trump is obviously not thinking about how to prevent a trade war. Import duties on cars would be a nightmare for the German auto industry and would lead to a massive sales impact,” said Thomas Altmann at Frankfurt-based asset manager QC Partners.
BMW on Thursday condemned the move to consider tariffs.
“The BMW Group is committed to free trade worldwide. Barrier-free access to markets is therefore a key factor not only for our business model, but also for growth welfare and employment throughout the global economy,” it said.
Daimler, which makes Mercedes-Benz cars, and Volkswagen, which makes upmarket Audis and Porsches, were not immediately available for comment.
German carmakers produced 804,000 cars at local factories in the United States and exported 657,000 German-made cars into North America last year, according to German auto industry association VDA.
China took pains on Thursday to welcome German firms and investments, with Premier Li Keqiang talking up relations after a meeting with German Chancellor Angela Merkel.
BMW and Mercedes have expanded production capacity in the United States, but BMW, Audi, Volkswagen and Daimler have also invested billions to build new factories in Mexico in the hope of selling locally produced cars into the United States.
German carmakers hiked vehicle production in Mexico by 46 percent to 620,000 cars last year, while production levels inside the United States fell by 6 percent to 804,000 cars because of a shift to Mexico, according to the VDA.
BMW has its biggest factory worldwide in Spartanburg, South Carolina, and is the largest vehicle exporter among all the carmakers in the United States measured by value of goods exported. More than 70 percent of BMW’s U.S.-made cars are exported.
The risk of tariffs is not just a problem for German carmakers, with shares in France’s PSA Group and Renault also falling by more than 1 percent.
The value of trade imports into the European Union from the United States amounted to 6.157 billion euros while exports of EU-built cars to the United States amounted to 37.4 billion last year, representing almost 30 percent of the total EU export value. (Reporting by Edward Taylor in Frankfurt Additional reporting by Phil Blenkinsop in Brussels Editing by Mark Potter)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-trump-autos/european-carmaker-shares-drop-on-u-s-tariff-fears-idUSL5N1SV2C4 |
May 9, 2018 / 10:36 AM / Updated 6 minutes ago BRIEF-Eyenovia Reports Q1 Loss Per Share Of $0.45 Reuters Staff
May 9 (Reuters) - Eyenovia Inc:
* EYENOVIA REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS AND COMPLETION OF EYN PG21 STUDY
* Q1 LOSS PER SHARE $0.45 Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-eyenovia-reports-q1-loss-per-share/brief-eyenovia-reports-q1-loss-per-share-of-0-45-idUSASC0A0VO |
April 30 (Reuters) - PALESTINE INSURANCE CO:
* Q1 NET INCOME AFTER TAX $316,613 VERSUS $1 MILLION YEAR AGO
* Q1 GROSS PREMIUMS WRITTEN $3.9 MILLION VERSUS $3 MILLION YEAR AGO Source: ( bit.ly/2HIsEAi ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-palestine-insurance-q1-profit-fall/brief-palestine-insurance-q1-profit-falls-idUSFWN1S70XW |
Market News May 8, 2018 / 1:10 PM / in 10 minutes BRIEF-Agco Corp Announces Results Of Any And All Cash Tender Offer For Its 5.875 Pct Senior Notes Due 2021 Reuters Staff 1 Min Read
May 8 (Reuters) - AGCO Corp:
* AGCO CORPORATION ANNOUNCES RESULTS OF ANY AND ALL CASH TENDER OFFER FOR ITS 5.875% SENIOR NOTES DUE 2021 Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-agco-corp-announces-results-of-any/brief-agco-corp-announces-results-of-any-and-all-cash-tender-offer-for-its-5-875-pct-senior-notes-due-2021-idUSASC0A0HS |
PARIS--(BUSINESS WIRE)-- HighLife SAS, a medtech company focused on the development of a unique trans-catheter mitral valve replacement (TMVR) system to treat patients suffering from mitral regurgitation, announced today the appointment of Dr. Martin T. Rothman as non-executive independent member of its Board of Directors.
Dr. Rothman retired recently from his position as Vice President of medical affairs for coronary, structural heart and renal denervation, for Medtronic, based in Santa Rosa (CA), a position he held since 2010. He was involved in the development of the renal denervation program, TAVR, and the Medtronic percutaneous mitral regurgitation program, including Twelve and development of its Intrepid TMVR product and associated clinical strategy.
Dr. Rothman trained as an interventional cardiologist in Bart Hospital Trust, UK. Then, as a world-renowned interventional cardiologist, he worked for the UK National Health Service for almost 40 years. He has been a leading investigator in research involving drug-eluting coronary stents and cardiac stem-cell treatment, and helped develop intravascular ultrasound technology. Dr. Rothman also currently holds several positions in start-up companies in the cardiovascular field, some as a founder and based on his own inventions.
“I am excited to join the HighLife team and a very experienced board and to contribute to the establishment of its unique percutaneously delivered mitral valve prosthesis which is self-locating and if necessary removable. This will be a major opportunity for a large number of patients,” said Dr. Rothman.
Based in Paris (France), HighLife was started in 2010 by Georg Börtlein , CEO and member of the Board. Following the recent investment in HighLife from Sofinnova Partners, Antoine Papiernik joined the company’s Board. Mano Iyer , founder and COO of the medtech start-up ReCor Medical, continues to serve as an independent member. In December 2017, Jose (Pepe) Calle Gordo , most recently CEO of Biosensors and with a long successful career in cardiovascular devices, was named Chairman.
“We are honored to have Martin Rothman join the company’s Board of Directors. It is a clear validation of the significant progress made with this technology as well as its future potential to address the unmet needs of patients with mitral regurgitation. His extensive medical background and unique track record in the interventional cardiology field will add tremendous value to our team and in combination with the rest of the Board of Directors, is creating a strong foundation which will lead to clinical and regulatory success,” said Mr Calle Gordo .
“I am delighted we could attract a Director with the talent and experience of Dr. Rothman. We will greatly benefit from his experience and strategic vision of structural heart along with his ability to build clinical strategies,” said Georg Börtlein.
The HighLife technology is best-in-class as it can be delivered transseptally via the femoral vein in a reversible manner, and as it self-locates inside the native annulus. The transseptal route is the preferred route for both interventionists and patients as it avoids any surgery.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180508006069/en/
STRATEGIES & IMAGE
Anne Rein, +33-6-0335-9205
[email protected]
Source: HighLife SAS | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/business-wire-highlife-appoints-dr-martin-rothman-as-independent-member-of-the-board.html |
Food washing process may be causing outbreaks of poisoning 11:49am BST - 02:03
Outbreaks of food poisoning could be caused by an industry standard cleaning procedure used for fresh produce like salads, according to scientists in the UK. Stuart McDill reports.
Outbreaks of food poisoning could be caused by an industry standard cleaning procedure used for fresh produce like salads, according to scientists in the UK. Stuart McDill reports. //reut.rs/2IBEW1W | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/21/food-washing-process-may-be-causing-outb?videoId=428998575 |
(Reuters) - Electronic Arts Inc ( EA.O ) reported a fourth-quarter revenue on Tuesday that beat Wall Street estimates, driven by sales of its popular sports titles “FIFA” as well as franchises like “Battlefield” and “The Sims”.
FILE PHOTO: An Electronic Arts (EA) video game logo is seen at the Electronic Entertainment Expo, or E3, in Los Angeles, California, United States, June 17, 2015. REUTERS/Lucy Nicholson/File Photo GLOBAL BUSINESS WEEK AHEAD The videogame publisher’s shares were up 2.5 percent at $127 in after-market trading.
On an adjusted basis, EA’s revenue was $1.26 billion for the reported quarter, beating analysts’ average estimate of $1.24 billion, according to Thomson Reuters I/B/E/S.
Sales at EA’s high-margin digital business rose 18 percent to $1.10 billion in the fourth quarter as more gamers bought their titles online instead of purchasing physical copies from retail stores.
The company also announced a new $2.4 billion share repurchase program on Tuesday.
Net income rose to $607 million, or $1.95 per share, in the fourth quarter ended March 31, from $566 million, or $1.81 per share, a year earlier.
Videogame companies are required to defer some revenue from certain online-enabled games following a tweak to the U.S. accounting rules.
The company forecast first-quarter adjusted revenue of $720 million, excluding mobile platform fees of about $60 million. Analysts were expecting revenue of $795.9 million, according to Thomson Reuters I/B/E/S.
The success of games from the “battle royale” genre such as “Fortnite” have somewhat challenged publishers including Activision Blizzard Inc ( ATVI.O ) and Take Two Interactive Software Inc ( TTWO.O ).
Epic Games launched the free-to-play “battle royale” mode for “Fortnite” on computers and gaming consoles in September. The mode allows up to 100 online players to battle each other to the death until only one player survives.
“We don’t see it as a threat, we see it as an opportunity,” COO and CFO Blake Jorgensen told Reuters when asked about “Fortnite”.
“Fortnite” has brought in younger players into the industry which is good for EA and other publishers in the long run, Jorgensen said.
Reporting by Arjun Panchadar in Bengaluru; Editing by Shounak Dasgupta
| ashraq/financial-news-articles | https://www.reuters.com/article/us-electronic-arts-results/game-publisher-eas-first-quarter-forecast-misses-estimates-idUSKBN1I9325 |
May 15, 2018 / 11:34 AM / Updated 39 minutes ago PRESS DIGEST- Canada - May 15 Reuters Staff 2 Min Read
May 15 (Reuters) - The following are the top stories from select Canadian newspapers. Reuters has not verified these stories and does not vouch for their accuracy. THE GLOBE AND MAIL
** Ten U.S. senators are seeking to place a temporary freeze on American duties against Canadian newsprint, saying the trade dispute needs further study. ( tgam.ca/2rJNIjm )
** After half a century under Desmarais-family control, Power Corp of Canada wants investors to know it isn't running out of steam - in fact, it's planning a multibillion-dollar spending spree. ( tgam.ca/2rIuA5e )
** H&R real estate investment trust has reached a deal to sell 63 U.S. retail properties for $633 million, slashing its exposure to the retail sector across dozens of American cities. ( tgam.ca/2rKOvQQ ) NATIONAL POST
** Canada has slipped in its global ranking for innovation, falling back three spots compared to last year as business investment levels slumped, according to a new report. ( bit.ly/2rJ7F9P )
** Aurora Cannabis Inc, the hungriest M&A player in the Canadian marijuana space, continued its shopping spree on Monday, announcing plans to acquire rival MedReleaf Corp for an estimated C$3.2 billion ($2.50 billion), all in stock. ( bit.ly/2rL8pv5 ) ($1 = 1.2820 Canadian dollars) (Compiled by Bengaluru newsroom) | ashraq/financial-news-articles | https://www.reuters.com/article/press-digest-canada/press-digest-canada-may-15-idUSL3N1SM54H |
May 14 (Reuters) - Kraton Corp:
* ORATION ANNOUNCES PROPOSED PRIVATE OFFERING OF SENIOR NOTES AND ADDITIONAL TERM LOAN BORROWINGS AS PART OF A REFINANCING OF CERTAIN OUTSTANDING INDEBTEDNESS
* UNITS INTEND TO OFFER EUR 290.0 MILLION IN AGGREGATE PRINCIPAL AMOUNT OF SENIOR NOTES DUE 2026
* ALSO ANNOUNCED ITS INTENTION FOR KRATON LLC TO BORROW AN ADDITIONAL $90.0 MILLION IN INCREMENTAL U.S. DOLLAR DENOMINATED TERM LOANS Source text for Eikon: Further company coverage:
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-kraton-corp-announces-private-offe/brief-kraton-corp-announces-private-offering-of-senior-notes-and-additional-term-loan-borrowings-idUSASC0A1UU |
CHICAGO, May 14, 2018 /PRNewswire/ -- JBT Corporation (NYSE: JBT) today announced that its Board of Directors has declared a second quarter 2018 cash dividend of $0.10 per share of outstanding common stock. The dividend will be payable on June 7, 2018 to stockholders of record at the close of business on May 24, 2018.
JBT Corporation (NYSE: JBT) is a leading global technology solutions provider to high-value segments of the food & beverage industry with focus on proteins, liquid foods and automated system solutions. JBT designs, produces and services sophisticated products and systems for multi-national and regional customers through its FoodTech segment. JBT also sells critical equipment and services to domestic and international air transportation customers through its AeroTech segment. JBT Corporation employs approximately 5,800 people worldwide and operates sales, service, manufacturing and sourcing operations in more than 25 countries. For more information, please visit www.jbtc.com .
Investors & Media: Jeff Scipta (312) 861-5930
View original content: http://www.prnewswire.com/news-releases/jbt-corporation-declares-quarterly-dividend-300647233.html
SOURCE JBT Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/pr-newswire-jbt-corporation-declares-quarterly-dividend.html |
President Donald Trump proposed to executives from the world’s biggest auto makers Friday imposing a 20% tariff on vehicles brought into the U.S. and also subjecting imports to tougher emissions standards than domestic vehicles, according to people familiar with the session.
During a tense meeting at the White House that was billed as a discussion of U.S. auto-emissions standards, Mr. Trump brought up the issue of trade and targeted European auto makers for not building more vehicles in the U.S., according to the people briefed... | ashraq/financial-news-articles | https://www.wsj.com/articles/auto-makers-meet-with-donald-trump-on-emissions-nafta-1526063070 |
Asian stocks closed lower on Wednesday after U.S. President Donald Trump said he was "not satisfied" with the latest round of trade talks with China.
In Tokyo, Nikkei 225 fell 1.18 percent, or 270.60 points, to close at 22,689.74 amid the move higher in the yen. The dollar slipped to trade at 110.22 at 3:27 p.m. HK/SIN, under the 111 handle seen earlier this week. Major exporters were hurt as the yen firmed, with Honda Motor declining 1.03 percent and TDK down 1.96 percent.
The broader Topix was lower by 0.68 percent, with losses seen in all but two of its 33 subindexes. Declines were led by the Topix mining and oil subindexes, which dropped 4.3 percent and 3.07 percent, respectively.
The Kospi erased early losses to edge up by 0.26 percent to 2,471.91 as gains in large cap technology names offset declines seen in other major sectors. Samsung Electronics rose 3.6 percent and SK Hynix added 6.96 percent, while steelmakers and financials slid.
Symbol Name Price Change %Change NIKKEI --- HSI --- ASX 200 --- SHANGHAI --- KOSPI --- CNBC 100 --- Greater China markets pulled back. Hong Kong's Hang Seng Index declined 1.42 percent by 3:29 p.m. HK/SIN, hurt by falls in financials and energy.
Mainland stock indexes saw similar losses: The Shanghai composite dropped 1.4 percent to close at 3,169.24, its largest single-day fall in around a month, according to Reuters. The smaller Shenzhen composite slid 1.1 percent to end at 1,834.72.
Coal miners came under pressure, with shares of China Shenhua down 6.16 percent in Hong Kong by 3:32 p.m. HK/SIN and lower by 6.95 percent in Shanghai. That came as Chinese authorities intervened in the coal market, Reuters reported.
Over in Sydney, the S&P/ASX 200 slipped 0.16 percent to close at 6,032.50 as energy names dragged on the broader index. Meanwhile, MSCI's index of shares in Asia Pacific excluding Japan edged down by 0.6 percent in Asia afternoon trade.
Declines came after President Donald Trump said he was "not satisfied" with bilateral trade talks with China that occurred last week, but called them a "start" to working out the U.S. trade imbalance with Beijing. U.S. stocks closed lower following those comments despite starting the session on positive footing.
Still on the issue of trade, China announced on Tuesday that it would reduce tariffs on some vehicles to 15 percent from as much as 25 percent. Tariffs on certain automotive parts would also be cut.
Global stock markets had been buoyed earlier in the week by fading jitters over U.S.-China trade tensions after the two sides met in Washington for talks. U.S. Treasury Secretary Steven Mnuchin's comment that negotiations had made "very meaningful progress" saw the Dow Jones industrial average close above the 25,000 level on Monday for the first time since March.
On the geopolitical front, Trump said Tuesday there was a "substantial chance" that a summit with North Korean leader Kim Jong Un "may not work out." Trump's comments came as he met South Korean President Moon Jae-in ahead of a planned meeting, scheduled for June 12, with Kim.
In currencies, the dollar edged up against a basket of currencies ahead of minutes from the Federal Reserve which are expected during U.S. hours. The dollar index was firmer at 93.788, but still below a five-month high reached earlier in the week.
In corporate news, shares of Australia's Santos plunged 8.39 percent after the oil and gas producer rejected a takeover offer from Harbour Energy. The offer did not represent the full value of the company, Santos said in a release, adding that it had also ended discussions with Harbour. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/22/asia-markets-us-china-trade-stocks-geopolitics-and-currencies-in-focus.html |
Significantly Reduced Debt Load and Interest Expense
Continued Focus on Revitalization
MADISON, N.C.--(BUSINESS WIRE)-- Remington Outdoor Company (“Remington” or “the Company”), one of the world’s leading designers and manufacturers of firearms, ammunition, and related products, announced today that it has emerged from Chapter 11 after successfully implementing its plan of reorganization (“the Plan”) previously confirmed by the Delaware bankruptcy court on May 4, 2018.
The Plan provides a comprehensive balance sheet restructuring of the Company and converts over $775 million of the Company’s debt into equity. In addition, the Plan provides the Company with a new Asset Based Loan (“ABL”) facility of $193 million, the proceeds of which will refinance its prior ABL facility in full, a new $55 million First-In, Last-Out Term Loan and a new $100 million Term Loan. As an integral part of the Plan, all trade and business claims are unimpaired and will be addressed in the Company’s normal course of business. The Plan received support from over 97% of the voting Term Loan Lenders and all of the voting Third Lien Noteholders.
As provided in the Plan, all shares of Remington’s common stock issued prior to the commencement of Remington’s bankruptcy proceeding were cancelled upon emergence, and Remington has issued new shares of common stock and, in some cases, warrants, to the holders of its previously outstanding funded debt in return for their allowed claims against Remington. The term of Remington’s previous Board of Directors expired upon emergence and a new Board of Directors shall be appointed immediately.
“It is morning in Remington country,” said Anthony Acitelli, Chief Executive Officer of Remington. Mr. Acitelli continued, “We are excited about the future – producing quality products, serving our customers, and providing good jobs for our employees.”
Remington’s legal counsel is Milbank, Tweed, Hadley & McCloy LLP, its investment banker is Lazard Freres & Co. LLC, and its financial advisor is Alvarez & Marsal. The Term Loan Lenders’ legal counsel is O’Melveny & Myers LLP and their investment banker is Ducera Partners LLC with M-III Advisory Partners, LP also advising the Term Loan Lenders. The Third Lien Noteholders’ counsel is Willkie Farr & Gallagher LLP and their investment banker is Perella Weinberg Partners LP.
Resources
Court filings and claims information may be accessed at
https://cases.primeclerk.com/remington/
About Remington Outdoor Company
Remington Outdoor Company, headquartered in Madison, N.C., is one of the world's leading innovator, designer, manufacturer, and marketer of firearms, ammunition, and related products for the hunting, shooting sports, law enforcement, and military markets. As one of the largest manufacturers in the world of firearms and ammunition, we have some of the most globally recognized brands including Remington, Bushmaster, DPMS/Panther Arms, Marlin, H&R, Dakota Arms, Parker, AAC, Barnes Bullets, Storm Lake and Tapco. For more information download the Remington Outdoor Company Brochure, located on www.remingtonoutdoorcompany.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180517005860/en/
For Media Inquiries:
ICR, Inc.
John McKenna, 203-682-8252
[email protected]
Source: Remington Outdoor Company | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/business-wire-remington-outdoor-company-successfully-emerges-from-chapter-11.html |
SAO PAULO (Reuters) - Brazilian President Michel Temer said on Friday he authorized federal forces to clear highways blockaded by protesting truckers, whose actions have paralyzed key sectors of the economy despite an agreement by most trucking associations to end a five-day protest over diesel prices.
Truckers block the Imigrantes highway SP-160 during a protest against high diesel fuel prices in Sao Paulo, Brazil May 24, 2018. Signs reads "It will not turn Venezuela". REUTERS/Paulo Whitaker The protests by truck drivers crippled major sectors of Latin America’s biggest economy and led the city of Sao Paulo, the region’s biggest business hub, to declare a state of emergency due to scarce fuel supplies.
Temer decided to authorize the army, along with federal highway police and state police forces, to clear major roadways following a meeting with ministers in the capital, Brasilia.
“Those blocking the highways, those acting in a radical manner, are hurting the population and will be held responsible,” Temer said in a televised address.
Negotiators for several trucker groups agreed late on Thursday to suspend their blockages for 15 days after the government vowed to subsidize and stabilize diesel prices, which may cost 5 billion reais ($1.4 billion) this year.
But Abcam, a trucking group that ignited the strike and says it represents about 600,000 drivers, was not among the parties that signed the accord, raising serious questions about how truckers would respond to government concessions.
By Friday afternoon, the strike showed no signs of letting up and its impact on Brazilians’ daily lives and several key economic sectors in the commodity powerhouse persisted.
No trucks were able to enter the Santos port, Latin America’s largest, and oilseeds crushing group Abiove told Reuters that soy exports would halt on Saturday if truckers did allow access to major ports.
Brazilian meat group ABPA said 152 poultry and pork processing plants had indefinitely suspended production. Lack of feed supplies may cause millions of birds and hogs to die.
Gas stations ran out of fuel across the country, while consumers hit grocery stores in a panic in several areas, emptying shelves. Public transport and trash collection was reduced or halted across the country.
To win over truckers, who began the blockades on Monday to protest high fuel prices, the government also promised to extend for 30 days a 10 percent diesel price cut announced by state-led oil company Petroleo Brasileiro SA.
Shares of Petrobras, as the company is known, rose more than 2 percent in early trading after plunging 19 percent in the prior two days, as news of government subsidies softened the blow of political interference in the firm’s fuel pricing. They were up 0.7 percent in afternoon trading.
Auto production in Brazil, which contributes about a quarter of industrial output, ground to a halt on Friday in the latest blow to a fragile economic recovery following the worst downturn in decades.
($1 = 3.65 reais)
Reporting by Eduardo Simões; Additional reporting by Gram Slattery, Jose Roberto Gomes, Ana Mano and Brad Brooks in Sao Paulo; Editing by Brad Haynes and Dan Grebler
| ashraq/financial-news-articles | https://in.reuters.com/article/brazil-transport-military/brazil-authorizes-military-to-clear-highway-blockades-source-idINKCN1IQ2DO |
BELFAST, May 26 (Reuters) - Abortion rights activists in Northern Ireland called on the British government to end what one group described as the province’s “Victorian-era abortion ban” after neighbouring Ireland voted by a landslide to liberalise its laws.
Voters in the once deeply Catholic Irish republic were estimated to have backed a referendum by more than two-to-one, according to two exit polls, prompting campaigners across the border to step up their demands for change.
A socially conservative province where the Catholic and Protestant faiths exert strong influence, Northern Ireland allows abortion only when a mother’s life is in danger. The penalty for undergoing or performing an unlawful abortion is life imprisonment.
“It must not be forgotten that us women in Northern Ireland are still persecuted by a Victorian-era abortion ban,” Grainne Teggart, Northern Ireland campaign manager for Amnesty International said in a statement on Saturday.
“It’s hypocritical, degrading and insulting to Northern Irish women that we are forced to travel for vital healthcare services but cannot access them at home. We cannot be left behind in a corner of the UK and on the island of Ireland as second-class citizens.”
Dublin plans to bring in legislation this year to allow abortions with no restriction up to 12 weeks into a pregnancy, raising the prospect that women in Northern Ireland may start travelling south of the border for terminations.
The Supreme Court in London is expected to make a ruling in the next few months on a case considering whether Northern Ireland abortion law breaches women’s rights.
Northern Ireland’s elected assembly has the right to bring its abortion laws in line with the rest of the United Kingdom, but voted against doing so in February 2016 and the assembly has not sat since the devolved government collapsed in January 2017.
Calls on Saturday, including an appeal by the British Pregnancy Advisory Service (Bpas), were instead directed at Prime Minister’s Theresa May’s government in London.
The British government’s Northern Ireland Office did not immediately respond to a request for comment.
A demonstration for change was due to take place at Belfast City Hall on Monday, the Solidarity with Repeal group said.
Jim Wells, a member of the socially conservative Democratic Unionist Party that props up May’s minority government, said the outcome in the south was “an extremely worrying development for the protection of the unborn child in Northern Ireland.”
“Whilst deeply disappointed by yesterday’s vote the Pro Life movement must now redouble its efforts to prevent any change in law in Northern Ireland,” he said in a statement. (Editing by Padraic Halpin and Toby Chopra)
| ashraq/financial-news-articles | https://www.reuters.com/article/ireland-abortion-nireland/in-northern-ireland-abortion-rights-groups-clamour-for-change-idUSL5N1SX0DN |
Eric Peirmont | AFP | Getty Images French Economy Minister Bruno Le Maire.
France is looking to see if the European Union could compensate European companies that might be facing sanctions by the United States for doing business with Iran, said French finance minister Bruno Le Maire on Sunday.
Le Maire referred to EU rules going back to 1996 which he said could allow the EU to intervene in this manner to protect European companies against any U.S. sanctions, adding that France wanted the EU to toughen its stance in this area.
In 1996, when the United States tried to penalize foreign companies trading with Cuba, the EU forced Washington to back down by threatening retaliatory sanctions.
European firms doing business in Iran face sanctions from the United States after President Donald Trump withdrew from a 2015 nuclear deal with Iran.
"Are we going to allow the United States to be the economic policeman of the world? The answer is no," Le Maire told C News TV and Europe 1 radio on Sunday.
Le Maire added it was important Italy kept its EU budget commitments, in light of plans by Italy's new coalition government to ramp up spending - which could put Rome at odds with the EU. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/20/eu-could-compensate-firms-hit-by-us-sanctions-over-iran.html |
(Adds J&J comment)
NEW YORK, May 25 (Reuters) - A South Carolina jury on Friday could not agree on a verdict in a case of a woman whose family said her long-term use of Johnson & Johnson's Baby Powder led to her death from asbestos-related cancer, resulting in a mistrial.
The case of Bertila Boyd-Bostic, who died of a rare form of cancer in 2017 at the age of 30, is the latest in a series of trials in the United States that center around allegations that the company's talc-based powder contained asbestos.
"We're disappointed the jury did not reach a unanimous verdict for Johnson & Johnson," the company said in a statement emailed to Reuters.
"The talc in Johnson's Baby Powder does not contain asbestos, which is supported by more than 50 years of independent, non-litigation driven scientific evaluations."
Asbestos is a known carcinogen linked to mesothelioma, the type of cancer Boyd-Bostic had been diagnosed with at the age of 29.
After two weeks of trial, the jury in the Darlington County Court of Common Pleas said it could not decide whether J&J was responsible for the disease. Under South Carolina law, a jury has to make a unanimous decision.
Christopher Swett, a lawyer for the family of Boyd-Bostic, said in a statement that the plaintiffs would retry the case at the earliest opportunity.
"We continue to believe that the daily use of baby powder on Bertila from birth led to her death," Swett said.
The case also named as a defendant the U.S. unit of talc supplier Imerys SA, as well as a local unit of Rite Aid, one of the largest U.S. drugstore chains, which allegedly sold the baby powder used by the woman.
Gwen Myers, a spokeswoman for Imerys Talc America, said: "We remain confident that talc does not cause cancer. Imerys follows all FDA and other regulatory guidelines and utilizes rigorous testing to ensure that our talc meets the highest quality standards. We continue to stand by the safety of our product."
Rite Aid did not immediately respond to a request for comment.
J&J is battling some 9,000 cases claiming its talc products cause ovarian cancer, but litigants have recently focused on claims based on alleged asbestos contamination.
A California jury on Thursday awarded $25.7 million in damages to a woman and her husband over allegations that the company's baby powder had caused her mesothelioma.
A New Jersey court jury in April ordered J&J and Imerys Talc America to pay $117 million to a man who alleged he developed mesothelioma due to asbestos exposure from talc-based products.
The company won the only other asbestos-related trial in November, when a Los Angeles Superior Court jury ruled in its favor.
(Reporting by Tina Bellon, Editing by Rosalba O'Brien and Diane Craft) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/25/reuters-america-update-1-u-s-jury-fails-to-reach-verdict-in-latest-jj-talc-trial.html |
Sears shares jump as much as 22% on Amazon tire deal 2 Hours Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/09/sears-shares-jump-as-much-as-22-percent-on-amazon-tire-deal.html |
ROSEVILLE, Calif., Sunworks, Inc. (Nasdaq:SUNW), a premier provider of high performance solar power solutions for agriculture, commercial, industrial (ACI), public works and residential markets, today announced that Stanley Speer, founder and principal of Speer and Associates, LLC, has been appointed to its Board of Directors, effective May 14, 2018. Mr. Speer will serve as independent director and as chair of the Company’s Audit Committee.
Chuck Cargile, Sunworks’ Chief Executive Officer commented, “Stan is a financial expert with an exceptional background. His experience over the last three decades as a partner of a top-tier accounting and auditing firm, a public company chief financial officer and as an advisor to both private and public companies, makes him an ideal candidate to join our board. I am eager to leverage Stan’s experience and am confident he will add value to our organization as we continue the transformation of Sunworks.”
With this appointment, the Sunworks board is now comprised of a total of five members, including Mr. Cargile. The other four are independent directors, two of whom have strong financial and investment backgrounds, Mr. Speer and Joshua Schechter, and two solar industry experts, Daniel Gross and Rhone Resch.
Mr. Speer is the principal of Speer and Associates, LLC., a consulting firm he founded to provide practical operational, financial and strategic solutions to public and private businesses. Previously, Mr. Speer was a Managing Director with Alvarez & Marsal (A&M), in Los Angeles specializing in advising and assisting boards of directors, investment groups, management groups and lenders in a wide range of turnaround, restructuring and reorganization situations. Prior to joining A&M, Mr. Speer spent 10 years as CFO for Cadiz Inc., a publicly held real estate and water resource management company and its subsidiary, Sun World International, a fully-integrated agricultural company. Prior to Cadiz, Mr. Speer was a partner with Coopers & Lybrand (now PricewaterhouseCoopers), where he spent 14 years in the Los Angeles office specializing in business reorganizations and mergers and acquisitions.
Mr. Speer commented, “Having focused most of my career on advising dynamic companies, I am excited to join the board of Sunworks. I believe the company is undergoing very important changes to become a significant player in the advancement of solar energy. I look forward to working with the leadership team and the other accomplished board members to help drive the company’s strategy and growth.”
Mr. Speer earned his bachelor's degree in business administration from the University of Southern California.
About Sunworks, Inc.
Sunworks, Inc. (SUNW) is a premier provider of high performance solar power systems. We are committed to quality business practices that exceed industry standards and uphold our ideals of ethics and safety.
Sunworks continues to grow its presence, expanding nationally with regional and local offices. We strive to consistently deliver high quality, performance-oriented solutions for customers in a wide range of industries including agricultural, commercial and industrial, federal, public works, and residential.
Our dedication to excellence is reflected in our 25-year warranty, a benchmark that we stand by to support our customers above and beyond their expectations.
Sunworks’ diverse, seasoned workforce includes distinguished veterans who bring a sense of pride, discipline, and professionalism to their interaction with customers.
Sunworks is a member of the Solar Energy Industries Association (SEIA) and is a proud advocate for the advancement of solar power.
Safe Harbor Statement
Matters discussed in this press release contain within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such . Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the contained herein. These are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These risks include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the Company and its operations, markets, products, and prospects for sales, failure to commercialize our technology, failure of technology to perform as expected, failure to earn profit or revenue, higher costs than expected, persistent operating losses, ownership dilution, inability to repay debt, failure of acquired businesses to perform as expected, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors detailed in reports filed by the Company.
Investor Relations Contact:
Rob Fink
Hayden IR
646-415-8972
[email protected]
Source:Sunworks, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/globe-newswire-sunworks-appoints-stanley-speer-financial-expert-to-board-of-directors.html |
LAKE BARRINGTON, Ill., May 3, 2018 /PRNewswire/ -- CTI Industries Corporation (NASDAQ: CTIB) today announced that it will host a conference call to discuss 2018 first quarter financial results. The conference call will take place on Monday, May 14, 2018 at 9:00 a.m. Central Time (10:00 a.m. Eastern Time).
To access and/or participate in the conference call, the dial-in telephone number is 866-619-8760. The Conference ID is 5286837. Participants are advised to dial into the call five to 10 minutes prior to the starting time to register.
A replay of the conference call will be available from May 14, 2018 through May 21, 2018 by dialing 855-859-2056. The replay passcode is 5286837.
About CTI Industries Corporation
CTI Industries Corporation, based in suburban Chicago, is one of the leading manufacturers and marketers of foil and latex balloons, develops, produces and markets vacuum sealing systems for household use, produces laminated and printed films for commercial uses and markets home organizing products, Candy Blossoms and party goods. CTI markets its products throughout the United States and in a number of other countries.
View original content with multimedia: http://www.prnewswire.com/news-releases/cti-industries-corporation-to-host-conference-call-to-discuss-2018-first-quarter-financial-results-300642416.html
SOURCE CTI Industries Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/pr-newswire-cti-industries-corporation-to-host-conference-call-to-discuss-2018-first-quarter-financial-results.html |
WASHINGTON/NEW YORK/LONDON (Reuters) - A day after U.S. President Donald Trump pulled out of the Iran nuclear deal, several families of American prisoners held in the Islamic Republic urged the White House to start humanitarian talks with Tehran to win their release.
A staff member removes the Iranian flag from the stage after a group picture with foreign ministers and representatives of the U.S., Iran, China, Russia, Britain, Germany, France and the European Union during the Iran nuclear talks at the Vienna International Center in Vienna, Austria July 14, 2015. REUTERS/Carlos Barria/File Photo The families made the appeal as U.S. Secretary of State Mike Pompeo was returning home on Wednesday with three Americans freed from imprisonment by North Korea, with whom Washington is hoping to pursue denuclearization talks.
Already tense relations between Washington and Tehran hit a new low with Trump extracting the United States from the 2015 international nuclear accord, making it unlikely either country would be in a mood to engage in any talks soon.
The White House did not immediately respond when asked by Reuters if the administration was open to holding talks with Iran on the prisoners.
The Trump administration has repeatedly demanded their release.
Two are dual Iranian-U.S. nationals 81-year-old Baquer Namazi and one of his sons, Siamak Namazi, 46, who were sentenced to 10 years in prison in October 2016 on charges of spying and collaborating with the United States.
“The situation of my family obviously has to remain as a separate humanitarian issue and it should be disconnected from all the difficulties that the two countries are facing,” said Babak Namazi of his father and brother after delivering that message to two senior administration officials at a White House meeting.
Babak and Jared Genser, a Namazi family attorney, said they urged the officials to open a private dialogue with Iran.
Given the release of the Americans by North Korea, Genser added, “our view is that it should be a lot easier ... to get American hostages out of Iran as compared to American hostages out of North Korea.”
Wendy Sherman, who led the U.S. negotiating team in talks that culminated in the nuclear accord during the Obama administration, expressed concern that Trump’s “reckless action” likely means “that it will be even longer before Americans detained and missing in Iran come home.”
At least seven American citizens or permanent residents have been arrested in Iran since 2016, their lawyers or relatives have told media, of whom one has been freed on bail.
Iranian authorities previously have denied holding detainees for ransom and accuse Western governments of holding Iranians on trumped-up charges.
Kazem Gharibabadi, deputy head of Iran’s Council for Human Rights, part of the judiciary, has said more than 56 Iranians are imprisoned in the United States and an unspecified number in other countries.
Hua Qu said her imprisoned husband, U.S. citizen Xiyue Wang, had become a “political pawn and a victim of this deteriorating relationship.”
His case, she said, will hopefully receive more attention from U.S. officials, who previously raised it with their Iranian counterparts at quarterly meetings on the nuclear deal with little progress to show for it.
“To raise it once and wait for three months is too slow,” said Hua, speaking by telephone from her home in Princeton, New Jersey. Echoing Namazi and Genser, she said the administration should pursue a dialogue with Iran solely focused on prisoners.
“This is a humanitarian issue, and there should be a humanitarian solution. I don’t think putting this into a complicated political situation is the solution,” she said.
Xiyue Wang is a Princeton University graduate student who was sentenced to 10 years in prison on spying charges by an Iranian court in July 2017.
A married couple, Karan Vafadari, a U.S. citizen, and Afarin Neyssari, a U.S. permanent resident, were sentenced to 27 years and 16 years of imprisonment respectively, on charges which included espionage, according to the family.
“My brother is still in prison. He was/is never been political. I just hope they don’t use him as a political tool while the too countries are in bad terms,” Vafadari’s Washington-based sister Kateh told Reuters.
As of November 2017, Iran’s Revolutionary Guards had arrested at least 30 dual nationals during the past two years, mostly on spying charges, according to lawyers, diplomats and relatives.
The dual nationals include Nazanin Zaghari-Ratcliffe, a project manager with the Thomson Reuters Foundation, who was arrested in April 2016.
Zaghari-Ratcliffe, a British-Iranian, was convicted of plotting to overthrow Iran’s clerical establishment, a charge strongly denied by her family and the Foundation, a charity organization that is independent of Thomson Reuters and operates independently of Reuters News.
Reporting by Jonathan Landay, Joseph Ax and Bozorgmehr Sharafedin; additional reporting by Lesley Wroughton in Washington; Editing by Yara Bayoumy and Grant McCool
| ashraq/financial-news-articles | https://in.reuters.com/article/iran-nuclear-prisoners/as-trump-leaves-iran-deal-families-of-americans-jailed-in-iran-urge-talks-idINKBN1IB0C7 |
Cramer Remix: Great expectations are the bane of this market 17 Hours Ago Jim Cramer gets to the bottom of the market action and explains how stocks are becoming victim to high expectations. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/01/cramer-remix-great-expectations-are-the-bane-of-this-market.html |
LOS ANGELES, May 15, 2018 /PRNewswire/ -- Social Reality, Inc. (Nasdaq: SRAX), a digital marketing and consumer data management and distribution technology platform company, reported results for the quarter ended March 31, 2018.
SRAX's CEO and Chairman Christopher Miglino, stated, "2018 has been and will be a year of tremendous strategic change as we grow and monetize our verticals as well as launch our consumer data management and distribution system BIGtoken.com . Even as our first quarter experienced its typical seasonality, we achieved a gross margin above historical averages at 61%. Also, during the quarter, we continued to invest in sales, engineering and product development, which yielded several new launches. Regarding SRAXmd, our healthcare vertical, we have entered into a MOU, and our team is working diligently to close the transaction.
" BIGtoken.com development is proceeding quite well. In March, we released our Alpha version to test functionality, reward mechanisms and blockchain mechanics. We are receiving excellent, actionable feedback. As we move into Beta testing, we intend to include additional features with team-oriented components for gaming and social-oriented elements for data gathering. BIGtoken.com will provide a solution to many of today's privacy concerns by creating an ecosystem where advertisers and marketing companies obtain quality, verified data through secure blockchain technology designed to provide consumers with choice, awareness and rewards. We believe this addition will diversify our product portfolio and drive shareholder value."
Financial Results: First Quarter 2018 Compared to First Quarter 2017
Gross revenue was $2.1 million, compared to $5.3 million in the first quarter of 2017, which included high volume, low-margin revenue as well as a larger contribution from SRAX Reach customers. Gross margin was 61% on gross profit of $1.3 million, compared to gross margin of 38% on gross profit of $2.0 million in the year ago quarter, reflecting the company's focus on high-margin revenue. Operating expenses were $4.1 million, compared to $5.2 million, which included $847,000 in one-time charges in the first quarter of 2017. Loss from operations improved to $2.8 million, compared to $3.2 million in the first quarter of 2017. Net loss was $3.6 million, or $0.36 cents per share, compared to $3.9 million, or $0.50 cents per share in the first quarter of 2017. Adjusted EBITDA loss was $2.5 million, compared to $1.7 million in the first quarter of 2017. Cash and cash equivalents were $190,000 at March 31, 2018, compared to $1.0 million at December 31, 2017. The company renewed its $4 million credit facility with FastPay in April.
Adjusted EBITDA is defined as earnings before interest, taxes, depreciation and amortization, and certain additional one-time expenses. It is not intended to represent a measure of performance in accordance with accounting principles generally accepted in the United States (GAAP). A detailed description and reconciliation of EBITDA and management's reasons for using this measure is set forth at the end of this press release.
Other Recent Corporate Highlights:
Entered into a non-binding memorandum of understanding in May 2018. The closing of the transaction is subject to the completion of due diligence and definitive agreements. As of the date hereof, none of these conditions have been met. Gathered useful feedback from the BIGtoken.com platform Alpha release to begin Beta testing. Launched SRAX Social's Intelligent Budget to facilitate allocation and payment amongst specific campaigns or client profiles. Unveiled SRAX Social's Auto-Boost to automatically enhance social advertising campaigns based on user-set rules and parameters. Bolstered SRAXshopper target verified shoppers visiting advertisers' key retailers with a single intended message across multiple devices and inventory sources.
Conference Call
Management will review the results on a conference call with a live question and answer session today, May 15, 2018, at 4:30 p.m. ET. To access the call, please use passcode 5318221:
If calling from the United States or Canada, please dial Dial-In Numbers: 1-800-281-7973 to access the live call and 1-844-512-2921 for the replay available until May 29, 2018. If calling internationally, please dial 1-323-794-2093 to access the live call and 1-412-317-6671 for the replay. The call will be webcast over the internet and accessible at the Company's website at http://srax.com/investors/ for at least 90 days.
About SRAX
Social Reality, Inc. (NASDAQ: SRAX) is a digital marketing and consumer data management and distribution technology platform company. SRAX's technology delivers the tools to unlock data to reveal brands and content owners' core consumers and their characteristics across marketing channels. Through its blockchain identification graph technology platform, BIG ( www.bigtoken.com ), SRAX is developing a consumer-powered data marketplace where people will own and sell access to their data thereby providing everyone in the Internet ecosystem transparency, choice and compensation. SRAX's technology and tools deliver a digital competitive advantage for brands in the healthcare, CPG, automotive, sports and lifestyle verticals by integrating all aspects of the advertising experience, including verified consumer participation, into one platform. For more information on SRAX, visit www.srax.com .
Safe Harbor Statement
This press release contains certain forward-looking statements that are based upon current expectations and involve certain risks and uncertainties within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Words or expressions such as "anticipate," "plan," "will," "intend," "believe" or "expect'" or variations of such words and similar expressions are intended to identify such forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including, without limitation, statements made with respect to expectations of our ability to increase our revenues, satisfy our obligations as they become due, report profitable operations, the ultimate outcome of any proposed transaction with SRAXmd, and other risks and uncertainties, all as set forth in our Annual Report on Form 10-K for the year ended December 31, 2017, as filed with the Securities and Exchange Commission. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, many of which are generally outside the control of Social Reality and are difficult to predict. Social Reality undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.
Statements contained in this press release also reference the auction process with regards to SRAXmd. Although management is optimistic regarding the successful completion of the auction process, there can be no assurances that the process will be completed, will be successful, or that if such process is completed, that it will be on terms favorable to us.
Contact Information:
Kirsten Chapman, LHA Investor Relations , +1 415 433 3777, [email protected]
SOCIAL REALITY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
March 31,
December 31,
2018
2017
Assets
Current assets :
Cash and cash equivalents
$
189,888
$
1,017,299
Accounts receivable, net
1,734,058
4,348,305
Prepaid expenses
540,753
468,336
Other current assets
300,898
300,898
Total current assets
2,765,597
6,134,838
Property and equipment, net of accumulated depreciation
165,898
154,546
Goodwill
15,644,957
15,644,957
Intangibles - net
1,708,349
1,642,760
Other assets
32,043
28,598
Total assets
$
20,316,844
$
23,605,699
Liabilities and stockholders' equity
Current liabilities :
Accounts payable and accrued expenses
$
4,682,794
$
5,010,815
4,682,794
5,010,815
Secured convertible debentures, net
2,043,804
1,711,146
Total liabilities
6,726,598
6,721,961
Commitments and contingencies (Note 13)
—
—
Stockholders' equity
Preferred stock, authorized 50,000,000 shares, $0.001 par value, no shares issued or outstanding at March 31, 2018 and December 31, 2017, respectively
—
—
Class A common stock, authorized 250,000,000 shares, $0.001 par value, 10,212,738 and 9,910,565 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively
10,213
9,911
Class B common stock, authorized 9,000,000 shares, $0.001 par value, no shares issued or outstanding at March 31, 2018 and December 31, 2017, respectively
—
—
Common stock to be issued
10,000
879,500
Additional paid in capital
38,328,359
37,143,033
Accumulated deficit
(24,758,326)
(21,148,706)
Total stockholders' equity
13,590,246
16,883,738
Total liabilities and stockholders' equity
$
20,316,844
$
23,605,699
SOCIAL REALITY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
THREE ENDED MARCH 31, 2018 AND 2017
(Unaudited)
Three Months ended
March 31,
2018
2017
Revenues
$
2,110,850
$
5,326,163
Cost of revenue
818,105
3,279,120
Gross profit
1,292,745
2,047,043
Operating expense
General, selling and administrative expense
4,130,258
4,409,807
Write-off of non-compete agreement
—
468,751
Restructuring costs
—
377,961
Total operating expense, net
4,130,258
5,256,519
Loss from operations
(2,837,513)
(3,209,476)
Other income (expense)
Interest income (expense)
(434,785)
(133,306)
Amortization of debt issuance costs
(332,658)
(578,140)
Total interest expense
(767,443)
(711,446)
Accretion of put warrants
—
—
Exchange Gain or Loss
(4,664)
—
Total other income (expense)
(772,107)
(711,446)
Loss before provision for income taxes
(3,609,620)
(3,920,922)
Provision for income taxes
—
—
Net loss
$
(3,609,620)
$
(3,920,922)
Net (loss) income per share, basic and diluted
$
(0.36)
$
(0.50)
Weighted average shares outstanding, basic and diluted
10,037,905
7,844,127
SOCIAL REALITY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
THREE MONTH PERIOD ENDED MARCH 31, 2018
(Unaudited)
Three Month Period Ended
March 31,
2018
2017
Cash flows from operating activities :
Net income (loss)
$
(3,609,620)
$
(3,920,922)
Adjustments to reconcile net loss to net cash used by operating activities:
Stock based compensation
166,130
512,442
Amortization of debt issue costs
93,639
578,140
Accretion of put warrants
—
—
Amortization of debt discount
239,018
—
Write-off of non-compete agreement
—
468,751
Provision for bad debts
(425)
(8,277)
Depreciation expense
9,441
3,234
Amortization of intangibles
166,185
107,720
Changes in operating assets and liabilities:
Accounts receivable
2,614,671
1,840,549
Prepaid expenses
(72,416)
2,071
Other assets
(3,445)
—
Accounts payable and accrued expenses
(178,022)
(195,150)
Cash (used) provided by operating activities
(574,844)
(611,442)
Cash flows from investing activities :
Purchase of equipment
(20,793)
(5,821)
Development of software
(231,774)
(135,241)
Cash used in investing activities
(252,567)
(141,062)
Cash flows from financing activities :
Proceeds from the issuance of common stock, net
—
3,820,001
Repayments of note payable and PIK interest
—
(3,996,928)
Net cash provided by financing activities
—
(176,927)
Net decrease in cash and cash equivalents
(827,411)
(929,431)
Cash and cash equivalents, beginning of period
1,017,299
1,048,762
Cash and cash equivalents, end of period
$
189,888
$
119,331
Supplemental schedule of cash flow information :
Cash paid for interest
$
340,684
$
550,695
Cash paid for taxes
$
—
$
—
Supplemental Schedule of noncash financing activities :
Common stock issued for preferred stock conversion and vesting grants
$
—
$
52
Initial derivative liability on issuance of put warrants
$
—
$
—
Vesting of common stock award
$
150,000
$
—
Issuance of common stock to be issued
$
869,500
$
100
SOCIAL REALITY, INC.
NON-GAAP TO GAAP RECONCILIATION
THREE MONTHS ENDED MARCH 31, 2018 AND 2017
(Unaudited)
Social Reality's management evaluates and makes operating decisions using various financial metrics. In addition to the company's GAAP results, management also considers the non-GAAP measure of Adjusted EBITDA. Adjusted EBITDA is defined as income from operations before depreciation and amortization expenses, stock-based compensation and one-time financing and transaction expense. Management believes that this non-GAAP measure provides useful information about Social Reality's operating results. The tables below provide a reconciliation of this non-GAAP financial measure with the most directly comparable GAAP financial measure. This non-GAAP measure should be considered a supplement to, and not a substitute for, or superior to, financial measures calculated in accordance with GAAP.
For the
Three Month Period Ended
March 31,
2018
2017
Net Loss
$
(3,609,620)
$
(3,920,922)
plus
Equity Based compensation
166,130
512,442
Accretion of put liability
—
—
Adjusted net loss
$
(3,443,490)
$
(3,408,480)
Restructuring Costs
—
377,961
Write-off of non-compete agreement
—
468,751
Exchange Gain or Loss
4,664
—
Interest Expense
767,443
711,446
Depreciation and amortization
175,625
110,954
Adjusted EBITDA
$
(2,495,758)
$
(1,739,368)
View original content with multimedia: http://www.prnewswire.com/news-releases/srax-reports-first-quarter-of-2018-300648946.html
SOURCE Social Reality, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/pr-newswire-srax-reports-first-quarter-of-2018.html |
STAMFORD, Conn., May 01, 2018 (GLOBE NEWSWIRE) -- Revolution Lighting Technologies, Inc. (NASDAQ:RVLT) ("Revolution Lighting"), a leading provider of advanced LED lighting solutions, today announced financial results for the first quarter (Q1) ended March 31, 2018.
Revenues of $33.7 million in 2018 compared to $30.6 million in 2017
Gross margin of 34% in 2018 compared to 33% in 2017
Adjusted EBITDA of $1.0 million in 2018 compared to $(0.4) million in 2017
Non-GAAP net loss (excluding acquisition related costs and stock-based compensation) of $1.3 million or $(0.06) per share in 2018 compared to $3.2 million or $(0.15) per share in 2017
"I am pleased with our financial and operational performance to begin 2018. We achieved sales of approximately $34 million, an increase of 10% from prior year, in our seasonally slow first quarter,” said Robert V. LaPenta, Chairman CEO and President of Revolution Lighting Technologies, Inc. “During the quarter we continued to improve our operations, expand our portfolio of products and controls solutions and enhance our marketing and sales organization. Our current backlog remains strong and we are experiencing a growing pipeline. As a result, we expect our revenue to grow sequentially throughout the remainder of the year.”
Recent Business Highlights:
Recently awarded contracts for over $2.5 million to completely retro fit two large New England hospitals which, once completed, is expected to save over 3 million KWH in electricity annually. The projects, awarded to our Energy Source division, will include the installation of LED lighting fixtures and lamps, controls and support the IOT initiatives being implemented at both hospitals. Received the U.S. Navy certification of our advanced LED tube for use throughout the entire U.S. Navy Fleet. We received our first large navy order, and expect future shipments throughout 2018. Won a position in a LED multi-year retrofit program with a major big box retailer. Our first award was completed during 2017 and our second award began to ship in the second quarter of 2018. We are also competing on a large fixture retrofit opportunity with the same retailer. Secured new agreements for 50,000 T8 SEP and Ballast Ready, Made in USA, LED tubes for Veterans Administration Hospital Network VISN 21 (northern California) and Watervilet Arsenal. Won a second contract to provide 25,000 Trade Agreement Act (TAA) T8 SEP LED tubes to Parris Island military base. Combined with the previous contract award, Revolution Lighting has supplied over 50,000 LED tubes to this prominent military base. Opened and expanded a new 100,000 square foot facility in Simi Valley, California, to support the production of Buy American Act (BAA) and Trade Agreement Act (TAA) LED Tubes. Shipped over 225,000 LED tubes in 2017, including Tinker Air Force Base and Fort Riley awards. We have recently expanded our production to include other products in the Revolution portfolio and we expect increased shipments in 2018. Commenced our initial Lighting as a Service (LAAS) program in the Northeast. Expanded success with the City of Stamford, Connecticut for public school LED retrofit, providing T8 SEP LED tubes for (4) four additional schools. To date, our LED tubes have been installed throughout (20) twenty City of Stamford public school buildings. Strengthened our marketing and sales organization, including completion of key management changes at our Multi-Family and Energy Source divisions. We are also expanding marketing at our multi-family division to include assisted living facilities, senior housing and hospitality verticals. Significantly expanded our product portfolio with (6) six new products released including the Eco Area Light , Eco-Fit T8 Tube Lamp , G2 LED Eco Thin Panel , ABS Single-Barrel LED Troffers , LED Troffer Retrofit Kit , G4 Wall Pack to capitalize on the changing product mix taking place in the LED space. Developed a leading lighting control solution (rNET controls platform), providing a simple, flexible and scalable system to meet any need, now and in the future for IOT, POE and important security programs. Completed the development of our real-time, cloud based software system which integrates, end-to-end, all operational aspects unique to the lighting business. In addition to using this ground breaking system throughout our business, we will begin to market this mobile-based solution to lighting companies in 2018.
Quarter Ended March 31, 2018
For the quarter ended March 31, 2018, total revenue was $33.7 million, compared to $30.6 million in Q1 2017. The increase in revenue primarily reflects the sales related to our expanded product portfolio, including flat panels, wall packs, high bays, controls and other solutions. Gross profit was $11.5 million and $10.1 million for the first quarters of 2018 and 2017, respectively. The favorable mix of products and the impact of our restructuring efforts improved our gross profit margin to 34% for 2018 compared to 33% for 2017.
Adjusted EBITDA (as defined below) for the three months ended March 31, 2018 was $1.0 million compared to $(0.4) million for the comparable period in 2017. The Company reported an operating loss of $1.3 million for the three months ended March 31, 2018, as compared to an operating loss of $4.2 million in the same period in 2017, as a result of increased gross margins and decreased expenses.
Reported GAAP net loss for the three months ended March 31, 2018 was $2.2 million compared to a net loss of $5.0 million for the comparable period in 2017, and reflects the aforementioned. Basic and diluted GAAP loss per share attributable to common stockholders was $0.10 for the quarter ended March 31, 2018 as compared to a net loss per share of $0.24 for the same period in 2017. Excluding the one-time acquisition, work force reductions and stock-based compensation, the non-GAAP net loss per share was $0.06 in 2018 compared to non-GAAP a net loss of $0.15 for the same period in 2017.
Liquidity Position
Cash used in operating activities for the three months ended March 31, 2018 was $4.4 million and primarily reflects increases in inventory, vendor deposits and prepaid assets to support customer requirements for the second quarter of 2018. Increased sales and collections beginning in our second quarter and continuing throughout the year will provide sufficient liquidity to fund our future operations. As of March 31, 2018, our availability, including cash, under our Revolving Credit Facility was approximately $3.5 million.
Guidance
The Company expects Q2 2018 revenue in the $40 - $43 million range and Adjusted EBITDA in the 6% - 8% range. The Company expects full year 2018 revenue in the $165 - $175 million range ($152 million in 2017) and Adjusted EBITDA in the 8% - 10% range.
Further information on Revolution Lighting Technologies' quarterly results can be found in the Company's Form 10-Q for the quarter ended March 31, 2018, filed with the U.S. Securities and Exchange Commission (SEC) and may be accessed on the SEC's website at www.sec.gov .
Q1 2018 Conference Call
Revolution Lighting Technologies will host a conference call and live audio webcast to discuss these financial results at 11 a.m. ET on May 1, 2018. To access the conference call by phone, dial 1-877-326-9228 for the U.S. and 1-412-317-5110 for international callers. All Participants should request to be joined into the Revolution Lighting Technologies Call. The webcast will be available on the Company's website at www.rvlti.com . An audio replay of the call will also be available to investors by phone beginning at approximately 2 p.m. ET on May 1, 2018 until 11:59 p.m. ET on May 15, 2018 by dialing 1-877-344-7529 within the U.S. or 1-412-317-0088 for international callers and entering passcode # 10119328.
Non-GAAP Measures
Management uses non-GAAP net income (loss), non-GAAP net income (loss) per share and adjusted EBITDA as non-U.S. GAAP measures of financial performance. We consider these non-GAAP measures to be important indicators of our operational strength and performance, and a useful measure of historical and prospective trends. However, there are significant limitations of the use of these non-GAAP measures since they exclude acquisition related charges and stock-based compensation, both of which affect profitability. We believe that these limitations are compensated by providing these non-GAAP measures along with U.S. GAAP performance measures and clearly identifying the differences between the two measures.
Consequently, non-GAAP net income (loss), non-GAAP net income (loss) per share and adjusted EBITDA should not be considered in isolation or as a substitute for net income (loss), operating income (loss) or net income (loss) per share presented in accordance with U.S. GAAP. Moreover, non-GAAP net income (loss), non-GAAP net income (loss) per share and adjusted EBITDA as defined by Revolution Lighting may not be comparable to similarly titled measures provided by other entities. These non-GAAP measures are provided to investors to supplement the results of operations reported in accordance with U.S. GAAP. Management believes that these non-GAAP measures are useful to help investors analyze the operating trends in the business and to assess the relative underlying performance of the business. Management believes that these non-GAAP measures provide an additional tool for investors to use in comparing our financial results with other companies that use non-GAAP net income (loss), non-GAAP net income (loss) per share and adjusted EBITDA in their communications with investors. Management also uses non-GAAP net income (loss), non-GAAP net income (loss) per share and adjusted EBITDA to evaluate potential acquisitions establish internal budgets and goals and evaluate the performance of business units and management.
A reconciliation of Revolution Lighting GAAP net income (loss) to non-GAAP Adjusted EBITDA for the three months ending March 31, 2018 and 2017 respectively follows:
(in millions) Three Months Ended March 31, March 31, 2018 2017 Net income (loss) $ (2.2 ) $ (5.0 ) Amortization and depreciation 1.4 2.0 Stock-based compensation 0.7 1.1 Acquisition, severance and transition costs
0.2 0.7 Interest and other expense 0.9 0.8 Adjusted EBITDA $ 1.0 $ (0.4 ) The following table reconciles net income (loss) to non-GAAP net income (loss) for the periods presented:
(in millions) Three Months Ended March 31, March 31, 2018 2017 Net income (loss) $ (2.2 ) $ (5.0 ) Acquisition, severance and transition costs
0.2 0.7 Stock-based compensation 0.7 1.1 Non-GAAP net income (loss) $ (1.3 ) $ (3.2 ) The following table reconciles diluted net income (loss) per share to non-GAAP net income (loss) per share for the periods presented:
(in millions) Three Months Ended March 31, March 31, 2018 2017 Net income (loss) $ (0.10 ) $ (0.24 ) Acquisition, severance and transition costs
0.01 0.03 Stock-based compensation 0.03 0.06 Non-GAAP net income (loss) $ (0.06 ) $ (0.15 ) Weighted average shares outstanding, diluted (In thousands) 21,822 20,599 About Revolution Lighting Technologies, Inc.
Revolution Lighting Technologies, Inc. is a leader in the design, manufacture, marketing, and sale of LED lighting solutions focusing on the industrial, commercial and government markets in the United States, Canada, and internationally. Through advanced LED technologies, Revolution Lighting has created an innovative lighting company that offers a comprehensive advanced product platform of high-quality interior and exterior LED lamps and fixtures, including signage and control systems. Revolution Lighting is uniquely positioned to act as an expert partner, offering full service lighting solutions through our operating divisions including Energy Source, Multi-Family and Tri-State LED, to transform lighting into a source of superior energy savings, quality light and well-being. Revolution Lighting Technologies markets and distributes its products through a network of regional and national independent sales representatives and distributors, as well as through energy savings companies and national accounts. Revolution Lighting Technologies trades on the NASDAQ under the ticker RVLT. For more information, please visit www.rvlti.com and connect with the Company on Twitter , LinkedIn and Facebook .
Cautionary Statement for Forward-Looking Statements
Certain of the above statements contained in this press release are forward-looking statements that involve a number of risks and uncertainties, including statements relating to our business pipeline and sales opportunities, our revenue, Adjusted EBITDA and cash flow outlook. Such forward-looking statements are within the meaning of that term in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Reference is made to Revolution Lighting’s filings under the Securities Exchange Act for additional factors that could cause actual results to differ materially, including our history of losses, customer concentration risks, the potential for future dilution to our existing common stockholders, the risk that demand for our LED products fails to emerge as anticipated, the availability of financing for our customers, competition from larger companies, and risks relating to third party suppliers and manufacturers, as well as the other Risk Factors described in Item 1A of our Form 10-K for the fiscal year ended December 31, 2017. Revolution Lighting Technologies, Inc. undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those indicated in the forward-looking statements as a result of various factors. Readers are cautioned not to place undue reliance on statements.
RVLT Investor Relations Contact:
Amato and Partners, LLC
Investor Relations Counsel
[email protected]
Source:Revolution Lighting Technologies, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/globe-newswire-revolution-lighting-technologies-reports-first-quarter-2018-financial-results.html |
EditorsNote: Edits throughout
Rick Porcello tossed 6 2/3 innings of three-run ball with five strikeouts and Sandy Leon had three RBIs as the host Boston Red Sox beat the Toronto Blue Jays 8-3 in the second of a three-game series Tuesday night.
Porcello (7-2) allowed two earned runs on five hits and two walks to pad his staff lead in wins. Mitch Moreland, J.D. Martinez, Andrew Benintendi and Leon all hit RBI doubles for Boston, which won the opener 8-3 on Memorial Day.
Leon also hit a two-run homer, his second of the season, Xander Bogaerts had a solo blast, his eighth, and Jackie Bradley Jr. added an RBI for the Red Sox.
Justin Smoak hit a solo shot, his eighth, and Curtis Granderson drove in a run for Toronto, which lost for the 12th time in 16 games. The Blue Jays are 2-6 against American League East rival Boston this season.
Toronto starter Marco Estrada (2-6) gave up four runs on seven hits and struck out one in 3 2/3 innings.
Boston star Mookie Betts (left side tightness) missed his third straight game. Red Sox manager Alex Cora said on the team’s flagship radio station that Betts might not return until Thursday in Houston.
Moreland and Martinez each slapped their RBI doubles in the first inning and Benintendi hit his in the second as the Red Sox led 3-0.
Smoak put the Blue Jays on the board with his fourth-inning homer, but Bradley got the run back with an RBI single in the Red Sox’s fourth. Leon’s double in the sixth made it 5-1.
Granderson’s RBI infield single produced two runs as a missed catch by Porcello covering first base allowed a second run to score, making it 5-3. Bogaerts’ blast was in the seventh and Leon’s came in the eighth.
With the bases loaded and one out in the ninth, Red Sox closer Craig Kimbrel recorded the final two outs for his 17th save.
Blue Jays right-hander Sam Gaviglio (2-0, 2.30 ERA) opposes Red Sox lefty Eduardo Rodriguez (5-1, 4.02) in Wednesday’s finale.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-bos-tor-recap/leon-drives-in-three-as-red-sox-top-jays-8-3-idUSMTZEE5UIS4W04 |
MOSCOW (Reuters) - Russian President Vladimir Putin said on Saturday it was important to patiently look for a solution with Japan that would allow the two countries to finally conclude a World War Two peace treaty that would reflect the strategic interests of both.
Russian President Vladimir Putin attends a joint news conference with Japanese Prime Minister Shinzo Abe following their meeting at the Kremlin in Moscow, Russia May 26, 2018. REUTERS/Grigory Dukor Putin spoke after holding talks with Japanese Prime Minister Shinzo Abe. Abe said that the two leaders had agreed to speed up joint business activity on a chain of disputed Pacific islands which Moscow seized from Japan at the end of World War Two.
Reporting by Vladimir Soldatkin; writing by Maria Kiselyova; editing by Andrew Osborn
| ashraq/financial-news-articles | https://in.reuters.com/article/russia-japan-putin-abe-peace-treaty/putin-its-important-to-look-for-russia-japan-ww2-peace-treaty-solution-idINKCN1IR0LT |
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION
FOR IMMEDIATE RELEASE
8 May 2018 Horizon Discovery Group plc
Revenue Multiple Represented by the Value of Abcam's Unsolicited Proposal
Further to the press release issued by Horizon Discovery Group plc ("Horizon" or the "Company") (LSE:HZD) on 2 May 2018, the Board of Directors (the "Board") of Horizon has noted speculation about the revenue multiple implied by the value of the unsolicited proposal (the "Unsolicited Proposal") from Abcam plc ("Abcam").
Based on FactSet consensus forecasts for Horizon's revenue for the year ending 31 December 2018 of £60m, the Unsolicited Proposal values Horizon's enterprise value at a multiple of 4.0x revenue.
This compares with the median 2018 trading revenue multiple for Horizon's key peers of 8.4x (as set out below and in the accompanying infographic, which can be found at the following link - https://www.horizondiscovery.com/media/investor/comparable-valuation-metrics.pdf ).
It also compares with the historic revenue multiple paid by Danaher for Integrated DNA Technologies, Inc. ("IDT") of 7.7x in April 2018 (as set out below). Similar to Horizon, IDT utilizes technologies such as next generation sequencing, CRISPR genome editing, qPCR, and RNAi to manufacture custom nucleic acid products for the life sciences industry including in the areas of academic research, biotechnology, molecular diagnostics and pharmaceutical development. However, relative to IDT, the Board believes that Horizon has a broader and more innovative product portfolio, which provides the Company with the opportunity to realise superior growth.
The Board has made it clear that it believes that the Unsolicited Proposal fundamentally undervalues Horizon and that it sees little strategic merit in the proposed combination.
Enterprise Value ("EV") / Consensus Estimated Revenue Multiples for Calendar Year ("CY") 2018 For Selected Horizon Peer group
Company EV / CY 18E Revenue Multiple Illumina, Inc. 10.9x Abcam plc. 10.1x Intrexon Corp. 8.9x Bio-Techne Corp. 8.6x Repligen Corp. 8.1x Evotec AG 6.2x Qiagen NV 5.5x Thermo Fisher Scientific Inc. 4.3x Median 8.4x Source: FactSet consensus as of 4 May 2018 (the latest practicable date before this announcement)
Acquisition of IDT by Danaher
(EV / Last Twelve Months ("LTM") Revenue Multiple) 7.7x Implied EV / CY18 Consensus Estimated Revenue Multiple for Abcam's Unsolicited Proposal 4.0x Enquiries:
Horizon Discovery Group plc
Ian Gilham, Executive Chairman
Terry Pizzie, Chief Executive Officer
Richard Vellacott, Chief Financial Officer +44 (0) 1223 655 580 Evercore (Lead Financial Adviser to Horizon Discovery Group plc)
Simon Elliott
Edward Banks +44 (0) 20 7653 6000 Numis (Joint Financial Adviser, Broker and NOMAD to Horizon Discovery Group plc)
Michael Meade
Freddie Barnfield +44 (0) 20 7260 1000 Consilium Strategic Communications (Financial Media and Investor Relations to Horizon Discovery Group plc)
Mary-Jane Elliott
Matthew Neal
Melissa Gardiner +44 (0) 20 3709 5701 Sources of Information
The Enterprise Value / Consensus estimated revenue for Calendar Year 2018 trading multiples referenced above are based on the following data, which is entirely sourced from FactSet as of 4 May 2018, the latest practicable date before this announcement.
Company Enterprise Value (EV) (£m) CY18E Revenue (£m) EV / CY18E Revenue Multiple Thermo Fisher Scientific Inc. 75,611 17,609 4.3x Illumina, Inc. 25,606 2,359 10.9x Qiagen NV 6,261 1,140 5.5x Bio-Techne Corp. 4,224 491 8.6x Abcam plc 2,498 247 10.1x Evotec AG 2,068 296 6.2x Intrexon Corp. 1,691 191 8.9x Repligen Corp. 1,104 136 8.1x The CY18E revenue used represents estimated revenues for the twelve months ending 31 December 2018.
Abcam's 2018 fiscal year ends on 30 June 2018 and the CY18E revenue used for Abcam is an average of consensus estimated revenue for the fiscal years ending 30 June 2018 (£235m) and 30 June 2019 (£259m).
Bio-Techne's 2018 fiscal year ends on 30 June 2018 and the CY18E revenue used for Bio-Techne is an average of consensus estimated revenue for the fiscal years ending 30 June 2018 (US$636m) and 30 June 2019 (US$692m).
Where required, all financials have been converted to British Pounds using the following exchange rates, US$:£ 0.73978 and €:£ 0.88260.
The Enterprise Value / Last Twelve Months revenue multiple for Danaher's acquisition of IDT is sourced from financial information disclosed on page 12 of Danaher's 10-Q filing with the SEC for the quarter ended 30 March 2018. Danaher has disclosed an all-cash purchase price of approximately US$2.0 billion, including debt assumed and net of cash acquired, and that IDT had revenues of approximately US$260 million in 2017.
The implied EV / CY18E revenue multiple for Horizon of Abcam's Unsolicited Proposal is based on the offer price of £1.81 per share, Horizon's total number of shares outstanding of 149,091,182 as disclosed in Horizon's press release on 2 May 2018, Horizon's net cash position of £28.1m as announced in Horizon's preliminary results announcement for FY2018 today and consensus estimated revenues for the year ending 31 December 2018 sourced from FactSet.
About Horizon Discovery Group plc www.horizondiscovery.com
Horizon (LSE:HZD) is a world leader in gene editing and gene modulation technologies. Horizon designs and engineers cells using its translational genomics platform, a highly precise and flexible suite of DNA editing tools (rAAV, ZFN, CRISPR and Transposon) and, following the acquisition of Dharmacon, Inc., its functional genomics platform comprising gene knockdown (RNAi) and gene expression (cDNA, ORF) tools, for research and clinical applications that advance human health. Horizon's platforms and capabilities enable researchers to alter almost any gene or modulate its function in human or mammalian cell-lines.
Horizon offers an extensive range of catalogue products and related research services to support a greater understanding of the function of genes across all species and the genetic drivers of human disease and the development of personalised molecular, cell and gene therapies. These have been adopted by over 10,000 academic, drug discovery, drug manufacturing and clinical diagnostics customers around the globe, as well as in the Company's own R&D pipeline.
Horizon is headquartered in Cambridge, UK, and is listed on the London Stock Exchange's AIM market under the ticker "HZD".
RULE 26.1 DISCLOSURES
In accordance with Rule 26.1 of the City Code on Takeovers and Mergers (the "Code"), a copy of this announcement will, subject to certain restrictions relating to persons resident in restricted jurisdictions, be available on Horizon's website at https://www.horizondiscovery.com/about-us/investor-relations by no later than 12 noon (London time) on the business day following the release of this announcement. The content of the website referred to in this announcement is not incorporated into and does not form part of this announcement. The person responsible for arranging for the release of this announcement on behalf of Horizon is Richard Vellacott.
DIRECTORS RESPONSIBILITY STATEMENT
The Directors of Horizon, other than Dr. Jonathan Milner, accept responsibility for the information contained in this document (including any expressions of opinion) and to the best of their knowledge and belief (having taken all reasonable care to ensure that such is the case), the information contained in this document is in accordance with the facts and does not omit anything likely to affect the import of such information. Dr. Jonathan Milner has been excluded from this statement given that he is a director and shareholder of both Abcam and Horizon and therefore has not been involved in Horizon's consideration of, and discussions regarding, the Unsolicited Proposal.
IMPORTANT NOTICES
This announcement is not intended to, and does not, constitute or form part of any offer, invitation or solicitation of any offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of any securities or the solicitation of any vote or approval in any jurisdiction. Any offer (if made) will be made solely by certain offer documentation which will contain the full terms and conditions of any offer (if made), including details of how such offer may be accepted. This announcement has been prepared in accordance with English law and the Code, and information disclosed may not be the same as that which would have been prepared in accordance with laws outside of the United Kingdom. The release, distribution or publication of this announcement in jurisdictions outside of the United Kingdom may be restricted by the laws of the relevant jurisdictions, and therefore persons into whose possession this announcement comes should inform themselves about, and observe, any such restrictions. Any failure to comply with the restrictions may constitute a violation of the securities law of any such jurisdiction.
Evercore Partners International LLP ("Evercore"), which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting as financial adviser for Horizon and no one else in connection with the matters set out in this announcement and will not regard any other person as its client in relation to the matters in this announcement and will not be responsible to anyone other than Horizon for providing the protections afforded to clients of Evercore, nor for providing advice in relation to any matter referred to herein.
Numis Securities Limited ("Numis"), which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting solely for Horizon as joint financial adviser, broker and NOMAD and for no one else in relation to the possible offer, the content of this announcement and other matters described in this announcement, and will not be responsible to anyone other than Horizon for providing the protections afforded to the clients of Numis or for providing advice to any other person in relation to the possible offer, the content of this announcement or any other matters described in this announcement.
DISCLOSURE REQUIREMENTS OF THE TAKEOVER CODE
Under Rule 8.3(a) of the Code, any person who is interested in 1 per cent. or more of any class of relevant securities of an offeree company or of any securities exchange offeror (being any offeror other than an offeror in respect of which it has been announced that its offer is, or is likely to be, solely in cash) must make an Opening Position Disclosure following the commencement of the offer period and, if later, following the announcement in which any securities exchange offeror is first identified.
An Opening Position Disclosure must contain details of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror(s). An Opening Position Disclosure by a person to whom Rule 8.3(a) applies must be made by no later than 3.30 pm (London time) on the 10th business day following the commencement of the offer period and, if appropriate, by no later than 3.30 pm (London time) on the 10th business day following the announcement in which any securities exchange offeror is first identified. Relevant persons who deal in the relevant securities of the offeree company or of a securities exchange offeror prior to the deadline for making an Opening Position Disclosure must instead make a Dealing Disclosure.
Under Rule 8.3(b) of the Code, any person who is, or becomes, interested in 1 per cent. or more of any class of relevant securities of the offeree company or of any securities exchange offeror must make a Dealing Disclosure if the person deals in any relevant securities of the offeree company or of any securities exchange offeror. A Dealing Disclosure must contain details of the dealing concerned and of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror(s), save to the extent that these details have previously been disclosed under Rule 8 of the Code. A Dealing Disclosure by a person to whom Rule 8.3(b) applies must be made by no later than 3.30 pm (London time) on the business day following the date of the relevant dealing.
If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire or control an interest in relevant securities of an offeree company or a securities exchange offeror, they will be deemed to be a single person for the purpose of Rule 8.3 of the Code.
Opening Position Disclosures must also be made by the offeree company and by any offeror and Dealing Disclosures must also be made by the offeree company, by any offeror and by any persons acting in concert with any of them (see Rules 8.1, 8.2 and 8.4 of the Code).
Details of the offeree and offeror companies in respect of whose relevant securities Opening Position Disclosures and Dealing Disclosures must be made can be found in the Disclosure Table on the Takeover Panel's website at www.thetakeoverpanel.org.uk , including details of the number of relevant securities in issue, when the offer period commenced and when any offeror was first identified. You should contact the Panel's Market Surveillance Unit on +44 (0)20 7638 0129 if you are in any doubt as to whether you are required to make an Opening Position Disclosure or a Dealing Disclosure.
Source:Horizon Discovery Group plc | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-horizon-discovery-group-plc-revenue-multiple-represented-by-the-value-of-abcams-unsolicited-proposal.html |
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