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May 20, 2018 / 9:39 PM / Updated 31 minutes ago Ice Hockey - Swedes beat Swiss in penalty shootout to defend world title Philip O'Connor 2 Min Read
(Reuters) - Sweden defeated Switzerland in a dramatic penalty shootout after a pulsating Ice Hockey World Championship final at the Royal Arena in Copenhagen on Sunday to retain the title they won against Canada in similar fashion a year ago. Ice Hockey - 2018 IIHF World Championships - Gold Medal Match - Sweden v Switzerland - Royal Arena - Copenhagen, Denmark - May 20, 2018 - Team Sweden hold a trophy after winning a gold medal. REUTERS/Grigory Dukor
With the game finishing 2-2 after overtimes, Swedish goalie Anders Nilsson saved three of five Swiss penalties and saw another fly wide to put his nation on the top step of the podium for the second year in a row.
With all the pressure on hot favourites Sweden, the Swiss took the lead late in the first period through Nino Niederreiter but Gustav Nyquist rifled the puck into the top corner to level within a minute.
Undeterred, the Swiss went ahead once again early in the second period when Nyquist was penalised for high sticking as Timo Meier steamed down the right side and swept home the puck as the Swedes got caught out switching players. Slideshow (22 Images)
Switzerland had to endure huge pressure from the defending champions for much of the rest of the period and Mika Zibanejad put the Swedes level again with a power play goal as Enzo Corvi sat out a two-minute penalty for holding.
The Swedes tried to make the most of their superior skating with some mesmerising movement but the stifling Swiss defence held firm and the game finished 2-2, forcing a frenetic scoreless overtime period in which Sweden’s Adam Larsson hit a post in the dying seconds.
Nilsson could not stop Sven Andrighetto’s first penalty but that puck was the last to ripple his net as Oliver Ekman-Larsson and Filip Larsson scored before Nilsson stopped Niederreiter’s effort to claim the title.
Earlier, Nick Bonino, Anders Lee and Chris Kreider fired a three-goal salvo in five minutes late in the third period as the United States outclassed Canada 4-1 in the bronze-medal game. Reporting by Philip O'Connor in Stockholm; | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-icehockey-world-swe-swi/ice-hockey-swedes-beat-swiss-in-penalty-shootout-to-defend-world-title-idUKKCN1IL0V1 |
ST. LOUIS, May 2, 2018 /PRNewswire/ -- Express Scripts Holding Company (Nasdaq: ESRX) announced consolidated 2018 first quarter net income of $623.2 million or $1.10 per diluted share. Consolidated 2018 first quarter adjusted earnings per diluted share was $1.77.* The Company reaffirms its core business¹ 2018 adjusted EBITDA* guidance in the range of $5,250 million to $5,400 million, which represents growth of 8% over core business 2017 adjusted EBITDA at the midpoint of the range.
"Our first quarter results reflect our success in driving greater value for clients, delivering better health outcomes for patients and growth in earnings for shareholders," said Tim Wentworth, President and CEO. "Express Scripts' focused business model, our innovative solutions and unmatched clinical care showcase our ability to be a leader in drug trend management and deliver the healthcare changes our country needs to improve care, increase choice and reduce cost. With our expected combination with Cigna, and the addition of eviCore, we are uniquely well positioned to transform healthcare for years to come."
Business Outlook
On March 8, 2018, the Company entered into an Agreement and Plan of Merger (the "Merger Agreement") with Cigna Corporation ("Cigna") and certain subsidiaries of Cigna, whereby Cigna will acquire Express Scripts in a cash and stock transaction. The merger is expected to be completed by December 31, 2018. Until the closing, Express Scripts will continue to operate as an independent company.
The Company is reaffirming its expected 2019 retention rate range for the 2018 selling season of 96% to 98%. "Across the board, we are demonstrating strength: our retention rate, continued client uptake of new solutions, and strong selling season results. Over the past several weeks, as I have talked to many clients, one clear theme has emerged: we are a trusted partner, our solutions are in demand, and our approach to managing benefits produces exceptional and sustainable results. Express Scripts' commitment to service excellence is at the heart of everything we do and the positive feedback we receive gives us continued confidence in our ability to attract and retain clients," said Wentworth. "Additionally, with our strong retention and year-to-date sales results, we are confident in achieving positive claims growth in the core business in 2019."
Consolidated First Quarter 2018 Review
The following compares consolidated first quarter 2018 and 2017 operating results **:
Adjusted claims of 340.1 million, down 3% GAAP net income of $623.2 million, up 14% GAAP earnings per diluted share of $1.10, up 22% Adjusted EBITDA of $1,540.4 million, up 3% Adjusted net income of $1,001.7 million, up 24% Adjusted earnings per diluted share of $1.77, up 33% Net cash flow provided by operating activities of $1,511.6 million, up 51%
Total adjusted claims in the first quarter of 2018 were down 3% from the comparable quarter in 2017 due primarily to the loss of certain public sector clients in the core business during last year's selling season, but were consistent with the Company's previously provided guidance for the quarter.
Net income, on a GAAP and an adjusted basis, in the first quarter of 2018 was up from the comparable quarter in 2017 primarily due to reduced income tax expense.
Earnings per diluted share, on a GAAP and an adjusted basis, in the first quarter of 2018 was up from the comparable quarter in 2017 primarily due to reduced shares outstanding and reduced income tax expense.
Adjusted EBITDA in the first quarter of 2018 was up 3% from the comparable quarter in 2017 primarily due to the inclusion of eviCore in the 2018 quarter, and to supply chain initiatives, including continued strong performance from the Company's SafeGuardRx suite of solutions and growth in our Accredo specialty pharmacy.
Net cash flow provided by operating activities in the first quarter of 2018 was up 51% from the comparable quarter in 2017 due to higher net income and changes in working capital primarily related to timing of accounts payable payments.
As previously announced, during the first quarter of 2018, the Company committed to fund $30.0 million in charitable contributions and awarded $23.2 million in non-executive bonuses as a result of federal tax reform legislation enacted in the fourth quarter of 2017. The charitable contributions are excluded from adjusted net income and adjusted earnings per diluted share. However, the Company did not adjust its reported results for the $23.2 million in one-time bonuses.
The Company repurchased a total of 5.4 million shares under its share repurchase program for an aggregate of $411.3 million during the first quarter of 2018. The Company has currently suspended its share repurchase program pursuant to the Merger Agreement with Cigna.
Core Business First Quarter 2018 Review
The following compares core business first quarter 2018 and 2017 operating results**:
Adjusted claims of 284.0 million, down 3% Adjusted EBITDA of $1,060.3 million, up 12%
As described above, total adjusted claims were down 3% from the comparable quarter in 2017 due primarily to the previously disclosed losses of certain public sector clients.
During the first quarter, the Company generated $1,060.3 million of core business adjusted EBITDA, representing growth of 12% over comparable 2017 core business adjusted EBITDA. The core business grew earnings primarily due to the inclusion of eviCore in the quarter, as well as supply chain initiatives, specifically continued strong performance from the Company's SafeGuardRx suite of solutions and growth in our Accredo specialty pharmacy.
2018 Guidance
All previously provided guidance remains the same except for consolidated adjusted earnings per diluted share and diluted weighted average shares outstanding guidance due to the suspension of the Company's share repurchase program.
Current Estimated
Guidance Ranges
Previous Estimated
Guidance Ranges
Change
vs. Previous
Guidance
(in millions, except per share data)
Year Ending December
31, 2018
Year Ending December
31, 2018
CONSOLIDATED GUIDANCE:
Total adjusted claims²
1,345 to 1,395
1,345 to 1,395
No change
Revenue
$99,000 to $102,000
$99,000 to $102,000
No change
Adjusted EBITDA
$7,600 to $7,800
$7,600 to $7,800
No change
Diluted weighted average shares outstanding during the period
565 to 575
540 to 560
Updated due to suspension of share repurchase program
Adjusted earnings per diluted share
$9.00 to $9.14
$9.27 to $9.47
Updated due to suspension of share repurchase program
Cash flow from operations
$5,775 to $6,275
$5,775 to $6,275
No change
CORE BUSINESS GUIDANCE:
Total adjusted claims²
1,125 to 1,165
1,125 to 1,165
No change
Revenue
$80,500 to $83,000
$80,500 to $83,000
No change
Adjusted EBITDA
$5,250 to $5,400
$5,250 to $5,400
No change
The Company expects total adjusted claims for the second quarter of 2018 to be in the range of 335 million to 345 million, of which 280 million to 290 million are attributable to the core business. Consolidated adjusted earnings per diluted share for the second quarter of 2018 are estimated to be in the range of $2.18 to $2.22, which represents growth of 26% to 28% over the second quarter of 2017. Consistent with recent years, the Company expects to receive certain revenues related to the structure of its Anthem contract which will be realized in the second quarter of 2018.
"Our enterprise value initiative remains a top priority for us and our plans have not changed," said Wentworth. Express Scripts' enterprise value initiative is estimated to cost approximately $600 million to $650 million and to deliver cumulative savings of nearly $1.2 billion by 2021, with an annual run rate of between $550 million to $600 million thereafter.
Additional details on the consolidated and core business guidance can be found in Table 6. For a description of the financial measures presented herein which are not calculated or presented in accordance with GAAP, see "Supplemental Information Regarding Non-GAAP Financial Measures" below.
Management will not be holding a conference call to review results. A copy of the earnings release will be available at the Investor Information section of Express Scripts' web site at http://www.express-scripts.com/corporate .
About Express Scripts
Express Scripts is leading the way for tens of millions of people by aligning with plan sponsors, taking bold action and delivering patient-centered care to make better health more affordable and accessible.
Headquartered in St. Louis, Express Scripts provides a full range of integrated pharmacy benefit management services, including home delivery pharmacy care, specialty pharmacy care and benefit management, benefit-design consultation, drug utilization review, formulary management and medical and drug data analysis, that guide patients and plans toward better health by prioritizing quality care at competitive rates. Our services drive down the cost of care for employer-funded, Medicare, Medicaid and Public Exchange plans. Express Scripts also distributes a full range of biopharmaceutical products and offers innovative medical benefit management services.
For more information, visit Lab.Express-Scripts.com or follow @ExpressScripts on Twitter.
Supplemental Information Regarding Non-GAAP Financial Measures
The following provides supplemental information regarding the non-GAAP financial measures presented herein, including the reconciliation of such measures to the most directly comparable financial measures calculated in accordance with GAAP. Adjusted earnings per diluted share (adjusted EPS), EBITDA, adjusted EBITDA, adjusted EBITDA per adjusted claim, adjusted net income, adjusted income before income taxes, adjusted gross profit and adjusted selling, general and administrative are non-GAAP financial measures presented herein, are not calculated or presented in accordance with GAAP, and should be considered in addition to, but not as a substitute for, or superior to, financial measures prepared in accordance with GAAP. The Company believes these non-GAAP financial measures provide management and investors with useful information about the earnings impact of certain expenses and are useful for (i) comparison of our earnings to those of other companies; (ii) a better understanding of the Company's ongoing core business performance; (iii) planning and forecasting for future periods; and (iv) assessing period-to-period performance trends. Management assesses the Company's core business operating performance using adjusted EBITDA in order to better isolate the impact of certain expenses that may not be comparable between periods or indicative of the ongoing performance of the business. Adjusted EBITDA per adjusted claim provides management and investors with useful information about the earnings and performance of the Company on a per unit basis.
2018 Guidance Information: Due to the inherent difficulty of forecasting the timing and amount of certain items that would impact EPS and net income, including discrete tax and other items, the Company is unable to reasonably estimate the related impact of such items to EPS and net income, the GAAP financial measures most directly comparable to adjusted EPS and adjusted EBITDA, respectively. Accordingly, the Company is unable to provide a reconciliation of 2018 guidance for either adjusted EPS to EPS or adjusted EBITDA to net income. For the same reasons, the Company is unable to address the probable significance of the unavailable information, which could have a significant impact on the Company's second quarter and full-year 2018 GAAP financial results. With respect to consolidated adjusted EPS, amortization of intangible assets is expected to be approximately $0.55 and $2.19 per share for the second quarter and full-year 2018, respectively.
Financial Information for our Core Business and Transitioning Clients: The financial measures attributable to our core business and the transitioning clients presented herein, including adjusted EBITDA and adjusted EBITDA per adjusted claims are also non-GAAP financial measures. These measures are not calculated or presented in accordance with GAAP, and should be considered in addition to, but not as a substitute for, or superior to, financial measures prepared in accordance with GAAP. These measures represent operating results attributable to specific clients of the Company; however, they are not regularly reviewed by our Chief Executive Officer to assess the performance of any of these clients or make decisions about resources to be allocated to any such client. These measures also reflect management's estimates as to allocation of costs of its PBM business to each of the transitioning clients and may not be indicative of costs actually incurred as a result of servicing each of these clients. However, management is unable to reasonably estimate the allocation of certain key items that would impact net income attributable to each of the transitioning clients, including interest and depreciation and amortization. Accordingly, the Company is unable to provide net income attributable to any of the transitioning clients or its core business excluding the transitioning clients, and is therefore also unable to provide a reconciliation of adjusted EBITDA to net income attributable to transitioning clients or core business. For the same reasons, the Company is unable to address the probable significance of the unavailable information, which could have a significant impact on the Company's long-term outlook for the core business, as discussed above.
SAFE HARBOR STATEMENT
This press release contains , including, but not limited to, our 2018 guidance, business outlook and our statements related to the Company's plans, objectives, expectations (financial and otherwise) or intentions. Actual results may differ materially from those projected or suggested in any Factors that may impact these can be found in Management's Discussion and Analysis of Financial Condition and Results of Operations and Item 1A – "Risk Factors" in the Company's Annual Report on Form 10-K filed with the SEC on February 27, 2018 and the Company's Quarterly Report on Form 10-Q filed with the SEC on May 2, 2018. A copy of these documents can be found at the Investor Information section of Express Scripts' web site at http://www.express-scripts.com/corporate .
We do not undertake any obligation to release publicly any revisions to such to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
* Each of net income, adjusted net income, earnings per diluted share, adjusted earnings per diluted share, EBITDA, adjusted EBITDA and adjusted EBITDA per adjusted claim amounts are presented as attributable to Express Scripts, excluding non-controlling interest representing the share allocated to members of our consolidated affiliates. For a description of the financial measures presented herein which are not calculated or presented in accordance with accounting principles generally accepted in the United States ("GAAP"), see Supplemental Information Regarding Non-GAAP Financial Measures below.
** See Supplemental Information Regarding Non-GAAP Financial Measures and Supplemental Tables below for additional information.
EXPRESS SCRIPTS HOLDING COMPANY
Unaudited Consolidated Statement of Operations
Three Months Ended
March 31,
(in millions, except per share data)
2018
2017
Revenues
$ 24,769.4
$ 24,654.9
Cost of revenues
22,890.0
22,782.2
Gross profit
1,879.4
1,872.7
Selling, general and administrative
917.8
818.1
Operating income
961.6
1,054.6
Other (expense) income:
Interest income and other
12.0
6.3
Interest expense and other
(154.0)
(145.7)
(142.0)
(139.4)
Income before income taxes
819.6
915.2
Provision for income taxes
193.7
364.9
Net income
625.9
550.3
Less: Net income attributable to non-controlling interest
2.7
4.0
Net income attributable to Express Scripts
$ 623.2
$ 546.3
Weighted-average number of common shares
outstanding during the period:
Basic
562.8
601.0
Diluted
567.1
605.1
Earnings per share attributable to Express Scripts:
Basic
$ 1.11
$ 0.91
Diluted
$ 1.10
$ 0.90
EXPRESS SCRIPTS HOLDING COMPANY
Unaudited Consolidated Balance Sheet
March 31,
December 31,
(in millions)
2018
2017
Assets
Current assets:
Cash and cash equivalents
$ 2,317.6
$ 2,309.6
Receivables, net
6,793.6
7,056.3
Inventories
2,027.8
2,124.9
Prepaid expenses and other current assets
335.8
466.3
Total current assets
11,474.8
11,957.1
Property and equipment, net
552.9
551.3
Computer software, net
818.6
814.9
Goodwill
31,105.1
31,099.7
Other intangible assets, net
9,232.8
9,625.9
Other assets
221.4
206.9
Total assets
$ 53,405.6
$ 54,255.8
Liabilities and stockholders' equity
Current liabilities:
Claims and rebates payable
$ 9,969.4
$ 10,188.5
Accounts payable
3,957.4
3,755.7
Accrued expenses
2,710.7
2,869.3
Short-term debt and current maturities of long-term debt
85.6
1,032.9
Total current liabilities
16,723.1
17,846.4
Long-term debt
14,900.5
14,981.5
Deferred taxes
2,496.5
2,562.4
Other liabilities
837.4
740.2
Total liabilities
34,957.5
36,130.5
Stockholders' equity:
Preferred stock, 15.0 shares authorized, $0.01 par value per share; no shares issued and outstanding
-
-
Common stock, 2,985.0 shares authorized, $0.01 par value per share; shares issued: 865.0 and 862.3, respectively; shares outstanding: 561.7 and 564.4, respectively
8.7
8.6
Additional paid-in capital
23,651.5
23,537.8
Accumulated other comprehensive loss
(5.7)
(2.9)
Retained earnings
16,941.8
16,318.6
40,596.3
39,862.1
Common stock in treasury at cost, 303.3 and 297.9 shares, respectively
(22,153.8)
(21,742.5)
Total Express Scripts stockholders' equity
18,442.5
18,119.6
Non-controlling interest
5.6
5.7
Total stockholders' equity
18,448.1
18,125.3
Total liabilities and stockholders' equity
$ 53,405.6
$ 54,255.8
EXPRESS SCRIPTS HOLDING COMPANY
Unaudited Consolidated Statement of Cash Flows
Three Months Ended
March 31,
(in millions)
2018
2017
Cash flows from operating activities:
Net income
$ 625.9
$ 550.3
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
498.8
445.6
Deferred income taxes
(65.6)
(53.3)
Employee stock-based compensation expense
32.3
27.1
Other, net
0.1
18.6
Changes in operating assets and liabilities:
Receivables
255.8
102.9
Inventories
97.0
203.6
Other current and noncurrent assets
129.1
29.4
Claims and rebates payable
(221.3)
(50.6)
Accounts payable
215.3
(280.0)
Accrued expenses
(140.2)
(10.5)
Other noncurrent liabilities
84.4
17.3
Net cash flows provided by operating activities
1,511.6
1,000.4
Cash flows from investing activities:
Capital expenditures for property and equipment and computer software
(100.4)
(45.8)
Acquisitions, net of cash acquired
(23.1)
-
Other, net
(6.0)
(2.3)
Net cash used in investing activities
(129.5)
(48.1)
Cash flows from financing activities:
Repayment of long-term debt
(831.4)
(37.5)
Treasury stock acquired
(420.7)
(837.4)
Commercial paper borrowings (repayments), net
(195.0)
-
Net proceeds from employee stock plans
82.3
14.5
Other, net
(7.2)
(6.1)
Net cash used in financing activities
(1,372.0)
(866.5)
Effect of foreign currency translation adjustment
(2.1)
0.8
Net increase in cash and cash equivalents
8.0
86.6
Cash and cash equivalents at beginning of period
2,309.6
3,077.2
Cash and cash equivalents at end of period
$ 2,317.6
$ 3,163.8
Table 1
Express Scripts Holding Company Unaudited Consolidated Selected Information
(in millions)
Three Months Ended
March 31,
2018
2017
Claims Volume
Network
214.1
223.1
Home delivery and specialty (3)
26.5
29.0
Total claims
240.6
252.1
Adjusted network (2)
262.8
267.1
Adjusted home delivery and specialty (2)
77.3
84.6
Total adjusted claims (2)
340.1
351.7
Depreciation and Amortization (D&A):
Revenue amortization (4)
$ 55.4
$ 55.4
Cost of revenues depreciation
34.4
32.0
Selling, general and administrative depreciation
53.6
51.2
Selling, general and administrative amortization (4)
355.4
307.0
Total D&A
$ 498.8
$ 445.6
Generic Fill Rate*
Network
87.5%
87.1%
Home delivery
84.0%
82.1%
Overall
87.1%
86.5%
See Footnotes to Press Release
*The home delivery generic fill rate is currently lower than the network generic fill rate as fewer generic substitutions are available among maintenance medications (e.g., therapies for chronic conditions) commonly dispensed from home delivery pharmacies compared to acute medications, which are primarily dispensed by pharmacies in our retail networks.
Table 2
Express Scripts Holding Company Unaudited Adjusted Gross Profit and Adjusted SG&A Reconciliation
Provided below are reconciliations of adjusted gross profit and adjusted selling, general and administrative expenses, which are non-GAAP measures, to gross profit and selling, general and administrative expenses, respectively, which are the most directly comparable measures calculated in accordance with GAAP.
(in millions)
Three Months Ended
March 31,
2018
2017
Gross profit, as reported
$ 1,879.4
$ 1,872.7
Amortization of intangible assets (4)
55.4
55.4
Enterprise value initiative costs (6)
5.3
-
Adjusted gross profit
$ 1,940.1
$ 1,928.1
Selling, general and administrative, as reported
$ 917.8
$ 818.1
Amortization of intangible assets (4)
355.4
307.0
Transaction costs (5)
35.4
-
Enterprise value initiative costs (6)
12.4
-
Charitable contribution costs (7)
30.0
-
Adjusted selling, general and administrative
$ 484.6
$ 511.1
See Footnotes to Press Release
Table 3
Express Scripts Holding Company Unaudited EBITDA and Adjusted EBITDA Reconciliation
(in millions, except per claim data)
Provided below is a reconciliation of EBITDA and Adjusted EBITDA attributable to Express Scripts, which are non-GAAP financial measures, from net income attributable to Express Scripts. The Company believes net income is the most directly comparable measure under GAAP.
Three Months Ended
March 31,
2018
2017
Net income attributable to Express Scripts, as reported
$ 623.2
$ 546.3
Provision for income taxes (8)
193.7
364.9
Depreciation and amortization (4),*
498.8
445.6
Other expense (income), net
142.0
139.4
EBITDA attributable to Express Scripts
$ 1,457.7
$ 1,496.2
Adjustments to EBITDA
Transaction costs (5)
35.4
-
Enterprise value initiative costs (6)
17.3
-
Charitable contribution costs (7)
30.0
-
Adjusted EBITDA attributable to Express Scripts
$ 1,540.4
$ 1,496.2
Total adjusted claims (3)
340.1
351.7
Adjusted EBITDA attributable to Express Scripts, per adjusted claim
$ 4.53
$ 4.25
See Footnotes to Press Release
* Depreciation and amortization for the three months ended March 31, 2018, as presented above includes $0.4 million of accelerated depreciation in connection with the enterprise value initiative which is not otherwise included in enterprise value initiative costs.
Table 4
Express Scripts Holding Company Unaudited Adjusted Diluted EPS Reconciliation
Provided below is a reconciliation of Adjusted Diluted EPS attributable to Express Scripts, which is a non-GAAP measure, to diluted
EPS attributable to Express Scripts, which is its most directly comparable measure calculated in accordance with GAAP.
Three Months Ended
March 31,
2018
2017
(per diluted share)
Diluted EPS attributable to Express Scripts, as reported
$ 1.10
$ 0.90
Excluding items indicated:
Amortization of intangible assets (4),*
0.73
0.60
Transaction costs (5),*
0.06
Enterprise value initiative costs (6),*
0.03
-
Charitable contribution costs (7),*
0.05
-
Discrete tax items (8)
-
0.05
Tax impact of excluded items (9)
(0.20)
(0.22)
Diluted EPS attributable to Express Scripts, adjusted
$ 1.77
$ 1.33
See Footnotes to Press Release
*Presented on a pre-tax basis.
Table 5
Express Scripts Holding Company Unaudited Adjusted Net Income and
Adjusted Effective Income Tax Rate Reconciliation
(in millions)
Presented below is a reconciliation of adjusted net income attributable to Express Scripts, which is a non-GAAP financial measure, to income before income taxes, which is its most directly comparable measure calculated in accordance with GAAP.
Three Months Ended
March 31, 2018
Income
before
income
taxes
Provision
for income
taxes
Effective
income tax
rate
Income before income taxes, as reported
$ 819.6
$ 193.7
Net income attributable to non-controlling interest
(2.7)
-
Income before income taxes attributable to Express Scripts
816.9
193.7
23.7%
Excluding items indicated:
Discrete tax items (8)
-
(1.2)
Transaction costs (5)
35.4
8.4
Enterprise value initiative costs (6)
17.7
4.2
Charitable contribution costs (7)
30.0
7.1
Amortization of intangible assets (4)
410.8
96.9
Income before income taxes attributable to Express Scripts, as adjusted
$ 1,310.8
$ 309.1
23.6%
Adjusted net income attributable to Express Scripts
$ 1,001.7
See Footnotes to Press Release
Table 5A
Express Scripts Holding Company Unaudited Adjusted Net Income and
Adjusted Effective Income Tax Rate Reconciliation
(in millions)
Presented below is a reconciliation of adjusted net income attributable to Express Scripts, which is a non-GAAP financial measure, to income before income taxes, which is its most directly comparable measure calculated in accordance with GAAP.
Three Months Ended
March 31, 2017
Income
before
income
taxes
Provision
for income
taxes
Effective
income tax
rate
Income before income taxes, as reported
$ 915.2
$ 364.9
Net income attributable to non-controlling interest
(4.0)
-
Income before income taxes attributable to Express Scripts
911.2
364.9
40.0%
Excluding items indicated:
Amortization of intangible assets (4)
362.4
133.2
Discrete tax items (8)
-
(29.9)
Income before income taxes attributable to Express Scripts, as adjusted
$ 1,273.6
$ 468.2
36.8%
Adjusted net income attributable to Express Scripts
$ 805.4
See Footnotes to Press Release
Table 6
Express Scripts Holding Company Unaudited 2018 Guidance Information
Adjusted diluted EPS and adjusted EBITDA are non-GAAP financial measures. For a discussion of the financial measures presented herein that are not calculated or presented in accordance with GAAP, see "Supplemental Information Regarding Non-GAAP Financial Measures" above.
Consolidated Guidance
Estimated
Year Ending
December 31, 2018
Estimated
Year Ending
December 31, 2018
(in millions, except per share data)
Current Guidance
Previous Guidance
Adjusted Diluted EPS attributable to Express Scripts
$9.00 to $9.14
$9.27 to $9.47
Year over year growth
27%-29%
31%-33%
Total adjusted claims
1,345 to 1,395
1,345 to 1,395
Revenue
$99,000 to $102,000
$99,000 to $102,000
Adjusted EBITDA attributable to Express Scripts
$7,600 to $7,800
$7,600 to $7,800
Diluted weighted average shares outstanding during the period
565 to 575
540 to 560
Net cash flow provided by operating activities
$5,775 to $6,275
$5,775 to $6,275
(in millions, except per share data)
Estimated
Three Months Ending
June 30, 2018
Adjusted Diluted EPS attributable to Express Scripts
$2.18 to $2.22
Year over year growth
26%-28%
Total adjusted claims
335 to 345
Core ¹ Business Guidance
Estimated
Year Ending
December 31, 2018
Estimated
Year Ending
December 31, 2018
(in millions)
Current Guidance
Previous Guidance
Total adjusted claims
1,125 to 1,165
1,125 to 1,165
Revenue
$80,500 to $83,000
$80,500 to $83,000
Adjusted EBITDA attributable to Express Scripts
$5,250 to $5,400
$5,250 to $5,400
Core¹ Business Guidance (in millions)
Estimated
Three Months Ending
June 30, 2018
Total adjusted claims
280 to 290
Table 7
Express Scripts Holding Company Operating Results Excluding Estimate of Contribution related to Transitioning Clients
(amounts in millions except per claim figures)
(Three months ended)
March 31, 2018
March 31, 2017
Change
Consolidated
As Reported
Transitioning
Clients (1)
Core business (1)
Consolidated
As Reported
Transitioning
Clients (1)
Core business (1)
As Reported
Core business (1)
Adjusted claims
Table 1
340.1
56.1
284.0
351.7
59.9
291.8
-3.3%
-2.7%
Revenues (10)
$ 24,769.4
$ 4,377.9
$ 20,391.5
$ 24,654.9
$ 4,736.0
$ 19,918.9
0.5%
2.4%
Net income
$ 623.2
N/A
N/A
$ 546.3
N/A
N/A
14.1%
N/A
Adjusted EBITDA
Table 3
$ 1,540.4
$ 480.1
$ 1,060.3
$ 1,496.2
$ 549.1
$ 947.1
3.0%
12.0%
Adjusted EBITDA/adjusted claim
Table 3
$ 4.53
N/A
$ 3.73
$ 4.25
N/A
$ 3.25
6.6%
14.8%
See Footnotes to Press Release.
Footnotes to Press Release
(1) The Company's core business excludes the contributions from Coventry and Catamaran, as well as Anthem, to which we refer together as the "Transitioning Clients." Amounts attributable to each of the Transitioning Clients are based on management's estimates regarding, among other items, cost allocation and may not be indicative of costs actually incurred as a result of servicing each of the Transitioning Clients. Both direct and indirect costs were allocated based on management's best estimates of costs attributable to servicing each of the Transitioning Clients, and, where appropriate, are based on actual cost or adjusted claims attributable to each of the Transitioning Clients.
(2) Total adjusted network claims includes an adjustment to reflect non-specialty network claims filled through our 90-day programs. These claims are multiplied by three, as these claims, on average, typically cover a time period three times longer than other network claims. Home delivery claims are also multiplied by three, as home delivery claims typically cover a time period three times longer than unadjusted network claims.
(3) Includes home delivery and specialty claims including drugs distributed to other PBMs' clients under limited distribution contracts with pharmaceutical manufacturers and Freedom Fertility claims.
(4) Amortization of intangible assets includes amounts in both revenues and selling, general and administrative expense.
Revenue amortization is related to the customer contract with Anthem, which commenced upon closing the NextRx acquisition in 2009. Amortization of intangibles that arises in connection with consideration given to a customer by a vendor is characterized as a reduction of revenues. Intangible amortization of $55.4 million ($42.3 million net of tax) and $55.4 million ($35.0 million net of tax) is included as a reduction to revenue for the three months ended March 31, 2018 and 2017, respectively.
Selling, general, and administrative expense includes the amortization of other intangible assets and computer software acquired through business combinations, of $355.4 million ($271.6 million net of tax) and $307.0 million ($194.2 million net of tax) for the three months ended March 31, 2018 and 2017, respectively.
(5) Transaction costs include those costs directly related to the acquisition of eviCore and the proposed transaction of Cigna. Costs of $35.4 million ($27.0 million net of tax) are primarily composed of professional fees and other compensation costs, and are included in selling, general and administrative expense for the three months ended March 31, 2018.
(6) Costs included in cost of revenues (gross profit), primarily comprised of professional fees, severance and other business activity charges in connection with the enterprise value initiative, are $5.3 million ($4.0 million net of tax) for the three months ended March 31, 2018.
Costs included in selling, general and administrative, primarily comprised of professional fees, severance and other business activity charges in connection with the enterprise value initiative, are $12.4 million ($9.5 million net of tax) for the three months ended March 31, 2018.
(7) Costs included in selling, general and administrative, related to charitable contributions made as a result of the tax savings received as part of the 2017 federal tax reform, are $30.0 million ($22.9 million net of tax) for the three months ended March 31, 2018.
(8) Provision for income taxes includes discrete income tax charges of $1.2 million and $29.9 million for the three months ended March 31, 2018 and 2017, respectively. The 2018 net discrete income tax charge primarily relates to change in unrecognized tax benefits. The 2017 net discrete income tax charge primarily relates to changes in unrecognized tax benefits and a revaluation of our net deferred tax attributes.
(9) Represents adjustment for the tax impact related to non-GAAP items excluded from adjusted diluted EPS. See Table 5 and 5A for calculation of adjusted effective income tax rate.
(10) Consolidated revenues and Transitioning Clients revenues include intangible amortization related to the customer contract with Anthem of $55.4 million for each of the three months ended March 31, 2018 and 2017.
FORWARD LOOKING STATEMENTS
Information included or incorporated by reference in this communication, and information which may be contained in other filings with the Securities and Exchange Commission (the "SEC") and press releases or other public statements, contains or may contain These include, among other things, statements of plans, objectives, expectations (financial or otherwise) or intentions.
Forward-looking statements, including as they relate to Express Scripts Holding Company or Cigna Corporation, the management of either such company or the transaction, involve risks and uncertainties. Actual results may differ significantly from those projected or suggested in any Express Scripts Holding Company and Cigna Corporation do not undertake any obligation to release publicly any revisions to such to reflect events or circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Any number of factors could cause actual results to differ materially from those contemplated by any , including, but not limited to, the risks associated with the following:
the inability of Express Scripts Holding Company and Cigna Corporation to obtain stockholder or regulatory approvals required for the merger or the requirement to accept conditions that could reduce the anticipated benefits of the merger as a condition to obtaining regulatory approvals; a longer than anticipated time necessary to consummate the proposed merger; problems regarding the successful integration of the businesses of Express Scripts Holding Company and Cigna Corporation; unexpected costs regarding the proposed merger; diversion of management's attention from ongoing business operations and opportunities; potential litigation associated with the proposed merger; the ability to retain key personnel; the availability of financing; effects on the businesses as a result of uncertainty surrounding the proposed merger; and the industry may be subject to future risks that are described in SEC reports filed by Express Scripts Holding Company and Cigna Corporation.
You should carefully consider these and other relevant factors, including those risk factors in this communication and other risks and uncertainties that affect the businesses of Express Scripts Holding Company and Cigna Corporation described in their respective filings with the SEC, when reviewing any forward-looking statement. These factors are noted for investors as permitted under the Private Securities Litigation Reform Act of 1995. Investors should understand it is impossible to predict or identify all such factors or risks. As such, you should not consider either foregoing lists, or the risks identified in SEC filings, to be a complete discussion of all potential risks or uncertainties.
IMPORTANT INFORMATION ABOUT THE TRANSACTION AND WHERE TO FIND IT
This communication does not constitute an offer to buy or solicitation of an offer to sell any securities. In connection with the proposed transaction, Halfmoon Parent, Inc. ("Holdco") intends to file with the SEC a registration statement on Form S-4 that will include a joint proxy statement of Cigna Corporation and Express Scripts Holding Company that also constitutes a prospectus of Holdco. Cigna Corporation and Express Scripts Holding Company also plan to file other relevant documents with the SEC regarding the proposed transaction. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE JOINT PROXY STATEMENT/PROSPECTUS AND OTHER RELEVANT DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. You may obtain a free copy of the joint proxy statement/prospectus (if and when it becomes available) and other relevant documents filed by Holdco, Cigna Corporation and Express Scripts Holding Company with the SEC at the SEC's website at www.sec.gov . Copies of documents filed with the SEC by Cigna Corporation will be available free of charge on Cigna Corporation's website at www.cigna.com or by contacting Cigna Corporation's Investor Relations Department at (215) 761-4198. Copies of documents filed with the SEC by Express Scripts Holding Company will be available free of charge on Express Scripts Holding Company's website at www.express-scripts.com or by contacting Express Scripts Holding Company's Investor Relations Department at (314) 810-3115.
PARTICIPANTS IN THE SOLICITATION
Cigna Corporation (and, in some instances, Holdco) and Express Scripts Holding Company and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction under the rules of the SEC. Investors may obtain information regarding the names, affiliations and interests of directors and executive officers of Cigna Corporation (and, in some instances, Holdco) in Cigna Corporation's Annual Report on Form 10-K for the year ended December 31, 2017, which was filed with the SEC on February 28, 2018, and its definitive proxy statement for its 2018 Annual Meeting, which was filed with the SEC on March 16, 2018. Investors may obtain information regarding the names, affiliations and interests of Express Scripts Holding Company's directors and executive officers in Express Scripts Holding Company's Annual Report on Form 10-K for the year ended December 31, 2017, which was filed with the SEC on February 27, 2018, and its definitive proxy statement for its 2018 Annual Meeting, which was filed with the SEC on March 29, 2018. You may obtain free copies of these documents at the SEC's website at www.sec.gov , at Cigna Corporation's website at www.cigna.com or by contacting Cigna Corporation's Investor Relations Department at (215) 761-4198. Copies of documents filed with the SEC by Express Scripts Holding Company will be available free of charge on Express Scripts Holding Company's website at www.express-scripts.com or by contacting Express Scripts Holding Company's Investor Relations Department at (314) 810-3115. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the joint proxy statement/prospectus and other relevant materials to be filed with the SEC regarding the proposed transaction if and when they become available. Investors should read the joint proxy statement/prospectus carefully and in its entirety when it becomes available before making any voting or investment decisions.
NO OFFER OR SOLICITATION
This communication is for informational purposes only and not intended to and does not constitute an offer to subscribe for, buy or sell, the solicitation of an offer to subscribe for, buy or sell or an invitation to subscribe for, buy or sell any securities or the solicitation of any vote or approval in any jurisdiction pursuant to or in connection with the proposed transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, and otherwise in accordance with applicable law.
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SOURCE Express Scripts Holding Company | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/pr-newswire-express-scripts-announces-2018-first-quarter-results.html |
(Adds trader Quote: s and details throughout on activity; updates prices to close)
* TSX closes down 17.52 points, or 0.11 percent, at 16,144.79
* Index falls for first time in 12 sessions
* Seven of the TSX’s 10 main groups end lower
By Fergal Smith
TORONTO, May 22 (Reuters) - Canada’s main stock index edged lower on Tuesday, breaking its longest winning run in more than four years as shares of energy and materials companies lost ground.
The S&P/TSX composite index closed down 17.52 points, or 0.11 percent, at 16,144.79.
The decline left the index short of matching the 12 session winning sequence achieved in 2014 and on four other occasions since 1981, according to Thomson Reuters data.
The TSX, which was closed on Monday for the Victoria Day holiday, has lagged many other major stock markets in 2018. But its recent string of gains has helped lift the index to near positive territory for the year.
“It is an old fashioned rally led by financials and oil companies,” said Bruce Latimer, senior equity trader at Eight Capital. “People are waking up and realizing that oil is $72 a barrel and these companies are making money.”
The energy group ended 0.9 percent lower on Tuesday but is up about 28 percent since February, while the financials group, which accounts for more than one-third of the weight of the TSX, has climbed 6.5 percent since mid-April.
Gains for financials have come as bond yields have moved higher. Higher bond yields reduce the value of insurance companies’ liabilities and increase net interest margins of banks.
Canadian banks begin to report second quarter earnings this week. Investors will be looking to see the impact on profits of new tighter rules on mortgage lending.
On Tuesday, the largest decliner on the TSX was uranium producer Cameco Corp, which fell 6.8 percent.
The materials group, which includes precious and base metals miners and fertilizer companies, declined 0.6 percent.
Seven of the index’s 10 main groups ended lower.
Among the most active Canadian stocks by volume were Aurora Cannabis, up 5.8 percent to $8.38; Cenovus Energy , up 1.0 percent to $14.35 and Canopy Growth Co , up 9.4 percent to $39.44. (Reporting by Fergal Smith; Editing by Sandra Maler)
| ashraq/financial-news-articles | https://www.reuters.com/article/canada-stocks/canada-stocks-tsx-11-day-win-streak-ends-as-resource-shares-fall-idUSL2N1ST1RF |
MILAN (Reuters) - European shares closed higher on Monday, supported by strong earning updates and gains in Nestle ( NESN.S ) after the Swiss-based food firm agreed a tie-up with Starbucks. ( SBUX.O ).
Traders work at Frankfurt's stock exchange in Frankfurt, Germany, April 6, 2018. REUTERS/Ralph Orlowski A weak euro, which typically gives an accounting boost to companies who sell products or services in dollars, also contributed to lift the pan-European STOXX 600 index 0.6 percent. London markets were closed for a public holiday.
Nestle rose 1.6 percent after it agreed to pay $7.15 billion for a global coffee alliance in which it gets the rights to market Starbucks products around the world outside the U.S. coffee company’s shops.
“At first glance, the deal looks strategically key, also because Nestle is forging ahead in one of the most important growth categories,” said ZKB analysts in a note.
Air France tumbled to a one-year low after its CEO Jean-Marc Janaillac said on Friday he would resign after staff rejected a pay deal, plunging the airline into turmoil amid a wave of strikes that has cost it 300 million euros.
Traders said brokers were downgrading the stock while Bernstein analysts said that was the worst possible outcome for the airline carrier.
“This leaves the company with no CEO, no labor contract, an ongoing dispute, and likely emboldened unions which will be even less likely to concede on their demands now,” they said.
Over the weekend, the French government urged Air France managers and unions to resolve the stand-off.
Shares in German carrier Lufthansa rose 0.4 percent.
In earnings news, shares in Ambu ( AMBUb.CO ) rose 17.8 percent to a record high after the Danish healthcare equipment maker raised its outlook.
Forecast-beating quarterly earnings lifted Norway-focused independent oil company Aker BP ( AKERBP.OL ) 8.7 percent, as its sector was underpinned by a surge in crude oil prices to late-2014 peaks. [O/R]
Hannover RE ( HNRGn.DE ) rose 1 percent, hitting an all-time high during the session, after the insurance group raised its guidance for 2018 gross premiums.
Reporting by Danilo Masoni and Julien Ponthus; Editing by Alison Williams and John Stonestreet
| ashraq/financial-news-articles | https://www.reuters.com/article/us-europe-stocks/european-shares-buoyed-by-nestle-updates-turmoil-hammers-air-france-idUSKBN1I80KS |
French and U.K. stocks closed higher Monday with investors digesting weekend developments in U.S.-China trade talks.
Symbol Name Price Change %Change Volume FTSE --- DAX --- CAC --- IBEX 35 --- The FTSE 100 closed provisionally up by 1 percent and the CAC 40 in Paris was higher by 0.4 percent. The former hit a fresh intraday record high Monday. Meanwhile, the main Italian index fell 1.5 percent on political news. German and other European markets were closed for a public holiday.
Market sentiment was driven by trade news and political events in Italy. Fears over a trade war between the U.S. and China eased after comments from U.S. Treasury Secretary Steven Mnuchin that both countries are putting the trade war "on hold" as they tried to reach a compromise. On Wall Street, stocks traded sharply higher amid the alleviation of trade tensions.
Political instability in Italy seems to be coming to an end with a power-sharing agreement between the left-wing Five Star Movement and the right-wing Lega. Both parties are due to present their deal to the country's president later on Monday. However, such a government could raise concerns across the euro zone due to planned higher spending. French Finance Minister Bruno Le Maire warned Sunday that Rome needs to respect European spending rules, according to the Financial Times.
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In earnings, Ryanair reported a 10 percent increase in full-year profit after tax. The company reiterated Brexit concerns and reported a pessimistic outlook for 2019. The stock traded lower during early deals, but it rose more than 5 percent later in the day.
Altice was among the worst performers, down by more than 7 percent, after the MSCI deleted it from the global standard indexes, effective on May 22, Reuters reported.
There are no major data releases on Monday. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/21/european-markets-trade-war-concerns-ease.html |
HONG KONG (Reuters) - Tencent Holdings, which owns China’s top social media app WeChat, has scrapped an investment of up to 30 million yuan ($4.7 million) in a content start-up that has been criticised online and by state media for its handling of copyright issues.
FILE PHOTO: WeChat mascots are displayed inside Tencent office at TIT Creativity Industry Zone in Guangzhou, Guangdong province, China May 9, 2017. REUTERS/Bobby Yip/File Photo News of Tencent’s investment in Chaping, a WeChat-based online media company whose name means “bad review”, had spurred questions about Tencent’s commitment to protecting intellectual property that is at the core of its own content business spanning publishing, entertainment and gaming.
“We have reached consensus with the Chaping team to accept their decision to voluntarily return our investment,” Tencent’s public relations director Marsh Zhang said in a WeChat post.
Tencent also said it would “continue to respect and protect original content” with enhanced measures.
The investment in Chaping - the first by Tencent’s new content-focused TOPIC fund - is dwarfed by international mega deals done in recent months by the company.
Tencent is Asia’s second-most valuable company and one of the region’s most active investors.
Last week, in the wake of mounting criticism, Tencent had said it was conducting stricter due diligence on the Chaping deal and may “negotiate to return its stake” if it was found that it did not match Tencent’s values, reversing an earlier statement defending the investment.
On Sunday, state-run People’s Daily ran a commentary on the deal, criticising the practice of “hidden plagiarism”.
Attempts by Reuters to reach Chaping for a comment regarding allegations of plagiarism were unsuccessful.
Earlier on Monday, Chaping said in a statement that it believed it was “inappropriate to receive an investment from Tencent before a new round of copyright standardisation is completed”.
“Chaping will endeavour to grow independently and learn from the mistake, take on greater responsibility in the field of copyright and original content protection,” it added.
There are 20 million public accounts on WeChat, including 3.5 million monthly active ones such as Chaping, according to Tencent, making it China’s largest content publishing platform.
With more than 1 billion users, WeChat is China’s most popular messenger-to-payment app. Popular public accounts with high traffic on WeChat make money through advertisements, reader tipping or e-commerce.
($1 = 6.3927 Chinese yuan)
Reporting by Sijia Jiang; Editing by Anne Marie Roantree and Himani Sarkar
| ashraq/financial-news-articles | https://in.reuters.com/article/tencent-investment/tencent-pulls-investment-in-content-start-up-after-online-backlash-idINKCN1IT12H |
THORNTON, CO, Ascent Solar Technologies, Inc. (OTCQB: ASTI), a developer and manufacturer of state-of-the-art, lightweight, and flexible thin-film photovoltaic (PV) solutions, reported results for the quarter ended March 31, 2018.
Q1-2018 Financial Results:
The Company posted net revenue of $378K for Q1 2018, a sharp improvement of approximately 35% from the corresponding quarter in 2017 of $281K. The Q1 2018 revenue also accounted for over 58% of the entire 2017’s reported revenue of $642K, and provided the Company a strong start leading into 2018.
The revenue increase reflects the progress that the Company has made in its strategically-valued markets since exiting from the EnerPlex™ branded consumer business in early 2017, which was primarily distributed through traditional and more-costly brick and mortar retail channels. As previously noted, the company has streamlined its operation to limit its consumer business to only e-commerce platforms and OEM models providing better economics; and, instead, focused more on the high-value specialty-PV market such as space and near-space, drones and the public sector, including military and emergency management applications.
In addition to revenue increase, the loss from operations also reported sharp improvement of approximately 58%, down from ($5.0M) in the first quarter of 2017 to ($2.1M) in this period. This was due mainly to progressive cost-reduction initiatives in manufacturing and R&D operations as well as lower depreciation and amortization. The corresponding reduction in expenses resulting from the above-mentioned exit from EnerPlex™ also contributed to the improvement in operational loss. Going forward, the operating expenses are expected to remain manageable at the current level, and should show continued improvement as the Company progresses in the restructure and streamlining of its operations.
Net loss for the quarter was ($4.4M), which included non-cash charges of approximately $2.3M in non-cash interest expense, losses on extinguishment of liabilities associated with the outstanding convertible notes and convertible preferred stock as well as non-cash loss related to changes in the fair value of derivatives. Overall, the net loss had improved by about $1.1M, or approximately 21% from ($5.6M) in Q1 2017.
Management Comments:
“We are satisfied with the improved results on all fronts,” commented Victor Lee, President and CEO of Ascent Solar Technologies, Inc. “We will continue to streamline our business model to better focus on our core strength in the specialty-PV markets with high entry barriers like the space and near-space, aviation (drones), military, 1st Responders and emergency power markets. The Company has made significant progress in penetration of these high-value markets, and we will continue to sharpen our focus in such areas where Ascent is truly at the forefront of the competition.”
“Recent successful delivery of our ultralight PV module with much thinner substrate material and higher specific power is a strong testimony to our leadership in this premium market. Other notable milestones include a string of announcements that the Company’s superlight thin-film modules were selected by JAXA (Japan Aerospace Exploration Agency) as well as the German Aerospace Center (DLR) for further testing and evaluation for deep space missions. Our achievement in early 2017 of being the first and only flexible CIGS manufacturer to achieve ISO 9001:2015 certification, has certainly helped and will continue to speed up our sales velocity and enable us to better serve those premium market customers who demand highly robust and fail-proof products that are manufactured under a superlative Quality Management System.” Mr. Lee concluded, “We feel optimistic and certainly look forward to a stronger 2018 and beyond, as we continue to gain momentum and solidify our leadership position in the high-value PV market.”
ABOUT ASCENT SOLAR TECHNOLOGIES, INC:
Ascent Solar Technologies, Inc., an ISO 9001-2015 certified company, is a developer of thin-film photovoltaic modules using flexible substrate materials that are more versatile and rugged than traditional solar panels. Ascent Solar modules were named as one of the top 100 technologies in both 2010 and 2015 by R&D Magazine, and one of TIME Magazine's 50 best inventions for 2011. The technology described above represents the cutting edge of flexible power and can be directly integrated into consumer products and off-grid applications, as well as other aerospace applications. Ascent Solar is headquartered in Thornton, Colorado, where the company’s quality management system has achieved ISO 9001:2015 certification. More information can be found at www.AscentSolar.com .
Forward-Looking Statements:
Statements in this press release that are not statements of historical or current fact constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause the Company's actual operating results to be materially different from any historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements that explicitly describe these risks and uncertainties, readers are urged to consider statements that contain terms such as "believes," "belief," "expects," "expect," "intends," "intend," "anticipate," "anticipates," "plans," "plan," to be uncertain and forward-looking. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the Company's filings with the Securities and Exchange Commission.
Ascent Solar Technologies Investor Relations: PCG Advisory Group Media Relations Adam Holdsworth [email protected] +1-646-862-4607
Source:Ascent Solar Technologies, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/globe-newswire-ascent-solar-announces-first-quarter-2018-results.html |
MEDFORD, N.Y., May 16, 2018 (GLOBE NEWSWIRE) -- Chembio Diagnostics, Inc. (Nasdaq:CEMI), a leader in point-of-care (POC) diagnostic tests for infectious diseases, today announced that John Potthoff, Ph.D., has been appointed to its Board of Directors.
Dr. Potthoff has 25 years of experience in the clinical research services industry, with deep ties to diagnostics and pharmaceutical companies. He is currently the CEO of Elligo Health Research, a clinical research company aimed at being the preeminent provider of clinical research infrastructure services and technologies. Prior to Elligo, Dr. Potthoff was the CEO of Theorem Clinical Research, where he led the company through a period of significant growth and its acquisition by Chiltern International. Previously, Dr. Potthoff was the CEO and founder of Tanistry, Inc., a contract research organization focused on the central nervous system.
“We are excited to add Dr. Potthoff to our Board of Directors. His extensive experience leading high-growth companies focused on diagnostics and pharmaceuticals and prominent industry relationships make him a perfect addition,” stated Katherine L. Davis, Chair of Chembio's Board of Directors. “We look forward to John’s insights as we continue to build the company, with focus on expanding our sexually transmitted disease business, building a broad tropical and fever disease portfolio, and leveraging our DPP ® platform and scientific expertise.”
“Chembio has made significant progress transforming the company and focusing on its proprietary point-of-care technology platform,” added Dr. John Potthoff. “I am delighted to join Chembio’s Board of Directors and excited to contribute to the continued growth and success of the Company.”
Dr. Potthoff also currently sits on the boards of Advarra and SynteractHCR and was previously a director at Chiltern until its acquisition by LabCorp in 2017. He received his Ph.D. in Psychology from the University of Texas-Austin where he also received his Bachelor of Arts and Master of Arts, also in Psychology.
About Chembio Diagnostics
Chembio Diagnostics, Inc. develops, manufactures, licenses and markets rapid diagnostic tests in the growing $8.0 billion POC testing market. The Company markets its products directly and through third-party distributors under the brand names: DPP ® , STAT-PAK ® , SURE CHECK ® , and STAT-VIEW ® .
Chembio has developed and patented the DPP ® technology platform, which offers significant advantages over traditional POC lateral-flow technologies and provides the Company with a significant pipeline of business opportunities in the area of sexually transmitted disease, tropical and fever disease, and technology collaborations.
Headquartered in Medford, NY, Chembio is licensed by the U.S. Food and Drug Administration (FDA) as well as the U.S. Department of Agriculture (USDA), and is certified for the global market under the International Standards Organization (ISO) directive 13485. Each of Chembio Diagnostic Systems Inc. and Chembio Diagnostics Malaysia Sdn Bhd is a wholly-owned subsidiary of Chembio Diagnostics, Inc. For more information, please visit: www.chembio.com .
Forward-Looking Statements
Statements contained herein that are not historical facts may be forward-looking statements within the meaning of the Securities Act of 1933, as amended. Forward-looking statements include statements regarding the intent, belief or current expectations of the Company and its management. Such statements, which are estimates only, reflect management's current views, are based on certain assumptions, and involve risks and uncertainties. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including, but not limited to Chembio's ability to obtain additional financing and to obtain regulatory approvals in a timely manner, as well as the demand for Chembio's products. Chembio undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in Chembio's expectations with regard to these forward-looking statements or the occurrence of unanticipated events. Factors that may impact Chembio's success are more fully disclosed in Chembio's most recent public filings with the U.S. Securities and Exchange Commission.
Contact:
Lynn Pieper Lewis
Gilmartin Group
(415) 937-5402
[email protected]
Source:Chembio Diagnostics, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/globe-newswire-chembio-diagnostics-names-john-potthoff-ph-d-to-its-board-of-directors.html |
Investing for children can be tricky, but CNBC's Jim Cramer says that if you do it right, it can leave your loved ones much better off by the time they grow up than if you avoid it altogether.
"Parents, grandparents, listen up. You can give all sorts of things to families that had just had babies. I want you to open up accounts for them. Or at least give them some shares of stock so that from the earliest moment you can start the process of saving that you have to do," the " Mad Money " host said.
Cramer's first suggestion was taking several hundred dollars and buying shares in an index fund like the S&P 500 , then pairing that with some kind of total return fund, which provides a wider array of stocks.
The "Mad Money" host acknowledged that some brokers might recommend funds with higher growth, which he said could be a nice addition for infants who have their whole lives in front of them.
"These kinds of funds can really compound over time, meaning that if you let it run, the money can build upon itself," Cramer said.
For investors who are more interested in buying individual stocks for newborns, Cramer suggests picking two — a stock with a dividend that could be increased each year and then reinvested, and a stock with some more growth.
The first kind of stock can be a share of a company such as 3M , Procter & Gamble , Kimberly-Clark or PepsiCo — steady, consumer goods names that provide healthy, growing dividends.
The second should be "something with a little more juice," Cramer said. He recommended the FANG stocks, his acronym for Facebook , Amazon , Netflix and Google, now Alphabet .
Cramer chose Facebook for its high growth and deep bench, Amazon for its powerful, yet still-small presence in the $4 trillion retail market, Netflix for its game-changing mission and Alphabet for its strong balance sheet, stellar advertising platform, innovative staff and self-driving car initiative, Waymo.
The "Mad Money" host said that investors who want to set up an account for a young child or newborn should do so through a 529 Plan, a state-sponsored college savings tool authorized by the Internal Revenue Code.
All 50 states offer college savings plans under the Section 529 of the Internal Revenue Code, and some private colleges and universities sponsor pre-paid tuition plans.
"I think it's one of the better tax breaks around," the "Mad Money" host said.
Cramer added that buying gold and silver can also be great insurance components to any portfolio, since they do next-to-nothing and can sit in a safety deposit box for years.
"The bottom line: when a child is born, think about setting up a [529 Plan] and putting index funds or individual stocks in with the index funds. Or, at least, consisting of an S&P 500 fund and the stocks consisting of a growth vehicle and an income one [where] you let the income compound. A high yield can lead to a doubling by the time the child reaches 10," Cramer said. "Don't put this off. This must be done at the earliest moment to get the most time involved for your brand new loved one. No one has ever regretted this idea."
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Questions, comments, suggestions for the "Mad Money" website? [email protected] | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/25/cramer-explains-why-investing-for-kids-can-have-a-huge-payoff.html |
Right now blockchain is about information sharing: Amber Baldet 3 Hours Ago Amber Baldet CEO and Co-Founder of Clovyr decribes her company as a decentralized app store and developer framework for blockchain-related technologies. She breaks down in detail the value of blockchain technology in banking. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/18/right-now-blockchain-is-about-information-sharing-amber-baldet.html |
U.S. President Donald Trump , in a recorded message at a ceremony opening the U.S. embassy in Jerusalem , said on Monday he remained committed to peace between Israel and the Palestinians .
"Our greatest hope is for peace," said Trump, whose recognition of Jerusalem as Israel's capital and relocation of the embassy to the holy city from Tel Aviv , has outraged Palestinians and drawn international concern.
"The United States remains fully committed to facilitating a lasting peace agreement," Trump said. "The United States will always be a great friend of Israel and a partner in the cause of freedom and peace." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/14/trump-in-message-to-jerusalem-embassy-ceremony-says-us-is-fully-committed-to-peace.html |
* Italian markets calming
* Traders see little evidence of ECB interference
* ECB purchases around key events: tmsnrt.rs/2GEQJXE
* Italian QE: tmsnrt.rs/2LntULt
* Italy's bond spread: tmsnrt.rs/2KMZJvZ
FRANKFURT, May 22 (Reuters) - Rumours are rife that the European Central Bank may use its regular bond buying to sway the programme of the new Italian government, but past data provides little evidence it uses these purchases to intervene in times of political turmoil.
Italian bond yields have risen sharply on fears that a populist government will clash with Brussels over spending plans, and some have suggested the ECB may have reduced purchases recently to send the new government a signal about discipline.
Traders see little evidence of this for now, and Italian spreads over Germany actually narrowed on Tuesday, suggesting that investors’ nervousness may be calming as the new government provides clarity over its plans.
While sources at the ECB suggest they are only mildly concerned about Italy for now, bank officials have in the past argued that these purchases could indeed be used to reverse sharp market moves, particularly around major events including elections or referenda.
But such buying would have to be temporary over a course of only days as the ECB has no mandate for or interest in countering a fundamental shift in market sentiment, justified by a clear change in investors’ risk perception.
Indeed, monthly data does not suggest changes in the ECB’s bond purchases around key political events.
Traders in the past suggested that the ECB may have sought to soothe the market before France’s presidential election in April last year.
Data shows France’s share of the ECB’s purchases did slightly increase in the six months up to the vote but that trend continued even after Emmanuel Macron won the keys to the Elysee.
Figures also show little deviation before Italy’s 2016 constitutional referendum or Catalonia’s independence referendum last October, suggesting that even if the ECB chose to smooth market fluctuations, it did it quietly and only temporarily so monthly data would show no trace of intervention.
While ECB officials have publicly defended the ECB’s role in jumping into markets to ease liquidity crises, they have also rejected calls to help individual countries in times of broader economic difficulty.
Such help could only come if a euro zone member formally entered a macroeconomic adjustment programme under the European Financial Stability Facility/European Stability Mechanism.
The ECB declined to comment on market rumours about its recent Italian purchases.
Reporting by Balazs Koranyi and Francesco Canepa Editing by Hugh Lawson
| ashraq/financial-news-articles | https://www.reuters.com/article/italy-politics-ecb/graphic-little-evidence-that-ecb-would-use-qe-to-play-politics-idUSL5N1ST3L4 |
SANTA BARBARA, Calif., May 07, 2018 (GLOBE NEWSWIRE) -- Sientra, Inc. (NASDAQ:SIEN) (“Sientra” or the “Company”), a medical aesthetics company, today announced the closing of its previously announced underwritten public offering of 7,407,408 shares of its common stock, as well as 1,111,111 additional shares of its common stock pursuant to the full exercise of the over-allotment option granted to the underwriters. All of the shares were sold by Sientra.
The shares were sold at a public offering price of $13.50 per share and Sientra estimates the aggregate net proceeds to the Company will be approximately $107.7 million, after deducting underwriting discounts and commissions and other estimated offering expenses.
Sientra intends to use the net proceeds from this offering to implement sales and marketing initiatives, expand its U.S. and global commercial organizations, fund its research and development efforts, and for general corporate purposes, including general and administrative expenses, capital expenditures and general working capital purposes. Sientra may also use a portion of the net proceeds to acquire or invest in complementary businesses, products and technologies, although it has no current commitments or agreements with respect to any acquisitions as of the date hereof.
Stifel, Canaccord Genuity and William Blair acted as joint book-running managers for the offering.
A shelf registration statement on Form S-3 relating to the public offering of the shares of common stock described above was filed with the Securities and Exchange Commission (the “SEC”) and became effective on February 2, 2018. A prospectus supplement relating to the offering has been filed with the SEC. Copies of the prospectus supplement and accompanying prospectus may be obtained from the offices of Stifel, Nicolaus & Company, Incorporated at Attention: Syndicate, One Montgomery Street, Suite 3700, San Francisco, CA 94104, by telephone at (415) 364-2720, or by email at [email protected] ; or Canaccord Genuity LLC at Attention: Syndicate Department, 99 High Street, 12th Floor, Boston, Massachusetts 02110, or by telephone at (617) 371-3900.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
ABOUT SIENTRA
Headquartered in Santa Barbara, California, Sientra is a medical aesthetics company committed to making a difference in patients’ lives by enhancing their body image, growing their self-esteem and restoring their confidence. The Company was founded to provide greater choice to board-certified plastic surgeons and patients in need of medical aesthetics products. The Company has developed a broad portfolio of products with technologically differentiated characteristics, supported by independent laboratory testing and strong clinical trial outcomes. The Company sells its OPUS ™ brand of breast implants and breast tissue expanders exclusively to board-certified and board-admissible plastic surgeons and tailors its customer service offerings to their specific needs. The Company also offers a range of other aesthetic and specialty products including BIOCORNEUM ® , the professional choice in scar management, and miraDry, the only FDA-cleared device to reduce underarm sweat, odor and permanently reduce hair of all colors.
FORWARD-LOOKING STATEMENTS
This press release contains certain forward-looking information about Sientra, Inc. that is intended to be covered by the safe harbor for “ ” provided by the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements are statements that are not historical facts. Words such as “expect(s),” “feel(s),” “believe(s),” “will,” “may,” “anticipate(s)” and similar expressions are intended to identify . These statements include, but are not limited to, statements about the Company’s expectations regarding its capital raising efforts, including the closing of the public offering, the underwriters’ exercise of their option to purchase additional shares and the Company’s intended use of proceeds. All such statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond the control of the Company, which could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include, but are not limited to, risks related to: the Company’s history of operating losses, the Company’s ability to successfully commercialize its products, inherent risk and uncertainty in the protection of intellectual property rights, ability to maintain gross margins, regulatory uncertainties regarding approval or clearance for the Company’s products, as well as other risks and uncertainties described under the “Risk Factors” contained in the Company’s periodic and interim SEC reports, including but not limited to, the preliminary prospectus supplement relating to this offering, its Annual Report on Form 10-K for the fiscal year ended December 31, 2017, and its Current Reports on Form 8-K filed from time to time with the SEC. Readers are cautioned not to place undue reliance on these that speak only as of the date hereof, and the Company does not undertake any obligation to revise and disseminate to reflect events or circumstances after the date hereof, or to reflect the occurrence of or non-occurrence of any events.
Investor Contacts:
Patrick F. Williams
Sientra, Chief Financial Officer
(619) 675-1047
[email protected]
Tram Bui / Brian Johnston
The Ruth Group
(646) 536-7035 / (646) 536-7028
[email protected]
Source:Sientra, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/globe-newswire-sientra-inc-announces-closing-of-115-million-public-offering-of-common-stock-and-exercise-in-full-of-underwritersa-over.html |
Jim Bianco weighs in on what data the Fed should really be examining 3 Hours Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/25/jim-bianco-weighs-in-on-what-data-the-fed-should-really-be-examining.html |
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Wilbur Ross, U.S. secretary of commerce, speaks at the National Press Club in Washington, D.C., on May 14. Getty Images Good morning. The latest twist in the U.S. pursuit for an alternative penalty on ZTE Corp. could include a plan to install American compliance officers at the Chinese telecom giant.
U.S. Commerce Secretary Wilbur Ross floated the idea Thursday during an interview on CNBC, saying the penalty “would involve…implanting people of our own choosing into the company to constitute a compliance unit” that would report back to his department. “The whole key is enforcement,” he said.
Installing a monitor often is a routine act in a U.S. corporate criminal resolution, but sanctions experts said it wouldn’t resolve lingering U.S. national security concerns in this case. “There are going to be concerns about how effective it will be,” said Brian O’Toole, a nonresident senior fellow at the Atlantic Council, a U.S.-based think tank.
The U.S. last month banned ZTE for seven years from receiving U.S. components after the Commerce Department found it failed to comply with a settlement resolving allegations of evading sanctions on Iran and North Korea. President Donald Trump recently raised the specter of lifting or lessening the penalty as part of a trade deal with China, an act some in Congress have sought to block .
ZTE should take an offer of a compliance monitor in exchange for a lifted export ban “in a heartbeat” if presented with it, said Richard Matheny, a partner at the law firm Goodwin. He acknowledged it might be difficult to find someone willing to take the role.
“Many in the export enforcement community are dismayed that ZTE may be let off the hook, and this will do very little to satisfy those concerns,” said Mr. Matheny.
Sanctions experts say a U.S. move could undermine the intent of penalizing ZTE, in addition to harming the broader use of sanctions as a foreign-policy and national-security tool. “By not addressing the national-security risk, there’s going to be criticism regardless of whether this is an effective law enforcement or sanctions compliance tool,” said Mr. O’Toole.
EXCLUSIVE ON RISK AND COMPLIANCE JOURNAL
Companies are using “nudges,” or choice architecture, as a way to promote ethical behavior. Nudges are one of the ways businesses are deploying behavioral ethics to reaffirm their values and to keep employees focused on questions of ethics and compliance as they work.
Two are charged in Rolls-Royce bribery probe. A former Armenian ambassador and a Russian man were charged in the ongoing investigation into a foreign bribery scheme involving Rolls-Royce PLC .
Prosecutors said Thursday they filed money-laundering charges against Azat Martirossian of Armenia, and Vitaly Leshkov of Russia. Neither could be reached for a response.
The charges follow the unsealing of an indictment in November of Petros Contoguris, a Greek citizen living in Turkey who was charged with money laundering and seven counts of violating U.S. foreign-bribery law.
The charges filed Thursday allege Mr. Contoguris, working with Messrs. Martirossian and Leshkov and others, devised and executed a scheme to pay bribes. The payments were disguised as commissions to Mr. Contoguris’s company in exchange for help getting Rolls-Royce contracts, prosecutors said.
Rolls-Royce agreed to pay more than $800 million in penalties last year in a global settlement. — Samuel Rubenfeld
COMPLIANCE
The U.S. Treasury Department placed sanctions on nine individuals and firms accused of procuring airplane parts for Iranian airlines blacklisted for their support of U.S.-designated terror groups. Treasury officials say the action should send a message to other countries that it is prepared to penalize anyone caught aiding Tehran, the WSJ reports.
A Mahan Air jet taking off from Moscow’s Vnukovo International Airport. The U.S. Treasury is sanctioning nine individuals and companies for helping Mahan and other sanctioned Iranian airlines obtain parts. LEONID FAERBERG/RUSSIAN LOOK/ZUMA PRESS The U.S. government will be banned from buying Chinese-made surveillance cameras under a $717 billion defense-policy bill passed by the House, the latest move against Chinese technology on the basis of national security concerns. The move needs Senate approval, the WSJ reports.
Indonesia’s parliament overwhelmingly passed a tougher antiterror law Friday, giving police new powers to detain suspects. Islamic State supporters killed at least 14 civilians and security personnel in attacks in Indonesia last week, the WSJ reports.
The U.S. Senate passed a bill to overhaul its sexual-harassment policies , including forcing lawmakers to pay back taxpayers for settlements if they are found guilty. That requirement and other key provisions mirror a bill passed by the House in February, which also would make it easier for victims to report harassment, the WSJ reports.
DATA SECURITY
Europe’s new privacy law took effect Friday , causing high-profile websites to suspend access across the region. U.S. newspaper publishers Tronc Inc. and Lee Enterprises were among those that blocked readers in the European Union from accessing sites, as they scrambled to comply with the regulation, the WSJ reports.
Companies spent millions on their security infrastructure ahead of the data protection rules, but some worry that the law’s lack of clear technical guidelines may mean that these steps aren’t enough, the WSJ reports.
North and South Korean leaders vowed on April 27 to cease all hostile acts against each other, but in the following weeks, the North ramped up its campaign of cyberattacks on the South, according to people familiar with the matter, the WSJ reports.
Amazon.com said one of its Echo home speakers mistakenly recorded a private conversation and sent it to a person in the owners’ contact list, an incident that raises questions about the security of such voice-operated devices. The device mistakenly understood pieces of a conversation as commands, the WSJ reports.
GOVERNANCE
Russian aluminum giant United Co. Rusal PLC Friday said Oleg Deripaska has resigned as a non-executive director, expanding an overhaul of the company’s management and board in an effort to escape the Trump administration’s sanctions program, the WSJ reports.
RISK
Samsung Electronics must pay Apple $539 million for infringing patents related to the iPhone’s design, a federal jury found Thursday, a new victory for Apple in a seven-year-old legal battle over the spoils of the smartphone market’s boom, the WSJ reports.
A federal judge said he needed more information before deciding whether to dismiss lawsuits by San Francisco and Oakland alleging that five of the world’s largest oil companies should pay to protect the cities’ residents from the impacts of climate change, the WSJ reports.
President Donald Trump’s cancellation of a summit with Kim Jong Un shifts the U.S. approach to North Korea away from a monthslong rapprochement and back to military and economic pressure. Mr. Trump warned of U.S. nuclear and military superiority both in a letter to Mr. Kim and in public remarks, the WSJ reports.
U.S. Marine Corp helicopters stood by in case fissures or lava flowing from the Kilauea volcano on Hawaii’s Big Island block an escape route for people living in the area, Reuters reports. Some 2,000 people have faced mandatory evacuations and another 2,000 may have to leave as well.
OPERATIONS
Brazil’s government said Thursday it reached a deal with truckers’ unions to suspend a four-day strike that has left many businesses without vital supplies, but one of the country’s biggest drivers groups said it would continue the work stoppage, the WSJ reports.
Gap had to resort to heavy discounting to move unsold clothes that had piled up at stores, hurting profit in the first quarter, and potentially, the current one. Executives blamed operational issues that delayed new items and disrupted the assortment of products, the WSJ reports.
Gap blamed operational problems for an accumulation of unsold goods in its stores. RICHARD B. LEVINE/ZUMA PRESS The Morning Risk Report from WSJ’s Risk & Compliance Journal cues up the most important news in risk and compliance every weekday morning. Send tips, suggestions and complaints to [email protected] .
Share this: Alexa Amazon.com Brazil strike Brazil truckers Gap Gap Inc. GDPR Iran Sanctions Kilauea Lee Enterprises Mahan Air Rolls Royce Tronc Wilbur Ross ZTE Previous Corruption Currents: Ex-South Korean President Calls Bribery Charges an 'Insult' Next Corruption Currents: Man Jailed for 660 Years Wants His Gold Bars Back Content from our sponsor Deloitte Risk management, strategy and analysis from Deloitte How Boards Can Help Strengthen the Link Between Strategy and Risk Appetite Boards have worked steadily to enhance their oversight of both risk and the strategy developed by management by seeking more risk information, strengthening organizational risk governance, and, in some cases, supporting the appointment of CROs or forming board-level risk committees. Yet risks and challenges continue to multiply and evolve, and management must continually revise strategies in pursuit of organizational goals. Learn how boards are enhancing their risk oversight practices by clarifying and formally approving the organization’s risk appetite — the aggregate level of risk that management is willing to take in pursuit of its strategy.
Please note: The Wall Street Journal News Department was not involved in the creation of the content above. More from Deloitte → | ashraq/financial-news-articles | https://blogs.wsj.com/riskandcompliance/2018/05/25/the-morning-risk-report-zte-plan-may-include-u-s-compliance-monitor/ |
Dow Jones, a News Corp company News Corp is a network of leading companies in the worlds of diversified media, news, education, and information services Dow Jones | ashraq/financial-news-articles | http://jp.wsj.com/articles/SB11182910543236833496604584223231557734074 |
The confirmation hearings for Gina Haspel to head the Central Intelligence Agency became a theater of the absurd, as senators pressed her for an assurance that she would apply “moral” standards to intelligence-gathering, including interrogation of terrorists.
As I watched, I kept thinking of Sen. Frank Church and the disaster his Senate select committee inflicted upon the CIA in 1975. The committee was troubled by the disclosures of various misguided, even bizarre CIA endeavors during the Cold War, including an attempt to... | ashraq/financial-news-articles | https://www.wsj.com/articles/at-the-cia-immorality-is-part-of-the-job-1526511712 |
May 2 (Reuters) - Mack-Cali Realty Corp:
* REPORTED NET INCOME OF $0.45 PER DILUTED SHARE FOR THE QUARTER
* QTRLY CORE FUNDS FROM OPERATIONS PER DILUTED SHARE OF $0.50
* Q1 FFO PER SHARE VIEW $0.46 — THOMSON REUTERS I/B/E/S * FY2018 FFO PER SHARE VIEW $1.83 -- THOMSON REUTERS I/B/E/S Source : bit.ly/2jr2HuG Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-mack-cali-realty-corp-reports-qtrl/brief-mack-cali-realty-corp-reports-qtrly-ffo-per-share-of-0-35-idUSFWN1S91AF |
ROME (Reuters) - The anti-establishment 5-Star Movement and the far-right League plan to halt the sale of Italy’s insolvent national airline Alitalia, which has already received three offers, the League’s economics chief Claudio Borghi said on Thursday.
FILE PHOTO: Alitalia's logo is seen on top of the headquarters at Fiumicino international airport in Rome October 14, 2013. REUTERS/Max Rossi A draft obtained by Reuters of the two parties’ joint program — intended to be the basis of a coalition government — said Alitalia needs to be “reliance” and that Italy must maintain a “competitive national carrier”.
Asked by Reuters if this meant that the parties’ plan was that Alitalia should no longer be sold, Borghi replied: “Yes.”
The former center-left government had been seeking a buyer for Alitalia for the last year, but the sale process was delayed as a result of uncertainty over the March 4 election, which ended in a hung parliament.
Last month, EasyJet, Lufthansa, and budget carrier Wizz Air submitted expressions of interest in at least parts of Alitalia.
But Borghi’s comment suggests the two parties want the state to invest and again become the main shareholder in the struggling airline.
Alitalia, which has about 12,000 employees, was a symbol of Italy’s post-war economic boom, but now struggles to compete against low-cost carriers and high speed trains at home.
Italy has kept the bankrupt airline running with a 900-million-euro ($1.1 billion) bridge loan, but Alitalia lost 167 million euros before interest and taxes in the first quarter.
Earlier on Thursday one of the state commissioners now running the airline, Luigi Gubitosi, said the next government must decide what to do with it.
But he also issued a warning.
“Whatever they decide to do, they need to do it fast, otherwise the fuel will run out,” Gubitosi said.
Additional reporting by Alberto Sisto; Writing by Steve Scherer; Editing by Catherine Evans
| ashraq/financial-news-articles | https://www.reuters.com/article/us-italy-politics-alitalia/italys-5-star-league-plan-to-halt-sale-of-alitalia-league-economics-chief-idUSKCN1II26W |
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The context of Amazon’s announcement points to alignment between the The Expanse , which depicts near-future colonies both on Mars and in the solar asteroid belt, and Bezos’ own interest in space.
But taking over The Expanse is more than a billionaire’s pet project. The show has been critically lauded, with a complex plot and gritty approach to space travel that earned it comparisons to HBO’s Game of Thrones . Yet, The Expanse never generated anything like Thrones -level ratings for SyFy, underperforming even the network’s other niche dramas, such as The Magicians and Krypton .
Perhaps more damaging to The Expanse ’s status at SyFy, though, was that, according to Deadline Hollywood , the network only had first-run rights to the show. SyFy streams episodes of the current third season, but the first two seasons of The Expanse stream on Amazon’s Prime Video service.
That means SyFy didn’t stand to capture revenues from prior seasons of The Expanse as new viewers discovered the show, giving it less motivation to keep the show alive. Serialized and plot-heavy shows like The Expanse have thrived in the binge-streaming era, as services like Netflix and Amazon Prime Video make it easy for new fans to catch up. That seems to particularly benefit cerebral sci-fi, a genre Amazon has already announced major new investments in. SyFy’s own streaming efforts, meanwhile, have had some stumbles, with its app criticized by viewers citing technical issues and excessive advertising.
At the broadest level, then, the migration of The Expanse from cable to a streaming service can be seen as an index of the acceleration in “cord cutting,” or consumers switching from cable to streaming services. SyFy, with its smaller individual platform, couldn’t fully leverage a highly respected show, while Amazon thinks it can do much better – and has data from streams of prior seasons to back up that bet. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/26/amazon-picks-up-the-expanse/ |
Net revenues increased 5.5%; Organic Net Revenue 1 grew 2.4% Operating income margin was 18.1%, up 520 basis points; Adjusted Operating Income 1 margin was 16.7%, up 20 basis points Diluted EPS was $0.62, up 51%; Adjusted EPS 1 was $0.62, up 9.6% on a constant-currency basis
DEERFIELD, Ill., Mondelēz International, Inc. (NASDAQ:MDLZ) today reported its first quarter 2018 results.
“We had a good start to the year with improving top-line momentum and continued progress in margin expansion driven by strength in Europe and AMEA,” said Dirk Van de Put, Chairman and CEO. “We continue to see encouraging snacking category growth trends, especially in emerging markets. We remain focused on executing our 2018 plan while making good progress developing our long-term strategic framework.”
Net Revenue
$ in millions Reported
Net Revenues Organic Net Revenue Growth % Chg Q1 2018 vs PY Q1 2018 Vol/Mix Pricing Latin America $ 891 (2.1)% 2.2% (4.0)pp 6.2 pp Asia, Middle East & Africa 1,542 3.4 3.6 2.5 1.1 Europe 2,706 14.4 4.7 5.6 (0.9) North America 1,626 (1.3) (1.8) (1.3) (0.5) Mondelēz International $ 6,765 5.5 % 2.4 % 1.7 pp 0.7 pp Emerging Markets $ 2,584 7.6% 5.5% Developed Markets 4,181 4.2 0.4 Power Brands $ 5,137 8.2% 2.8%
Operating Income and Diluted EPS
$ in millions Reported Adjusted Q1 2018 vs PY
(Rpt Fx) Q1 2018 vs PY
(Rpt Fx) vs PY
(Cst Fx) Gross Profit $ 2,849 13.1 % $ 2,666 4.8 % (0.5 )% Gross Profit Margin 42.1 % 2.8 pp 39.4 % (1.1)pp Operating Income $ 1,224 48.4 % $ 1,133 9.7 % 3.0 % Operating Income Margin 18.1 % 5.2 pp 16.7 % 0.2 pp Net Earnings 2 $ 938 48.9 % $ 928 15.4 % 6.5 % Diluted EPS $ 0.62 51.2 % $ 0.62 19.2 % 9.6 % Net revenues increased 5.5 percent, driven by currency tailwinds. Organic Net Revenue increased 2.4 percent, with growth in all regions except North America. Gross profit margin was 42.1 percent, an increase of 280 basis points driven primarily by a favorable impact from currency and commodity hedging activities. Adjusted Gross Profit margin was 39.4 percent, a decrease of 110 basis points, driven by unfavorable mix, higher commodity costs and freight inflation.
Operating income margin was 18.1 percent, up 520 basis points, driven primarily by a favorable impact from currency and commodity hedging activities and lower 2014-2018 Restructuring Program costs. Adjusted Operating Income margin increased 20 basis points to 16.7 percent due to reductions in selling, general & administrative costs and supply chain productivity savings, mostly offset by higher input costs and freight inflation.
Diluted EPS was $0.62, up 51 percent, driven primarily by a favorable impact from currency and commodity hedging activities and favorable year-over-year currency translation.
Adjusted EPS was $0.62 and grew 9.6 percent on a constant-currency basis, driven primarily by favorability on interest and fewer shares outstanding.
Capital Return : The company repurchased approximately $500 million of its common stock and paid approximately $300 million in cash dividends.
2018 Outlook
Mondelēz International provides guidance on a non-GAAP basis, as the company cannot predict some elements that are included in reported GAAP results, including the impact of foreign exchange. Refer to the Outlook section in the discussion of non-GAAP financial measures below for more details.
The company maintains its full year 2018 outlook of Organic Net Revenue growth of 1 to 2 percent, Adjusted Operating Income margin of approximately 17 percent and double-digit Adjusted EPS growth on a constant-currency basis. The company estimates currency translation would increase net revenue growth by approximately 2 percent 3 and Adjusted EPS by approximately $0.06 3 . In addition, the company continues to expect Free Cash Flow 1 of approximately $2.8 billion.
Conference Call
Mondelēz International will host a conference call for investors with accompanying slides to review its results at 5 p.m. ET today. A listen-only webcast will be provided at www.mondelezinternational.com . An archive of the webcast will be available on the company's web site. The company will be live tweeting the event at www.twitter.com/MDLZ .
About Mondelēz International
Mondelēz International, Inc. (NASDAQ:MDLZ) is building the best snacking company in the world, with 2017 net revenues of approximately $26 billion. Creating more moments of joy in approximately 160 countries, Mondelēz International is a world leader in biscuits, chocolate, gum, candy and powdered beverages, featuring global Power Brands such as Oreo and belVita biscuits ; Cadbury Dairy Milk and Milka chocolate; and Trident gum. Mondelēz International is a proud member of the Standard and Poor’s 500, NASDAQ 100 and Dow Jones Sustainability Index. Visit www.mondelezinternational.com or follow the company on Twitter at www.twitter.com/MDLZ .
End Notes
Organic Net Revenue, Adjusted Operating Income (and Adjusted Operating Income margin), Adjusted EPS, Adjusted Gross Profit (and Adjusted Gross Profit margin), Free Cash Flow and presentation of amounts in constant currency are non-GAAP financial measures. Please see discussion of non-GAAP financial measures at the end of this press release for more information. Net earnings attributable to Mondelēz International. Currency estimate is based on published rates from XE.com on April 26, 2018.
Additional Definitions
Power Brands include some of the company’s largest global and regional brands, such as Oreo , Chips Ahoy! , Ritz, TUC/Club Social and belVita biscuits; Cadbury Dairy Milk, Milka and Lacta chocolate; Trident gum; Halls candy; and Tang powdered beverages.
Emerging markets consist of the Latin America region in its entirety; the Asia, Middle East and Africa region excluding Australia, New Zealand and Japan; and the following countries from the Europe region: Russia, Ukraine, Turkey, Kazakhstan, Belarus, Georgia, Poland, Czech Republic, Slovak Republic, Hungary, Bulgaria, Romania, the Baltics and the East Adriatic countries.
Developed markets include the entire North America region, the Europe region excluding the countries included in the emerging markets definition, and Australia, New Zealand and Japan from the Asia, Middle East and Africa region.
Forward-Looking Statements
This press release contains a number of forward-looking statements. Words, and variations of words, such as “will,” “expect,” “would,” “could,” “estimate,” “anticipate,” “guidance,” “outlook” and similar expressions are intended to identify the company’s forward-looking statements, including, but not limited to, statements about: the company’s future performance, including its future revenue growth, earnings per share, margins and cash flow; currency and the effect of foreign exchange translation on the company’s results of operations; snacking category growth trends; the company’s accounting for and the impact of U.S. tax reform; the company’s restructuring program; and the company’s outlook, including 2018 Organic Net Revenue growth, Adjusted Operating Income margin, Adjusted EPS and Free Cash Flow. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the company’s control, which could cause the company’s actual results to differ materially from those indicated in the company’s forward-looking statements. Such factors include, but are not limited to, risks from operating globally including in emerging markets; changes in currency exchange rates, controls and restrictions; continued volatility of commodity and other input costs; weakness in economic conditions; weakness in consumer spending; pricing actions; tax matters including changes in tax rates and laws, disagreements with taxing authorities and imposition of new taxes; use of information technology and third party service providers; unanticipated disruptions to the company’s business, such as the malware incident, cyberattacks or other security breaches; competition; the restructuring program and the company’s other transformation initiatives not yielding the anticipated benefits; and changes in the assumptions on which the restructuring program is based. Please also see the company’s risk factors, as they may be amended from time to time, set forth in its filings with the SEC, including the company’s most recently filed Annual Report on Form 10-K. Mondelēz International disclaims and does not undertake any obligation to update or revise any forward-looking statement in this press release, except as required by applicable law or regulation.
Schedule 1 Mondelēz International, Inc. and Subsidiaries Condensed Consolidated Statements of Earnings (in millions of U.S. dollars and shares, except per share data) (Unaudited) For the Three Months Ended March 31, 2018 2017 Net revenues $ 6,765 $ 6,414 Cost of sales 3,916 3,896 Gross profit 2,849 2,518 Gross profit margin 42.1 % 39.3 % Selling, general and administrative expenses 1,527 1,483 Asset impairment and exit costs 54 166 Amortization of intangibles 44 44 Operating income 1,224 825 Operating income margin 18.1 % 12.9 % Benefit plan non-service income (13 ) (15 ) Interest and other expense, net 80 119 Earnings before income taxes 1,157 721 Provision for income taxes (307 ) (154 ) Effective tax rate 26.5 % 21.4 % Equity method investment net earnings 94 66 Net earnings 944 633 Noncontrolling interest earnings (6 ) (3 ) Net earnings attributable to Mondelēz International $ 938 $ 630 Per share data: Basic earnings per share attributable to Mondelēz International $ 0.63 $ 0.41 Diluted earnings per share attributable to Mondelēz International $ 0.62 $ 0.41 Average shares outstanding: Basic 1,489 1,529 Diluted 1,505 1,550
Schedule 2 Mondelēz International, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (in millions of U.S. dollars) (Unaudited) March 31, December 31, 2018 2017 ASSETS Cash and cash equivalents $ 1,130 $ 761 Trade receivables 3,113 2,691 Other receivables 841 835 Inventories, net 2,620 2,557 Other current assets 666 676 Total current assets 8,370 7,520 Property, plant and equipment, net 8,792 8,677 Goodwill 21,301 21,085 Intangible assets, net 18,810 18,639 Prepaid pension assets 160 158 Deferred income taxes 301 319 Equity method investments 6,347 6,345 Other assets 422 366 TOTAL ASSETS $ 64,503 $ 63,109 LIABILITIES Short-term borrowings $ 4,779 $ 3,517 Current portion of long-term debt 829 1,163 Accounts payable 5,727 5,705 Accrued marketing 1,847 1,728 Accrued employment costs 617 721 Other current liabilities 2,999 2,959 Total current liabilities 16,798 15,793 Long-term debt 13,180 12,972 Deferred income taxes 3,419 3,376 Accrued pension costs 1,548 1,669 Accrued postretirement health care costs 419 419 Other liabilities 2,589 2,689 TOTAL LIABILITIES 37,953 36,918 EQUITY Common Stock - - Additional paid-in capital 31,876 31,915 Retained earnings 23,315 22,749 Accumulated other comprehensive losses (9,858 ) (9,998 ) Treasury stock (18,881 ) (18,555 ) Total Mondelēz International Shareholders' Equity 26,452 26,111 Noncontrolling interest 98 80 TOTAL EQUITY 26,550 26,191 TOTAL LIABILITIES AND EQUITY $ 64,503 $ 63,109 March 31, December 31, 2018 2017 Incr/(Decr) Short-term borrowings $ 4,779 $ 3,517 $ 1,262 Current portion of long-term debt 829 1,163 (334 ) Long-term debt 13,180 12,972 208 Total Debt 18,788 17,652 1,136 Cash and cash equivalents 1,130 761 369 Net Debt (1) $ 17,658 $ 16,891 $ 767 (1) Net debt is defined as total debt, which includes short-term borrowings, current portion of long-term debt and long-term debt, less cash and cash equivalents.
Schedule 3 Mondelēz International, Inc. and Subsidiaries Condensed Consolidated Statements of Cash Flows (in millions of U.S. dollars) (Unaudited) For the Three Months Ended March 31, 2018 2017 CASH PROVIDED BY/(USED IN) OPERATING ACTIVITIES Net earnings $ 944 $ 633 Adjustments to reconcile net earnings to operating cash flows: Depreciation and amortization 207 200 Stock-based compensation expense 28 39 U.S. tax reform transition tax 94 - Deferred income tax provision 47 13 Asset impairments and accelerated depreciation 28 80 Equity method investment net earnings (94 ) (66 ) Distributions from equity method investments 143 122 Other non-cash items, net (14 ) 43 Change in assets and liabilities, net of acquisitions and divestitures: Receivables, net (413 ) (454 ) Inventories, net (38 ) (95 ) Accounts payable (144 ) (443 ) Other current assets 46 126 Other current liabilities (317 ) (478 ) Change in pension and postretirement assets and liabilities, net (110 ) (277 ) Net cash provided by/(used in) operating activities 407 (557 ) CASH PROVIDED BY/(USED IN) INVESTING ACTIVITIES Capital expenditures (284 ) (306 ) Proceeds from sale of property, plant and equipment and other assets 10 19 Net cash used in investing activities (274 ) (287 ) CASH PROVIDED BY/(USED IN) FINANCING ACTIVITIES Issuances of commercial paper, maturities greater than 90 days 686 626 Repayments of commercial paper, maturities greater than 90 days (433 ) (513 ) Net issuances of other short-term borrowings 1,016 1,587 Long-term debt proceeds 463 350 Long-term debt repaid (738 ) (979 ) Repurchase of Common Stock (527 ) (461 ) Dividends paid (330 ) (292 ) Other 92 60 Net cash provided by financing activities 229 378 Effect of exchange rate changes on cash and cash equivalents 7 32 Cash and cash equivalents: Increase/(decrease) 369 (434 ) Balance at beginning of period 761 1,741 Balance at end of period $ 1,130 $ 1,307
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP and Non-GAAP Financial Measures
(Unaudited)
The company reports its financial results in accordance with accounting principles generally accepted in the United States (“GAAP”). However, management believes that also presenting certain non-GAAP financial measures provides additional information to facilitate comparison of the company’s historical operating results and trends in its underlying operating results, and provides additional transparency on how the company evaluates its business. Management uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the company’s performance. The company also believes that presenting these measures allows investors to view its performance using the same measures that the company uses in evaluating its financial and business performance and trends.
The company considers quantitative and qualitative factors in assessing whether to adjust for the impact of items that may be significant or that could affect an understanding of its ongoing financial and business performance and trends. The adjustments generally fall within the following categories: acquisition & divestiture activities, gains and losses on intangible asset sales and non-cash impairments, major program restructuring activities, constant currency and related adjustments, major program financing and hedging activities and other major items affecting comparability of operating results. See below for a description of adjustments to the company’s U.S. GAAP financial measures included herein.
Non-GAAP information should be considered as supplemental in nature and is not meant to be considered in isolation or as a substitute for the related financial information prepared in accordance with U.S. GAAP. In addition, the company’s non-GAAP financial measures may not be the same as or comparable to similar non-GAAP measures presented by other companies.
Because GAAP financial measures on a forward-looking basis are not accessible and reconciling information is not available without unreasonable effort, the company has not provided that information with regard to the non-GAAP financial measures in the company’s outlook. Refer to the Outlook section below for more details.
DEFINITIONS OF THE COMPANY’S NON-GAAP FINANCIAL MEASURES
The company’s non-GAAP financial measures and corresponding metrics reflect how the company evaluates its operating results currently and provide improved comparability of operating results. As new events or circumstances arise, these definitions could change. When these definitions change, the company provides the updated definitions and presents the related non-GAAP historical results on a comparable basis. When items no longer impact the company’s current or future presentation of non-GAAP operating results, the company removes these items from its non-GAAP definitions.
“Organic Net Revenue” is defined as net revenues excluding the impacts of acquisitions; divestitures; and currency rate fluctuations. The company also evaluates Organic Net Revenue growth from emerging markets and its Power Brands. “Adjusted Gross Profit” is defined as gross profit excluding the 2014-2018 Restructuring Program; acquisition integration costs; the operating results of divestitures; mark-to-market impacts from commodity and forecasted currency transaction derivative contracts; and incremental expenses related to the 2017 malware incident. The company also presents "Adjusted Gross Profit margin," which is subject to the same adjustments as Adjusted Gross Profit. The company also evaluates growth in the company’s Adjusted Gross Profit on a constant currency basis. “Adjusted Operating Income” and “Adjusted Segment Operating Income” are defined as operating income (or segment operating income) excluding the impacts of the items listed in the Adjusted Gross Profit definition as well as gains or losses (including non-cash impairment charges) on goodwill and intangible assets; divestiture or acquisition gains or losses and related divestiture, acquisition and integration costs; benefits from resolution of tax matters; and CEO transition remuneration. The company also presents “Adjusted Operating Income margin” and “Adjusted Segment Operating Income margin”, which are subject to the same adjustments as Adjusted Operating Income and Adjusted Segment Operating Income. The company also evaluates growth in the company’s Adjusted Operating Income and Adjusted Segment Operating Income on a constant currency basis. “Adjusted EPS” is defined as diluted EPS attributable to Mondelēz International from continuing operations excluding the impacts of the items listed in the Adjusted Operating Income definition as well as losses on debt extinguishment and related expenses; gain on equity method investment transactions; net earnings from divestitures; gains or losses on interest rate swaps no longer designated as accounting cash flow hedges due to changed financing and hedging plans; and U.S. tax reform discrete impacts. Similarly, within Adjusted EPS, the company’s equity method investment net earnings exclude its proportionate share of its investees’ unusual or infrequent items. The tax impact of each of the items excluded from the company’s GAAP results was computed based on the facts and tax assumptions associated with each item and such impacts have also been excluded from Adjusted EPS. The company also evaluates growth in the company’s Adjusted EPS on a constant currency basis. “Free Cash Flow” is defined as net cash provided by operating activities less capital expenditures. Free Cash Flow is the company’s primary measure used to monitor its cash flow performance.
See the attached schedules for supplemental financial data and corresponding reconciliations of the non-GAAP financial measures referred to above to the most comparable GAAP financial measures for the three months ended March 31, 2018. See Items Impacting Comparability of Operating Results below for more information about the items referenced in these definitions.
SEGMENT OPERATING INCOME
The company uses segment operating income to evaluate segment performance and allocate resources. The company believes it is appropriate to disclose this measure to help investors analyze segment performance and trends. Segment operating income excludes unrealized gains and losses on hedging activities (which are a component of cost of sales), general corporate expenses (which are a component of selling, general and administrative expenses), amortization of intangibles, gains and losses on divestitures and acquisition-related costs, in all periods presented. The company excludes these items from segment operating income in order to provide better transparency of its segment operating results. Furthermore, the company centrally manages benefit plan non-service income and interest and other expense, net. Accordingly, the company does not present these items by segment because they are excluded from the segment profitability measure that management reviews.
ITEMS IMPACTING COMPARABILITY OF OPERATING RESULTS
The following information is provided to give qualitative and quantitative information related to items impacting comparability of operating results. The company identifies these based on how management views the company’s business; makes financial, operating and planning decisions; and evaluates the company’s ongoing performance. In addition, the company discloses the impact of changes in currency exchange rates on the company’s financial results in order to reflect results on a constant currency basis.
Divestitures, Divestiture-related costs and Gains/(losses) on divestitures
Divestitures include completed sales of businesses and exits of major product lines upon completion of a sale or licensing agreement. Divestitures that occurred in 2017 included the following:
On December 28, 2017, the company completed the sale of a confectionery business in Japan. The company recorded a pre-tax loss of $1 million. On October 2, 2017, the company completed the sale of one of its equity method investments and recorded a gain of $40 million within the gain on equity method investment transactions and $15 million of tax expense. In connection with the 2012 spin-off of Kraft Foods Group, Inc. (now a part of Kraft Heinz Company (“KHC”)), Kraft Foods Group and the company each granted the other various licenses to use certain trademarks in connection with particular product categories in specified jurisdictions. On August 17, 2017, the company entered into two agreements with KHC to terminate the licenses of certain KHC-owned brands used in the company’s grocery business within its Europe region and to transfer to KHC inventory and certain other assets. On August 17, 2017, the first transaction closed, and on October 23, 2017, the second transaction closed. On July 4, 2017, the company completed the sale of most of its grocery business in Australia and New Zealand to Bega Cheese Limited. The company recorded a pre-tax gain of $247 million Australian dollars ($187 million as of July 4, 2017) on the sale. The company also recorded divestiture-related costs of $2 million and a foreign currency hedge loss of $3 million during 2017. In the fourth quarter of 2017, the company recorded a $3 million inventory-related working capital adjustment, increasing the pre-tax gain to $190 million in 2017. On April 28, 2017, the company completed the sale of several manufacturing facilities in France and the sale or license of several local confectionery brands. During the three months ended March 31, 2018, the company reversed $3 million of accrued expenses no longer required. The company incurred $18 million of divestiture-related costs in the three months ended March 31, 2017. The company recorded a $3 million loss on the sale during the three months ended June 30, 2017. Divestiture-related costs were recorded within cost of sales and selling, general and administrative expenses.
Acquisition integration costs
Within the company’s AMEA segment, in connection with the acquisition of a biscuit operation in Vietnam in 2015, the company recorded integration costs of $1 million in the three months ended March 31, 2018 and $1 million in the three months ended March 31, 2017.
2014-2018 Restructuring Program
The primary objective of the 2014-2018 Restructuring Program is to reduce the company’s operating cost structure in both its supply chain and overhead costs. The program is intended primarily to cover severance as well as asset disposals and other manufacturing-related one-time costs.
Restructuring costs
The company recorded restructuring charges of $52 million in the three months ended March 31, 2018 and $157 million in the three months ended March 31, 2017 within asset impairment and exit costs. These charges were for non-cash asset write-downs (including accelerated depreciation and asset impairments), severance and other related costs.
Implementation costs
Implementation costs primarily relate to reorganizing the company’s operations and facilities in connection with its supply chain reinvention program and other identified productivity and cost saving initiatives. The costs include incremental expenses related to the closure of facilities, costs to terminate certain contracts and the simplification of the company’s information systems. The company recorded implementation costs of $62 million in the three months ended March 31, 2018 and $54 million in the three months ended March 31, 2017.
Equity method investee adjustments
Within Adjusted EPS, the company’s equity method investment net earnings exclude its proportionate share of its investees’ unusual or infrequent items, such as acquisition and divestiture-related costs and restructuring program costs.
Mark-to-market impacts from commodity and currency derivative contracts
The company excludes unrealized gains and losses (mark-to-market impacts) from outstanding commodity and forecasted currency transaction derivatives from its non-GAAP earnings measures until such time that the related exposures impact its operating results. The company recorded net unrealized gains on commodity and forecasted currency transaction derivatives of $206 million in the three months ended March 31, 2018 and net unrealized losses of $51 million in the three months ended March 31, 2017.
Gain related to interest rate swaps
The company recognized a pre-tax gain of $14 million in the three months ended March 31, 2018, within interest and other expense, net related to certain forward-starting interest rate swaps for which the planned timing of the related forecasted debt was changed.
Benefit from resolution of tax matters
During the first quarter of 2017, the Spanish Supreme Court decided, in the company’s favor, an ongoing transfer pricing case with the Spanish tax authorities related to businesses Cadbury divested prior to the company’s acquisition of Cadbury. As a result of the final ruling, during the first quarter of 2017, the company recorded a pre-tax impact of $58 million due to the non-cash reversal of Cadbury-related accrued liabilities related to this matter.
CEO transition remuneration
On November 20, 2017, Dirk Van de Put succeeded Irene Rosenfeld as CEO of Mondelēz International. In order to incent Mr. Van de Put to join the company, the company provided him compensation to make him whole for incentive awards he forfeited or grants that were not made to him when he left his former employer. In connection with Irene Rosenfeld’s retirement, the company made her outstanding grants of performance share units for the 2016-2018 and 2017-2019 performance cycles eligible for continued vesting and paid $0.5 million salary for her service as Chairman from January through March 2018. The company refers to these elements of Mr. Van de Put’s and Ms. Rosenfeld’s compensation arrangements together as “CEO transition remuneration.”
The company is excluding amounts it expenses as CEO transition remuneration from its non-GAAP results because those amounts are not part of the company’s regular compensation program and are incremental to amounts the company would have incurred as ongoing CEO compensation.
U.S. tax reform discrete impacts
On December 22, 2017, the United States enacted tax reform legislation that included a broad range of business tax provisions, including but not limited to a reduction in the U.S. federal tax rate from 35% to 21% as well as provisions that limit or eliminate various deductions or credits. The legislation also causes U.S. allocated expenses (e.g. interest and general administrative expense) to be taxed and imposes a new tax on U.S. cross-border payments, Furthermore, the legislation includes a one-time transition tax on accumulated foreign earnings and profits.
Certain impacts of the new legislation would have generally required accounting to be completed in the period of enactment, however in response to the complexities of this new legislation, the SEC issued guidance to provide companies with relief. The SEC provided up to a one-year window for companies to finalize the accounting for the impacts of this new legislation and the company anticipates finalizing its accounting during 2018. While the company’s accounting for the enactment of the new U.S. tax legislation is not complete, it has recorded an additional $89 million discrete net tax cost in the three months ended March 31, 2018. This is primarily comprised of an increase to the company’s transition tax liability of $94 million as a result of additional guidance issued by the Internal Revenue Service and various state taxing authorities, new state legislation enacted during the period and further refinement of various components of the underlying calculations.
Constant currency
Management evaluates the operating performance of the company and its international subsidiaries on a constant currency basis. The company determines its constant currency operating results by dividing or multiplying, as appropriate, the current period local currency operating results by the currency exchange rates used to translate the company’s financial statements in the comparable prior-year period to determine what the current period U.S. dollar operating results would have been if the currency exchange rate had not changed from the comparable prior-year period.
OUTLOOK
The company’s outlook for 2018 Organic Net Revenue growth, Adjusted Operating Income margin, Adjusted EPS growth on a constant currency basis and Free Cash Flow are non-GAAP financial measures that exclude or otherwise adjust for items impacting comparability of financial results such as the impact of changes in foreign currency exchange rates, restructuring activities, acquisitions and divestitures. The company is not able to reconcile its full year 2018 projected Organic Net Revenue growth to its full year 2018 projected reported net revenue growth because the company is unable to predict the impact of foreign exchange due to the unpredictability of future changes in foreign exchange rates, which could be material as a significant portion of the company’s operations are outside the U.S. The company is not able to reconcile its full year 2018 projected Adjusted Operating Income margin and Adjusted EPS growth on a constant currency basis to its full year 2018 projected reported operating income margin and reported diluted EPS growth because the company is unable to predict the timing of its Restructuring Program costs, mark-to-market impacts from commodity and forecasted currency transaction derivative contracts and impacts from potential acquisitions or divestitures well as the impact of foreign exchange due to the unpredictability of future changes in foreign exchange rates, which could be material as a significant portion of the company’s operations are outside the U.S. The company is not able to reconcile its full year 2018 projected Free Cash Flow to its full year 2018 projected net cash from operating activities because the company is unable to predict the timing and amount of capital expenditures impacting cash flow. Therefore, because of the uncertainty and variability of the nature and amount of future adjustments, which could be significant, the company is unable to provide a reconciliation of these measures without unreasonable effort.
Schedule 4a Mondelēz International, Inc. and Subsidiaries Reconciliation of GAAP to Non-GAAP Measures Net Revenues (in millions of U.S. dollars) (Unaudited) Latin America AMEA Europe North America Mondelēz International For the Three Months Ended March 31, 2018 Reported (GAAP) $ 891 $ 1,542 $ 2,706 $ 1,626 $ 6,765 Currency 39 (58 ) (311 ) (7 ) (337 ) Organic (Non-GAAP) $ 930 $ 1,484 $ 2,395 $ 1,619 $ 6,428 For the Three Months Ended March 31, 2017 Reported (GAAP) $ 910 $ 1,491 $ 2,365 $ 1,648 $ 6,414 Divestitures - (59 ) (77 ) - (136 ) Organic (Non-GAAP) $ 910 $ 1,432 $ 2,288 $ 1,648 $ 6,278 % Change Reported (GAAP) (2.1 )% 3.4 % 14.4 % (1.3 )% 5.5 % Divestitures - pp 4.3 pp 3.9 pp - pp 2.3 pp Currency 4.3 (4.1 ) (13.6 ) (0.5 ) (5.4 ) Organic (Non-GAAP) 2.2 % 3.6 % 4.7 % (1.8 )% 2.4 % Vol/Mix (4.0)pp 2.5 pp 5.6 pp (1.3)pp 1.7 pp Pricing 6.2 1.1 (0.9 ) (0.5 ) 0.7
Schedule 4b Mondelēz International, Inc. and Subsidiaries Reconciliation of GAAP to Non-GAAP Measures Net Revenues - Brands and Markets (in millions of U.S. dollars) (Unaudited) Power Brands Non-Power Brands Mondelēz International Emerging Markets Developed Markets Mondelēz International For the Three Months Ended March 31, 2018 Reported (GAAP) $ 5,137 $ 1,628 $ 6,765 $ 2,584 $ 4,181 $ 6,765 Currency (256 ) (81 ) (337 ) (49 ) (288 ) (337 ) Organic (Non-GAAP) $ 4,881 $ 1,547 $ 6,428 $ 2,535 $ 3,893 $ 6,428 For the Three Months Ended March 31, 2017 Reported (GAAP) $ 4,747 $ 1,667 $ 6,414 $ 2,402 $ 4,012 $ 6,414 Divestitures - (136 ) (136 ) - (136 ) (136 ) Organic (Non-GAAP) $ 4,747 $ 1,531 $ 6,278 $ 2,402 $ 3,876 $ 6,278 % Change Reported (GAAP) 8.2 % (2.3 )% 5.5 % 7.6 % 4.2 % 5.5 % Divestitures - pp 8.6 pp 2.3 pp - pp 3.7 pp 2.3 pp Currency (5.4 ) (5.3 ) (5.4 ) (2.1 ) (7.5 ) (5.4 ) Organic (Non-GAAP) 2.8 % 1.0 % 2.4 % 5.5 % 0.4 % 2.4 %
Schedule 5 Mondelēz International, Inc. and Subsidiaries Reconciliation of GAAP to Non-GAAP Measures Gross Profit / Operating Income (in millions of U.S. dollars) (Unaudited) For the Three Months Ended March 31, 2018 Net Revenues Gross Profit Gross Profit Margin Operating Income Operating Income Margin Reported (GAAP) $ 6,765 $ 2,849 42.1 % $ 1,224 18.1 % 2014-2018 Restructuring Program costs - 23 114 Mark-to-market (gains)/losses from derivatives - (206 ) (206 ) Acquisition integration costs - - 1 Divestiture-related costs - - (3 ) CEO transition remuneration - - 4 Rounding - - (1 ) Adjusted (Non-GAAP) $ 6,765 $ 2,666 39.4 % $ 1,133 16.7 % Currency (133 ) (69 ) Adjusted @ Constant FX (Non-GAAP) $ 2,533 $ 1,064 For the Three Months Ended March 31, 2017 Net Revenues Gross Profit Gross Profit Margin Operating Income Operating Income Margin Reported (GAAP) $ 6,414 $ 2,518 39.3 % $ 825 12.9 % 2014-2018 Restructuring Program costs - 9 211 Mark-to-market (gains)/losses from derivatives - 51 51 Acquisition integration costs - - 1 Divestiture-related costs - 2 19 Operating income from divestitures (136 ) (35 ) (27 ) Benefits from resolution of tax matters - - (46 ) Rounding - - (1 ) Adjusted (Non-GAAP) $ 6,278 $ 2,545 40.5 % $ 1,033 16.5 % Gross Profit Operating Income % Change - Reported (GAAP) 13.1 % 48.4 % % Change - Adjusted (Non-GAAP) 4.8 % 9.7 % % Change - Adjusted @ Constant FX (Non-GAAP) (0.5 )% 3.0 %
Schedule 6 Mondelēz International, Inc. and Subsidiaries Reconciliation of GAAP to Non-GAAP Measures Net Earnings and Tax Rate (in millions of U.S. dollars and shares, except per share data) (Unaudited) For the Three Months Ended March 31, 2018 Operating Income Benefit plan non-service expense / (income) Interest and other expense, net Earnings before income taxes Income taxes (1) Effective tax rate Equity Method Investment Net Losses / (Earnings) Gain on Equity Method Investment Transactions Non-controlling interest Net Earnings attributable to Mondelēz International Diluted EPS attributable to Mondelēz International Reported (GAAP) $ 1,224 $ (13 ) $ 80 $ 1,157 $ 307 26.5 % $ (94 ) $ - $ 6 $ 938 $ 0.62 2014-2018 Restructuring Program costs 114 - - 114 30 - - - 84 0.06 Mark-to-market (gains)/losses from derivatives (206 ) - - (206 ) (25 ) - - - (181 ) (0.12 ) Acquisition integration costs 1 - - 1 - - - - 1 - Divestiture-related costs (3 ) - - (3 ) (2 ) - - - (1 ) - CEO transition remuneration 4 - - 4 1 - - - 3 - (Gain)/loss related to interest rate swaps - - 14 (14 ) (3 ) - - - (11 ) (0.01 ) U.S. tax reform discrete net tax (benefit)/expense - - - - (89 ) - - - 89 0.06 Equity method investee acquisition-related and other adjustments - - - - 2 (9 ) - - 7 0.01 Rounding (1 ) - - (1 ) - - - - (1 ) - Adjusted (Non-GAAP) $ 1,133 $ (13 ) $ 94 $ 1,052 $ 221 21.0 % $ (103 ) $ - $ 6 $ 928 $ 0.62 Currency (72 ) (0.05 ) Adjusted @ Constant FX (Non-GAAP) $ 856 $ 0.57 Diluted Average Shares Outstanding 1,505 For the Three Months Ended March 31, 2017 Operating Income Benefit plan non-service expense / (income) Interest and other expense, net Earnings before income taxes Income taxes (1) Effective tax rate Equity Method Investment Net Losses / (Earnings) Gain on Equity Method Investment Transactions Non-controlling interest Net Earnings attributable to Mondelēz International Diluted EPS attributable to Mondelēz International Reported (GAAP) $ 825 $ (15 ) $ 119 $ 721 $ 154 21.4 % $ (66 ) $ - $ 3 $ 630 $ 0.41 2014-2018 Restructuring Program costs 211 - - 211 48 - - - 163 0.10 Mark-to-market (gains)/losses from derivatives 51 - - 51 3 - - - 48 0.03 Acquisition integration costs 1 - - 1 - - - - 1 - Divestiture-related costs 19 - - 19 3 - - - 16 0.01 Net earnings from divestitures (27 ) - - (27 ) (7 ) 2 - - (22 ) (0.01 ) Benefits from resolution of tax matters (46 ) - 12 (58 ) - - - - (58 ) (0.04 ) Equity method investee acquisition-related and other adjustments - - - - 4 (31 ) - - 27 0.02 Rounding (1 ) - - (1 ) - - - - (1 ) - Adjusted (Non-GAAP) $ 1,033 $ (15 ) $ 131 $ 917 $ 205 22.4 % $ (95 ) $ - $ 3 $ 804 $ 0.52 Diluted Average Shares Outstanding 1,550 (1) Taxes were computed for each of the items excluded from the company’s GAAP results based on the facts and tax assumptions associated with each item.
Schedule 7 Mondelēz International, Inc. and Subsidiaries Reconciliation of GAAP to Non-GAAP Measures Diluted EPS (Unaudited) For the Three Months Ended March 31, 2018 2017 $ Change % Change Diluted EPS attributable to Mondelēz International (GAAP) $ 0.62 $ 0.41 $ 0.21 51.2 % 2014-2018 Restructuring Program costs 0.06 0.10 (0.04 ) Mark-to-market (gains)/losses from derivatives (0.12 ) 0.03 (0.15 ) Divestiture-related costs - 0.01 (0.01 ) Net earnings from divestitures - (0.01 ) 0.01 Benefits from resolution of tax matters - (0.04 ) 0.04 (Gain)/loss related to interest rate swaps (0.01 ) - (0.01 ) U.S. tax reform discrete net tax (benefit)/expense 0.06 - 0.06 Equity method investee acquisition-related and other adjustments 0.01 0.02 (0.01 ) Adjusted EPS (Non-GAAP) $ 0.62 $ 0.52 $ 0.10 19.2 % Impact of favorable currency (0.05 ) - (0.05 ) Adjusted EPS @ Constant FX (Non-GAAP) $ 0.57 $ 0.52 $ 0.05 9.6 % Adjusted EPS @ Constant FX - Key Drivers Increase in operations $ - VAT-related settlements in 2018 0.01 Increase in equity method investment net earnings - Change in interest and other expense, net 0.02 Change in income taxes - Change in shares outstanding 0.02 $ 0.05
Schedule 8 Mondelēz International, Inc. and Subsidiaries Reconciliation of GAAP to Non-GAAP Measures Segment Data (in millions of U.S. dollars) (Unaudited) For the Three Months Ended March 31, 2018 Latin America AMEA Europe North America Unrealized G/(L) on Hedging Activities General Corporate Expenses Amortization of Intangibles Mondelēz International Net Revenue Reported (GAAP) $ 891 $ 1,542 $ 2,706 $ 1,626 $ - $ - $ - $ 6,765 Divestitures - - - - - - - - Adjusted (Non-GAAP) $ 891 $ 1,542 $ 2,706 $ 1,626 $ - $ - $ - $ 6,765 Operating Income Reported (GAAP) $ 126 $ 228 $ 497 $ 275 $ 206 $ (64 ) $ (44 ) $ 1,224 2014-2018 Restructuring Program costs 39 18 23 29 - 5 - 114 Mark-to-market (gains)/losses from derivatives - - - - (206 ) - - (206 ) Acquisition integration costs - 1 - - - - - 1 Divestiture-related costs - - - - - (3 ) - (3 ) CEO transition remuneration - - - - - 4 - 4 Rounding - - - - - (1 ) - (1 ) Adjusted (Non-GAAP) $ 165 $ 247 $ 520 $ 304 $ - $ (59 ) $ (44 ) $ 1,133 Currency 6 (10 ) (67 ) - - - 2 (69 ) Adjusted @ Constant FX (Non-GAAP) $ 171 $ 237 $ 453 $ 304 $ - $ (59 ) $ (42 ) $ 1,064 % Change - Reported (GAAP) 13.5 % 26.0 % 26.5 % (5.8 )% n/m (12.3 )% 0.0 % 48.4 % % Change - Adjusted (Non-GAAP) 14.6 % 18.8 % 21.5 % (11.4 )% n/m (28.3 )% 0.0 % 9.7 % % Change - Adjusted @ Constant FX (Non-GAAP) 18.8 % 13.9 % 5.8 % (11.4 )% n/m (28.3 )% 4.5 % 3.0 % Operating Income Margin Reported % 14.1 % 14.8 % 18.4 % 16.9 % 18.1 % Reported pp change 1.9 pp 2.7 pp 1.8 pp (0.8)pp 5.2 pp Adjusted % 18.5 % 16.0 % 19.2 % 18.7 % 16.7 % Adjusted pp change 2.7 pp 1.5 pp 0.5 pp (2.1)pp 0.2 pp For the Three Months Ended March 31, 2017 Latin America AMEA Europe North America Unrealized G/(L) on Hedging Activities General Corporate Expenses Amortization of Intangibles Mondelēz International Net Revenue Reported (GAAP) $ 910 $ 1,491 $ 2,365 $ 1,648 $ - $ - $ - $ 6,414 Divestitures - (59 ) (77 ) - - - - (136 ) Adjusted (Non-GAAP) $ 910 $ 1,432 $ 2,288 $ 1,648 $ - $ - $ - $ 6,278 Operating Income Reported (GAAP) $ 111 $ 181 $ 393 $ 292 $ (51 ) $ (57 ) $ (44 ) $ 825 2014-2018 Restructuring Program costs 33 35 81 51 - 11 - 211 Mark-to-market (gains)/losses from derivatives - - - - 51 - - 51 Acquisition integration costs - 1 - - - - - 1 Divestiture-related costs - 1 18 - - - - 19 Operating income from divestitures - (10 ) (17 ) - - - - (27 ) (Income)/costs associated with the JDE coffee business transactions - - (1 ) - - 1 - - Benefits from resolution of tax matters - - (46 ) - - - - (46 ) Rounding - - - - - (1 ) - (1 ) Adjusted (Non-GAAP) $ 144 $ 208 $ 428 $ 343 $ - $ (46 ) $ (44 ) $ 1,033 Operating Income Margin Reported % 12.2 % 12.1 % 16.6 % 17.7 % 12.9 % Adjusted % 15.8 % 14.5 % 18.7 % 20.8 % 16.5 % Contacts: Michael Mitchell (Media)
+1-847-943-5678
[email protected]
Shep Dunlap (Investors)
+1-847-943-5454
[email protected]
Source: Mondelez International, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/globe-newswire-mondelaz-international-reports-q1-results.html |
May 1, 2018 / 6:14 AM / a few seconds ago How old is 'Big Ben'? The trivia Meghan Markle must know to become British Emily G Roe 4 Min Read
LONDON (Reuters) - U.S. actress Meghan Markle will join Britain’s royal family when she marries Prince Harry this month but before she can become a British citizen, it will help her to know how big the Lake District is and the age of “Big Ben”. Britain's Prince Harry's fiancee Meghan Markle leaves an ANZAC day service at Westminster Abbey in London, April 25, 2018. REUTERS/Hannah McKay
Markle plans to take the nationality of her new husband after their wedding on May 19 but, like tens of thousands of others wanting to become British every year, she will first have to demonstrate knowledge of some historical facts and obscure trivia that many Britons are oblivious to.
All would-be citizens must pass the “Life in the UK” test by successfully answering 18 out of 24 questions selected from some 3,000 facts, such as knowing the height of the London Eye Ferris wheel and how many lawmakers sit in the Scottish Parliament.
Even many Britons find the questions baffling. In a random survey carried out by Reuters, only 23 out of 41 Britons quizzed could correctly answer questions put to them, and many of those admitted they were guessing.
“I did history at school but some of them are just absolutely stupid,” said chef Tom Poston, 46, after failing a sample test shown to him by Reuters.
“I would have been kicked out, amazing,” said Poston, who lives in London. “I think she’s (Markle) going to have to do a lot of studying because I’m shocked.” HURDLES TO CITIZENSHIP
Britain has made the process of becoming a citizen more difficult in recent years as it struggles to cut annual net immigration to less than 100,000. Underlining the sensitivity of that issue, Amber Rudd quit as Home Secretary (interior minister) on Sunday over an immigration scandal.
Becoming a citizen requires a person to have lived in Britain for three years, to have good knowledge of English, to be of sound mind - and to pass the 50 pound ($69) test.
However, the additional requirement of earning a combined income of at least 18,600 pounds should not prove to be too burdensome for a prince of the realm and his new wife. The Big Ben clocktower and part of the Houses of Parliament are surrounded in scaffolding in London, Britain, December 28, 2017. REUTERS/Hannah McKay
For many applicants, though, the citizenship test is a major stumbling block. The most recent official figures showed that 133,490 tests were taken in 2016 with 47,312 failures.
“It’s very divorced from what the normal experience is for people,” Thom Brooks, an academic and vocal critic of the test, told Reuters. “It’s the British citizenship test that very few British citizens can pass.”
Brooks, originally from the United States, sat the quiz himself in 2009 before becoming a UK citizen two years later.
“The general view is that it’s a money-making ruse by the Home Office,” said Brooks, adding that one applicant had failed it more than 60 times. “I haven’t really found anyone who found that the test was particularly beneficial for helping them settle in the country.”
Last month, a report by Britain’s House of Lords committee on citizenship agreed with Brooks and called for a review.
“The current test seems to be, and to be regarded as, a barrier to acquiring citizenship rather than a means of creating better citizens,” it said.
Among the possible questions are who opened Britain’s first Indian restaurant (Sake Dean Mahomed), the size of the Lake District natural park in northern England (885 sq miles or 2,292 km), and the age of the famous “Big Ben” bell in parliament’s clock tower (it came into operation in 1859).
Some of those quizzed by Reuters thought Markle might fare better than they had.
“I did terribly,” said retired engineer David Armstrong, 58. “She’s a bright girl, she might get half.” Writing by Michael Holden; editing by Guy Faulconbridge | ashraq/financial-news-articles | https://uk.reuters.com/article/us-britain-royals-citizenship/how-old-is-big-ben-the-trivia-meghan-markle-must-know-to-become-british-idUKKBN1I22WB |
BETHESDA, Md.--(BUSINESS WIRE)-- Enviva Partners, LP (NYSE: EVA) (the “Partnership” or “we”) today reported financial and operating results for the first quarter of 2018.
Highlights:
Declared a quarterly distribution of $0.6250 per unit, a 12.6% increase from the distribution paid for the first quarter of 2017 Reported a net loss of $19.3 million for the first quarter of 2018, reflecting $19.5 million of expenses related to the incident at the Chesapeake terminal Reported an adjusted EBITDA of $17.6 million for the first quarter of 2018. Excluding the full impact of the incident at the Chesapeake terminal, adjusted EBITDA would have been $21.8 million for the first quarter of 2018 Chesapeake terminal expected to return to full operation by June 30, 2018; substantially all of the costs associated with the incident expected to be recoverable Reaffirmed full-year 2018 distribution guidance of at least $2.53 per unit
“While we continue the process of restoring the Chesapeake terminal from the recent fire incident and maintaining an extended logistics chain, we are proud of our operations team for keeping our plants running at rates that exceeded our performance in the first quarter of last year,” said John Keppler, Chairman and Chief Executive Officer of Enviva. “With our stable and growing production performance, our sales forecast remains consistent with our expectations for the full year and reinforces our confidence in distributing at least $2.53 per unit for 2018.”
Presentation of Financial Results and Adoption of ASC 606
As of January 1, 2018, the Partnership adopted Financial Accounting Standards Board Accounting Standards Codification 606 (“ASC 606”), Revenue from Contracts with Customers, which requires entities to recognize revenue when control of the promised goods or services is transferred to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. Prior to the adoption of ASC 606, back-to-back transactions to purchase and sell wood pellets, where title and risk of loss are immediately transferred to the ultimate purchaser, were recorded in “other revenue,” net of costs paid to third-party suppliers. Pursuant to ASC 606, the Partnership now recognizes revenue from such transactions on a gross basis in “product sales.”
Unless otherwise indicated, the financial results for the three months ended March 31, 2018 presented in this release are prepared on this basis.
Chesapeake Incident
As the Partnership has previously reported in a press release and a special letter to investors on April 9, 2018, a fire (the “Chesapeake Incident”) occurred on February 27, 2018 at the Partnership’s marine export terminal at the Port of Chesapeake, Virginia (the “Chesapeake terminal”). The fire was quickly controlled due to the efforts of onsite personnel and the Chesapeake terminal’s fire suppression and mitigation processes, with assistance from local fire departments and other first responders. The process to restore the Chesapeake terminal is underway and we expect the terminal to return to full operation by June 30, 2018.
The flexibility and risk mitigation provided by our portfolio of plants and ports have enabled us to meet every customer delivery required under our off-take agreements since the incident. We expect to meet all of our contractual requirements for the balance of the year, although specific quarterly timing of shipments may be affected. We believe substantially all of the costs resulting from the Chesapeake Incident will be recoverable through insurance or our other contractual rights.
In addition to presenting our financial results in accordance with GAAP, in certain cases we have provided financial results excluding the full financial impact of the Chesapeake Incident. References herein to the full financial impact of the Chesapeake Incident include the approximate costs incurred through March 31, 2018 in connection with emergency responses, disposal of wood pellet inventory, asset disposal and repair, as well as associated business continuity expenses, which include incremental logistics costs and loss of margin on incremental wood pellet production, offset by insurance recoveries received to date.
First Quarter Financial Results
For the first quarter of 2018, we generated net revenue of $125.8 million, an increase of 2.7 percent, or $3.4 million, from the corresponding quarter of 2017. Included in net revenue were product sales of $122.8 million on a volume of 648,000 metric tons (“MT”) of wood pellets during the first quarter of 2018, as compared to $119.0 million on a volume of 623,000 MT of wood pellets during the corresponding quarter of 2017. The $3.8 million increase in product sales was primarily attributable to the adoption of ASC 606.
For the first quarter of 2018, we generated negative gross margin of $4.5 million, as compared to $16.4 million for the corresponding period in 2017, a decrease of $20.9 million. The decrease in gross margin was primarily attributable to $19.6 million of expenses, net of insurance recoveries received to date, related to the Chesapeake Incident.
Adjusted gross margin per metric ton was $7.35 for the first quarter of 2018. Excluding the full financial impact of the Chesapeake Incident, we would have earned adjusted gross margin per metric ton of $38.11. Adjusted gross margin per metric ton was $41.29 for the first quarter of 2017. Adjusting for the impact of ASC 606 for comparison purposes, adjusted gross margin per metric ton would have been $38.57 for the first quarter of 2017.
Net loss for the first quarter of 2018 was $19.3 million compared to a small net loss for the first quarter of 2017, a decrease of $19.3 million primarily due to $19.5 million of expenses, net of insurance recoveries received to date, related to the Chesapeake Incident.
Adjusted EBITDA for the first quarter of 2018 was $17.6 million, as compared to $21.3 million for the corresponding quarter of 2017. The decrease was primarily attributable to $3.9 million of incremental costs related to temporary storage, handling, and ship loading operations, as well as lower product sales as the result of modest delays in shipments due to the Chesapeake Incident. Excluding the full financial impact of the Chesapeake Incident, adjusted EBITDA would have been $21.8 million for the first quarter of 2018. We expect substantially all of the unrecovered costs resulting from the incident will be recoverable in subsequent quarters.
Distributable cash flow, prior to any distributions attributable to incentive distribution rights paid to our general partner, was $8.8 million for the quarter. Excluding the full financial impact of the Chesapeake Incident, distributable cash flow would have been $13.0 million for the quarter.
Distribution
The board of directors of our general partner declared a distribution of $0.6250 per common and subordinated unit for the first quarter of 2018. This distribution is 12.6 percent higher than the distribution for the first quarter of 2017 and represents the eleventh consecutive distribution increase since the Partnership’s initial public offering of units representing limited partner interests. The Partnership’s distributable cash flow, net of amounts attributable to incentive distribution rights, of $7.5 million for the first quarter of 2018 covers the distribution for the quarter at 0.46 times. The quarterly distribution will be paid on Tuesday, May 29, 2018, to unitholders of record as of the close of business on Tuesday, May 15, 2018.
Outlook and Guidance
The Partnership reaffirms full-year 2018 per unit distribution guidance of at least $2.53, with continued quarter-over-quarter increases expected throughout the year. As described in a press release and a special letter to investors on April 9, 2018, despite the impact from the Chesapeake Incident, the Partnership expects that full-year adjusted EBITDA and distributable cash flow guidance provided in our February 22, 2018 earnings release remains achievable. However, the actual amounts we report for any specific quarter and for full-year 2018 will be partially dependent on the amount of recoveries from insurers and other responsible parties, the timing and performance of which are not entirely within the Partnership’s control. In addition, quarterly distribution coverage ratios may not be comparable to the Partnership’s previously reported periods or targets, as costs and recoveries associated with the Chesapeake Incident may not fall within the same periods. The guidance amounts do not include the impact of any additional acquisitions by the Partnership from the sponsor’s joint ventures or third parties. In addition, although deliveries to our customers are generally ratable over the year, the Partnership’s quarterly income and cash flow are subject to seasonality and the mix of customer shipments made, which vary from period to period. As such, the board of directors of the Partnership’s general partner evaluates the Partnership’s distribution coverage ratio on an annual basis when determining the distribution for a quarter.
Market and Contracting Update
Our sales strategy remains to fully contract the production capacity of the Partnership. Our current capacity is matched with a portfolio of off-take contracts that has a weighted-average remaining term of 9.0 years and a $6.0 billion product sales backlog as of April 15, 2018.
The Partnership recently further increased and extended its relationship with Engie Energy Management SCRL (“ENGIE”). In addition to a series of agreements with ENGIE we previously disclosed, the Partnership recently entered into a new agreement with ENGIE to sell an incremental 405,000 MT of wood pellets in the aggregate from 2018 to 2020. In total, the Partnership is now contracted to deliver an aggregate of approximately 1.4 million MT of wood pellets to ENGIE from April 2018 through 2023. Furthermore, in April, the Partnership executed a firm, long-term take-or-pay off-take contract with ENGIE to supply 45,000 metric tons per year (“MTPY”) of wood pellets for fifteen years starting in 2021.
According to independent industry experts, global demand for industrial wood pellets increased by 15% in 2017 and is expected to increase by a compound average growth rate of 18% per annum through 2021, driven by the expected continued growth in the European industrial pellets market and rapid growth in Asia, as demonstrated by several recent developments:
Earlier in the year, the European Parliament finalized its report on Renewable Energy Directive II (“RED II”) and voted to increase the share of renewable energy generation to 35% by 2030. The 2030 renewable energy target includes a significant role for sustainably sourced biomass heat and power projects. The EU Commission, Council, and Parliament are expected to finalize the RED II policy framework toward the end of 2018. In the Netherlands, the government has stated its intent to close the country’s largest natural gas field and is encouraging the 200 largest users of natural gas to convert to an alternative, preferably renewable, source of energy. This is further enhancing interest in biomass industrial heat projects, which are eligible for a government incentive program that recently allocated a further EUR 6 billion to low-carbon energy projects. Germany’s new energy minister has stated that coal emissions in Germany need to fall by 60% in order to reach the country’s binding 2030 carbon reduction mandates. As all German nuclear generation is expected to be retired by 2022, and given the ongoing need for dispatchable heat and electricity, industrial scale biomass is expected to become an increasingly attractive option. In Japan, the Ministry of Economy, Trade and Industry (“METI”) has already approved feed-in tariffs (“FiT”) for approximately 14 gigawatts (“GWs”) of biomass capacity as of September 2017, far exceeding the original target. The Partnership continues to progress negotiations with several major Japanese trading houses and utilities for long-term supply of wood pellets and also completed its first delivery to Mitsui during the first quarter of 2018. The U.S. Environmental Protection Agency (EPA) recently issued a statement of policy that biomass from managed forests will be treated as carbon neutral when used for energy production. This position aligns with numerous U.S. state policies and international programs such as the European Union Emission Trading Scheme.
Sponsor Activity
The original joint venture (the “First Hancock JV”) between affiliates of our sponsor and John Hancock Life Insurance Company (U.S.A.) (“John Hancock”) continues to construct the 600,000 MTPY production plant in Hamlet, North Carolina (the “Hamlet plant”). The First Hancock JV expects the Hamlet plant will be operational in the first half of 2019. Production from the Hamlet plant is expected to supply MGT Teesside Ltd.’s Tees Renewable Energy Plant, which currently is under construction in the United Kingdom. Upon first deliveries of production from the Hamlet plant to the Partnership’s deep-water marine terminal in Wilmington, North Carolina (the “Wilmington terminal”), the Partnership will make a second and final payment of $74.0 million to the First Hancock JV, subject to certain conditions, and enter into a long-term terminal services agreement with the First Hancock JV to receive, store, and load wood pellets from the Hamlet plant. The terminal services agreement between the Partnership and the First Hancock JV is expected to include minimum throughput obligations from the Hamlet plant.
As previously announced, our sponsor’s new joint venture with John Hancock (the “Second Hancock JV”) acquired a wood pellet production plant in Greenwood, South Carolina. The Second Hancock JV has begun investing incremental capital in the plant and expects to increase its production capacity to 600,000 MTPY, subject to receiving necessary permits.
In addition, the Second Hancock JV continues to progress the development of a deep-water marine terminal in Pascagoula, Mississippi and a wood pellet production plant in Lucedale, Mississippi to serve growing demand from Asian and European customers. The Second Hancock JV expects to make a final investment decision on these facilities in late 2018 or early 2019.
Conference Call
We will host a conference call with executive management related to our first-quarter 2018 results and a more detailed market update at 10:00 a.m. (Eastern Time) on Thursday, May 3, 2018. Information on how interested parties may listen to the conference call is available on the Investor Relations page of our website ( www.envivabiomass.com ). A replay of the conference call will be available on our website after the live call concludes.
About Enviva Partners, LP
Enviva Partners, LP (NYSE: EVA) is a publicly traded master limited partnership that aggregates a natural resource, wood fiber, and processes it into a transportable form, wood pellets. The Partnership sells a significant majority of its wood pellets through long-term, take-or-pay agreements with creditworthy customers in the United Kingdom and Europe. The Partnership owns and operates six plants with a combined production capacity of nearly three million metric tons of wood pellets per year in Virginia, North Carolina, Mississippi, and Florida. In addition, the Partnership exports wood pellets through its owned marine terminal assets at the Port of Chesapeake, Virginia, and the Port of Wilmington, North Carolina and from third-party marine terminals in Mobile, Alabama and Panama City, Florida.
To learn more about Enviva Partners, LP, please visit our website at www.envivabiomass.com .
Notice
This press release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat 100 percent of the Partnership’s distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, the Partnership’s distributions to non-U.S. investors are subject to federal income tax withholding at the highest applicable effective tax rate.
Non-GAAP Financial Measures
We use adjusted gross margin per metric ton, adjusted EBITDA, and distributable cash flow to measure our financial performance.
Adjusted Gross Margin per Metric Ton
We define adjusted gross margin as gross margin excluding asset disposals and depreciation and amortization included in cost of goods sold. We believe adjusted gross margin per metric ton is a meaningful measure because it compares our revenue-generating activities to our operating costs for a view of profitability and performance on a per metric ton basis. Adjusted gross margin per metric ton will primarily be affected by our ability to meet targeted production volumes and to control direct and indirect costs associated with procurement and delivery of wood fiber to our production plants and the production and distribution of wood pellets.
Adjusted EBITDA
We define adjusted EBITDA as net income or loss excluding depreciation and amortization, interest expense, income tax expense, early retirement of debt obligations, non-cash unit compensation expense, asset impairments and disposals, changes in the fair value of derivative instruments, and certain items of income or loss that we characterize as unrepresentative of our ongoing operations, including certain expenses incurred related to the Chesapeake Incident (consisting of emergency response expenses, expenses related to the disposal of inventory, and asset disposal and repair costs, offset by insurance recoveries). Adjusted EBITDA is a supplemental measure used by our management and other users of our financial statements, such as investors, commercial banks, and research analysts, to assess the financial performance of our assets without regard to financing methods or capital structure.
Distributable Cash Flow
We define distributable cash flow as adjusted EBITDA less maintenance capital expenditures and interest expense net of amortization of debt issuance costs, debt premium, and original issue discounts. We use distributable cash flow as a performance metric to compare the cash-generating performance of the Partnership from period to period and to compare the cash-generating performance for specific periods to the cash distributions (if any) that are expected to be paid to our unitholders. We do not rely on distributable cash flow as a liquidity measure.
Adjusted gross margin per metric ton, adjusted EBITDA, and distributable cash flow are not financial measures presented in accordance with GAAP. We believe that the presentation of these non-GAAP financial measures provides useful information to investors in assessing our financial condition and results of operations. Our non-GAAP financial measures should not be considered as alternatives to the most directly comparable GAAP financial measures. Each of these non-GAAP financial measures has important limitations as an analytical tool because they exclude some, but not all, items that affect the most directly comparable GAAP financial measures. You should not consider adjusted gross margin per metric ton, adjusted EBITDA, or distributable cash flow in isolation or as substitutes for analysis of our results as reported under GAAP. Our definitions of these non-GAAP financial measures may not be comparable to similarly titled measures of other companies, thereby diminishing their utility.
The following tables present a reconciliation of adjusted gross margin per metric ton, adjusted EBITDA, and distributable cash flow to the most directly comparable GAAP financial measures, as applicable, for each of the periods indicated.
Three Months Ended
March 31,
2018 2017 (Recast) (in thousands, except per metric ton) Reconciliation of gross margin to adjusted gross margin per metric ton: Metric tons sold 648 623 Gross margin $ (4,541) $ 16,368 Depreciation and amortization 9,304 9,358 Adjusted gross margin $ 4,763 $ 25,726 Adjusted gross margin per metric ton $ 7.35 $ 41.29 Three Months Ended
March 31, 2018 2017 (Recast) (in thousands) Reconciliation of adjusted EBITDA and distributable cash flow to net loss: Net loss $ (19,335) $ (45) Add: Depreciation and amortization 9,408 9,362 Interest expense 8,645 7,707 Non-cash unit compensation expense 1,343 1,714 Asset impairments and disposals — 24 Changes in the fair value of derivative instruments 769 — Chesapeake terminal event 16,590 — Transaction expenses 153 2,532 Adjusted EBITDA 17,573 21,294 Less: Interest expense, net of amortization of debt issuance costs, debt premium and original issue discount 8,373 7,326 Maintenance capital expenditures 388 452 Distributable cash flow attributable to Enviva Partners, LP 8,812 13,516 Less: Distributable cash flow attributable to incentive distribution rights 1,264 537 Distributable cash flow attributable to Enviva Partners, LP limited partners $ 7,548 $ 12,979 Cash distributions declared attributable to Enviva Partners, LP limited partners
$16,469
Distribution coverage ratio
0.46
Cautionary Note Concerning Forward-Looking Statements
Certain statements and information in this press release, including those concerning our future results of operations, acquisition opportunities, and distributions, may constitute “ .” The words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could,” or other similar expressions are intended to identify , which are generally not historical in nature. These are based on the Partnership’s current expectations and beliefs concerning future developments and their potential effect on the Partnership. Although management believes that these are reasonable as and when made, there can be no assurance that future developments affecting the Partnership will be those that it anticipates. The involve significant risks and uncertainties (some of which are beyond the Partnership’s control) and assumptions that could cause actual results to the Partnership’s historical experience and its present expectations or projections. Important factors that could cause actual results to include, but are not limited to: (i) the volume and quality of products that we are able to produce or source and sell, which could be adversely affected by, among other things, operating or technical difficulties at our plants or deep-water marine terminals; (ii) the prices at which we are able to sell our products; (iii) failure of the Partnership’s customers, vendors, and shipping partners to pay or perform their contractual obligations to the Partnership; (iv) the creditworthiness of our contract counterparties; (v) the amount of low-cost wood fiber that we are able to procure and process, which could be adversely affected by, among other things, operating or financial difficulties suffered by our suppliers; (vi) changes in the price and availability of natural gas, coal, or other sources of energy; (vii) changes in prevailing economic conditions; (viii) our inability to complete acquisitions, including acquisitions from our sponsor, or to realize the anticipated benefits of such acquisitions; (ix) inclement or hazardous environmental hazards, including extreme precipitation and flooding; (x) fires, explosions, or other accidents; (xi) changes in domestic and foreign laws and regulations (or the interpretation thereof) related to renewable or low-carbon energy, the forestry products industry, the international shipping industry, or power generators; (xii) changes in the regulatory treatment of biomass in core and emerging markets; (xiii) our inability to acquire or maintain necessary permits or rights for our production, transportation, or terminaling operations; (xiv) changes in price and availability of transportation; (xv) changes in foreign currency exchange or interest rates, and the failure of our hedging arrangements to effectively reduce our exposure to the risks related thereto; (xvi) risks related to our indebtedness; (xvii) our failure to maintain effective quality control systems at our production plants and deep-water marine terminals, which could lead to the rejection of our products by our customers; (xviii) changes in the quality specifications for our products that are required by our customers; (xix) labor disputes; (xx) the effects of the anticipated exit of the United Kingdom (“Brexit”) from the European Union on our and our customers’ businesses; (xxi) our ability to borrow funds and access capital markets; (xxii) our mis-estimation of the amounts and the timing of the costs the Partnership has incurred and will incur as result of the Chesapeake Incident; and (xxiii) our ability to recover costs associated with the Chesapeake Incident fully and on a timely basis, including through claims under our insurance policies and the exercise of our other contractual rights; and (xxiv) our inability to return the Chesapeake terminal to full operations by June 30, 2018.
For additional information regarding known material factors that could cause the Partnership’s actual results to differ from projected results, please read its filings with the Securities and Exchange Commission, including the K and the Quarterly Reports on Form 10-Q most recently filed with the SEC. Readers are cautioned not to place undue reliance on , which speak only as of the date thereof. The Partnership undertakes no obligation to publicly update or revise any after the date they are made, whether as a result of new information, future events, or otherwise.
Financial Statements
ENVIVA PARTNERS, LP AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(In thousands, except number of units)
March 31, 2018 December 31, 2017 Assets (unaudited) Current assets: Cash and cash equivalents $ 5,057 $ 524 Accounts receivable, net of allowance for doubtful accounts of $0 as of March 31, 2018 and December 31, 2017 48,042 79,185 Related-party receivables 3,613 5,412 Inventories 34,306 23,536 Prepaid expenses and other current assets 1,361 1,006 Total current assets 92,379 109,663 Property, plant and equipment, net of accumulated depreciation of $125.8 million as of March 31, 2018 and $117.1 million as of December 31, 2017 553,093 562,330 Intangible assets, net of accumulated amortization of $10.5 million as of March 31, 2018 and $10.3 million as of December 31, 2017 — 109 Goodwill 85,615 85,615 Other long-term assets 2,762 2,394 Total assets $ 733,849 $ 760,111 Liabilities and Partners’ Capital Current liabilities: Accounts payable $ 4,363 $ 7,554 Related-party payables 19,486 26,398 Accrued and other current liabilities 44,098 29,363 Related-party accrued liabilities 1,211 — Current portion of interest payable 12,573 5,029 Current portion of long-term debt and capital lease obligations 7,105 6,186 Total current liabilities 88,836 74,530 Long-term debt and capital lease obligations 393,686 394,831 Related-party long-term payable 74,000 74,000 Long-term interest payable 920 890 Other long-term liabilities 7,148 5,491 Total liabilities 564,590 549,742 Commitments and contingencies Partners’ capital: Limited partners: Common unitholders—public (13,179,815 and 13,073,439 units issued and outstanding at March 31, 2018 and December 31, 2017, respectively) 205,969 224,027 Common unitholder—sponsor (1,265,453 and 1,347,161 units issued and outstanding at March 31, 2018 and December 31, 2017, respectively) 12,982 16,050 Subordinated unitholder—sponsor (11,905,138 units issued and outstanding at March 31, 2018 and December 31, 2017) 85,271 101,901 General Partner (no outstanding units) (130,596) (128,569) Accumulated other comprehensive loss (4,367) (3,040) Total Enviva Partners, LP partners’ capital 169,259 210,369 Total liabilities and partners’ capital $ 733,849 $ 760,111 ENVIVA PARTNERS, LP AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(In thousands, except per unit amounts)
(Unaudited)
Three Months Ended
March 31, 2018 2017
(Recast)
Product sales $ 122,799 $ 119,047 Other revenue 3,002 3,396 Net revenue 125,801 122,443 Cost of goods sold, excluding depreciation and amortization 121,038 96,717 Depreciation and amortization 9,304 9,358 Total cost of goods sold 130,342 106,075 Gross margin (4,541) 16,368 General and administrative expenses 6,804 8,763 (Loss) income from operations (11,345) 7,605 Other income (expense): Interest expense (8,645) (7,707) Other income 655 57 Total other expense, net (7,990) (7,650) Net loss (19,335) (45) Less net loss attributable to noncontrolling partners’ interests — 1,319 Net (loss) income attributable to Enviva Partners, LP $ (19,335) $ 1,274 Less: Pre-acquisition loss from operations of Enviva Port of Wilmington, LLC Drop-Down allocated to General Partner — (1,261) Enviva Partners, LP partners’ interest in net (loss) income $ (19,335) $ 2,535 Net (loss) income per limited partner common unit: Basic $ (0.78) $ 0.08 Diluted $ (0.78) $ 0.07 Net (loss) income per limited partner subordinated unit: Basic $ (0.78) $ 0.08 Diluted $ (0.78) $ 0.08 Weighted-average number of limited partner units outstanding: Common — basic 14,438 14,380 Common — diluted 14,438 15,228 Subordinated — basic and diluted 11,905 11,905 ENVIVA PARTNERS, LP AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Three Months Ended
March 31,
2018
2017
(Recast)
Cash flows from operating activities: Net loss $ (19,335) $ (45) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization 9,408 9,362 Amortization of debt issuance costs, debt premium and original issue discount 272 381 Impairment of inventory 10,383 — Insurance recoveries (4,891) — General and administrative expense incurred by the First Hancock JV prior to Enviva Port of Wilmington, LLC Drop-Down — 438 Loss on disposal of assets 1,130 24 Unit-based compensation 1,343 1,714 Fair value changes in derivatives 525 (759) Unrealized loss on foreign currency transactions (69) — Change in operating assets and liabilities: Accounts receivable, net 36,123 28,192 Related-party receivables 1,800 (386) Prepaid expenses and other assets (50) (682) Assets held for sale — (345) Inventories (16,509) (1,254) Other long-term assets — 21 Derivatives (601) — Accounts payable, accrued liabilities and other current liabilities 8,677 (3,383) Related-party payables (6,501) (2,580) Accrued interest 7,574 6,421 Deferred revenue — 143 Other long-term liabilities 37 382 Net cash provided by operating activities 29,316 37,644 Cash flows from investing activities: Purchases of property, plant and equipment (1,999) (9,344) Net cash used in investing activities (1,999) (9,344) Cash flows from financing activities: Principal payments on debt and capital lease obligations (1,172) (17,158) Cash paid related to debt issuance costs — (209) Proceeds from common unit issuance under At-the-Market Offering Program, net 241 1,715 Distributions to unitholders, distribution equivalent rights and incentive distribution rights holder 17,847) (14,829) Payment to General Partner to purchase affiliate common units for Long-Term Incentive Plan vesting (2,341) — Payment to Provider for tax withholding associated with Long-Term Incentive Plan vesting (1,665) — Proceeds from debt issuance — 10,000 Contributions from sponsor related to Enviva Pellets Sampson, LLC Drop-Down — 1,651 Proceeds from contributions from the First Hancock JV prior to Enviva Port of Wilmington, LLC Drop-Down — 2,915 Net cash used in financing activities (22,784) (15,915) Net increase in cash, cash equivalents and restricted cash 4,533 12,385 Cash, cash equivalents and restricted cash, beginning of year 524 466 Cash, cash equivalents and restricted cash, end of year $ 5,057 $ 12,851 ENVIVA PARTNERS, LP AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows (continued)
(In thousands)
(Unaudited)
Three Months Ended
March 31,
2018 2017
(Recast)
Non-cash investing and financing activities: The Partnership acquired property, plant and equipment in non-cash transactions as follows: Property, plant and equipment acquired included in accounts payable and accrued liabilities $ 1,587 $ 13,917 Property, plant and equipment acquired under capital leases 674 1,124 Property, plant and equipment transferred from inventories 2 260 Distributions included in liabilities 1,352 509 Depreciation capitalized to inventories 1,037 86 Supplemental information: Interest paid $ 795 $ 854
View source version on businesswire.com : https://www.businesswire.com/news/home/20180503005729/en/
Enviva Partners, LP
Raymond Kaszuba, 240-482-3856
Vice President and Treasurer
[email protected]
Source: Enviva Partners, LP | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/business-wire-enviva-partners-lp-reports-financial-results-for-first-quarter-2018-and-announces-eleventh-consecutive-distribution-increase.html |
Turkey's grand canal sows fears among villagers Friday, May 11, 2018 - 02:07
A 28 mile canal that will redraw the map of Europe's biggest city, Istanbul, is among President Erdogan's most ambitious mega-projects but the plans are causing concern among locals and environmentalists. Emily Wither reports from Istanbul. ▲ Hide Transcript ▶ View Transcript
A 28 mile canal that will redraw the map of Europe's biggest city, Istanbul, is among President Erdogan's most ambitious mega-projects but the plans are causing concern among locals and environmentalists. Emily Wither reports from Istanbul. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2KWeeic | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/11/turkeys-grand-canal-sows-fears-among-vil?videoId=426496049 |
Second Consecutive Year Company Has Achieved Recognition as a Best Large Employer
RADNOR, Pa.--(BUSINESS WIRE)-- Lincoln Financial Group (NYSE: LNC) announced today that it has been named one of the Forbes America’s Best Employers for 2018 in the Banking and Financial Services sector. This marks the second time that Lincoln Financial has achieved recognition on the list, which spotlights the top 500 large U.S. companies across 25 different industries.
“Our success is underpinned by our exceptional employees whose contributions make Lincoln Financial a market leader,” said Dennis R. Glass, president and CEO, Lincoln Financial Group. “With the best talent in the industry, we strive to ensure our employees feel valued, supported and recognized throughout every step of their careers here. We are honored to receive this recognition, which is made even more special because it reflects our employees’ honest and very complimentary perceptions of us.”
Almost 30,000 employees at U.S. companies with at least 1,000 people were surveyed for the America's Best Employers List. Willingness to recommend one’s own employer was considered to be one of the most important aspects of the survey.
“Lincoln is deeply committed to maintaining a positive, professional culture, rewarding our employees and investing in their future,” said Lisa M. Buckingham, chief human resources officer and head of Brand and Enterprise Communications. “We truly believe that our employees are our greatest asset and, each and every day, they do an amazing job helping all Americans protect the ones they love. I’m so incredibly proud of who we are as a company. I’d like to thank our employees for their many accomplishments that have helped distinguish us from our peers—this award is for you!”
Lincoln Financial’s commitment to employees is further evidenced by its other recent awards like the Forbes Best Employers for Diversity for 2018 , a perfect score of 100 percent on the 2018 “Best Place to Work for LGBTQ Equality” and a perfect score on the 2017 Disability Equality Index ®. Additionally, Lincoln Financial is a leader in | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/business-wire-lincoln-financial-group-named-to-forbes-americaas-best-employers-2018-list.html |
Google is taking legal action against scammers that target small business owners.
The company said in a blog post on Wednesday that it's going after three companies including PointBreak Media , which the Federal Trade Commission accused last week of fraudulently threatening to remove businesses from Google search results and charging them for free services.
The other companies Google named are Kydia (which does business as BeyondMenu) and Supreme Marketing Group (known as Small Business Solutions).
"We hope this sends the message to other scammers out there that we will not hesitate to take legal action against them," Google said, without specifying what kind of legal action it is taking.
Representatives from these companies carry out their scams by calling local businesses and claiming to be from Google. They then convince the businesses on the other line to pay them for services that are related to Google's free business listings .
Beyond the legal route, Google is also rolling out new tools to help it identify and take action against accounts tied to scams and to educate business owners on how to identify bad actors.
This issue is related to another problem that Google is having with Maps, which critics say is being plagued by fraudulent listings and fake reviews .
A Google representative has not responded to an inquiry as to whether the company's new tools will help identify chains of fake reviewers and listings. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/23/google-is-taking-legal-action-against-local-business-scammers.html |
FRANKFURT (Reuters) - Daimler ( DAIGn.DE ) faces an investigation of 40,000 diesel Vito vans and 80,000 C-Class model cars for possible illicit software that allowed the vehicles to emit excess pollution without detection, Bild am Sonntag reported, citing no sources.
FILE PHOTO: A sign showing the name of German truck maker Daimler is pictured at the IAA truck show in Hanover, September 22, 2016. REUTERS/Fabian Bimmer/File Photo Daimler has submitted a software update for the engines for regulatory approval, the German weekly paper said on Sunday.
The report comes after German motor authority KBA this week ordered Daimler to recall around 6,300 Vito vans fitted with 1.6 liter diesel Euro-6 engines globally because of engine control features to reduce exhaust emissions which KBA said breached regulations.
The carmaker reiterated it was cooperating fully with KBA but would appeal against the Vito recall decision and fight it in court, if necessary.
German Transport Minister Andreas Scheuer has summoned Daimler Chief Executive Dieter Zetsche to a meeting at the ministry scheduled for Monday to discuss the Vito recall.
Daily Bild reported on Friday that Daimler also faces a recall order for more than 600,000 diesel-engine vehicles including C-Class and G-Class models.
Since rival Volkswagen ( VOWG_p.DE ) admitted in 2015 to cheating U.S. emissions tests, German carmakers including VW, Daimler and BMW ( BMWG.DE ) have faced a backlash against diesel technology in which they have invested billions of euros.
Reporting by Maria Sheahan; Additional reporting by Edward Taylor; Editing by Marguerita Choy
| ashraq/financial-news-articles | https://www.reuters.com/article/us-daimler-emissions/daimler-faces-scrutiny-of-120000-vito-c-class-diesels-bams-idUSKCN1IR0S9 |
(Reuters Health) - A smartphone app may not be an effective method of measuring blood pressure in pregnant women, a small experiment suggests.
Researchers tested an experimental smartphone app that uses the phone’s camera to monitor blood flow in the index finger with each heartbeat. They compared results from the app to traditional blood pressure measurements taken on 96 occasions in 32 pregnant women.
The goal of the study was to see if the smartphone app could produce blood pressure readings close to those recorded with a traditional blood pressure cuff. But the app failed to meet this goal often enough to be considered an accurate test of blood pressure.
“Especially during pregnancy, a correct diagnosis of pregnancy related hypertension is crucial to tailor individual therapy,” said senior study author Dr. Thilo Burkard of the University Hospital Basel in Switzerland.
The app in question was never released, Burkard is quick to point out. But these results suggest pregnant women should be cautious about relying on other apps they download that use a similar method to measure blood pressure.
“Relying on these apps may lead to the situation that women with high blood pressure may not seek advice by their physician since they may measure normal values with the app and women with normal blood pressure may be concerned by measuring elevated pressure with the app,” Burkard said by email.
High blood pressure is one of the leading causes of death among pregnant women worldwide, accounting for 14 percent of maternal mortality, researchers note in the journal Hypertension.
Because early diagnosis and treatment can reduce the risk of serious complications and deaths related to high blood pressure during pregnancy, reliable, simple and easily accessible tools are needed to help women detect high blood pressure at an early stage, the study authors say.
In adults, a blood pressure reading of 120/80 mmHg (millimeters of mercury) or lower is considered normal or healthy. Pressure readings that are consistently 140/90 mmHg or greater are considered high.
In the tests by Burkard’s team, the app’s readings deviated from those taken with the blood pressure cuff at least half of the time by at least 5 mmHg when measuring the top number, known as systolic blood pressure. In 64 out of 96 readings, the differences were within 15 mmHg, the study found.
Pregnant women typically get their blood pressure checked with a blood pressure cuff at each doctor’s visit, and they may have more regular checkups if they’re diagnosed with high blood pressure.
Since 2014, the number of available smartphone apps measuring blood pressure and pulse rate has surged, researchers note. Apps designed to use the smartphone camera to check blood pressure are very popular, and some of them have been downloaded by a million or more users.
But none of these apps have been validated with published clinical trials. One app was removed from the market after it failed to meet accuracy goals in a trial, the study authors also note.
While apps might one day deliver on their potential for giving consumers an easy way to monitor their blood pressure, there isn’t enough evidence yet to recommend any apps to consumers, said Kumanan Wilson, a scientist at Ottawa Hospital Research Institute in Canada who wasn’t involved in the study.
“There is substantial value in developing similar applications that are effective in determining blood pressure in pregnant women because of convenience and ease of access,” Wilson said by email.
Even though the app in the study failed to achieve this goal, the research is still critical to helping scientists eventually come up with an app that works, Wilson said.
“Evaluations such as the one conducted in this study are uncommon but are needed for consumers to have confidence in the information they are receiving as it can influence healthcare decisions,” Wilson said. “In the case of high risk populations, such as pregnant women with hypertension, this is particularly relevant.”
SOURCE: bit.ly/2IJwj1o Hypertension, online April 9, 2018.
| ashraq/financial-news-articles | https://www.reuters.com/article/us-health-pregnancy-apps/smartphone-app-not-good-enough-to-track-blood-pressure-in-pregnancy-idUSKCN1IO3EF |
The following Spanish stocks may be affected by newspaper reports and other factors on Thursday. Reuters has not verified the newspaper reports, and cannot vouch for their accuracy:
FERROVIAL A £5 billion contract to run Wales’ rail service for the next 15 years has been awarded to France’s Keolis and Spanish-owned Amey’s, a unit of Ferrovial, the BBC said on its website.
IBERDROLA Massachusetts on Wednesday selected a partnership between Iberdrola’s Avangrid Inc and Copenhagen Infrastructure Partners to develop what will be the largest U.S. offshore wind farm off the coast of Martha’s Vineyard.
TUBACEX Tubacex said on Wednesday it sees sales of 1.00 bln euros and Ebitda margin of 13-15 percent under 2020-2021 strategic target.
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| ashraq/financial-news-articles | https://www.reuters.com/article/markets-spain-factors/spanish-stocks-factors-to-watch-on-thursday-idUSL5N1SV0X8 |
May 17, 2018 / 11:01 AM / Updated 43 minutes ago UK still negotiating with EU over Brexit backstop - May's spokeswoman Reuters Staff 1 Min Read
LONDON (Reuters) - Britain is still negotiating with the European Union over a workable backstop arrangement if any Brexit deal is delayed, Prime Minister Theresa May’s spokeswoman said on Thursday. Britain's Prime Minister Theresa May walks out of 10 Downing Street in London, Britain, May 2, 2018. REUTERS/Hannah McKay
Britain is suggesting it would be willing to extend the use of EU tariffs as a backstop if there are delays in ratification of a Brexit deal, to avoid a return to a hard border between Northern Ireland and Ireland.
“The negotiations are continuing on what a workable backstop looks like - those negotiations haven’t concluded,” the spokeswoman said. “The backstop is a fallback and we do not want or expect it to happen.” Reporting by William James, editing by Elizabeth Piper | ashraq/financial-news-articles | https://in.reuters.com/article/britain-eu-customs-backstop/uk-still-negotiating-with-eu-over-brexit-backstop-mays-spokeswoman-idINKCN1II1FR |
May 20, 2018 / 5:34 PM / Updated 3 minutes ago Nippon Steel says solid demand mutes impact of U.S. duties Yuka Obayashi , Ritsuko Shimizu 4 Min Read
TOKYO (Reuters) - Strong global demand has helped cushion the impact on Nippon Steel & Sumitomo Metal Corp ( 5401.T ) of new U.S. import duties, but Japan’s top steelmaker remains worried Washington’s trade barriers could lead to a glut in Asia, its much bigger market. Nippon Steel & Sumitomo Metal Corp is pictured at a ceremony to welcome its newly-hired employees in Tokyo, Japan April 3, 2017. REUTERS/Kim Kyung-Hoon/File Photo
Japan is among the top 10 steel exporters to the United States which in March began imposing a 25 percent tariff on steel imports, aimed at curbing purchases from China.
“There has been no major impact from the U.S. tariffs thanks to solid global demand,” Nippon Steel Executive Vice President Katsuhiro Miyamoto told Reuters in an interview late last week.
Nippon Steel, whose U.S.-bound steel cargoes account for 4 percent of its total exports, saw more than 90 percent of its customers continuing to buy its products even after the tariffs were imposed because they are specialised products such as rails and seamless pipes, Miyamoto said.
Its U.S. subsidiaries which have a combined production capacity of 7.1 million tonnes are benefiting from stronger local prices, he added.
“But we are closely watching where the products that were shut out from the United States are going as they could hurt Asian market if they come to this area,” he said. About 70 percent of Nippon Steel’s exports goes to Asia.
The hefty U.S. steel tariffs could make Southeast Asia the new hunting ground for global exporters seeking buyers, industry officials and traders say, creating a glut that could depress prices and prompt some producers to close.
For now, Miyamoto is upbeat about Asian steel demand.
“Japan’s demand in construction and automobiles is solid. In China, consumer spending is also strong and there are lots of infrastructure projects such as subways and apartments near the stations,” he said.
Given a healthy demand outlook and its increased spending to upgrade ageing facilities, Nippon Steel plans to boost its crude steel output, on parent basis, to more than 42.6 million tonnes in the current year to March 2019, from 40.67 million tonnes a year ago.
The company also aims to improve margins by hiking product prices to help absorb rising costs of auxiliary materials such as manganese and zinc and distribution expenses, Miyamoto said.
The steelmaker did not provide an earnings forecast. A Thomson Reuters survey of 13 analysts has forecast a mean recurring profit of 351 billion yen ($3.17 billion) for the current year, against 297.5 billion yen last year.
Among acquisition plans announced earlier this year by Nippon Steel, world’s No.4 steelmaker, include Sweden’s Ovako, India’s bankrupt Essar Steel and its subsidiaries Nisshin Steel ( 5413.T ) and Sanyo Special Steel ( 5481.T ).
And Miyamoto said the company is optimistic about winning the bidding race for Essar as Nippon Steel’s teamup with ArcelorMittal ( MT.AS ) could help the Indian firm’s quick restructuring, upgrading of factories while also giving financial support. Reporting by Yuka Obayashi and Ritsuko Shimizu; Editing by Manolo Serapio Jr. | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-usa-trade-nipponsteel/nippon-steel-says-solid-demand-mutes-impact-of-u-s-duties-idUKKCN1IL0P3 |
May 8 (Reuters) - CA Inc:
* CA INC SAYS ON MAY 2, 2018, BOARD OF DIRECTORS OF CO APPROVED RESTRUCTURING PLAN ( THE “FISCAL 2019 PLAN”) - SEC FILING
* CA INC - FISCAL 2019 PLAN COMPRISES TERMINATION OF ABOUT 800 EMPLOYEES AND GLOBAL FACILITIES EXITS AND CONSOLIDATIONS
* CA INC - ACTIONS UNDER FISCAL 2019 PLAN ARE EXPECTED TO BE SUBSTANTIALLY COMPLETED BY END OF FISCAL YEAR 2019
* CA INC - UNDER FISCAL 2019 PLAN, CO EXPECTS TO INCUR PRE-TAX CHARGE BETWEEN ABOUT $140 MILLION AND $160 MILLION
* CA INC - EXPECTS ABOUT $80 MILLION TO $100 MILLION FROM CHARGE TO BE INCURRED BY CO DURING FISCAL YEAR 2019 Source text: ( bit.ly/2rtUBGb ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-ca-says-board-of-directors-approve/brief-ca-says-board-of-directors-approved-restructuring-plan-idUSFWN1SF1BI |
Malaysian politicians from both government and opposition camps complained of "dirty tricks" after voting in a general election began on Wednesday, as non-stop spam calls to their mobile phones disrupted communications with party organizers.
Malaysian civil rights group Suaram said the spam calls, which have also affected civil society group leaders, was a "clear attempt to impede the work of human rights defenders and politicians at the critical juncture of voting day".
The election is arguably the toughest faced by Prime Minister Najib Razak's ruling Barisan Nasional coalition, as it contends with a resurgent opposition pact led by former strongman Mahathir Mohamad.
While the complaints came from all sides, none of the political figures whose phones had been targeted specified who they suspected was behind the attack.
Najib condemned the "spam calls" received by BN leaders, and said that many of the coalition's websites could not be accessed.
"I have ordered for immediate action to be taken," the prime minister said on Twitter.
Some leaders from the opposition Pakatan Harapan (PH) coalition said they had switched off their phones after receiving automated calls nearly every minute from mostly unknown overseas numbers, since before polling stations opened.
"This is a dirty tech attack on us, we have been paralysed. We cannot talk to anyone... they are trying to sabotage the electoral system to deny a PH win," said Lim Guan Eng, a senior opposition leader.
"The telcos must do something. We can complain to the authorities, but what can they do now?" Lim said.
A minister in Najib's government said his phone had also received multiple calls from unknown numbers from the United States, the U.K. and Malaysia, while another ruling coalition leader posted a video on twitter showing a phone receiving call after call.
The Malaysian Communication and Multimedia Commission (MCMC), the country's communications regulator, did not respond immediately to requests for comment.
Azmin Ali, the chief minister of the opposition-held state of Selangor, said he left his mobile phone in his car when he went out to vote as he was getting continuous calls and junk emails.
"They are desperate, so they are using all sorts of tactics to jam us. But at the end of the day, it's people's power," he told reporters after casting his vote.
Khairy Jamaluddin, the sports minister and youth wing leader of the United Malay National Organisation (UMNO), which leads the ruling coalition, was among the leaders from the government side that said they had been targeted too.
"My phone seems to be under some sort of spam attack this morning," said Khairy, displaying on his Twitter account a screenshot of a list of calls received. "Strange." Abdul Rahman Dahlan, a ruling coalition leader, posted a video showing a phone receiving endless calls.
"Calls from overseas keep coming in every few seconds! To prevent us from communicating with our machinery. This is dirty trick!" he said in a Twitter post.
Reuters reported in April that automated accounts known as bots were flooding Twitter with tens of thousands of pro-government and anti-opposition messages, just weeks before the general election.
A survey by independent pollster Merdeka Center showed BN has seen a drop in its share of the popular vote, but was still expected to win enough parliamentary seats to retain power.
show chapters Low voter turnout 'favors' the Malaysian government: Control Risks 4 Hours Ago | 02:26 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/09/malaysia-elections-2018-politicians-claim-sabotage-during-polls.html |
CALGARY, Alberta, April 30, 2018 (GLOBE NEWSWIRE) -- PrairieSky Royalty Ltd. (" PrairieSky " or the " Company ") (TSX:PSK) is pleased to announce that the Toronto Stock Exchange (the " TSX ") has accepted the notice of PrairieSky's intention to commence a normal course issuer bid (the " NCIB "). PrairieSky previously purchased an aggregate of 1,429,600 common shares at a weighted average price per share of $30.46 under a normal course issuer bid that runs between May 4, 2017 and May 3, 2018.
On April 23, 2018, PrairieSky announced its intention to seek TSX approval to renew its NCIB for an additional one-year period. The NCIB allows the Company to purchase up to 1,750,000 common shares (representing approximately 0.7% of the 235,462,341 issued and outstanding common shares of as April 24, 2018) over a period of twelve months commencing on May 4, 2018. The NCIB will expire no later than May 3, 2019.
Under the NCIB, common shares may be repurchased in open market transactions on the TSX, and/or other Canadian exchanges or alternative trading systems. In accordance with the rules of the TSX governing normal course issuer bids, the total number of common shares the Company is permitted to purchase is subject to a daily purchase limit of 117,235 common shares, representing 25% of the average daily trading volume of common shares on the TSX calculated for the six-month period , being approximately 468,942 common shares. However, the Company may make one block purchase per calendar week which exceeds the daily repurchase restriction. Any common shares that are purchased under the NCIB will be cancelled upon their purchase by PrairieSky.
PrairieSky has entered into an automatic purchase plan with its broker, Peters & Co. Limited, in order to facilitate purchases of its common shares. The automatic purchase plan allows for purchases by the Company of its common shares at any time, including, without limitation, when the Company would ordinarily not be permitted to make purchases due to regulatory restriction or self-imposed blackout periods. Purchases will be made by PrairieSky’s broker based upon the parameters prescribed by the TSX and the terms of the parties’ written agreement.
PrairieSky currently intends to only use up to a maximum of $50.0 million to effect NCIB purchases over the next 12 months (approximately $4.2 million per month). However, the Company’s board of directors may consider, from time to time, applying to the TSX to increase the amount of NCIB purchases. Decisions regarding increases to the NCIB will be based on market conditions, share price, best use of available cash, and other factors including other options to expand our portfolio of royalty assets.
FORWARD-LOOKING STATEMENTS
This press release contains certain . The use of any of the words "expect", "anticipate", "may", "will", "should", "believe", "intends", and similar expressions are intended to identify . Forward-looking statements contained in this press release include our expectations with respect to the dollar value and number of common shares under NCIB purchases to be effected over the next 12 months.
With respect to contained in this press release, we have made several assumptions including that the common shares will from time to time trade below their value, that the Company will complete purchases of common shares pursuant to the NCIB and those described in detail in our MD&A and the Annual Information Form for the period ended December 31, 2017. Readers and investors are cautioned that the assumptions used in the preparation of such forward-looking information and statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on . Our actual results, performance, or achievements could differ materially from those expressed in, or implied by, these . We can give no assurance that any of the events anticipated will transpire or occur, or if any of them do, what benefits we will derive from them.
By their nature, are subject to numerous risks and uncertainties, some of which are beyond our control, including the market price of the common shares being too high to ensure that purchases benefit the Company and its shareholders, impact of general economic conditions, industry conditions, volatility of commodity prices, stock market volatility and failure to execute purchases under the NCIB. The foregoing and other risks are described in more detail in PrairieSky’s MD&A, and the Annual Information Form for the period ended December 31, 2017 under the headings "Risk Management" and "Risk Factors", respectively, each of which is available at www.sedar.com .
Further, any forward-looking statement is made only as of the date of this press release, and PrairieSky undertakes no obligation to update or revise any forward-looking statement or statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events, except as required by applicable securities laws. New factors emerge from time to time, and it is not possible for PrairieSky to predict all of these factors or to assess in advance the impact of each such factor on PrairieSky’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any .
The contained in this document are expressly qualified by this cautionary statement.
ABOUT PRAIRIESKY ROYALTY LTD.
PrairieSky is a royalty-focused company, generating royalty revenues as petroleum and natural gas are produced from its properties. PrairieSky has a diverse portfolio of properties that have a long history of generating free cash flow and that represent the largest and most concentrated independently-owned fee simple mineral title position in Canada. PrairieSky’s common shares trade on the Toronto Stock Exchange under the symbol PSK.
FOR FURTHER INFORMATION PLEASE CONTACT:
PrairieSky Royalty Ltd.
Investor Relations
(587) 293-4000
www.prairiesky.com
Source:PrairieSky Royalty Ltd. | ashraq/financial-news-articles | http://www.cnbc.com/2018/04/30/globe-newswire-prairiesky-receives-tsx-approval-for-renewed-normal-course-issuer-bid.html |
May 8, 2018 / 3:54 PM / Updated 40 minutes ago Croatian court upholds law to shield economy from Agrokor-like crisis Reuters Staff 2 Min Read
SARAJEVO (Reuters) - Croatia’s Constitutional Court ruled on Tuesday that a law to protect the economy if a major company runs into trouble — used to place indebted Croatian food group Agrokor under administration a year ago — complies with the constitution. FILE PHOTO: Agrokor logo is seen at the company's headquarters in Zagreb, Croatia, March 22, 2017. REUTERS/Antonio Bronic//File Photo
Agrokor, the biggest employer in the Balkans, was put under state-run administration after an ambitious expansion drive left it weighed down by debt.
The court’s president, Miroslav Separovic, said the adoption of the law was necessary as an emergency measure aimed at shielding the economy from failures of big businesses, such as Agrokor, Croatia’s largest private company.
A number of individuals and companies, including Agrokor founder Ivica Todoric, had asked the court to examine the legality of the law commonly known as Lex Agrokor.
The fallout from the Agrokor crisis extends beyond Croatia’s borders. Its single biggest creditor is Russia’s Sberbank, which has a claim of more than 1 billion euros (877 million pounds). Overall debt claims against Agrokor amount to 58 billion kuna (£7 billion).
Last month Agrokor said its creditors had reached agreement on a settlement deal including a debt-for-equity swap, a certain level of write-offs and sustainable debt levels. Reporting by Maja Zuvela; Editing by David Goodman | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-croatia-agrokor-ruling/croatian-court-upholds-law-to-shield-economy-from-agrokor-like-crisis-idUKKBN1I928A |
May 2 (Reuters) - Shanghai Potevio Co Ltd:
* SAYS 2017 NET LOSS NARROWS TO 350.1 MILLION YUAN ($55.03 million) FROM 473.1 MILLION YUAN YEAR AGO
* SAYS IT FACES RISKS OF LISTING SUSPENSION AS IT REPORTED NET LOSSES FOR THREE YEARS IN A ROW Source text in Chinese: bit.ly/2I7KsIA ; bit.ly/2w5xGpd Further company coverage: ($1 = 6.3621 Chinese yuan renminbi) (Reporting by Hong Kong newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-shanghai-potevios-2017-net-loss-na/brief-shanghai-potevios-2017-net-loss-narrows-faces-risks-of-listing-suspension-idUSH9N1S4039 |
May 1, 2018 / 4:15 PM / Updated 2 minutes ago Facebook to offer first dating feature, rival shares tumble David Ingram 3 Min Read
SAN JOSE, Calif. (Reuters) - Facebook Inc ( FB.O ) will offer its first dating service, Chief Executive Mark Zuckerberg said on Tuesday, signalling the entry of the world’s largest social network into a growing market that sent shares of established dating site operators tumbling. Facebook CEO Mark Zuckerberg speaks at Facebook Inc's annual F8 developers conference in San Jose, California, U.S. May 1, 2018. REUTERS/Stephen Lam
Shares of Match Group Inc ( MTCH.O ), the owner of popular dating app Tinder, fell more than 18 percent on the news. IAC ( IAC.O ), Match Group’s parent company, dropped almost 14 percent.
Zuckerberg told software developers at Facebook’s annual F8 conference that a dating service would be a natural fit for a company that specializes in connecting people online.
“There are 200 million people on Facebook that list themselves as single, so clearly there’s something to do here,” Zuckerberg said.
A dating service could increase the time people spend on Facebook and be a “big problem” for competitors such as Match, said James Cordwell, an analyst at Atlantic Equities.
“But the initial functionality looks relatively basic compared to those offered by Match’s services, so the impact Facebook has on the dating space will be down to how well it executes in this area,” Cordwell said.
A prototype displayed on screens at the F8 conference showed a heart shape at the top-right corner of the Facebook app. Pressing on it will take people to their dating profile if they have set one up.
The prototype was built around local, in-person events, allowing people to browse other attendees and send them messages. Slideshow (2 Images)
The feature will be for finding long-term relationships, “not just hook-ups,” Zuckerberg said. It will be optional and will launch soon, he added, without giving a specific day.
Facebook Chief Product Officer Chris Cox said in a separate presentation that the company would share more over the next few months.
The dating service is being built with privacy in mind, so that friends will not be able to see a person’s dating profile, Zuckerberg said.
Concerns about Facebook’s handling of privacy have grown since the social network’s admission in March that the data of millions of users was wrongly harvested by political consultancy Cambridge Analytica.
Cox said he had been thinking about a dating feature on Facebook since 2005, when he joined the company about a year after its founding.
The company began seriously considering adding a dating service in 2016, when Zuckerberg posted on his Facebook page a photo of a couple who had met on the network, Cox said.
Thousands of people responded to Zuckerberg’s post with similar stories about meeting partners on Facebook, Cox said. “That’s what got the gears turning,” he said.
People will be able to start a conversation with a potential match by commenting on one of their photos, but for safety reasons that Cox did not specify, the conversations will be text-only, he said. Reporting by David Ingram in San Jose; Additional reporting by Munsif Vengattil in Bengaluru; Editing by Bernard Orr and Richard Chang | ashraq/financial-news-articles | https://in.reuters.com/article/facebook-f8conference/facebook-to-allow-users-to-clear-browsing-history-idINKBN1I23Z6 |
May 4, 2018 / 6:24 PM / Updated 16 minutes ago Agag makes 600 million euro bid for Formula E Alan Baldwin 3 Min Read
LONDON (Reuters) - Formula E founder and chief executive Alejandro Agag has made a 600 million euro ($716.34 million) bid to take full ownership of the company, the all-electric series said on Friday. FILE PHOTO: Alejandro Agag, Formula E CEO, speaks during an interview with Reuters ahead of round four of the Formula E championship in Buenos Aires January 8, 2015. REUTERS/Marcos Brindicci
A Formula E spokesman confirmed the Spanish entrepreneur had written to the chairman of the board of directors setting out his plans.
“I strongly believe in the future of Formula E and this offer is an expression of that confidence,” Agag wrote in the letter.
“For this reason I would like to make a proposal to buy all the shares in the company at a value of 600 million euros equity value.”
Formula E’s shareholders include John Malone’s Liberty Global and Discovery Communications.
Agag told Reuters last year, when Formula E posted an operating loss of 33.7 million euros to end-July 2016, that the series would have broken even without a decision to invest significantly in marketing and promotion.
Excerpts from his letter were published by the motorsport.com website, whose owner the Motorsport Network last year acquired an undefined stake in Formula E.
Formula E also announced last month that 2016 Formula One champion Nico Rosberg had become a shareholder, without giving any details.
The city-based series held its inaugural race in 2014 and, now in its fourth season, is attracting increasing manufacturer interest with Porsche and Mercedes due to enter in the 2019-20 championship.
Full works teams include Audi, Citroen’s DS and Jaguar while Nissan is due to replace Renault in 2018-19 when a new Gen2 car is introduced and BMW also becomes an official manufacturer entry.
“Formula E is an exciting platform and against all odds Alejandro and his team have managed to build a series which is interesting for many people,” Mercedes F1 boss Toto Wolff said in February.
“It clearly hits the Zeitgeist, corporate boardrooms are talking about it and what he and his team has been doing is truly amazing.”
The series, with audiences and costs that are far lower than Liberty Media-owned Formula One, has yet to convince the likes of Ferrari however.
“With all due respect to Formula E, I think we have a long, long way to go before that becomes a potential substitute for Formula One,” Ferrari chief executive and chairman Sergio Marchionne told analysts on Thursday.
“I understand it directionally. I just don’t think we’re there. I think it’s lacking a lot of things... I don’t think in its present form it is a threat to Formula One.” Reporting by Alan Baldwin, editing by Christian Radnedge | ashraq/financial-news-articles | https://uk.reuters.com/article/us-motor-racing-electric-agag/agag-makes-600-million-euro-bid-for-formula-e-idUKKBN1I5276 |
May 4, 2018 / 7:49 PM / Updated an hour ago Qataris focused on football after Saudi Asian Cup draw Michael Church 3 Min Read
DUBAI (Reuters) - Coach Felix Sanchez is confident his players can put the diplomatic dispute between Qatar and neighbouring Saudi Arabia aside and focus on their performance after the two countries were drawn to face one another at next year’s Asian Cup. FILE PHOTO: Football - Qatar Olympic Team Training - Mottram Hall - 2/9/15 Qatar Coach Felix Sanchez during training Mandatory Credit: Action Images / Alex Morton
Relations between the countries have been troubled since Saudi Arabia and a group of regional allies, including Asian Cup hosts the United Arab Emirates, cut off travel and trade ties with Qatar last June, accusing it of supporting terrorism. Qatar denies the charges.
The political situation between the pair adds intrigue to Group E, which also features Lebanon and North Korea, but Spanish coach Sanchez believes the 2022 World Cup hosts will be focused on their on-field task.
“The players are very professional and we’re going to think only about the football,” he said.
“When we play the game against Saudi for sure there is three points and both teams will need them and we are going to treat them like any other game and thinking only about football.
“Once you are on the green, it’s only about football.”
Hosts UAE will open the tournament - which runs from January 5 to February 1 next year - when they take on Gulf rivals Bahrain after being drawn in group A with Thailand and India while defending champions Australia, who defeated South Korea in the final in 2015, take on Middle Eastern trio Syria,Palestine and Jordan in group B. FILE PHOTO: Football Soccer ÄìQatar U23 v South Korea U23 - AFC U23- Championship Semi Final Äì Doha,Qatar Äì 26/1/2016 Qatar's Spanish coach Felix Sanchez Bas reacts.REUTERS/Ibraheem Al Omari Picture Supplied by Action Images
The meeting with Syria will see the two countries renew their rivalry after the Socceroos ended the war-torn nation’s remarkable run to the verge of qualification for this year’s World Cup finals.
“This is a challenge that we won’t shy away from,” said Australia’s assistant coach Ante Milicic.
“We’re proud that we’re Asian champions, it’s a very big honour for us to be the best team in Asia.
“We’re going to look to now do well away from Australia, away from home with different tests and challenges but it’s one we’re definitely looking forward to and will be well prepared for.”
Four-time champions Japan take on Uzbekistan, Oman and Turkmenistan in group F while China’s hopes of a first-ever Asian Cup title will hinge on advancing from group C, which also features South Korea, Kyrgyzstan and the Philippines.
Iran, meanwhile, meet historic rivals Iraq in group D alongside Vietnam and Yemen as they seek to claim the title for the first time since 1976. Reporting by Michael Church, editing by Pritha Sarkar | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-asiancup/qataris-focused-on-football-after-saudi-asian-cup-draw-idUKKBN1I52FG |
May 1, 2018 / 11:56 AM / Updated 9 minutes ago BRIEF-Telephone And Data Systems Reports Q1 Earnings Per Share Of $0.34 Reuters Staff
May 1 (Reuters) - Telephone and Data Systems Inc: * Q1 REVENUE $1.225 BILLION VERSUS $1.238 BILLION
* QTRLY DILUTED EARNINGS PER SHARE AVAILABLE TO TDS COMMON SHAREHOLDERS $0.34 Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-telephone-and-data-systems-reports/brief-telephone-and-data-systems-reports-q1-earnings-per-share-of-0-34-idUSASC09YKA |
May 7 (Reuters) - Affluent Partners Holdings Ltd:
* APPLICATION MADE BY CO TO STOCK EXCHANGE FOR RESUMPTION OF TRADING IN SHARES WITH EFFECT FROM 9:00 A.M. ON 8 MAY
* ANNOUNCES ACQUISITION OF SHARES IN AFFLUENT PARTNERS HOLDINGS LIMITED BY PACIFIC WISH LIMITED
* DEAL FOR AN AGGREGATE CONSIDERATION OF HK$363 MILLION * CROWN CITY TO SELL IN AGGREGATE 168.2 MILLION SHARES OF CO FOR HK$363 MILLION TO PACIFIC WISH LTD Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-affluent-partners-announces-acquis/brief-affluent-partners-announces-acquisition-of-shares-in-co-by-pacific-wish-ltd-idUSFWN1SE0SV |
GENEVA (Reuters) - The World Health Organization has been given the go-ahead by officials in the Democratic Republic of Congo to import and use an experimental Ebola vaccine in the country, WHO Director-General Tedros Adhanom Ghebreyesus said on Monday.
“We have agreement, registration, plus import permit, everything formally agreed already,” Tedros told reporters. “All is ready now to really use it.”
Vaccinations could begin by next Monday, he said.
The vaccine, developed by Merck in 2016, has proven safe and effective in human trials, but it is still experimental as it does not yet have a license. It must be kept at -60 to -80 degrees Celsius (-76°F to -112°F), creating huge logistical challenges.
The shot, which was tested in Guinea in 2015 at the end of a vast Ebola outbreak in West Africa, is designed for use in a so-called “ring vaccination” approach.
This would mean that when a new Ebola case is diagnosed, all people who might have been in recent contact with them are traced and vaccinated to try and prevent the disease’s spread.
The WHO said earlier on Monday that the Democratic Republic of Congo had reported 39 suspected, probable or confirmed cases of Ebola between April 4 and May 13, including 19 deaths.
It said 393 people who identified as contacts of Ebola patients were being followed up.
Tedros traveled to Congo over the weekend and flew to the remote area, still only accessible by motorbike or helicopter, where the deadly hemorrhagic disease has broken out.
“Being there is very, very important. If a general cannot be with its troops in the front line it’s not a general,” he said.
“And the second thing is, associated with Ebola there is stigma. We have to go and show that that should really stop. And if there is risk, my life is not better than anyone.”
He praised the Congolese government, including President Joseph Kabila whom he met during his trip.
Information about the outbreak in Bikoro, Iboko and Wangata in Equateur province was still limited, the WHO said, but at present the outbreak does not meet the criteria for declaring a “public health event of international concern”, which would trigger the formation of an emergency WHO committee.
Reporting by Tom Miles in Geneva, Additional reporting by Kate Kelland in London, Editing by Catherine Evans
| ashraq/financial-news-articles | https://www.reuters.com/article/us-health-ebola-who/who-gets-approval-to-use-ebola-vaccine-in-democratic-republic-of-congo-idUSKCN1IF1QD |
U.S. astronaut Alan Bean dead at 86 9:37pm IST - 00:40
Officials say American astronaut Alan Bean, the fourth person to walk on the moon in 1969 during the Apollo 12 mission, died on Saturday. Nathan Frandino reports.
Officials say American astronaut Alan Bean, the fourth person to walk on the moon in 1969 during the Apollo 12 mission, died on Saturday. Nathan Frandino reports. //reut.rs/2GTGBdG | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/27/us-astronaut-alan-bean-dead-at-86?videoId=430637459 |
U.S. government debt yields fell Thursday after a measure of inflation in the economy fell short of Wall Street's expectations.
U.S. consumer prices rallied less than expected in April as a rise in gasoline prices was offset by a moderation in health-care costs.
The Labor Department said Thursday that its Consumer Price Index rose 0.2 percent after slipping 0.1 percent in March, missing Wall Street's forecast of a 0.3 percent rally. For the year ended April, the CPI increased 2.5 percent, its largest gain in more than one year.
Excluding volatile food and energy components, the CPI ticked up 0.1 percent versus expectations of a 0.2 percent increase.
The Federal Reserve, tasked with keeping inflation around 2 percent, considers consumer pricing data when deciding whether to increase the benchmark federal funds rate. Despite the narrow CPI miss, personal consumption expenditures — the Fed's preferred inflation metric — is now near the central bank's target.
Rising inflation is a threat to Treasury prices because it erodes the purchasing power of their fixed payments, putting upward pressure on rates.
The yield on the benchmark 10-year Treasury note was lower at 2.97 percent at 2:00 p.m. ET following the softer CPI data, while the yield on the 30-year Treasury bond was lower at 3.126 percent. Bond yields move inversely to prices.
Symbol Yield Change %Change US 3-MO --- US 1-YR --- US 2-YR --- US 5-YR --- US 10-YR --- US 30-YR --- The Consumer Price Index "was a good bit softer, but one of the things about inflation in the short term is that it tends to move more randomly," said Guy Lebas, chief fixed income strategist at Janney Montgomery Scott. "I would look through any one-month data point and focus on a three-month or even six-month average."
Thursday's slip in rates can be largely attributed to the softer CPI data, but fair demand for 10-year Treasury notes also contributed to the daily move, Lebas added.
The Treasury Department auctioned $17 billion in 30-year bonds at a high yield of 3.13 percent. The bid-to-cover ratio, an indicator of demand, was 2.38. Indirect bidders, which include major central banks, were awarded 62.7 percent. Direct bidders, which includes domestic money managers, bought 8.3 percent.
The Treasury Department's auction of $31 billion in three-year notes Tuesday saw relatively weak demand, while the auction of $25 billion in 10-year notes saw stronger demand.
The department has been under increased pressure to fund the federal government's yawning budget deficit, opting to increase the size of its debt auctions and buoying rates as a result. Some investors fret that the gradually increasing supply of debt could keep rates higher if Wall Street continues to favor other asset classes.
show chapters Are central banks too powerful? Fmr. Bank of England governor weighs in 23 Hours Ago | 05:50 In politics, the fallout following the U.S.' decision to exit the Iran nuclear deal continues to have an effect on markets, particularly energy.
Oil prices have been on the rise since the U.S. announcement and continued to extend gains on Thursday , with Brent hovering around $77.75 per barrel and U.S. crude around $71.70 during morning trade. Despite the U.S.' withdrawal, allies in Europe have been trying to salvage the Iran deal, and preserve their trade relations with the nation in the Middle East.
President Donald Trump and First Lady Melania welcomed a plane carrying three Americans, who were recently released by North Korea . The news is seen as an encouraging sign of better relations between the U.S. and Pyongyang.
—CNBC's Joumanna Bercetche contributed to this report | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/10/boe-decision-and-data-in-focus.html |
May 1, 2018 / 11:11 AM / a minute ago BRIEF-Vivus Expands Its Commercial Product Portfolio With The Acquisition Of Pancreaze Reuters Staff
May 1 (Reuters) - Vivus Inc:
* VIVUS EXPANDS ITS COMMERCIAL PRODUCT PORTFOLIO WITH THE ACQUISITION OF PANCREAZE®
* VIVUS - ENTERED INTO AGREEMENT TO BUY ALL PRODUCT RIGHTS FOR PANCREAZE (PANCRELIPASE) DELAYED-RELEASE CAPSULES IN U.S. & CANADA HELD BY JANSSEN PHARMA
* VIVUS INC - UPON CLOSING, VIVUS WILL ACQUIRE PANCREAZE FROM JANSSEN FOR $135 MILLION. Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-vivus-expands-its-commercial-produ/brief-vivus-expands-its-commercial-product-portfolio-with-the-acquisition-of-pancreaze-idUSASC09YJF |
ANKARA (Reuters) - Turkey has ordered the Israeli consul general in Istanbul to return to Israel “for some time”, a Turkish Foreign Ministry official said on Wednesday, in a diplomatic row that follows the killing of 60 Palestinian protesters by Israeli forces.
Palestinian demonstrators are seen as smoke rises from burning tires during a protest marking the 70th anniversary of Nakba, at the Israel-Gaza border in the southern Gaza Strip May 15, 2018. REUTERS/Ibraheem Abu Mustafa Turkey has been among the most vocal critics of the Israeli use of deadly force against protesters at the Gaza border and of the U.S. decision to open its new embassy in Jerusalem.
President Tayyip Erdogan described Monday’s bloodshed, the deadliest for Palestinians since the 2014 Gaza conflict, as genocide and called Israel a terrorist state. The government declared three days of mourning.
Turkey has expelled Israel’s ambassador and recalled its ambassadors from Tel Aviv and Washington. It has called for an emergency meeting of Islamic nations on Friday.
On Wednesday, Israel protested what it called Turkey’s “unbecoming treatment” of its expelled ambassador, after the envoy was shown on Turkish media being patted down by airport security in Istanbul in public view.
In response to Ambassador Eitan Naveh’s treatment, Israel’s Foreign Ministry said in a statement that it summoned the Turkish embassy’s charge d’affaires.
The Turkish ambassador to Israel was recalled to Ankara for consultations on Monday.
Israel expelled the Turkish consul-general in Jerusalem, and Erdogan exchanged heated words on Twitter with Prime Minister Benjamin Netanyahu.
Israel’s Foreign Ministry said the Turkish Consul-General in Jerusalem had been summoned and told to return to Turkey “for consultations for a period of time.”
The dispute appears to mark the worst diplomatic crisis between the two regional powers since Israeli marines stormed an aid ship to enforce a naval blockade of Gaza in 2010, killing 10 Turkish activists and prompting a downgrade in diplomatic ties that lasted until 2016.
Reporting by Tulay Karadeniz and Dan Williams in Jerusalem; Writing by Daren Butler; Editing by Matthew Mpoke Bigg
| ashraq/financial-news-articles | https://in.reuters.com/article/israel-usa-embassy-turkey/turkey-expels-israeli-consul-in-spat-over-gaza-violence-idINKCN1IH0LV |
BOISE, Idaho, May 29, 2018 (GLOBE NEWSWIRE) -- US Ecology, Inc. (NASDAQ:ECOL) (“the Company”) today announced that its Board of Directors has completed the annual review of the Company’s capital allocation priorities. As part of this review, the Board approved the extension of the Company’s $25 million stock repurchase program, which was set to expire on June 6, 2018. The Board also reaffirmed its commitment to the Company’s quarterly dividend of $0.18 per common share for 2018.
Jeff Feeler, Chairman and Chief Executive Officer, commented, “The Company’s strong cash flow generation has allowed us to reduce our debt, strengthen our balance sheet and provide capacity for ongoing growth investments. As we look ahead, our capital allocation priorities remain unchanged. We will continue to prioritize organic growth initiatives as well as high quality, strategic acquisitions that are complementary to our business. The Board has also reaffirmed its commitment to the dividend. Finally, the extension of the repurchase program provides additional opportunity to deploy capital through stock purchases.”
The Company’s stock repurchase program allows for purchases to be made from time to time in the open market or through privately negotiated transactions. The timing of any purchases will be based upon prevailing market conditions and other factors. With the extension, the program will now remain in effect until June 6, 2020, unless further extended by the Board of Directors. The share buyback program does not obligate the Company to acquire any specific number of shares in any period, and may be expanded, extended, modified or discontinued at any time without prior notice. Funding for this program could come from available corporate funds, including cash on hand, revolving credit facility borrowings and future cash flows.
ABOUT US ECOLOGY, INC.
US Ecology, Inc. is a leading North American provider of environmental services to commercial and government entities. The Company addresses the complex waste management needs of its customers, offering treatment, disposal and recycling of hazardous, non-hazardous and radioactive waste, as well as a wide range of complementary field and industrial services. US Ecology’s focus on safety, environmental compliance, and best–in-class customer service enables us to effectively meet the needs of our customers and to build long-lasting relationships. US Ecology has been protecting the environment since 1952 and has operations in the United States, Canada and Mexico. For more information, visit www.usecology.com .
Forward-looking statements are only predictions and are not guarantees of performance. These statements are based on management's beliefs and assumptions, which in turn are based on currently available information. Important assumptions include, among others, those regarding demand for Company services, expansion of service offerings geographically or through new or expanded service lines, the timing and cost of planned capital expenditures, competitive conditions and general economic conditions. These assumptions could prove inaccurate. Forward-looking statements also involve known and unknown risks and uncertainties, which could cause actual results to differ materially from those contained in any forward-looking statement. Many of these factors are beyond our ability to control or predict. Such factors include the replacement of non-recurring event clean-up projects, a loss of a major customer, our ability to permit and contract for timely construction of new or expanded disposal cells, our ability to renew our operating permits or lease agreements with regulatory bodies, loss of key personnel, compliance with and changes to applicable laws, rules, or regulations, access to insurance, surety bonds and other financial assurances, a deterioration in our labor relations or labor disputes, our ability to perform under required contracts, failure to realize anticipated benefits and operational performance from acquired operations, adverse economic or market conditions, government funding or competitive pressures, incidents or adverse weather conditions that could limit or suspend specific operations, access to cost effective transportation services, fluctuations in foreign currency markets, lawsuits, our willingness or ability to repurchase shares or pay dividends, implementation of new technologies, limitations on our available cash flow as a result of our indebtedness and our ability to effectively execute our acquisition strategy and integrate future acquisitions.
Except as required by applicable law, including the securities laws of the United States and the rules and regulations of the Securities and Exchange Commission (the “SEC”), we are under no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should not place undue reliance on our forward-looking statements. Although we believe that the expectations reflected in forward-looking statements are reasonable, we cannot guarantee future results or performance. Before you invest in our common stock, you should be aware that the occurrence of the events described in the "Risk Factors" sections of our annual and quarterly reports could harm our business, prospects, operating results, and financial condition.
Contact: Alison Ziegler, Darrow Associates (201) 220-2678
[email protected] www.usecology.com
Source:US Ecology, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/29/globe-newswire-us-ecology-board-reaffirms-capital-allocation-strategy.html |
May 3, 2018 / 11:54 PM / Updated 20 hours ago UPDATE 4-PGA Tour Wells Fargo Championship Scores Reuters Staff 7 Min Read May 4 (OPTA) - Scores from the PGA Tour Wells Fargo Championship on Thursday -6 John Peterson (USA) 65 -4 Tyrrell Hatton (England) 67 Peter Malnati (USA) 67 Keith Mitchell (USA) 67 Kyle Stanley (USA) 67 Johnson Wagner (USA) 67 -3 Keegan Bradley (USA) 68 Jason Dufner (USA) 68 Emiliano Grillo (Argentina) 68 Beau Hossler (USA) 68 Tom Lovelady (USA) 68 Rory McIlroy (Northern Ireland) 68 Geoff Ogilvy (Australia) 68 Ollie Schniederjans (USA) 68 Michael Thompson (USA) 68 Aaron Wise (USA) 68 -2 Sam Burns (USA) 69 Paul Casey (England) 69 Bud Cauley (USA) 69 Jason Day (Australia) 69 Tony Finau (USA) 69 Ross Fisher (England) 69 T.J. Vogel (USA) 69 -1 Alex Cejka (Germany) 70 Joel Dahmen (USA) 70 Chesson Hadley (USA) 70 Luke List (USA) 70 Francesco Molinari (Italy) 70 Sam Saunders (USA) 70 Charl Schwartzel (South Africa) 70 Hudson Swafford (USA) 70 Cameron Tringale (USA) 70 Jhonattan Vegas (Venezuela) 70 0 Aaron Baddeley (Australia) 71 Blayne Barber (USA) 71 Jonas Blixt (Sweden) 71 Jonathan Byrd (USA) 71 Greg Chalmers (Australia) 71 Stewart Cink (USA) 71 Austin Cook (USA) 71 Ernie Els (South Africa) 71 Brice Garnett (USA) 71 Fabian Gomez (Argentina) 71 Talor Gooch (USA) 71 J.B. Holmes (USA) 71 Charles Howell III (USA) 71 Mackenzie Hughes (Canada) 71 Billy Hurley III (USA) 71 Graeme McDowell (Northern Ireland) 71 Rod Pampling (Australia) 71 Patrick Reed (USA) 71 Patrick Rodgers (USA) 71 Sam Ryder (USA) 71 Rory Sabbatini (South Africa) 71 Shawn Stefani (USA) 71 Richy Werenski (USA) 71 Tiger Woods (USA) 71 Xinjun Zhang (China PR) 71 1 Abraham Ancer (USA) 72 Bronson Burgoon (USA) 72 Martin Flores (USA) 72 Rickie Fowler (USA) 72 Bill Haas (USA) 72 Brian Harman (USA) 72 Sung Kang (Korea Republic) 72 Kevin Kisner (USA) 72 Brooks Koepka (USA) 72 Troy Merritt (USA) 72 Phil Mickelson (USA) 72 Joaquin Niemann (Chile) 72 Sean O'Hair (USA) 72 Rob Oppenheim (USA) 72 Ted Potter, Jr. (USA) 72 Webb Simpson (USA) 72 Peter Uihlein (USA) 72 Tyrone Van Aswegen (South Africa) 72 Harold Varner III (USA) 72 Nick Watney (USA) 72 2 Byeong Hun An (Korea Republic) 73 Daniel Berger (USA) 73 Tyler Duncan (USA) 73 Adam Hadwin (Canada) 73 Brandon Harkins (USA) 73 J.J. Henry (USA) 73 Tom Hoge (USA) 73 Martin Kaymer (Germany) 73 Ben Martin (USA) 73 Ryan Moore (USA) 73 Grayson Murray (USA) 73 Alex Noren (Sweden) 73 Robert Streb (USA) 73 Chris Stroud (USA) 73 Justin Thomas (USA) 73 Cheng Tsung pan (China PR) 73 Kevin Tway (USA) 73 Gary Woodland (USA) 73 3 Dominic Bozzelli (USA) 74 Derek Ernst (USA) 74 Tommy Fleetwood (England) 74 Lucas Glover (USA) 74 James Hahn (USA) 74 Russell Henley (USA) 74 Jason Kokrak (USA) 74 Shane Lowry (Republic of Ireland) 74 Louis Oosthuizen (South Africa) 74 Seamus Power (Republic of Ireland) 74 Andrew Putnam (USA) 74 Jonathan Randolph (USA) 74 Xander Schauffele (USA) 74 Ben Silverman (Canada) 74 Vijay Singh (Fiji) 74 Vaughn Taylor (USA) 74 Kyle Thompson (USA) 74 4 Ryan Blaum (USA) 75 Scott Brown (USA) 75 Corey Conners (Canada) 75 Bryson DeChambeau (USA) 75 Roberto Diaz (Mexico) 75 Lanto Griffin (USA) 75 Patton Kizzire (USA) 75 Nate Lashley (USA) 75 Danny Lee (New Zealand) 75 Nicholas Lindheim (USA) 75 Jamie Lovemark (USA) 75 Chris Paisley (England) 75 Martin Piller (USA) 75 Adam Scott (Australia) 75 5 Stephan Jaeger (Germany) 76 Carter Jenkins (USA) 76 Whee Kim (Korea Republic) 76 Kelly Kraft (USA) 76 Anirban Lahiri (India) 76 Denny McCarthy (USA) 76 D.A. Points (USA) 76 6 Bob Estes (USA) 77 Dylan Frittelli (South Africa) 77 Retief Goosen (South Africa) 77 Hideki Matsuyama (Japan) 77 Trey Mullinax (USA) 77 Adam Schenk (USA) 77 Nick Taylor (Canada) 77 7 Andrew Landry (USA) 78 Davis Love III (USA) 78 J.T. Poston (USA) 78 Ryan Ruffels (Australia) 78 Brian Stuard (USA) 78 8 Matt Every (USA) 79 JT Griffin (USA) 79 Dru Love (USA) 79 Scott Stallings (USA) 79 Kevin Streelman (USA) 79 9 Smylie Kaufman (USA) 80 Steve Marino (USA) 80 10 Mito Pereira (Chile) 81 11 Charles Frost (USA) 82 12 Derek Fathauer (USA) 83 | ashraq/financial-news-articles | https://in.reuters.com/article/golf-pga-scores/pga-tour-wells-fargo-championship-scores-idINMTZXEE546FJNB8 |
May 22, 2018 / 10:21 AM / a few seconds ago AccorHotels to decide on Huazhu board seat after Huazhu buys stake in company Reuters Staff 2 Min Read
PARIS (Reuters) - AccorHotels ( ACCP.PA ) said on Tuesday it will decide in the coming weeks whether to grant Huazhu Hotels ( HTHT.O ) a board seat after the Chinese hospitality group bought 4.5 percent of its capital. The logo of French hotel operator AccorHotels is seen on a flag pole at the financial and business district of La Defense in Puteaux, near Paris, France, May 16, 2018. REUTERS/Charles Platiau
Huazhu has become the second Chinese company to invest in AccorHotels, Europe’s largest hotel group, joining top shareholder Shanghai Jin Jiang International ( 600754.SS ), which has a 12.4 percent stake.
Huazhu, which is also known as China Lodging Group, said alongside its first-quarter results on May 14 that it had made a “strategic investment” of about 4.5 percent in AccorHotels and asked for a board seat.
Huazhu added that its suggestion had been “positively received” by AccorHotels.
Ties between AccorHotels and Huazhu go back to 2014, when they sealed an alliance to expand AccorHotels’ presence in the fast-growing Chinese hotel and tourism market. The Chinese group has the master franchise for the Mercure and Ibis hotel brands in mainland China, Taiwan and Mongolia.
Under the arrangement, AccorHotels has also taken a 10.8 percent in Huazhu and a seat at Huazhu’s board of directors. Reporting by Dominique Vidalon; Editing by Sudip Kar-Gupta | ashraq/financial-news-articles | https://uk.reuters.com/article/us-accor-china/accorhotels-to-decide-on-huazhu-board-seat-after-huazhu-buys-stake-in-company-idUKKCN1IN16O |
May 31, 2018 / 5:48 PM / Updated an hour ago Highlights of French Open fifth day Reuters Staff 6 Min Read
(Reuters) - Highlights from day five of the French Open tennis championships on Thursday (all times GMT): Tennis - French Open - Roland Garros, Paris, France - May 31, 2018 Germany's Julia Goerges in action during her second round match against Belgium's Alison Van Uytvanck REUTERS/Christian Hartmann 1925 GOERGES TO MEET SERENA IN ROUND THREE
German Julia Goerges, the 11th seed, beat Belgian Alison van Uytvanck 7-5 7-6(5) to set up a third round clash with Serena Williams. The American has won both of their meetings, including a 6-1 6-1 victory over Georges at Roland Garros in 2010. 1915 SERENA BOUNCES BACK TO BEAT BARTY
Serena Williams recovered from a set down to beat Australian Ashleigh Barty 3-6 6-3 6-4 and book a place in the third round.
The American struck nine aces and 28 clean winners against the 17th seed, but the 36 unforced errors Serena made showed she was still a bit rusty after her long absence from the game. 1830 GARCIA OUTLASTS PENG
French number one Caroline Garcia battled past China’s Peng Shuai 6-4 3-6 6-3 to reach the third round where she will meet Romanian Irina-Camelia Begu, who beat China’s Zhang Shuai 6-3 6-4. 1700 DEL POTRO ADVANCES
Fifth seed Juan Martin del Potro struck 44 winners on his way to a 6-4 6-3 6-2 victory over French veteran Julien Benneteau, who made his final appearance at his home Grand Slam.
“It wasn’t easy for me to play a guy like Julien in Paris,” Del Potro said. “I’m so proud of him, he made a fantastic career. I should stop speaking, it’s Julien’s time.” 1645 SCHWARTZMAN SAILS THROUGH
Big-hitting Argentine Diego Schwartzman, seeded 11th, continued his steady progress with a 6-1 6-3 6-1 win over Czech Adam Pavlasek in the second round. 1555 RAFA BREEZES PAST PELLA
Top seed Rafa Nadal, chasing his 11th title at Roland Garros, marched into the third round with a 6-2 6-1 6-1 win over Argentine Guido Pella.
Nadal will next face Frenchman Richard Gasquet who the Spaniard has beaten in all their previous 15 meetings. Tennis - French Open - Roland Garros, Paris, France - May 31, 2018 Belgium's Alison Van Uytvanck during her second round match against Germany's Julia Goerges REUTERS/Christian Hartmann
“Richard is a good friend, I’ve known him since we were 11, 12 years old,” the Spaniard said. “It’s the most important court (Philippe Chatrier) of my career without a doubt, and for him a special place too.” 1515 HALEP RACES INTO ROUND THREE
World number one Simona Halep was not playing her best tennis but still found a way past American Taylor Townsend 6-3 6-1.
The Romanian, twice runner-up at Roland Garros, will meet Andrea Petkovic of Germany in the third round.
1505 POUILLE READY FOR “SPECIAL” KHACHANOV CLASH
Home favourite Lucas Pouille held off a spirited comeback from Briton Cameron Norrie to beat him 6-2 6-4 5-7 7-6(3).
Pouille will next face Russian Karen Khachanov, who teamed up with the French number one for doubles action in Madrid and Rotterdam this season.
“It’s quite special. But we’re used to it, because we know each other,” Pouille told reporters.
“So I don’t think it’s going to be very different from the other matches. And it’s true that we train a lot together. We played doubles together in Marseille and Dubai practically back to back with four days in between.
“It’s going to be a difficult match. He’s a very good player. He’s in full progression and very confident.”
Khachanov edged Pouille over three sets during their last meeting in the final at Marseille in February. 1445 SHARAPOVA OVERCOMES TRICKY VEKIC TEST
Two-time champion Maria Sharapova needed five match points to see off Croatia’s Donna Vekic 7-5 6-4 in the second round.
The Russian will next face sixth seed Karolina Pliskova, who beat fellow Czech Lucie Safarova 3-6 6-4 6-1. Slideshow (10 Images) 1330 EDMUND ADVANCES
Kyle Edmund, the last Briton standing in the singles, recovered from a mid-match blip to beat Hungarian Marton Fucsovics 6-0 1-6 6-2 6-3.
“(The second set) is something to learn from but I’m happy to come through,” Edmund said.
“When I’m playing at my best it’s very good but I can’t play like that the whole time. When I’m not playing my best, I have to find a way to win. This year I’ve done that a lot better.”
Edmund will face 18th seed Italian Fabio Fognini in the third round. 1300 SHAPOVALOV DISAPPOINTED BUT NOT DISHEARTENED
Canadian teenager Denis Shapovalov was disappointed after his French Open debut ended in the second round but he remains pleased with the progress made this season.
“Not every week is going to be the same,” he said after a 5-7 7-6(4) 7-5 6-4 defeat to Germany’s Maximilian Marterer.
“You run into guys that are playing well, playing hot. You know, in Madrid it was me; today it was Max.
“Obviously I’m disappointed with the loss, but like I said, I’m only 19, so not every week is going to be a semi-finals of, you know, of a big tournament.” 1240 CILIC BOOKS THIRD ROUND SPOT
Third seed Marin Cilic experienced a difficult test after wasting a match point in the third set against qualifier Hubert Hurkacz, but did enough to win 6-2 6-2,6-7(3) 7-5.
The Croat will next face American Steve Johnson, who also needed four sets to beat Germany’s Jan-Lennard Struff. 1040 MERTENS DOWNS WATSON
Belgium’s 16th seed Elise Mertens cruised past Britain’s Heather Watson 6-3 6-4 to match her best Roland Garros performance by reaching the third round for the second year in a row. 1035 MUGURUZA EASES PAST FERRO
Former champion Garbine Muguruza, seeded third, looked in fine form as she eased past French wildcard Fiona Ferro 6-4 6-3.
“The French Open is ‘that’ tournament for me, it’s special, I’m so motivated and I’m so happy,” Muguruza, the 2016 winner, said after the match.
She moves into the third round for the fifth consecutive year, where she will face 2010 runner-up Samantha Stosur of Australia. Reporting by Hardik Vyas and Shrivathsa Sridhar in Bengaluru; Editing by Ed Osmond | ashraq/financial-news-articles | https://www.reuters.com/article/us-tennis-frenchopen/highlights-of-french-open-fifth-day-idUSKCN1IW2M0 |
May 14, 2018 / 4:28 PM / Updated 2 minutes ago Coach: Serena Williams 'ready for French Open'
Serena Williams plans to play in the French Open later this month. Mar 10, 2018; Indian Wells, CA, USA; Serena Williams (USA) during her second round match against Kiki Bertens (not pictured) in the BNP Paribas Open at the Indian Wells Tennis Garden. Mandatory Credit: Jayne Kamin-Oncea-USA TODAY Sports
After she withdrew from events in Rome and Madrid, Williams’ coach, Patrick Mouratoglou, said Monday that Williams will be at Roland Garros in a bid for her record 24th major championship.
“Serena will play the French Open to win it,” Mouratoglou said in an interview with WTATennis.com. “Can she do it? Serena can achieve anything. After being her coach for six years, I’m even more sure of that statement.”
The clay-court championship is the second Grand Slam event of the year and begins May 27. Williams missed the 2017 French Open upon announcing her pregnancy. She’s a three-time winner in Paris — 2002, 2013 and 2015.
Williams entered two tournaments in March. She lost to Naomi Osaka in the Miami Open and was defeated by her sister, Venus Williams, at Indian Wells.
“Serena clearly came back too early,” he said. “She was not ready yet but needed to feel the competition, so she decided to play even though she was far from being at 100 percent. It was a good experience as she realized all the work that needed to be done in order for her to be really ready.”
—Field Level Media | ashraq/financial-news-articles | https://www.reuters.com/article/us-tennis-serenawilliams-french/coach-serena-williams-ready-for-french-open-idUSKCN1IF2B9 |
An anticipated court ruling threatens to finally do away with an Obama-era investor protection rule, leaving investors as their own best line of defense to protect their retirement savings.
Federal regulators expect the 5 th Circuit Court of Appeals to finalize a ruling this week that would strike down the Labor Department's embattled "fiduciary rule."
This rule requires advisors and brokers to put their clients' interests before their own when giving advice over retirement accounts.
For investors, it's business as usual: You are still responsible for making sure your financial advisor has your best interests at heart.
"It's a buyer-beware world, and you are on your own," said Micah Hauptman, financial services counsel at the Consumer Federation of America. "You shouldn't expect that your financial professional is serving your best interests unless they willingly state that they are fiduciaries."
Here's what you need to know.
Confusion remains Photo by Mint Images via Getty Images On March 15, the 5 th Circuit ruled that the Labor Department exceeded its authority by drafting the fiduciary rule, and vacated the regulation.
The department had until April 30 to appeal the decision, but failed to do so. Meanwhile, the court is expected to issue its final ruling as soon as this week.
Though major brokerage firms have taken steps to comply with parts of the fiduciary rule — for instance, they moved away from commission-based compensation and toward asset-based fees — the court injected more uncertainty on the responsibilities advisors and their firms face.
"There is significant confusion on the 5 th Circuit decision about whether professionals servicing retirement accounts are fiduciaries and what duties they owe their clients," said Hauptman.
The Labor Department sought to give firms some guidance on their duties, announcing that it would not pursue claims against advisors who make a good faith effort to comply with the " impartial conduct standard ," a portion of the fiduciary rule that's currently in effect.
That standard requires advisors to charge no more than reasonable compensation and avoid misleading statements.
The ultimate fate of the regulation is still unclear.
President Donald Trump had ordered the Labor Department to review the rule and prepare an updated economic and legal analysis. Meanwhile, the Securities and Exchange Commission and other regulators continue to hammer away at their own fiduciary regulation.
Still on your own Amid the confusion of how financial advisors and their firms should respond to the regulation, the fact remains that investors are their own best advocates.
See below for tips on how to vet your financial advisor.
More from Personal Finance
Labor Department won't enforce investor protection rule after court decision
The rule that protects your retirement savings may be on the ropes
What to expect from your advisor with the investor protection rule in limbo | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/08/labor-dept-to-investors-watch-your-back-as-court-dismantles-protection-rule.html |
NEWTON, Mass., May 02, 2018 (GLOBE NEWSWIRE) -- Karyopharm Therapeutics Inc. (Nasdaq:KPTI), a clinical-stage pharmaceutical company, today announced the pricing of its previously announced registered underwritten public offering of 9,152,543 shares of its common stock at a price to the public of $14.75 per share. The gross proceeds to Karyopharm from the offering, before deducting the underwriting discounts and commissions and other estimated offering expenses, are expected to be $135.0 million. The offering is expected to close on or about May 7, 2018, subject to customary closing conditions. In addition, Karyopharm has granted the underwriters a 30-day option to purchase up to 1,372,881 additional shares of its common stock.
J.P. Morgan, Jefferies and Leerink Partners are acting as joint book-running managers for the offering. Canaccord Genuity, JMP Securities, H.C. Wainwright & Co. and Baird are acting as co-managers for the offering.
Karyopharm intends to use the net proceeds of the offering: to support continued clinical development of selinexor in hematologic malignancies and solid tumors as a single agent and in combination with approved and experimental therapies; to conduct activities to support regulatory submissions for oral selinexor as a new treatment for patients with penta-refractory multiple myeloma and, if the results of Karyopharm’s SADAL trial are positive, as a new treatment for patients with relapsed/refractory diffuse large B-cell lymphoma; to continue establishing the commercial infrastructure for the potential launch of selinexor in the United States; for clinical trials of two of Karyopharm's pipeline drug candidates in oncology, eltanexor (KPT-8602) and KPT-9274; and for working capital and other general corporate purposes.
A shelf registration statement relating to the shares of common stock offered in the public offering described above was filed with the Securities and Exchange Commission (SEC) and was declared effective by the SEC on February 14, 2018. The securities may be offered only by means of a written prospectus, including a prospectus supplement, forming a part of the effective registration statement. A preliminary prospectus supplement and accompanying prospectus relating to the offering have been filed with the SEC and are available on the SEC's website at www.sec.gov . A final prospectus supplement and accompanying prospectus will be filed with the SEC. When available, copies of the final prospectus supplement and the accompanying prospectus relating to the offering may also be obtained from J.P. Morgan Securities LLC c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at (866) 803-9204, or by email at [email protected] ; Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, or by email at [email protected] , or by phone at (877) 821-7388; or Leerink Partners LLC, Attention: Syndicate Department, One Federal Street, 37th Floor, Boston, MA 02110, or by telephone at (800) 808-7525 ext. 6132, or by email at [email protected] .
This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Karyopharm Therapeutics
Karyopharm Therapeutics Inc. (Nasdaq:KPTI) is a clinical-stage pharmaceutical company focused on the discovery and development of novel first-in-class drugs directed against nuclear transport and related targets for the treatment of cancer and other major diseases. Karyopharm's SINE compounds function by binding with and inhibiting the nuclear export protein XPO1 (or CRM1). In addition to single-agent and combination activity against a variety of human cancers, SINE compounds have also shown biological activity in models of neurodegeneration, inflammation, autoimmune disease, certain viruses and wound-healing. Karyopharm, which was founded by Dr. Sharon Shacham, currently has several investigational programs in clinical or preclinical development.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Such forward-looking statements include those regarding the therapeutic potential of and potential clinical development plans for Karyopharm's drug candidates, especially selinexor, and our expectations related to the offering discussed in this press release, including the use of proceeds from the offering. Such statements are subject to numerous important factors, risks and uncertainties that may cause actual events or results to differ materially from Karyopharm's current expectations. For example, there can be no guarantee that any of Karyopharm's drug candidates, including selinexor, will successfully complete necessary clinical development phases, that development of any of Karyopharm's drug candidates will continue or that any positive feedback from regulatory authorities will ultimately lead to the approval of selinexor or any of Karyopharm’s other drug candidates. Further, there can be no guarantee that any positive developments in Karyopharm's drug candidate portfolio will result in stock price appreciation. Management's expectations and, therefore, any forward-looking statements in this press release could also be affected by risks and uncertainties relating to a number of other factors, including the following: Karyopharm's results of clinical trials and preclinical studies, including subsequent analysis of existing data and new data received from ongoing and future studies; the content and timing of decisions made by the U.S. Food and Drug Administration and other regulatory authorities, investigational review boards at clinical trial sites and publication review bodies, including with respect to the need for additional clinical studies; Karyopharm's ability to obtain and maintain requisite regulatory approvals and to enroll patients in its clinical trials; unplanned cash requirements and expenditures; development of drug candidates by Karyopharm's competitors for diseases in which Karyopharm is currently developing its drug candidates; and Karyopharm's ability to obtain, maintain and enforce patent and other intellectual property protection for any drug candidates it is developing. These and other risks are described under the caption "Risk Factors" in Karyopharm's Annual Report on Form 10-K for the year ended December 31, 2017, which was filed with the SEC on March 15, 2018, and in other filings that Karyopharm may make with the SEC in the future. Any forward-looking statements contained in this press release speak only as of the date hereof, and, except as required by law, Karyopharm expressly disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
Contacts:
Investors:
Kimberly Minarovich
(646) 368-8014
[email protected]
Mary Jenkins
(617) 340-6073
[email protected]
Media:
David Rosen
(212) 600-1902
[email protected]
Source:Karyopharm Therapeutics Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/globe-newswire-karyopharm-therapeutics-announces-pricing-of-public-offering-of-common-stock.html |
May 9 (Reuters) - Infoscan SA:
* SAID ON TUESDAY THAT ITS SUBSIDIARY, INFOSCAN LLC, HAS BEEN REGISTERED IN THE UNITED STATES
* THE REGISTRATION ALLOWS TO CARRY OUT FORMAL ACTIONS RELATED TO START OF THE SECOND PHASE OF PILOTS IN COOPERATION WITH U.S. SLEEP CLINICS AND START OF TESTS IN OTHER CLINICS FROM THE U.S.
Source text for Eikon:
Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/idUSL8N1SG1G4 |
Dallas Cowboys wideout Terrance Williams mistakenly told police that former Baylor teammate and current Minnesota Vikings wideout Kendall Wright was driving his Lamborghini when it crashed over the weekend, according to Williams’ attorney.
Dec 17, 2017; Oakland, CA, USA; Dallas Cowboys wide receiver Terrance Williams (83) runs with the ball after making a catch next to Oakland Raiders cornerback Dexter McDonald (23) in the first quarter at Oakland Coliseum. Mandatory Credit: Cary Edmondson-USA TODAY Sports Chip Lewis, Williams’ attorney, told the Dallas Morning News on Thursday that Williams — not Wright — was driving the car when it crashed early Saturday morning. He added that Williams and Wright had been together earlier in the evening, but that Williams was alone when his vehicle hopped a curb and wrecked.
Williams was arrested near his home before dawn in Frisco, Texas, and charged with public intoxication — a Class C misdemeanor in Texas — after police found his car wrecked from striking a light pole at an intersection near the Cowboys’ training complex.
According to the police report, there was no driver present when the car was found at 4:41 a.m., but police determined the vehicle was registered to Williams and went to his home in a nearby gated community. The attendant at the gate said Williams had come through as a passenger in a car about 10 to 15 minutes earlier.
As the officers were leaving the gate to return to the site of the wreck, one officer saw Williams riding an electric scooter out of the exit gate. As two police vehicles approached the swerving scooter from behind, Williams looked back, swerved more severely and crashed, sending him over the handlebars.
While checking to make sure Williams was all right, an officer noted several signs of intoxication, including watery eyes, slurred speech and the smell of alcohol on Williams’ breath.
According to the report, Williams went on to tell police that he had been at his home the “whole time” and that Wright had called him around 1:45 a.m. to tell him he had crashed the Lamborghini. Williams said he was driving the scooter to check on the car, adding that Wright had left the crash scene in a yellow Camaro to go to a club.
Police also wrote in the report that Williams said he would “never put himself in a (messed) up situation where we would be there” and “stated multiple times throughout (the) conversation that he would never put himself in a bad situation and he would not lie to us.”
Lewis told the Morning News that Williams and not Wright was not driving the car, but added he hasn’t seen the police report yet, saying, “All I have is what Terrance remembers.”
Aug 19, 2017; Glendale, AZ, USA; Arizona Cardinals free safety Tyrann Mathieu (32) intercepts a pass intended for Chicago Bears wide receiver Kendall Wright (13) during the first half at University of Phoenix Stadium. Mandatory Credit: Joe Camporeale-USA TODAY Sports “All of that is news to me,” the lawyer continued. “Anytime you hit a curve going about 60 mph and he struck his head, I don’t know, but we’re going to find out. I have to do the work necessary when you have an injury like this when you hit your head if there is any head trauma as far as a gap in memory.”
In a statement released by Lewis on Saturday evening, Williams said that he was driving the Lamborghini when the accident happened, after a car in front of him stopped quickly.
“The driver in front of me slammed on his brakes and I turned to the left and hopped the curb to avoid hitting him,” the statement read, in part. “I got his insurance information and my neighbor picked me up when my car wouldn’t drive. I live right near where the accident occurred, so my neighbor dropped me off and I called a tow truck and took the scooter from my house to go meet the tow truck driver.
“The police officer, who I have met in the past in the neighborhood, saw me on the scooter and arrested me without performing any sobriety tests. I have always been an upstanding citizen and handled the situation the best way I know how. I apologize if I should have handled it a little bit differently.”
In releasing the statement, Lewis also said, “Contrary to media reports, Terrance did not hit a light pole and there was no light pole even near the vehicle.”
Williams, 28, was released from the Frisco Detention Center on a $369 bond. He was also given a misdemeanor at-large charge for leaving the scene of a crash.
Wright, who signed with the Minnesota Vikings as a free agent this spring, played with Williams at Baylor from 2009-11.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/us-football-nfl-dal-williams/attorney-cowboys-wide-receiver-williams-misspoke-about-crash-idUSKCN1IQ00N |
BOGOTA (Reuters) - Colombia and the ELN rebels said on Saturday they will move peace negotiations to end more than five decades of war to Cuba, after original host Ecuador pulled its support for the talks.
The Andean nation has been at war with the National Liberation Army (ELN), founded by radical Catholic priests, since 1964. The government of outgoing President Juan Manuel Santos and the ELN started formal talks 15 months ago in Quito.
Last month Ecuador, then one of six guarantor countries, said it would not host the negotiations as long as the guerrillas continued to wage attacks. The ELN is well known for kidnapping and for bombing oil and military infrastructure.
Ecuador’s decision came after two Ecuadorean journalists and their driver were killed by a group of former members of the Revolutionary Armed Forces of Colombia (FARC) rebels, the majority of whom demobilized under a 2016 peace deal negotiated in Havana.
“After jointly examining the options to restart talks as soon as possible, we have decided to continue the fifth cycle of talks in the city of Havana, Cuba, beginning next week,” the two sides said in a joint statement.
Negotiations will continue to focus on agreeing a new ceasefire, the statement said. The two sides’ first-ever ceasefire ended in January and was followed by a period of increased violence and a six-week pause in talks.
Santos, who won the Nobel Peace Prize for his work on the FARC peace deal, has repeatedly expressed his gratitude to Cuba for hosting those negotiations, which lasted four years.
Brazil, Chile, Cuba, Norway and Venezuela are the five remaining guarantor countries for the ELN negotiations.
Colombia’s long conflict between the government, rebel groups, paramilitaries and crime gangs has killed at least 220,000 people and displaced millions.
Reporting by Julia Symmes Cobb; Editing by Leslie Adler
| ashraq/financial-news-articles | https://www.reuters.com/article/us-colombia-rebels/colombia-eln-rebels-say-peace-talks-will-be-moved-to-cuba-idUSKBN1I60N6 |
JASPER, Ind., April 30, 2018 (GLOBE NEWSWIRE) -- German American Bancorp, Inc. (NASDAQ:GABC) reported record quarterly net income of $11.8 million, or $0.51 per share, for the first quarter of 2018. This earnings performance represents an increase of approximately $2.2 million, or 21% on a per share basis, over first quarter 2017 net income of $9.6 million, or $0.42 per share. The current quarter net income was comparable to fourth quarter 2017 reported net income of $11.6 million, or $0.51 per share.
The 2018 first quarter and the 2017 fourth quarter reported net income and earnings per share were positively impacted by the federal income tax reform legislation enacted during the fourth quarter of 2017. The lower federal income tax rate had a positive impact of approximately $1.5 million, or $0.06 per share, during the first quarter of 2018, while the fourth quarter 2017 results were enhanced by a net tax benefit of approximately $2.3 million, or $0.10 per share, related to a revaluation of deferred tax assets and liabilities in connection with the federal income tax reform legislation.
In addition to the federal income tax benefit noted above, the comparison of the record first quarter 2018 financial performance to that of the same quarter last year was largely attributable to a $1.3 million, or 16%, increase in non-interest income, primarily resulting from a $530,000 increase in trust and investment product fees, a $459,000 increase in interchange fee income, and a $290,000 increase in insurance revenues. Reported net interest income was also higher by $885,000, or 4%, in the first quarter of 2018 relative to that recorded in the first quarter of 2017, driven by a higher level of average loans outstanding. 2018 first quarter average loans outstanding increased by approximately $164.9 million, or 8%, from the average loans outstanding in the first quarter of the prior year. The year-over-year increase in loans outstanding was attributable to strong organic loan growth broadly based across the Company’s entire market area and within virtually all loan categories.
These net interest income and non-interest income revenue improvements, totaling approximately $2.2 million, were partially offset by approximately $1.4 million of increased non-interest expense, with the majority of that increase resulting from an additional $682,000 in salaries and benefits, primarily attributable to an increased number of full-time equivalent employees.
Commenting on the Company’s record quarterly financial performance in the first quarter of 2018, Mark A. Schroeder, German American’s Chairman & CEO, stated, "We continue to be extremely pleased with the pattern of consistent balance sheet growth and earnings improvement we’ve generated over the past several years. As evidenced by the strong level of loan growth we experienced within the past year and the current indication from our clients relative to future loan demand, our business and consumer clients throughout our market area continue to display a growing confidence in the vibrancy of the economy. Based on these trends, we continue to have a positive outlook regarding our ability to generate strong financial performance throughout the balance of 2018 and in the coming years.”
The Company also announced its Board of Directors declared a regular quarterly cash dividend of $0.15 per share, which will be payable on May 20, 2018 to shareholders of record as of May 10, 2018.
Balance Sheet Highlights
Total assets for the Company decreased to $3.125 billion at March 31, 2018, representing a decline of $19.3 million, or 2% on an annualized basis, compared with December 31, 2017 and an increase of $191.9 million, or 7%, compared with March 31, 2017.
At March 31, 2018, total loans increased $8.8 million, or 2% on an annualized basis, compared with December 31, 2017 and increased $166.9 million, or 8%, compared with March 31, 2017. The increase during the first quarter of 2018 was driven by an increase of approximately $21.2 million, or 9% on an annualized basis, of commercial real estate loans, partially mitigated by a decline of $4.4 million, or 4% on an annualized basis, of commercial and industrial loans, a seasonal decline of $4.1 million, or 5% on an annualized basis, of agricultural loans and a decline of $3.9 million, or 4% on annualized basis, of retail loans.
End of Period Loan Balances 3/31/2018 12/31/2017 3/31/2017 (dollars in thousands) Commercial & Industrial Loans $ 482,219 $ 486,668 $ 450,501 Commercial Real Estate Loans 947,948 926,729 865,717 Agricultural Loans 329,138 333,227 292,615 Consumer Loans 216,435 219,662 194,290 Residential Mortgage Loans 178,108 178,733 183,806 $ 2,153,848 $ 2,145,019 $ 1,986,929 Non-performing assets totaled $10.7 million at March 31, 2018 compared to $11.9 million of non-performing assets at December 31, 2017 and $5.9 million at March 31, 2017. Non-performing assets represented 0.34% of total assets at March 31, 2018 compared to 0.38% of total assets at December 31, 2017 and 0.20% of total assets at March 31, 2017. Non-performing loans totaled $10.6 million at March 31, 2018 compared to $11.8 million at December 31, 2017 and $5.7 million at March 31, 2017. Non-performing loans represented 0.49% of total loans at March 31, 2018 compared to 0.55% at December 31, 2017 and 0.29% at March 31, 2017. The decline in non-performing assets during the first quarter of 2018 was primarily attributable to a partial charge-off on a single commercial lending relationship that was downgraded during the fourth quarter of 2017.
Non-performing Assets (dollars in thousands) 3/31/2018 12/31/2017 3/31/2017 Non-Accrual Loans $ 9,479 $ 11,091 $ 4,510 Past Due Loans (90 days or more) 1,105 719 1,183 Total Non-Performing Loans 10,584 11,810 5,693 Other Real Estate 68 54 208 Total Non-Performing Assets $ 10,652 $ 11,864 $ 5,901 Restructured Loans $ 124 $ 149 $ 28 The Company’s allowance for loan losses totaled $14.5 million at March 31, 2018 compared to $15.7 million at December 31, 2017 and $15.2 million at December 31, 2017. The allowance for loan losses represented 0.67% of period-end loans at March 31, 2018 compared with 0.73% of period-end loans at December 31, 2017 and 0.76% of period-end loans at March 31, 2017. The decline in the allowance for loan losses during the first quarter of 2018 was largely related to the aforementioned partial charge-off on a single commercial lending relationship down-graded during the fourth quarter of 2017. From time to time, the Company has acquired loans through bank acquisitions with the most recent being in 2016. Under acquisition accounting treatment, loans acquired are recorded at fair value which includes a credit risk component, and therefore the allowance on loans acquired is not carried over from the seller. The Company held a net discount on acquired loans of $7.3 million as of March 31, 2018, $7.6 million at December 31, 2017 and $9.2 million at March 31, 2017.
Total deposits declined $16.9 million, or 3% on an annualized basis, as of March 31, 2018 compared with December 31, 2017 and increased $140.6 million, or 6%, compared with March 31, 2017.
End of Period Deposit Balances 3/31/2018 12/31/2017 3/31/2017 (dollars in thousands) Non-interest-bearing Demand Deposits $ 599,374 $ 606,134 $ 572,874 IB Demand, Savings, and MMDA Accounts 1,465,150 1,490,033 1,389,763 Time Deposits < $100,000 193,864 198,646 206,171 Time Deposits > $100,000 208,733 189,239 157,664 $ 2,467,121 $ 2,484,052 $ 2,326,472 Results of Operations Highlights – Quarter ended March 31, 2018
Net income for the quarter ended March 31, 2018 totaled $11,813,000, or $0.51 per share, which is relatively consistent with the fourth quarter 2017 net income of $11,621,000, or $0.51 per share, and an increase of 21% on a per share basis compared with the first quarter 2017 net income of $9,556,000, or $0.42 per share.
The first quarter of 2018 net income was positively impacted by lower federal income tax rates that resulted from the federal tax reform legislation enacted during the fourth quarter of 2017 that became effective January 1, 2018. The lower federal income tax rates had a positive impact of approximately $0.06 per share during the first quarter of 2018. The fourth quarter of 2017 results of operations were positively impacted by the revaluation of the Company's deferred tax assets and deferred tax liabilities related to the federal tax reform legislation. The revaluation resulted in a net tax benefit of $2,284,000, or approximately $0.10 per share during the fourth quarter of 2017.
Summary Average Balance Sheet (Tax-equivalent basis / dollars in thousands) Quarter Ended Quarter Ended Quarter Ended March 31, 2018 December 31, 2017 March 31, 2017 Principal
Balance Income/
Expense Yield/
Rate Principal
Balance Income/
Expense Yield/
Rate Principal
Balance Income/
Expense Yield/
Rate Assets Federal Funds Sold and Other Short-term Investments $ 8,556 $ 56 2.65 % $ 10,268 $ 34 1.33 % $ 12,554 $ 27 0.88 % Securities 753,589 5,708 3.03 % 755,659 6,001 3.18 % 731,871 5,834 3.19 % Loans and Leases 2,139,704 24,032 4.55 % 2,100,432 23,872 4.51 % 1,974,846 22,440 4.60 % Total Interest Earning Assets $ 2,901,849 $ 29,796 4.15 % $ 2,866,359 $ 29,907 4.15 % $ 2,719,271 $ 28,301 4.20 % Liabilities Demand Deposit Accounts $ 585,432 $ 598,107 $ 557,912 IB Demand, Savings, and MMDA Accounts $ 1,489,363 $ 1,275 0.35 % $ 1,488,671 $ 1,177 0.31 % $ 1,385,347 $ 738 0.22 % Time Deposits 398,397 1,008 1.03 % 376,585 889 0.94 % 401,155 705 0.71 % FHLB Advances and Other Borrowings 262,784 1,252 1.93 % 226,437 1,090 1.91 % 226,786 865 1.55 % Total Interest-Bearing Liabilities $ 2,150,544 $ 3,535 0.67 % $ 2,091,693 $ 3,156 0.60 % $ 2,013,288 $ 2,308 0.47 % Cost of Funds 0.49 % 0.44 % 0.34 % Net Interest Income $ 26,261 $ 26,751 $ 25,993 Net Interest Margin 3.66 % 3.71 % 3.86 % During the quarter ended March 31, 2018, net interest income totaled $25,610,000, which represented an increase of $156,000, or 1%, from the quarter ended December 31, 2017 net interest income of $25,454,000 and an increase of $885,000, or 4%, compared with the quarter ended March 31, 2017 net interest income of $24,725,000. The increased level of net interest income during the first quarter of 2018 compared with the both the fourth quarter of 2017 and first quarter of 2017 was driven primarily by a higher level of average earning assets resulting from an increased level of average loans outstanding partially offset by a higher cost of funds resulting from an increase in market interest rates.
The tax equivalent net interest margin for the quarter ended March 31, 2018 was 3.66% compared with 3.71% in the fourth quarter of 2017 and 3.86% in the first quarter of 2017. The lower federal income tax rates during the first quarter of 2018 had an approximately 9 basis point negative impact on the Company's net interest margin.
Accretion of loan discounts on acquired loans contributed approximately 4 basis points to the net interest margin on an annualized basis in the first quarter of 2018, 6 basis points in the fourth quarter of 2017, and 17 basis points in the first quarter of 2017. The Company's cost of funds increased approximately 5 basis points in the first quarter of 2018 compared with the fourth quarter of 2017 and 15 basis points compared with the first quarter of 2017. The higher cost of funds was largely attributable to an increase in short-term market interest rates over the past several quarters.
During the quarter ended March 31, 2018, the Company recorded a provision for loan loss of $350,000 compared with a provision for loan loss of $650,000 during the fourth quarter of 2017 and a provision for loan loss of $500,000 in the first quarter of 2017. The provision during all periods was done in accordance with the Company's standard methodology for determining the adequacy of its allowance for loan loss.
During the quarter ended March 31, 2018, non-interest income totaled $9,492,000, an increase of $1,898,000, or 25%, compared with the quarter ended December 31, 2017, and an increase of $1,304,000, or 16%, compared with the first quarter of 2017.
Quarter Ended Quarter Ended Quarter Ended Non-interest Income 3/31/2018 12/31/2017 3/31/2017 (dollars in thousands) Trust and Investment Product Fees $ 1,773 $ 1,378 $ 1,243 Service Charges on Deposit Accounts 1,471 1,608 1,484 Insurance Revenues 2,930 1,867 2,640 Company Owned Life Insurance 312 290 254 Interchange Fee Income 1,482 1,202 1,023 Other Operating Income 604 546 857 Subtotal 8,572 6,891 7,501 Net Gains on Loans 650 682 687 Net Gains on Securities 270 21 — Total Non-interest Income $ 9,492 $ 7,594 $ 8,188 Trust and investment product fees increased $395,000, or 29%, during the first quarter of 2018 compared with the fourth quarter of 2017 and increased $530,000, or 43%, compared with the first quarter of 2017. The increase was largely attributable to increased assets under management in the Company's wealth advisory group.
Insurance revenues increased $1,063,000, or 57%, during the quarter ended March 31, 2018, compared with the fourth quarter of 2017 and increased $290,000, or 11%, compared with the first quarter of 2017. The increase during the first quarter of 2018 compared with each of the fourth quarter of 2017 and the first quarter of 2017 was primarily due to increased contingency revenue. Contingency revenue during the first quarter of 2018 totaled $1,218,000 compared with no contingency revenue during the fourth quarter of 2017 and $992,000 during the first quarter of 2017. The fluctuation in contingency revenue is a normal course of business variance and is reflective of claims and loss experience with insurance carriers that the Company represents through its property and casualty insurance agency. Typically, the majority of contingency revenue is recognized during the first quarter of the year.
Interchange fees increased $280,000, or 23%, during the first quarter of 2018 compared with the fourth quarter of 2017 and increased $459,000, or 45%, compared with the first quarter of 2017. The increase during the first quarter of 2018 was largely attributable to the adoption of the new revenue recognition standard effective January 1, 2018. While the adoption of the standard did not have a significant impact on the Company's financial results, the recording of revenue gross versus net of certain expenses, in accordance with the standard, did result in the reclassification of some expenses associated with the interchange fee revenue during the first quarter of 2018.
The Company realized $270,000 in gains on sales of securities during the first quarter of 2018 compared with $21,000 during the fourth quarter of 2017 and no gains in the first quarter of 2017.
During the quarter ended March 31, 2018, non-interest expense totaled $20,455,000, an increase of $455,000, or 2%, compared with the quarter ended December 31, 2017, and an increase of $1,419,000, or 7%, compared with the first quarter of 2017.
Quarter Ended Quarter Ended Quarter Ended Non-interest Expense 3/31/2018 12/31/2017 3/31/2017 (dollars in thousands) Salaries and Employee Benefits $ 12,126 $ 12,168 $ 11,444 Occupancy, Furniture and Equipment Expense 2,409 2,452 2,182 FDIC Premiums 237 242 239 Data Processing Fees 1,127 1,154 1,011 Professional Fees 871 550 803 Advertising and Promotion 701 820 778 Intangible Amortization 206 217 253 Other Operating Expenses 2,778 2,397 2,326 Total Non-interest Expense $ 20,455 $ 20,000 $ 19,036 Salaries and benefits declined $42,000, or just under 1%, during the quarter ended March 31, 2018 compared with the fourth quarter of 2017 and increased $682,000, or 6%, compared with the first quarter of 2017. The increase in salaries and benefits during the first quarter of 2018 compared with the first quarter of 2017 was primarily attributable to an increased number of full-time equivalent employees.
Professional fees increased $321,000, or 58%, during the first quarter of 2018 compared with the fourth quarter of 2017 and increased $68,000, or 8%, compared to the first quarter of 2017. The increase during the first quarter of 2018 was primarily related to professional fees associated with the pending acquisition of five banking branches in the Columbus and Greensburg, Indiana markets.
Other operating expenses increased $381,000, or 16%, during the first quarter of 2018 compared with the fourth quarter of 2017 and increased $452,000, or 19%, compared with the first quarter of 2017. The increase in the first quarter of 2018 compared with all periods presented was largely attributable to the adoption of the aforementioned revenue recognition standard effective January 1, 2018.
The Company’s effective income tax rate was 17.4% during the three months ended March 31, 2018 compared with an effective tax rate of 6.3% during the fourth quarter of 2017 and 28.6% during the first quarter of 2017. During the quarter ended March 31, 2018, the Company recorded a provision for income tax expense of $2,484,000 compared with a provision for income tax expense of $777,000 during the fourth quarter of 2017 and $3,821,000 in the first quarter of 2017. The provision for income tax was positively impacted during the first quarter of 2018 by the reduction of federal income tax rates from a statutory rate of 35% to 21% effective January 1, 2018 related to the federal tax reform legislation enacted during the fourth quarter of 2017. The fourth quarter of 2017 income tax provision was positively impacted by the revaluation of the Company's deferred tax assets and deferred tax liabilities also related to federal tax reform legislation. The revaluation resulted in a net tax benefit of $2,284,000 during the fourth quarter of 2017.
About German American
German American Bancorp, Inc., is a NASDAQ-traded (symbol: GABC) bank holding company based in Jasper, Indiana. German American, through its banking subsidiary German American Bancorp, operates 53 banking offices in 19 contiguous southern Indiana counties and one northern Kentucky county. The Company also owns an investment brokerage subsidiary (German American Investment Services, Inc.) and a full line property and casualty insurance agency (German American Insurance, Inc.).
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release may be deemed “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Readers are cautioned that, by their nature, forward-looking statements are based on assumptions and are subject to risks, uncertainties, and other factors. Actual results and experience could differ materially from the anticipated results or other expectations expressed or implied by these forward-looking statements as a result of a number of factors, including but not limited to, those discussed in this press release. Factors that could cause actual experience to differ from the expectations expressed or implied in this press release include the unknown future direction of interest rates and the timing and magnitude of any changes in interest rates; changes in competitive conditions; the introduction, withdrawal, success and timing of asset/liability management strategies or of mergers and acquisitions and other business initiatives and strategies; changes in customer borrowing, repayment, investment and deposit practices; changes in fiscal, monetary and tax policies; changes in financial and capital markets; potential deterioration in general economic conditions, either nationally or locally, resulting in, among other things, credit quality deterioration; capital management activities, including possible future sales of new securities, or possible repurchases or redemptions by the Company of outstanding debt or equity securities; risks of expansion through acquisitions and mergers, such as unexpected credit quality problems of the acquired loans or other assets, unexpected attrition of the customer base of the acquired institution or branches, and difficulties in integration of the acquired operations; factors driving impairment charges on investments; the impact, extent and timing of technological changes; potential cyber-attacks, information security breaches and other criminal activities; litigation liabilities, including related costs, expenses, settlements and judgments, or the outcome of matters before regulatory agencies, whether pending or commencing in the future; actions of the Federal Reserve Board; changes in accounting principles and interpretations; the expected impact of U.S. tax regulations passed in December 2017; potential increases of federal deposit insurance premium expense, and possible future special assessments of FDIC premiums, either industry wide or specific to the Company’s banking subsidiary; actions of the regulatory authorities under the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act") and the Federal Deposit Insurance Act and other possible legislative and regulatory actions and reforms; impacts resulting from possible amendments or revisions to the Dodd-Frank Act and the regulations promulgated thereunder, or to Consumer Financial Protection Bureau rules and regulations; the continued availability of earnings and excess capital sufficient for the lawful and prudent declaration and payment of cash dividends; and other risk factors expressly identified in the Company’s filings with the United States Securities and Exchange Commission. Such statements reflect our views with respect to future events and are subject to these and other risks, uncertainties and assumptions relating to the operations, results of operations, growth strategy and liquidity of the Company. Readers are cautioned not to place undue reliance on these forward-looking statements. It is intended that these forward-looking statements speak only as of the date they are made. We do not undertake any obligation to release publicly any revisions to these forward-looking statements to reflect future events or circumstances or to reflect the occurrence of unanticipated events.
GERMAN AMERICAN BANCORP, INC. (unaudited, dollars in thousands except per share data) Consolidated Balance Sheets March 31, 2018 December 31, 2017 March 31, 2017 ASSETS Cash and Due from Banks $ 32,023 $ 58,233 $ 30,151 Short-term Investments 8,187 12,126 7,288 Investment Securities 737,957 740,994 726,352 Loans Held-for-Sale 6,628 6,719 6,856 Loans, Net of Unearned Income 2,150,546 2,141,638 1,983,572 Allowance for Loan Losses (14,460 ) (15,694 ) (15,166 ) Net Loans 2,136,086 2,125,944 1,968,406 Stock in FHLB and Other Restricted Stock 13,048 13,048 13,048 Premises and Equipment 58,024 54,246 49,718 Goodwill and Other Intangible Assets 55,954 56,160 56,849 Other Assets 77,111 76,890 74,476 TOTAL ASSETS $ 3,125,018 $ 3,144,360 $ 2,933,144 LIABILITIES Non-interest-bearing Demand Deposits $ 599,374 $ 606,134 $ 572,874 Interest-bearing Demand, Savings, and Money Market Accounts 1,465,150 1,490,033 1,389,763 Time Deposits 402,597 387,885 363,835 Total Deposits 2,467,121 2,484,052 2,326,472 Borrowings 274,473 275,216 241,358 Other Liabilities 19,419 20,521 24,098 TOTAL LIABILITIES 2,761,013 2,779,789 2,591,928 SHAREHOLDERS' EQUITY Common Stock and Surplus 188,501 188,222 187,300 Retained Earnings 187,342 178,969 156,322 Accumulated Other Comprehensive Income (11,838 ) (2,620 ) (2,406 ) SHAREHOLDERS' EQUITY 364,005 364,571 341,216 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 3,125,018 $ 3,144,360 $ 2,933,144 END OF PERIOD SHARES OUTSTANDING 22,968,813 22,934,403 22,929,417 TANGIBLE BOOK VALUE PER SHARE (1) $ 13.41 $ 13.45 $ 12.40 (1) Tangible Book Value per Share is defined as Total Shareholders' Equity less Goodwill and Other Intangible Assets divided by End of Period Shares Outstanding.
GERMAN AMERICAN BANCORP, INC. (unaudited, dollars in thousands except per share data) Consolidated Statements of Income Three Months Ended March 31, 2018 December 31, 2017 March 31, 2017 INTEREST INCOME Interest and Fees on Loans $ 23,950 $ 23,699 $ 22,262 Interest on Short-term Investments and Time Deposits 56 34 27 Interest and Dividends on Investment Securities 5,139 4,877 4,744 TOTAL INTEREST INCOME 29,145 28,610 27,033 INTEREST EXPENSE Interest on Deposits 2,283 2,066 1,443 Interest on Borrowings 1,252 1,090 865 TOTAL INTEREST EXPENSE 3,535 3,156 2,308 NET INTEREST INCOME 25,610 25,454 24,725 Provision for Loan Losses 350 650 500 NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 25,260 24,804 24,225 NON-INTEREST INCOME Net Gain on Sales of Loans 650 682 687 Net Gain on Securities 270 21 — Other Non-interest Income 8,572 6,891 7,501 TOTAL NON-INTEREST INCOME 9,492 7,594 8,188 NON-INTEREST EXPENSE Salaries and Benefits 12,126 12,168 11,444 Other Non-interest Expenses 8,329 7,832 7,592 TOTAL NON-INTEREST EXPENSE 20,455 20,000 19,036 Income before Income Taxes 14,297 12,398 13,377 Income Tax Expense 2,484 777 3,821 NET INCOME $ 11,813 $ 11,621 $ 9,556 BASIC EARNINGS PER SHARE $ 0.51 $ 0.51 $ 0.42 DILUTED EARNINGS PER SHARE $ 0.51 $ 0.51 $ 0.42 WEIGHTED AVERAGE SHARES OUTSTANDING 22,940,402 22,930,666 22,908,648 DILUTED WEIGHTED AVERAGE SHARES OUTSTANDING 22,940,402 22,930,666 22,908,648
GERMAN AMERICAN BANCORP, INC. (unaudited, dollars in thousands except per share data) Three Months Ended March 31, December 31, March 31, 2018 2017 2017 EARNINGS PERFORMANCE RATIOS Annualized Return on Average Assets 1.51 % 1.51 % 1.31 % Annualized Return on Average Equity 13.00 % 12.83 % 11.39 % Net Interest Margin 3.66 % 3.71 % 3.86 % Efficiency Ratio (1) 57.21 % 58.23 % 55.69 % Net Overhead Expense to Average Earning Assets (2) 1.51 % 1.73 % 1.60 % ASSET QUALITY RATIOS Annualized Net Charge-offs to Average Loans 0.30 % 0.05 % 0.03 % Allowance for Loan Losses to Period End Loans 0.67 % 0.73 % 0.76 % Non-performing Assets to Period End Assets 0.34 % 0.38 % 0.20 % Non-performing Loans to Period End Loans 0.49 % 0.55 % 0.29 % Loans 30-89 Days Past Due to Period End Loans 0.33 % 0.32 % 0.37 % SELECTED BALANCE SHEET & OTHER FINANCIAL DATA Average Assets $ 3,120,971 $ 3,078,875 $ 2,926,095 Average Earning Assets $ 2,901,849 $ 2,866,359 $ 2,719,271 Average Total Loans $ 2,139,704 $ 2,100,432 $ 1,974,846 Average Demand Deposits $ 585,432 $ 598,107 $ 557,912 Average Interest Bearing Liabilities $ 2,150,544 $ 2,091,693 $ 2,013,288 Average Equity $ 363,579 $ 362,356 $ 335,586 Period End Non-performing Assets (3) $ 10,652 $ 11,864 $ 5,901 Period End Non-performing Loans (4) $ 10,584 $ 11,810 $ 5,693 Period End Loans 30-89 Days Past Due (5) $ 7,013 $ 6,865 $ 7,337 Tax Equivalent Net Interest Income $ 26,261 $ 26,751 $ 25,993 Net Charge-offs during Period $ 1,584 $ 277 $ 143 (1) Efficiency Ratio is defined as Non-interest Expense divided by the sum of Net Interest Income, on a tax equivalent basis, and Non-interest Income. (2) Net Overhead Expense is defined as Total Non-interest Expense less Total Non-interest Income. (3) Non-performing assets are defined as Non-accrual Loans, Loans Past Due 90 days or more, Restructured Loans, and Other Real Estate Owned. (4) Non-performing loans are defined as Non-accrual Loans, Loans Past Due 90 days or more, and Restructured Loans. (5) Loans 30-89 days past due and still accruing.
For additional information, contact: Mark A Schroeder, Chairman & Chief Executive Officer of German American Bancorp, Inc. Bradley M Rust, Executive Vice President/CFO of German American Bancorp, Inc. (812) 482-1314
Source:German American Bancorp, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/04/30/globe-newswire-german-american-bancorp-inc-gabc-reports-record-quarterly-earnings.html |
May 2 (Reuters) - Horace Mann Educators Corp:
* Q1 CORE EARNINGS PER SHARE $0.51 * QTRLY TOTAL REVENUES $295.5 MILLION VERSUS $287.3 MILLION
* Q1 EARNINGS PER SHARE VIEW $0.63 — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-horace-mann-educators-q1-earnings/brief-horace-mann-educators-q1-earnings-per-share-0-48-idUSFWN1S91BC |
BERLIN (Reuters) - Adidas remains committed to the Yeezy brand created by rapper Kanye West despite his comments describing slavery as a choice and praising U.S. President Donald Trump, the sportswear company said on Thursday.
FILE PHOTO: An Adidas sign is seen before the company's annual news conference in Herzogenaurach, Germany March 14, 2018. REUTERS/Michael Dalder/File Photo Adidas agreed in 2016 to expand its partnership with West, including opening new stores, after it poached the singer-turned-designer from Nike in 2013, helping the German brand recover in the U.S. market in recent years.
However, Adidas faced a call this week from the Care2 petition site to drop the artist after an interview in which he seemed to suggest that 400 years of slavery had been a choice, and also praised Trump for doing the “impossible”.
“It is clear there are some remarks that we don’t support,” Chief Executive Kasper Rorsted told a conference call for journalists, but added: “We are very committed to the Yeezy brand moving forward.”
Rorsted said the partnership was very important for the brand, although it had minimal impact on sales as most Yeezy products are released in limited quantities to generate hype.
Rorsted made the comments after Adidas reported better-than-expected first-quarter net profit, as it outperformed rivals Nike and Under Armour in North America.
Adidas shares, up 13 percent in the last three months after it announced a big share buyback in March, were down 1 percent at 0857 GMT, with traders expressing concern about the West partnership and slower growth in Europe.
Sales rose 21 percent in North America, and 26 percent in greater China, but only 5 percent in western Europe and fell 16 percent in Russia, where Rorsted said he saw little prospect for a recovery while sanctions continue.
Nike reported a 6 percent drop in sales in North America in the quarter to Feb. 28, while Under Armour saw flat sales in the region in the first three months of the year.
Adidas said ecommerce sales growth slowed to 27 percent, which Rorsted said was due to fewer product launches in the quarter.
Net profit rose 17 percent to 542 million euros ($650 million), ahead analysts average forecast of 510 million euros as higher prices helped offset currency headwinds and an increase in marketing spending.
Rorsted also highlighted gross margin improvements at struggling fitness brand Reebok, which saw sales return to growth in North America for the first time in years.
Unlike German rival Puma, Rorsted said he was not too concerned about the prospect of U.S. tariffs on footwear made in China, noting Adidas sources most of its shoes from Vietnam, with Chinese factories mainly producing for the domestic market.
($1 = 0.8342 euros)
A model wears a pair of Adidas Yeezy 750 Boost shoes designed by Kanye West as part of his Fall/Winter 2015 partnership line with Adidas at New York Fashion Week, U.S. February 12, 2015. REUTERS/Lucas Jackson/File photo Reporting by Emma Thomasson; Editing by Maria Sheahan and Mark Potter
| ashraq/financial-news-articles | https://in.reuters.com/article/adidas-results/north-america-and-china-drive-adidas-growth-but-reebok-slips-idINKBN1I40JF |
May 24, 2018 / 7:14 AM / Updated 20 hours ago Stakes high as Crusaders, Hurricanes face off in blockbuster Greg Stutchbury 3 Min Read
WELLINGTON (Reuters) - There was no hiding the eagerness of Wellington Hurricanes coach Chris Boyd in the leadup to Friday’s Super Rugby blockbuster against the champion Canterbury Crusaders, a clash that could do plenty to shape the Super Rugby playoffs.
The match in Christchurch not only pits the two best sides in the competition but resumes a rivalry that has become intense in recent seasons.
“Some games you get a bit more excited about than others ... that’s just human nature,” Boyd said this week.
The eight-time champion Crusaders lead the Super Rugby standings on 46 points, one ahead of the Hurricanes who have a game in hand.
While the Hurricanes have won eight of their last 11 matches against the Crusaders, Boyd and his captain Brad Shields are mindful that playing in a wet and cold Christchurch produces major hurdles against an All Blacks-laden home pack.
In the corresponding match last year, the Crusaders attacked the Hurricanes in the contact areas and strangled the supply of clean, quick ball to TJ Perenara and Beauden Barrett, preventing them from unleashing the tournament’s most explosive backline.
The home side will be without captain Sam Whitleock (concussion) and suspended props Joe Moody and Owen Franks but Shields felt the Crusaders would not veer far from their usual game-plan on Friday.
“Winning those small, brutal battles,” Shields said on Thursday when asked what would be the key to the game.
“They’re going to be niggly at the rucks, they’re going to try and turn our ball over, they’re going to try and smack us.”
Finishing top of the dominant New Zealand conference is likely to mean home advantage all the way through to the Aug. 4 title-decider, given the third-placed team, South Africa’s leading Lions, are well off the pace and with less games to play over the final weeks of the regular season.
“We are expecting everything,” Crusaders coach Scott Robertson said. “They are tough, physical. This is what we play for. We enjoy it. I love these weeks.” Editing by Ian Ransom | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-rugby-union-super-crusaders/stakes-high-as-crusaders-hurricanes-face-off-in-blockbuster-idUKKCN1IP0XJ |
U.S. gun lobby takes aim at 'gun-hating' banks 1:03pm EDT - 01:40
The U.S. gun lobby is taking aim at “gun-hating” banks after Citigroup Inc and Bank of America said they would no longer provide certain banking services to gun-makers, according to industry lobbyists.
The U.S. gun lobby is taking aim at “gun-hating” banks after Citigroup Inc and Bank of America said they would no longer provide certain banking services to gun-makers, according to industry lobbyists. //reut.rs/2wQuAps | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/19/us-gun-lobby-takes-aim-at-gun-hating-ban?videoId=428428482 |
May 18 (Reuters) - ContraVir Pharmaceuticals Inc:
* CONTRAVIR PHARMACEUTICALS FILES FOR SERIES C CONVERTIBLE PREFERRED STOCK AND WARRANTS TO PURCHASE SHARES OF COMMON STOCK OF UP TO $20 MILLION - SEC FILING Source text: ( bit.ly/2wUNyv5 ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-contravir-pharma-files-for-series/brief-contravir-pharma-files-for-series-c-convertible-preferred-stock-idUSFWN1SP0VD |
LONDON (Reuters) - Biotech firm Abcam ( ABCA.L ) walked away from a takeover offer for Horizon Discovery ( HZDH.L ) on Wednesday after the life sciences group rejected the rationale behind a combination, sending Horizon’s shares down 15 percent.
Abcam, which makes antibodies, proteins and other products for researchers, announced earlier this month that Horizon had rejected its 270 million pound ($366 million) approach. Abcam said it had announced the news to try to force Horizon to talk.
Abcam said that combining Horizon’s capabilities in gene editing with its own products would allow both to extend their reach and influence globally, in the latest attempt at consolidation in the pharmaceutical sector.
Both firms are based in Cambridge, England, a center for medical research and home to a string of biotech and pharmaceutical companies.
But Abcam said on Wednesday it had decided not to make an offer due to Horizon’s rejection and after considering the most recent results of its bid target.
($1 = 0.7373 pounds)
Reporting by Kate Holton; Editing by Paul Sandle and Edmund Blair
| ashraq/financial-news-articles | https://www.reuters.com/article/us-horizon-m-a-abcam/biotech-firm-abcam-rules-out-bid-for-horizon-discovery-idUSKBN1IA1IB |
show chapters JC Penney CEO Ellison to take Lowe's top job 5 Hours Ago | 01:46 Lowe's Companies is poaching J.C. Penney Company CEO Marvin R. Ellison.
The home improvement retailer announced Tuesday it is naming Ellison president and CEO, effective July 2. Ellison will take over for Robert A. Niblock, who previously announced his intention to retire.
Lowe's, under pressure from activist investor D.E. Shaw & Co, announced in March its CEO was stepping down.
Ellison is chairman and CEO of J.C. Penney, which he has attempted to steer through a turnaround. Prior to J.C. Penney, Ellison worked more than 12 years at Lowe's rival Home Depot , including serving as executive vice president of U.S. stores.
Shares of J.C. Penney were down nearly 3 percent, while shares of Lowe's were up 1.69 percent in early morning trading.
"The turnaround program that Ellison put in place at J.C. Penney has partly delivered but is still far from complete. There is now a question mark over how this plan will proceed and, indeed, whether J.C. Penney will remain on the same trajectory," said Neil Saunders, managing director of GlobalData Retail
"Indeed, exiting before his plan is complete is a tacit admission that he may not be able to deliver what investors are looking for."
A spokesperson for J.C. Penney told CNBC that it was just informed by Ellison a couple days ago of the move, and it was not aware when it last reported earnings. It currently has four executives filling in to run day-to-day decisions and is looking for both internal and external candidates.
The highly leveraged department store has struggled to compete within the quickly evolving retail landscape, as consumers shift their shopping online and away from the mall, where many J.C. Penney stores are located. Last year, it closed more than 100 stores.
Similarly affordable rival, Kohl's , meanwhile, has benefited from a store footprint situated away from malls. It has also taken bets like forging alliances with Amazon and Under Armour .
J.C. Penney also has been squeezed by discounters Walmart and Target , which have improved their clothing selections. Walmart recently forged a relationship with Lord & Taylor as part of its efforts to make its website a destination for apparel. Target, meanwhile, has been focusing on building out its private label apparel brands, including its succesful Cat & Jack children's line.
Under Ellison, J.C. Penney has taken a number of efforts to help steward a turnaround, including a focus on beauty and appliances. In a bid to boost traffic, the retailer has focused on its salon business, hoping hair-dresser loyalty would turn into shopping frequency.
In March, it eliminated 230 positions and announced the departure of executive vice president of Penney's omnichannel business, Mike Amend.
Ellison is not the first CEO to struggle with a J.C. Penney turnaround. Ron Johnson, who joined J.C. Penney from Apple , took the job at the behest of activist Bill Ackman in 2011, but was ousted in 2013.
Lowe's board also named Richard W. Dreiling, a director of Lowe's since 2012, chairman, effective July 2.
Jim Spellman | WireImage | Getty Images Marvin Ellison, JC Penney's CEO | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/22/lowes-names-jc-penney-ceo-marvin-ellison-as-its-new-ceo.html |
May 9 (Reuters) - Neos Therapeutics Inc:
* NEOS THERAPEUTICS REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS
* Q1 LOSS PER SHARE $0.50 * Q1 EARNINGS PER SHARE VIEW $-0.48 — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-neos-therapeutics-reports-q1-loss/brief-neos-therapeutics-reports-q1-loss-per-share-0-50-idUSASC0A0WK |
May 29, 2018 / 8:27 PM / Updated 11 hours ago Rolls-Royce says tripling capacity to fix Trent 1000 engine problems Reuters Staff 1 Min Read
LONDON (Reuters) - Britain’s Rolls-Royce ( RR.L ) said on Tuesday it was tripling capacity to fix problems with its Trent 1000 engines that have left some of Boeing’s ( BA.N ) 787 Dreamliner planes grounded. FILE PHOTO: A view of one of two Rolls Royce Trent 1000 engines on a Boeing 787 Dreamliner during a media tour ahead of the Singapore Airshow on February 12, 2012. REUTERS/Edgar Su/File Photo
Rolls-Royce will set out full details on how it intends to speed up necessary inspections and repairs on Wednesday, a spokesman for the engine manufacturer said, confirming a development first reported by the Financial Times.
Turbine blades in the Trent 1000 package C engines are not lasting as long as expected, requiring extra inspections and meaning airlines are having to ground some aircraft.
Air New Zealand and Virgin Atlantic are among the airlines affected. Reporting by Sarah Young, writing by David Milliken, Editing by Robin Pomeroy | ashraq/financial-news-articles | https://uk.reuters.com/article/us-rolls-royce-hldg-trent1000/rolls-royce-says-tripling-capacity-to-fix-trent-1000-engine-problems-idUKKCN1IU2NY |
May 23, 2018 / 11:23 AM / Updated 22 minutes ago Pirate attacks grow in South America and Caribbean - report Jonathan Saul 3 Min Read
LONDON (Reuters) - Pirate attacks around South American and Caribbean waters are growing, and violence is increasingly used during robberies committed on vessels at anchor, a report showed on Wednesday.
The Oceans Beyond Piracy (OBP) non-profit group recorded 71 incidents in Latin America and the Caribbean in 2017, a 163 percent increase over 2016.
OBP said the majority of the attacks occurred in territorial waters, with around 59 percent of incidents involving robbery on yachts. Anchorages in Venezuela, Saint Vincent and the Grenadines, Colombia and St. Lucia were the regional hot spots during 2017, it said.
“We have observed a significant increase in violent incidents and anchorage crime, particularly in the anchorages of Venezuela and the recent violent incidents off Suriname in the first part of this year,” said the report’s lead author Maisie Pigeon.
In late April a pirate attack off the coast of Suriname left at least a dozen fishermen from neighbouring Guyana missing and feared dead with three separate bodies found in what was described by Guyana’s President David Granger as a “massacre”.
In a separate incident in May a fishing boat captain was shot dead after his vessel was attacked off Suriname while the rest of the crew survived.
OBP could not give a total economic cost for attacks in Latin America and the Caribbean, but said ship stores and crew belongings reported stolen were estimated to have totalled nearly $1 million in 2017.
The cost of piracy in East Africa reached $1.4 billion in 2017, down from $1.7 billion in 2016 and $7 billion in 2010 during the peak of attacks by Somali gangs.
Since then, the presence of international naval forces, the deployment of private armed guards on board vessels and defensive measures by ship captains has curbed activity.
OBP said there were 54 incidents in 2017 versus 27 in 2016 after a surge of attacks in the first quarter of 2017.
“There are now a wide range of threats to shipping near the Horn of Africa that have been complicated by the conflict and instability in Yemen,” said Phil Belcher, marine director with association INTERTANKO, which represents the majority of the world’s tanker fleet.
Piracy risks remained elevated in West African waters, with 97 incidents recorded in 2017 versus 95 in 2016, with the total cost estimated at $818.1 million in 2017 versus $793.7 million, OBP said.
“Kidnap-for-ransom continues to plague the region, which is a trend that has unfortunately continued from 2016,” OBP’s Pigeon said. Editing by William Maclean | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-shipping-piracy/pirate-attacks-grow-in-south-america-and-caribbean-report-idUKKCN1IO1JX |
0 COMMENTS A gunman killed 10 people and wounded 10 others at a high school in southeast Texas. The suspect, a 17-year-old student, was in custody.
The House defeated a farm bill after GOP leaders failed to win over a conservative bloc demanding a separate vote on immigration, in a major rebuke to Ryan.
The U.S. and China wrapped up a second day of talks with Beijing agreeing to buy more U.S. goods and services but resisting specific trade-deficit demands.
Health centers that provide abortions could lose family-planning funding under a Trump administration proposal.
A passenger jet with over 100 people on board crashed after takeoff in Cuba, leaving only three survivors.
Trump plans to nominate acting VA Secretary Wilkie to lead the department.
The WHO raised the risk from an Ebola outbreak in Congo to “very high.” | ashraq/financial-news-articles | https://www.wsj.com/articles/whats-news-world-wide-1526694730 |
RIYADH (Reuters) - Saudi Arabia’s King Salman has ordered protection for employees who report financial and administrative corruption, Al Arabiya TV reported on Sunday, as part of an effort to combat graft that saw dozens of royals and top businessmen detained last year.
Saudi Arabia's King Salman bin Abdulaziz Al Saud is seen during the 29th Arab Summit in Dhahran, Saudi Arabia April 15, 2018. Bandar Algaloud/Courtesy of Saudi Royal Court/Handout via REUTERS The decree shields whistleblowers from “violation of their privileges or rights”, the Saudi-run broadcaster said in an online report, without providing details.
Most of the people detained in the anti-corruption drive, including global investor Prince Alwaleed bin Talal, were released from Riyadh’s Ritz-Carlton hotel after being exonerated or reaching financial settlements with the government. The government said such deals brought in more than $100 billion.
The Ritz was cleared out and reopened to the public in February, though 56 people who had not reached settlements by then remained in custody and could face trial.
The anti-corruption campaign is part of Crown Prince Mohammed bin Salman’s push to transform an oil-dependent economy, long plagued by graft, that must now cope with lower crude prices. But it remains shrouded in secrecy, with few details of the allegations or the financial settlements disclosed.
King Salman in March ordered the establishment of specialized departments in the public prosecutor’s office in order to accelerate the investigation and prosecution of corruption cases, and the public prosecutor said last month that the campaign would work its way through lower-level offences.
Reporting By Stephen Kalin, editing by Larry King
| ashraq/financial-news-articles | https://www.reuters.com/article/us-saudi-corruption/saudi-king-orders-whistleblower-protections-in-anti-corruption-push-idUSKBN1I70IN |
May 20, 2018 / 12:23 PM / Updated 23 minutes ago India's Modi faces revived opposition after setback in southern state Aditya Kalra 4 Min Read
NEW DELHI (Reuters) - Indian opposition parties have joined forces to snatch power from the country’s ruling party in a big southern state, laying the stage for other such alliances in a direct challenge to Prime Minister Narendra Modi’s re-election bid next year. Police personnel maintain vigil outside the Vidhana Soudha, the legislative house of the southern state of Karnataka during a vote of confidence motion against the ruling Bharatiya Janata Party's (BJP) B. S. Yeddyurappa's government in Bengaluru, India, May 19, 2018. REUTERS/Abhishek N. Chinnappa
A coalition of Congress and a regional group said on Sunday they will establish a government in Karnataka state next week, after Modi’s Bharatiya Janata Party (BJP) failed to prove its majority despite bagging more seats than any other party in a closely-fought election.Rahul Gandhi, the leader of the Congress party - which has struggled to make any major political inroads since Modi stormed to power four years ago - said his party will rally regional groups into a common front against Modi.
“I am very proud that the opposition has stood together and defeated the BJP, and we will continue to do so,” said Gandhi.
Karnataka, with a population of 66 million, was the first major state this year to elect an assembly, and will be followed by three more before the general election in 2019.
Political strategists say polls in Karnataka, home to India’s “Silicon Valley” Bengaluru, which was previously known as Bangalore, were seen as a key test of Modi’s popularity but the final outcome highlights the threats he faces from a united opposition are much bigger than anticipated.
“Formation of this coalition is a platform for an anti-BJP alliance for the next year,” said Sandeep Shastri, a political scientist at Bengaluru’s Jain University. H. D. Kumaraswamy (C), Janata Dal (Secular) leader and former Chief Minister of the southern state of Karnataka, speaks to the media outside the legislative house after a vote of confidence motion against the ruling Bharatiya Janata Party's (BJP) B. S. Yeddyurappa's government, in Bengaluru, India, May 19, 2018. REUTERS/Abhishek N. Chinnappa
“Any shortfall in other states will further consolidate anti-BJP forces.”
Karnataka’s state’s governor last week allowed Modi’s party to form a government, even as it became clear that with only 104 seats the Hindu nationalist BJP trailed the opposition alliance, which has at least 115 seats in the 225-member assembly. That decision prompted Modi’s rivals to turn to the Supreme Court.
The governor gave the BJP 15 days to prove its majority, but the court ordered a vote of confidence in the assembly on Saturday. Even before that could take place, BJP’s newly appointed state chief minister, B.S. Yeddyurappa, resigned.
To bring the regional party - Janata Dal (Secular) - into the alliance, Congress, which has 78 of the seats, did have to concede the chief minister’s job to the smaller group. Previously, the state had been held by Congress. Outgoing Chief Minister of the southern state of Karnataka Siddaramaiah attends a protest against India's ruling Bharatiya Janata Party (BJP) leader B.S. Yeddyurappa's swearing-in as Chief Minister of the southern state of Karnataka, in Bengaluru, India, May 17, 2018. REUTERS/Abhishek N. Chinnappa “VOTE OF OVERCONFIDENCE”
Mamata Banerjee, a powerful politician in eastern India, described Modi’s failure in Karnataka as a “victory of the regional front”.
In an apparent show of strength against Modi, most opposition leaders have been invited for the upcoming swearing-in ceremony of Karnataka’s new chief minister, said Sanjay Jha, Congress’ national spokesman.
Jha said Congress’ spirit ahead of the 2019 polls was that of “necessary political accommodation” when it comes to forming alliances to stop Modi.
BJP leader Seshadri Chari said no opposition alliance will be able to stop Modi. “BJP will emerge as the single largest party (in 2019) with a majority”.
Modi remains by far the most popular politician in India and his approval rankings far outweigh Gandhi, who is the fifth-generation scion of the Nehru-Gandhi dynasty.
U.S.-based research agency Pew released a survey in November that showed nearly nine out of 10 Indians held a favourable opinion of Modi.
On Sunday, Indian newspapers carried front-page headlines highlighting Modi’s loss, a rare sight of late in Indian politics: The BJP and its allies rule 21 of India’s 29 states currently, up from seven they ruled in 2014.
“BJP loses vote of overconfidence,” said the Indian Express newspaper’s front page headline. Reporting by Aditya Kalra; Editing by Sanjeev Miglani and Martin Howell | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-india-politics/indias-modi-faces-revived-opposition-after-setback-in-southern-state-idUKKCN1IL0FM |
May 11, 2018 / 11:07 AM / Updated an hour ago Neymar on target to regain fitness by World Cup but PSG future unclear Reuters Staff 2 Min Read
MADRID (Reuters) - Brazil forward Neymar aims to get fully fit in time for next month’s World Cup following foot surgery but his future at Paris St Germain looks rather uncertain. FILE PHOTO: Brazilian soccer player Neymar attends a promotional event in Sao Paulo, Brazil April 17, 2018. REUTERS/Paulo Whitaker
He was absent from PSG’s Ligue 1 title celebrations in April and was a spectator at the Stade de France on Tuesday when his side beat third tier Les Herbiers 2-0 in the French Cup final to complete a domestic treble.
Reports in the French and Spanish media say Neymar, who joined the Ligue 1 club from Barcelona for a record 222 million euros last August, has told PSG directors he wants to quit the club after only one season.
Media reported he now wants to move to Real Madrid, who tried to sign him in 2013 before the Brazilian opted for Barcelona.
Spanish newspaper Marca reported on Friday that the player’s father and agent, Neymar Sr., has told PSG his son wants to leave immediately. The report also said his father met with Madrid directors in December on the same day Cristiano Ronaldo received the Ballon d’Or in Paris.
The 26-year-old has been out of action since spraining his ankle and fracturing his fifth metatarsal on Feb. 25, which led him to undergo surgery in Brazil.
The Brazilian had scored 28 goals and provided 16 assists in 30 appearances in all competitions for PSG before his injury. Reporting by Richard Martin, editing by Pritha Sarkar | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-france-psg-neymar/neymar-on-target-to-regain-fitness-by-world-cup-but-psg-future-unclear-idUKKBN1IC16X |
ATM operating revenues down 6% for the quarter
ATM operating revenues up 9% for the quarter excluding the impact of 7-Eleven
Increases Outlook for 2018
HOUSTON, May 03, 2018 (GLOBE NEWSWIRE) -- Cardtronics plc (Nasdaq:CATM) (“Cardtronics” or the “Company”), the world’s largest ATM owner/operator, announced today its financial and operational results for the quarter
First Quarter 2018 Financial Highlights:
Total revenues of $336.2 million, down 6% from $357.6 million in the prior year and up 9% after excluding the impact from the removal of ATMs at 7-Eleven locations in the U.S. ATM operating revenues of $319.7 million, down 6% from $341.8 million in the prior year and up 9% after excluding the impact from the removal of ATMs at 7-Eleven locations in the U.S. GAAP Net Loss of $(2.8) million, or $(0.06) per diluted share, compared to $(0.9) million, or $(0.02) per diluted share in the prior year. Adjusted gross margin of 32.1%, up 110 basis points compared to the prior year. Adjusted EBITDA of $68.7 million, down 4% from $71.2 million in the prior year, impacted by the removal of ATMs at 7-Eleven locations in the U.S. Adjusted Net Income per diluted share of $0.46 compared to $0.55 in the prior year, impacted by the removal of ATMs at 7-Eleven locations in the U.S. and higher interest expense associated with permanent financing related to the DCPayments acquisition.
“We had a great start to 2018, with a first quarter that demonstrated the strength and durability of our business and strong operational execution resulting in margin expansion over the prior year. As we moved past the 7-Eleven deconversion, we delivered solid organic revenue growth in North America, driven by improved transaction levels. In addition to delivering value for our premier retailers, we continue to focus on becoming an increasingly important strategic partner to financial institutions, and our efforts are gaining momentum. We’re excited about the year ahead and our ability to execute on our strategic priorities,” commented Edward H. West, Cardtronics’ chief executive officer.
Note Regarding First Quarter 2018 Results Compared to Prior Year:
The Company had a long-standing relationship with 7-Eleven in the U.S. that ended during the quarter In previous periods, this relationship accounted for a material portion of the Company’s consolidated revenues and profits. The Company began a transition to 7-Eleven’s new service provider during the third quarter of 2017 and that transition was completed in February 2018. The Company estimates that 7-Eleven accounted for approximately 15% of the Company’s total revenues during the first quarter of 2017 and had an incremental adjusted gross margin of approximately 40%. During the first quarter of 2018, 7-Eleven in the U.S. accounted for less than 2% of the Company’s total revenues. 7-Eleven in the U.S. accounted for approximately 12.5% of the Company’s consolidated revenues for the year ended 2017 and the Company expects that 7-Eleven in the U.S. will account for less than 1% of consolidated revenues in 2018.
See Disclosure of Non-GAAP Financial Information in this earnings release for definitions of Adjusted Gross Profit, Adjusted Gross Margin, EBITDA, Adjusted EBITDA, Adjusted Net Income, Adjusted Net Income per diluted share, Adjusted Free Cash Flow, and certain other non-GAAP measures on a constant-currency basis. For additional information, including reconciliations to the most directly comparable financial measure recognized under generally accepted accounting principles in the U.S. (“U.S. GAAP” or “GAAP”), see the supplemental schedules of selected financial information in this earnings release.
The Company may also refer to revenue or profit growth as being organic. When providing growth measures on an organic basis, the Company attempts to exclude the estimated impact from any acquired or divested businesses that may be included or partially included in one period but not another. The Company may further adjust organic performance measures for the impacts of currency movements, in order to have a consistent performance comparison across periods for the business, excluding movements in exchange rates. Due to the significance of the Company’s 7-Eleven relationship in the U.S., which accounted for 12.5% of consolidated revenues in 2017 and is expected to account for less than 1% of consolidated revenues in 2018, the Company may also report certain performance measures excluding the estimated contribution of this relationship to enable more comparable analysis of the business across periods excluding this relationship.
2018 OUTLOOK
Below is the Company’s financial outlook for the full year 2018:
Revenues of $1.26 billion to $1.30 billion; GAAP Net Income of $1.0 million to $6.0 million; Adjusted EBITDA of $255 million to $265 million; Depreciation and accretion expense of $126 million to $128 million; Cash interest expense of $36 million; Adjusted Net Income of $67 million to $77 million; Adjusted Net Income per diluted share of $1.45 to $1.65, based on approximately 46.5 million weighted average diluted shares outstanding; and Capital expenditures of $110 million.
The Adjusted EBITDA and Adjusted Net Income outlook excludes the impact of certain expenses, as outlined in the reconciliation provided at the end of this earnings release. See Disclosure of Non-GAAP Financial Information in this earnings release for definitions of these Non-GAAP measures. This outlook is based on average foreign currency exchange rates for the year of £1.00 U.K. to $1.35 U.S., $20.00 Mexican pesos to $1.00 U.S., $1.00 Canadian dollar to $0.80 U.S., €1.00 Euros to $1.24 U.S., $1.00 Australian dollar to $0.80 U.S., and R13 South African Rand to $1.00 U.S.
CONFERENCE CALL INFORMATION
The Company will host a conference call today, Thursday, May 3, 2018, at 4:00 p.m. Central Time (5:00 p.m. Eastern Time) to discuss its financial results for the quarter To access the call, please call the conference call operator at:
Dial in: (877) 303-9205 Alternate dial-in: (760) 536-5226 Please call in 15 minutes prior to the scheduled start time and request to be connected to the “Cardtronics First Quarter 2018 Earnings Conference Call.” Additionally, a live audio webcast of the conference call will be available online through the investor relations section of the Company’s website at www.cardtronics.com .
A digital replay of the conference call will be available through Thursday, May 10, 2018, and can be accessed by calling (855) 859-2056 or (404) 537-3406 and entering 4096764 for the conference ID. A replay of the conference call will also be available online through the Company’s website subsequent to the call through May 31, 2018. Prior to the conference call, the Company will post supplemental financial information to its website at www.cardtronics.com .
ABOUT CARDTRONICS (NASDAQ:CATM)
Making ATM cash access convenient where people shop, work, and live, Cardtronics is at the convergence of retailers, financial institutions, prepaid card programs, and the customers they share. Cardtronics provides services to approximately 230,000 ATMs in North America, Europe, Asia-Pacific, and Africa. Whether Cardtronics is driving foot traffic for top retailers, enhancing ATM brand presence for card issuers or expanding card holders’ surcharge-free cash access, Cardtronics is convenient access to cash, when and where consumers need it. Cardtronics is where cash meets commerce.
CONTACT INFORMATION
Media Relations Brad Nolan 832-308-4975 [email protected] Investor Relations Dara Dierks 832-308-4975 [email protected] CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This earnings release contains “ ” within the meaning of the Private Securities Litigation Reform Act of 1995 and are intended to be covered by the safe harbor provisions thereof. These are based on management’s current expectations and beliefs concerning future developments and their potential effect on the Company and there can be no assurance that future developments affecting the Company will be those that are anticipated. All comments concerning the Company’s expectations for future revenues and operating results are based on its estimates for its existing operations and do not include the potential impact of any future acquisitions. The Company’s involve significant risks and uncertainties (some of which are beyond its control) and assumptions that could cause actual results to differ materially from its historical experience and present expectations or projections. Risk factors are described in the Company’s 2017 Form 10-K, and those set forth from time-to-time in other filings Commission. Readers are cautioned not to place undue reliance on contained in this earnings release, which speak only as of the date of this earnings release. The Company undertakes no obligation to publicly update or revise any after the date they are made, whether as a result of new information, future events, or otherwise.
DISCLOSURE OF NON-GAAP FINANCIAL INFORMATION
Adjusted Gross Profit, Adjusted Gross Margin, EBITDA, Adjusted EBITDA, Adjusted Net Income, Adjusted Net Income per diluted share, Adjusted Free Cash Flow, and certain GAAP as well as non-GAAP measures on a constant-currency basis represent non-GAAP financial measures provided as a complement to financial results prepared in accordance with GAAP and may not be comparable to similarly-titled measures reported by other companies. The Company uses these non-GAAP financial measures in managing and measuring the performance of its business, including setting and measuring incentive based compensation for management. Management believes that the presentation of these measures and the identification of notable, non-cash, and/or (if applicable in a particular period) certain costs not anticipated to occur in future periods enhance an investor’s understanding of the underlying trends in the Company’s business and provide for better comparability between periods in different years.
Adjusted Gross Profit represents total revenues less the total cost of revenues, excluding depreciation, accretion, and amortization of intangible assets. Adjusted Gross Margin is calculated by dividing Adjusted Gross Profit by total revenues. Adjusted EBITDA excludes depreciation, accretion, and amortization of intangible assets as these amounts can vary substantially from company to company within the Company’s industry depending upon accounting methods and book values of assets, capital structures, and the methods by which the assets were acquired. Adjusted EBITDA also excludes share-based compensation expense, acquisition and divestiture-related expenses, certain non-operating expenses, (if applicable in a particular period) certain costs not anticipated to occur in future periods, gains or losses on disposal and impairment of assets, the Company’s obligations for the payment of income taxes, interest expense, and other obligations such as capital expenditures, and includes an adjustment for noncontrolling interests. Adjusted Net Income represents net income computed in accordance with GAAP, before amortization of intangible assets, gains or losses on disposal and impairment of assets, share-based compensation expense, certain other expense amounts, acquisition and divestiture-related expenses, certain non-operating expenses, and (if applicable in a particular period) certain costs not anticipated to occur in future periods (together, the “Adjustments”). For the three months ended March 31, 2018 and 2017, the non-GAAP tax rate used to calculate Adjusted Net Income was approximately 25.8% and 28.2%, respectively, representing the GAAP tax rate for the period as adjusted by the estimated tax impact of the items adjusted from the measure. Adjusted Net Income per diluted share is calculated by dividing Adjusted Net Income by weighted average diluted shares outstanding. Adjusted Free Cash Flow is defined as cash provided by operating activities less the impact of changes in restricted cash due to the timing of settlements and less payments for capital expenditures, including those financed through direct debt, but excluding acquisitions. The Adjusted Free Cash Flow measure does not take into consideration certain other non-discretionary cash requirements such as mandatory principal payments on portions of the Company’s long-term debt. Management calculates certain GAAP as well as non-GAAP measures on a constant-currency basis using the average foreign currency exchange rates applicable in the corresponding period of the previous year and applying these rates to the measures in the current reporting period. Management uses GAAP as well as non-GAAP measures on a constant-currency basis to assess performance and eliminate the effect foreign currency exchange rates have on comparability between periods.
The non-GAAP financial measures presented herein should not be considered in isolation or as a substitute for operating income, net income, cash flows from operating, investing, or financing activities, or other income or cash flow measures prepared in accordance with GAAP. Reconciliations of the non-GAAP financial measures used herein to the most directly comparable GAAP financial measures are presented in tabular form at the end of this earnings release.
Consolidated Statements of Operations
For the Three Months Ended March 31, 2018 and 2017
(In thousands, excluding share, per share amounts, and percentages) Three Months Ended March 31, 2018 % Change 2017 (Unaudited)
Revenues: ATM operating revenues $ 319,731 (6.5 ) % $ 341,788 ATM product sales and other revenues 16,453 4.2 15,784 Total revenues 336,184 (6.0 ) 357,572 Cost of revenues: Cost of ATM operating revenues (excludes depreciation, accretion, and amortization of intangible assets reported separately below.) 215,490 (7.1 ) 231,927 Cost of ATM product sales and other revenues 12,762 (12.8 ) 14,635 Total cost of revenues 228,252 (7.4 ) 246,562 Operating expenses: Selling, general, and administrative expenses 41,740 (0.5 ) 41,949 Redomicile-related expenses — n/m 760 Restructuring expenses 2,413 (70.7 ) 8,243 Acquisition and divestiture-related expenses 1,720 (79.7 ) 8,456 Depreciation and accretion expense 31,042 6.6 29,121 Amortization of intangible assets 13,771 (9.3 ) 15,180 Loss on disposal and impairment of assets 5,420 69.7 3,194 Total operating expenses 96,106 (10.1 ) 106,903 Income from operations 11,826 187.9 4,107 Other expense: Interest expense, net 9,174 39.9 6,557 Amortization of deferred financing costs and note discount 3,308 11.2 2,976 Other expense (income) 2,160 n/m (1,580 ) Total other expense 14,642 84.1 7,953 Loss before income taxes (2,816 ) (26.8 ) (3,846 ) Income tax benefit (31 ) (98.9 ) (2,952 ) Effective tax rate 1.1 % 76.8 % Net loss (2,785 ) 211.5 (894 ) Net (loss) income attributable to noncontrolling interests (17 ) n/m 7 Net loss attributable to controlling interests and available to common shareholders $ (2,768 ) 207.2 % $ (901 ) Net loss per common share – basic $ (0.06 ) $ (0.02 ) Net loss per common share – diluted $ (0.06 ) $ (0.02 ) Weighted average shares outstanding – basic 45,833,070 45,490,461 Weighted average shares outstanding – diluted 45,833,070 45,490,461
Condensed Consolidated Balance Sheets
As of March 31, 2018 and December 31, 2017
(In thousands) March 31, 2018 December 31, 2017 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 46,673 $ 51,370 Accounts and notes receivable, net 94,345 105,245 Inventory, net 15,529 14,283 Restricted cash 73,003 48,328 Prepaid expenses, deferred costs, and other current assets 121,298 96,106 Total current assets 350,848 315,332 Property and equipment, net 487,695 497,902 Intangible assets, net 195,378 209,862 Goodwill 779,394 774,939 Deferred tax asset, net 5,948 6,925 Prepaid expenses, deferred costs, and other noncurrent assets 75,245 57,756 Total assets $ 1,894,508 $ 1,862,716 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Current portion of other long-term liabilities $ 22,877 $ 31,370 Accounts payable and other accrued and current liabilities 362,756 351,180 Total current liabilities 385,633 382,550 Long-term liabilities: Long-term debt 915,586 917,721 Asset retirement obligations 61,392 59,920 Deferred tax liability, net 42,394 37,130 Other long-term liabilities 70,921 75,002 Total liabilities 1,475,926 1,472,323 Shareholders' equity 418,582 390,393 Total liabilities and shareholders’ equity $ 1,894,508 $ 1,862,716 SELECTED BALANCE SHEET DETAIL:
Long-term debt: March 31, 2018 December 31, 2017 (In thousands) (Unaudited) Revolving credit facility $ 117,168 $ 122,461 1.00% Convertible senior notes (1) 254,797 251,973 5.125% Senior notes (1) 248,210 248,038 5.50% Senior notes (1) 295,411 295,249 Total long-term debt $ 915,586 $ 917,721 (1) The 1.00% Convertible Senior Notes due 2020 with a face value of $287.5 million are presented net of the unamortized discount and capitalized debt issuance costs of $32.7 million and $35.5 million as of March 31, 2018 and December 31, 2017, respectively. In accordance with GAAP, the estimated fair value of the conversion feature within the Convertible Senior Notes was recorded as additional paid-in capital within equity at issuance. The Convertible Senior Notes are being accreted over the term of the notes to the full principal amount ($287.5 million). The 5.125% Senior Notes due 2022 with a face value of $250.0 million are presented net of capitalized debt issuance costs of $1.8 million and $2.0 million as of March 31, 2018 and December 31, 2017, respectively. The 5.50% Senior Notes due 2025 with a face value of $300.0 million are presented net of capitalized debt issuance costs of $4.6 million and $4.8 million as of March 31, 2018 and December 31, 2017, respectively.
SELECTED CASH FLOW DETAIL (Unaudited):
Selected cash flow statement amounts: Three Months Ended March 31, 2018 2017 (In thousands) Net cash provided by operating activities $ 49,433 $ 22,708 Net cash used in investing activities (20,739 ) (523,163 ) Net cash (used in) provided by financing activities (9,395 ) 483,201 Effect of exchange rate changes on cash 684 (1,163 ) Net (decrease) increase in cash, cash equivalents, and restricted cash 19,983 (18,417 ) Cash, cash equivalents, and restricted cash as of beginning of period 99,817 105,747 Cash, cash equivalents, and restricted cash as of end of period $ 119,800 $ 87,330
Reconciliation of Net Loss Attributable to Controlling Interests and Available to Common Shareholders to EBITDA, Adjusted EBITDA, and Adjusted Net Income
For the Three Months Ended March 31, 2018 and 2017
(In thousands, excluding share and per share amounts)
(Unaudited) Three Months Ended March 31, 2018 2017 Net loss attributable to controlling interests and available to common shareholders $ (2,768 ) $ (901 ) Adjustments: Interest expense, net 9,174 6,557 Amortization of deferred financing costs and note discount 3,308 2,976 Income tax benefit (31 ) (2,952 ) Depreciation and accretion expense 31,042 29,121 Amortization of intangible assets 13,771 15,180 EBITDA $ 54,496 $ 49,981 Add back: Loss on disposal and impairment of assets 5,420 3,194 Other expense (income) (1) 2,160 (1,580 ) Noncontrolling interests (2) 1 (4 ) Share-based compensation expense 2,445 2,197 Redomicile-related expenses (3) — 760 Restructuring expenses (4) 2,413 8,243 Acquisition and divestiture-related expenses (5) 1,720 8,456 Adjusted EBITDA $ 68,655 $ 71,247 Less: Interest expense, net 9,174 6,557 Depreciation and accretion expense (6) 31,041 29,118 Adjusted pre-tax income $ 28,440 $ 35,572 Income tax expense (7) 7,338 10,031 Adjusted Net Income $ 21,102 $ 25,541 Adjusted Net Income per share – basic $ 0.46 $ 0.56 Adjusted Net Income per share – diluted $ 0.46 $ 0.55 Weighted average shares outstanding – basic 45,833,070 45,490,461 Weighted average shares outstanding – diluted (8) 46,332,629 46,226,190 (1) Includes foreign currency translation gains/losses, the revaluation of the estimated acquisition-related contingent consideration payable, and other non-operating costs.
(2) Noncontrolling interests adjustment made such that Adjusted EBITDA includes only the Company’s ownership interest in the Adjusted EBITDA of one of its Mexican subsidiaries.
(3) Expenses associated with the Company’s redomicile of its parent company to the U.K., which was completed on July 1, 2016.
(4) Employee severance and other costs incurred in conjunction with a corporate reorganization and cost reduction initiative.
(5) Acquisition and divestiture-related expenses include costs incurred for professional and legal fees and certain other transition and integration-related costs. Expenses include employee severance costs and lease termination costs related to DCPayments in the three months
(6) Amounts exclude a portion of the expenses incurred by one of its Mexican subsidiaries to account for the amounts allocable to the noncontrolling interest shareholders.
(7) For the three months ended March 31, 2018 and 2017, the non-GAAP tax rate used to calculate Adjusted Net Income was approximately 25.8% and 28.2%, respectively, which represents the Company’s GAAP tax rate as adjusted for the net tax effects related to the items excluded from Adjusted Net Income.
(8) Consistent with the positive Adjusted Net Income, the Adjusted Net Income per diluted share amounts have been calculated using the diluted shares outstanding that would have resulted from positive GAAP Net Income.
Reconciliation of GAAP Revenue to Constant-Currency Revenue
For the Three Months Ended March 31, 2018 and 2017
(In thousands, excluding percentages)
(Unaudited) Consolidated revenue: Three Months Ended March 31, 2018 2017 % Change U.S.
GAAP Foreign
Currency
Impact Constant -
Currency U.S.
GAAP U.S.
GAAP Constant -
Currency ATM operating revenues $ 319,731 $ (13,402 ) $ 306,329 $ 341,788 (6.5 ) % (10.4 ) % ATM product sales and other revenues 16,453 (324 ) 16,129 15,784 4.2 2.2 Total revenues $ 336,184 $ (13,726 ) $ 322,458 $ 357,572 (6.0 ) % (9.8 ) %
Europe & Africa revenue: Three Months Ended March 31, 2018 2017 % Change U.S.
GAAP Foreign
Currency
Impact Constant -
Currency U.S.
GAAP U.S.
GAAP Constant -
Currency ATM operating revenues $ 96,182 $ (10,740 ) $ 85,442 $ 85,384 12.6 % 0.1 % ATM product sales and other revenues 2,263 (246 ) 2,017 1,863 21.5 8.3 Total revenues $ 98,445 $ (10,986 ) $ 87,459 $ 87,247 12.8 % 0.2 %
Australia & New Zealand revenue: Three Months Ended March 31, 2018 2017 % Change U.S.
GAAP Foreign
Currency
Impact Constant -
Currency U.S.
GAAP U.S.
GAAP Constant -
Currency ATM operating revenues $ 30,638 $ (1,089 ) $ 29,549 $ 31,493 (2.7 ) % (6.2 ) % ATM product sales and other revenues 58 (1 ) 57 85 (31.8 ) (33.0 ) Total revenues $ 30,696 $ (1,090 ) $ 29,606 $ 31,578 (2.8 ) % (6.2 ) %
Reconciliation of Gross Profit Inclusive of Depreciation, Accretion, and Amortization of Intangible Assets to Adjusted Gross Profit
For the Three Months Ended March 31, 2018 and 2017
(In thousands, excluding percentages)
(Unaudited) Three Months Ended March 31, 2018
2017
Total revenues $ 336,184 $ 357,572 Total cost of revenues (1) 228,252 246,562 Total depreciation, accretion, and amortization of intangible assets excluded from total cost of revenues 37,146 37,164 Gross profit inclusive of depreciation, accretion, and amortization of intangible assets $ 70,786 $ 73,846 Gross Margin (inclusive of depreciation, accretion, and amortization of intangible assets) 21.1% 20.7% Total depreciation, accretion, and amortization of intangible assets excluded from gross profit $ 37,146 $ 37,164 Adjusted Gross Profit exclusive of depreciation, accretion, and amortization of intangible assets $ 107,932 $ 111,010 Adjusted Gross Margin (exclusive of depreciation, accretion, and amortization of intangible assets) 32.1% 31.0% (1) The Company presents the Total cost of revenues in the Company’s Consolidated Statements of Operations exclusive of depreciation, accretion, and amortization of intangible assets.
Reconciliation of Adjusted EBITDA, Adjusted Net Income, and Adjusted Net Income per diluted share on a Non-GAAP basis to Constant-Currency
For the Three Months Ended March 31, 2018 and 2017
(In thousands, excluding percentages)
(Unaudited) Three Months Ended March 31, 2018 2017 % Change Non -
GAAP (1) Foreign
Currency
Impact Constant -
Currency Non -
GAAP (1) Non -
GAAP (1) Constant -
Currency Adjusted EBITDA $ 68,655 $ (3,072 ) $ 65,583 $ 71,247 (3.6 ) % (7.9 ) % Adjusted Net Income $ 21,102 $ (1,122 ) $ 19,980 $ 25,541 (17.4 ) % (21.8 ) % Adjusted Net Income per share – diluted (2) $ 0.46 $ (0.03 ) $ 0.43 $ 0.55 (16.4 ) % (21.8 ) % (1) As reported on the Company’s Reconciliation of Net Loss Attributable to Controlling Interests and Available to Common Shareholders to EBITDA, Adjusted EBITDA, and Adjusted Net Income , see Disclosure of Non-GAAP Financial Information in this earnings release for further discussion.
(2) Adjusted Net Income per diluted share is calculated by dividing Adjusted Net Income by the weighted average diluted shares outstanding of 46,332,629 and 46,226,190 for the three months ended March 31, 2018 and 2017, respectively. Consistent with the positive Adjusted Net Income, the Adjusted Net Income per diluted share amounts have been calculated using the diluted shares outstanding that would have resulted from positive GAAP Net Income.
Reconciliation of Adjusted Free Cash Flow
For the Three Months Ended March 31, 2018 and 2017
(In thousands)
(Unaudited) Three Months Ended March 31, 2018 2017 Net cash provided by operating activities $ 49,433 $ 22,708 Restricted cash settlement activity (24,238 ) (12,259 ) Adjusted net cash provided by operating activities 25,195 10,449 Net cash used in investing activities, excluding acquisitions and divestitures (20,739 ) (38,561 ) Adjusted free cash flow $ 4,456 $ (28,112 )
Reconciliation of Estimated Net Income to EBITDA, Adjusted EBITDA, and Adjusted Net Income
For the Year Ending December 31, 2018
(In millions, excluding per share amounts)
(Unaudited) Estimated Range
Full Year 2018 (1) Net Income $ 1.0 $ 6.0 Adjustments: Interest expense, net 36.0 36.0 Amortization of deferred financing costs and note discount 14.0 14.0 Income tax expense 1.0 5.0 Depreciation and accretion expense 128.0 126.0 Amortization of intangible assets 50.0 50.0 EBITDA $ 230.0 $ 237.0 Add Back: Loss on disposal and impairment of assets 5.0 6.0 Share-based compensation expense 14.0 16.0 Acquisition-related expenses 2.0 2.0 Restructuring expenses 4.0 4.0 Adjusted EBITDA $ 255.0 $ 265.0 Less: Interest expense, net 36.0 36.0 Depreciation and accretion expense 128.0 126.0 Income tax expense (2) 23.7 26.3 Adjusted Net Income $ 67.3 $ 76.7 Adjusted Net Income per share – diluted $ 1.45 $ 1.65 Weighted average shares outstanding – diluted 46.5 46.5 (1) See Disclosure of Non-GAAP Financial Information in this earnings release for definitions of the non-GAAP measures included in this table.
(2) Calculated using the Company’s estimated non-GAAP tax rate of approximately 26% to 28%, as adjusted for items excluded from Adjusted Net Income, see Disclosure of Non-GAAP Financial Information in this earnings release for further discussion.
Cardtronics is a registered trademark of Cardtronics plc and its subsidiaries.
All other trademarks are the property of their respective owners.
Source:Cardtronics USA, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/globe-newswire-cardtronics-announces-first-quarter-2018-results.html |
MOSCOW (Reuters) - Russia is deeply alarmed by clashes on the Gaza-Israel border between Palestinian protesters and Israeli security forces, Foreign Minister Sergei Lavrov was Quote: d as saying on Wednesday by Interfax news agency.
Lavrov also said Moscow was opposed to what he described as “extremists” using civilians to spearhead anti-Israeli protests that risk turning violent, the news agency reported.
Reporting by Gabrielle Tetrault-Farber; Writing by Christian Lowe; Editing by Richard Balmforth
| ashraq/financial-news-articles | https://www.reuters.com/article/us-israel-palestinians-russia-lavrov/russia-says-deeply-alarmed-by-gaza-clashes-ifax-idUSKCN1IH23P |
Italians back coalition spending plan, investors wary 8:45pm IST - 01:34
Italy's anti-establishment 5-Star Movement and the far-right League will seek the backing of the president for their candidate to lead a coalition government whose plans to jack up spending have roiled financial markets. As Ciara Lee reports, yields on Italy's 10-year bond hit their highest in more than seven months on Monday.
Italy's anti-establishment 5-Star Movement and the far-right League will seek the backing of the president for their candidate to lead a coalition government whose plans to jack up spending have roiled financial markets. As Ciara Lee reports, yields on Italy's 10-year bond hit their highest in more than seven months on Monday. //reut.rs/2KJwFpk | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/21/italians-back-coalition-spending-plan-in?videoId=429062671 |
Fifteen years after invading Iraq over weapons of mass destruction and ties to al Qaeda that both proved non-existent, the United States is again steering toward a possible confrontation with a Middle East power for suspected work on nuclear weapons and support for terrorism.
U.S. President Donald Trump holds up a proclamation declaring his intention to withdraw from the JCPOA Iran nuclear agreement after signing it in the Diplomatic Room at the White House. REUTERS/Jonathan Ernst U.S. President Donald Trump’s Iran policy sounds hauntingly familiar to some current and former U.S. officials who witnessed the buildup to the March 2003 invasion of Iraq, where sectarian and ethnic fractures and some 5,000 U.S. troops still remain.
More than 4,400 U.S. troops and hundreds of thousands of Iraqis died in the conflict, which many analysts have called one of the major U.S. foreign policy debacles of modern times.
“There are disturbing and eerie similarities” in the misuse of intelligence then and now, said Paul Pillar, who was the top U.S. intelligence analyst for the Middle East from 2001 to 2005.
“The basic thing that is going on is a highly tendentious, cherry-picked, ‘we know what the conclusion is’” use of intelligence, Pillar said.
Trump on Tuesday withdrew the United States from a six-nation agreement with Tehran that limits Iran’s nuclear work in return for relief from economic sanctions.
The president charged that the deal, negotiated under his Democratic predecessor, Barack Obama, did not address Iran’s ballistic missile program, its nuclear activities beyond 2025 or its role in conflicts in Yemen and Syria.
Related Coverage Russia says will cooperate with Iran on nuclear deal-related issues Moscow says should not be any influence from U.S. on Iran's partners Russia vows to deepen ties with Iran despite U.S. sanctions Trump made no mention of assessments by the U.S. intelligence community and the United Nations’ International Atomic Energy Agency, which has nuclear inspectors in Iran, that Tehran is complying with the 2015 deal.
Instead, he cited a cache of Iranian documents made public by Israel on April 30 that he said showed Iran’s leaders lied when they denied ever pursuing a nuclear weapons project.
While the documents’ authenticity has not been challenged by Western governments and intelligence experts, critics said they added little to previous assessments that concluded that Iran mothballed its effort to develop nuclear weapons in 2003. Iran called Israel’s allegations “childish and ridiculous.”
Beginning shortly after the Sept. 11, 2001, attacks on the United States, President George W. Bush and top aides made the case for invading Iraq by citing intelligence that Iraqi President Saddam Hussein had ties to al Qaeda and was secretly developing nuclear, chemical and biological weapons.
Both claims were proved false. Bush and his aides had exaggerated the available intelligence, relied on dubious claims from Iraqi exiles and ignored contradictory information. On some points, the CIA and its sister intelligence agencies were just wrong.
FILE PHOTO: Iranian President Hassan Rouhani attends a meeting with Muslim leaders and scholars in Hyderabad, India, February 15, 2018. REUTERS/Danish Siddiqui/File Photo WHY IRAN IS NOT IRAQ U.S. officials, as well as analysts in Washington and the Middle East, cautioned that there were key differences between Bush’s Iraq policy and Trump’s approach to Iran.
While Trump’s move on Tuesday ratcheted up regional tensions and widened a rift with U.S. allies in Europe, no one is predicting an American invasion of Iran.
“The question is are we facing the same scenario that happened in Iraq with regards to the WMD, and will the region be dragged to war?” said Faysal Abdul Sater, a Lebanese analyst close to the Iranian-backed group Hezbollah.
“In my view, the situation is different, even if the degree of hostility has increased” between Gulf countries and Israel on one hand and Iran on the other, Sater said. “As for a direct attack on Iran, it is unlikely because it would lead by necessity to a comprehensive war that none of the parties could bear.”
Mark Dubowitz, chief executive of the Foundation for Defense of Democracies think tank, said the war in Iraq resulted partly from a perception that economic sanctions on Saddam, imposed after his 1990 invasion of Kuwait, were rapidly losing effectiveness.
“I think the opposite is true now,” Dubowitz said, noting that Trump appeared to favor tougher economic pressure on Iran, not military action.
FILE PHOTO: Iranians walk past a large picture of Iran's late leader Ayatollah Ruhollah Khomeini (L), and Iran's Supreme Leader Ayatollah Ali Khamenei at a park in Tehran, Iran, January 17, 2016. Raheb Homavandi/TIMA via REUTERS/File photo Despite the different tools, two U.S. officials familiar with Iran policy said they believed Trump’s ultimate goal in Iran was similar to the Bush administration’s in Iraq: replacing an anti-American government with a friendly one.
But if the Bush administration’s belief that grateful Iraqis would greet invading U.S. troops with flowers was fanciful, it
is “at least equally naive” to believe that “democracy will take root in Iran” if the Islamic Republic collapses, one of the officials said.
Neither Trump nor his hawkish new national security adviser, John Bolton, has publicly called in recent days for the overthrow of Iran’s theocracy.
Two current and one former U.S. official said America’s intelligence agencies were not being pressured to provide evidence to support the White House’s policy but instead were being ignored.
Retired General Michael Hayden, a former director of both the CIA and the National Security Agency, called it “remarkable” that Trump made no mention of U.S. intelligence assessments in his speech announcing withdrawal from the Iran deal.
Trump’s director of national intelligence, Dan Coats, told Congress in February that the Iran deal had extended the amount of time Iran would need to produce fissile material for a nuclear weapon and enhanced the transparency of Iran’s nuclear activities.
“It’s not that they’re being leaned on to provide justifications,” Hayden said of U.S. intelligence analysts. Trump “neither needs nor wants justification.”
Reporting by Warren Strobel; Additional reporting by John Walcott in Washington, Laila Bassam in Beirut and Dan Williams in Jerusalem; Editing by John Walcott and Peter Cooney
| ashraq/financial-news-articles | https://www.reuters.com/article/us-iran-nuclear-intelligence/trumps-iran-move-reminds-some-of-run-up-to-iraq-war-idUSKBN1IB0HD |
CAMBRIDGE, Mass., May 10, 2018 (GLOBE NEWSWIRE) -- Solid Biosciences Inc. (NASDAQ:SLDB) today reported financial results for the first quarter ended March 31, 2018 and provided a business update.
“The first quarter of 2018 marked Solid’s entry into public markets with the completion of our initial public offering, which we believe helps position us to achieve our mission to provide meaningful new therapies to patients with Duchenne muscular dystrophy,” said Ilan Ganot, Chief Executive Officer of Solid Biosciences. “We are pleased with the resolution of the manufacturing-related partial clinical hold on the high dose of our lead gene transfer candidate, SGT-001, in our Phase I/II clinical trial. Working with the FDA to resolve the full clinical hold on the clinical trial is currently our top priority.”
Recent Developments
Completed its initial public offering, in which the Company issued and sold 8,984,375 shares of common stock, including 1,171,875 shares of common stock pursuant to the underwriters’ overallotment, at a public offering price of $16.00 per share. The Company received total net proceeds of approximately $129.1 million from the offering after discounts, commissions and offering expenses.
Announced the receipt of a full clinical hold letter from the U.S. Food and Drug Administration (FDA) relating to IGNITE DMD, the Company’s Phase I/II clinical trial for its investigational gene therapy, SGT-001, for the treatment of Duchenne muscular dystrophy (DMD). The clinical hold is in response to an unexpected Serious Adverse Event (SAE) reported in the first patient dosed with SGT-001. In its clinical hold letter, the FDA requested additional information, including an assessment of the underlying etiology of the event, the patient’s clinical status and laboratory parameters, and any additional measures to address patient safety. Solid is finalizing its response to the FDA letter.
Announced that the earlier partial clinical hold on IGNITE DMD related to manufacturing processes for the high dose of SGT-001 had been resolved. To lift the hold, Solid submitted additional data to the FDA demonstrating that its current manufacturing process and product attributes for SGT-001 could support the high-dose group, enabling the use of a single lot for dose administration and limiting the number of vials of product required to treat each patient.
Continued to build the Company’s gene therapy pipeline through an expanded collaboration with Synpromics Ltd to further evaluate next generation promoters and an exclusive option agreement with Lonza to explore the use of a novel capsid library developed at Massachusetts Eye and Ear and for a potential license.
Expanded its footprint in Cambridge, Massachusetts with the opening of its new corporate headquarters and 9,500 sq. ft. of custom-built research and process development laboratory space in Kendall Square.
Anticipated Milestones
Work with the FDA to resolve the full clinical hold on IGNITE DMD and resume the clinical trial as soon as possible.
Present two platform presentations and five posters at the 21st Annual Meeting of the American Association of Gene and Cell Therapy (ASGCT) in May in Chicago. These presentations include data from several studies that expand upon the preclinical safety and efficacy of SGT-001 for the treatment of DMD, as well as studies supporting the Company’s growing next generation gene therapy portfolio.
Financial Highlights
Solid Biosciences reported a net loss of $15.9 million for the first quarter of 2018 as compared to $13.9 million for the first quarter of 2017. The increase in net loss for the year was due to increased research and development expenses, as well as investments in the Company’s infrastructure.
Research and development expenses for the first quarter of 2018 were $11.9 million as compared to $8.7 million for the prior year period. The increase in research and development expenses was primarily driven by increased compensation, headcount and facility costs, as well as increased costs related to the clinical development and manufacturing activities for SGT-001, which were offset by a reduction in the preclinical costs associated with SGT-001.
General and administrative expenses were $4.0 million for the first quarter of 2018 as compared to $5.4 million for the prior year period. The decrease in general and administrative expenses was primarily due to a decrease in equity-based compensation offset by an increase in salary and benefit related costs due to the increase in employee related expenses, as well as an increase in other corporate costs.
Solid ended the first quarter of 2018 with $182.4 million in cash, cash equivalents and available-for-sale securities as compared to $69.1 million as of December 31, 2017. The increase was primarily the result of the completion of the Company’s initial public offering on January 30, 2018.
About Solid Biosciences
Solid Biosciences is a life science company focused solely on finding meaningful therapies for Duchenne muscular dystrophy (DMD). Founded by those touched by the disease, Solid is a center of excellence for DMD, bringing together experts in science, technology and care to drive forward a portfolio of candidates that have life-changing potential. Currently, Solid is progressing programs across four scientific platforms: Corrective Therapies, Disease-Modifying Therapies, Disease Understanding and Assistive Devices. For more information, please visit www.solidbio.com .
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding Solid’s intentions and expectations regarding the full clinical hold on its IGNITE DMD clinical trial and its anticipated achievement of milestones. Any forward-looking statements are based on management’s current expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in, or implied by, such forward-looking statements. These risks and uncertainties include, but are not limited to, risks associated with Solid’s ability to: satisfactorily respond to requests from the FDA for information and data regarding IGNITE DMD; successfully resolve the clinical hold with regard to IGNITE DMD; obtain and maintain necessary approvals from the FDA and other regulatory authorities and investigational review boards at clinical trial sites; enroll patients in its clinical trials; continue to advance SGT-001 in clinical trials; replicate in later clinical trials positive results found in preclinical studies and earlier stage clinical trials of SGT-001 and its other product candidates; advance the development of its product candidates under the timelines it anticipates in current and future clinical trials; obtain, maintain or protect intellectual property rights related to its product candidates; compete successfully with other companies that are seeking to develop DMD treatments and gene therapies; manage expenses; and raise the substantial additional capital needed to achieve its business objectives. For a discussion of other risks and uncertainties, and other important factors, any of which could cause the Company’s actual results to differ from those contained in the forward-looking statements, see the “Risk Factors” section, as well as discussions of potential risks, uncertainties and other important factors, in the Company’s most recent filings with the Securities and Exchange Commission. In addition, the forward-looking statements included in this press release represent the Company’s views as of the date hereof and should not be relied upon as representing the Company’s views as of any date subsequent to the date hereof. The Company anticipates that subsequent events and developments will cause the Company's views to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so.
Solid Biosciences Inc. Condensed Consolidated Statements of Operations (unaudited, in thousands, except share and per share data) Three Months Ended March 31, 2018 2017 Revenue $ - $ - Operating expenses: Research and development 11,929 8,733 General and administrative 4,044 5,380 Total operating expenses 15,973 14,113 Loss from operations (15,973 ) (14,113 ) Other income (expense): Interest income 65 62 Other income 31 176 Total other income (expense), net 96 238 Net loss (15,877 ) (13,875 ) Net loss attributable to non-controlling interest - (1,060 ) Net loss attributable to Solid Biosciences Inc. (15,877 ) (12,815 ) Accretion of preferred units to redemption value - (959 ) Redemption of preferred units - 15,685 Redemption of redeemable interest from non-controlling interest in Solid GT - (1,925 ) Net loss attributable to common stockholders $ (15,877 ) $ (14 ) Net loss per share attributable to common stockholders, basic and diluted $ (0.54 ) $ (0.01 ) Weighted average shares of common stock outstanding, basic and diluted 29,354,650 3,047,759
Solid Biosciences Inc. Condensed Consolidated Balance Sheets (unaudited, in thousands, except share and per share data) March 31, December 31, 2018 2017 Assets Current assets: Cash and cash equivalents $ 164,773 $ 52,080 Available-for-sale securities 17,609 17,014 Prepaid expenses and other current assets 1,931 1,499 Restricted cash 65 65 Total current assets 184,378 70,658 Property and equipment, net 4,418 2,429 Other non-current assets 209 - Restricted cash 237 - Deferred offering costs - 3,106 Total assets $ 189,242 $ 76,193 Liabilities, Preferred Units and Stockholders' / Members' Equity / (Deficit) Current liabilities: Accounts payable 5,835 5,066 Accrued expenses and other current liabilities 4,092 6,205 Total current liabilities 9,927 11,271 Other non-current liabilities 365 - Total liabilities 10,292 11,271 Series 2 Senior Preferred Units - 55,002 Series 1 Senior Preferred Units - 25,000 Junior Preferred Units - 44,177 Stockholders' / Members' equity / (deficit): Series A, B, C and D Common Units - 65,014 Common Stock 35 Additional paid-in capital 319,073 Accumulated other comprehensive loss (23 ) (13 ) Accumulated deficit (140,135 ) (124,258 ) Total stockholders'/ members' equity (deficit) 178,950 (59,257 ) Total liabilities, preferred units and stockholders'/ members' equity 189,242 76,193
Contact:
Solid Biosciences
Kate Niazi-Sai
617-337-4680
[email protected]
[email protected]
Source:Solid Biosciences Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/globe-newswire-solid-biosciences-reports-first-quarter-2018-financial-results-and-provides-business-update.html |
President Donald Trump 's demand that China cut its trade deficit with the U.S. by $200 billion in two years is tall order politically.
It also defies the laws of economics.
On Tuesday, the president walked back comments over the weekend from Treasury Secretary Steven Mnuchin essentially calling a "truce" in the emerging trade war with China. The administration has threatened to impose steep tariffs on Chinese goods entering the U.S. unless Beijing engineers a $200 billion reduction in its trade surplus with the U.S. by 2020.
"Last year, we lost $500 billion on trade with China," Trump said, erroneously, at a March 23 news conference. "We can't let that happen."
To begin with, Trump's math is off - by more than $100 billion.
Last year, the U.S. imported roughly $505 billion in Chinese goods (including cellphones, computers, shoes and kitchen appliances) and shipped about $130 billion back (with big orders for airplanes and soybeans), a difference of about $375 billion.
A country's trade balance is nothing more or less than the difference between the value of everything it imports from a trade partner and everything it exports back to that country. A trade deficit occurs when the value of imports is greater than the value of exports, in terms of both goods and services.
It's not at all clear that the trade deficit has harmed the U.S. economy, which is enjoying one of its longest expansions in history.
Trump also conveniently ignores a widening trade advantage the U.S. enjoys with China in services, which includes everything from travel to banking.
When a Chinese family travels to Disneyland on an American airline, or a Chinese student pays tuition to an American university, that adds to the trade surplus for the U.S. Last year, the U.S. services trade balance with China widened to $36.8 billion.
But the Trump administration insists that China must take steps to slash its trade surplus in goods by 2020. Even in the unlikely event that Chinese officials agreed to such a massive shift in trade policy, it would be all but impossible to shrink their trade surplus by $200 billion in just two years.
The only way to make that happen would be to reduce U.S. imports from China by that amount, or increase U.S. exports to China – or a combination of the two.
China has little control over U.S. demand for its products and services, which included more than $70 billion in cell phone shipments alone. If the U.S. imposed tariffs on Chinese products, it's not clear whether consumers would buy fewer cellphones. But they would certainly pay more.
Shifting the other side of the equation - which means boosting U.S. exports by $200 million a year - would be even more problematic.
"Even if we sell them every last soybean we own or produce, its only going to make up a small portion of that $200 billion," Stefan Selig, an investment banker at Bridgepark Advisors, told CNBC.
The same holds true for U.S. made Boeing airplanes or Ford trucks. Even if China decided to buy $200 million worth of goods from U.S. manufacturers, with the U.S. unemployment rate now below 4 percent, it would be all but impossible to find enough skilled workers to fill those orders.
And despite Trump's insistence, the U.S. didn't "lose" $375 billion to China. In return for that money, American consumers and businesses received products that were worth that much more, collectively, than all the goods China received from the U.S.
That's why most economists look at a wider measure of the economic ties between countries, known as the current account, which includes income from abroad, investments and other capital transfers. When an American company earns profits on a overseas operation, for example, that money is included in the current account balance.
"What really matters is that China's current-account surplus has been falling since 2008, and now stands at a relatively small 1 percent of GDP," according Jeffrey Frankel, an economist at Harvard University's Kennedy School of Government. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/22/trumps-demand-that-china-cut-its-us-trade-deficit-is-impossible.html |
RIO DE JANEIRO/SAO PAULO (Reuters) - Brazil showed signs of returning to normal on Thursday as an oil workers union ended a strike ahead of schedule and an 11-day trucker protest appeared to wind down.
Oil workers union FUP unexpectedly recommended on Thursday that members suspend a 72-hour strike they began on Wednesday after a court said the organization would be fined 2 million reais ($537,000) for each day the strike continued. The court deemed the strike illegal, saying the action had political aims rather than labor-related goals.
The end of the strike that had demanded changes at state-led oil firm Petroleo Brasileiro SA, commonly known as Petrobras, will come as a relief for the company, whose shares have tumbled around 30 percent in the past two weeks over fears that political interference would unwind recent investor-focused policies.
While the effects on output were not immediately clear, the strike did not cause any losses for Petrobras as the company had contingency plans in place, said Brazil’s minister of institutional security, Sergio Etchegoyen, at a news conference.
Meanwhile, the truckers protest, which has strangled much of Brazil’s economy for 11 days, petered out. Etchegoyen said all roadblocks had been removed, though isolated groups of truckers were causing problems.
Highway traffic had returned to normal throughout Brazil, federal police said in a statement. Santos, Latin America’s largest port, was now functioning, Admiral Ademir Sobrinho said in broadcast comments.
Gasoline supplies, which had become short in recent weeks as transport routes were blocked, returned to normal at 70 percent of locations, Aurelio Amaral, a director of Brazil’s ANP oil regulator, told Reuters.
Related Coverage Brazil police say highway traffic has returned to normal Still, the effects of the protests will linger.
At gas stations in Sao Paulo, Brazil’s largest city, lines remained long. Produce at supermarkets cost more than usual in some locations, even as supplies were returning to normal.
Companies in the machinery industry were crafting plans with workers for collective vacations, while others were planning layoffs, the head of the industry’s trade group, Jose Velloso, told Reuters late on Wednesday, as an inability to obtain supplies or deliver products hit virtually all firms in the sector.
To win over the blockading truckers, who were primarily protesting high fuel prices, the government agreed to lower the average cost of fuel by 46 centavos ($0.12) per liter.
To pay for the cuts, the government announced it would slash a subsidy for exporters and reduce benefits for beverage makers operating in the Zona Franca low tax zone, which will hit companies such as Coca-Cola Femsa SAB de CV and Ambev SA, a unit of Anheuser Busch InBev NV.
Those measures, along will other cost saving moves, such as reduction in tax benefits for firms in the chemical sector, will boost government coffers by 2.27 billion reais, authorities said.
Reporting by Pedro Fonseca and Gram Slattery; Editing by Grant McCool and Rosalba O'Brien
| ashraq/financial-news-articles | https://www.reuters.com/article/us-brazil-transportation/brazil-oil-workers-federation-recommends-members-end-strike-idUSKCN1IW1VK |
May 15, 2018 / 4:02 PM / Updated 23 minutes ago Twitter changes strategy in battle against internet 'trolls' David Ingram 3 Min Read
SAN FRANCISCO (Reuters) - Twitter Inc ( TWTR.N ) on Tuesday revised its strategy for fighting abusive internet “trolls,” saying it would use behavioral signals to identify harassers on the social network and then limit the visibility of their tweets.
San Francisco-based Twitter, known for freewheeling discussions since it was founded in 2006, has been trying to rid itself of harassment out of concern that personal attacks were driving people away.
Twitter’s rules already prohibit abuse, and it can suspend or block offenders once someone reports them. Users can also mute people they find offensive.
Chief Executive Jack Dorsey said Twitter now would try to find problematic accounts by examining behavior such as how frequently people tweet about accounts that do not follow them or whether they have confirmed their email address.
Tweets from those accounts will appear lower in certain areas of the service, such as search results or replies to tweets, even if the tweets themselves have not been found to violate any rules.
“We want to take the burden of the work off the people receiving the abuse or the harassment,” Dorsey said in a briefing with reporters. Past efforts to fight abuse “felt like Whac-A-Mole,” he added.
Tweets will not be removed entirely based on behavioral signals, Dorsey said. FILE PHOTO: People holding mobile phones are silhouetted against a backdrop projected with the Twitter logo in this illustration picture taken in Warsaw September 27, 2013. REUTERS/Kacper Pempel/File Photo
In tests the new approach resulted in a 4 percent decrease in abuse reports originating from search results and an 8 percent decrease in abuse reports from the conversations that take place as replies to tweets, according to the company.
Most abuse comes from a small number of accounts that have an outsized impact, said Del Harvey, Twitter’s vice president for trust and safety.
Social media firms including Twitter and Facebook ( FB.O ) are under pressure to remove bullies, many of whom target women and minorities. Many women cannot express themselves freely on Twitter without fear of violence, Amnesty International said in a report in March.
Reducing abuse could also help Twitter’s business. If more people sign up and spend time on the service, marketers may buy more ads on it.
Dorsey said that Twitter’s 336 million monthly active users should expect a series of other changes over the next several months as the company explores ways to encourage tweets that are more civil.
In March, Twitter sought proposals from academics and others to help gauge the “health of public conversations.” Dorsey said the company is reviewing 230 submissions it received. Reporting by David Ingram; Editing by Leslie Adler | ashraq/financial-news-articles | https://in.reuters.com/article/us-twitter-harassment/twitter-changes-strategy-in-battle-against-internet-trolls-idINKCN1IG2HK |
First Qtr. 2018 Net Income of $421,000 ($0.12 per diluted share) v. $313,000 ($0.08 per diluted share) in Prior Period
First Qtr. 2018 Pre-Tax Income Increases 33.6% From Prior Comparable Period
Backlog at 3/31/18 at $26,489,000 v. 26,630,000 at 12/31/17, as adjusted
CAATS Deliveries to Commence in Third Quarter of 2018
HAUPPAUGE, N.Y., May 10, 2018 (GLOBE NEWSWIRE) -- Orbit International Corp. (OTC PINK:ORBT) today announced results for the first quarter ended March 31, 2018.
First Quarter 2018 vs. First Quarter 2017
Net sales were $5,349,000, as compared to $5,207,000. Gross margin was 40.2%, as compared to 38.7%. Net income was $421,000 ($0.12 per diluted share), as compared to a net income of $313,000 ($0.08 per diluted share). Earnings before interest, taxes, depreciation and amortization and stock based compensation (EBITDA, as adjusted) was $466,000 ($0.13 per diluted share), as compared to income of $370,000 ($0.09 per diluted share). Backlog at March 31, 2018 was $26.5 million compared to $26.6 million at December 31, 2017, as adjusted.
Mitchell Binder, President and CEO of Orbit International Corp. commented, “Our fiscal 2018 has gotten off to a strong start with an increase in revenue and operating income over the comparable prior year period. Our increase in revenue was due to increased sales from our Electronics Group (OEG) which reflected strong bookings in 2017. The increase in operating income was once again attributable to our tight management of costs as well as product mix and operating efficiencies.”
Mr. Binder added, “Despite increased sales overall for the quarter, we recorded lower sales from our Power Group (OPG). However, our OPG had a record year of bookings in 2017 highlighted by a total of approximately $16,000,000 of awards against an IDIQ contract totaling $21,709,300 for Common Aircraft Armament Test Sets (CAATS) for the U.S. Navy. We expect improved revenue from our OPG as we commence shipping CAATS units in the third quarter. Pursuant to delivery schedules, shipments of CAATS units should continue through 2020. Furthermore, we expect an additional award against the IDIQ contract around the third quarter of 2018, although the timing of such award is uncertain.”
Mr. Binder further added, “Our gross margin for the first quarter improved to 40.2% compared to gross margin of 38.7% from the comparable period of the prior year. Our higher gross profit was attributable to higher revenues, operating efficiencies and product mix from our OEG which was partially offset by a lower gross profit from our OPG due to lower sales. Selling, general and administrative costs increased in the current quarter compared to the prior comparable period primarily due to one-time expenses incurred to increase our cybersecurity controls pursuant to new DoD requirements.”
Mr. Binder continued, “Our backlog at March 31, 2018 was approximately $26,489,000 compared to approximately $26,630,000 at December 31, 2017, as adjusted. Backlog, as initially reported at December 31, 2017, was reduced by approximately $1,255,000 in accordance with the new revenue recognition rules promulgated by ASC 606. Our OEG is working with several of its customers on follow-on opportunities which we expect will be received throughout 2018. In addition, our bid pipeline for our OPG is increasing, particularly for its VPX technology, along with the receipt of a growing number of pre-production awards. Bookings for our VPX products through April 2018 have almost reached total bookings for all of 2017. We remain confident that our sales and engineering teams will remain at the forefront of this technology thereby maintaining or increasing our market share of this growing segment of the defense marketplace.”
David Goldman, Chief Financial Officer, noted, “On January 1, 2018, we adopted the new revenue recognition standard (ASC 606). When implementing the new standard, we chose the modified retrospective method of transition which resulted in a $330,000 increase to retained earnings ($0.09 book value per share) as well as the creation of a corresponding asset (contract asset) upon adoption. Our tangible book value per share at March 31, 2018 was $4.04 as compared to $3.83 at December 31, 2017 and $3.49 at March 31, 2017 (Note tangible book value per share does not include any additional value for our remaining reserved deferred tax asset).”
Mr. Goldman added, “Our financial condition remains strong. At March 31, 2018, total current assets were approximately $15.9 million versus total current liabilities of approximately $1.7 million for a 9.4 to 1 current ratio. Cash, cash equivalents and marketable securities as of March 31, 2018, aggregated approximately $0.9 million. To offset future federal and state taxes resulting from profits, we have approximately $8.9 million and $0.6 million in available federal and New York State net operating loss carryforwards, respectively, which should enhance future cash flow.”
Mr. Goldman concluded, “During the current quarter, our cash and marketable securities decreased and our other current assets increased, primarily due to advance payments to vendors under our CAATS contract. Furthermore, at the end of the current quarter, we drew down $500,000 from our line of credit to meet these advance payments as well as other obligations relating to the procurement of inventory under this contract. Shipments under this contract are expected to begin in the third quarter of this year which should have a positive effect on our cash balances and overall financial condition including the repayment of amounts owed under our line of credit.”
Mr. Binder concluded, “We are confident that we can build on our strong start to 2018. Our backlog is still strong and we expect to commence shipments of the CAATS units in the third quarter, which we expect will increase revenue levels in the second half of 2018 albeit at a lower gross margin. However, as previously stated, CAATS shipments will not require any increase to selling, general and administrative costs and therefore, we expect this to have a very positive impact on profitability during the delivery period. These CAATS shipments, along with continued solid operating performance from our OEG, position us well for continued improved operating performance in 2018.”
The Company also announced that its 2018 Annual Meeting of Stockholders will be held at its corporate office located at 80 Cabot Court, Hauppauge, NY at 10:00 a.m. on June 21, 2018. The official notice of meeting, proxy statement, proxy voting card and 2017 Annual Report will be available on its website, www.orbitintl.com under “Investor Relations.”
Orbit International Corp., through its Electronics Group, is involved in the development and manufacture of custom electronic device and subsystem solutions for military and nonmilitary government applications through its production facility in Hauppauge, New York. Orbit’s Power Group, also located in Hauppauge, NY, designs and manufactures a wide array of power products including AC power supplies, frequency converters, inverters, uninterruptible power supplies, VME/VPX power supplies as well as various COTS power sources. The Company has a sales office in Newbury Park, CA and a facility in Louisville, KY dedicated to the design and manufacture of gun weapons systems.
Certain matters discussed in this news release and oral statements made from time to time by representatives of the Company including, statements regarding our expectations of Orbit’s operating plans, deliveries under contracts and strategies generally; statements regarding our expectations of the performance of our business; expectations regarding costs and revenues, future operating results, additional orders, future business opportunities and continued growth, may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Federal securities laws. Although Orbit believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved.
Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Many of these factors are beyond Orbit International's ability to control or predict. Important factors that may cause actual results to differ materially and that could impact Orbit International and the statements contained in this news release can be found in Orbit's reports posted with the OTC Disclosure and News service. For forward-looking statements in this news release, Orbit claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Orbit assumes no obligation to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise.
CONTACT
Mitchell Binder
President & Chief Executive Officer
631-435-8300
(See Accompanying Tables)
Orbit International Corp.
Consolidated Statements of Operations
(in thousands, except per share data)
Three Months Ended
March 31,
(unaudited) 2018 2017 Net sales $ 5,349 $ 5,207 Cost of sales 3,197 3,193 Gross profit 2,152 2,014 Selling general and administrative expenses 1,717 1,671 Investment and other (income) expense 2 19 Income before income taxes 433 324 Income taxes 12 11 Net income $ 421 $ 313 Basic income per share $ 0.12 $ 0.08 Diluted income per share $ 0.12 $ 0.08 Weighted average number of shares outstanding : Basic 3,594 4,053 Diluted 3,602 4,059
Orbit International Corp.
Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
Three Months Ended
March 31, 2018 2017 EBITDA (as adjusted) Reconciliation Net income $ 421 $ 313 Income tax expense 12 11 Depreciation and amortization 24 33 Stock based compensation 9 13 EBITDA (as adjusted) (1) $ 466 $ 370 EBITDA (as adjusted) Per Diluted Share Reconciliation Net income $ 0.12 $ 0.08 Income tax expense 0.00 0.00 Depreciation and amortization 0.01 0.01 Stock based compensation 0.00 0.00 EBITDA (as adjusted) per diluted share (1) $ 0.13 $ 0.09
(1) The EBITDA (as adjusted) tables presented are not determined in accordance with accounting principles generally accepted in the United States of America. Management uses EBITDA (as adjusted) to evaluate the operating performance of its business. It is also used, at times, by some investors, securities analysts and others to evaluate companies and make informed business decisions. EBITDA (as adjusted) is also a useful indicator of the income generated to service debt. EBITDA (as adjusted) is not a complete measure of an entity's profitability because it does not include costs and expenses for interest, depreciation and amortization, income taxes and stock based compensation. EBITDA (as adjusted) as presented herein may not be comparable to similarly named measures reported by other companies.
Three Months Ended
March 31, Reconciliation of EBITDA, as adjusted,
to cash flows provided by operating activities (1)
2018
2017 EBITDA (as adjusted) $ 466 $ 370 Cumulative effect of adoption of ASC 606 330 - Income tax expense (12 ) (11 ) Bond amortization - 1 Loss on sale of marketable securities 6 22 Net change in operating assets and liabilities (1,531 ) 200 Cash flows (used in) provided by operating activities $ (741 ) $ 582
Orbit International Corp.
Consolidated Balance Sheets
March 31, 2018
(unaudited) December 31, 2017 ASSETS Current assets: Cash and cash equivalents $ 858,000 $ 941,000 Investments in marketable securities - 301,000 Accounts receivable, less allowance for doubtful accounts 2,538,000 3,248,000 Contract asset 1,776,000 - Inventories 9,557,000 10,080,000 Income tax receivable 8,000 15,000 Other current assets 1,207,000 131,000 Total current assets 15,944,000 14,716,000 Property and equipment, net 296,000 183,000 Goodwill 868,000 868,000 Deferred tax asset 550,000 550,000 Current assets 33,000 33,000 Total assets $ 17,691,000 $ 16,350,000 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable 673,000 524,000 Accrued expenses 926,000 1,014,000 Customer advances 89,000 69,000 Total current liabilities 1,688,000 1,607,000 Line of credit 500,000 Total liabilities 2,188,000 1,607,000 Stockholders’ Equity Common stock 458,000 458,000 Additional paid-in capital 20,942,000 20,932,000 Treasury stock (3,419,000 ) (3,419,000 ) Accumulated other comprehensive income 1,000 Accumulated deficit (2,478,000 ) (3,229,000 ) Stockholders’ equity 15,503,000 14,743,000 Total liabilities and stockholders’ equity $ 17,691,000 $ 16,350,000
Source:Orbit International Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/globe-newswire-orbit-international-corp-reports-2018-first-quarter-results.html |
Banks race to incorporate artificial intelligence 6 Hours Ago Lori Beer, JPMorgan's global chief information officer, discusses the company's efforts to incorporate artificial intelligence into the banking industry, including hiring a top Carnegie Mellon professor as its first head of AI research. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/14/banks-race-to-incorporate-artificial-intelligence.html |
PARIS (Reuters) - Alexander Zverev eventually controlled his nerves to reach the French Open third round with a 2-6 7-5 4-6 6-1 6-2 win over Serbian Dusan Lajovic on Wednesday.
Tennis - French Open - Roland Garros, Paris, France - May 30, 2018 Germany's Alexander Zverev in action during his second round match against Serbia's Dusan Lajovic REUTERS/Charles Platiau The second-seeded German smashed a racket in frustration before finding his groove and setting up a meeting with 26th- seeded Bosnian Damir Dzumhur.
Zverev has yet to reach the last eight at a Grand Slam but his huge talent told in the end against the world number 60.
Tennis - French Open - Roland Garros, Paris, France - May 30, 2018 Germany's Alexander Zverev in action during his second round match against Serbia's Dusan Lajovic REUTERS/Charles Platiau The 21-year-old Zverev had to cope with the frustration of an error-riddled start of the match.
Slideshow (7 Images) He dropped serve twice in the opening set as Lajovic kept his cool and held serve to take the lead on Court One.
Lajovic toyed with the German, who lost his temper when he was broken in the third game of the second set and crushed his racket in frustration.
Horrible unforced errors and ill-timed rushes to the net followed as Zverev struggled for control but he broke back for 3-3 and regained his composure to convert his first set point on Lajovic’s serve to level the match.
There were more jitters, though, as he trailed 2-1 in the third when he dropped serve on a double fault. Lajovic went on to bag the set and Zverev had his back to the wall.
But the German, who leads the ATP Race, was fully focused as he raced through the fourth set by sticking closer to the baseline and he ended the match with an unreturnable serve.
Reporting by Julien Pretot; Editing by Ed Osmond
| ashraq/financial-news-articles | https://www.reuters.com/article/us-tennis-frenchopen-zverev/tennis-zverev-survives-test-of-nerve-in-paris-idUSKCN1IV28X |
NEW YORK--(BUSINESS WIRE)-- Barclays announces the appointment of Adam Kelleher as Director and Chief Data Scientist for Research. In this newly created role, he will be responsible for building a new global team of data scientists with expertise in sourcing, normalizing, and utilizing alternative data sets to support Barclays’ Research franchise.
Dr. Kelleher joins Barclays from BuzzFeed, where he was Principal Data Scientist, responsible for advancing Buzzfeed’s machine learning and alternative data capabilities. During his tenure at Buzzfeed, Dr. Kelleher led various initiatives around data pipeline development, research methodology, and advertisement effectiveness.
Jeff Meli, Co-Head of Research at Barclays, said: “Adam has an exceptional track record in applying data science to drive commercially valuable outcomes. Hiring innovative data scientists agnostic of industry, and acquiring powerful new alternative data sources, demonstrates Barclays’ continued investment in growing our Research offering.”
Jon Scoffin, Co-Head of Research at Barclays, added: “Adam’s arrival underscores our commitment to investing in alternative data capabilities. He will play an important role in further strengthening our engagement with clients, as they experiment with how to incorporate new sources of data into their investment process.”
Dr. Kelleher is an Adjunct Assistant Professor at Columbia University’s Data Science Institute.
He graduated from Clemson University with a BS in Physics and has a PhD in Cosmology from University of North Carolina at Chapel Hill.
About Barclays
Barclays is a transatlantic consumer and wholesale bank offering products and services across personal, corporate and investment banking, credit cards and wealth management, with a strong presence in our two home markets of the UK and the US.
With over 325 years of history and expertise in banking, Barclays operates in over 40 countries and employs approximately 80,000 people. Barclays moves, lends, invests and protects money for customers and clients worldwide.
For further information about Barclays, please visit our website www.home.barclays .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180517005655/en/
Barclays
Brittany Berliner, +1 212-526-4894
[email protected]
Source: Barclays | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/business-wire-barclays-appoints-adam-kelleher-as-chief-data-scientist-for-research.html |
MELBOURNE (Reuters) - His best years may be well behind him and queries abound over his match fitness, but Tim Cahill will again be called on to conjure up some World Cup magic for Australia at the finals in Russia.
Soccer Football - 2018 World Cup Qualifications - Asia - Syria vs Australia - Olympic Stadium, Sydney, Australia - October 10, 2017 - Australia's Tim Cahill celebrates after scoring the winning goal. REUTERS/Steve Christo The 38-year-old was named in Bert Van Marwijk’s preliminary 32-man squad and woe betide the Dutchman if he dares exclude the nation’s most prolific goal-scorer from the final roster.
With 50 goals from 105 internationals, Cahill remains revered in Australia and has been the beating heart of the Socceroos in three World Cup campaigns, dating back to the 2006 finals in Germany.
He has barely played any football since crossing to English Championship side Millwall but, as Van Marwijk suggested, there are different rules for Cahill.
“He’s a special case. He’s special in everything,” Van Marwijk said when unveiling his preliminary squad.
“And he’s also a player who will not be nervous when he plays for 80,000 people.”
Cahill has proved himself the ultimate big-stage performer since his 2006 World Cup debut, when he came off the bench to score a brace in the dying minutes of the group-stage match against Japan, turning a 1-0 deficit into a 3-1 win.
He netted three more times at the next two World Cups, including one of the goals of the tournament in Brazil, when he produced a stunning volley in the 3-2 loss to the Netherlands.
A relentless attacking midfielder in his halcyon days, the former Everton stalwart has camped closer to goal in his thirties and spent more time on the bench in recent years.
He remains a formidable finisher and ready to produce when called upon, as showed when he rescued Australia with two goals to win the second leg of the Asian World Cup playoff against Syria in October.
Cahill’s ability to remain in the selection frame says much about his longevity and plenty about Australia’s failure to produce a replacement.
His playing time in Russia might amount only to cameo roles against group rivals France, Denmark and Peru, but few would be surprised if the veteran makes a big impression during his World Cup swansong.
Editing by Toby Davis
| ashraq/financial-news-articles | https://www.reuters.com/article/us-soccer-worldcup-aus-star/australia-look-to-world-cup-hero-cahill-again-idUSKCN1IN2FV |
May 21, 2018 / 3:09 AM / Updated 6 hours ago Australian lawmaker pushes to end live sheep exports, threatens government balance Colin Packham 3 Min Read
SYDNEY (Reuters) - An Australian backbencher on Monday introduced legislation to parliament to ban the export of live sheep after the death of 2,400 animals on a ship bound for the Middle East, an incident that led to widespread criticism of the A$250 million ($190 million) industry. FILE PHOTO: The Awassi Express is seen docked at the port of Fremantle, Perth, Australia, April 9, 2018. AAP/Tony McDonough/via REUTERS/File Photo
The bill threatens to expose fractures within the ruling coalition government, which last week introduced tougher oversight of the shipments but stopped short of banning them altogether.
Backbench lawmaker Sussan Ley said the new rules did not go far enough.
“A 60-kg sheep will be allocated space equivalent to just under two A4 pieces of paper,” Ley told parliament in one of the world’s largest exporters of livestock.
While the bulk of Australia’s meat exports are processed, markets such as the Middle East and Indonesia prefer to buy live animals.
Australia’s chief commodity forecaster in March said it expected 1.9 million live sheep to be sold this year, worth A$250 million.
“For Australian farmers, animal welfare is our highest concern. We need to fix the industry, not ban it,” said Fiona Simson, president of the National Farmers Federation.
The proposed legislation puts Prime Minister Malcolm Turnbull in a political bind.
Emboldened by opinion polls that show nearly three quarters of voters support an end to the trade, two members of Turnbull’s Liberal Party have said they support Ley’s bill, joining forces with the opposition Labor Party.
The rural-based Nationals, the junior member of the coalition government, opposes a ban, insisting it could inflict widespread damage on Australia’s agricultural sector.
“This strikes at the heart of the coalition arrangement,” said Nick Economou, senior lecturer in Australian politics at Monash University in Melbourne.
“The prime minister cannot let this go forward, he cannot afford to upset the National Party.”
The political alliance that has existed since 1923 was strained this year after an extramarital affair by then Deputy Prime Minister Barnaby Joyce triggered a war of words between Australia’s most senior lawmakers.
Turnbull’s government will likely seek to delay the passage of the bill, analysts said, through its control of parliamentary business.
The Labor Party could force a vote on Ley’s bill if it secures the support of two independent lawmakers, a vote that could potentially be too close to call.
($1 = 1.3291 Australian dollars) | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-australia-liveexports/australian-lawmaker-pushes-to-end-live-sheep-exports-threatens-government-balance-idUKKCN1IM08C |
May 23, 2018 / 4:12 PM / Updated 14 minutes ago UPDATE 1-U.S. will respond rapidly to Venezuela's expulsion of U.S. diplomats-Pence Reuters Staff 2 Min Read
(Adds background)
WASHINGTON, May 23 (Reuters) - Venezuela’s expulsion of two U.S. diplomats “will be met with a swift response,” U.S. Vice President Mike Pence said on Wednesday, but he gave no details about what measures Washington was considering.
The expulsions marked the latest escalation of tensions between the two countries, after the United States imposed new sanctions on the oil producer in response to what Washington decried as “sham” elections.
Venezuela’s leftist President Nicolas Maduro won re-election on Sunday by a wide margin but critics said the vote was not free or fair. The United States, the European Union and several Latin American countries said the election did not meet democratic standards.
U.S. President Donald Trump imposed sanctions on Monday limiting Venezuela’s ability to sell state assets. Maduro responded on Tuesday by accusing the U.S. charge d’affaires, Todd Robinson, of being involved in a “military conspiracy,” and ordering him and another senior diplomat to leave the country within 48 hours.
The State Department and the two diplomats have denied Maduro’s allegations.
Maduro’s second six-year term will begin in January. (Reporting by Makini Brice Editing by Frances Kerry) | ashraq/financial-news-articles | https://www.reuters.com/article/venezuela-election-usa/update-1-u-s-will-respond-rapidly-to-venezuelas-expulsion-of-u-s-diplomats-pence-idUSL2N1SU14N |
May 22, 2018 / 4:14 PM / Updated 23 minutes ago Hammond sets target for 15 million 'full-fibre' broadband connections by 2025 Reuters Staff 1 Min Read
LONDON (Reuters) - Britain’s telecoms industry needs to make ‘full-fibre’ broadband available to 15 million homes and businesses by 2025, finance minister Philip Hammond is set to announce to business leaders later on Tuesday. FILE PHOTO: Britain's Chancellor of the Exchequer Philip Hammond talks to staff during a visit to Nucleus Finance in Edinburgh, Scotland, May 17, 2018. REUTERS/Russell Cheyne
Full-fibre networks are up to 40 times faster than the partly copper-wire networks which are also used by telecoms companies such as BT, who have faced criticism from businesses for being slow to roll out new technology.
“This evening I will set a target to see full-fibre connections being available to 15 million premises, that’s the majority of homes and businesses, by 2025,” Hammond said before the Confederation of British Industry’s annual dinner.
“We won’t do that by government diktat. We will do it by creating the conditions for the market to deliver,” he added. Reporting by David Milliken, editing by Andy Bruce | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-politics-hammond/hammond-sets-target-for-15-million-full-fibre-broadband-connections-by-2025-idUKKCN1IN29Z |
ATLANTA--(BUSINESS WIRE)-- On Tuesday May 29th, 2018 Clearwave Corp, a healthcare software company, headquartered in Atlanta, GA announced that Shaun Priest will lead their sales activities as Chief Revenue Officer. Mr. Priest will be responsible for increasing revenues across the company’s portfolio of solutions around patient access, data authentication, self-service kiosks, Mobile Pre-Check, patient payment and integration services. This includes managing and mentoring the rapidly expanding Clearwave sales, marketing, and strategic partners.
Prior to joining Clearwave, Mr. Priest was Senior Vice President and Chief Growth Officer for Streamline Health where he managed all sales and client relationships to drive growth and increase client satisfaction. Mr. Priest also served as Senior Vice President of Strategic Accounts & Business Development at Influence Health, where his responsibilities included sales, account management, partnerships, and strategies for health systems in both the United States and Canadian markets.
Mr. Priest’s healthcare background includes over 20 years of healthcare information technology experience in management, sales, business development, marketing, support, and project implementations. In addition to Streamline Health, and Influence Health; earlier in his career, Mr. Priest held a Vice President position with Eclipsys (now Allscripts), plus implementation and project management positions at both Cerner and Meditech.
Mr. Priest graduated, with honors, from Providence College with a Bachelor of Arts in Business Administration and a minor in Western Civilization.
Gerard White, Clearwave CEO said, “We are proud to welcome Shaun Priest to our team. During the last 6 years, Shaun has been a strategic advisor to Clearwave providing valuable industry insights and sales recommendations. Shaun brings a host of benefits including his extensive healthcare experience and work ethic. Most importantly, Shaun is a perfect fit with our culture of serving clients with integrity and professionalism.”
Clearwave is transforming healthcare to better serve the needs of patients. Clearwave is a self-service registration solution (via kiosk or mobile) that allows patients to check-in for appointments, remit payments and verifies patients’ insurance eligibility.
For more information visit www.clearwaveinc.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180530005971/en/
Clearwave Corporation
Jennifer Sparks, 770-771-5348
[email protected]
Source: Clearwave | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/business-wire-shaun-priest-joins-clearwave.html |
May 14 (Reuters) - CynergisTek Inc:
* CYNERGISTEK INC Q1 SHR LOSS $0.07 * CYNERGISTEK INC Q1 REVENUE $16.4 MLN VS I/B/E/S VIEW $17.5 MLN
* CYNERGISTEK INC Q1 SHR VIEW $0.09 — THOMSON REUTERS I/B/E/S
* CYNERGISTEK INC Q1 ADJUSTED NON-GAAP SHR $0.06 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-cynergistek-reports-q1-loss-per-sh/brief-cynergistek-reports-q1-loss-per-share-0-07-idUSASC0A1XD |
COLLINGSWOOD, N.J., May 29, 2018 /PRNewswire/ -- New CEO Drew Rothermel has appointed Bethany Kassar, MSW, LCSW, as Executive Director of Liberation Behavioral Health LLC, to manage operations of its Liberation Way programs in its Pennsylvania addiction treatment facilities in Bala Cynwyd, Fort Washington, and Yardley. Kassar joins recently hired Director of Quality and Compliance Rosemarie Sullivan for Liberation Way.
"As we build the foundations of a new age at Liberation Way, Bethany will play a key role in helping us strengthen our successful outpatient model and bring compassionate addiction treatment to more individuals suffering from this devastating disease," said CEO Drew Rothermel, Liberation Behavioral Health, headquartered in Collingswood, NJ.
Executive Director Bethany Kassar
Kassar joins Liberation Way after dedicating the majority of her career to mental health, addiction treatment, and co-occurring disorders. With a proven track record of successfully developing and executing outpatient and partial hospitalization programs, she will oversee operations of clinical and medical teams, compliance, programming, and quality of care at Liberation Way. Most recently, Kassar served as executive director of outpatient services at Summit Behavioral Health, Hamilton, N.J., where she grew census annually for outpatient sites; managed compliance, The Joint Commission accreditation, and state licensing in multiple states; and introduced a Partial Hospitalization Treatment model and other programs to strengthen the organization's continuum of care.
"I'm excited for this opportunity to manage the operations and collaborate with the multidisciplinary teams that work tirelessly for patients through a reality-based approach to teach them life skills that help make maintaining sobriety less overwhelming. As we strengthen our process and policies, our ultimate goal is to create an environment where participants always experience operational excellence," said Kassar.
Kassar's previous healthcare work included serving as therapist at Onward Behavioral Health, Jamison, Pa., and social worker at Actors' Fund of America, Los Angeles, Calif., where she developed programs for chemical dependency and adolescent intensive outpatient services. Kassar earned her Master's degree in Social Work from University of Southern California and her Bachelor of Arts degree in Psychology from California State University.
Director of Quality and Compliance Rosemarie Sullivan
Rothermel recently hired Director of Quality and Compliance Rosemarie Sullivan to improve processes and build his growing team. Sullivan is skilled in developing quality assurance programs, developing standards for organizational effectiveness, and implementing training programs for education and guiding staff in best practices that ensure high quality standards.
"Having Bethany's strong multidisciplinary leadership and Rosemarie's expertise in quality and compliance at such a crucial point in our growth is invaluable. They are both important in moving our organization forward to achieve operational excellence through compliance and quality care measurements that improve care for patients," said Rothermel.
For more information on treatment programs at Liberation Way, visit https://liberationway.com .
View original content with multimedia: http://www.prnewswire.com/news-releases/liberation-behavioral-health-appoints-bethany-kassar-msw-lcsw-as-executive-director-300655913.html
SOURCE Liberation Behavioral Health LLC | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/29/pr-newswire-liberation-behavioral-health-appoints-bethany-kassar-msw-lcsw-as-executive-director.html |
VANCOUVER, British Columbia, May 09, 2018 (GLOBE NEWSWIRE) -- B2Gold Corp. (TSX:BTO) (NYSE AMERICAN:BTG) (NSX:B2G) (“B2Gold” or the “Company”) is pleased to announce its operational and financial results for the first quarter of 2018. The Company previously released its gold production and gold revenue for the first quarter of 2018 (see news release dated 04/11/18) . All dollar figures are in United States dollars unless otherwise indicated.
2018 First Quarter Highlights
Record quarterly consolidated (commercial) gold production of 239,684 ounces, a significant increase of 81% (106,948 ounces) over the same period last year and 7% (16,252 ounces) above budget, due to the continued strong performances of the Fekola Mine in Mali, the Masbate Mine in the Philippines and the Otjikoto Mine in Namibia Record quarterly consolidated gold revenue of $344 million, a significant increase of 135% ($198 million) over the same period last year Fekola Mine continued to operate above plan since achieving commercial production on November 30, 2017, producing 114,142 ounces of gold in the quarter, 11% (11,228 ounces) above budget Consolidated cash operating costs (see “Non-IFRS Measures”) of $481 per ounce, well below budget by $67 per ounce (12%) and $83 per ounce (15%) lower than the prior-year quarter Consolidated all-in sustaining costs (“AISC”) (see “Non-IFRS Measures”) of $750 per ounce, significantly below budget by $147 per ounce (16%) and $139 per ounce (16%) lower than the prior-year quarter Consolidated cash flows from operating activities of $147 million ($0.15 per share), significantly increasing by $107 million (272%) from $40 million ($0.04 per share) in the prior-year quarter Strong cash position of $168 million at quarter-end B2Gold is well on target to achieve transformational growth in 2018 and meet its annual guidance of between 910,000 and 950,000 ounces of gold production in 2018 at cash operating costs of between $505 and $550 per ounce and AISC of between $780 and $830 per ounce B2Gold is projecting a dramatic increase in its annual consolidated cash flows from operating activities, expected, over the next three years, beginning in 2018, to average approximately $0.5 billion per year
2018 First Quarter Operational Results
With the Fekola Mine, the Company’s largest and lowest cost mine, now in production, consolidated gold production in the first quarter of 2018 was a quarterly record of 239,684 ounces, a significant increase of 81% (106,948 ounces) over the same period last year and 7% (16,252 ounces) above budget. In its first full-quarter of operations (after achieving commercial production on November 30, 2017 within only 60 days from start-up), the new Fekola Mine continued to operate above plan, producing 114,142 ounces of gold in the first quarter of 2018, 11% (11,228 ounces) above budget. The Masbate Mine and Otjikoto Mine also had a solid start to the year with both mines exceeding their targeted production levels for the quarter.
Consolidated cash operating costs in the quarter were $481 per ounce, well below budget by $67 per ounce (12%) and $83 per ounce (15%) lower than the prior-year quarter. The favourable budget variance was attributable to the higher than budgeted production at the Fekola, Otjikoto and Masbate mines combined with lower than budgeted production costs at these mines. Consolidated AISC in the first quarter were $750 per ounce, significantly below budget by $147 per ounce (16%) and $139 per ounce (16%) lower than the prior-year quarter, reflecting the lower cash operating costs noted above and lower than planned capital expenditures mainly at La Libertad Mine which are expected to be incurred later in 2018.
B2Gold is well on target to achieve transformational growth in 2018. For full-year 2018, with the planned first full year of production from the Fekola Mine, consolidated gold production is forecast to be between 910,000 and 950,000 ounces. This represents an increase in annual consolidated gold production of approximately 300,000 ounces in 2018 from 2017. For full-year 2018, the Company’s forecast consolidated cash operating costs range is between $505 and $550 per ounce and AISC are expected to decrease by approximately 6% from 2017 to between $780 and $830 per ounce.
This increase in production levels combined with low costs are projected to dramatically increase B2Gold’s production, revenues, cash from operations and cash flow for many years. Based on current assumptions (including a gold price assumption of $1,300 per ounce), on average over the next three years, beginning in 2018, the Company is projecting per annum gold sales revenues of approximately $1.2 billion, cash flows from operating activities of approximately $0.5 billion and a significant increase in free cash flow (operating cash flows less investing cash flows).
2018 First Quarter Financial Results
Consolidated gold revenue in the first quarter of 2018 was a quarterly record of $344 million on record sales of 259,837 ounces at an average price of $1,325 per ounce compared to $146 million on sales of 119,937 ounces at an average price of $1,219 per ounce in the first quarter of 2017. This significant increase in revenue of 135% ($198 million) was attributable to the new production from the Fekola Mine, as well as a 9% increase in the average realized gold price and the timing of gold shipments (including 27,450 ounces sold in the quarter which related to Fekola’s December 31, 2017 bullion and in-circuit gold inventories).
Consolidated gold revenue for the first quarter of 2018 included $15 million relating to the delivery of gold into the Company’s Prepaid Sales contracts (accounted for as deferred revenue). During the quarter, 12,908 ounces of gold were delivered under these contracts.
For the first quarter of 2018, consolidated cash flows from operating activities increased by $107 million (272%) to $147 million ($0.15 per share) from $40 million ($0.04 per share) in the prior-year quarter. This significant increase was driven by the record quarterly consolidated gold sales (as discussed above) combined with lower per ounce production costs.
For the first quarter of 2018, the Company generated net income of $57 million ($0.06 per share) compared to a net loss of $5 million (negative $0.01 per share) in the first quarter of 2017. Adjusted net income (see “Non-IFRS Measures”) for the first quarter of 2018 was $57 million ($0.06 per share) compared to adjusted net income of $19 million ($0.02 per share) in the first quarter of 2017.
Liquidity and Capital Resources
At March 31, 2018, the Company had cash and cash equivalents of $168 million compared to cash and cash equivalents of $147 million at December 31, 2017. The Company had a working capital deficit at March 31, 2018 of $88 million compared to a working capital deficit of $99 million at December 31, 2017. The working capital deficit is a result of the classification of the Company’s convertible senior subordinated notes to current liabilities since they mature on October 1, 2018.
At March 31, 2018, the Company had drawn $275 million under its $500 million Revolving Credit Facility (“RCF”), leaving an undrawn and available balance under the existing facility of $225 million. Subsequent to March 31, 2018, the Company repaid an additional net $25 million under the RCF leaving an undrawn and available balance under the RCF of $250 million. With the successful and earlier than anticipated ramp-up of the Fekola Mine in 2017, the Company has begun to reduce its overall consolidated debt levels, including making $75 million of repayments on its RCF in the first quarter of 2018. The planned repayment of debt in 2018 includes the anticipated repayment of the Company’s $259 million convertible notes which mature on October 1, 2018, unless the notes are converted into shares prior to that date (conversion price of $3.93 per share). The Company projects (based on current assumptions, including a $1,300 per ounce gold price) that it will have sufficient liquidity from 2018 operating cash flows and existing credit facilities to repay the notes in full and maintain a strong cash position.
Operations
Mine-by-mine gold production in the first quarter of 2018 was as follows:
Mine
Q1 2018
Gold Production
(ounces) (1) 2018 Annual
Production Guidance
(ounces) (1) Fekola 114,142 400,000 - 410,000 Masbate 53,147 180,000 - 190,000 Otjikoto 39,499 160,000 - 170,000 La Libertad 19,367 115,000 - 120,000 El Limon 13,529 55,000 - 60,000 B2Gold Consolidated 239,684 910,000 - 950,000 B2Gold’s Q1 2018 production results and 2018 annual production guidance are presented on a 100% basis.
Mine-by-mine cash operating costs and AISC per ounce in the first quarter of 2018 were as follows:
Mine
Q1 2018
Cash Operating Costs
($ per ounce) 2018 Annual
Cash Operating Costs
Guidance
($ per ounce) Q1 2018
AISC
($ per ounce) 2018 Annual AISC
Guidance
($ per ounce) Fekola $268 $345 - $390 $486 $575 - $625 Masbate $542 $675 - $720 $751 $875 - $925 Otjikoto $569 $480 - $525 $758 $700 - $750 La Libertad $1,023 $745 - $790 $1,330 $1,050 - $1,100 El Limon $1,007 $700 - $750 $1,586 $1,135 - $1,185 B2Gold Consolidated $ 481 $505 - $550 $ 750 $780 - $830 Fekola Gold Mine - Mali
In its first full-quarter of operations (after achieving commercial production on November 30, 2017 within only 60 days from start-up), the new Fekola Mine in Mali continued to demonstrate strong sustained operational performance by running above plan on mill feed grade, throughput and recoveries. This resulted in the Fekola Mine producing 114,142 ounces of gold in the first quarter of 2018, 11% (11,228 ounces) above budget. Mill feed grade, throughput and recoveries were 2.84 grams per tonne (“g/t”) (compared to budget of 2.76 g/t), 1,316,818 tonnes (compared to budget of 1,249,474 tonnes) and 94.8% (compared to budget of 92.7%), respectively. Throughout the quarter, the operation continued to improve with many construction personnel making the transition to operations, together with training and skills development in all departments. Currently there are approximately 1,848 employees on site, of which approximately 93% are Malian. The Fekola Mine also continued its outstanding safety performance, achieving 694 days without a Lost-Time-Injury by quarter-end.
Fekola’s first quarter cash operating costs were $268 per ounce, well below budget by $70 per ounce (21%). This was mainly the result of higher than expected production combined with lower than expected mining costs (as a larger percentage of the waste tonnes mined consisted of soft material, not requiring drilling and blasting, and lowering the operational and maintenance costs of the mining equipment). Fekola’s AISC for the quarter were $486 per ounce, also well below budget by $116 per ounce (19%), reflecting the lower cash operating costs noted above.
Capital expenditures in the first quarter of 2018 totaled $21 million, mainly consisting of $7 million in construction carryover for the completion of the powerhouse and other projects, $2 million for Fadougou village relocation costs, $6 million for pre-stripping of phases 3 and 4 of the Fekola Pit and $4 million for the construction of stages 2 and 3 of the tailings storage facility.
Fekola’s rapid and successful ramp-up has surpassed the Company’s expectations. On September 25, 2017, the Company announced that its in-house construction team had completed construction of the Fekola mill on budget and commenced ore processing at the Fekola Mine, more than three months ahead of the original schedule. The first gold pour at the Fekola Mine was achieved on October 7, 2017. On November 30, 2017, the Fekola Mine achieved commercial production, one month ahead of the revised schedule and four months ahead of the original schedule. Gold production from the Fekola Mine in 2017 was 111,450 ounces (including 79,243 ounces of pre-commercial production), more than double the upper end of its original 2017 guidance range (of 55,000 ounces) due to its early start-up, high-quality construction and faster than expected ramp-up.
For full-year 2018, the Fekola Mine is forecast to produce between 400,000 and 410,000 ounces of gold at cash operating costs of between $345 and $390 per ounce and AISC between $575 and $625 per ounce.
The Fekola Shareholders’ Agreement and the Share Purchase Agreement for the purchase of the additional 10% of Fekola have been finalized and signed by the relevant Malian government ministers and the Malian Council of Ministers. The agreements are now subject only to ratification by the Mali National Assembly.
The Company expects that ratification of the agreements will now be concluded during the National Assembly’s session in June 2018. Upon such ratification, the Company will transfer ownership of 20% of Fekola SA (the Company’s indirect subsidiary which owns the mine) to the State of Mali (consisting of a 10% free carried non-participating interest plus an additional 10% participating interest purchased by the State of Mali).
The Company recently announced (see news release dated 04/18/2018) positive exploration drill results from the Fekola North Extension zone. A total of approximately 10,000 metres of diamond drilling have now been completed this year in the Fekola North Extension zone. These drill results, combined with previous results, continue to convert resources to reserves within the resource pit boundary and further expand the Fekola North Extension zone mineralization to now at least one kilometre north of the Fekola reserve pit boundary. Along with previous results, these drill results confirm the potential for the Fekola deposit to increase in size significantly to the north, and indicate the potential, with further drilling, for a larger open-pittable resource and reserve. Drilling continues, and will be ongoing through the rest of 2018, to further define the Fekola North Extension zone and further infill drill the Fekola resource. The Company will continue to release material drill results, as they become available and expects to release an updated Fekola mineral resource before year-end.
In addition to Fekola, the 2018 Mali exploration budget includes approximately $8 million for further drilling on the Anaconda zones approximately 25 kilometres from Fekola. The drill program is well underway and is returning positive additional results from the near-surface saprolite zones and the recently-discovered good gold grade bedrock zones, beneath the saprolite (indicating the potential for large, Fekola-style mineralized zones). Further results will be released later in the year.
Masbate Gold Mine – The Philippines
The Masbate Mine in the Philippines continued its strong operational performance into the first quarter of 2018, producing 53,147 ounces of gold, 12% (5,854 ounces) above budget and 1% (585 ounces) higher compared to the prior-year quarter. The increase was mainly due to higher than expected oxide ore tonnage from Vein 5 of the Colorado Pit which positively impacted processing recoveries and throughput. Oxide ore represented 78% of the processed tonnage for the quarter versus a budget of 50%. The Masbate Mine also continued its outstanding safety performance, achieving almost two and a half years (898 days) without a Lost-Time-Injury by quarter-end.
For the quarter, mill throughput was 1,792,579 tonnes (compared to budget of 1,706,064 tonnes and 1,704,001 tonnes in the first quarter of 2017) and gold recoveries averaged 78.5% (compared to budget of 72.1% and 74.8% in the first quarter of 2017). The average grade processed was 1.17 g/t compared to budget of 1.20 g/t and 1.28 g/t in the first quarter of 2017. As expected, grades were higher in the prior-year quarter which was attributable to the high-grade ore from the Main Vein Stage 1 Pit which is no longer in production.
Masbate’s first quarter cash operating costs were $542 per ounce, significantly below budget by $152 per ounce (22%) and comparable with the prior-year quarter. Cash operating costs were below budget due to higher production combined with lower mining costs (with cost savings in drilling, blasting and grade control) and lower stockpile and deferred stripping adjustments (as compared to budget). Masbate’s AISC for the quarter were $751 per ounce, significantly below budget by $139 per ounce (16%) which reflects the lower cash operating costs noted above and were also $57 per ounce (7%) lower compared with the first quarter of 2017.
Capital expenditures in the first quarter of 2018 totaled $12 million which mainly consisted of Masbate processing plant upgrades of $4 million, mobile equipment purchases of $2 million and deferred stripping costs of $2 million.
For full-year 2018, the Masbate Mine is expected to produce between 180,000 and 190,000 ounces of gold at cash operating costs of between $675 and $720 per ounce and AISC of between $875 and $925 per ounce.
A detailed capital cost estimate of $26 million was recently completed by Lycopodium Ltd., working with the Company’s engineering team, for the expansion of the Masbate processing plant to 8 million tonnes per year ($23 million in 2018 and $3 million in 2019). The expansion which is being conducted by B2Gold’s in-house team primarily consists of adding a third ball mill and upgrading the existing crushing circuit. The ball mill is currently on site, with preliminary works planned to commence in the second quarter of 2018. No addition to the mining fleet is required as the additional feed will come from the lower-grade material that was in the original mine plan but was scheduled to be stockpiled. When the expansion is online (expected in early 2019), it is projected to keep Masbate’s annual gold production near 200,000 ounces per year during the mining phase, and is expected to keep gold production above 100,000 ounces per year when the low-grade stockpiles are processed at the end of the open-pit mine life.
The Company has a successful track record of adding reserves and resources at its operations (and thereby extending mine life) through exploration. The Masbate exploration budget for 2018 is approximately $5 million including 12,000 metres of diamond drilling. The drilling is divided into brownfields drilling to upgrade resources within the mine licence and on regional targets.
Otjikoto Gold Mine - Namibia
The Otjikoto Mine in Namibia also had a strong start to the year, following a record year of gold production in 2017, with first quarter gold production of 39,499 ounces which was above budget by 6% (2,174 ounces). Mill throughput, recoveries and processed grade were all slightly above budget, as the mine continues to incrementally optimize its operations. Compared to the prior-year quarter, gold production was lower by 8% (3,275 ounces), as planned, due to a negligible amount of Wolfshag ore being mined in 2018 while Phase 2 of the Wolfshag Pit is being developed. Ore production is planned to resume again from the Wolfshag Pit in 2019 when it is projected to provide higher grade open-pit mill feed. The Otjikoto mill continued to operate well, processing 827,227 tonnes (Q1 2017 – 832,805 tonnes) in the quarter at an average grade of 1.51 g/t (Q1 2017 – 1.62 g/t) with gold recoveries averaging 98.7% (Q1 2017 - 98.6%).
For first quarter 2018, Otjikoto’s cash operating costs were $569 per ounce, $57 per ounce (9%) below budget, and AISC were $758 per ounce, $50 per ounce (6%) below budget. These favourable budget variances mainly resulted from higher than expected production combined with lower than expected processing and site general costs. Compared to the prior-year quarter, cash operating costs were higher (as planned) by $156 per ounce, as the prior-year quarter had benefitted from higher production, lower fuel costs and a weaker Namibian dollar. However, compared to the prior-year quarter, AISC in the first quarter of 2018 were lower by $13 per ounce as a result of lower sustaining capital expenditures (mainly for mobile equipment) which offset the higher cash operating costs.
Capital expenditures in the first quarter of 2018 totaled $11 million, mainly consisting of $6 million for pre-stripping, $3 million for installation of a solar power plant and $1 million for mobile equipment rebuilds. Otjikoto’s solar plant commenced full commissioning in early April 2018 and by changing the power plant to an HFO solar hybrid plant is expected to reduce Otjikoto’s HFO consumption by approximately 2.3 million litres and reduce associated power generation fuel costs by approximately 10% in 2018.
For full-year 2018, the Otjikoto Mine is expected to produce between 160,000 and 170,000 ounces of gold, primarily from the Otjikoto Pit, at cash operating costs of between $480 and $525 per ounce and AISC of between $700 and $750 per ounce.
Geotechnical, hydrogeological, and design studies for Wolfshag have been completed, based on an updated resource model, resulting in a larger open pit than previously reported. Mining at Wolfshag commenced in late 2016 and Wolfshag ore provided a significant component of the Otjikoto mill feed in 2017. Updated Wolfshag mineral reserves and resources were reported in the Company’s recent Annual Information Form, dated March 23, 2018, with 372,000 ounces of Probable Mineral Reserves (4.29 million tonnes at an average grade of 2.70 g/t, on a 90% attributable basis) remaining in the Wolfshag open pit as at December 31, 2017. This updated reserve, based on the larger Wolfshag open-pit design, includes an additional 132,000 ounces of Probable Mineral Reserves (1.42 million tonnes at an average grade of 2.88 g/t, on a 90% attributable basis) within Wolfshag Phase 4. In addition, the Wolfshag mineral resource remains open down-plunge and may be exploitable in the future by underground mining.
The Company’s total exploration budget for Namibia in 2018 is approximately $5 million. Exploration in 2018 will include 17,000 metres of diamond drilling and 4,000 metres of RAB drilling split between the Otjikoto Project and the Ondundu joint venture.
La Libertad Gold Mine - Nicaragua
La Libertad Mine in Nicaragua produced 19,367 ounces of gold in the first quarter of 2018, 10% (2,128 ounces) below budget and 32% (9,172 ounces) lower than the first quarter of 2017. Gold production at La Libertad has been affected by delays in receiving mine permits for new mining areas. However, mine permits are now in place for all open pit and underground operations with the exception of the Jabali Antenna Pit. The San Diego mining permit was received in February 2018 (later than expected) but the new pit is now fully operational. Gold production at La Libertad was slightly above budget for the month of March, as the mill benefitted from increased sources and volume of open-pit ore with the new San Juan and San Diego pits coming fully on-stream, and through April 2018 the operation has continued to track to budgeted monthly production.
Jabali Antenna Underground remains under development with the planned ventilation raise now complete. Access ramp development has advanced approximately two months ahead of original schedule for 2018, as a result of an early start by the underground mining contractor. The Company expects to begin processing ore from Jabali Antenna Underground in July.
La Libertad’s cash operating costs in the quarter were $1,023 per ounce, $89 per ounce (10%) above budget, due to the lower than budgeted production discussed above. La Libertad’s AISC were $1,330 per ounce, below budget by $419 per ounce (24%), due to the timing of sustaining capital expenditures (mainly for land acquisition and resettlement costs) which are now forecast to occur later in the year. La Libertad’s per ounce cash operating costs and AISC are budgeted to improve significantly in the second half of the year along with higher forecast production.
Total capital expenditures in the first quarter of 2018 were $5 million, mainly consisting of pre-stripping costs of $2 million and underground development costs of $2 million.
For full-year 2018, La Libertad Mine is expected to produce between 115,000 and 120,000 ounces of gold at cash operating costs of between $745 and $790 per ounce and AISC of between $1,050 and $1,100 per ounce. La Libertad’s production forecast assumes that production will start from the Jabali Antenna Pit in the third quarter of 2018 (dependent upon the successful completion of resettlement activities and receipt of the remaining mining permit). The Company continues to work with local residents, the mayor, and senior government officials to advance the permit status for the Jabali Antenna Pit, and contingency plans to increase production from other current operations are in place to meet guidance should permitting and resettlement of the Jabali Antenna Pit be delayed.
Current plans at La Libertad include mining and processing into 2020 with a combination of mineral reserves and mineral resources. The Company has a successful track record of converting its mineral resources to reserves, and exploration of additional mineral targets continues. Mineral resources that are not mineral reserves do not yet have demonstrated economic viability.
La Libertad’s exploration budget for 2018 is approximately $5 million for a total of 9,000 metres of planned diamond drilling. The program is split between infill (near-mine) drilling and drilling on several regional targets.
El Limon Gold Mine - Nicaragua
El Limon Mine in Nicaragua produced 13,529 ounces of gold in the first quarter of 2018, slightly below budget (of 14,405 ounces) and 53% (4,668 ounces) higher than the first quarter of 2017. During 2017, El Limon’s production was affected by operational issues, including underground water pumping breakdowns, which had delayed high-grade ore flow from Santa Pancha Underground. Management and operational changes were made at El Limon and mining operations returned to budgeted (normal) production rates in the fourth quarter of 2017 with operational improvements, including the successful rehabilitation of the Santa Pancha 1 dewatering well. The mining permit for the new Mercedes Pit was recently received in December 2017 and the pit is now fully operational, accounting for over 30% of the mined ounces for the quarter.
For first quarter 2018, El Limon’s cash operating costs were $1,007 per ounce (compared to budget of $793 per ounce) and AISC were $1,586 per ounce (compared to budget of $1,382 per ounce), both exceeding budget mainly due to the timing of development costs for the new Mercedes Pit (which were originally planned for December 2017, but which were delayed and not incurred until early 2018). With that development now completed, it is expected that El Limon’s cash operating costs and AISC will improve for the remainder of the year.
Capital expenditures in the first quarter of 2018 totaled $6 million which mainly consisted of underground development costs for Santa Pancha of $2 million and tailing storage facility costs of $1 million.
For full-year 2018, El Limon is expected to produce between 55,000 and 60,000 ounces of gold at cash operating costs of between $700 and $750 per ounce and AISC of between $1,135 and $1,185 per ounce.
On February 23, 2018, the Company announced the newly-discovered El Limon Central zone. Historical records had indicated that parts of the Central zone had been mined underground in past decades. However, the Company’s recent exploration success at the Central zone demonstrated that underground mining was much more limited than previously thought. As a result, on February 23, 2018, the Company announced a positive initial open-pit Inferred Mineral Resource at El Limon Central zone of 5,130,000 tonnes at a grade of 4.92 g/t of gold containing 812,000 ounces of gold (100% basis) (see news release dated 2/23/18) . The Central zone, at its closest point, is approximately 150 metres from El Limon mill facility, extending southeast and northwest, adjacent to existing plant and administrative infrastructure. This large, good grade, resource has the potential to decrease El Limon’s cash operating costs per ounce and AISC per ounce, and significantly increase its mine life and potentially lead to the expansion of the existing processing facilities. The Company is currently conducting additional metallurgical testing on El Limon Central ore samples and a study to evaluate the potential to expand El Limon throughput to significantly increase annual gold production. The study results are expected by mid-2018.
El Limon central vein structure has been drill tested along a 2.2-kilometre strike length so far, and remains open to depth and along strike, and will be further drill tested during 2018. El Limon’s exploration budget for 2018 is approximately $7 million for a total of 25,000 metres of planned diamond drilling to further infill at the Central zone and to further explore the structure along strike where it remains open.
Development
Gramalote Development Project - Colombia
In 2017, the Company, in conjunction with its joint venture partner, AngloGold Ashanti ("AGA”) advanced the Gramalote Project to the pre-feasibility study stage. For 2018, the Company and AGA have agreed a total work program budget of $18 million to continue to advance the Gramalote Project. However, the Company has capped its contribution for 2018 at $5 million. Therefore if the full $18 million program is completed in 2018, the Company expects that its ownership in Gramalote will be diluted down to approximately 48.0%. Upon completion of the 2018 work program and evaluation of the results, the Company will reassess its options with respect to the future of the Gramalote Project.
Outlook and Strategy
As outlined above, B2Gold had a highly successful first quarter of 2018. The highlights were: the first quarter of full-scale commercial production from our new, largest, and lowest-cost gold mine, the Fekola Mine in Mali; the continued strong performances of the Masbate and Otjikoto gold mines in the Philippines and Namibia, respectively; strong financial results due to the record quarterly gold production revenue, and dramatically increased cash flows from operations to $147 million (a 272% increase over the first quarter of 2017). Also in the quarter, the Company continued to pursue growth by significantly advancing its development and exploration projects.
In addition, during the first quarter of March 31, 2018, B2Gold reported that it had ended the quarter in a strong cash position of $168 million and paid down the Company’s revolving corporate debt facility by $75 million to leave an outstanding balance of $275 million at quarter-end. Subsequent to the quarter, the Company made further net repayments of $25 million on the revolver. The Company also pursued studies and programs to expand production from existing mines and continued to aggressively pursue growth through the exploration and advancement of the Company’s impressive portfolio of mineral properties.
Based on the successful first quarter results, and current projections, including the first full year of production from the Fekola Mine, B2Gold’s consolidated gold production will increase by 300,000 ounces to between 910,000 and 950,000 ounces of consolidated gold production in 2018, with projected AISC of between $780 to $830 per ounce. Based on a $1,300 gold price, the Company expects cash from mining operations to increase from approximately $155 million in 2017 to an average of close to $0.5 billion per year over the next three years, including 2018.
The Fekola Mine success is the latest in a series of accretive acquisitions, construction and exploration successes that have resulted in a steady rise in profitable production over the last 11 years, from 2007, when B2Gold was created as a junior exploration company with no gold production, to the projected 2018 production of between 910,000 to 950,000 ounces gold from the Company’s five gold mines in four countries.
This dramatic growth has been driven by a number of key factors. Amongst them are: the Company’s disciplined approach to acquisitions, based on detailed due diligence by B2Gold’s experienced, technical, legal and financial teams; the outstanding performance of our in-house construction team; B2Gold’s highly-experienced exploration team that has realized significant exploration success at the Company’s properties; and our dedicated country and mine management teams and employees, who are supported and empowered by our corporate executive and management teams.
This dramatic growth and the Company’s historic and ongoing commitment to exploration and accretive development acquisitions have resulted in the Company generating numerous additional exciting growth opportunities from existing assets.
Looking Forward
For the rest of 2018 and beyond, B2Gold plans to: continue to optimize production from its existing gold mines; strive to maintain its outstanding health and safety records; continue its commitment to corporate social responsibility; remain in a strong financial position while reducing debt levels; and pursue further growth through the exploration and development of our impressive pipeline of existing properties and new exploration initiatives.
With some investors and therefore gold mining companies' recent renewed interest in growth, B2Gold believes that competition for the acquisition of development assets has returned and will likely continue to increase. With our successful strategy to date of contrarian opportunistic acquisitions that have been successfully developed, while growth was largely out of favour, B2Gold’s near-term strategy does not include competing for growth opportunities through significant mergers or acquisitions of development-stage companies or projects. Instead, B2Gold intends to focus on organic growth, unlocking potential value through the possible expansion of B2Gold’s existing mines, development of opportunities at current projects and further brownfields and grassroots exploration around the mines and existing properties. In addition, B2Gold will continue its long-term commitment to exploration as the cheapest source of growth by acquiring and funding exploration opportunities directly and considering potential exploration growth through joint-ventures with, and investments in, junior companies with high-quality exploration projects.
As part of this strategy to pursue organic growth, the Company has budgeted a total of $53 million for exploration in 2018. Brownfields exploration will make up approximately 80% of this budget, focusing on drilling campaigns on existing projects.
In conclusion, 2018 will be another transformative, record-setting year of low-cost gold production for B2Gold as the world’s new senior gold producer. With the Company’s projected dramatic increase in gold production and cash flows from operations in 2018, the strong production and financial results from the first quarter, and commitment to the pursuit of continued growth through the exploration and development of the Company's existing pipeline of assets, B2Gold is looking forward to a successful 2018, and beyond.
Qualified Persons
Peter D. Montano, P.E., the Project Director of B2Gold, a qualified person under NI 43-101, has approved the scientific and technical information related to operations matters contained in this news release.
Tom Garagan, Senior Vice President of Exploration of B2Gold, a qualified person under NI 43-101, has approved the scientific and technical information regarding exploration matters contained in this news release.
John Rajala, Vice President of Metallurgy of B2Gold, a qualified person under NI 43-101, has approved the scientific and technical information related to El Limon development contained in this news release.
First Quarter 2018 Financial Results - Conference Call/Webcast Details
B2Gold will release its first quarter 2018 results before the North American markets open on Thursday, May 10, 2018.
B2Gold executives will host a conference call to discuss the results on Thursday, May 10, 2018, at 10:00 am PDT / 1:00 pm EDT . You may access the call by dialing the operator at +1 647-788-4919 (local or international) or toll free at +1 877-291-4570 prior to the scheduled start time or you may listen to the call via webcast by clicking http://www.investorcalendar.com/event/27596. A playback version of the call will be available for two weeks after the call at +1 416-621-4642 (local or international) or toll free at +1 800-585-8367 (passcode 7166938).
On Behalf of B2GOLD CORP.
“Clive T. Johnson”
President and Chief Executive Officer
For more information on B2Gold please visit the Company website at www.b2gold.com or contact:
Ian MacLean Katie Bromley
Vice President, Investor Relations Manager, Investor Relations & Public Relations
604-681-8371 604-681-8371
[email protected] [email protected]
The Toronto Stock Exchange and the NYSE American LLC neither approve nor disapprov e the information contained in this n ews r elease.
Production results and the Company’s guidance presented in this news release reflect the total production at the mines the Company operates on a 100% basis.
This news release includes certain “forward-looking information” and “forward-looking statements” (collectively “forward-looking statements”) within the meaning of applicable Canadian and United States securities legislation, including projections, guidance, forecasts, estimates and other statements regarding future financial and operational performance, events, production, mine life, revenue, including an assumed gold price of $1,300, cash flows, costs, including projected cash operating costs and AISC and expected decrease of forecast consolidated cash operating costs and AISC in 2018, capital expenditures, budgets, throughput, ore processing, cash flows and growth; production estimates and guidance, including the Company’s projected increase of gold production to between 910,000 and 950,000 ounces in 2018, reflecting production growth of approximately 300,000 ounces from 2017; project-specific projections of gold production and costs; the increased production and low costs increasing the Company’s production revenues, cash from operations and cash flow for many years; and statements regarding anticipated exploration, drilling, development, construction, production, permitting and other activities and achievements of the Company, including but not limited to: the Company achieving transformational growth in 2018, the Company’s projected per annum average gold sales revenues of approximately $1.2 billion, cash flow from operations of approximately $0.5 billion and a significant increase in free cash flow over the next three years starting in 2018, the planned repayment of the Company’s debt in 2018, including anticipated repayment of the Company’s $259 million convertible notes, the Company projecting that it will have sufficient liquidity from 2018 operating cash flow and existing credit facilities to repay the notes in full and maintain a strong cash position, the Fekola Shareholders’ Agreement and Share Purchase Agreement being ratified during the Mali National Assembly session in June 2018, the Fekola North Extension zone drill results continuing to convert resources to reserves, the release of an updated Fekola mineral resource in the third quarter of 2018, further results of the Anaconda drill program being released later in the year, the expansion of the Masbate processing plant and its preliminary works commencing in the second quarter of 2018, such expansion coming online in early 2019, the projected effects of such expansion on Masbate’s annual production, the expected reduction of the Otjikoto HFO consumption and associated power generation fuel costs as a result of changing the Otjikoto power plant to an HFO solar hybrid plan, production at the Jabali Antenna Pit starting in the third quarter of 2018, the timing of current plans at La Libertad, including capital expenditures expected to be incurred later in 2018, the newly discovered El Limon Central zone and its potential to decrease El Limon’s cash operating costs per ounce and AISC per ounce and significantly increase its mine life and potentially lead to mill expansion, the results of the study of the potential to expand El Limon throughput to significantly increase production being available by mid-2018, the Company’s plans regarding: (i) optimizing production from its gold mines, (ii) maintaining its health and safety records, (iii) commitment to Corporate Social Responsibility, (iv) remaining in a strong financial position while reducing debt levels, and (v) pursuing further growth through the exploration and development of its pipeline of existing properties and new exploration initiative, and the Company continuing to acquire and explore grass roots exploration opportunities and potential growth through joint-ventures and investment in junior companies with high-quality exploration project. Estimates of mineral resources and reserves are also forward-looking statements because they constitute projections regarding the amount of minerals that may be encountered in the future and/or the anticipated economics of production, should a production decision be made. All statements in this news release that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as “expect”, “plan”, “anticipate”, “project”, “target”, “potential”, “schedule”, “forecast”, “budget”, “estimate”, “intend” or “believe” and similar expressions or their negative connotations, or that events or conditions “will”, “would”, “may”, “could”, “should” or “might” occur. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made.
Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond B2Gold’s control, including risks associated with the volatility of metal prices and the Company’s common shares; risks and dangers inherent in exploration, development and mining activities; uncertainty of reserve and resource estimates; risk of not achieving production, cost or other estimates; risk that actual production, development plans and costs differ materially from the estimates in the Company’s feasibility studies; the ability to obtain and maintain any necessary permits, consents or authorizations required for mining activities; uncertainty about the outcome of negotiations with the Government of Mali; risks related to environmental regulations or hazards and compliance with complex regulations associated with mining activities; the ability to replace mineral reserves and identify acquisition opportunities; unknown liabilities of companies acquired by B2Gold; ability to successfully integrate new acquisitions; fluctuations in exchange rates; availability of financing; risks related to financing and debt, including potential restrictions imposed on the Company’s operations as a result thereof and the ability to generate sufficient cash flows; risks related to operations in foreign and developing countries and compliance with foreign laws, including those associated with operations Mali, Namibia, the Philippine, Nicaragua and Burkina Faso and including risks related to changes in foreign laws and changing policies related to mining and local ownership requirements; risks related to remote operations and the availability of adequate infrastructure, fluctuations in price and availability of energy and other inputs necessary for mining operations; shortages or cost increases in necessary equipment, supplies and labour; regulatory, political and country risks including local instability or acts of terrorism and the effects thereof; risks related to reliance upon contractors, third parties and joint venture partners; risks related to lack of sole decision-making authority related to Filminera Resources Corporation, which owns the Masbate Project; challenges to title or surface rights; dependence on key personnel and ability to attract and retain skilled personnel; the risk of an uninsurable or uninsured loss; adverse climate and weather conditions; litigation risk; competition with other mining companies; changes in tax laws; community support for the Company’s operations including risks related to strikes and the halting of such operations from time to time; risks related to conflict with small scale miners; risks related to failures of information systems or information security threats; the final outcome of the audit by the DENR in relation to the Masbate Project; ability to maintain adequate internal control over financial reporting as required by law, including Section 404 of the Sarbanes-Oxley Act; risks related to compliance with anti-corruption laws; as well as other factors identified and as described in more detail under the heading “Risk Factors” in B2Gold’s most recent Annual Information Form, the Company’s current Form 40-F Annual Report and B2Gold’s other filings with Canadian securities regulators and the U.S. Securities and Exchange Commission (the “SEC”), which may be viewed at www.sedar.com and www.sec.gov, respectively (the “Websites”). The list is not exhaustive of the factors that may affect the Company’s forward-looking statements. There can be no assurance that such statements will prove to be accurate, and actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. Accordingly, no assurance can be given that any events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits or liabilities B2Gold will derive therefrom. The Company’s forward-looking statements reflect current expectations regarding future events and operating performance and speak only as of the date hereof and the Company does not assume any obligation to update forward-looking statements if circumstances or management’s beliefs, expectations or opinions should change other than as required by applicable law. The Company’s forward-looking statements are based on the applicable assumptions and factors management considers reasonable as of the date hereof, based on the information available to management at such time. These assumptions and factors include, but are not limited to, assumptions and factors related to the Company’s ability to carry on current and future operations, including development and exploration activities; the timing, extent, duration and economic viability of such operations, including any mineral resources or reserves identified thereby; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; the Company’s ability to meet or achieve estimates, projections and forecasts; the availability and cost of inputs; the price and market for outputs, including gold; the timely receipt of necessary approvals or permits; the ability to meet current and future obligations; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions; and other assumptions and factors generally associated with the mining industry. For the reasons set forth above, undue reliance should not be placed on forward-looking statements.
Non-IFRS Measures
This news release includes certain terms or performance measures commonly used in the mining industry that are not defined under International Financial Reporting Standards (“IFRS”), including “cash operating costs” , “all-in sustaining costs” (or “AISC”), and “adjusted net income” . Non-IFRS measures do not have any standardized meaning prescribed under IFRS, and therefore they may not be comparable to similar measures employed by other companies. The data presented is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS and should be read in conjunction with B2Gold’s consolidated financial statements. Readers should refer to B2Gold’s management discussion and analysis, available on the Websites , under the heading “Non-IFRS Measures” for a more detailed discussion of how B2Gold calculates certain such measures and reconciliation of certain measures to IFRS terms.
Cautionary Note to United States Investors
The disclosure in this news release was prepared in accordance with Canadian National Instrument 43-101 (“NI 43-101”), which differs significantly from the requirements of the SEC set out in Industry Guide 7. Accordingly, such disclosure may not be comparable to similar information made public by companies that report in accordance with U.S. standards. In particular, this news release may refer to “mineral resources” or “inferred mineral resources”. While these categories of mineralization are recognized and required by Canadian securities laws, they are not recognized by the SEC and are not normally permitted to be disclosed in SEC filings by U.S. companies. U.S. investors are cautioned not to assume that any part of a “mineral resource” or “inferred mineral resource” will ever be converted into a “reserve.” In addition, “reserves” reported by the Company under Canadian standards may not qualify as reserves under SEC standards. Under SEC standards, mineralization may not be classified as a “reserve” unless the mineralization can be economically and legally extracted or produced at the time the “reserve” determination is made. Accordingly, information contained or referenced in this news release containing descriptions of the Company’s mineral deposits may not be compatible to similar information made public by U.S. companies subject to the reporting and disclosure requirements of U.S. federal securities laws, rules and regulations. “Inferred mineral resources” have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Historical results or feasibility models presented herein are not guarantees or expectations of future performance.
B2GOLD CORP.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31
(Expressed in thousands of United States dollars, except per share amounts)
(Unaudited)
2018
2017
Gold revenue $ 344,288 $ 146,256 Cost of sales Production costs (122,298 ) (67,047 ) Depreciation and depletion (81,248 ) (36,381 ) Royalties and production taxes (21,162 ) (5,762 ) Total cost of sales (224,708 ) (109,190 ) Gross profit 119,580 37,066 General and administrative (12,018 ) (7,381 ) Share-based payment s (3,994 ) (1,601 ) Impairment of long-lived assets (18,186 ) — Write-down of mineral property interests — (1,439 ) Provision for non-recoverable input taxes (556 ) (578 ) Foreign exchange (losses) gains (367 ) 319 Other (961 ) (959 ) Operating income 83,498 25,427 Unrealized gain (loss) on fair value of convertible notes 11,214 (14,456 ) Community relations (1,343 ) (1,580 ) Interest and financing expense (8,305 ) (2,133 ) Realized gains (losses) on derivative instruments 923 (448 ) Unrealized gains (losses) on derivative instruments 2,105 (5,337 ) Write-down of long-term investments — (883 ) Other (133 ) (189 ) Income before taxes 87,959 401 Current income tax, withholding and other taxes expense (39,479 ) (4,760 ) Deferred income tax recovery (expense) 8,948 (198 ) Net income (loss) for the period $ 57,428 $ (4,557 ) Attributable to: Shareholders of the Company $ 56,482 $ (5,499 ) Non-controlling interests 946 942 Net income (loss) for the period $ 57,428 $ (4,557 ) Earnings (loss) per share
(attributable to shareholders of the Company) Basic $ 0.06 $ (0.01 ) Diluted $ 0.04 $ (0.01 ) Weighted average number of common shares outstanding
(in thousands) Basic 982,160 970,440 Diluted 1,063,532 970,440
B2GOLD CORP.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31
(Expressed in thousands of United States dollars)
(Unaudited)
2018
2017
Operating activities Net income (loss) for the period $ 57,428 $ (4,557 ) Non-cash charges, net 74,717 47,376 Changes in non-cash working capital 13,810 (16,961 ) Proceeds from prepaid sales — 15,000 Changes in long-term value added tax receivables 1,321 (1,259 ) Cash provided by operating activities 147,276 39,599 Financing activities Repayment of credit facility (75,000 ) — Fekola equipment loan facility, drawdowns net of transaction costs 20,859 26,126 Repayment of Otjikoto equipment loan facility (2,580 ) (2,269 ) Masbate equipment loan facility, drawdowns net of transaction costs 4,435 — Repayments of Masbate equipment loan facility (437 ) — Repayment of Nicaraguan equipment loans (425 ) (307 ) Interest and commitment fees paid (6,887 ) (2,503 ) Common shares issued for cash on exercise of stock options 4,875 17,968 Restricted cash movement (1,418 ) (4,286 ) Cash (used) provided by financing activities (56,578 ) 34,729 Investing activities Expenditures on mining interests: Fekola Mine, development and sustaining capital (21,087 ) (67,810 ) Otjikoto Mine, development and sustaining capital (11,376 ) (12,552 ) Masbate Mine, development and sustaining capital (11,837 ) (14,954 ) Libertad Mine, development and sustaining capital (4,615 ) (3,592 ) Limon Mine, development and sustaining capital (5,980 ) (3,331 ) Gramalote Project, prefeasibility and exploration (2,436 ) (2,585 ) Other exploration and development (13,653 ) (11,013 ) Other (15 ) (26 ) Cash used by investing activities (70,999 ) (115,863 ) Increase (decrease) in cash and cash equivalents 19,699 (41,535 ) Effect of exchange rate changes on cash and cash equivalents 749 95 Cash and cash equivalents, beginning of period 147,468 144,671 Cash and cash equivalents, end of period $ 167,916 $ 103,231
B2GOLD CORP.
CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS
(Expressed in thousands of United States dollars)
(Unaudited)
As at March 31,
2018
As at December 31,
2017
Assets Current Cash and cash equivalents $ 167,916 $ 147,468 Accounts receivable, prepaids and other 21,311 20,603 Value-added and other tax receivables 20,565 21,335 Inventories 214,709 206,445 424,501 395,851 Assets held for sale 10,855 — Long-term investments 6,796 9,744 Value-added tax receivables 21,768 22,318 Mining interests Owned by subsidiaries 2,076,862 2,124,133 Investments in joint ventures 67,644 65,830 Other assets 42,646 39,848 Deferred income taxes 36,559 27,433 $ 2,687,631 $ 2,685,157 Liabilities Current Accounts payable and accrued liabilities $ 80,902 $ 95,092 Current income and other taxes payable 62,168 26,448 Current portion of derivative instruments at fair value 2,380 4,952 Current portion of long-term debt 299,070 302,630 Current portion of prepaid sales 63,000 60,000 Current portion of mine restoration provisions 1,819 1,819 Other current liabilities 3,381 3,603 512,720 494,544 Long-term debt 343,464 399,551 Prepaid sales 12,000 30,000 Mine restoration provisions 93,553 96,627 Deferred income taxes 81,696 81,518 Employee benefits obligation 12,596 14,708 Other long-term liabilities 1,687 1,816 1,057,716 1,118,764 Equity Shareholders’ equity Share capital Issued: 983,236,277 common shares (Dec 31, 2017 – 980,932,908) 2,203,759 2,197,267 Contributed surplus 62,451 60,039 Accumulated other comprehensive loss (142,788 ) (94,294 ) Deficit (508,948 ) (610,908 ) 1,614,474 1,552,104 Non-controlling interests 15,441 14,289 1,629,915 1,566,393 $ 2,687,631 $ 2,685,157
Source:B2Gold Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/globe-newswire-b2gold-reports-strong-first-quarter-2018-results-significant-beat-against-budget-for-cash-operating-costs-and-aisc-and.html |
Devon Travis and Dwight Smith Jr. hit two-run doubles, Curtis Granderson homered, and J.A. Happ pitched into the seventh inning Sunday afternoon as the visiting Toronto Blue Jays defeated the Philadelphia Phillies 5-3.
By taking the rubber match of the three-game interleague set, the Blue Jays won their first series since April 30-May 2 against the Minnesota Twins, also on the road. It was a stretch of seven winless series.
Happ (7-3) allowed three runs (two earned), six hits and two walks in 6 2/3 innings. The left-hander struck out eight in earning his third straight win.
Ryan Tepera pitched around a leadoff walk in the ninth to earn his second save of the season and his second of the series.
Phillies starter Nick Pivetta (4-3), a Canadian from Victoria, British Columbia, allowed two runs, four hits and two walks while striking out seven in five innings.
The Blue Jays scored twice in the second. Russell Martin and Smith walked with one out, advanced on a wild pitch and came home on a double by Travis.
After Pivetta left in favor of a pinch hitter in the bottom of the fifth, Tommy Hunter took over for Philadelphia in the top of the sixth.
Hunter walked Smoak with one out, Yangervis Solarte singled, and with two outs, Martin singled to load the bases. Smith cued a two-run double down the third base line.
The Phillies came back with three runs in the bottom of sixth, helped by two Blue Jays errors.
Maikel Franco singled with one out. A throwing error by Toronto third baseman Josh Donaldson on Carlos Santana’s infield single put runners at second and third. Aaron Altherr singled to center and moved to second on Kevin Pillar’s error as two runs scored. Nick Williams followed with an RBI single, cutting the lead to 4-3.
Seunghwan Oh replaced Happ with two outs and no one on in the seventh and finished the inning, then tossed a perfect eighth.
Granderson hit his fourth homer of the season in the ninth against Hector Neris.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-phi-tor-recap/jays-top-phils-end-7-series-winless-streak-idUSMTZEE5REMXGTC |
Zymeworks Inc:
* ZYMEWORKS REPORTS 2018 FIRST QUARTER FINANCIAL RESULTS * ZYMEWORKS INC - REVENUE FOR THREE MONTHS ENDED MARCH 31, 2018 WAS $0.04 MILLION AS COMPARED TO $0.23 MILLION IN SAME PERIOD IN 2017
* ZYMEWORKS INC - EXPECTS RESEARCH AND DEVELOPMENT EXPENDITURES TO INCREASE OVER TIME
* ZYMEWORKS INC - QTRLY LOSS PER SHARE $0.83 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-zymeworks-inc-qtrly-loss-per-share/brief-zymeworks-inc-qtrly-loss-per-share-0-83-idUSASC09YQ8 |
MONTRÉAL, May 8, 2018 /PRNewswire/ - The President of La Presse, Pierre-Elliott Levasseur, announces La Presse's intention to adopt a not for profit structure that will benefit from a financial contribution of $50 million from Power Corporation.
This change in structure requires the repeal of a provision of a Private Act adopted in 1967 regarding the ownership of La Presse. The new structure will be established shortly after the legislative provision is repealed, depending on the outcome of the legislative process.
Thereafter, Power Corporation will no longer own La Presse and will no longer have any ties with the not for profit structure. A social trust will be established and the trust deed will be made public at that time.
Once the new structure is established, all profit from operations, any government assistance and money collected from donors will serve the operations of La Presse, with the ultimate goal of producing high-quality news reporting for the public at large.
The new structure is designed to be a modern approach adapted to the realities of today's written media. The contribution of $50 million from Power Corporation will help La Presse focus on its strategic plan in an orderly manner and to bring together the necessary conditions to expand its support base, from the federal government, to major donors, foundations, advertisers and the general public. La Presse will be able to pursue its mission: producing high-quality, thorough and reliable news and promoting diversity of opinion with respect for ideas and individuals.
Today, American giants Facebook and Google monopolize nearly 80% of digital advertising revenue in Canada. La Presse urges the federal government to act on its intention, expressed in the last budget, to financially support the written press through philanthropic models, as well as through direct assistance to help it pursue its mission, a key component of a healthy democracy.
As part of this change in structure, Power Corporation is also ready to establish, in collaboration with the unions, a mechanism to retain past retirement plan obligations under its responsibility on a going concern basis. This will notably reduce La Presse's future financial burden while benefiting retirees as well as active and inactive employees who have accumulated pensions up to the date when the new structure is established.
Mr. Levasseur expressed the following sentiments: "I would like to thank Power Corporation and more specifically André Desmarais and his family for the untiring support they have shown towards La Presse and its employees over the past 50 years. I cannot help but acknowledge what the late Paul Desmarais senior has built. Today André Desmarais continues to show his family's high regard for our institution by associating himself, for a last time as owner, with the carefully considered choice of La Presse's management to adopt a non-profit structure, and by granting a major contribution of $50 million from Power Corporation."
The new structure and La Presse's vision for the future were presented today to all employees during a meeting at the Palais des Congrès de Montréal.
About La Presse
La Presse employs 585 people and has one of the largest newsrooms in Canada. Its activities are grouped under La Presse +, LaPresse.ca and La Presse Mobile. Each day, 260,000 tablets consultLa Presse + for an average length of 40 minutes per day. The website LaPresse.ca receives 3.4 million visitors per month. Each month, La Presse's various platforms reach 63% of Francophone adults in Quebec. Founded 130 years ago, La Presse offers complete, objective and thorough news reporting in multiple areas such as politics, the economy, consumer affairs, culture, sports and entertainment, to name but a few.
View original content with multimedia: http://www.prnewswire.com/news-releases/la-presse-announces-intention-to-adopt-a-not-for-profit-structure---power-corporation-will-no-longer-own-la-presse-300644562.html
SOURCE La Presse | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/pr-newswire-la-presse-announces-intention-to-adopt-a-not-for-profit-structure--power-corporation-will-no-longer-own-la-presse.html |
BEIJING (Reuters) - China and the United States have reached a consensus on some areas of their trade dispute but are still relatively far apart on other issues, China’s official Xinhua news agency said on Friday.
Members of U.S. trade delegation, Treasury Secretary Steven Mnuchin and Commerce Secretary Wilbur Ross, leave a hotel in Beijing, China, May 4, 2018. REUTERS/Thomas Peter The two sides committed to resolve trade disputes through dialogue and exchanged opinions on expanding U.S. exports to China, Xinhua said, without giving details on what the officials agreed on and what issues divided them.
The U.S. trade delegation asked China to cut a bilateral trade imbalance immediately and to stop subsidizing advanced technology, a Wall Street Journal reporter wrote on Twitter, citing a document issued to the Chinese before talks.
The trade delegation also asked China not to target U.S. farmers and to cut its tariffs to levels no higher than those in the United States.
Following are market reactions to the initial reports of the outcome of talks held in Beijing.
RICHARD JERRAM, CHIEF ECONOMIST, BANK OF SINGAPORE, SINGAPORE
“It is impossible to imagine China acceding to these demands, but they are best seen as the first, inflated, bid in a negotiating process.
“Trade talks are likely to be messy. Firstly, the U.S. team is divided between those looking to minimize disruptions (Mnuchin, Kudlow) and those who favor a hard-line stance (Navarro, Lighthizer).
“Secondly, there is little confidence that President Trump will support any deal. Presumably the Chinese negotiators realize this, and will come in with a low initial offer, fully expecting to have to raise it after intervention from the president.
“China will use the threat of retaliation to avoid over-promising. Presumably we will again see the strategy of re-packaging previous commitments, while making some new pledges that will be forgotten and others that will be delivered.
“At the same time, delay will be a key tactic, trying to run down the clock until elections produce a less confrontational U.S. administration. Comments from the U.S. team suggest they are wise to this game, which points to a meaningful risk of disruption.
“Irrespective of any short-term deal, which is fundamentally unpredictable, trade friction will be a permanent feature of the next few years. China might be able to dent the bilateral deficit by changes in procurement practices, although not by anything close to $200 billion. However, the probability is that the overall U.S. trade deficit will continue to rise.
“By implication, the U.S. administration’s view that they are ‘losing’ in world trade is likely to continue. This suggests that we will be in a permanent cycle of threats, negotiations and tariffs.
“This is likely to contribute to the ‘bumpy ride’ expected by our strategy team. Moreover, the need to fund the twin deficits should weigh on the USD and pull it lower in the medium term, once the short-term bounce due to the shift in interest rate expectations fades.”
TOMMY XIE, ECONOMIST AT OCBC BANK IN SINGAPORE: “I think the U.S. is asking the impossible. Reducing deficit by $200 billion by 2020 is quite unrealistic demand. But it may also be its negotiation tactic to start high first. Anyway, I guess it is only the start of negotiation not the end of negotiation.
“The root problem of the widening U.S. trade deficit is low saving rate, which is not really addressed. As the U.S. is running fiscal stimulus, I think the chance for the U.S. to narrow its current imbalance is low.
“This may bode well for further volatility. In terms of the impact, I think the dollar may weaken in the longer run.”
IRIS PANG, GREATER CHINA ECONOMIST, ING, HONG KONG “An inconclusive outcome means there is a deadlock. There may not be a negotiation at all if it really starts with the U.S. demanding a $200 billion reduction in trade deficit within two years.
“First of all, China has no obligation to do that. Secondly, how to achieve that?
“The market has already reacted. The dollar/yuan rose from 6.35 to 6.359.
“This is negative for the markets. It’s not tit-for-tat on just trade anymore, it’s more than trade, it’s about investments as well. If it involves the ZTE case, it means it’s on the larger topic of ‘Made in China 2025’.
“I don’t think China will give in on anything. What China has announced already — opening up financial markets and the intention to cut tariffs on automobiles — will continue.
“But it means that the U.S. can’t enjoy the cut in tariffs and it will be worse for the U.S. For example, European cars will be able to enter the market at a cheaper price for Chinese consumers and U.S. cars won’t.
“This kind of retaliation will continue and probably broaden to other goods and services. I don’t think this is the end, this is just the start.
“It would affect trade volumes for the whole world, not just between China and the U.S. and will push up prices of many goods in the world.
“But it will not affect China’s GDP growth because ... China will speed up R&D. The investments part of China’s GDP will grow tremendously to offset the loss of trade, logistics services and manufacturing of some goods.”
XU HONGCAI, DEPUTY CHIEF ECONOMIST, CHINA CENTRE FOR INTERNATIONAL ECONOMIC EXCHANGES (CCIEE), A BEIJING-BASED THINK TANK:
“The achievement is hard-won given that this is the first time they talked.
“The Chinese side has made many concessions, and China’s attitude is pro-active. But China will not accept their demand for cutting the trade surplus by $200 billion by 2020, which is impossible to achieve. Both sides need common efforts.
“Both sides need to talk further as they are back on the path of negotiations. We need to do it in a step-by-step way. Rome wasn’t built in a day.
“I don’t think they (the United States) will impose tariffs on imports from China, people don’t want a trade war. They definitely want to contain China. But opening is a big trend and it’s difficult for them to sustain efforts to contain China.”
HELEN LAU, METALS AND MINING ANALYST, ARGONAUT SECURITIES, HONG KONG:
The talks saw “more unexpected demands from the U.S., hence creating more uncertainty. We also don’t know how long these trade negotiations will drag on.”
With U.S. tariffs on Chinese goods due to come into force in June “it is up to the U.S. to decide to extend. If not, a trade war starts and it is bad for commodities.”
KEN CHEUNG, SENIOR FX STRATEGIST AT MIZUHO BANK, HONG KONG “The outcome was largely within expectations. (The two-day talks) did not make much progress. And potential risks from trade war might linger for some time.
“It could prompt China to curb yuan appreciation. Chinese policymakers are paying more attention to the downside risk on the economy now as seen from the latest RRR cut (banks’ reserve requirements). The central bank may not only use the monetary policy but also comprehensive stimulus to boost the economy, and yuan policy is one of them.
“The government is likely to use the news headlines as an excuse to slightly weaken the yuan for now.”
PAUL BURKE, ASIA DIRECTOR, US SOYBEAN EXPORT COUNCIL, BEIJING OFFICE:
“My position has moved from pessimistic to cautiously optimistic and I’m looking forward to the details.
“But if the result of these agreements doesn’t have the impact of both sides backing away from the imposition of duties, and the threat of a 25 percent tariff on soybeans remains, I’m concerned that the status quo would remain in place. That means essentially that no U.S. soybeans are being contracted for future delivery right now.”
LI QIANG, CHIEF CONSULTANT AT AGRICULTURE CONSULTANCY SHANGHAI JC INTELLIGENCE CO LTD, SHANGHAI:
“It’s basically a win-win, it’s better than a trade war.”
For imported products that were facing tariffs such as soybeans, “there’s now room for adjustment”.
“It’s bullish for imports. For sorghum, there’s room for negotiation. There’s still hope for it to be resolved.”
ANDY JI, ASIAN CURRENCY STRATEGIST, COMMONWEALTH BANK OF AUSTRALIA, SINGAPORE
“The headlines so far suggest there are still no concrete steps that could be taken to diminish the trade tensions... In that regard, the (China-U.S.) talks do not alleviate concerns over the region’s growth outlook.
“In Asia, Hong Kong, Singapore, South Korea and Taiwan are known to be the key upstream economies in advanced manufacturing global value chains. As a result, the lingering trade dispute bodes ill for their respective currencies.”
BACKGROUND: — U.S. and Chinese negotiators will end two days of talks on Friday to try and avert a trade war over thorny technology transfer issues amid expectations that they will not reach a breakthrough deal but will at least agree to keep talking.
— President Donald Trump’s threatened tariffs are seen as likely to continue their march toward activation.
— U.S. complaints about Chinese intellectual property, or IP, abuses are at the core of the current dispute. The Trump administration says U.S. companies lose hundreds of billions of dollars annually to China’s theft of trade secrets.
— In recent months, Trump has demanded a $100 billion annual reduction in the $375 billion U.S. goods trade deficit with China, and responded to Chinese vows of retaliation over U.S. tariffs with threats of duties on another $100 billion worth of Chinese exports to the United States.
Reporting by Beijing, Shanghai and Singapore bureaus; Editing by Kim Coghill
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trade-china-instantview/instant-view-u-s-china-agree-on-some-trade-issues-far-apart-on-others-idUSKBN1I50U3 |
* Traders see 3.25 percent as next test for 10-year yield * U.S. to sell $99 bln coupon issues, $16 bln floating-rate notes (Updates market action, adds Quote: ) By Richard Leong NEW YORK, May 18 (Reuters) - U.S. 10-year Treasury yields declined on Friday from a near seven-year high as buyers emerged following a bond market sell-off earlier this week spurred by worries about growing inflation and government borrowing. Some technical indicators suggested the Treasuries market is the most oversold since December. The multiyear high yields inspired some fund managers to add longer-dated Treasuries this week. "We got more aggressive this week," Jerry Paul, senior vice president of fixed income at ICON Advisers in Denver, said of his purchases of 10-year notes. Many market players, including Paul, expect Treasury prices would resume their fall, pushing 10-year yields toward 3.25 percent, which was last seen in May 2011. "It's a grind higher in yields," said Larry Milstein, head of government and agency trading at R.W. Pressprich & Co in New York. "I think the data are still pretty good. They make people think the economy is doing well." To be sure, if Wall Street unravels as investors view Treasuries as a compelling alternative to stocks, or a resurgent dollar hurts oil and other commodity prices, that could rekindle a bid for U.S. government bonds, analysts said. If so, the 10-year yield could fall back below 3 percent, they said. The yield on benchmark 10-year Treasury notes was down 4 basis points at 3.071 percent after touching 3.128 percent in overseas trading, the highest level since July 2011, Reuters data showed. On the week, the 10-year yield was on track to increase about 10 basis points, its biggest weekly gain in a month. "People are digesting the market move," said Andrew Richman, director of fixed income at SunTrust Advisory Services in Jupiter, Florida. "I think we have another leg up (in yields)." The 2-year Treasury yield was 2 basis points lower at 2.553 percent, pulling back from a nearly decade peak of 2.598 percent reached on Thursday. The 2-year yield was on course to rise for six straight weeks, which would be the longest such streak since 10 consecutive weeks of increases in the fourth quarter of 2017. The 30-year bond yield touched 3.264 percent earlier Friday, the highest since October 2014. It was on track for its largest weekly rise since early February. Demand for Treasuries will be tested next week as the Treasury Department is scheduled to sell $99 billion in fixed-rate coupon issues and $16 billion in 2-year floating-rate notes (FRN). Friday, May 18 at 1500 EDT (1900 GMT): Price US T BONDS JUN8 141-5/32 0-23/32 10YR TNotes JUN8 118-216/256 0-84/256 Price Current Net Yield Change (pct) (bps) Three-month bills 1.865 1.8995 -0.007 Six-month bills 2.0375 2.0868 0.000 Two-year note 99-172/256 2.5488 -0.024 Three-year note 99-188/256 2.7182 -0.030 Five-year note 99-88/256 2.8932 -0.039 Seven-year note 99-24/256 3.0205 -0.043 10-year note 98-88/256 3.0688 -0.040 30-year bond 98-100/256 3.209 -0.037 DOLLAR SWAP SPREADS Last (bps) Net Change (bps) U.S. 2-year dollar swap 24.00 -0.50 spread U.S. 3-year dollar swap 18.25 0.00 spread U.S. 5-year dollar swap 9.50 -0.25 spread U.S. 10-year dollar swap 3.00 0.00 spread U.S. 30-year dollar swap -9.00 -0.25 spread (Reporting by Richard Leong; editing by Nick Zieminski and Jonathan Oatis)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-bonds/treasuries-u-s-10-year-yield-falls-from-near-7-year-peak-as-buying-emerges-idUSL2N1SP12X |
EMERGING MARKETS-Latin American equities mixed amid light trading Published 5 Hours Ago Reuters
(Updates prices) SAO PAULO, April 30 (Reuters) - Latin American markets were mixed on Monday as a positive morning session on Wall Street and solid corporate earnings were balanced against commodity price worries and a strong dollar in thin trading. Tuesday is the May Day holiday across Latin America, with markets in Argentina closed Monday as well. Many traders in Sao Paulo and Rio de Janeiro were off on Monday, and those in the office said liquidity was low. "A lot of players are just bridging the weekend with the holiday," said one manager at a brokerage in Rio. Alexandre Soares, a trader at Sao Paulo-based BGC Liquidez, said trading volume in Brazil on Monday should come in at around 5 billion reais ($1.43 billion), less than half the average. In that context, Latin American markets were initially buoyed by a solid early session on Wall Street, which benefited from a string of mergers and strong earnings. Marathon Petroleum said it would buy rival Andeavor for more than $23 billion. The Bovespa closed down 0.38 percent. Mexico's peso depreciated 0.5 percent compared to the Friday reference price, hit by a strong dollar. Mexican stocks rose 0.15 percent after the end of corporate results season.
Key Latin American stock indexes at 2100 GMT:
Stock indexes daily YTD %
% change
Latest change MSCI Emerging Markets 1164.43 0.7 0.52 MSCI LatAm 2987.53 -0.8 5.64 Brazil Bovespa 86115.50 -0.38 12.71 Mexico IPC 48358.16 0.15 -2.02 Chile IPSA 5710.90 0.36 2.63 Chile IGPA 28699.31 0.41 2.57 Argentina MerVal 30006.35 1.76 -0.20 Colombia IGBC 12414.57 -0.06 9.18 Venezuela IBC 22217.09 -0.73 1658.8
8 | ashraq/financial-news-articles | https://www.cnbc.com/2018/04/30/reuters-america-emerging-markets-latin-american-equities-mixed-amid-light-trading.html |
BOSTON (Reuters) - A Massachusetts man was arrested on Wednesday and accused by federal prosecutors of stealing two Andy Warhol paintings from a former college classmate and then using them to produce knockoffs that he sold on eBay.
Brian Walshe is pictured in this undated Registry of Motor Vehicles (RMV) photo contained in court papers filed by federal prosecutors in Boston, Massachusetts, U.S., on May 9, 2018. Courtesy RMV via U.S. Attorney's Office for the District of Massachusetts/Handout via REUTERS Brian Walshe, 43, sold two forged Warhols to the owner of a Los Angeles gallery for $80,000 in 2016, according to a criminal complaint filed in federal court in Boston.
According to authorities, Walshe had the real paintings, which he had stolen from a former classmate at Carnegie Mellon University who is now living in South Korea.
Walshe, a resident of Lynn, Massachusetts, was charged with one count of wire fraud. His court-appointed lawyer did not respond to a request for comment.
According to the complaint, in 2016, the gallery owner found a posting for the two Warhol paintings, which were from his “Shadow” series, on eBay, where Walshe listed them for $100,000.
A posting on eBay stated that Walshe had “terribly over paid” when he bought the paintings from an art dealer in 2007 for $240,000 and was willing to sell them now to cover the costs of renovating his house, the complaint said.
“Our loss is your gain,” the posting said, according to court papers.
After speaking with Walshe, the gallery owner agreed to buy the paintings outside of eBay for $80,000 based on his understanding that the paintings had stamps from the Andy Warhol Foundation for the Visual Arts authenticating them, the complaint said.
But the paintings, which the gallery owner’s assistant flew to Boston to pick up, did not have those stamps and did not look like the art pictured on eBay, the complaint said.
After weeks of demands from the gallery owner, Walshe refunded him $30,000 but made repeated excuses why he could not repay the rest, the complaint said.
Authorities alleged that Walshe may have based the fakes on two authentic paintings he had stolen.
Charging documents state that Walshe had previously offered to help his ex-classmate sell some of his family’s art, which included the Warhol paintings.
Friends of the South Korean’s were eventually were enlisted to track Walshe down to demand he return the art, the complaint said.
But he only returned two Keith Haring prints and a Tang dynasty porcelain statue, according to court papers. In 2011, Walshe sold one Warhol piece through the auction house Christie’s for $40,000, the complaint said.
Reporting by Nate Raymond in Boston; Editing by Lisa Shumaker
| ashraq/financial-news-articles | https://www.reuters.com/article/us-massachusetts-crime-warhol/massachusetts-man-stole-warhol-paintings-sold-fakes-prosecutors-idUSKBN1IA3H7 |
May 24 (Reuters) - Royal Dutch Shell PLC:
* SHELL MAKES LARGE HEARTLAND DISCOVERY IN GULF OF MEXICO * SHELL OFFSHORE INC- DISCOVERY IS LOCATED APPROXIMATELY 13 MILES FROM THE APPOMATTOX HOST AND IS CONSIDERED AN ATTRACTIVE POTENTIAL TIEBACK.
* SHELL OFFSHORE INC- APPOMATTOX HOST HAS NOW ARRIVED ON LOCATION IN THE U.S. GULF OF MEXICO AND IS EXPECTED TO START PRODUCTION BEFORE THE END OF 2019. Source text ( go.shell.com/2s3vtWK ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-shell-makes-large-heartland-discov/brief-shell-makes-large-heartland-discovery-in-gulf-of-mexico-idUSFWN1SV0RA |
BEIJING (Reuters) - China’s most active thermal coal futures prices fell more than 4 percent in morning trading on Wednesday, on track for the biggest one-day drop since November 2016, following news of government intervention to cool the red-hot market.
Thermal coal futures fell to 588.8 yuan ($92.37) per tonne by 0250 GMT, extending a more than 3 percent fall in the overnight trading session as investors rushed to close out long positions and pile on short bets.
Reuters reported on Tuesday that China’s state planner ordered utilities this week to stop stockpiling thermal coal and told miners to slash prices, citing sources, in the government’s first direct intervention since mid-2016.
Total open interest for September contracts rose to 415,108 lots, or 41.5 million tonnes, from 400,336 lots on Tuesday.
In a meeting with utilities, miners and port officials, the National Development and Reform Commission (NDRC) encouraged utilities to halt buying in the next two to three weeks or reduce inventories.
The NDRC also asked miners to bring spot coal prices back under 570 yuan ($90) per tonne by June 10, from current levels of as much as 650 yuan per tonne, the sources said.
Some traders worried that the direct intervention could cause problems further out as summer approaches and power consumption rises.
“NDRC has ordered power plants to stop buying coal as of now. But pent-up demand from this month and expectation of tight rail transportation capacity in summer could lead to supply crunches,” a coal trader based in Hefei, southern Anhui province said.
Reporting by Meng Meng and Aizhu Chen; editing by Richard Pullin
| ashraq/financial-news-articles | https://www.reuters.com/article/us-china-coal-prices/chinas-thermal-coal-futures-fall-after-government-intervention-idUSKCN1IO0C1 |
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