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NETANYA, Israel, May 08, 2018 (GLOBE NEWSWIRE) -- RADA Electronic Industries Ltd. (Nasdaq:RADA) announced that it would be releasing its financial results for the first quarter of 2018 on Wednesday, May 23, 2018.
The Company will host a conference call on the same day, starting at 10:00 am ET. Dov Sella, Chief Executive Officer, and Avi Israel, Chief Financial Officer, will host the call and will be available to answer questions after presenting the results.
To participate, please call one of the following telephone numbers a few minutes before the start of the call:
US: 1-888-281-1167 at 10:00 am Eastern Time UK: 0-800-917-9141 at 3:00 pm UK Time Israel: 03-918-0685 at 5:00 pm Israel Time International: +972-3-918-0685 For those unable to participate, the teleconference will be available for replay on RADA’s website at http://www.rada.com beginning 24 hours after the call.
About RADA
RADA Electronic Industries Ltd. is an Israel-based defense electronics contractor. The Company specializes in the development, production, and sales of Tactical Land Radars for Force and Border Protection and Avionics Systems (including Inertial Navigation Systems) for fighter aircraft and UAVs.
Certain statements in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially. Such risk uncertainties and other factors include, but are not limited to, changes in general economic conditions, risks in product and technology developments, market acceptance of new products and continuing product demand, level of competition and other factors described in the Company's Annual Report on Form 20-F and other filings with the Securities and Exchange Commission.
Company Contact:
Avi Israel (CFO)
Tel: +972-9-892-1111
[email protected]
www.rada.com IR Contact
GK Investor Relations
Ehud Helft, Partner
Tel: 1 617 318 3096
[email protected]
Source:RADA Electronic Industries Ltd. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-rada-schedules-first-quarter-2018-results-release-conference-call-on-wednesday-may-23-2018.html |
May 21 (Reuters) - United Steelworkers International Union:
* UNITED STEELWORKERS INTERNATIONAL UNION SAYS URGES EXXONMOBIL SHAREHOLDERS TO VOTE IN FAVOR OF PROPOSAL ON LOBBYING REPORT - SEC FILING Source text: ( bit.ly/2IZk97V ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-usw-urges-exxonmobil-shareholders/brief-usw-urges-exxonmobil-shareholders-to-vote-in-favor-of-proposal-on-lobbying-report-idUSFWN1SS0JD |
8 Hours Ago | 01:16
Facebook made the surprising announcement on Tuesday that it's officially entering the online dating market.
"There are 200 million people on Facebook who list themselves as single," CEO Mark Zuckerberg said at the company's annual F8 developer conference. "So clearly there's something to do here."
The opt-in feature will match users with people they're not already connected to on the site.
Here's how it will work:
From your profile, click on the heart icon to enter what Facebook is calling your "dating home." From there, set up a dating profile, which your Facebook friends won't be able to see.
Browse events nearby and groups that interest you. Unlock the physical world event you'd like to attend.
Your profile is then shared with other people going to that event, and you will be able to see who's attending and browse their profiles.
You can start a private conversation if you find someone of interest.
Facebook says the conversations will be text only as a "safety measure," and dating chats will remain separate from Facebook messaging and WhatsApp.
"It mirrors the way people actually date, which is usually at events and institutions that they're connected to," said Chris Cox, Facebook's chief product officer, during his keynote. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/01/facebook-dating-service-how-it-works.html |
US trade delegation heads to Beijing for talks 10:02am EDT - 01:34
As U.S. President Donald Trump's trade delegation prepares for negotiations in Beijing, Trump's chief trade negotiator said on Tuesday he was not looking to negotiate changes to China's state-driven economic system but would seek to expose it to more foreign competition. ▲ Hide Transcript ▶ View Transcript
As U.S. President Donald Trump's trade delegation prepares for negotiations in Beijing, Trump's chief trade negotiator said on Tuesday he was not looking to negotiate changes to China's state-driven economic system but would seek to expose it to more foreign competition. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2FBZwJ5 | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/02/us-trade-delegation-heads-to-beijing-for?videoId=423179289 |
May 3 (Reuters) - Tallgrass Energy Partners LP:
* TALLGRASS ENERGY REPORTS STRONG FIRST QUARTER 2018 RESULTS
* TALLGRASS ENERGY PARTNERS LP QTRLY DILUTED NET INCOME PER COMMON UNIT $0.91
* TALLGRASS ENERGY PARTNERS LP - QTRLY TOTAL REVENUES $179.1 MILLION VERSUS $144.4 MILLION Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-tallgrass-energy-qtrly-diluted-net/brief-tallgrass-energy-qtrly-diluted-net-income-per-common-unit-0-91-idUSASC09ZF7 |
May 7 (Reuters) - Alphabet Inc:
* GOOGLE SAYS BANS ADS FOR BAIL BONDS SERVICES- BLOG Source text : bit.ly/29BU7CE
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-google-says-bans-ads-for-bail-bond/brief-google-says-bans-ads-for-bail-bonds-services-blog-idUSFWN1SE0W1 |
BEIJING, May 20 (Reuters) - Hollywood's push for greater access to China's booming film market - delayed since last year - has become tangled in broader trade talks between Washington and Beijing, a potentially thorny position amid whipsawing trade relations.
Negotiations to raise a Chinese quota on imported films and boost the share that overseas producers get of box office takings are now being discussed within the broader framework of a U.S.-China trade stand-off, four industry sources said.
The shift from earlier talks is a double-edged sword for U.S. producers looking at China's $8.6 billion cinema market. It could be bad news if broader talks go sour, but it could offer a potential path forward if the two countries find common ground.
"It wouldn't really hit the domestic movie business much whether we bring in more foreign movies or not," said Yu Jianhong, vice president of Beijing Film Academy. "This should be something both parties can agree on."
China's quota system allows 34 imported movies a year to be shown in theatres, while overseas producers get a 25 percent share of box office takings - less than in other international markets. Since 2016 a handful more have been allowed in via a "cultural exchange" channel.
In a government document provided to the U.S. delegation in Beijing two weeks ago, Chinese negotiators said that opening up the market more for U.S. movies was a concession China could offer to Washington as part of a broader trade deal.
The document, seen by Reuters, said that China was "willing to discuss expanding movie imports with the U.S. side".
Chinese Vice Premier Liu He is currently in Washington leading a Chinese trade delegation on a second round of talks to find a deal with the United States and avert a full-blown trade war between the world's two biggest economies.
China on Friday said it was dropping an anti-dumping probe into imports of U.S. sorghum, a conciliatory gesture hours after U.S. officials familiar with the matter said China was offering a package to slash the U.S. trade deficit by up to $200 billion.
On Thursday, U.S. President Donald Trump criticised China as being "very spoiled" on trade with the United States but said he was aiming for an overall deal with Beijing.
"ON PAUSE"
U.S. studios had hoped for an improved deal for imported films last year. This, however, had been held up as Beijing rejigged its film regulator, handing more control to the ruling Communist Party, and then as trade tensions with the United States grew.
"The movie deal is essentially on pause," one person familiar with U.S.-China negotiations on the movie agreement told Reuters, adding that Beijing's willingness to ease up would likely be swayed by the state of trade tensions.
Hollywood producers are pushing for more access, but a bigger share of revenues was even higher on the agenda, especially as locally-made productions became more competitive.
China has become a key market for U.S. studios from Walt Disney Co to Universal Pictures. "The Fate of the Furious", the latest instalment of Universal's "The Fast and the Furious" franchise, was the second top grossing film in China last year while "Avengers: Infinity War" has taken 1.6 billion yuan ($251.23 million) so far this year.
China's box office revenue rose 13.45 percent last year to 55.91 billion yuan, accelerating after a sharp slowdown in 2016.
Jacob Parker, vice president of China operations at the U.S.-China Business Council, said firms were more concerned about the revenue split for films they brought to China, though higher quotas would be well received too.
"Profit sharing is a higher priority," he said, and studios "would like to see 45 percent as opposed to 25 percent." He added: "Forty-five percent is what companies receive in most other markets where they operate."
Hollywood movies, which once ruled in China, are seeing a rising challenge from locally-made productions, while a spate of tie-ups and financing deals have gone sour amid cultural clashes and a brighter spotlight on risky Chinese investments.
China is also looking to tighten control over content, potentially at odds with allowing in more overseas productions, which generally will have to get past domestic censors.
"China has pledged to open its market on a lot of fronts, but you have to consider the special aspect of culture and entertainment industry," said Beijing Film Academy's Yu.
"It has the education and ideology feature so it would be treated differently." ($1 = 6.3686 Chinese yuan renminbi) (Reporting by Pei Li and Michael Martina in BEIJING and Lisa Richwine in LOS ANGELES; Writing by Adam Jourdan; Editing by Philip McClellan) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/19/reuters-america-hollywoods-china-dreams-get-tangled-in-trade-talks.html |
May 3 (Reuters) - Danske Bank A/S:
* SAYS DANISH FSA HAS ASSESSED ROLE OF DANSKE BANK’S MANAGEMENT AND SENIOR EMPLOYEES IN MATTER RELATING TO NOW CLOSED DOWN NON-RESIDENT PORTFOLIO AT DANSKE BANK’S BRANCH IN ESTONIA
* SAYS ASSESSMENT FROM DANISH FSA GIVES RISE TO EIGHT ORDERS AND EIGHT REPRIMANDS
* SAYS DANSKE BANK HAS TAKEN NOTE OF ORDERS AND REPRIMANDS FROM DANISH FSA
* SAYS IN ADDITION TO INITIATIVES ALREADY TAKEN IN RECENT YEARS, DANSKE BANK WILL NOW LAUNCH FURTHER MEASURES TO ENSURE THAT IT COMPLIES WITH ALL ORDERS
* CEO SAYS WE AGREE THAT WE SHOULD HAVE UNDERSTOOD DEPTH AND SCOPE OF PROBLEMS IN ESTONIA AT AN EARLIER STAGE AND SHOULD HAVE REACTED FASTER AND MORE FORCEFULLY
* SAYS DANISH FSA ORDERS TO REASSESS BANK’S AND BANKING GROUP’S SOLVENCY NEED IN ORDER TO ENSURE AN ADEQUATE INTERNAL CAPITAL COVERAGE OF COMPLIANCE AND REPUTATIONAL RISKS AS A RESULT OF WEAKNESSES IN BANK’S GOVERNANCE
* SAYS FSA INITIALLY ESTIMATES THAT A PILLAR II ADD-ON SHOULD AMOUNT TO AT LEAST DKK 5 BILLION, OR ABOUT 0.7% OF REA (RISK EXPOSURE AMOUNT) AT END OF 2017
* SAYS OWN INVESTIGATIONS OF ESTONIA BRANCH ARE EXPECTED TO BE COMPLETED IN SEPTEMBER 2018 AT LATEST
* SAYS AN ADD-ON OF DKK 5 BILLION WILL INCREASE GROUP’S SOLVENCY NEED FROM 10.5% TO 11.2% CALCULATED AT 31 MARCH 2018 Source text for Eikon: (Reporting by Stine Jacobsen)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-danish-fsa-gives-danske-bank-order/brief-danish-fsa-gives-danske-bank-orders-and-reprimands-amid-estonian-money-laundering-controls-idUSFWN1SA04T |
May 14 (Reuters) - Street Capital Group Inc:
* STREET CAPITAL ANNOUNCES 2018 FIRST QUARTER RESULTS * STREET CAPITAL GROUP INC - QTRLY TOTAL REVENUE (NET OF ACQUISITION COSTS) WAS FLAT AT $11.6 MILLION
* STREET CAPITAL GROUP INC - QTRLY REPORTED SHAREHOLDERS’ DILUTED LOSS PER SHARE $0.01
* STREET CAPITAL GROUP INC - QTRLY ADJUSTED SHAREHOLDERS’ DILUTED LOSS PER SHARE $0.01
* STREET CAPITAL GROUP INC - “MANAGEMENT BELIEVES THAT HOUSING MARKET FUNDAMENTALS REMAIN SUPPORTIVE”
* STREET CAPITAL GROUP INC - HOUSING MARKETS, MORTGAGE ORIGINATION VOLUMES CONTINUE TO FACE POLICY-RELATED HEADWINDS
* STREET CAPITAL GROUP - CONTINUES TO EXPECT MORTGAGE RENEWAL ORIGINATION IN RANGE OF $2.20 BILLION-$2.40 BILLION IN 2018
* STREET CAPITAL GROUP INC - CO IS MAINTAINING FINANCIAL TARGETS IT SET OUT IN ITS Q4 2017 Source text for Eikon: Further company coverage:
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May 23, 2018 / 4:04 PM / Updated 2 hours ago F1 drivers expecting record times in Monaco Alan Baldwin 3 Min Read
MONACO (Reuters) - Formula One World champion Lewis Hamilton and his rivals expect to go quicker than ever around Monaco’s metal-fenced streets this weekend once they get to grips with the new hypersoft tyres. Formula One F1 - Monaco Grand Prix - Circuit de Monaco, Monte-Carlo - May 23, 2018 Ferrari's Sebastian Vettel and Mercedes' Lewis Hamilton during a news conference ahead of the Monaco Grand Prix. REUTERS/Benoit Tessier
The Mercedes driver, 17 points clear of Ferrari’s Sebastian Vettel after five races, said on Wednesday that records were likely to fall and others echoed that view.
“It’s going to be a track record for sure, by quite a lot,” Force India’s French driver Esteban Ocon told reporters. “It’s going to be impressive to watch.”
His Mexican team mate Sergio Perez reckoned an improvement of a second to a second-and-a-half a lap was a realistic expectation. Formula One F1 - Monaco Grand Prix - Circuit de Monaco, Monte-Carlo - May 23, 2018 Mercedes' Lewis Hamilton and Romain Grosjean of Haas F1 team during a news conference ahead of the Monaco Grand Prix. REUTERS/Benoit Tessier
Perez holds the current race lap record of one minute 14.820 seconds around the Mediterranean principality, set last year, but Ferrari’s Kimi Raikkonen took pole position in 2017 with a 1:12.178.
The track has been resurfaced since then between turns seven and 15, and on the main pit straight from the final Anthony Noghes corner to the first at Sainte Devote, which could also speed things up. Slideshow (3 Images)
The hypersoft tyre will be making its race debut in Monaco and was around a second faster than the ultrasoft — which first appeared two years ago — in testing in Abu Dhabi and Barcelona.
All teams have opted heavily for the softest and quickest rubber in the Pirelli range in their pre-race selections, with Red Bull opting for the maximum 11 sets per driver.
“This tyre around Monaco could be something special, we will see very quick lap times if that is the case,” said Renault’s Carlos Sainz.
Qualifying, predicted the Spaniard, could be “absolute madness.”
Red Bull’s Daniel Ricciardo, who took pole position in 2016 and is among the favourites to win on Sunday, agreed it could be quicker than ever.
“I’m excited to get on the hypersoft,” said the Australian, who finished runner-up in 2016 and was third last year. “I don’t know what the lap record is here but I’d like to think we’d beat it this weekend.
“It would be nice if I do it.” Reporting by Alan Baldwin, editing by Christian Radnedge | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-motor-f1-monaco-tyres/f1-drivers-expecting-record-times-in-monaco-idUKKCN1IO2HZ |
May 29, 2018 / 11:20 AM / Updated 10 minutes ago Bayer could get U.S. approval for Monsanto deal on Tuesday-source Reuters Staff 1 Min Read
FRANKFURT, May 29 (Reuters) - Bayer could be granted conditional U.S. antitrust approval for its planned takeover of Monsanto as soon as Tuesday, clearing a major hurdle for the $62.5 billion deal, a person familiar with the situation told Reuters.
Bayer had already come to an agreement in principle on the terms of approval with the U.S. Department of Justice (DoJ), which prompted Bayer to adjust its planned divestment of assets to assuage antitrust concerns.
A Bayer spokesman declined to comment. The DoJ did not immediately return a call seeking comment outside regular working hours. (Reporting by Patria Weiss Writing by Ludwig Burger Editing by Edward Taylor and Douglas Busvine) | ashraq/financial-news-articles | https://www.reuters.com/article/monsanto-ma-bayer-doj/bayer-could-get-u-s-approval-for-monsanto-deal-on-tuesday-source-idUSL5N1T03EO |
May 31, 2018 / 12:21 PM / Updated 15 minutes ago Exclusive: China's free trade talks with Sri Lanka hit major hurdles Shihar Aneez 4 Min Read
COLOMBO (Reuters) - Talks between China and Sri Lanka for a free trade agreement have hit major hurdles, mainly because Beijing will not agree to Colombo’s demand for a review of the deal after 10 years, Sri Lanka’s top negotiator said.
China has invested billions of dollars building ports and roads and power stations in the Indian Ocean island nation just off the southern toe of India as part of its Belt and Road Initiative to increase its trade and other connections across Asia and beyond.
But concerns have grown in recent months that such investments can drive the country of 21 million people deeper into debt and undermine its sovereignty, prompting greater scrutiny of deals with China.
China’s exports to Sri Lanka dwarf the trade that goes in the other direction, leaving Colombo with a big deficit with Beijing.
Sri Lanka’s chief trade negotiator K.J. Weerasinghe said this week that Colombo was insisting on a right to review the free trade pact after ten years, but China was not ready to agree that.
Ministerial level discussions about an agreement have not been held since March last year. Lower-level discussions between officials have made little progress, according to Weerasinghe.
“The talks have come to a standstill. China wants to remove the review clause,” Weerasinghe told Reuters. Beijing was opposed to such an option because it wanted longer-term stability, he said.
China’s commerce ministry did not respond to Reuters requests for comment.
The review clause that Sri Lanka wants would allow it to change some of the deal terms if they were hurting the island nation’s local businesses. ANOTHER CONTENTIOUS ISSUE
Weerasinghe said another point of contention was that China wanted zero tariffs on 90 percent of goods the two countries sold to each other as soon as an agreement is signed while Colombo would rather it started with zero tariffs on only half of the products concerned and expanded gradually over 20 years.
China has been pushing for free trade pacts with countries in the region and last year sealed an agreement with the Maldives that drew criticism from opposition political groups in the tropical islands’ nation. They said it had been rushed through parliament with less than an hour of debate.
Sri Lanka has previously said it wanted more time to negotiate the free trade deal with China as it is concerned about the economic impact of a rushed deal on its economy.
Sri Lanka imported $4.2 billion worth of Chinese goods in 2016, mostly raw materials for garments, machines and electronics, metals, transport equipment and chemicals. Its exports to the world’s second largest economy were just $211 million the same year, which included textiles, tea and vegetables, footwear and rubber.
The 2017 figures for China trade have still not been released by the Sri Lankan authorities.
The trade deficit with China accounted for nearly half of the nation’s total deficit in 2016, adding pressure on the country’s current account deficit, central bank data showed.
Sri Lanka’s foreign debt rose nearly 17 percent to 4.72 trillion rupees ($30 billion) last year, a fifth of that coming from loans from China to finance the massive construction programme across the island.
Colombo is separately negotiating a trade pact with India, but that is also moving slowly because Sri Lankan businesses fear they will face competition from a flood of cheap goods made by Indian firms. Reporting by Shihar Aneez; Editing by Sanjeev Miglani and Martin Howell | ashraq/financial-news-articles | https://in.reuters.com/article/sri-lanka-china-trade/exclusive-chinas-free-trade-talks-with-sri-lanka-hit-major-hurdles-idINKCN1IW1G8 |
SCOTTSDALE, Ariz., May 16, 2018 /PRNewswire/ -- Axon Enterprise, Inc. (NASDAQ: AAXN), the global leader in connected law enforcement technologies, today announced the pricing of an underwritten public offering of shares of its common stock, which includes 4,000,000 shares offered by Axon and 300,000 shares offered by its Chief Executive Officer and Founder, Patrick W. Smith at a public offering price of $53.00 per share. In addition, Axon has granted the underwriters a 30-day option to purchase up to an additional 645,000 shares of common stock. The gross proceeds to the Company from the offering, before deducting underwriting discounts and estimated offering expenses, are expected to be $212 million, excluding any proceeds from the exercise of the underwriters' option to purchase additional shares. Axon intends to use the net proceeds from this offering for working capital and other general corporate purposes. Axon will not receive any proceeds from the sale of the shares of common stock by Mr. Smith.
J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC are acting as joint book-running managers for the proposed offering. The offering is expected to close on or about May 21, 2018, subject to customary closing conditions.
The shares are being offered by Axon and Mr. Smith pursuant to a shelf registration statement that was previously filed with the Securities and Exchange Commission (SEC) and only by means of a prospectus and prospectus supplement. A preliminary prospectus supplement relating to, and describing the terms of, the offering was filed with the SEC on May 14, 2018. The final prospectus supplement relating to the offering will be filed with the SEC and will be available on the SEC's website at www.sec.gov . When available, copies of the final prospectus supplement and the accompanying prospectus relating to the offering may also be obtained by contacting J.P. Morgan Securities LLC at c/o Broadridge Financial Solutions, Attention: Prospectus Department, 1155 Long Island Avenue, Edgewood, New York 11717 or by telephone at (866) 803-9204; and Morgan Stanley & Co. LLC at Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014.
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 jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or jurisdiction.
About Axon
Axon provides a network of devices, apps, and people that helps law enforcement become smarter and safer. Our mission is to protect life. Our technologies give law enforcement the confidence, focus, and time they need to keep their communities safe. Our products impact every aspect of an officer's day-to-day experience.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, those relating to Axon's expectations regarding the completion, timing, and size of the public offering, and its expectations with respect to the use of proceeds. Any forward-looking statements in this press release are based on management's current expectations and beliefs 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 sets forth in or implied by such forward-looking statements. These risks and uncertainties related to completion of the proposed public offering on the anticipated terms, or at all, include, but are not limited to, market conditions and the satisfaction of customary closing conditions related to the proposed public offering. For a discussion of these and other risks and uncertainties, and other important factors, any of which could cause Axon's actual results to differ from those contained in the forward-looking statements, see the section entitled "Risk Factors" in Axon's most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q filed with the SEC, as well as discussions of potential risks, uncertainties, and other important factors in Axon's other filings with the SEC, including those contained or incorporated by reference in the preliminary prospectus supplement relating to the proposed public offering to be filed with the SEC. All information in this press release is as of the date of the release, and Axon undertakes no duty to update this information unless required by law.
Investor Contact
Andrea James
[email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/axon-announces-pricing-of-public-offering-of-common-stock-300650039.html
SOURCE Axon | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/pr-newswire-axon-announces-pricing-of-public-offering-of-common-stock.html |
May 28, 2018 / 1:54 PM / Updated 27 minutes ago Don't cross our civil rights red lines, Merkel ally warns Orban Reuters Staff 3 Min Read
BERLIN (Reuters) - Hungarian Prime Minister Viktor Orban risks triggering a crisis in his Fidesz party’s relationship with the European Union’s centre-right parties over laws they charge infringe civil liberties, an ally of Germany’ chancellor has warned. German Chancellor Angela Merkel gestures as she speaks at the Global Solutions Summit 2018 in Berlin, Germany, May 28, 2018. REUTERS/Hannibal Hanschke
Re-elected earlier this year, Orban has attracted criticism for delaying accreditation for a university founded by financier George Soros, an outspoken critic of Orban.
A proposed law that would subject non-governmental organisations that receive foreign funding to strict regulation has been compared by critics to measures in non-European Union states like Russia.
Critics say the European People’s Party (EPP), which includes German Chancellor Angela Merkel’s Christian Democrats (CDU), has pulled its punches because of a need for its member’s votes in the European Parliament. Fidesz’s commanding position at home means it contributes a big chunk of the EPP’s caucus.
But Andreas Nick, a CDU lawmaker and his party’s Hungary rapporteur, has become the latest EPP figure to say Orban’s latest moves on the Central European University (CEU) and the NGO law risked crossing red lines. FILE PHOTO: Hungarian Prime Minister Viktor Orban sits before addressing parliament in Budapest, Hungary, May 18, 2018. REUTERS/Bernadett Szabo
“Would I prefer Fidesz to stay within the Christian Democrat camp? Of course,” Nick told Reuters. “But our Hungarian friends need to understand that crossing certain lines would make life very difficult for everyone.”
His remarks, coming shortly after criticism by Manfred Weber, another Merkel ally and the EPP’s president in the European Parliament, suggest that patience is running out for a party increasingly seen as being far outside the democratic mainstream.
The Council of Europe, Europe’s human rights watchdog, is due to issue a report on the proposed NGO law next month, and Nick said Hungary’s reaction to that would be a crucial test of its willingness to respond to criticism.
But Cas Mudde, an expert on Fidesz at the University of Georgia, was sceptical about whether critics would stay the course if Orban did back down.
“This is a pre-emptive strike... criticising Fidesz mildly, before real critique comes out, and then later either not following up or accepting marginal adjustments,” Mudde said. Reporting by Thomas Escritt, editing by Larry King | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-europe-hungary-cdu/dont-cross-our-civil-rights-red-lines-merkel-ally-warns-orban-idUKKCN1IT1D0 |
May 18, 2018 / 10:03 AM / Updated 8 hours ago Congo health ministry confirms 11 new cases of Ebola Reuters Staff 1 Min Read
KINSHASA (Reuters) - Congo has confirmed 11 new cases of Ebola in the northwest town of Bikoro, a health ministry spokeswoman said, widening an outbreak that the World Health Organization believes has already infected 44 people and killed 15. Congolese Health Ministry officials carry the first batch of experimental Ebola vaccines in Kinshasa, Democratic Republic of Congo May 16, 2018. REUTERS/Kenny Katombe Reporting By Fiston Mahamba; Writing by Edward McAllister; Editing by Hugh Lawson | ashraq/financial-news-articles | https://uk.reuters.com/article/us-health-ebola-congo/congo-health-ministry-confirms-11-new-cases-of-ebola-idUKKCN1IJ13N |
OLDWICK, N.J.--(BUSINESS WIRE)-- The U.S. life/annuity industry recorded full-year statutory pre-tax net operating gains of $62.0 billion in 2017, a 7.4% decrease from $67.2 billion in the previous year, according to a new A.M. Best special report.
The Best’s Special Report, titled, “Year-End 2017 U.S. Life/Annuity Statutory Results Review,” notes that overall underwriting performance remained favorable in 2017, although lower net investment yields dampened margins. Headwinds to earnings growth persist due to diminishing investment portfolio yields, lower annuity sales and a mature ordinary life and accident and health market. Post-tax earnings decreased just 2.4% to $49.9 billion in 2017, owing primarily to elevated tax expenses in 2016 related to variable annuity (VA) business recaptures. However, net income results were favorable, up 7.5%, to $41.5 billion. Individual annuity direct written premiums declined again in 2017, down 22%, a larger decline than in 2016. Despite strong equity markets, variable annuity sales declined by 2% in 2017, as the product de-risking continued and as companies modified their business models to comply with the Department of Labor’s fiduciary rule.
Low interest rates and equity volatility remain the largest macroeconomic hurdles for the industry; these factors not only lead to spread compression due to lower investment income, but can also make it more difficult for direct writers and agents to sell products with less attractive features. Although A.M. Best expects interest rates to continue to rise through 2018, continued pressures on spread-based businesses still are anticipated. Nevertheless, potential rate hikes could make fixed annuities more attractive for consumers; as a result, fixed annuity premiums could grow modestly.
Overall, A.M. Best expects mid-single digit growth for the life industry overall in 2018, on a mix of premiums and policy count growth. Ongoing innovation should also bolster growth, as companies learn to make effective use of digital capabilities for future sales. Tax expenses are likely to decline further in 2018 as well, due to the recent tax reform.
To access the full copy of this special report, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=273780 .
A.M. Best is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com .
Copyright © 2018 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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Edward Kohlberg, +1 908-439-2200, ext. 5664
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Christopher Sharkey, +1 908-439-2200, ext. 5159
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Source: A.M. Best | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/business-wire-bestas-special-report-u-s-lifeannuity-industry-posts-7-point-4-percent-decline-in-pre-tax-operating-earnings-in-2017.html |
May 29, 2018 / 10:51 AM / Updated 26 minutes ago UPDATE 2-South Africa's rand, stocks drop as Italy turmoil sparks emerging market retreat Reuters Staff 2 Min Read
(Updates rand, add bonds and stocks closing prices)
JOHANNESBURG, May 29 (Reuters) - South Africa’s rand fell against the dollar on Tuesday as political turmoil in Italy hit global risk appetite, stoking a selloff in emerging market currencies and stocks as investors looked to buy safe-haven assets.
At 1521 GMT the rand was 1.2 percent weaker at 12.6125 per dollar from its Monday’s close, erasing the small gains eked out in the previous session following S&P Global Ratings’ decision on Friday to keep its credit rating on South Africa steady.
Italy’s anti-establishment 5-Star and League parties abandoned plans to form a government at the weekend, leaving investors concerned the crisis could trigger an economic slowdown in the euro zone, with implications for demand for emerging market goods and services.
“We saw the rand weaken already during Asian trade on the back of Italian default concerns and that’s led to widespread risk aversion,” said senior trader at Standard Bank Oliver Alwar. “Stocks are also lower and the dollar has strengthened across the board.”
The rand led the emerging market currency slide, while other big fallers included India’s rupee and Mexico’s peso .
“While local fundamentals have improved, over the past two months the rand has really been trading on external factors. We’ve seen the capitulation in Turkey and Brazil and before that the U.S.-China trade wars. That’s what’s been driving the rand,” Alwar said.
Government bonds also declined, with the yield on the benchmark 2026 paper rising 9 basis points to 8.53 percent at the local market close.
On the bourse, the blue-chip JSE Top-40 index fell 1.8 percent to 49,622 points and the broader All-share index lost 1.6 percent to 55,935.
Steinhoff Africa Retail was down 0.3 percent, recouping some of the losses suffered earlier after it scrapped half-year dividend payouts. (Reporting by Mfuneko Toyana and Ed Stoddard Editing by James Macharia and David Holmes) | ashraq/financial-news-articles | https://www.reuters.com/article/safrica-markets/update-1-south-africas-rand-stocks-tumble-as-italian-turmoil-sparks-e-m-retreat-idUSL5N1T02IJ |
May 22 (Reuters) - British retailer DFS Furniture said on Tuesday its Chief Executive Officer Ian Filby will retire after eight years at the helm and will be succeeded by Chief Operating Officer Tim Stacey.
Filby’s retirement comes at a time when DFS Furniture, after reporting a fall in first-half sales in February, cautioned that its market would remain tough in 2018.
Filby will step down as CEO and from the board on Oct. 31 and Stacey will take over on Nov. 1, the company said.
Reporting By Justin George Varghese in Bengaluru; Editing by Arun Koyyur
| ashraq/financial-news-articles | https://www.reuters.com/article/dfs-furn-moves-ceo/uks-dfs-furniture-ceo-ian-filby-to-retire-idUSL3N1ST2II |
May 11, 2018 / 2:27 PM / Updated an hour ago Wanted - Italian prime minister, as 5-Star and League negotiate Giuseppe Fonte , Steve Scherer 4 Min Read
ROME (Reuters) - Italy’s two anti-establishment parties, the 5-Star Movement and the far-right League, are drafting a programme for a new government in the hope of ending almost 10 weeks of political stalemate, but are still seeking someone to lead it. FILE PHOTO: Anti-establishment 5-Star Movement leader Luigi Di Maio speaks following a talk with Italian President Sergio Mattarella at the Quirinal Palace in Rome, Italy, April 12, 2018. REUTERS/Max Rossi/File Photo
To address concerns that their pledges to raise welfare spending and cut taxes will undermine the economic stability of the heavily indebted country, 5-Star leader Luigi Di Maio said the administration would not be a threat to Europe.
Di Maio met with League leader Matteo Salvini for a second consecutive day, and afterward they signalled there had been progress on policy, but still offered no names for the top job.
Asked about the premiership, Salvini told reporters: “When we have something to say, we’ll say it.”
The two party leaders will meet again in Milan on Saturday, and a 5-Star source said the aim was to offer a candidate to President Sergio Mattarella on Sunday.
Vincenzo Spadafora, a close aide to Di Maio, said the two parties were looking for someone outside both parties who “has a high profile and is trusted by Italian citizens and Italy’s international partners”.
Di Maio insisted after the March 4 election that he should be the next prime minister, but dropped this demand last week to help clinch a deal with the League.
5-Star won 32 percent of the vote, making it the largest party in parliament, while the League got 17 percent to become the second-largest. Salvini said weeks ago he would not insist on leading any government his group was a part of. FILE PHOTO: League party leader Matteo Salvini speaks to the media during the second day of consultations with Italian President Sergio Mattarella at the Quirinal Palace in Rome, Italy, April 5, 2018. REUTERS/Alessandro Bianchi “RATIONAL AND REASONABLE”
The parties said meetings to agree a programme to cut taxes, hike welfare payments and bolster efforts to stop irregular immigration had made progress.
On Thursday, news that they were seeking to form a government pushed the gap between Italian benchmark bond yields and the safer German equivalent to its widest in seven weeks on concerns that the state accounts might take a hit.
“It’s being called a populist government. Some have said it’s a threat to the people,” Di Maio told reporters after meeting Salvini. “Some say it’s a threat to Europe ... but it’s not Europe that’s under threat.”
The Italian-German bond spread narrowed on Friday, returning to where it was before 5-Star and the League began negotiations.
Though both parties have said they want to renegotiate the EU’s fiscal rules to allow Italy to spend more, a 5-Star source said that any plans to increase the budget deficit would be discussed with Brussels first.
“The government will be rational and reasonable (with the public accounts),” the source said.
5-Star’s flagship policy is universal income support for the poor, while the League’s main campaign promise was a “flat tax” of 15 percent for individuals and companies. Both policies would be costly for Italy’s strained public finances.
The parties have also said they want to head off a value-added tax increase worth 12.5 billion euros ($14.9 billion) due to kick in next year unless alternative deficit cuts are found.
President Mattarella can veto the make-up of any new administration and would need to endorse the parties’ choice for prime minister before a government can be formed. Additional reporting by Massimiliano Di Giorgio in Rome; Editing by Kevin Liffey | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-italy-politics/wanted-italian-prime-minister-as-5-star-and-league-negotiate-idUKKBN1IC1QZ |
9 COMMENTS Download PDF
PLAY PRINT SHOW COMMENTS HIDE COMMENTS (9) Failed to load comments 9 comments Get Livefyre FAQ Sign in + Follow Post comment Link Newest | Oldest Bill Schapiro subscriber 5pts
Thank you Barbara and Frida... Print worked for me...
But, I must say this one seemed straightforward again... I took the letter immediately preceding the eighth A, the second I, the ninth E, and the tenth E to come up with REST. It seemed to be the perfect position. Oh well, it was fun!
Doug & Molly Lootens user 5pts
The PDF is definitely coming up as Down in Front.
Giacomo Santangelo user 5pts
So, part of the puzzle is having the SMARTS to FIND the GRID?
How META!
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If I click on print, a get a blank page.
TODD BRETHAUER subscriber 5pts
Dupe of 3 May puzzle.
Barbara Koehler subscriber 5pts
If I do print instead of download, I get the new one.
MIKE MILLER staff 5pts
@ Barbara Koehler Sorry for the confusion, we're on the case! Yes I believe the PDF contains the correct puzzle.
Lisa Young user 5pts
@ MIKE MILLER @ Barbara Koehler When I just clicked on PDF; it came up as "Down in Front".
FRIDA CHEN user 5pts
@ Lisa Young @ MIKE MILLER @ Barbara Koehler If you click on Download PDF, you get the old puzzle. If you click on Print, you get the right one.
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May 4 (Reuters) - Bayer:
* SAYS PLACED COVESTRO SHARES FOR 75.50 EURPER SHARE * SAYS SOLD 28.81 MILLION SHARES REPRESENTING A 14.2 PERCENT INTEREST IN COVESTRO
* SAYS THE PROCEEDS OF THIS SALE TOTALED 2.2 BILLION EUROS Source text: here Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-bayer-places-288-mln-covestro-shar/brief-bayer-places-28-8-mln-covestro-shares-at-75-50euros-shr-idUSF9N1RV01I |
Source: Circle
Fintech company Circle is looking make a better, faster, digital version of the U.S. dollar.
The Goldman Sachs-backed start-up announced a new cryptocurrency pegged to the dollar and a $110 million investment round led by profitable crypto-mining company Bitmain, which brings Circle's value near $3 billion, the company announced Tuesday.
"It unlocks an incredible amount of power for the dollar," said Jeremy Allaire, CEO of Circle. "It's basically a dollar that operates on blockchain."
Circle is one of the most well-funded blockchain start-ups, with investors including Goldman Sachs Group and Baidu. The fintech company operates its peer-to-peer payment network using blockchain, the technology that underpins bitcoin .
Circle's new USD Coin is meant to solve a key problem in digital currencies' use case: Volatility.
Critics including Stan Druckenmiller have said cryptocurrencies can't be used as a means of payment because their value changes so often and so rapidly. Bitcoin, for example, has been marked by volatility in the past 12 months and has dropped by more than 50 percent since its high near $20,000 in December, according to CoinDesk.
Circle customers will be required to hold $1 for every USD Coin, keeping the price stable. Other companies, such as Tether and Basis, also have offered "stable coins" with a value tied to the U.S. dollar. But Allaire said there's a need for a "compliant alternative" to Tether, which has a $2.2 billion market cap, according to CoinMarketCap.com.
"When I look at the convergence of traditional finance and the crypto space, it's begging for that," Allaire said to a room full of journalists. "There are a number of banks who are excited about it and will support it."
Once U.S. dollars are transferred to Circle's USD Coins, Allaire said they can be moved within seconds thanks to blockchain technology. He said they will eventually add tokens for the euro and pound but it's less likely they'll immediately look to peg most Asian currencies because of existing competition in that arena.
The framework for the coin is what's called "open sourced," meaning multiple developers can work on the project and help its development. The USD Coin project is being developed by an organization called CENTRE, which will provide independent oversight of Circle's offering.
Bitmain, best known as a crypto "mining" company, is leading a $110 million strategic investment in Circle, which the company said brings its valuation close to $3 billion. The funding round also includes existing investors such as Breyer Capital, Tusk Ventures, IDG Capital, Pantera and Blockchain Capital.
Bitcoin mining requires use of special software to solve math problems in exchange for a certain number of bitcoins. Bitmain dominates that mining industry and likely made as much as chipmaker Nvidia did last year. Bernstein analysts estimate that Bitmain made $3 billion to $4 billion in operating profit in 2017.
The USD Coin is being run on a blockchain known as ethereum, but Allaire said they're open-minded about other platforms if any come to market that can outperform.
"Ethereum is the best bet but it's not necessarily the end game," he said. "For now it's specifically on Ethereum."
Circle is one of the leaders in over-the-counter bitcoin trading markets and acquired cryptocurrency exchange Poloniex in February. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/15/goldman-sachs-backed-start-up-circle-introducing-a-crypto-us-dollar.html |
BEIJING—China’s factory activity decelerated a tick in April due to weakening demand that economists said is clouding the economic outlook along with trade tensions with the U.S.
The official manufacturing purchasing managers index inched down to 51.4 in April from 51.5 in March, with new orders from domestic and foreign firms growing at a slower pace, the National Bureau of Statistics said Monday. April’s reading came in slightly below economists’ forecasts.
... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/china-factory-activity-slows-slightly-in-april-1525064588 |
First quarter 2018 revenue was $351 million, a decrease of 18% from the $427 million reported in the fourth quarter of 2017 and 3% lower than the $360 million reported in the first quarter of 2017. Adjusted EBITDA 1 in the first quarter of 2018 was $35 million, a decrease of 48% from the $67 million reported in the fourth quarter of 2017 and 19% lower compared to $43 million reported in the first quarter of 2017. Net income (attributable to shareholders of the Company) in the first quarter of 2018 was $5.2 million (or earnings per share of $0.07 diluted) compared with net income of $20.3 million (or $0.29 per share diluted) in the fourth quarter of 2017 and a net income of $15.4 million (or $0.22 per share diluted) in the first quarter of 2017. The Company’s order backlog was $459 million at March 31, 2018, up compared to the backlog at December 31, 2017 of $385 million.
TORONTO, May 08, 2018 (GLOBE NEWSWIRE) -- Mr. Steve Orr, Chief Executive Officer of Shawcor Ltd. (TSX:SCL) remarked “First quarter revenue and Adjusted EBITDA 1 were in line with expectations given the absence of a large pipe coating project to replace the Sur de Texas – Tuxpan work that was largely completed in the fourth quarter of 2017. The solid EBITDA 1 performance of this quarter demonstrates the continued demand for our products and services and the strength of our expanded portfolio.”
Mr. Orr added, “We expect 2018 to be a pivotal year for the Company and this quarter’s results demonstrate that the actions that have been taken to diversify the portfolio are gaining traction. Our base business in 2018 is expected to grow beyond the levels seen prior to the downturn aided by increased activity in North America. In addition, we are seeing the industry gain confidence in longer-term market fundamentals that play a key role in project approvals. As such, we are well positioned to serve our customers as they move forward with their investment programs. With the increased visibility and optimism in international projects being sanctioned and a strengthening of our base business, we are continuing to execute our growth strategy.”
1 EBITDA and Adjusted EBITDA are Non-GAAP measures and do not have standardized meanings under GAAP and are not necessarily comparable to similar measures provided by other companies. See section 6.0 – Reconciliation of Non-GAAP Measures for further details and a reconciliation of EBITDA and Adjusted EBITDA
Selected Financial Highlights
(in thousands of Canadian dollars, except per share amounts and percentages) Three Months Ended
March 31, 2018 2017 (c) Revenue $ 350,519 $ 360,060 Gross profit 116,786 129,989 Gross profit % 33.3 % 36.1% Adjusted EBITDA (a) 35,068 43,224 Income from operations 11,437 26,138 Net Income for the period (b) $ 5,210 $ 15,393 Earnings per share: Basic $ 0.07 $ 0.22 Fully diluted $ 0.07 $ 0.22 (a) Adjusted EBITDA is a non-GAAP measure calculated by adding back to net income the sum of net finance costs, income taxes, amortization of property, plant, equipment and intangible assets, gains from sale of land, arbitration awards outside of the normal course of business, cost associated with repayment and modification of long-term debt and impairment of assets. Adjusted EBITDA does not have a standardized meaning prescribed by GAAP and is not necessarily comparable to similar measures provided by other companies. See section 6.0 – Reconciliation of Non GAAP Measures .
(b) Attributable to shareholders of the Company.
(c) Restated due to the adoption of the IFRS 15 standard that became effective as at January 1, 2018, but was implemented retrospectively to January 1, 2017.
1.0 KEY DEVELOPMENTS
Flexpipe capacity expansion in the Middle East
On May 2, 2018, the Company announced that its Flexpipe Systems division has entered into a majority ownership joint venture with a local pipe installation company with the intent to set up a manufacturing facility in the Middle East. The total value of the joint venture’s investment is expected to exceed USD$20 million and the facility is expected to primarily serve the Middle Eastern, North African and Asia-Pacific markets. This facility is expected to increase Flexpipe’s global production capacity of existing spoolable composite product by 30%, with flexibility to extend to a larger diameter range. First shipments from this new facility are expected by the end of 2019.
Contract to Provide Pipe Coating Services for an Offshore Qatar Pipeline Project
During the first quarter of 2018, the Company announced that its pipe coating division had received a contract with a value in excess of $50 million from the EEW Group to provide anti-corrosion and concrete weight coatings in connection with the replacement and upgrading of an offshore pipeline located in Qatar.
The contract will be executed in Shawcor's coating facilities in Italy, and is expected to commence in Q3 2018 and to be completed by Q1 2020.
1.1 OUTLOOK
Shawcor’s financial performance is closely correlated with oil and gas infrastructure spending and the resultant demand for the Company’s products and services. The Company believes the recovery of the oil and gas markets experienced in 2017 will further advance throughout 2018 and allow it to deliver positive performance on its base business in 2018, particularly in North America. As expected, the Company delivered positive Adjusted EBITDA in the first quarter of 2018 in line with the level achieved in the fourth quarter of 2016. Although the current level is lower compared to the quarterly results achieved in 2017 due to the absence of a large project, it does demonstrate the strength of the Company’s base business and that its efforts to diversify the portfolio before the downturn are gaining traction. The Company continues to expect that the full year Adjusted EBITDA results in 2018 will be at a similar level as the annualized results of the fourth quarter of 2016, although there are some temporary factors that could impact short term quarterly performance in 2018. These factors include higher costs from logistics partners, both trucking and rail, to move Canadian produced products to the United States to meet growing demand, the reactivations of its plants to secure work or enable technology capabilities and upfront investment in the pursuit of multiple large projects (greater than $100 million in revenue). The Company expects to deliver positive performance in 2018 from the strength of its expanded base business driven by the continued demand in North America and improved asset utilization from increased industry capital spending, and to rebuild its backlog by securing projects that it is currently pursuing over the near term.
There is increased confidence that the level of capital spending is increasing as operators are beginning to commit capital to projects to address reservoir depletion and maintain production supply. Although the current focus remains on projects with shorter return profiles involving ‘tie ins’ to existing infrastructure, the Company is seeing resumed activity in the international and offshore markets which is reflected in the increased number of individual bids that it currently has outstanding. This is an important driver of demand for the Company’s products and services across all the Pipeline and Pipe Services segment which in turn will support better utilization of its assets. The Company remains well positioned to capitalize on this continuing positive trend in project activity through its global footprint, technology portfolio and execution history.
During the first quarter of 2018, the Company continued its strategic positioning efforts in pursuit of several large projects. These large projects (characterized as greater than $100 million revenue for the Company) are not directly linked to oil and gas commodity prices as they involve energy security or reservoir access considerations. The Company continues to believe that there is a strong likelihood that some of these projects will be sanctioned in 2018 for commencement beyond 2018.
Further detail on the outlook for the Pipeline and Pipe Services segment by region and in the Petrochemical and Industrial segment is set out below.
Pipeline and Pipe Services Segment - North America
Market demand in Shawcor’s North American Pipeline segment businesses is closely tied to well completion activity in North America which drives the demand for small diameter pipe coating and joint protection, composite pipe for gathering line applications, OCTG pipe inspection and refurbishment and gathering line girth weld inspection. It is expected that North American land activity will continue to drive growth in rig counts and wells completed, particularly in the United States. This positive trend will support strong demand for the Company’s products and services throughout 2018, especially considering the Company’s expanded addressable market from the addition of new products and services into the portfolio since 2013.
The Company is also experiencing increasing demand for its pipe coating capabilities from increased activity in the Gulf of Mexico. This demand is improving the utilization of the Channelview coating facility which is strategically positioned to execute the requirements of customers operating in the Gulf. The Company also continues to be actively engaged in bidding several large diameter onshore transmission line projects that have and are expected to see continued delays due to regulatory and legal challenges.
Pipeline and Pipe Services Segment - Latin America
Due to the substantial completion of the work related to the Sur de Texas – Tuxpan project in 2017, the Company is expecting lower revenues in Latin America throughout 2018. The world class mobile coating assets in Altamira are being decommissioned and will be transported to another location to support the pursuit of another large project. Albeit on a smaller scale to the Sur de Texas – Tuxpan project in 2017, the Company is experiencing increased activity on smaller projects throughout Latin America that should improve plant utilization in 2018. The Company is currently reactivating facilities in Mexico and Brazil for expected continued activity in the Gulf of Mexico and smaller offshore Brazilian projects already awarded.
Pipeline and Pipe Services Segment – Europe, Middle East, Africa and Russia ("EMAR")
Shawcor’s EMAR Pipeline segment region continues to be negatively impacted by reduced capital spending by national and international companies. The Company expects to commence work in the second half of 2018 on a recently awarded contract to provide anti-corrosion and concrete weight coatings related to an offshore pipeline located in Qatar. In addition, the Company remains focused on securing 2018 work related to girth weld inspection, pipeline joint protection and pipe end preservation on both Turk Stream and Nordstream 2 pipelines and several other projects.
Pipeline and Pipe Services Segment - Asia Pacific
The region’s project activity over the near term will be limited largely to the PTT 5th Transmission pipeline project which commenced in the fourth quarter of 2017 and small regional projects. The region is showing signs of recovery beyond 2018 with continued strong bid and budgetary activity related to the development of gas reservoirs.
Petrochemical and Industrial Segment
Shawcor’s Petrochemical and Industrial segment businesses continue to deliver solid revenue and operating income based on stable demand in the Global automotive market and European and North American industrial markets. These markets generally follow GDP activity. The growth trend is expected to continue in 2018 with increased infrastructure spending and as new capacity for sealing and insulation products enters production and relives capacity constraints. In addition, increased demand for wire and cable products continues to be driven by projects related to nuclear refurbishment programs in Canada and several Light Rail Transit (LRT) projects.
Order Backlog
The Company’s order backlog consists of firm customer orders only and represents the revenue the Company expects to realize on booked orders over the succeeding twelve months. The Company reports the twelve month billable backlog because it provides a leading indicator of significant changes in consolidated revenue. The order backlog of $459 million as at March 31, 2018 was higher than the $385 million order backlog as at December 31, 2017. The increase reflects new orders on the Company’s base business and other project wins moving from bid into backlog, partially offset by revenue generated in the quarter from backlog orders.
In addition to the backlog, the Company closely monitors its bidding activity and the value of outstanding firm bids is currently in excess of $1 billion, an increase over the $800 million reported in the fourth quarter of 2017. The increase reflects new projects bidding activity and smaller projects moving from budgetary into bid. In addition, the Company is working with customers on a number of projects and has provided budgetary estimates in aggregate values of approximately $1.5 billion. Although the Company cannot be certain on the timing of these projects, they do represent a diverse portfolio of opportunities to sustain and build the backlog in 2018 and beyond.
2.0 CONSOLIDATED INFORMATION AND RESULTS FROM OPERATIONS
2.1 Revenue
The following table sets forth revenue by reportable operating segment for the following periods:
(in thousands of Canadian dollars) Three Months Ended March 31,
2018
December 31,
2017 (b) March 31,
2017 (b) Pipeline and Pipe Services $ 299,966 $ 382,549 $ 309,362 Petrochemical and Industrial 51,007 44,361 51,367 Elimination (a) (454) (94) (669) Consolidated revenue $ 350,519 $ 426,816 $ 360,060 (a) Represents the elimination of the inter-segment sales between the Pipeline and Pipe Services segment and the Petrochemical and Industrial segment.
(b) Restated due to the adoption of the IFRS 15 standard that became effective as at January 1, 2018, but was implemented retrospectively to January 1, 2017.
First Quarter 2018 versus Fourth Quarter 2017
Consolidated revenue decreased 17.9%, or $76.3 million, from $426.8 million during the fourth quarter of 2017 to $350.5 million during the first quarter of 2018, due to a decrease of $82.6 million in the Pipeline and Pipe Services segment, partially offset by an increase of $6.6 million in the Petrochemical and Industrial segment.
Revenue decreased by 21.6% in the Pipeline and Pipe Services segment, or $82.6 million, from $382.5 million in the fourth quarter of 2017 to $300.0 million in the first quarter of 2018, due to lower activity levels in Latin America and the Europe, Middle East, Africa and Russia regions, partially offset by higher volumes in North America and Asia Pacific. See Section 3.1 – Pipeline and Pipe Services Segment for additional disclosure with respect to the change in revenue in the Pipeline and Pipe Services segment.
In the Petrochemical and Industrial segment, revenue was higher by $6.6 million, or 15.0%, in the first quarter of 2018, compared to the fourth quarter of 2017, due to higher activity levels in North America and the EMAR region. See Section 3.2 – Petrochemical and Industrial Segment for additional disclosure with respect to the change in revenue in the Petrochemical and Industrial segment.
First Quarter 2018 versus First Quarter 2017
Consolidated revenue decreased by $9.5 million, or 2.6%, from $360.1 million during the first quarter of 2017, to $350.5 million during the first quarter of 2018, due to decreases of $9.4 million in the Pipeline and Pipe Services segment and $0.4 million in the Petrochemical and Industrial segment.
In the Pipeline and Pipe Services segment, revenue in the first quarter of 2018 was $300.0 million, or 3.0% lower than in the first quarter of 2017, due to decreased activity levels in EMAR and Asia Pacific, partially offset by higher activity levels in North America and Latin America. See Section 3.1 – Pipeline and Pipe Services Segment for additional disclosure with respect to the change in revenue in the Pipeline and Pipe Services segment.
In the Petrochemical and Industrial segment, revenue decreased by $0.4 million, or 0.7%, during the first quarter of 2018, compared to the first quarter of 2017, due to decreased activity levels in North America and Asia Pacific, partially offset by higher volumes in EMAR. See Section 3.2 – Petrochemical and Industrial Segment for additional disclosure with respect to the change in revenue in the Petrochemical and Industrial segment.
2.2 Income from Operations ("Operating Income")
The following table sets forth operating income and operating margin for the following periods:
(in thousands of Canadian dollars, except percentages) Three Months Ended March 31,
2018
December 31,
2017 (b) March 31,
2017 (b) Operating income $ 11,437 $ 34,472 $ 26,138 Operating margin (a) 3.3 % 8.1 % 7.3 % (a) Operating margin is defined as operating income divided by revenue and is a non-GAAP measure. Non-GAAP measures do not have standardized meanings under GAAP and are not necessarily comparable to similar measures provided by other companies. See section 6.0 – Reconciliation of Non-GAAP Measures.
(b) Restated due to the adoption of the IFRS 15 standard that became effective as at January 1, 2018, but was implemented retrospectively to January 1, 2017.
First Quarter 2018 versus Fourth Quarter 2017
Operating income decreased by $23.0 million, from an operating income of $34.5 million during the fourth quarter of 2017 to an operating income of $11.4 million in the first quarter of 2018. Operating income was negatively impacted by a $45.1 million decrease in gross profit and a $1.1 million increase in research and development expenses. This was partially offset by decreases in selling, general and administrative ("SG&A") expenses of $14.0 million and $1.1 million in amortization of property, plant, equipment and intangible assets and a $8.1 million impairment charge recorded in the fourth quarter of 2017.
The decrease in gross profit resulted from the lower revenue, as explained above, and a 4.6 percentage point decrease in the gross margin from the fourth quarter of 2017. The decrease in the gross margin percentage was primarily due to product and project mix, lower facility utilization and decreased absorption of manufacturing overheads, particularly in the Pipeline and Pipe Services segment.
SG&A expenses decreased by $14.0 million, from $93.4 million in the fourth quarter of 2017 to $79.3 million in the first quarter of 2018, primarily due to a $6.7 million decrease in compensation and other related personnel costs, a $7.0 million decrease in restructuring costs and a $1.2 million decrease in professional fees.
First Quarter 2018 versus First Quarter 2017
Operating income decreased by $14.7 million, from an operating income of $26.1 million in the first quarter of 2017 to an operating income of $11.4 million during the first quarter of 2018. Operating income was negatively impacted by a $13.2 million decrease in gross profit, a $4.0 million net increase in amortization of property, plant, equipment and intangible assets and a $0.3 million increase in SG&A expenses. This was partially offset by a $0.5 million decrease in research and development expenses and a $2.3 million lower net foreign exchange loss.
The decrease in gross profit resulted from a 2.8 percentage point decrease in gross margin and from the lower revenue, as explained above. The decrease in the gross margin percentage was primarily due to product and project mix, lower facility utilization and decreased absorption of manufacturing overheads, particularly in the Pipeline and Pipe Services segment.
SG&A expenses in the first quarter of 2018 increased by $0.3 million compared to the first quarter of 2017, primarily due to a $3.3 million increase in equipment, building and other costs, partially offset by a $3.2 million reduction in compensation and other related personnel costs.
2.3 Finance Costs, net
The following table sets forth the components of finance costs, net for the following periods:
(in thousands of Canadian dollars) Three Months Ended
March 31,
2018
December 31,
2017 March 31,
2017 Interest income $ (841) $ (333) $ (457) Interest expense, other 1,292 1,661 1,815 Interest expense on long-term debt 2,215 2,234 4,270 Finance costs, net $ 2,666 $ 3,562 $ 5,628 First Quarter 2018 versus Fourth Quarter 2017
In the first quarter of 2018, net finance costs were $2.7 million, compared to net finance costs of $3.6 million during the fourth quarter of 2017. The decrease in net finance costs was primarily due to a $0.5 million increase in interest income on short-term deposits and other receivables and a $0.4 million decrease in interest expense on other borrowings and accretion costs on decommissioning obligations.
First Quarter 2018 versus First Quarter 2017
In the first quarter of 2018, net finance costs were $2.7 million, compared to a net finance cost of $5.6 million during the first quarter of 2017. The decrease in net finance costs was primarily a result of a $0.4 million increase in interest income million on short-term deposits and other receivables, lower interest costs on long term debt due to lower interest rates and decreases in interest expense on other borrowings and accretion costs on decommissioning obligations.
2.4 Income Taxes
The following table sets forth the income tax expenses for the following periods:
(in thousands of Canadian dollars) Three Months Ended
March 31,
2018 December 31,
2017 (a) March 31,
2017 (a) Income tax expense $ 3,313 $ 9,998 $ 2,577 (a) Restated due to the adoption of the IFRS 15 standard that became effective as at January 1, 2018, but was implemented retrospectively to January 1, 2017.
First Quarter 2018 versus Fourth Quarter 2017
The Company recorded an income tax expense of $3.3 million (38% of income before income taxes) in the first quarter of 2018, compared to an income tax expense of $10.0 million (33% of income before income taxes) in the fourth quarter of 2017. The effective tax rate in the first quarter of 2018 was higher than the expected income tax rate of 27% primarily due to a large portion of the Company’s taxable income being earned in higher tax jurisdictions and some losses in the quarter being generated in jurisdictions where the Company was unable to record a tax benefit.
First Quarter 2018 versus First Quarter 2017
The Company recorded an income tax expense of $3.3 million (38% of income before income taxes) in the first quarter of 2018, compared to an income tax expense of $2.6 million (14% of income before income taxes) in the first quarter of 2017. The effective tax rate in the first quarter of 2018 was higher than the expected income tax rate of 27% primarily due to a large portion of the Company’s taxable income being earned in higher tax jurisdictions and some losses in the quarter being generated in jurisdictions where the Company was unable to record a tax benefit.
2.5 Foreign Exchange Impact
The following table sets forth the significant currencies in which the Company operates and the average foreign exchange rates for these currencies versus Canadian dollars, for the following periods:
Three Months Ended
March 31,
2018 December 31,
2017 March 31,
2017 U.S. dollar 1.2635 1.2702 1.3255 Euro 1.5461 1.5035 1.4119 British Pounds 1.7542 1.7044 1.6520 The following table sets forth the impact on revenue, operating income and net income (attributable to shareholders of the Company), compared with the prior quarter and the prior year period, as a result of foreign exchange fluctuations on the translation of foreign currency operations:
(in thousands of Canadian dollars) Q1-2018
Versus
Q4-2017 Q1-2018
Versus
Q1-2017 Revenue $ 194 $ (5,484 ) Income from operations $ 14 $ 453 Net income (attributable to shareholders of the Company) $ (215 ) $ 27 In addition to the translation impact noted above, the Company recorded a foreign exchange gain of $0.8 million in the first quarter of 2018, compared to a foreign exchange loss of $1.4 million for the comparable period in the prior year, as a result of the impact of changes in foreign exchange rates on monetary assets and liabilities and short-term foreign currency intercompany loans within the group, net of hedging activities.
2.6 Net Income (attributable to shareholders of the Company)
First Quarter 2018 versus Fourth Quarter 2017
Net income decreased by $15.1 million, from a net income of $20.3 million during the fourth quarter of 2017 to a net income of $5.2 million during the first quarter of 2018. This was mainly due to the $23.0 million decrease in operating income, as explained in section 2.2 above, partially offset by a $0.9 million reduction in finance costs and $6.7 million reduction in income tax expense.
First Quarter 2018 versus First Quarter 2017
Net income decreased by $10.2 million, from $15.4 million during the first quarter of 2017 to $5.2 million during the first quarter of 2018. This was mainly due to the $14.7 million decrease in operating income, as explained in section 2.2 above, and a $0.7 million increase in income tax expense. This was partially offset by a $3.0 decrease in finance costs and a $2.6 million lower loss from investments in associates.
3.0 SEGMENT INFORMATION
3.1 Pipeline and Pipe Services Segment
The following table sets forth, by geographic location, the revenue, operating income and operating margin for the Pipeline and Pipe Services segment for the following periods:
(in thousands of Canadian dollars, except percentages) Three Months Ended March 31,
2018 December 31,
2017 (b) March 31,
2017 (b) North America $ 174,197 $ 163,900 $ 146,905 Latin America 37,372 130,445 29,115 EMAR 52,548 53,889 62,683 Asia Pacific 35,849 34,315 70,659 Total revenue $ 299,966 $ 382,549 $ 309,362 Operating income $ 8,897 $ 36,808 $ 24,938 Operating margin (a) 3.0 % 9.6 % 8.1 % (a) Operating margin is defined as operating income divided by revenue and is a non-GAAP measure. Non-GAAP measures do not have standardized meanings under GAAP and are not necessarily comparable to similar measures provided by other companies. See section 6.0 - Reconciliation of Non-GAAP Measures .
(b) Restated due to the adoption of the IFRS 15 standard that became effective as at January 1, 2018, but was implemented retrospectively to January 1, 2017.
First Quarter 2018 versus Fourth Quarter 2017
Revenue in the first quarter of 2018 decreased by $82.6 million to $300.0 million, from $382.5 million in the fourth quarter of 2017. Revenue was impacted by lower activity levels in Latin America and EMAR, partially offset by higher volumes in North America and Asia Pacific:
Revenue in North America increased by $10.3 million, or 6.3%, as a result of higher flexible composite pipe volumes and small diameter coating revenue in the US and increased activity levels in pipe weld inspection services and tubular management services. This was partially offset by lower activity levels for large diameter pipe coatings in the US and engineering services at Lake Superior Consulting.
In Latin America, revenue decreased by $93.1 million, or 71.4%, primarily as a result of the wind down of production in Altamira, Mexico for the Tuxpan project and lower volumes at the Company’s Argentina facilities.
Revenue in EMAR decreased by $1.3 million, or 2.5%, primarily due to lower activity levels at the Orkanger, Norway facility, the Company’s Italian facilities and lower volumes of pipe weld inspection services in the region. This was partially offset by higher activity levels at the Ras Al Khaimah, UAE (“RAK”) and Leith, Scotland facilities and on field joint coating projects in the region.
Asia Pacific revenue increased by $1.5 million, or 4.5%, mainly due to higher pipe coating project volumes for the BP Tangguh project at the Kabil, Indonesia facility, partially offset by lower activity at the Kuantan, Malaysia facility.
In the first quarter of 2018, operating income was $8.9 million compared to an operating income of $36.8 million in the fourth quarter of 2017, a decrease of $27.9 million. The decrease in operating income was primarily due to the $48.6 million decrease in gross profit due to the decrease in revenue, as explained above, and a 5.4 percentage point decrease in gross margin. The decrease in gross margin was due to unfavourable project mix, lower facility utilization and decreased manufacturing overhead absorption. This was partially offset by lower SG&A expenses, as explained in section 2.2 above, and the $8.1 million impairment charge recorded in the fourth quarter of 2017.
First Quarter 2018 versus First Quarter 2017
Revenue in the first quarter of 2018 was $300.0 million, a decrease of $9.4 million, or 3.0%, from $309.4 million in the comparable period of 2017. Segment revenue was adversely affected by the impact on translation of foreign operations, as noted in section 2.5 above, and lower activity levels in EMAR and Asia Pacific, partially offset by higher revenue in North America and Latin America:
In North America, revenue increased by $27.3 million, or 18.6%, primarily due to higher volumes of large diameter pipe coating in Canada and small diameter pipe coating in the US and increased activity levels in pipe weld inspection and flexible composite pipe sales volumes. This was partially offset by lower activity levels for large diameter pipe coating in the US and a decrease in revenues attributable to tubular management services.
Latin America revenue increased by $8.3 million, or 28.4%, primarily as a result of higher activity levels at the Company’s Argentina facilities.
Revenue in EMAR decreased by $10.1 million, or 16.2%, primarily due to the absence of the Shah Deniz project in the Caspian and lower activity levels at the Orkanger, Norway, RAK and Italian facilities and field joint coating projects in the region. This was partially offset by higher activity levels at the Leith, Scotland facility.
Revenue in Asia Pacific decreased by $34.8 million, or 49.3%, mainly due to lower pipe coating project volumes from the Shah Deniz and Sur de Texas – Tuxpan projects at the Kabil, Indonesia and Kuantan, Malaysia facilities.
In the first quarter of 2018, operating income was $8.9 million compared to $24.9 million in the first quarter of 2017, a decrease of $16.0 million. The decrease in operating income was primarily due to the $12.7 million decrease in gross profit resulting from the decrease in revenue, as explained above, and a 3.1 percentage point decrease in gross margin. The decrease in gross margin was due to unfavourable project mix, lower facility utilization and decreased manufacturing overhead absorption.
3.2 Petrochemical and Industrial Segment
The following table sets forth, by geographic location, the revenue, operating income and operating margin for the Petrochemical and Industrial segment for the following periods:
(in thousands of Canadian dollars, except percentages) Three Months Ended March 31,
2018 December 31,
2017 March 31,
2017 North America $ 28,245 $ 24,769 $ 31,472 EMAR 19,876 16,540 16,678 Asia Pacific 2,886 3,052 3,217 Total revenue $ 51,007 $ 44,361 $ 51,367 Operating income $ 8,868 $ 5,342 $ 9,647 Operating margin (a) 17.4 % 12.0 % 18.8 % (a) Operating margin is defined as operating income divided by revenue and is a non-GAAP measure. Non-GAAP measures do not have standardized meanings under GAAP and are not necessarily comparable to similar measures provided by other companies. See section 6.0 - Reconciliation of Non-GAAP Measures .
First Quarter 2018 versus Fourth Quarter 2017
In the first quarter of 2018, revenue increased by $6.6 million, or 15.0%, to $51.0 million, compared to the fourth quarter of 2017, primarily due to increased shipments of heat shrink tubing product, particularly in the automotive sector, and higher activity levels for wire and cable products.
Operating income of $8.9 million in the first quarter of 2018 was $3.5 million, or 66.0%, higher than in the fourth quarter of 2017. The increase in operating income was primarily due to an increase in gross profit of $3.5 million resulting from the increased revenue, as explained above, and a 3.2 percentage point increase in gross margin. The increase in gross margin was due to favourable product mix and higher facility utilization and increased manufacturing overhead absorption.
First Quarter 2018 versus First Quarter 2017
Revenue in the first quarter of 2018 decreased by $0.4 million, or 0.7%, compared to the first quarter of 2017. Revenue was impacted by decreased shipments of wire and cable products, partially offset by higher activity levels in heat shrink tubing product, particularly in the automotive sector.
Operating income in the first quarter of 2018 was $8.9 million compared to $9.6 million in the first quarter of 2017, a decrease of $0.8 million, or 8.1%. The decrease in operating income was primarily due to a decrease in gross profit of $0.5 million resulting from the decrease in revenue, as explained above, and a 0.9 percentage point decrease in gross margin. The decrease in gross margin was due to unfavourable product mix and lower facility utilization and decreased manufacturing overhead absorption.
3.3 Financial and Corporate
Financial and corporate costs include corporate expenses not allocated to the operating segments and other non-operating items, including foreign exchange gains and losses on foreign currency denominated cash and working capital balances. The corporate division of the Company only earns revenue that is considered incidental to the activities of the Company. As a result, it does not meet the definition of a reportable operating segment as defined under IFRS.
The following table sets forth the Company’s unallocated financial and corporate expenses, before foreign exchange gains and losses, for the following periods:
(in thousands of Canadian dollars) Three Months Ended March 31,
2018 December 31,
2017 March 31,
2017 Financial and corporate expenses $ (7,155) $ (8,557 ) $ (7,024 ) First Quarter 2018 versus Fourth Quarter 2017
Financial and corporate costs decreased by $1.4 million from $8.6 million during the fourth quarter of 2017 to $7.2 million in the first quarter of 2018. The decrease was primarily due to a $1.0 million decrease in compensation and other related personnel costs and $1.7 million in restructuring costs recorded in the fourth quarter of 2017. This was partially offset by a $0.9 million increase in insurance related expenses.
First Quarter 2018 versus First Quarter 2017
Financial and corporate costs increased by $0.1 million from the first quarter of 2017 to $7.2 million in the first quarter of 2018. The increase was primarily due to a $1.2 million increase in professional fees, management information system and other expenses. This was partially offset by a $1.0 million decrease in stock based and long term management incentive expenses and a $0.3 million decrease in compensation and other related personnel costs.
4.0 FORWARD-LOOKING INFORMATION
This document includes certain statements that reflect management’s expectations and objectives for the Company’s future performance, opportunities and growth, which statements constitute “forward‑looking information” and “forward looking statements” (collectively “forward looking information”) under applicable securities laws. Such statements, other than statements of historical fact, are predictive in nature or depend on future events or conditions. Forward looking information involves estimates, assumptions, judgments and uncertainties. These statements may be identified by the use of forward‑looking terminology such as "may", "will", "should", "anticipate", "expect", "believe", "predict", "estimate", "continue", "intend", "plan" and variations of these words or other similar expressions. Specifically, this document includes forward looking information in the Outlook section and elsewhere in respect of, among other things, the achievement of key performance objectives, the timing of the Qatar pipeline coating project and other project activity, the sanctioning of large projects in 2018 and the impact thereof on the Company’s business, the level of Adjusted EBITDA in 2018, the growth in revenue and operating income in the Petrochemical and Industrial segment of the Company’s business, the increase in demand for the Company’s products in the North American Pipeline and Pipe Services segment of the Company’s business, the decline in revenues but improved plant utilization in the Latin American Pipeline and Pipe Services segment of the Company’s business, the sufficiency of resources, capacity and capital to meet market demand, to meet contractual obligations and to execute the Company’s development and growth strategy, the expected development of the Company’s order backlog and the impact thereof on the Company’s revenue and operating income, including the award of contracts on outstanding bids, the impact of global economic activity on the demand for the Company's products, the impact of the improvement in global oil and gas commodity prices on the level of industry investment in oil and gas infrastructure, the impact of changing energy demand, supply and prices, the impact and likelihood of changes in competitive conditions in the markets in which the Company participates, the adequacy of the Company’s existing accruals in respect of environmental compliance and in respect of litigation and tax matters and other claims generally, and the level of payments under the Company's performance bonds.
Forward looking information involves known and unknown risks and uncertainties that could cause actual results to differ materially from those predicted by the forward‑looking information. We caution readers not to place undue reliance on forward looking information as a number of factors could cause actual events, results and prospects to differ materially from those expressed in or implied by the forward looking information. Significant risks facing the Company include, but are not limited to: the impact on the Company of reduced demand for its products and services, including the suspension or cancellation of existing contracts, as a result of lower investment in global oil and gas extraction and transportation activity following the previous declines in the global price of oil and gas, long term changes in global or regional economic activity and changes in energy supply and demand, which with other factors, impact on the level of global pipeline infrastructure construction; exposure to product and other liability claims; shortages of or significant increases in the prices of raw materials used by the Company; compliance with environmental, trade and other laws; political, economic and other risks arising from the Company’s international operations; and fluctuations in foreign exchange rates, as well as other risks and uncertainties described under “Risks and Uncertainties” in the Company’s annual MD&A and in the Company’s Annual Information Form under “Risk Factors”.
These statements of forward looking information are based on assumptions, estimates and analysis made by management in light of its experience and perception of trends, current conditions and expected developments as well as other factors believed to be reasonable and relevant in the circumstances. These assumptions include those in respect of global oil and gas prices, including continuing recovery of the oil and gas markets throughout 2018, increases in expenditures on natural gas infrastructures, modest global economic growth, stable demand in the global automotive market and in the European and North American industrial markets as such apply to the Company’s Petrochemical and Industrial segment, the Company’s ability to execute projects under contract, the continued supply of and stable pricing for commodities used by the Company, short term increases in rail and transportation costs, the availability of personnel resources sufficient for the Company to operate its businesses, the maintenance of operations in major oil and gas producing regions and the ability of the Company to satisfy all covenants under its Credit Facilities and the Senior Notes. The Company believes that the expectations reflected in the forward looking information are based on reasonable assumptions in light of currently available information. However, should one or more risks materialize or should any assumptions prove incorrect, then actual results could vary materially from those expressed or implied in the forward looking information included in this document and the Company can give no assurance that such expectations will be achieved.
When considering the forward looking information in making decisions with respect to the Company, readers should carefully consider the foregoing factors and other uncertainties and potential events. The Company does not assume the obligation to revise or update forward looking information after the date of this document or to revise it to reflect the occurrence of future unanticipated events, except as may be required under applicable securities laws.
To the extent any forward looking information in this document constitutes future oriented financial information or financial outlooks, within the meaning of securities laws, such information is being provided to demonstrate the potential of the Company and readers are cautioned that this information may not be appropriate for any other purpose. Future oriented financial information and financial outlooks, as with forward looking information generally, are based on the assumptions and subject to the risks noted above.
Shawcor will be hosting a Shareholder and Analyst Conference Call and Webcast on Wednesday May 9th, 2018 at 10:00AM ET, which will discuss the Company’s First Quarter End 2018 Financial Results.
To participate via telephone, please dial 1-877-776-4039 or 1-315-625-6955. Conference Call ID: 2073946; alternatively, please go to the following website address to participate via webcast:
https://edge.media-server.com/m6/p/oq9wjarm
5.0 Additional Information
Additional information relating to the Company, including its Annual Information Form, is available on SEDAR at www.sedar.com .
Please visit our website at www.shawcor.com for further details.
For further information, please contact:
Gaston Tano
Senior Vice President, Finance and CFO
Telephone: 416.744.5539
E-mail: [email protected]
Website: www.shawcor.com
Shawcor Ltd.
Consolidated Balance Sheets (Unaudited)
March 31, December 31, (in thousands of Canadian dollars) 2018 2017 (a) ASSETS Current Assets Cash and cash equivalents $ 248,379 $ 289,065 Loans receivable 2,335 2,448 Contract assets 49,632 65,413 Accounts receivable 248,033 194,439 Income taxes receivable 22,130 20,205 Inventories 126,816 115,018 Prepaid expenses 28,304 21,931 Derivative financial instruments 289 382 Total current assets 725,918 708,901 Non-current Assets Loans receivable 2,372 2,283 Property, plant and equipment 417,983 417,781 Intangible assets 164,368 164,872 Investments in associates 30,113 20,188 Deferred income tax assets 34,395 33,979 Other assets 5,122 20,606 Goodwill 338,657 329,391 Total non-current assets 993,010 989,100 TOTAL ASSETS $ 1,718,928 $ 1,698,001 LIABILITIES AND EQUITY Current Liabilities Accounts payable and accrued liabilities $ 213,067 $ 201,017 Provisions 26,580 27,361 Income taxes payable 32,209 42,904 Derivative financial instruments 291 1,915 Contract liabilities 44,485 44,826 Obligations under finance lease 787 1,111 Other liabilities 10,593 11,848 Total current liabilities 328,012 330,982 Non-current Liabilities Long-term debt 253,048 246,175 Obligations under finance lease 11,497 10,840 Provisions 38,153 36,555 Employee future benefits 18,658 18,552 Deferred income tax liabilities 4,371 6,448 Other liabilities 1,902 3,665 Total non-current liabilities 327,629 322,235 Total Liabilities 655,641 653,217 Equity Share capital 707,364 704,956 Contributed surplus 27,814 27,651 Retained earnings 296,910 302,206 Non-controlling interests 6,053 5,848 Accumulated other comprehensive income 25,146 4,123 Total Equity 1,063,287 1,044,784 TOTAL LIABILITIES AND EQUITY $ 1,718,928 $ 1,698,001 (a) Restated due to the adoption of the IFRS 15 standard that became effective as at January 1, 2018, but was implemented retrospectively to January 1, 2017.
Shawcor Ltd.
Consolidated Statements of Income (Unaudited)
(in thousands of Canadian dollars, except per share amounts) Three Months Ended
March 31, 2018 2017 (a) Revenue Sale of products $ 154,917 $ 126,116 Rendering of services 195,602 233,944 350,519 360,060 Cost of Goods Sold and Services Rendered 233,733 230,071 Gross Profit 116,786 129,989 Selling, general and administrative expenses 79,325 79,027 Research and development expenses 3,104 3,618 Foreign exchange (gains) losses (827 ) 1,424 Amortization of property, plant and equipment 19,221 14,744 Amortization of intangible assets 4,526 5,038 Income from Operations 11,437 26,138 Loss from investments in associates (116 ) (2,696 ) Finance costs, net (2,666 ) (5,628 ) Income before Income Taxes 8,655 17,814 Income taxes 3,313 2,577 Net Income $ 5,342 $ 15,237 Net Income Attributable to: Shareholders of the Company $ 5,210 $ 15,393 Non-controlling interests 132 (156 ) Net Income $ 5,342 $ 15,237 Earnings per Share Basic $ 0.07 $ 0.22 Diluted $ 0.07 $ 0.22 Weighted Average Number of Shares Outstanding (000s) Basic 70,016 69,901 Diluted 70,223 69,945 (a) Restated due to the adoption of the IFRS 15 standard that became effective as at January 1, 2018, but was implemented retrospectively to January 1, 2017.
Shawcor Ltd.
Consolidated Statements of Comprehensive Income (Unaudited)
(in thousands of Canadian dollars) Three Months Ended
March 31, 2018 2017 (a) Net Income $ 5,342 $ 15,237 Other Comprehensive Income (Loss) to be Reclassified to Net Income in Subsequent Periods Exchange differences on translation of foreign operations 21,061 (2,576 ) Other comprehensive income attributable to investments in associates 41 (98 ) Net Other Comprehensive Income (Loss) to be Reclassified to Net Income in Subsequent Periods 21,102 (2,674 ) Other Comprehensive Loss not to be Reclassified to Net Income in Subsequent Periods Actuarial loss on defined benefit plan (10 ) (3 ) Income tax recovery 4 1 Net Other Comprehensive Loss not to be Reclassified to Net Income in Subsequent Periods (6 ) (2 ) Other Comprehensive Income (Loss), Net of Income Taxes 21,096 (2,676 ) Total Comprehensive Income $ 26,438 $ 12,561 Comprehensive Income Attributable to: Shareholders of the Company $ 26,233 $ 12,650 Non-controlling interests 205 (89 ) Total Comprehensive Income $ 26,438 $ 12,561 (a) Restated due to the adoption of the IFRS 15 standard that became effective as at January 1, 2018, but was implemented retrospectively to January 1, 2017.
Shawcor Ltd.
Consolidated Statements of Changes in Equity (Unaudited)
(in thousands of Canadian dollars) Share
Capital Contributed
Surplus Retained
Earnings (a)
Non-
controlling
Interests Accumulated
Other
Comprehensive
(Loss) Income Total
Equity (a) Balance - December 31, 2017 $ 704,956 $ 27,651 $ 302,206 $ 5,848 $ 4,123 $ 1,044,784 Net income – – 5,210 132 – 5,342 Other comprehensive income – – – 73 21,023 21,096 Comprehensive income – – 5,210 205 21,023 26,438 Issued on exercise of stock options 1,331 – – – – 1,331 Compensation cost on exercised options 516 (516 ) – – – – Compensation cost on exercised Restricted Share Units 561 (561 ) – – – – Share-based compensation expense – 1,240 – – – 1,240 Dividends declared and paid to shareholders – – (10,506 ) – – (10,506 ) Balance - March 31, 2018 707,364 27,814 296,910 6,053 25,146 1,063,287 Balance - January 1, 2017 $ 703,316 $ 23,379 $ 272,997 $ 5,892 $ 37,408 $ 1,042,992 Net income (loss) (a) – – 15,393 (156 ) – 15,237 Other comprehensive income (loss) – – – 67 (2,743 ) (2,676 ) Comprehensive income (loss) – – 15,393 (89 ) (2,743 ) 12,561 Issued on exercise of stock options 481 – – – – 481 Compensation cost on exercised options 176 (176 ) – – – – Compensation cost on exercised Restricted Share Units 210 (210 ) – – – – Share-based compensation expense – 1,299 – – – 1,299 Dividends declared and paid to shareholders – – (10,487 ) – – (10,487 ) Balance - March 31, 2017 704,183 24,292 277,903 5,803 34,665 1,046,846 (a) Restated due to the adoption of the IFRS 15 standard that became effective as at January 1, 2018, but was implemented retrospectively to January 1, 2017.
Shawcor Ltd.
Interim Consolidated Statements of Cash Flows (Unaudited)
(in thousands of Canadian dollars) Three Months Ended
March 31, 2018
2017 (a) Operating Activities Net income $ 5,342 $ 15,237 Add (deduct) items not affecting cash Amortization of property, plant and equipment 19,221 14,744 Amortization of intangible assets 4,526 5,038 Amortization of long-term prepaid expenses – 102 Decommissioning obligations expense 173 80 Other provision expenses 3,147 (18 ) Share-based compensation and other incentive-based compensation 2,523 2,814 Deferred income taxes (1,984 ) (3,572 ) Loss on disposal of property, plant and equipment (63 ) (591 ) Unrealized (gain) loss on derivative financial instruments (1,531 ) 4,927 Loss from investments in associates 116 2,696 Other (4,117 ) 468 Settlement of decommissioning liabilities – (156 ) Settlement of other provisions (3,882 ) (573 ) Net change in employee future benefits (51 ) 359 Change in non-cash working capital and foreign exchange (52,417 ) (66,217 ) Cash Used in Operating Activities $ (28,997 ) $ (24,662 ) Investing Activities Decrease (increase) in loans receivable 155 (44 ) Decrease in short-term investments – 15 Purchase of property, plant and equipment (9,477 ) (9,483 ) Proceeds on disposal of property, plant and equipment 507 879 Decrease (increase) in other assets 244 (4,112 ) Cash Used in Investing Activities $ (8,571 ) $ (12,745 ) Financing Activities Decrease in bank indebtedness – (2,463 ) Payment of obligations under finance lease (299 ) (282 ) Issuance of shares 1,331 481 Dividends paid to shareholders (10,506 ) (10,487 ) Cash Used in Financing Activities $ (9,474 ) $ (12,751 ) Effect of Foreign Exchange on Cash and Cash Equivalents 6,356 99 Net decrease in Cash and Cash Equivalents (40,686 ) (50,059 ) Cash and Cash Equivalents - Beginning of Period 289,065 194,824 Cash and Cash Equivalents - End of Period $ 248,379 $ 144,765 (a) Restated due to the adoption of the IFRS 15 standard that became effective as at January 1, 2018, but was implemented retrospectively to January 1, 2017.
6.0 Reconciliation of Non-GAAP Measures
The Company reports on certain non-GAAP measures that are used to evaluate its performance and segments, as well as to determine compliance with debt covenants and to manage the capital structure. These non-GAAP measures do not have standardized meanings under IFRS and are not necessarily comparable to similar measures provided by other companies. The Company discloses these measures because it believes that they provide further information and assist readers in understanding the results of the Company’s operations and financial position. These measures should not be considered in isolation or used in substitution for other measures of performance prepared in accordance with GAAP. The following is a reconciliation of the non-GAAP measures reported by the Company.
EBITDA and Adjusted EBITDA
EBITDA is a non-GAAP measure defined as earnings before interest, income taxes, depreciation and amortization. Adjusted EBITDA is also a non-GAAP measure defined as EBITDA adjusted for items which do not impact day to day operations. The Company believes that EBITDA and Adjusted EBITDA are useful supplemental measures that provide a meaningful indication of the Company's results from principal business activities prior to the consideration of how these activities are financed or the tax impacts in various jurisdictions and for comparing its operating performance with the performance of other companies that have different financing, capital or tax structures. The Company presents Adjusted EBITDA as a measure of EBITDA that excludes the impact of transactions that are outside the Company’s normal course of business or day to day operations. Adjusted EBITDA is used by many analysts in the oil and gas industry as one of several important analytical tools to evaluate financial performance and is a key metric in business valuations. It is also considered important by lenders to the Company and is included in the financial covenants of the Company’s debt agreements.
Three Months Ended (in thousands of Canadian dollars) March 31,
2018 December 31,
2017 (a) March 31,
2017 (a) Net Income $ 5,342 $ 20,513 $ 15,237 Add: Income taxes 3,313 9,998 2,577 Finance costs, net 2,666 3,562 5,628 Amortization of property, plant, equipment and intangible assets 23,747 24,869 19,782 EBITDA $ 35,068 $ 58,942 $ 43,224 Impairment – 8,073 – ADJUSTED EBITDA $ 35,068 $ 67,015 $ 43,224 (a) Restated due to the adoption of the IFRS 15 standard that became effective as at January 1, 2018, but was implemented retrospectively to January 1, 2017.
Operating Margin
Operating margin is defined as operating income divided by revenue and is a non-GAAP measure. The Company believes that operating margin is a useful supplemental measure that provides meaningful assessment of the business performance of the Company and its Operating Segments. The Company uses this measure as a key indicator of financial performance, operating efficiency and cost control based on volume of business generated.
Source: Shawcor Ltd. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-shawcor-ltd-announces-first-quarter-2018-results.html |
May 10, 2018 / 8:25 PM / Updated 8 hours ago News Corp revenue beats as digital push pays off Reuters Staff 2 Min Read
(Reuters) - News Corp ( NWSA.O ), controlled by media mogul Rupert Murdoch, topped analysts’ estimates for quarterly revenue on Thursday as the company benefited from a rise in online subscriptions and strong performance in its digitial real estate business. FILE PHOTO: The Fox News electronic ticker is seen outside the News Corporation building in New York City, in New York, U.S., November 8, 2017. REUTERS/Shannon Stapleton/File Photo
The company’s shares recovered from a near 2 percent drop to be flat in extended trading after executives on a call pointed to improving advertising trends in the third quarter, despite challenging print.
On the call, company executives also highlighted gains from the recent deal with Australian telecommunication and media company Telstra Corp Ltd ( TLS.AX ).
News Corp and Telstra in March agreed to combine Foxtel and FOX SPORTS Australia, with the U.S. company holding a 65 percent stake in the combined entity.
“The Foxtel-Fox Sports Australia consolidation is also expected to make circulation and subscription revenues the biggest revenue stream for News Corp for the first time,” Chief Executive Officer Robert Thomson said on the call.
“This should give us more protection against the vicissitudes of our volatile advertising market.”
Revenue at the company’s digital real estate unit, which houses real estate websites such as realtor.com and doorsteps.com, surged 27 percent to $279 million in the third quarter.
Average growth in digital subscriptions was more than 20 percent for Wall Street Journal, The Times and Sunday Times and The Australian in the first three months of 2018.
Total revenue rose 5.8 percent to $2.09 billion, topping estimates of $1.99 billion, according to Thomson Reuters I/B/E/S.
Net loss available to stockholders widened to $1.13 billion, or $1.94 per share, due to charges of $1.2 billion, largely related to write-downs following the deal with Telstra.
Excluding items, the company earned 6 cents per share, in line with analysts’ estimates. Reporting by Vibhuti Sharma and Muvija M in Bengaluru in Bengaluru; Editing by Shounak Dasgupta and Sriraj Kalluvila | ashraq/financial-news-articles | https://uk.reuters.com/article/us-news-corp-results/murdochs-news-corp-posts-6-percent-rise-in-quarterly-revenue-idUKKBN1IB2X4 |
0 COMMENTS CFOs on the move. Photo: The Wall Street Journal
United Continental Holdings Inc. , the Chicago-based airline, named Gary Laderman acting chief financial officer. He succeeds Andrew Levy, who has decided to leave the company. Mr. Laderman currently serves as treasurer and senior vice president of finance and procurement and is a member of the senior executive leadership team. He has held various legal and financial positions over nearly 30 years at the company, including a stint as interim CFO for roughly a year between August 2015 and August 2016. United said it will immediately begin the search for a successor.
Blue Apron Holdings Inc. , a New York-based meal kit delivery company, appointed Tim Bensley as CFO. Mr. Bensley is expected to take on his new role on May 21 . He served as CFO of Acosta Inc. from June 2015 to October 2017 and prior to that worked in various positions at Pepsi Co. Inc. Mr. Bensley succeeds the company’s current CFO Bradley Dickerson, who also served as CEO and president since November 2017. Mr. Dickerson will continue to serve in these roles.
Ferrari NV , an Italian manufacturer of sports cars, appointed Antonio Picca Piccon as chief financial officer, effective July 30 . Mr. Picca Piccon replaces the company’s current CFO Alessandro Gili, who is leaving on May 31 . Mr. Picca Piccon has been CFO at Ariston Thermo Group SpA since late 2014 and before that spent 15 years at Fiat Chrysler Automobiles NV.
Dunelm Group PLC , a British homeware retailer, named Laura Carr as chief financial officer. The company said Ms. Carr will join the group in the autumn and that it will announce the exact date in due course. Ms. Carr is currently group financial controller at Compass Group PLC, a position she has held since February 2017.
Share this: CFO MOVES Previous J.C. Penney Aims to Trim Growing Inventory at Comparable Stores | ashraq/financial-news-articles | https://blogs.wsj.com/cfo/2018/05/18/cfo-moves-united-blue-apron-ferrari-dunelm/ |
VISTA, Calif., May 01, 2018 (GLOBE NEWSWIRE) -- Flux Power Holdings, Inc. (OTCQB:FLUX), a developer of advanced lithium batteries for electric forklifts and airport ground support equipment, announced today the company will report third quarter 2018 results before the market opens and host a conference call including a live Q&A to review its business progress and outlook on Monday May 14 at 11:00 a.m. ET.
Investors may also submit questions in advance of the conference call to [email protected] .
Conference Call Details:
Date/Time: Monday May 14 at 11:00 a.m. ET Dial-in Number: 1-866-652-5200 (domestic)
1-412-317-6060 (international)
Online Replay/Transcript: Audio file and call transcript will be posted to the Investor section of Flux’s website when available.
Flux continues to advance its ‘first-mover’ leadership as a pioneering provider of lithium-ion battery solutions for forklifts and airport ground service equipment. The Company’s lithium-ion “LiFT Pack” battery technology provides an enormous opportunity to optimize supply chains by enhancing productivity, providing faster charging, longer operating times and eliminating battery maintenance while also reducing fixed costs, relative to incumbent lead-acid battery power.
About Flux Power Holdings, Inc. ( www.fluxpwr.com )
Flux Power develops advanced lithium-ion batteries for industrial uses, including its first-ever UL 2271 Listed lithium-ion “LiFT Pack” forklift batteries. Flux solutions utilize its proprietary battery management system (BMS) and in-house engineering and product design. Flux batteries deliver improved performance, extended cycle life and lower total cost of ownership than legacy lead-acid solutions. Flux sells primarily to lift equipment OEM’s, their dealers and battery distributors. Current products include advanced battery packs for motive power in the lift equipment and airport ground support markets.
Flux Blog: Flux Power Currents
Facebook: FLUXPower
Twitter: Company: @FLUXpwr Investor Relations: @FluxPowerIR
LinkedIn: Flux Power
Flux, Flux Power and associated logos are trademarks of Flux Power Holdings, Inc. All other third party brands, products, trademarks, or registered marks are the property of and used to identify the products or services of their respective owners.
Media & Investor Relations: Catalyst IR Chris Eddy 212-924-9800 [email protected]
Source:Flux Power | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/globe-newswire-industrial-lithium-battery-innovator-flux-power-to-report-q3-a18-results-and-host-investor-call-on-monday-may-14-2018-at.html |
May 3 (Reuters) - Euskaltel SA:
* Q1 ADJUSTED EBITDA 84.2 MILLION EUROS VERSUS 68.0 MILLION EUROS YEAR AGO
* Q1 PROFIT AFTER TAX 14.6 MILLION EUROS VERSUS 13.2 MILLION EUROS YEAR AGO
* Q1 REVENUE 176.6 MILLION EUROS VERSUS 139.5 MILLION EUROS YEAR AGO Source text for Eikon: (Gdynia Newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-euskaltel-sa-q1-adjusted-ebitda-up/brief-euskaltel-sa-q1-adjusted-ebitda-up-at-84-2-million-euros-idUSFWN1SA03Z |
May 11, 2018 / 8:36 AM / Updated 21 minutes ago RBS boss plans to stay to oversee return to private ownership Emma Rumney 2 Min Read
LONDON (Reuters) - Royal Bank of Scotland ( RBS.L ) chief executive Ross McEwan said he has a plan until 2020 and wants to see the bank returned to private hands, dismissing speculation he could leave in the near future after resolving its last big misconduct issue. FILE PHOTO: Royal Bank of Scotland chief executive Ross McEwan speaks during an interview with Reuters at Canary Wharf in London, Britain July 7, 2015. REUTERS/Neil Hall/File Photo
Media reports suggested a search for McEwan’s successor had intensified after RBS agreed a long-awaited $4.9 billion settlement with U.S. authorities on Thursday, clearing the way for re-privatization and dividend payments.
After more than five years as CEO of RBS, which is now far nearer to normality after a 45.5 billion pound ($62 billion) state bailout in 2008, the 60-year-old regularly faces questions about his departure.
“Job’s not done yet. I’ve got a plan through to 2020,” he said on LBC Radio on Friday, adding that he wants to see RBS returned to private ownership.
“I’d like to be around a little longer,” he said when asked whether he would stick around for at least two years.
McEwan also said RBS could shut more branches in England and Wales. It has already announced the closure of 162 branches and 792 job cuts earlier this month as part of a plan B instigated after it failed to sell its Williams & Glyn brand.
McEwan said under this plan to stimulate competition, which it agreed with the government and European Union, regulators would see it transfer around 120,000 small business customers to rivals, a process expected to complete by the end of the year and could prompt further closures.
“We’ll have to wait until the end of the year to see what... footfall disappears when we move these customers out,” he said in response to a question on the size of any potential cuts. Reporting by Emma Rumney, editing by Huw Jones and Alexander Smith | ashraq/financial-news-articles | https://uk.reuters.com/article/us-rbs-branches-closures/rbs-boss-says-more-branch-closures-possible-due-to-williams-glyn-transfer-idUKKBN1IC0RO |
Chihuahua wins Cannes Palm Dog awards 1:49pm EDT - 01:29
The star Chihuahua rescued from a freezer in the film ''Dogman'' won top prize at an awards ceremony that celebrates the best Cannes canine. Rough cut (No reporter narration).
The star Chihuahua rescued from a freezer in the film "Dogman" won top prize at an awards ceremony that celebrates the best Cannes canine. Rough cut (No reporter narration). //reut.rs/2ISXZEe | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/18/chihuahua-wins-cannes-palm-dog-awards?videoId=428159452 |
18 Hours Ago | 01:16
As oil prices hovered in the $70s on Thursday after a recent spike, CNBC's Jim Cramer recalled their 2008 breakdown in a teaching moment for investors.
The U.S. economy was falling apart, but the rest of the world was still strong. Foreign demand for oil coupled with instability in Latin America, the Middle East and Africa sent oil prices soaring to $147 a barrel.
"But what happened after that shows you just how fragile, skittish and easily manipulated the oil market is because the price of crude collapsed pretty much in a straight line" to $31, the "Mad Money" host said.
The fact that oil prices surged higher, then fell apart in the midst of the 2008 financial crisis seemed like "pure manipulation" to Cramer. Still, he acknowledged that it looked like there wasn't enough selling being done as oil climbed.
"It was almost as though there was no spare capacity to sell," he said. "But, of course, that turned out to not be true. There was tons of space capacity. The new supply just couldn't be ramped up fast enough. But when it did, the market collapsed."
Turning back to 2018, Cramer said that oil's recent spike on rising tensions in the Middle East resembled the situation 10 years ago.
"That's what I think could happen here now. The oil market is terribly inefficient and supply seems to be provided only by the short-sellers, who then cover when no oil comes to the market," he said. "There's not enough time to find real sellers or they're all holding out for higher prices."
But what's different now is investors have grown wary of oil futures, the "Mad Money" host said. They know that oil traders tend to buy crude on bad news, and not necessarily because the commodity is in demand.
"Investors in the stock market know from this lesson not to trust these spikes," he explained. "So, sure, oil's gotten up there. No doubt about it. But we know the futures aren't necessarily the real deal and that's keeping investors in the stock market from panicking out as we watch the price of crude climb inexorably higher. I think that's the right attitude." WATCH: Cramer unpacks the spike in oil prices show chapters | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/10/cramer-investors-are-waking-up-to-terribly-inefficient-oil-market.html |
HAMILTON, Bermuda--(BUSINESS WIRE)-- Arch Capital Group Ltd. [NASDAQ: ACGL] today announced François Morin will assume the role of Executive Vice President and Chief Financial Officer of the Company effective May 25, 2018. He will report to Marc Grandisson, President and Chief Executive Officer of ACGL. Mr. Morin will replace outgoing Chief Financial Officer Mark Lyons, who is leaving Arch to become Senior Vice President and Chief Actuary, General Insurance at AIG in New York.
Mr. Morin joined the Company in 2011 and currently serves as Senior Vice President, Chief Risk Officer and Chief Actuary of ACGL. Prior to joining Arch, Mr. Morin served in various roles for Towers Watson & Co. and its predecessor firm Towers, Perrin, Forster & Crosby, including its actuarial division, Tillinghast, where he led the firm’s engagement with ACGL.
Mr. Grandisson said, “Anyone who has followed our Company knows one of Arch’s strengths is its deep pool of talent. François’ extensive experience leading Arch’s actuarial and enterprise risk management practices gives him valuable perspective into all financial and capital aspects of our Company.”
Mr. Morin said, “Arch has consistently delivered on its core strategy of being a leader in specialty lines. I look forward to working with Marc and the executive leadership team as we strive to continue to deliver superior returns over the long term, consistent with the record of financial performance we have demonstrated since our founding.”
Grandisson continued, “Mark and I have worked together since the early days of Arch in 2002. In addition to the significant contributions he has made to our performance over the years, he has been a great colleague and friend. We wish him all the best.”
Mr. Morin has nearly 30 years of experience in the insurance industry. He holds a bachelor’s degree in Actuarial Science from Université Laval in Canada and is a fellow of the Casualty Actuarial Society, a Chartered Financial Analyst and a member of the American Academy of Actuaries. Mr. Morin’s promotion is subject to applicable local regulatory approvals.
About Arch Capital Group Ltd.
Arch Capital Group Ltd., a Bermuda-based company with approximately $11.26 billion in capital at March 31, 2018, provides insurance, reinsurance and mortgage insurance on a worldwide basis through its wholly owned subsidiaries.
Cautionary Note Regarding Forward-Looking Statements
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward−looking statements. This release or any other written or oral statements made by or on behalf of Arch Capital Group Ltd. and its subsidiaries may include forward−looking statements, which reflect our current views with respect to future events and financial performance. All statements other than statements of historical fact included in or incorporated by reference in this release are forward−looking statements.
Forward−looking statements can generally be identified by the use of forward−looking terminology such as "may," "will," "expect," "intend," "estimate," "anticipate," "believe" or "continue" or their negative or variations or similar terminology. Forward−looking statements involve our current assessment of risks and uncertainties. Actual events and results may differ materially from those expressed or implied in these statements. A non-exclusive list of the important factors that could cause actual results to differ materially from those in such includes the following: adverse general economic and market conditions; increased competition; pricing and policy term trends; fluctuations in the actions of rating agencies and our ability to maintain and improve our ratings; investment performance; the loss of key personnel; the adequacy of our loss reserves, severity and/or frequency of losses, greater than expected loss ratios and adverse development on claim and/or claim expense liabilities; greater frequency or severity of unpredictable natural and man-made catastrophic events; the impact of acts of terrorism and acts of war; changes in regulations and/or tax laws in the United States or elsewhere; our ability to successfully integrate, establish and maintain operating procedures as well as integrate the businesses we have acquired or may acquire into the existing operations; changes in accounting principles or policies; material differences between actual and expected assessments for guaranty funds and mandatory pooling arrangements; availability and cost to us of reinsurance to manage our gross and net exposures; the failure of others to meet their obligations to us; and other factors identified in our filings with the U.S. Securities and Exchange Commission.
The foregoing review of important factors should not be construed as exhaustive and should be read in conjunction with other cautionary statements that are included herein or elsewhere. All subsequent written and oral forward−looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these cautionary statements. We undertake no obligation to publicly update or revise any forward−looking statement, whether as a result of new information, future events or otherwise.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180514006333/en/
Arch Capital Services Inc.
Don Watson, 914-872-3616
Source: Arch Capital Group Ltd. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/business-wire-arch-capital-group-ltd-names-franaois-morin-executive-vice-president-and-chief-financial-officer.html |
May 31, 2018 / 2:50 PM / a few seconds ago Zurich Insurance wants to do only targeted M&A: CEO Reuters Staff 2 Min Read
ZURICH (Reuters) - Zurich Insurance Group ( ZURN.S ) wants to do only targeted mergers and acquisitions and sees no need for sweeping consolidation in Europe, Chief Executive Mario Greco said. FILE PHOTO: The logo of Zurich Insurance Group is seen at the company's headquarters in Zurich, Switzerland September 2, 2013. REUTERS/Arnd Wiegmann//File Photo
His remarks to Bloomberg TV come amid persistent speculation that Zurich and German peer Allianz ( ALVG.DE ) could be interested in a tie-up.
“Mergers and M&A activity is not really a priority for us. We are doing some targeted, focused M&A transactions and we will continue doing that but all we do is in-country transactions where we can strengthen our strengths in each given country as we did in Australia, as we did in Argentina, as we did in the U.S. a year ago. We will stick to that and we will maintain our discipline and our focus on that,” he said.
Asked whether the European insurance sector needed consolidation, he said: “I don’t think so because we are in the middle of a fundamental industry transformation where consolidation doesn’t solve the issues, doesn’t make it easier for any of us to confront the issues of the transformation.” Reporting by Michael Shields; Editing by Alexandra Hudson | ashraq/financial-news-articles | https://uk.reuters.com/article/us-zurich-ins-group-m-a/zurich-insurance-wants-to-do-only-targeted-ma-ceo-idUKKCN1IW225 |
Kimberly Bari had her first seizure in 2010 at age 26 and since then has had hundreds. Some rendered her unconscious, others left her confused and terrified. By 2016, her surgery- and drug-resistant condition led her to try something fewer than 2,000 people in the world have attempted: implanting a computer into her brain.
The NeuroPace Responsive Neurostimulation System “literally provides peace of mind I never imagined could exist,” she said. And, according to its makers, it would be impossible without a type of artificial... | ashraq/financial-news-articles | https://www.wsj.com/articles/the-ai-doctor-will-see-you-now-1526817600 |
Justin Gatlin hosts sprint clinic at Chinese school 10:24am BST - 01:20 Thu, 10 May, 2018 - (4:25) Featured Videos Thu, 23 Nov, 2017 - (2:18) Follow Reuters: Reuters Plus | Reuters News Agency | Brand Attribution Guidelines | Careers
Reuters, the news and media division of Thomson Reuters , is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV. Learn more about Thomson Reuters products: | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/11/justin-gatlin-hosts-sprint-clinic-at-chi?videoId=425698381 |
Net revenue growth of 8.2%, with comparable brand revenue growth of 5.5%
GAAP diluted EPS of $0.54; non-GAAP diluted EPS of $0.67
Raises 2018 full-year guidance
SAN FRANCISCO--(BUSINESS WIRE)-- Williams-Sonoma, Inc. (NYSE: WSM) today announced operating results for the first fiscal quarter (“Q1 18”) ended April 29, 2018 versus the first fiscal quarter (“Q1 17”) ended April 30, 2017.
KEY HIGHLIGHTS
1 st Quarter 2018
Net revenue growth of 8.2% Comparable brand revenue growth of 5.5% E-commerce net revenue growth accelerates double-digits, to 53.7% of total company net revenues GAAP operating margin of 5.5%; non-GAAP operating margin of 6.3% GAAP diluted EPS of $0.54; non-GAAP diluted EPS of $0.67 outperforms guidance Merchandise inventories growth of 1.5%, significantly below net revenue growth
These results include the adoption of ASU No. 2014-09, which pertains to revenue recognition, in the first quarter of 2018. The year-over-year impact of this change in accounting is a financial benefit of $13.6 million in net revenues, $1.6 million in operating income and $0.01 in EPS. From a rate perspective, this amounts to a benefit of approximately 130bps of revenue growth, 30bps of comparable brand revenue growth, 70bps of gross margin improvement, 60bps of selling, general and administrative expense deleverage and 10bps of operating margin improvement. See Exhibit 2 for more details on the financial impact of adoption.
Fiscal Year 2018 Guidance
Net revenue guidance raised to $5,495 billion – $5,655 billion Non-GAAP diluted EPS raised to $4.15 – $4.25
Laura Alber, President and Chief Executive Officer , commented, “Following a robust fourth quarter, we saw continued strength in the first quarter. We achieved strong results against our guidance range across all metrics, with our e-commerce revenues outpacing to almost 54% of our total revenues. Our customer growth continued to trend positively for both new and existing customers, demonstrating the success of our balanced customer acquisition strategy.”
Alber continued, “These results speak to the power of our established multi-channel model, distinctive brand portfolio and world-class customer service heritage – all of which are our company’s competitive strengths. Based on this strong start to the year, we are raising our full year guidance for net revenues by $20 million and for EPS by $0.03.”
1 st QUARTER 2018 RESULTS
Net revenues increased 8.2% to $1.203 billion in Q1 18 from $1.112 billion in Q1 17. Excluding certain discrete items, non-GAAP net revenues were $1.202 billion in Q1 18 or an 8.2% increase on Q1 17. See Exhibit 1.
Comparable brand revenue in Q1 18 increased 5.5% compared to an increase of 0.1% in Q1 17 as shown in the table below:
1 st Quarter Comparable Brand Revenue Growth (Decline) by Concept*
Q1 18
Q1 17
Pottery Barn 2.7% (1.4%) West Elm 9.0% 6.0% Williams Sonoma 5.6% 3.2% Pottery Barn Kids and Teen 1 5.3% (8.0%) Total 5.5% 0.1% *See the Company’s 10-K and 10-Q filings for the definition of comparable brand revenue.
1 Starting in Q1 18, the performance of the Pottery Barn Kids and PBteen brands are being
reported on a combined basis as Pottery Barn Kids and Teen. For reference, the
comparable brand revenue growth for Pottery Barn Kids and PBteen were 4.3% and 8.2%,
respectively, for Q1 18, and (5.7%) and (14.3%), respectively, for Q1 17.
E-commerce net revenues in Q1 18 increased 11.3% to $646 million from $581 million in Q1 17. Excluding certain discrete items, non-GAAP e-commerce net revenues were $645 million in Q1 18 or an 11.2% increase on Q1 17. See Exhibit 1.
Retail net revenues in Q1 18 increased 4.9% to $557 million from $531 million in Q1 17.
Operating margin in Q1 18 was 5.5% compared to 5.6% in Q1 17. Excluding certain discrete items, non-GAAP operating margin was 6.3% in Q1 18 versus 6.1% in Q1 17. See Exhibit 1.
–
Gross margin was 35.9% in Q1 18 versus 35.6% in Q1 17. Excluding certain discrete items, non-GAAP gross margin was 36.0% in Q1 18. See Exhibit 1.
–
Selling, general and administrative (“SG&A”) expenses were $366 million, or 30.4% of net revenues in Q1 18, versus $333 million, or 30.0% of net revenues in Q1 17. Excluding certain discrete items, non-GAAP SG&A expenses were $358 million, or 29.7% of net revenues in Q1 18 versus $328 million, or 29.5% of net revenues in Q1 17. See Exhibit 1.
The effective income tax rate in Q1 18 was 30.9% versus 36.8% in Q1 17. Excluding certain discrete items, the non-GAAP effective income tax rate was 23.8% in Q1 18 versus 34.5% in Q1 17. See Exhibit 1.
EPS in Q1 18 was $0.54 versus $0.45 in Q1 17. Excluding certain discrete items, non-GAAP EPS was $0.67 in Q1 18 versus $0.51 in Q1 17. See Exhibit 1.
Merchandise inventories at the end of Q1 18 increased 1.5% to $1.053 billion from $1.037 billion at the end of Q1 17.
STOCK REPURCHASE PROGRAM
During Q1 18, we repurchased 732,000 shares of common stock at an average cost of $51.53 per share and a total cost of approximately $38 million. As of April 29, 2018, there was approximately $481 million remaining under our current stock repurchase program.
FISCAL YEAR 2018 FINANCIAL GUIDANCE
2 nd Quarter 2018 Financial Guidance*
Total Net Revenues (millions) $1,250 – $1,275 Comparable Brand Revenue Growth 3% – 5% Non-GAAP Diluted EPS $0.65 – $0.70 Fiscal Year 2018 Financial Guidance*
Total Net Revenues (millions) $5,495 – $5,655 Comparable Brand Revenue Growth 2% – 5% Non-GAAP Operating Margin 8.2% – 9.0% Non-GAAP Diluted EPS $4.15 – $4.25 Non-GAAP Income Tax Rate 24.0% – 26.0% Capital Spending (millions) $200 – $220 Depreciation and Amortization (millions) $185 – $195 * We have not provided a reconciliation of non-GAAP guidance measures to the corresponding GAAP
measures on a forward-looking basis due to the potential variability of discrete items.
Store Opening and Closing Guidance by Retail Concept**
FY 2017 ACTUAL FY 2018 GUIDANCE Total New Close
End Williams Sonoma 228 5 (15) 218 Pottery Barn 203 4 (3) 204 West Elm 106 9 (3) 112 Pottery Barn Kids 86 - (9) 77 Rejuvenation 8 2 -
10 Total 631 20 (30) 621 ** Included in the FY 17 store count are 19 stores in Australia and two stores in the UK.
FY 18 guidance includes one additional UK store.
CONFERENCE CALL AND WEBCAST INFORMATION
Williams-Sonoma, Inc. will host a live conference call today, May 23, 2018, at 2:00 P.M. (PT). The call, hosted by Laura Alber, President and Chief Executive Officer, will be open to the general public via live webcast and can be accessed at http://ir.williams-sonomainc.com/events . A replay of the webcast will be available at http://ir.williams-sonomainc.com/events .
SEC REGULATION G — NON-GAAP INFORMATION
This press release includes non-GAAP financial measures. Exhibit 1 provides reconciliations of these non-GAAP financial measures to the most comparable financial measures calculated and presented in accordance with accounting principles generally accepted in the U.S. (“GAAP”). We believe that these non-GAAP financial measures, when reviewed in conjunction with GAAP financial measures, can provide meaningful supplemental information for investors regarding the performance of our business and facilitate a meaningful evaluation of current period performance on a comparable basis with prior periods. Our management uses these non-GAAP financial measures in order to have comparable financial results to analyze changes in our underlying business from quarter to quarter. These non-GAAP financial measures should be considered as a supplement to, and not as a substitute for or superior to the GAAP financial measures presented in this press release and our financial statements and other publicly filed reports. Non-GAAP financial measures as presented herein may not be comparable to similarly titled measures used by other companies.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements that involve risks and uncertainties, as well as assumptions that, if they do not fully materialize or are proven incorrect, could cause our results to differ materially from those expressed or implied by such forward-looking statements. Such forward-looking statements include statements relating to: our ability to continue to improve performance and increase our competitive advantage; our focus on operational excellence; our ability to improve customers’ experience; our optimism about the future; our ability to drive long-term profitable growth; our future financial guidance, including Q2 18 and FY 2018 guidance; our stock repurchase program; and our proposed store openings and closures.
The risks and uncertainties that could cause our results to differ materially from those expressed or implied by such forward-looking statements include: continuing changes in general economic conditions, and the impact on consumer confidence and consumer spending; new interpretations of or changes to current accounting rules or tax regulations; our ability to anticipate consumer preferences and buying trends; dependence on timely introduction and customer acceptance of our merchandise; changes in consumer spending based on weather, political, competitive and other conditions beyond our control; delays in store openings; competition from companies with concepts or products similar to ours; timely and effective sourcing of merchandise from our foreign and domestic vendors and delivery of merchandise through our supply chain to our stores and customers; effective inventory management; our ability to manage customer returns; successful catalog management, including timing, sizing and merchandising; uncertainties in e-marketing, infrastructure and regulation; multi-channel and multi-brand complexities; our ability to introduce new brands and brand extensions; challenges associated with our increasing global presence; dependence on external funding sources for operating capital; disruptions in the financial markets; our ability to control employment, occupancy and other operating costs; our ability to improve our systems and processes; changes to our information technology infrastructure; general political, economic and market conditions and events, including war, conflict or acts of terrorism; and other risks and uncertainties described more fully in our public announcements, reports to stockholders and other documents filed with or furnished to the SEC, including our Annual Report on Form 10-K for the fiscal year ended January 28, 2018 and all subsequent quarterly reports on Form 10-Q and current reports on Form 8-K. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we assume no obligation to update these forward-looking statements.
ABOUT WILLIAMS-SONOMA, INC.
Williams-Sonoma, Inc. is a specialty retailer of high-quality products for the home. These products, representing distinct merchandise strategies — Williams Sonoma, Pottery Barn, Pottery Barn Kids, West Elm, PBteen, Williams Sonoma Home, Rejuvenation, and Mark and Graham — are marketed through e-commerce websites, direct-mail catalogs and retail stores. We operate in the U.S., Puerto Rico, Canada, Australia and the United Kingdom, offer international shipping to customers worldwide, and have unaffiliated franchisees that operate stores in the Middle East, the Philippines, Mexico and South Korea, as well as e-commerce websites in certain locations. In 2017, we acquired Outward, Inc., a 3-D imaging and augmented reality platform for the home furnishings and décor industry.
Williams-Sonoma, Inc.
Condensed Consolidated Statements of Earnings
(unaudited)
Thirteen Weeks Ended April 29, 2018 April 30, 2017 In thousands, except per share amounts $ % of
Revenues $ % of
Revenues E-commerce net revenues 646,180 53.7% 580,510 52.2% Retail net revenues 556,820 46.3% 530,997 47.8% Net revenues 1,203,000 100.0% 1,111,507 100.0% Cost of goods sold 770,836 64.1% 715,747 64.4% Gross profit 432,164 35.9% 395,760 35.6% Selling, general and administrative expenses 365,614 30.4% 333,286 30.0% Operating income 66,550 5.5% 62,474 5.6% Interest (income) expense, net
1,201 0.1% (103) - Earnings before income taxes 65,349 5.4% 62,577 5.6% Income taxes 20,181 1.7% 23,022 2.1% Net earnings 45,168 3.8% 39,555 3.6% Earnings per share (EPS): Basic $0.54 $0.45 Diluted $0.54 $0.45 Shares used in calculation of EPS: Basic 83,392 86,962 Diluted 84,174 87,710
Williams-Sonoma, Inc.
Condensed Consolidated Balance Sheets
(unaudited)
In thousands, except per share amounts April 29, 2018
January 28, 2018
April 30, 2017
ASSETS Current assets Cash and cash equivalents $ 290,244 $ 390,136 $ 93,975 Accounts receivable, net 102,630 90,119 63,982 Merchandise inventories, net 1,052,892 1,061,593 1,037,107 Prepaid catalog expenses — 20,517 20,341 Prepaid expenses 56,333 62,204 64,739 Other current assets 21,118 11,876 10,901 Total current assets 1,523,217 1,636,445 1,291,045 Property and equipment, net 926,320 932,283 920,531 Deferred income taxes, net 58,842 67,306 124,977 Other long-term assets, net 148,526 149,715 54,624 Total assets $ 2,656,905 $ 2,785,749 $ 2,391,177 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities Accounts payable $ 393,025
$ 457,144
$ 397,442
Accrued expenses 99,823 134,207 87,184 Gift card and other deferred revenue 256,534 300,607 298,113 Borrowings under revolving line of credit — — 45,000 Income taxes payable 72,036 56,783 37,792 Other current liabilities 61,403
59,082
47,134
Total current liabilities 882,821 1,007,823 912,665 Deferred rent and lease incentives 204,599 202,134 195,201 Long-term debt 299,472 299,422 — Other long-term liabilities 72,779 72,804 73,160 Total liabilities 1,459,671 1,582,183 1,181,026 Stockholders’ equity Preferred stock: $.01 par value; 7,500 shares authorized; none issued — — — Common stock: $.01 par value; 253,125 shares authorized; 83,222, 83,726 and
86,883 shares issued and outstanding at April 29, 2018,
January 28, 2018 and April 30, 2017, respectively
833
837 869 Additional paid-in capital 564,685 562,814 549,281 Retained earnings 638,774 647,422 671,758 Accumulated other comprehensive loss
(6,755)
(6,782) (10,830)
Treasury stock, at cost (303) (725) (927)
Total stockholders’ equity 1,197,234 1,203,566 1,210,151 Total liabilities and stockholders’ equity $ 2,656,905 $ 2,785,749 $ 2,391,177 Retail Store Data
(unaudited) January 28, 2018 Openings Closings April 29, 2018 April 30, 2017 Williams Sonoma 228 — (4) 224 233 Pottery Barn 203 1 (1) 203 199 West Elm 106 2 — 108 99 Pottery Barn Kids 86 — (2) 84 89 Rejuvenation 8 — — 8 8 Total 631 3 (7) 627 628 Williams-Sonoma, Inc.
Condensed Consolidated Statements of Cash Flows
(unaudited)
Thirteen Weeks Ended In thousands April 29,
2018 April 30,
2017 Cash flows from operating activities: Net earnings $ 45,168 $ 39,555 Adjustments to reconcile net earnings to net cash provided by (used in) operating activities: Depreciation and amortization 47,873 44,950 Loss on disposal/impairment of assets 414
519 Amortization of deferred lease incentives (6,724) (6,477)
Deferred income taxes (3,241) (3,848)
Tax benefit related to stock-based awards 6,126 13,742 Stock-based compensation expense 12,889 9,817 Other 64
(76)
Changes in: Accounts receivable (9,556)
24,610 Merchandise inventories 2,388 (60,246)
Prepaid catalog expenses — (844)
Prepaid expenses and other assets (4,399) (11,069)
Accounts payable (76,823)
(65,483)
Accrued expenses and other liabilities (32,047)
(47,248)
Gift card and other deferred revenue 4,815
(4,648)
Deferred rent and lease incentives 10,004 5,806 Income taxes payable 13,818 14,564 Net cash provided by (used in) operating activities 10,769
(46,376)
Cash flows from investing activities: Purchases of property and equipment (34,029) (32,153)
Other 120
5 Net cash used in investing activities (33,909)
(32,148)
Cash flows from financing activities: Repurchases of common stock (37,713) (38,350)
Payment of dividends (34,081) (34,189)
Tax withholdings related to stock-based awards (7,438) (13,780)
Borrowings under revolving line of credit — 45,000 Net cash used in financing activities (79,232) (41,319)
Effect of exchange rates on cash and cash equivalents 2,480 105 Net decrease in cash and cash equivalents (99,892) (119,738)
Cash and cash equivalents at beginning of period 390,136 213,713 Cash and cash equivalents at end of period $ 290,244 $ 93,975 Exhibit 1
1 st Quarter GAAP to Non-GAAP Reconciliation*
(unaudited)
(Dollars in thousands, except per share data)
Thirteen Weeks Ended April 29, 2018 GAAP Basis (as reported)
Outward-Related 1 Employment-
Related Expense 2
Tax Reform 3 Impact of Equity
Accounting Rules 4
Non-GAAP Basis Net revenues $ 1,203,000 $ (694) $ 1,202,306 Gross profit 432,164 582
432,746
% of Revenues 35.9% 36.0% Selling, general and administrative expenses 365,614 (6,344) (1,702) - - 357,568 % of Revenues 30.4% 29.7% Operating income 66,550 6,926 1,702 - - 75,178 % of Revenues 5.5% 6.3% Earnings before income taxes 65,349 6,930 1,702 - - 73,981 Income taxes 20,181 1,467 402 $ (3,298) $ (1,146) 17,606 Tax rate 30.9% 23.8% Net earnings $ 45,168 $ 5,463 $ 1,300
$ 3,298 $ 1,146 $ 56,375 Diluted EPS $0.54 $0.06 $0.02 $0.04 $0.01 $0.67 Thirteen Weeks Ended April 30, 2017 GAAP Basis (as reported)
Severance-Related
Expense 5
Adoption of Equity
Accounting Rules 4
Non-GAAP
Basis
Selling, general and administrative expenses $ 333,286 $ (5,705) - $ 327,581 % of Revenues 30.0% 29.5% Operating income 62,474 5,705 - 68,179 % of Revenues 5.6% 6.1% Earnings before income taxes 62,577 5,705 - 68,282 Income taxes 23,022 1,971 $ (1,429) 23,564 Tax rate 36.8% 34.5% Net earnings $ 39,555 $ 3,734 $ 1,429 $ 44,718 Diluted EPS $0.45 $0.04 $0.02 $0.51 *Per share amounts may not sum across due to rounding to the nearest cent per diluted share.
Reconciliation of GAAP to Non-GAAP By Segment**
(unaudited)
In thousands E-commerce Retail Unallocated Total Q1 18 Q1 17 Q1 18 Q1 17 Q1 18 Q1 17 Q1 18 Q1 17 Net revenues $ 646,180 $ 580,510 $ 556,820 $ 530,997 - - $ 1,203,000 $ 1,111,507 Outward-related 1 (694) (694) Non-GAAP net revenues 645,486 580,510 556,820 530,997 1,202,306 1,111,507 Net revenue growth 11.3% 0.7% 4.9% 1.8% 8.2% 1.2% Non-GAAP net revenue growth 11.2% 0.7% 4.9% 1.8% 8.2% 1.2% GAAP operating income (expense) 142,805 132,004 22,061 21,714 (98,316) (91,244) 66,550 62,474 GAAP operating margin 22.1% 22.7% 4.0% 4.1% (8.2)% (8.2)% 5.5% 5.6% Outward-related 1 5,551 - - - 1,375 - 6,926 - Employment-related expense 2 - - - - 1,702 - 1,702 - Severance-related expenses 5 - - - - - 5,705 - 5,705 Non-GAAP operating income (expense) 148,356 132,004 22,061 21,714 (95,239) (85,539) 75,178 68,179 Non-GAAP operating margin 23.0% 22.7% 4.0% 4.1% (7.9)% (7.7)% 6.3% 6.1% **See the Company’s 10-K and 10-Q filings for additional information on segment reporting and the definition of operating income (expense) and operating margin.
SEC Regulation G – Non-GAAP Information – These tables include non-GAAP net revenues, gross profit, gross margin, SG&A, operating income, operating margin, earnings before income taxes, income taxes, effective tax rate, net earnings and diluted EPS. We believe that these non-GAAP financial measures provide meaningful supplemental information for investors regarding the performance of our business and facilitate a meaningful evaluation of our quarterly actual results on a comparable basis with prior periods. Our management uses these non-GAAP financial measures in order to have comparable financial results to analyze changes in our underlying business from quarter to quarter. These non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. Non-GAAP financial measures as presented herein may not be comparable to similarly titled measures used by other companies.
Notes to Exhibit 1:
1 During Q1 18, we incurred approximately $6.9 million of expense, primarily associated with acquisition-related compensation expense, amortization of intangible assets, as well as the operations of Outward, Inc.
2 During Q1 18, we incurred approximately $1.7 million of employment-related expense in our corporate functions, which is recorded in selling, general and administrative expenses within the unallocated segment.
3 During Q1 18, we recorded income tax expense of approximately 3.3 million, primarily related to the measurement of the income tax effect of the Tax Cuts and Jobs Act enacted in Q4 17.
4 During Q1 18 and Q1 17, we recorded income tax expense of approximately $1.1 million and $1.4 million, respectively, associated with the adoption of accounting rules related to stock-based compensation. 5 During Q1 17, we incurred approximately $5.7 million for severance-related reorganization expenses primarily in our corporate functions, which is recorded in selling, general and administrative expenses within the unallocated segment. Exhibit 2
ASU No. 2014-09 Impact of Adoption*
(unaudited)
(Dollars in thousands)
Q1 2018
GAAP
As Reported ASU 2014-09
Adjustment Q1 2018
GAAP
As Adjusted Net revenues $ 1,203,000 $ (25,101) $ 1,177,899 Cost of goods sold 770,836 (6,144) 764,692 Gross profit 432,164 (18,957) 413,207 SG&A expenses 365,614 (12,262) 353,352 Operating income $ 66,550 $ (6,695) $ 59,855 *We adopted ASU No. 2014-09, which pertains to revenue recognition, in the first quarter of fiscal 2018. This table shows the impact of adopting ASU No. 2014-09 on our consolidated statement of earnings for the first quarter of fiscal 2018.
Pro Forma Effect of ASU No. 2014-09**
(unaudited)
(Dollars in thousands, except per share data)
As Reported Pro Forma Q1 2018
Non-
GAAP 1
Q1 2017
Non-
GAAP 2
Q1
Year-
Over-
Year
Q1 2018
Non-
GAAP 1
Q1 2017 Non-
GAAP Including
the Effect of
ASU 2014-09 3
Q1
Year-
Over-
Year
Year-Over-Year
Impact of
Accounting Change
Net revenues $1,202,306 $1,111,507 $90,799 $1,202,306 $1,125,131 $77,175 $13,624 Net revenue growth 8.2% 6.9% 1.3% Revenue comp 5.5% 5.2% 0.3% Gross margin % 36.0% 35.6% 0.4% 36.0% 36.3% -0.3% 0.7% SG&A expenses % 29.7% 29.5% -0.2% 29.7% 30.1% 0.4% -0.6% Operating income 75,178 68,179 $6,999 75,178 69,751 $5,427 $1,572 Operating margin % 6.3% 6.1% 0.2% 6.3% 6.2% 0.1% 0.1% Diluted EPS $0.67 $0.51 $0.16 $0.67 $0.52 $0.15 $0.01 ** We adopted ASU No. 2014-09 in the first quarter of fiscal 2018 using the modified retrospective method. Results for reporting periods beginning after January 29, 2018 are presented under ASU No. 2014-09, while prior period amounts are not adjusted and continue to be reported in accordance with the prior revenue recognition standard. This table presents the pro forma effect of ASU No. 2014-09 as if the recognition and presentation guidance in the accounting standard had been applied in fiscal 2017.
1
These numbers represent Q1 2018 non-GAAP financial results as disclosed in Exhibit 1, and include the impact of adopting the new revenue standard (ASU 2014-09).
2
These numbers represent Q1 2017 non-GAAP financial results as disclosed in Exhibit 1, and exclude the impact of the new revenue standard.
3
In order to provide a meaningful year-over-year comparison of our Q1 financial results, we have adjusted our Q1 2017 results for informational purposes to reflect the impact as if the new revenue standard had been adopted in Q1 2017.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180523006248/en/
WILLIAMS-SONOMA, INC.
Julie Whalen, 415-616-8524
EVP, Chief Financial Officer
-or-
Elise Wang, 415-616-8571
Vice President, Investor Relations
Source: Williams-Sonoma, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/business-wire-williams-sonoma-inc-reports-strong-first-quarter-2018-results.html |
BRUSSELS (Reuters) - Brussels wants to improve the image of the stalls selling one of its most famous delicacies, the potato fry, aiming to make the often downtrodden establishments more appealing to tourists.
Fritkot owner Kemal Vucitrna tosses fries in a fries stand in Brussels, Belgium, May 18, 2018. REUTERS/Francois Lenoir Belgians take great pride in their fries, traditionally sold doused in mayonnaise and in a paper cone from so-called “fritkots”, shacks found near the larger squares and main avenues of the city.
But the stalls are not always as appealing as their produce.
“Tourists may think ‘Well, actually, would I like to buy something there? It looks a bit shabby,’” said Thomas Hick, one of the architects that city authorities have asked to revamp the outlets.
The new fritkots will feature a reflective aluminium facade, tiled interior and be equipped with rooftop solar panels and a rainwater harvesting system to make them more environmentally sustainable.
They are set to be in place by late 2019.
There are about 5,000 fritkots over Belgium, making them 10 times more common, per capita, than McDonald’s restaurants in the United States.
On busy days, popular Brussels establishments such as Maison Antoine and Frit Flagey can attract very long queues.
Slideshow (4 Images) Reporting by Verity Crane; Writing by Robert-Jan Bartunek; Editing by Andrew Heavens
| ashraq/financial-news-articles | https://in.reuters.com/article/belgium-fritkots/take-pride-in-your-fries-brussels-revamps-its-food-stalls-idINKCN1IJ2FR |
... | ashraq/financial-news-articles | https://www.wsj.com/articles/the-big-picture-review-a-snapshot-of-the-canon-1526417763 |
Takeda to takeover bigger rival Shire in $62bln deal 9:21am EDT - 01:46
Takeda Pharmaceutical agrees to buy London-listed Shire for 45.3 billion pounds ($61.50 billion) after the Japanese company raises the amount of cash in its offer to secure a recommendation. Silvia Antonioli reports.
Takeda Pharmaceutical agrees to buy London-listed Shire for 45.3 billion pounds ($61.50 billion) after the Japanese company raises the amount of cash in its offer to secure a recommendation. Silvia Antonioli reports. //reut.rs/2FTyiOz | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/08/takeda-to-takeover-bigger-rival-shire-in?videoId=424956979 |
FORT WAYNE, Ind., Steel Dynamics, Inc. (NASDAQ/GS: STLD) today announced that it has entered into a definitive agreement to acquire Companhia Siderurgica Nacional, LLC ("Heartland") from CSN Steel, S.L.U., a wholly-owned subsidiary of Companhia Siderurgica Nacional ("CSN"). Located in Terre Haute, Indiana, Heartland produces various types of higher-margin, flat roll steel by further processing hot roll coils into pickle and oil, cold roll, and galvanized products. Steel Dynamics has agreed to purchase Heartland for $400 million in cash inclusive of $60 million of normalized working capital, subject to customary transaction purchase price adjustments. Steel Dynamics believes the purchase price approximates current replacement value. The transaction is expected to be accretive to near-term earnings and cash flow per share. The acquisition will expand Steel Dynamics' annual flat roll steel shipping capacity to 8.4 million tons and total shipping capability to 12.4 million tons. The additional exposure to lighter-gauge and greater width flat roll steel offerings will broaden the Company's value-added product portfolio, enhancing Steel Dynamics position as a leading North American steel producer.
"The acquisition of Heartland represents a step in the continuation of our growth strategy," said Mark D. Millett, Chief Executive Officer. "It levers our core strengths, and at the same time fulfills our initiatives to further increase value-added product and market diversification. We look forward to welcoming the Heartland employees and customers into the Steel Dynamics family, and working with them to drive future growth and success.
"We have positioned our capital structure and organizational framework for growth," continued Millett, "and we believe this acquisition will result in numerous future earnings benefits both to Heartland's current operations and to our Midwest flat roll operations. In combination with our current operations, Heartland brings a tremendous amount of operating flexibility and optionality. As a part of our broader business platform, Heartland is expected to provide numerous synergies with our existing operations, and we look forward to levering these opportunities in the future."
Heartland Overview
Heartland has the annual capability to produce 1.0 million tons of cold roll steel, with galvanizing capacity of 360,000 tons. Heartland is comprised of a continuous pickle line, a cold mill, and a galvanizing line. The equipment has been upgraded, well-maintained, and is in excellent operating condition. Historically, Heartland has been operated at low utilization, primarily focusing on galvanized products. Future plans are to utilize the full capacity of the facility, providing high quality cold roll, pickle and oil, and galvanized products. The geographic proximity to Steel Dynamics' other flat roll operations and certain fabrication locations provides opportunities related to logistics and production efficiencies throughout the supply chain and customer network.
Transaction Details
The transaction has received all required corporate approvals from the respective parties. The transaction is only subject to customary conditions and receipt of regulatory approvals. Steel Dynamics expects to obtain all necessary regulatory approvals and complete the transaction before the end of the third quarter 2018. The purchase price will be paid in cash from available reserves, and is subject to customary working capital adjustments dependent upon the exact date of closing.
About Steel Dynamics, Inc.
Steel Dynamics is one of the largest domestic steel producers and metals recyclers in the United States based on estimated annual steelmaking and metals recycling capability, with facilities located throughout the United States, and in Mexico. Steel Dynamics produces steel products, including hot roll, cold roll, and coated sheet steel, structural steel beams and shapes, rail, engineered special-bar-quality steel, cold finished steel, merchant bar products, specialty steel sections and steel joists and deck. In addition, the company produces liquid pig iron and processes and sells ferrous and nonferrous scrap.
Forward-Looking Statements
This press release contains some predictive statements about future events, including statements related to conditions in the steel and metallic scrap markets, Steel Dynamics' revenues, costs of purchased materials, future profitability and earnings, and the operation of new or existing facilities. These statements, which we generally precede or accompany by such typical conditional words as "anticipate," "intend," "believe," "estimate," "plan," "seek," "project" or "expect," or by the words "may," "will," or "should," are intended to be made as "forward-looking," subject to many risks and uncertainties, within the safe harbor protections of the Private Securities Litigation Reform Act of 1995. These statements speak only as of this date and are based upon information and assumptions, which we consider reasonable as of this date, concerning our businesses and the environments in which they operate. Such predictive statements are not guarantees of future performance, and we undertake no duty to update or revise any such statements. Some factors that could cause such forward-looking statements to turn out differently than anticipated include: (1) the effects of uncertain economic conditions; (2) cyclical and changing industrial demand; (3) changes in conditions in any of the steel or scrap-consuming sectors of the economy which affect demand for our products, including the strength of the non-residential and residential construction, automotive, manufacturing, appliance, pipe and tube, and other steel-consuming industries; (4) fluctuation in the cost of key raw materials and supplies (including steel scrap, iron units, and energy costs) and our ability to pass on any cost increases; (5) the impact of domestic and foreign import price competition; (6) unanticipated difficulties in integrating or starting up new or acquired businesses; (7) risks and uncertainties involving product and/or technology development; and (8) occurrences of unexpected plant outages or equipment failures.
More specifically, we refer you to Steel Dynamics' more detailed explanation of these and other factors and risks that may cause such predictive statements to turn out differently, as set forth in our most recent Annual Report on Form 10-K under the headings Special Note Regarding Forward-Looking Statements and Risk Factors, in our quarterly reports on Form 10-Q or in other reports which we from time to time file with the Securities and Exchange Commission. These are available publicly on the SEC website, www.sec.gov , and on the Steel Dynamics website, www.steeldynamics.com : Investors: SEC Filings.
releases/steel-dynamics-to-acquire-csn-heartland-flat-roll-operations-300648151.html
SOURCE Steel Dynamics, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/pr-newswire-steel-dynamics-to-acquire-csn-heartland-flat-roll-operations.html |
May 8 (Reuters) - Turquoise Hill Resources Ltd:
* Q1 REVENUE $245.6 MILLION VERSUS I/B/E/S VIEW $251.4 MILLION
* QTRLY EARNINGS PER SHARE $0.04 * TURQUOISE HILL RESOURCES - OYU TOLGOI EXPECTED TO PRODUCE 125,000-155,000 TONNES OF COPPER & 240,000-280,000 OUNCES OF GOLD IN CONCENTRATES FOR 2018 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-turquoise-hill-resources-posts-q1/brief-turquoise-hill-resources-posts-q1-earnings-per-share-0-04-idUSASC0A0S8 |
VANCOUVER (Reuters) - Construction on TransCanada Corp’s ( TRP.TO ) C$4.8 billion ($3.8 billion) Coastal GasLink pipeline will start in early 2019, pending a positive final investment decision on the linked LNG Canada project, the head of the pipeline project said on Wednesday.
The comments followed a commitment from the chief executive of LNG Canada on Tuesday that the C$40 billion liquefied natural gas export terminal would be under construction in 2018. A final investment decision, or FID, from the project partners is expected this year.
“We would be looking at constructing in the early part of 2019,” Coastal Gaslink President Richard Gateman told reporters at an LNG conference. “We could be doing a little bit of field work in the fall (of 2018), if there’s an FID decision.”
TransCanada’s 670-km (415-mile) Coastal GasLink pipeline will cross two mountain ranges to connect rich shale fields in Alberta and northeast British Columbia with the proposed LNG Canada export terminal on British Columbia’s northwest coast.
If the project goes ahead, it will be a game changer for Canada’s natural gas producers, which currently face steep discounts for their product because of sagging demand in the United States and a lack of other export markets.
TransCanada expects to award contracts for the construction to four consortiums within the next two months, Gateman said. Those contractors will be a mix of local and international players with experience building in mountainous terrain, he said.
The company also expects to provide a cost update around the same time, he said, adding: “I’ll say that that was an estimate in 2011 dollars and if you take that to 2018 dollars, it’s a little bit more, but it’s not substantially more.”
The C$4.8 billion price tag in 2011 dollars would equate to C$5.3 billion now, according to the Bank of Canada inflation calculator.
Bateman also said TransCanada had worked hard to keep costs down on the project, just as the LNG Canada partners have worked to bring down costs on the terminal project.
“We contributed our part in terms of the pipeline budget and they did their part on the facility, which is why it looks like it is successfully coming together,” he said.
LNG Canada is a joint venture between Royal Dutch Shell Plc ( RDSa.L ), PetroChina Co Ltd ( 601857.SS ), Mitsubishi Corp ( 8058.T ) and Korea Gas Corp ( 036460.KS ). TransCanada will own and operate the pipeline.
Reporting by Julie Gordon in Vancouver; Editing by Peter Cooney
| ashraq/financial-news-articles | https://www.reuters.com/article/us-transcanada-pipeline-lng/canada-gas-pipeline-build-to-start-in-2019-pending-lng-plant-fid-idUSKCN1IH319 |
DUBAI (Reuters) - Lebanon needs to address its big fiscal deficit, work on structural reforms to help its economy grow and restructure key sectors such as electricity and telecoms, an International Monetary Fund official said.
Under construction site is seen near the port of Beirut, Lebanon January 18, 2017. REUTERS/Mohamed Azakir Lebanese economic growth has been slowed by the war in neighboring Syria, by taking in huge numbers of refugees from that fighting and by years of its own political inertia.
This has left it with a huge fiscal deficit equivalent to 9 to 10 percent of its gross domestic product.
It needs to narrow that gap, which the IMF described as “unsustainable”, gradually down to 5 percent of GDP, Jihad Azour, director at the IMF’s Middle East and Central Asia department, told Reuters.
The economy in Lebanon, which is preparing for its first parliamentary elections since 2009, is growing at a sluggish rate of 2 to 2-1/2 percent, Azour said.
“The Lebanese economy is not growing enough in order to stabilize the fiscal situation as well as also address certain number of issues including the issue of refugees.”
Over $11 billion in aid pledges promised to Lebanon at a Paris conference last month are the right incentive for the country to “couple the investment program with the right fiscal adjustment as well as also the restructuring of some of the key sectors that are needed in order to see the economy growing back”, Azour said.
The central bank has for years resorted to stimulus packages and financial operations that the IMF has called “unconventional” financial engineering to keep its foreign reserves stable and to promote economic growth.
The finance minister said at the end of March that the government planned to issue $5 billion in new foreign currency bonds in a swap operation with the central bank in exchange for debt in Lebanese pounds to help it meet its spending needs at an interest rate of 1 percent.
When asked about the IMF’s assessment of such financial engineering operations, Azour said that Lebanon needs to reduce the level of budget deficit in a gradual way, restructure key entities, especially on the energy side, and introduce structural reforms that will re-ignite economic growth.
“Failing of doing this, the government, or Lebanon, will need to do those kinds of transactions.”
Reporting by Davide Barbuscia; Editing by Ghaida Ghantous and Hugh Lawson
| ashraq/financial-news-articles | https://www.reuters.com/article/us-lebanon-imf/lebanon-needs-to-address-fiscal-deficit-restructure-key-sectors-imf-official-idUSKBN1I30I1 |
May 9, 2018 / 12:47 PM / Updated 13 minutes ago BRIEF-Groupon Reports Q1 Non-GAAP EPS Of $0.03 Reuters Staff
May 9 (Reuters) - Groupon Inc: * GROUPON ANNOUNCES FIRST QUARTER 2018 RESULTS
* Q1 NON-GAAP EARNINGS PER SHARE $0.03 * Q1 LOSS PER SHARE $0.01
* Q1 REVENUE $626.5 MILLION VERSUS I/B/E/S VIEW $603.8 MILLION
* Q1 EARNINGS PER SHARE VIEW $0.00 — THOMSON REUTERS I/B/E/S
* BOARD OF DIRECTORS APPROVED $300 MILLION SHARE REPURCHASE AUTHORIZATION
* 2018 ADJUSTED EBITDA GUIDANCE RAISED TO $280 MILLION TO $290 MILLION
* GROUPON - EXPECT CURRENT FOREIGN EXCHANGE RATES, VOUCHERCLOUD DEAL TO CONTRIBUTE $5 TO $6 MILLION TO ADJUSTED EBITDA IN 2018 Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-groupon-reports-q1-non-gaap-eps-of/brief-groupon-reports-q1-non-gaap-eps-of-0-03-idUSL8N1SG67S |
NEW YORK--(BUSINESS WIRE)-- Three Nuveen Nushares ETFs have declared monthly distributions. The following dates apply to the distributions:
Ex-Dividend Date May 1, 2018
Record Date May 2, 2018
Payable Date May 4, 2018
Cash Distribution Ticker Exchange Fund Name Per Share NUAG NYSE Arca Nushares Enhanced Yield U.S. Aggregate Bond ETF $0.0679 NUSA NYSE Arca Nushares Enhanced Yield 1-5 Year U.S. Aggregate Bond ETF $0.0600 NUBD NYSE Arca Nushares ESG U.S. Aggregate Bond ETF $0.0573 The funds intend to pay out substantially all of their net earnings to shareholders as dividends and distributions. The funds may earn interest from debt securities. These amounts, net of expenses and taxes (if applicable), are passed along to fund shareholders as dividends. Dividends, if any, are declared and paid monthly.
The investor’s broker is responsible for distributing any dividends and capital gain distributions.
For more information about these funds as well as other Nushares ETFs, please visit Nuveen’s ETF homepage by clicking here .
About Nuveen
Nuveen, the investment manager of TIAA, offers a comprehensive range of outcome-focused investment solutions designed to secure the long-term financial goals of institutional and individual investors. Nuveen has $967 billion in assets under management as of 3/31/18 and operations in 16 countries. Its affiliates offer deep expertise across a comprehensive range of traditional and alternative investments through a wide array of vehicles and customized strategies. For more information, please visit www.nuveen.com .
The information contained on the Nuveen website is not a part of this press release.
Securities offered through Nuveen Securities, LLC, member FINRA and SIPC.
Investing involves risk; principal loss is possible. There is no guarantee the funds’ investment objectives will be achieved. These ETFs seek to generally track the investment results of indexes; however the funds may underperform, outperform or be more volatile than the referenced indexes. Interest rate risk is the risk that the value of the fund's portfolio will decline because of rising interest rates. Credit risk is the risk that an issuer of a debt security may be unable or unwilling to make interest and principal payments when due and the related risk that the value of a debt security may decline because of concerns about the issuer's ability or willingness to make such payments. For the NUSA fund, this ETF is concentrated in the financial sector . Performance of companies in the financial sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, changes in interest rates and decreased liquidity in credit markets. For the NUBD fund, the strategy selects securities for inclusion based on environmental, social, and governance (ESG) criteria which may cause the fund to forgo some market opportunities available to funds that don’t use these criteria. These and other risk considerations are described in detail in the funds' prospectuses.
Before investing, carefully consider fund investment objectives, risks, charges and expenses. For this and other information that should be read carefully, please request a prospectus or summary prospectus from your financial advisor or Nuveen at 800-257-8787 or visit www.nuveen.com .
486449-INV-O-05/20
View source version on businesswire.com : https://www.businesswire.com/news/home/20180501005933/en/
Nuveen
Kristyna Munoz
254-644-1615
[email protected]
Source: Nuveen | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/business-wire-nushares-etfs-declare-distributions.html |
May 3 (Reuters) - Starpharma Holdings Ltd:
* SIGNS MULTI-REGION LICENCE FOR SALES & MARKETING RIGHTS TO VIVAGEL BV IN ASIA, MIDDLE EAST, AFRICA & MAJORITY OF LATIN AMERICA Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-starpharma-holdings-signs-multi-re/brief-starpharma-holdings-signs-multi-region-licence-for-sales-marketing-rights-to-vivagel-bv-idUSFWN1S91CE |
DURHAM, N.C.--(BUSINESS WIRE)-- Aerie Pharmaceuticals, Inc. (NASDAQ:AERI), an ophthalmic pharmaceutical company focused on the discovery, development and commercialization of first-in-class therapies for the treatment of patients with open-angle glaucoma and other diseases of the eye, today announced the appointment of Concetta Perro as Commercial Counsel, reporting to John LaRocca, Aerie’s General Counsel. Ms. Perro will direct a broad spectrum of commercial contracting activities. Ms. Perro previously held a related position at GE Healthcare Life Sciences, a division of GE Healthcare.
In connection with her acceptance of the position as Commercial Counsel, Ms. Perro will receive awards totaling 14,400 stock options that will vest over 4 years, with 25% vesting on the first anniversary of the hire date and the remainder vesting ratably on each of the subsequent 36 monthly anniversaries of the hire date. This award was made outside of Aerie’s stockholder-approved equity incentive plan and was approved by the Company’s independent directors as an inducement material to Ms. Perro entering into employment with the Company in reliance on NASDAQ Listing Rule 5635(c)(4), which requires this public announcement.
About Aerie Pharmaceuticals, Inc.
Aerie is an ophthalmic pharmaceutical company focused on the discovery, development and commercialization of first-in-class therapies for the treatment of patients with open-angle glaucoma and other diseases of the eye. Aerie's first product, Rhopressa ® (netarsudil ophthalmic solution) 0.02%, for the reduction of elevated intraocular pressure (IOP) in patients with open-angle glaucoma or ocular hypertension, was approved by the U.S. Food and Drug Administration (FDA) in December 2017 and was launched in the U.S. market in April 2018. A link to the full product label is available on the Aerie website at http://investors.aeriepharma.com . Aerie’s advanced-stage product candidate, Roclatan TM (netarsudil/latanoprost ophthalmic solution) 0.02%/0.005%, which is a fixed dose combination of Rhopressa ® and widely-prescribed PGA (prostaglandin analog) latanoprost, achieved its primary efficacy endpoint in two Phase 3 registration trials, named Mercury 1 and Mercury 2, and also achieved successful 12-month safety and efficacy results in Mercury 1. The Roclatan TM NDA submission is expected to take place in the second quarter of 2018. Aerie is also focused on global expansion and the development of additional product candidates and technologies in ophthalmology.
Forward-Looking Statements
This press release contains forward-looking statements for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. We may, in some cases, use terms such as “predicts,” “believes,” “potential,” “proposed,” “continue,” “estimates,” “anticipates,” “expects,” “plans,” “intends,” “may,” “could,” “might,” “will,” “should,” “exploring,” “pursuing” or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. Forward-looking statements include statements regarding our intentions, beliefs, projections, outlook, analyses or current expectations concerning, among other things: our expectations regarding the commercial launch and potential future sales of Rhopressa ® and Roclatan TM and any future product candidates, if approved; our commercialization, marketing, manufacturing and supply management capabilities and strategies; third-party payer coverage and reimbursement of Rhopressa ® and Roclatan TM and any future product candidates, if approved; the glaucoma patient market size and the rate and degree of market adoption of Rhopressa ® and Roclatan TM and any future product candidates, if approved, by eye-care professionals and patients; the timing cost or other aspects of the commercial launch of Rhopressa ® and Roclatan TM and any future product candidates, if approved; the success, timing and cost of our ongoing and anticipated preclinical studies and clinical trials for Rhopressa ® , with respect to regulatory approval outside the United States, and Roclatan TM and any future product candidates, including statements regarding the timing of initiation and completion of the studies and trials; our expectations regarding the effectiveness of Rhopressa ® , Roclatan TM and any future product candidates and results of our clinical trials and any potential preclinical studies; the timing of and our ability to request, obtain and maintain FDA or other regulatory authority approval of, or other action with respect to, as applicable, Rhopressa ® , Roclatan TM and any future product candidates in the United States, Canada, Europe, Japan and elsewhere, including the expected timing of, and regulatory and/or other review of, filings for, as applicable, Rhopressa ® , Roclatan TM and any future product candidates; the potential advantages of Rhopressa ® , Roclatan TM and any future product candidates; our plans to pursue development of additional product candidates and technologies in ophthalmology, including development of Rhopressa ® and Roclatan TM for additional indications, our preclinical retina programs and other therapeutic opportunities; our plans to explore possible uses of our existing proprietary compounds beyond glaucoma and ophthalmology; our ability to protect our proprietary technology and enforce our intellectual property rights; and our expectations regarding collaborations, licensing, acquisitions and strategic operations, including our ability to in-license or acquire additional ophthalmic products, product candidates or technologies. By their nature, forward-looking statements involve risks and uncertainties because they relate to events, competitive dynamics, industry change and other factors beyond our control, and depend on regulatory approvals and economic and other environmental circumstances that may or may not occur in the future or may occur on longer or shorter timelines than anticipated. We discuss many of these risks in greater detail under the heading “Risk Factors” in the quarterly and annual reports that we file with the Securities and Exchange Commission (SEC). In particular, FDA approval of Rhopressa ® does not constitute FDA approval of Roclatan TM , and there can be no assurance that we will receive FDA approval for Roclatan TM or any future product candidates. FDA approval of Rhopressa ® also does not constitute regulatory approval of Rhopressa ® in jurisdictions outside the United States, and there can be no assurance that Rhopressa ® will obtain regulatory approval in other jurisdictions. Forward-looking statements are not guarantees of future performance and our actual results of operations, financial condition and liquidity, and the development of the industry in which we operate may differ materially from the forward-looking statements contained in this press release. Any forward-looking statements that we make in this press release speak only as of the date of this press release. We assume no obligation to update our forward-looking statements whether as a result of new information, future events or otherwise, after the date of this press release.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180501005052/en/
Aerie Pharmaceuticals
Media:
Tad Heitmann, 949-526-8747
[email protected]
or
Investors:
Richard Rubino, 908-947-3540
[email protected]
or
Burns McClellan, Inc., on behalf of Aerie Pharmaceuticals
Media:
Justin Jackson, 212-213-0006
[email protected]
or
Investors:
Ami Bavishi, 212-213-0006
[email protected]
Source: Aerie Pharmaceuticals, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/business-wire-aerie-pharmaceuticals-announces-appointment-of-concetta-perro-as-commercial-counsel.html |
MOSCOW (Reuters) - Russian lawmakers want to make it a criminal offense punishable by up to four years in jail to observe sanctions imposed by the United States or other foreign countries, Russian news agencies reported on Friday.
Washington imposed sweeping sanctions on some of Russia’s biggest companies and businessmen on April 6, striking at allies of President Vladimir Putin to punish Moscow for its alleged meddling in the 2016 U.S. presidential election and other so-called malign activities.
Russia has since been considering how to respond and the State Duma, the lower house of the Russian parliament, is due to start voting on specific counter sanctions legislation on Tuesday next week, a day after a draft law is brought to parliament.
A current draft of that legislation envisages jailing any individual or the representatives of any legal entity in Russia who refuses to supply services or do business with a Russian citizen citing U.S. or other foreign sanctions.
Such a crime would be punishable by up to four years in jail or other limits on an individual’s freedom or by a fine of up to 600,000 roubles ($9,730), Russian news agencies reported.
The same legislation would also make it a criminal offense for Russian citizens to help foreign governments sanction Russia by providing advice or information.
That offense would be punishable by up to three years in jail or other restrictions on an individual’s freedom or by a fine of up to 500,000 roubles ($8,110), Russian news agencies said.
Prime Minister Dmitry Medvedev said last month he backed the idea of making it a criminal offense to observe U.S. sanctions and said the government should support sanctions-hit Russian companies to ensure that jobs were not lost.
However, lawmakers have diluted other proposed measures removing earlier language that targeted specific goods and sectors amid fears about how such measures might hurt Russian consumers and industries.
There were also concerns that specific measures targeted against U.S. goods might prompt Washington to enact more sanctions on Moscow and it is unclear whether the current draft law may yet undergo further dilution.
($1 = 61.6379 roubles)
Editing by Richard Balmforth
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-russia-sanctions/go-along-with-u-s-sanctions-and-youll-face-jail-russian-lawmakers-warn-idUSKBN1IC1WQ |
(Reuters) - James Patterson and Maxine Paetro’s thriller “The 17th Suspect” topped the U.S. best-sellers list for a second consecutive week on Thursday.
Data released by independent, online and chain bookstores, book wholesalers and independent distributors across the United States was used to compile the list.
Hardcover Fiction Last week
1. “The 17th Suspect” 1
Patterson/Paetro (Little, Brown)
2. “The Fallen” 2
David Baldacci (Grand Central)
3. “The High Tide Club” -
Mary Kay Andrews (St. Martin’s)
4. “The Crooked Staircase” -
Dean Koontz (Bantam)
5. “Twisted Prey” 3
John Sandford (Putnam)
6. “Warlight” -
Michael Ondaatje (Knopf)
7. “Before We Were Yours” 6
Lisa Wingate (Ballantine)
8. “Little Fires Everywhere” 8
Celeste Ng (Penguin Press)
9. “The Hellfire Club” 7
Jake Tapper (Little, Brown)
10. “The Great Alone” 10
Kristin Hannah (St. Martin’s)
Hardcover Non-Fiction
1. “Magnolia Table” 1
Joanna Gaines (Morrow)
2. “The Soul of America” -
Jon Meacham (Random House)
3. “A Higher Loyalty” 2
James Comey (Flatiron)
4. “Barracoon” -
Zora Neale Hurston (Amistad)
5. “12 Rules for Life” 4
Jordan B. Peterson (Random House Canada)
6. “I’ll Be Gone in the Dark” 3
Michelle McNamara (Harper)
7. “Girl, Wash Your Face” 6
Rachel Hollis (Nelson)
8. “I’ve Been Thinking...” 10
Maria Shriver (Viking/Dorman)
9. “Educated” 8
Tara Westover (Random House)
10. “War on Peace” 5
Ronan Farrow (Norton)
Compiled by Eric Kelsey; editing by Diane Craft
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-books-bestsellers/the-17th-suspect-again-tops-u-s-best-sellers-list-idUSKCN1II2QQ |
May 10, 2018 / 10:39 AM / Updated 15 minutes ago BRIEF-Purple Innovation Files For Non-Timely 10-Q - SEC Filing Reuters Staff
May 10 (Reuters) - Purple Innovation Inc:
* PURPLE INNOVATION INC FILES FOR NON-TIMELY 10-Q - SEC FILING Source text: [ bit.ly/2I7Ihl1 ] Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-purple-innovation-files-for-non-ti/brief-purple-innovation-files-for-non-timely-10-q-sec-filing-idUSFWN1SH0S2 |
May 24, 2018 / 11:21 AM / Updated 2 hours ago Analysis: Fashion and sport brands clash in luxury sneakers race 4 Min Read
MILAN (Reuters) - What do you get when luxury fashion meets sport? $10,000 sneakers. A model presents a creation from the Gucci Autumn/Winter 2018 women collection during Milan Fashion Week in Milan, Italy February 21, 2018. REUTERS/Alessandro Garofalo/Files
High-end brands such as Kering’s Gucci, Prada and Balenciaga are increasingly looking to sneakers for growth, putting them in direct competition with sportswear giants like Nike, Puma and Adidas, and giving rise to ever-more striking and expensive designs.
Luxury groups say they are now increasing investments and marketing budgets to face down their new opponents.
“When I saw sneakers were going to be a thing, I fought it for a bit,” Salvatore Ferragamo’s designer Paul Andrew said at a conference. “We’re definitely now investing heavily in that category, getting in very specialised people”.
Global sales of sneakers - or trainers - rose 10 percent to 3.5 billion euros last year, outperforming a 7 percent rise in handbags, according to consultancy Bain & Co.
“It’s not really even a trend anymore - it’s become a category,” said Bruce Pask, Men’s Fashion Director at U.S. department store Neiman Marcus.
Both luxury groups and sports companies are looking to cash in on a booming market. Premium sneakers can start at around $400 but can easily rise as high as $3,000, for a pair of Christian Louboutin’s leather, crystal-embellished sneakers.
Limited editions can sell for well over $10,000, including the Chanel X Pharrell Hu Race Trail or Nike’s Air Jordan 3 Retro DJ Khaled Grateful.
Sneakers are a big driver of the luxury shoe business, which accountancy firm EY says is the fashion industry’s fastest-growing area.
The rise of luxury sneakers is part of the growing influence of casual and streetwear in high-end fashion, where it is now acceptable to team sneakers with a tailored suit.
Upmarket brands are tapping into street style to refresh their looks and young buyers are driving the shift. “Millennials” - born between the early 1980s and mid-90s - already represent a third of the luxury market, according to Bain.
Several luxury group executives recently noted the importance of sneakers for their business and the need to step up their game to face the rising competition.
Emilio Macellari, finance chief of Italian luxury goods company Tod’s - a pioneer in the sector, having launched its first Hogan luxury sneaker in 1986 - said “there is no brand that is not currently considering its (sneaker) offer”.
Pointing out how times are changing, he said luxury brands were now “under attack” from sportswear companies, on top of the usual competition from their luxury peers.
But so-called “sneakerisation” could steal market share from more traditional and formal-looking footwear, industry operators say.
“After many seasons of comfortable shoes, it will be hard to bring women back on heels,” said Federica Montelli, head of fashion at Milan’s renowned la Rinascente department store. BLUE SNAKE AND PROFIT MARGINS
In central Milan a pair of Nike’s black leather, ankle-high Air Jordan 5 Retro Premium sneakers sell for over 400 euros ($470). Only steps away, in one of the city’s most exclusive shopping areas, clients buy a pair of Gucci’s ACE made with the GG logo canvas, with a blue snake-leather detail for 450 euros.
“What has changed is competition, with a clear overlap,” said Claudia D’Arpizio, partner at Bain & Co. “Luxury consumers are buying Nike and Adidas and vice-versa”.
Ilaria, a young saleswoman in Milan streetwear shop One Block Down, said that many customers walk in carrying shopping bags from the nearby luxury boutiques.
Sports groups say they are not worried by the competition.
“If (luxury groups) go the sports way... it is only positive,” said Puma Chief Executive Bjorn Gulden said. “If that is a trend that pulls the sneaker market up, we can only be happy.”
Analysts also say the intensifying competition is unlikely to erode profit margins because the market is expanding.
“There is large space for prices moving up,” said Erwan Rambourg from HSBC. “The ‘luxurisation’ of sneakers could possibly impact margins positively”. Additional reporting by Melissa Fares in New York, Emma Thomasson in Berlin, Sarah White in Venice, Claudia Cristoferi in Milan and Sonya Dowsett in Madrid; Editing by Pravin Char | ashraq/financial-news-articles | https://in.reuters.com/article/fashion-sneakers/analysis-fashion-and-sport-brands-clash-in-luxury-sneakers-race-idINKCN1IP1OD |
May 30, 2018 / 7:43 AM / in 2 hours UPDATE 1-Russia's TCS posts 70 pct jump in Q1 profit Reuters Staff 2 Min Read
(Adds quotes, detail)
MOSCOW, May 30 (Reuters) - Russian lender TCS Group reported a first-quarter net profit of 5.7 billion roubles ($91.1 million) on Wednesday, up 70 percent year-on-year, and approved an interim dividend payout.
Russian banks have had a turbulent time recently, with the country’s central bank stepping in to rescue three major lenders in 2017 and to shut dozens of smaller banks in a crackdown on reckless lending.
TCS, the parent company of Tinkoff Bank, said its board of directors had approved a second 2018 interim gross dividend payout of $0.24 per share and per global depository receipt (GDR), bringing the total amount of first-quarter dividends to around $43.8 million.
TCS’ first quarter profit was boosted by its core credit card business and the performance of new business lines.
The increase in net profit translates into 68.5 percent growth in return on equity, an indicator that shows how much profit the company generated from the money invested by its shareholders.
“We remain one of the most profitable banks globally,” Oliver Hughes, CEO of Tinkoff Bank, said in the results report.
The cost of risk dipped to 7.5 percent in the first quarter from 7.6 percent in the same period a year earlier, TCS said.
“Five months into 2018, I am happy to confirm that the Group is well on track to deliver the full-year targets that were previously communicated to the market,” Hughes said. $1 = 62.5800 roubles Reporting by Andrey Ostroukh and Maria Kiselyova; Editing by Mark Potter | ashraq/financial-news-articles | https://www.reuters.com/article/russia-tcs-results/update-1-russias-tcs-posts-70-pct-jump-in-q1-profit-idUSL5N1T11FO |
Look for returns in energy and financial stocks, says Brian Nick 3:05pm EDT - 05:16
Nuveen's chief investment strategist that corporate earnings are as good as they get but that won't stop equities from moving higher.
Nuveen's chief investment strategist that corporate earnings are as good as they get but that won't stop equities from moving higher. //reut.rs/2KUgK8z | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/11/look-for-returns-in-energy-and-financial?videoId=425979605 |
KUALA LUMPUR, May 30 (Reuters) - Malaysian Prime Minister Mahathir Mohamad said on Wednesday that the search for missing Malaysia Airlines flight MH370 that ended this week with no trace found may be resumed if new evidence comes to light.
“We have to come to a stage where we cannot keep searching for something we cannot find,” Mahathir told a news conference.
“If we find any new information, we may resume the search,” he said.
Flight MH370, carrying 239 people, vanished on a flight from Kuala Lumpur to Beijing on March 8, 2014, becoming one of the world’s greatest aviation mysteries.
A privately funded underwater search for the missing jet ended on Tuesday.
Reporting by Rozanna Latiff Writing by Praveen Menon Editing by Robert Birsel
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/malaysiaairlines-mh370/malaysian-pm-says-search-for-mh370-may-be-resumed-if-new-evidence-found-idUSL3N1T127Q |
May 20, 2018 / 6:39 AM / Updated 8 hours ago Cricket: Fancied Royal Challengers Bangalore pay price for brittle middle order Amlan Chakraborty 3 Min Read
NEW DELHI (Reuters) - Individual brilliance notwithstanding, cricket remains a team sport and the fancied Royal Challengers Bangalore discovered that the hard way as they exited the Indian Premier League (IPL) playoff race after yet another middle-order meltdown.
Bangalore fans probably took a playoff berth for granted when the two-time runners-up managed to retain two of the biggest names in contemporary cricket, along with middle order prospect Sarfaraz Khan, in January.
Skipper Virat Kohli’s 530 runs in 14 matches and top order colleague AB de Villiers’ 480 in two fewer games suggest they were in no way to blame for the team’s shortcomings.
Their brittle middle order, however, constantly performed as they did in Saturday’s 30-run loss to Rajasthan Royals, which eventually sealed their playoff fate.
Mandeep Singh’s 252 runs from 14 matches was the best by a Bangalore middle order batsman this season. Sarfaraz, retained for 17.5 million rupees ($257,409) in a move that surprised many, managed to amass just 51 in six innings.
“Too much batting stress on just AB de Villiers,” a dejected Kohli said after the Rajasthan loss.
“A guy like AB, who has the ability to hit fours and sixes, was knocking it around. We needed more smart decision-making there and guys were just not up to the mark and that is disappointing to see.
“It’s not something that should be repeated by five, six guys in a row. One or two guys is okay, but the others should have applied themselves and that wasn’t the case tonight.”
Needing 165 to beat Rajasthan, Bangalore were cruising at 75 for one in the ninth over with de Villiers (53) and Parthiv Patel (33) well set before the wheels came off their chase courtesy of some poor shot selections by subsequent batsmen.
Bangalore’s middle order woes were also evident last season, despite having big-hitting West Indian Chris Gayle open the batting to share the scoring burden with Kohli and de Villiers.
“We wanted to strengthen a middle order that hasn’t been our strength for the last few years,” Kohli said. “It’s something we need to look forward to in the next season. We need to be more smart about how we compose our team, I guess.
“The bulk of the scoring responsibility and pressure can’t always be on a guy like AB all the time in the middle order.
“Guys need to step up at the right times. We certainly want to take up the responsibility but there have to be contributions at important stages.”
($1 = 67.98 Indian rupees) | ashraq/financial-news-articles | https://in.reuters.com/article/cricket-t20-ipl-kohli/cricket-fancied-royal-challengers-bangalore-pay-price-for-brittle-middle-order-idINKCN1IL06F |
Howard Katzenberg joins rapidly growing company as CFO and helps expand presence to Bay Area
NEW YORK--(BUSINESS WIRE)-- Better Mortgage , a digital mortgage company working to improve access to home financing through transparency, honest guidance and zero commissions, today announced that it has hired Howard Katzenberg as Chief Financial Officer.
Prior to Better, Katzenberg was the CFO of OnDeck (NYSE: ONDK), the leading online small business lender, where he joined in 2008 as one of its first employees.
Katzenberg has spent the entirety of his career focused on innovation within financial services and brings with him a wealth of experience scaling operations of entrepreneurial businesses. He joins Better during a period of rapid growth, leveraging his experience to help Better meet increasing customer demand, which has grown 3x year over year as of Q1 2018.
Katzenberg brings a wealth of experience to his role at Better. Under his financial leadership at OnDeck, he helped grow the firm’s revenues over 80% per year, scaled headcount to over 500 employees across three countries, raised over $1 billion in securitization and credit commitments and completed a $230 million initial public offering, one of the biggest IPOs of a venture-backed New York City company.
Katzenberg will be based out of the New York City office. Under his leadership, Better plans on building up their West Coast offices by hiring new talent to allow the company to support more borrowers across the U.S. by being in two time zones.
About Better Mortgage:
Launched in 2016, Better.com is a full stack mortgage lender digitizing every step of the home financing process to make homeownership more affordable and accessible. Backed by Kleiner Perkins, Goldman Sachs, and Pinebrook, Better is focused on customer advocacy, putting consumers back in control of the most important financial decision of their lives. Recently named Best Mortgage Lender for Customer Service by Nerdwallet, Better has an intuitive online platform, complemented by non-commissioned staff that guides customers through the process starting with how much house they can afford or how much they can save through to close, completely jargon-free, with airtight certainty and the best rate possible. For more information follow us on Facebook , Twitter and LinkedIn .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180507005413/en/
Better
Erica Dumas, 646-461-4304
Director, Public Relations
[email protected]
Source: Better Mortgage | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/business-wire-better-mortgage-hires-former-ondeck-chief-financial-officer.html |
ST. LOUIS--(BUSINESS WIRE)-- The board of directors of Emerson (NYSE: EMR) today declared the regular quarterly cash dividend of forty-eight and a half cents ($0.485) per share of common stock payable June 11, 2018, to stockholders of record May 11, 2018.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180501006043/en/
For Emerson
Mark Polzin, 314-982-1758
Source: Emerson | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/business-wire-emerson-declares-dividend.html |
Cannes festival poster kicks things off with a kiss 1:23pm BST - 01:00
The giant poster for the 71st Cannes Film Festival was rolled out, putting love centre stage on the French Riviera. Rough cut (no reporter narration). ▲ Hide Transcript ▶ View Transcript
The giant poster for the 71st Cannes Film Festival was rolled out, putting love centre stage on the French Riviera. Rough cut (no reporter narration). Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2FLO65O | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/06/cannes-festival-poster-kicks-things-off?videoId=424395955 |
Microsoft co-founder Bill Gates said Monday he would bet against bitcoin if he could.
"As an asset class, you're not producing anything and so you shouldn't expect it to go up. It's kind of a pure 'greater fool theory' type of investment," Gates said on CNBC's "Squawk Box."
"I agree I would short it if there was an easy way to do it," he said.
The price of one bitcoin briefly soared $2,000 last year to above $19,000 in mid-December. The cryptocurrency has since lost more than half its value and was trading near $9,300 on Monday morning. Roughly $9.8 billion has been raised through sales of new coins, or ICOs, since 2016, according to financial research firm Autonomous Next.
Lacy O’ Toole | CNBC Bill Gates "Bitcoin and ICOs, I believe completely [they're some] of the crazier, speculative things," Gates said. He added someone once gave him some bitcoin for his birthday, but he sold it a few years afterward.
Like many critics of the cryptocurrency price surge, Gates did say the underlying blockchain technology had its merits.
Blockchain eliminates the need for a third-party intermediary, such as a bank, by quickly creating a secure, permanent record of a transaction between two parties. Bitcoin is the first application of blockchain technology, and companies are exploring ways to apply blockchain to supply chain management, trading and other areas.
Gates is on the board of Warren Buffett 's Berkshire Hathaway and was speaking from Omaha, Nebraska, where the conglomerate held its annual shareholders meeting over the weekend. Billionaire investor Buffett and his longtime investing partner and vice chairman, Charlie Munger , spoke to the tens of thousands attendees on a wide range of topics, including bashing bitcoin as "rat poison."
With Berkshire's 2018 annual meeting in the books, users can revisit the highlights in CNBC's Warren Buffett Archive , which houses searchable video from 25 full annual meetings, going back to 1994, synchronized to 2,600 pages of transcripts. The Warren Buffett Archive also includes 500 shorter-form videos arranged by topic, CNBC interviews, a Buffett Timeline, and a Berkshire Portfolio Tracker.
Disclaimer | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/07/bill-gates-i-would-short-bitcoin-if-i-could.html |
May 21, 2018 / 11:30 AM / Updated 16 minutes ago State TV: Syrian army pushes Islamic State from district south of Damascus Reuters Staff 1 Min Read
BEIRUT (Reuters) - Syrian state media said on Monday the Syrian army had pushed Islamic State militants out of the al-Hajar al-Aswad district south of Damascus.
The Syrian army and its allies have been battling for weeks to recapture a tiny Islamic State enclave in al-Hajar al-Aswad and the adjacent Yarmouk Palestinian refugee camp, the last area outside government control in or around the capital. Reporting by Lisa Barrington; Editing by Matthew Mpoke Bigg | ashraq/financial-news-articles | https://in.reuters.com/article/mideast-crisis-syria-islamic-state/state-tv-syrian-army-pushes-islamic-state-from-district-south-of-damascus-idINKCN1IM12J |
Despite their still significant numbers and a powerful industry lobby, these malodorous and unhealthy residents of every city and town on earth are facing a draconian ban in their home country. Smokers in the United States, where tobacco originated and cigarettes were invented? No, diesel cars in the country where the technology was developed by Banks Won Big in Washington. What It Means for Investors Next Netflix Is Now as Big as Disney | ashraq/financial-news-articles | https://blogs.wsj.com/moneybeat/2018/05/25/cars-get-a-smoking-ban-in-germany/ |
April 30 (Reuters) - Marathon Petroleum Corp:
* MARATHON PETROLEUM CORP. AND ANDEAVOR COMBINATION TO CREATE LEADING U.S. REFINING, MARKETING, AND MIDSTREAM COMPANY
* MARATHON PETROLEUM CORP - DEAL FOR TOTAL ENTERPRISE VALUE OF $35.6 BILLION
* MARATHON PETROLEUM CORP - DEAL FOR TOTAL EQUITY VALUE OF $23.3 BILLION
* MARATHON PETROLEUM CORP - ANDV SHAREHOLDERS WILL HAVE OPTION TO CHOOSE 1.87 SHARES OF MPC STOCK, OR $152.27 IN CASH
* MARATHON PETROLEUM CORP - STOCK PORTION OF CONSIDERATION RECEIVED BY ANDEAVOR’S SHAREHOLDERS IS EXPECTED TO BE TAX-FREE.
* MARATHON PETROLEUM - EXPECT ≥ $1 BILLION TANGIBLE COST, OPERATING SYNERGIES FROM DEAL, DRIVING SUBSTANTIAL LONG-TERM EARNINGS, CASH FLOW/SHARE ACCRETION
* MARATHON PETROLEUM - AT CLOSING, GREG GOFF, ANDV CHAIRMAN AND CEO, WILL JOIN MPC AS EXECUTIVE VICE CHAIRMAN
* MARATHON PETROLEUM - DEAL TO BE IMMEDIATELY ACCRETIVE TO EARNINGS AND CASH FLOW PER SHARE
* MARATHON PETROLEUM CORP - MPC’S BOARD APPROVED AN INCREMENTAL $5 BILLION OF REPURCHASE AUTHORIZATION
* MARATHON PETROLEUM CORP - PLANS TO MAINTAIN CURRENT CAPITAL ALLOCATION STRATEGIES, INCLUDING CONTINUED DIVIDEND GROWTH
* MARATHON PETROLEUM - MPC AND ANDV SHAREHOLDERS WILL OWN ABOUT 66 PERCENT AND 34 PERCENT OF COMBINED COMPANY, RESPECTIVELY
* MARATHON PETROLEUM CORP - BELIEVES INCREMENTAL CASH GENERATED BY TRANSACTION WILL EXCEED $5 BILLION OVER FIRST FIVE YEARS
* MARATHON PETROLEUM - ANDV SHAREHOLDERS’S OPTION SUBJECT TO PRORATION MECHANISM RESULTING IN 15 PERCENT OF ANDV’S FULLY DILUTED SHARES GETTING CASH CONSIDERATION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-marathon-petroleum-and-andeavor-co/brief-marathon-petroleum-and-andeavor-combination-to-create-leading-u-s-refining-marketing-and-midstream-co-idUSASC09Y56 |
NEW HYDE PARK, N.Y.--(BUSINESS WIRE)-- Kimco Realty Corp. (NYSE:KIM) will announce its second quarter 2018 earnings on Thursday, July 26, 2018 before market opens. You are invited to listen to our quarterly earnings conference call, which will be broadcast live over the Internet on Thursday, July 26, 2018 at 10:00 AM ET.
Event: Kimco Realty’s Second Quarter Financial Results
When: 10:00 AM ET, July 26, 2018
Live Webcast: 2Q18 Kimco Earnings Conference Call under Kimco Investor Relations
Dial #: 1-888-317-6003 (Passcode: 1753635)
If you are unable to participate during the live webcast, audio replay from the conference call will be available on Kimco Realty’s website at investors.kimcorealty.com . A taped presentation of the call can also be accessed through Friday, October 26, 2018 by dialing 1-877-344-7529 (passcode: 10120684).
About Kimco
Kimco Realty Corp. (NYSE:KIM) is a real estate investment trust (REIT) headquartered in New Hyde Park, N.Y., that is one of North America’s largest publicly traded owners and operators of open-air shopping centers. As of March 31, 2018, the company owned interests in 475 U.S. shopping centers comprising 81 million square feet of leasable space primarily concentrated in the top major metropolitan markets. Publicly traded on the NYSE since 1991, and included in the S&P 500 Index, the company has specialized in shopping center acquisitions, development and management for 60 years. For further information, please visit www.kimcorealty.com , the company’s blog at blog.kimcorealty.com , or follow Kimco on Twitter at www.twitter.com/kimcorealty .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180522005219/en/
Kimco Realty Corporation
David F. Bujnicki, 1-866-831-4297
Senior Vice President, Investor Relations and Strategy
[email protected]
Source: Kimco Realty Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/business-wire-kimco-realty-invites-you-to-join-its-second-quarter-earnings-conference-call.html |
LONDON (Reuters) - A popular hedge fund bet on a fall in Sainsbury’s shares came unstuck on Monday after the supermarket group announced plans to merge with Walmart-owned rival Asda.
Shopping bags from Asda and Sainsbury's are seen in Manchester, Britain April 30, 2018. REUTERS/Phil Noble/illustration The deal, which would see the combined group leapfrog Tesco to become Britain’s biggest food retailer, sent shares in Sainsbury’s up 17 percent by 1200 GMT and on course for their biggest one-day gain since 1983, Thomson Reuters data showed.
Before the news broke over the weekend, data from industry tracker FIS’ Astec Analytics showed more than 160 million Sainsbury’s shares were out on loan, near the top of a 52-week range, as part of a “short” trade betting the price will fall.
The Sainsbury’s share price bounce could see the funds with the largest positions collectively more than 100 million pounds ($137 million) out of pocket.
Under a “short” trade, a fund borrows the shares from a long-term holder such as a pension fund and then sells them. The fund hopes to buy the shares back at a later date for a cheaper price before returning them to the original owner, pocketing the difference minus fees.
The scale of demand to borrow Sainsbury’s stock has remained broadly stable since the end of last year. Data to the end of Thursday showed that 28.2 percent of the stock made available to be borrowed was actually out on loan.
RETAIL OUT OF FAVOR While funds with small positions can fly under the radar, data from Britain’s Financial Conduct Authority showed 10 investment managers had a position of more than 0.5 percent of Sainsbury’s stock, the level at which it demands disclosure.
The biggest position, at 1.85 percent was for British firm Marshall Wace, followed by Pelham Capital at 1.7 percent and BlackRock Investment Management, at 1.69 percent.
Others to hold positions above 0.5 percent include computer-driven AQR Capital Management as well as BNP Paribas, Citadel Advisors, Citadel Europe, Discovery Capital Management, GLG Partners and Odey Asset Management, the FCA filings data showed.
Taken together, the 10 positions account for a 10.8 percent position in Sainsbury’s stock. While it is not known when and at what price all the shares were borrowed, Monday’s move could represent a paper loss of more than 110 million pounds.
The hedge funds’ focus on Sainsbury’s has been mirrored elsewhere in the retail sector in recent months, with Marks & Spencer, Ocado and WM Morrison Supermarkets all seeing strong demand to short.
Companies relying on the spending power of the British consumer have faced tough questions in recent months as the impact of Britain’s decision to leave the European Union has gradually begun to weigh on sentiment.
More broadly, retailers have faced additional concerns about the changing patterns of consumer behavior, with more people shopping online. Spending power has also been constrained by rising inflation and subdued wage rises.
($1 = 0.7279 pounds)
Reporting by Simon Jessop; Editing by Keith Weir
| ashraq/financial-news-articles | https://www.reuters.com/article/us-sainsbury-s-walmart-m-a-hedgefunds/sainsburys-move-for-asda-sees-some-hedge-funds-caught-out-idUSKBN1I118D |
LOUISVILLE, Ky., CafePress Inc. (NASDAQ:PRSS) today reported financial results for the three months ended March 31, 2018.
Management Commentary
"As previously stated, our top priority is to return to profitability and begin generating positive cash flow. During the first quarter, we took actions to simplify the organization and drive business performance that served to reduce normalized, annual fixed costs and software development spend by $7 million. In addition, we made significant progress toward completing the modernization of CafePress.com and demolishing the old site and are pleased to announce that we achieved another critical milestone during April, having released the new search pages to our primary, US domain,” commented Fred Durham, Chief Executive Officer. “These new search pages are designed to improve the search engine optimization and regain revenue lost from lower traffic related to changes in search engine algorithms beginning in the second quarter of 2017,” continued Durham.
"Growth in the Retail Partner Channel continued within the quarter as we benefited from international expansion and the catalog build out of Walmart.com . During April, we began taking orders through our newest partner, eBay, and expect that the product catalog build out during 2018 will drive future growth," concluded Durham.
First Quarter 2018 Operating Highlights
CafePress.com Modernization:
During the quarter, the Company made significant strides toward finishing work designed to grow revenue through CafePress.com and mitigate the pressure resulting from the changes in search engine algorithms in 2017; this technical work included:
-- Released search pages for the new, modern CafePress.com to the second and third of four web domains
-- Advanced development work for other portions of the new website, including the work related to product detail, cart and checkout pages
Retail Partner Channel:
Completed integration with the eBay marketplace Continued build out of the product catalog with Walmart.com , reaching approximately 600 thousand listings Expanded into the Australian domain through Amazon
First Quarter 2018 Financial Metrics
All comparisons are on a year over year basis unless specifically stated otherwise.
(in thousands, except for percentages, average order size, and per unit data) Three Months Ended
March 31, 2018 2017 % Variance CafePress.com revenue $ 9,776 $ 13,651 (28 )% Retail Partner Channel revenue 4,774 4,638 3 % Total revenue $ 14,550 $ 18,289 (20 )% GAAP net loss $ (3,603 ) $ (3,373 ) (7 )% Adjusted EBITDA $ (1,693 ) $ (1,908 ) 11 % Cash Contribution Margin 20.6 % 23.5 % (2.9)pts CafePress.com orders 238 353 (33 )% Retail Partner Channel orders 223 228 (2 )% Total orders 461 581 (21 )% CafePress.com average order size $ 40.04 $ 38.78 3 % Retail Partner Channel average order size $ 20.91 $ 20.43 2 % Total average order size $ 30.79 $ 31.59 (3 )% Cost of net revenue per unit $ 11.94 $ 10.75 11 % U:> 100% unfavorable F:> 100% favorable
First Quarter 2018 Financial Summary
Net Revenue
Net revenue totaled $14.6 million, down 20% from $18.3 million driven by lower revenue from CafePress.com , which more than offset growth from our Retail Partner Channel.
-- Revenue from CafePress.com declined $3.9 million and accounted for 67% of first quarter revenue. The decline was primarily attributable to lower revenue from search engine optimization. Average order size on CafePress.com increased 3% compared to the prior year, primarily due to a shift in mix toward higher-priced, new products introduced during 2017.
-- Revenue from the Retail Partner Channel increased $0.1 million and accounted for 33% of first quarter revenue. Although order volume and associated revenue were adversely impacted from the removal of licensed content from one partner during the fourth quarter of 2017, expansion into international domains contributed to higher revenue levels. Additionally, the Company benefited to a lesser extent from the contribution of the Walmart marketplace. Visits to CafePress.com declined 38%, which was primarily driven by lower visits from organic search.
Gross Profit
Gross profit was $5.4 million, a $1.6 million decline, and gross margin was 36.9% versus 38.1% in the prior year. Our cost reduction initiative resulted in more efficient production labor vs the prior year. However, fixed costs such as depreciation and overhead were 0.8 points higher as a percentage of revenue due to the decline in revenue.
Operating Expense
Total operating expense was $9.0 million, a $1.3 million improvement compared to the prior year. CafePress reported $0.6 million in restructuring expense related to severance costs to simplify its organization and improve business performance, profitability, cash flow generation and productivity. Fixed costs declined by $1.6 million compared to a year ago primarily driven by personnel-related reductions from the restructuring initiative completed during the first quarter of 2018. Variable costs declined by $0.3 million compared to a year ago due to lower paid search advertising costs and customer service related expenses consistent with lower revenue.
Earnings and Cash Flow Information
GAAP net loss was $(3.6) million, or $(0.21) per diluted share, compared to a net loss of $(3.4) million, or $(0.20) per diluted share. Actions taken in the first quarter to reduce costs mitigated the decline in revenue. Net cash used in operating activities of $8.0 million decreased by $1.1 million and primarily reflects an improved management of inventory levels, decreases in software license renewals and the timing of health insurance benefit payments. As a reminder, changes in working capital during the first quarter drive significant cash outflow due to the seasonality of the business. For the three months ended March 31, 2018, capital spending of $0.6 million was primarily related to capitalization of software and website development costs, which compares to $1.0 million in the prior year. Prior year spending included investment in plant equipment. At March 31, 2018, cash, cash equivalents, short-term investments and restricted cash totaled $23.9 million, or approximately $1.41 per share.
Non-GAAP Information
Non-GAAP Cash Contribution margin was 20.6% of net revenue versus 23.5% in 2017, which was primarily driven by lower net revenue from search engine optimization. Non-GAAP Adjusted EBITDA was $(1.7) million, an improvement of $0.2 million. Actions taken in the first quarter to reduce costs more than offset the decline in revenue.
Non-GAAP Financial Information
This press release contains certain non-GAAP financial measures. Tables are provided at the end of this press release that reconcile the non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with Generally Accepted Accounting Principles (GAAP). These non-GAAP financial measures include Adjusted EBITDA, cash contribution margin, and free cash flow. For a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures, please see the information provided at the end of this press release.
To supplement the Company's consolidated financial statements presented on a GAAP basis, we believe that these non-GAAP measures provide useful information about the Company's core operating results and thus are appropriate to enhance the overall understanding of the Company's past financial performance and its prospects for the future. These adjustments to the Company's GAAP results are made with the intent of providing both management and investors a more complete understanding of the Company's underlying operational results and trends and performance. Management uses these non-GAAP measures to evaluate the Company's financial results, develop budgets, manage expenditures, and determine employee compensation. The presentation of additional information is not meant to be considered in isolation or as a substitute for or superior to net income (loss) or net income (loss) per share determined in accordance with GAAP.
First Quarter 2018 Conference Call
Management will review the first quarter 2018 financial results on a conference call on Thursday, May 3, 2018 at 9:00 a.m. Eastern Standard Time. To participate on the live call, analysts and investors should dial 1-877-545-1407 at least ten minutes prior to the call. CafePress will also offer a live and archived webcast of the conference call, accessible from the “Investors” section of the Company's Web site at http://investor.cafepress.com .
Notice Regarding Forward Looking Statements
Information set forth in this news release contains various "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The Private Securities Litigation Reform Act of 1995 (the "Act") provides certain "safe harbor" provisions for forward-looking statements. All forward-looking statements are made pursuant to the Act.
The reader is cautioned that such forward-looking statements are based on information available at the time and/or management's good faith belief with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the statements. Forward-looking statements speak only as of the date the statement was made. The Company assumes no obligation to update forward-looking information to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information. Forward-looking statements are typically identified by the use of terms such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "might," "plan," "predict," "project," "seek," "should," "will," and similar words, although some forward-looking statements are expressed differently. Important factors that could cause actual results to differ materially from those discussed in the forward-looking statements include, among others, the following: changes in the Company's compensation of its directors and officers, whether the expected amount of cost savings will differ from the Company's estimates and whether the Company will be able to realize the full amount of estimated savings, the Company's ability to execute on its strategy, the effect of global economic conditions, including any disruptions in the credit markets; a decrease in consumers' discretionary income; additional taxes and fees; the loss of key personnel; the effect (including possible increases in the cost of doing business) resulting from catastrophic events, including future war and terrorist activities or political uncertainties, or the impact of natural or other disasters on the Company's operations and the Company's ability to obtain insurance recoveries in respect of such losses (including losses related to business interruption); the impact of work stoppages and other labor problems on current and future operations; the Company's ability to comply with governmental regulation and/or other legal obligations related to the privacy of personal information and other data, including the improper disclosure thereof; the impact of system failures or damage from natural disasters, power loss, telecommunications failures, cyber-attacks, or other unforeseen events; the impact of security breaches, computer viruses and hacking attacks on the Company's business and operations; the Company's ability to respond to rapid technological changes in a timely manner; the Company's ability to prevent payment related risks, such as fraudulent use of credit or debit cards; the Company's ability to maintain customer confidence in the integrity of our business; the Company's ability to operate www.cafepress.com in an evolving and highly competitive market segment; the Company's ability to secure new or ongoing content from third party partners; the Company's ability to provide a high-quality customer experience with minimal programming errors, flows and/or technical difficulties; the Company's ability to adequately protect the Company's intellectual property; the Company's ability to maintain or hire additional personnel; and the volatility of the Company's stock price. For further information regarding the risks and uncertainties associated with our business, and important factors that could cause our actual results to vary materially from those expressed or implied in its forward-looking statements, please refer to the factors listed and described under the "Risk Factors" sections of the Company's documents filed from time to time with the U.S. Securities and Exchange Commission, including, but not limited to, the Company's quarterly reports on Form 10-Q, and our Annual Report on Form 10-K, copies of which may be obtained at www.sec.gov .
About CafePress (PRSS):
At CafePress, our mission is to create human connection by inspiring people to express themselves. We believe a coffee mug can start a conversation and a t-shirt can ignite a movement.
Founded in 1999 and based in Louisville, Kentucky, CafePress is the recognized pioneer of customizable products. Our global online platform enables people to express themselves through engaging community generated designs and licensed and personalized one-of-a-kind products.
Media Relations:
CafePress Inc.
[email protected]
Investor Relations:
CafePress Inc.
Phil Milliner
502-822-7503
[email protected]
CafePress Inc.
Condensed Consolidated Statement of Comprehensive Loss
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended
March 31, 2018 2017 Net revenue $ 14,550 $ 18,289 Cost of net revenue 9,181 11,328 Gross profit 5,369 6,961 Operating expense: Sales and marketing 3,580 4,410 Technology and development 2,478 2,976 General and administrative 2,402 2,957 Restructuring costs 605 — Total operating expense 9,065 10,343 Loss from operations (3,696 ) (3,382 ) Interest income 47 42 Interest expense — (6 ) Other income (expense), net 46 (26 ) Loss before income taxes (3,603 ) (3,372 ) Provision for income taxes — 1 Net loss $ (3,603 ) $ (3,373 ) Net loss per share of common stock: Basic $ (0.21 ) $ (0.20 ) Diluted $ (0.21 ) $ (0.20 ) Shares used in computing net loss per share of common stock: Basic 16,946 16,639 Diluted 16,946 16,639 Other comprehensive income: Unrealized holding gains on available-for-sale securities, net of tax 5 — Other comprehensive income 5 — Comprehensive loss $ (3,598 ) $ (3,373 )
CafePress Inc.
Condensed Consolidated Balance Sheet
(In thousands, except par value amounts)
(Unaudited)
March 31,
2018 December 31,
2017 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 14,406 $ 24,924 Short-term investments 8,011 6,007 Accounts receivable 818 1,496 Inventory, net 2,372 3,128 Deferred costs 550 781 Prepaid expenses and other current assets 2,122 2,412 Total current assets 28,279 38,748 Property and equipment, net 10,003 10,679 Restricted cash 1,513 1,513 Other assets 177 232 TOTAL ASSETS $ 39,972 $ 51,172 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable $ 1,097 $ 2,351 Accrued royalties payable 1,643 2,872 Accrued liabilities 3,643 8,693 Deferred revenue 654 1,020 Total current liabilities 7,037 14,936 Other long-term liabilities 305 305 TOTAL LIABILITIES 7,342 15,241 Commitments and Contingencies Stockholders’ Equity: Preferred stock, $0.0001 par value: 10,000 shares authorized as of March 31, 2018 and December 31, 2017; none issued and outstanding — — Common stock, $0.0001 par value: 500,000 shares authorized and 16,978 and 16,932 shares issued and outstanding as of March 31, 2018 and December 31, 2017, respectively 2 2 Additional paid-in capital 101,994 101,697 Accumulated other comprehensive loss 1 (4 ) Accumulated deficit (69,367 ) (65,764 ) TOTAL STOCKHOLDERS’ EQUITY 32,630 35,931 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 39,972 $ 51,172
CafePress Inc.
Condensed Consolidated Statement of Cash Flows
(In thousands)
(Unaudited)
Three Months Ended
March 31, 2018 2017 Cash Flows from Operating Activities: Net loss $ (3,603 ) $ (3,373 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 1,101 1,055 Loss on disposal of fixed assets 88 10 Stock-based compensation 297 419 Changes in operating assets and liabilities: Accounts receivable 678 649 Inventory 756 457 Prepaid expenses and other current assets 521 161 Other assets 55 (30 ) Accounts payable (1,254 ) (447 ) Accrued royalties payables (1,229 ) (1,627 ) Accrued and other liabilities (5,050 ) (6,420 ) Deferred revenue (366 ) 33 Net cash used in operating activities (8,006 ) (9,113 ) Cash Flows from Investing Activities: Purchase of short-term investments (1,999 ) (2,232 ) Proceeds from maturities of short-term investments — 4,464 Purchase of property and equipment (43 ) (454 ) Capitalization of software and website development costs (553 ) (591 ) Proceeds from disposal of fixed assets 83 3 Net cash (used in) provided by investing activities (2,512 ) 1,190 Cash Flows from Financing Activities: Principal payments on capital lease obligations — (147 ) Repurchases of common stock — (58 ) Net cash used in financing activities — (205 ) Net decrease in cash, cash equivalents and restricted cash (10,518 ) (8,128 ) Cash, cash equivalents and restricted cash — beginning of period 26,437 19,980 Cash, cash equivalents and restricted cash — end of period $ 15,919 $ 11,852 Supplemental Disclosures of Cash Flow Information: Cash paid for interest $ 92 $ 24 Income taxes paid during the period 4 — Non-cash Investing and Financing Activities: Accrued purchases of property and equipment $ — $ 246
Stock-based compensation is allocated as follows:
(In thousands)
(Unaudited)
Three Months Ended
March 31, 2018 2017 Cost of net revenue $ 4 $ 4 Sales and marketing 11 25 Technology and development 5 9 General and administrative 277 381 Total stock-based compensation expense $ 297 $ 419
CafePress Inc.
Reconciliation of GAAP Net Loss to Non-GAAP Adjusted EBITDA
(In thousands)
(Unaudited)
Three Months Ended
March 31, 2018 2017 Net loss $ (3,603 ) $ (3,373 ) Non-GAAP adjustments: Interest and other (income) expense (93 ) (10 ) Provision (benefit) from income taxes — 1 Depreciation and amortization 1,101 1,055 Stock-based compensation 297 419 Restructuring costs 605 — Adjusted EBITDA * $ (1,693 ) $ (1,908 )
* Adjusted EBITDA is a non-GAAP financial measure which we define as net income (loss) less interest and other (income) expense, provision for (benefit from) income taxes, depreciation and amortization, stock-based compensation, acquisition-related costs, restructuring costs and impairment charges.
CafePress Inc.
Definition of Non-GAAP Cash Contribution Margin
(In thousands)
(Unaudited)
Cash contribution margin (a non-GAAP financial measure that we reconcile to “Gross profit” in our consolidated statements of operations) consists of gross profit plus stock-based compensation and depreciation and amortization included in cost of net revenue less variable sales and marketing expense.
Three Months Ended
March 31, 2018 2017 Net revenue $ 14,550 100.0 % $ 18,289 100.0 % Cost of net revenue 9,181 63.1 11,328 61.9 Gross profit 5,369 36.9 6,961 38.1 Non-GAAP adjustments: Add: Stock-based compensation 4 — 4 — Add: Depreciation and amortization 407 2.8 422 2.3 Less: Variable sales and marketing costs (2,780 ) (19.1 ) (3,084 ) (16.9 ) Cash contribution margin $ 3,000 20.6 % $ 4,303 23.5 %
CafePress Inc.
Reconciliation of GAAP Net Cash Used in Operating Activities to Non-GAAP Free Cash Flow
(In thousands)
(Unaudited)
Three Months Ended
March 31, 2017 2016 Net cash used in operating activities $ (8,006 ) $ (9,113 ) Capital expenditures (596 ) (1,045 ) Free cash flow* $ (8,602 ) $ (10,158 )
* Free cash flow is a non-GAAP financial measure which we define as cash provided by (used in) operating activities less total capital expenditures.
Source:CafePress Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/globe-newswire-cafepress-reports-results-for-first-quarter-2018.html |
May 21 (Reuters) - Uranium Energy Corp:
* URANIUM ENERGY CORP FILES PROSPECTUS RELATES TO RESALE OF UP TO 1.7 MILLION SHARES OF CO'S COMMON STOCK BY SELLING SECURITYHOLDERS - SEC FILING Source text: ( bit.ly/2KDRpyP ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-uranium-energy-corp-files-prospect/brief-uranium-energy-corp-files-prospectus-relates-to-resale-of-up-to-1-7-mln-shares-of-common-stock-idUSFWN1SS0ED |
China's bond market has been a 'standout performer' in 2018: UBS 5 Hours Ago The high nominal and real yield of China's bond market should be attractive to investors "in a world where there is no yield in Europe or Japan in particular," says Hayden Briscoe of UBS Asset Management. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/06/chinas-bond-market-has-been-a-standout-performer-in-2018-ubs.html |
UK luxury sector to get Royal wedding boost 1:10pm EDT - 01:57
The Royal Wedding is set to give the British Fashion industry a welcome boost of £150 million in 2018, but as Kate King reports - if you add in, cars, sparkling wine and other luxury items, it could be double that.
The Royal Wedding is set to give the British Fashion industry a welcome boost of £150 million in 2018, but as Kate King reports - if you add in, cars, sparkling wine and other luxury items, it could be double that. //reut.rs/2LdKo96 | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/18/uk-luxury-sector-to-get-royal-wedding-bo?videoId=428150314 |
May 21 (Reuters) - Kratos Defense and Security Solutions Inc :
* KRATOS RECEIVES $38 MILLION IN UNMANNED SYSTEMS CONTRACT AWARDS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-kratos-receives-38-mln-in-unmanned/brief-kratos-receives-38-mln-in-unmanned-systems-contract-awards-idUSFWN1SS0HO |
Adidas sticks by Kanye West after slavery remarks 7:56pm IST - 01:00
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. Ciara Lee reports
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. Ciara Lee reports //reut.rs/2ri6k9W | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/03/adidas-sticks-by-kanye-west-after-slaver?videoId=423530347 |
Achieves Fourth Consecutive Quarter of More Than 30% Year-Over-Year Revenue Growth; Guiding for Record Revenue in the Second Quarter
SANTA CLARA, Calif., May 09, 2018 (GLOBE NEWSWIRE) -- Adesto Technologies Corporation (NASDAQ:IOTS), a leading provider of innovative application-specific semiconductors for the IoT era, today announced financial results for its first quarter ended March 31, 2018.
First Quarter Financial Summary:
Revenue increased 35.3% year-over-year to $15.3 million; GAAP gross margin was 47%, the eleventh consecutive quarter within targeted range of 45% to 50%; GAAP operating expenses were $8.1 million and non-GAAP operating expenses were $7.4 million, both better than expectations; and Adjusted EBITDA was a positive $0.3 million, compared to negative $1.1 million in the first quarter of 2017.
Commenting on the quarter, Narbeh Derhacobian, Adesto’s president and CEO, stated, “Revenue in the first quarter grew more than 35% year-over-year, representing the fourth consecutive quarter of above 30% growth and exceeding the high-end of our guidance range. Furthermore, we continued to closely manage operating expenses, which were again below the low-end of our expected range, contributing to our fourth consecutive quarter of positive adjusted EBITDA.
“During the quarter, we continued to make solid progress on expanding our design win pipeline, which has served as a key catalyst in driving our current and future revenue growth. Designs in the industrial market led the way and included wins for not only our DataFlash products, but also other product families. We also secured a number of design wins with new customers in the smart home market with our newly-released DataFlash-L family. Additionally, we had a number of design wins with leading tier 1 OEMs across consumer and communications end markets.”
Mr. Derhacobian further commented, “We are also pleased to announce today our agreement to acquire S3 Semiconductors, a Dublin-based global supplier of mixed-signal and RF ASICs to the industrial IoT and communications markets. This transaction represents a meaningful step for Adesto as we broaden our line of innovative semiconductor products, expand our addressable markets and drive accelerating revenue growth as well as margin and earnings expansion in the quarters and years ahead.”
First Quarter 2018 Results
Revenue in the first quarter of 2018 was up 35.3% to $15.3 million from $11.3 million in the first quarter of 2017, and sequentially down 5.3% from $16.2 million in the previous quarter.
Gross margin in the first quarter was 46.9%, compared to 49.1% in the first quarter of 2017 and 47.9% in the previous quarter. Gross margin remains within the Company’s targeted range.
GAAP operating expenses in the first quarter of 2018 were $8.1 million compared to $8.1 million in the first quarter of 2017 and $7.7 million in the fourth quarter of 2017. On a non-GAAP basis, operating expenses in the first quarter were $7.4 million, compared to $7.0 million in the year-ago quarter and $6.8 million in the prior quarter.
GAAP net loss in the first quarter of 2018 was $1.1 million, or ($0.05) per share, compared to a net loss of $2.8 million, or ($0.18) per share, in the first quarter of 2017 and a net loss of $165,000, or ($0.01) per share, in the previous quarter.
On a non-GAAP basis, the net loss for the first quarter of 2018 was $0.4 million, or ($0.02) per share, compared to a net loss of $1.6 million, or ($0.10) per share, in the first quarter of 2017 and net income of $0.8 million, or $0.03 per diluted share, last quarter.
Adjusted EBITDA for the first quarter of 2018 was a positive $0.3 million compared to a negative $1.1 million in the first quarter of 2017 and a positive $1.4 million in the previous quarter.
A reconciliation of GAAP results to non-GAAP results is provided in the financial statement tables following the text of this press release.
Business Outlook
For the second quarter of 2018, the Company expects revenue to increase to a range between $18.1 million and $19.0 million, which includes approximately $1.5 to $2.0 million of expected revenue contribution from S3 Semiconductors. Gross margin is expected to be between 46% and 48% for the second quarter of 2018. For the second quarter, GAAP operating expenses are expected to range between $9.1 million and $9.7 million, or $8.2 million and $8.8 million on a non-GAAP basis, which excludes approximately $0.6 million in stock-based compensation expense and $0.3 million in amortization of acquisition-related intangible assets.
Conference Call Information
Adesto will host a conference call today at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) to discuss its first quarter 2018 financial results as well as the S3 Semiconductors transaction. Investors and analysts may join the call by dialing 1-844-419-1786 and providing confirmation code 6975696 . International callers may join the teleconference by dialing +1-216-562-0473 using the same confirmation code. The call will also be available as a live and archived webcast in the Investor Relations section of the Company’s website at http://www.adestotech.com and will include a slide presentation.
A telephone replay of the conference call will be available approximately two hours after the conference call until Wednesday, May 16, 2018 at midnight Pacific Time. The replay dial-in number is 1-855-859-2056. International callers should dial +1-404-537-3406. The pass code is 6975696.
Non-GAAP Financial Information
To supplement our financial results presented in accordance with generally accepted accounting principles (GAAP), this press release and the accompanying tables and the related earnings conference call contain certain non-GAAP financial measures, including adjusted EBITDA, non-GAAP net income (loss), non-GAAP net income (loss) per share and non-GAAP operating expenses. We believe these non-GAAP financial measures are useful in evaluating our past financial performance and future results. Our non-GAAP financial measures should not be considered in isolation or as a substitute for comparable GAAP measures and should be read in conjunction with our consolidated financial statements prepared in accordance with GAAP. Our management regularly uses our supplemental non-GAAP financial measures internally to help us evaluate growth trends, establish budgets, measure the effectiveness of our business strategies and assess operational efficiencies. These non-GAAP financial measures are not based on any standardized methodology prescribed by GAAP and are not necessarily comparable to similar measures presented by other companies. Our non-GAAP financial measures include adjustments based on the following items:
Stock-based compensation expenses: We have excluded the effect of stock-based compensation expenses from our non-GAAP financial measures. Although stock-based compensation is an important part of our employees’ compensation affecting their performance, we continue to evaluate our business performance excluding stock-based compensation expenses. Stock-based compensation expenses will recur in future periods. Amortization of acquisition-related intangible assets: We have excluded the effect of amortization of acquisition-related intangible assets from our non-GAAP financial measures. Amortization of acquisition-related intangible assets is a non-cash expense, and it is not part of our core operations. Investors should note that the use of acquisition-related intangible assets contributed to revenues earned during the periods presented and will contribute to future period revenues as well.
Our non-GAAP financial measures are described as follows:
Non-GAAP net income (loss) and non-GAAP net income (loss) per share. Non-GAAP net income (loss) is GAAP net loss as reported on our condensed consolidated statements of operations, excluding the impact of stock-based compensation expense and amortization of acquisition-related intangible assets. Non-GAAP net income (loss) per share is non-GAAP net income (loss) divided by weighted average shares outstanding and, if dilutive, incremental shares based upon the conversion of outstanding stock options, restricted stock units and warrants. Non-GAAP operating expense. Non-GAAP operating expenses are GAAP operating expenses as reported in our condensed consolidated statements of operations, excluding the impact of stock-based compensation expense and amortization of acquisition-related intangible assets. Adjusted EBITDA is GAAP net loss as reported on our condensed consolidated statements of operations, excluding the impact of the same items excluded from the calculation of non-GAAP net income (loss) as well as interest expense, depreciation and amortization, and our provision for income taxes.
For reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures, please see the section of the accompanying tables titled, “Reconciliation of GAAP to Non-GAAP Financial Information.”
About Adesto Technologies
Adesto Technologies (NASDAQ:IOTS) is a leading provider of innovative application-specific semiconductors for the IoT era. The company’s technology is used by more than 2,000 customers worldwide who are creating differentiated solutions across industrial, consumer, medical and communications markets. With its growing portfolio of high-value technologies, Adesto is helping its customers usher in the era of the Internet of Things. See: www.adestotech.com .
Follow Adesto on Twitter .
Forward Looking Statements
The Quote: s of our Chief Executive Officer in this release regarding our momentum and expected revenue growth, non-GAAP operating expense maintenance, the acquisition of S3 Semiconductors and the expected benefits to Adesto and its customers, stockholders and investors from completing the acquisition, as well as all statements under “Business Outlook” are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties that could cause our actual results to differ materially, including the businesses of the Company and S3 Semiconductors may not be combined successfully, or such combination may take longer, be more difficult, time-consuming or costly to accomplish than expected; the risk that that sales of S3 Semiconductors products will not be as high as anticipated; the expected growth opportunities from the acquisition may not be fully realized or may take longer to realize than expected; customer losses and business disruption following the acquisition, including adverse effects on relationships with former employees of S3 Semiconductors, may be greater than expected; and the risk that the Company may incur unanticipated or unknown losses or liabilities in the acquisition. Additional factors, that could cause actual results to differ materially from those expressed in the include: our ability to predict the timing of design wins entering production and the potential future revenue associated with our design wins; market adoption of our CBRAM-based products; our limited operating history; our rate of growth; our ability to predict customer demand for our existing and future products and to secure adequate manufacturing capacity; consumer demand conditions affecting our end markets; our ability to manage our growth; our ability to hire, retain and motivate employees; the effects of competition, including price competition; technological, regulatory and legal developments; and developments in the economy and financial markets.
For a detailed discussion of these and other risk factors, please refer to our filings Commission, including our Annual Report on Form 10-K for the period ended December 31, 2017, filed with the SEC on March 13, 2018, which are available on our investor relations Web site ( ir.adestotech.com ) and on the SEC’s Web site ( www.sec.gov ).
All information provided in this release and in the attachments is as of Wednesday, May 9, 2018, and stockholders of Adesto are cautioned not to place undue reliance on our , which speak only as of the date such statements are made. Adesto does not undertake any obligation to publicly update any to reflect events, circumstances or new information after this May 9, 2018 press release, or to reflect the occurrence of unanticipated events.
Adesto Technologies and the Adesto logo are trademarks of Adesto Technologies in the United States and other regions. All other trademarks are property of their respective owners.
Company Contact:
Ron Shelton
Chief Financial Officer
P: 408-400-0578
E: [email protected]
Adesto Technologies Investor Relations:
Shelton Group
Leanne K. Sievers, President
P: 949-224-3874
E: [email protected]
ADESTO TECHNOLOGIES CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) (unaudited) March 31, December 31, 2018
2017
Assets Current assets: Cash and cash equivalents $ 29,546 $ 30,078 Accounts receivable, net 12,188 8,668 Inventories 7,554 5,814 Prepaid expenses 1,153 993 Other current assets 55 52 Total current assets 50,496 45,605 Property and equipment, net 7,632 7,183 Intangible assets, net 6,808 7,102 Other non-current assets 1,029 900 Goodwill 22 22 Total assets $ 65,987 $ 60,812 Liabilities and Stockholders' Equity Current liabilities: Accounts payable 7,845 7,075 Accrued compensation and benefits 2,819 2,614 Accrued expenses and other current liabilities 2,506 2,359 Price adjustments and other revenue reserves 4,545 - Line of credit, current 1,500 1,500 Term loan, current 1,929 926 Total current liabilities 21,144 14,474 Term loan, non-current 9,924 10,908 Other non-current liabilities 75 75 Deferred rent, non-current 2,294 2,404 Deferred tax liability, non-current 2 1 Total liabilities 33,439 27,862 Stockholders' equity: Common stock 2 2 Additional paid-in capital 133,804 133,087 Accumulated other comprehensive loss (312 ) (295 ) Accumulated deficit (100,946 ) (99,844 ) Total stockholders' equity 32,548 32,950 Total liabilities and stockholders' equity $ 65,987 $ 60,812
ADESTO TECHNOLOGIES CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except for share and per share amounts) (unaudited) Three Months Ended March 31, 2018
2017
Revenue, net $ 15,302 $ 11,307 Cost of revenue 8,122 5,753 Gross profit 7,180 5,554 Operating expenses: Research and development 3,665 3,372 Sales and marketing 2,752 2,600 General and administrative 1,713 2,135 Total operating expenses 8,130 8,107 Loss from operations (950 ) (2,553 ) Other income (expense): Interest expense, net (141 ) (213 ) Other income, net 10 18 Total other income (expense), net (131 ) (195 ) Loss before provision for income taxes (1,081 ) (2,748 ) Provision for income taxes 21 27 Net loss $ (1,102 ) $ (2,775 ) Net loss per share: Basic and diluted $ (0.05 ) $ (0.18 ) Weighted average number of shares used in computing net loss per share: Basic and diluted 21,370,927 15,642,286
ADESTO TECHNOLOGIES CORPORATION RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION (in thousands, except for share and per share amounts)
(unaudited) Three Months Ended March 31, 2018 2017 GAAP gross profit $ 7,180 $ 5,554 Stock-based compensation expense 25 21 Non-GAAP gross profit $ 7,205 $ 5,575 GAAP research and development expenses $ 3,665 $ 3,372 Stock-based compensation expense (183 ) (255 ) Amortization of acquisition-related intangible assets (106 ) (122 ) Non-GAAP research and development expenses $ 3,376 $ 2,995 GAAP sales and marketing expenses $ 2,752 $ 2,600 Stock-based compensation expense (104 ) (167 ) Amortization of acquisition-related intangible assets (188 ) (187 ) Non-GAAP sales and marketing expenses $ 2,460 $ 2,246 GAAP general and administrative expenses $ 1,713 $ 2,135 Stock-based compensation expense (131 ) (381 ) Non-GAAP general and administrative expenses $ 1,582 $ 1,754 GAAP operating expenses $ 8,130 $ 8,107 Stock-based compensation expense (418 ) (803 ) Amortization of acquisition-related intangible assets (294 ) (309 ) Non-GAAP operating expenses $ 7,418 $ 6,995 GAAP loss from operations $ (950 ) $ (2,553 ) Stock-based compensation expense 443 824 Amortization of acquisition-related intangible assets 294 309 Non-GAAP loss from operations $ (213 ) $ (1,420 ) Reconciliation from GAAP net loss to adjusted EBITDA: GAAP net loss: $ (1,102 ) $ (2,775 ) Stock-based compensation expense 443 824 Amortization of acquisition-related intangible assets 294 309 Non-GAAP net loss (365 ) (1,642 ) Interest expense 154 223 Provision for income taxes 21 27 Depreciation and amortization 488 304 Adjusted EBITDA $ 298 $ (1,088 ) Non-GAAP basic and diluted net loss per share ($0.02 ) ($0.10 ) Weighted-average number of shares used in calculating non-GAAP basic and diluted net loss per share 21,370,927 15,642,286
Source:Adesto Technologies Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/globe-newswire-adesto-technologies-reports-first-quarter-2018-financial-results.html |
COPENHAGEN (Reuters) - Novo Nordisk ( NOVOb.CO ), the world’s biggest maker of diabetes drugs, reported a smaller than expected fall in first-quarter profit and nudged up its full-year forecast as sales of new medicines helped to soften the hit from a weaker U.S. dollar.
FILE PHOTO: The logo of Danish multinational pharmaceutical company Novo Nordisk is pictured on the facade of a production plant in Chartres, north-central France, April 21, 2016. REUTERS/Guillaume Souvant/File Photo With its traditional insulin treatments facing price pressures in the United States, Novo is pinning its hopes on new obesity medicines and Ozempic, a once-weekly injection for diabetes expected to become its biggest drug.
The initial feedback for Ozempic, known generically as semaglutide, is positive, the Danish company said. Analysts predict it will account for around 20 percent of sales in 2025.
“I think the most important matter is that we have had quite some success in landing contracts with the payers,” said Chief Executive Lars Fruergaard Jorgensen.
Sales of Ozempic are seen reaching at least 1 billion Danish crowns this year, he said. In the first quarter, sales were 69 million crowns, following its February launch in the United States, the world’s biggest drugs market.
FILE PHOTO: A Novo Nordisk employee controls a machine at an insulin production line in a plant in Kalundborg, Denmark November 4, 2013. REUTERS/Fabian Bimmer/File Photo Ozempic belongs to a class of treatments known as GLP-1s that stimulate insulin production, the first of which was derived from the venomous bite of North America’s Gila monster lizard. So far, all have been injections, but Novo is also working on a tablet version.
Novo hopes Ozempic will take market share from Eli Lilly’s ( LLY.N ) one-weekly Trulicity, which has cut into sales of Novo’s current top-selling drug, once-daily Victoza.
At 0940 GMT, Novo shares were up 5 percent at 309.1 crowns.
Morgan Stanley analysts described the results and guidance upgrade as “reassuring in the context of U.S. pricing pressure and competitive intensity in the GLP-1 market”.
First-quarter operating profit fell 8 percent to 12.4 billion crowns ($2 billion), hit by the depreciation of the dollar, but beat analysts’ average forecast of 11.8 billion crowns in a Reuters poll.
Novo expects 2018 sales growth of 3-5 percent compared with 2-5 percent previously and operating profit growth of 2-5 percent from 1-5 percent, both in local currencies.
As well as competition in the United States, Novo faces new legislation there aimed at reining in high drug prices. The company forecast that would take 1-2 percent off its 2019 sales.
The recently-passed legislation requires drug firms to cover 70 percent of the funding gap for patients under the Medicare here Part D insurance from 2019, up from around 50 percent now.
High drug prices have been a hot political topic and U.S. President Donald Trump said in January pharmaceutical companies were “getting away with murder”.
“We are far from having solved the affordability problem from patients in the U.S. so I still think there will be policy considerations going on,” Jorgensen said.
($1 = 6.2086 Danish crowns)
Reporting by Stine Jacobsen; Editing by Jacob Gronholt-Pedersen, Louise Heavens and Mark Potter
| ashraq/financial-news-articles | https://www.reuters.com/article/us-novo-nordisk-results/drugmaker-novo-nordisk-beats-first-quarter-profit-expectations-nudges-up-2018-outlook-idUSKBN1I30MV |
PARIS (Reuters) - French oil major Total said on Wednesday that its plans to drill in the ecologically sensitive Foz do Amazonas basin were still alive, despite Brazil’s decision to reject its drilling application.
FILE PHOTO: A logo is pictured at French oil and gas company Total gas station in Marseille, February 11, 2015. REUTERS/Jean-Paul Pelissier Brazilian environmental agency Ibama rejected on Tuesday Total’s application for an environmental license to drill in that area. It is the fourth time that Ibama has rejected the application and requested additional information.
“The latest observations by Ibama on our exploration project at the mouth of the Amazon are in no way a rejection of this project,” Total said in a statement.
“Regular discussions are part of the preliminary process when local authorities award the license required to begin any operations. Total will review and respond to the request by Ibama for additional information about the Environmental Impact Study,” added Total.
Reporting by Bate Felix; Editing by Sudip Kar-Gupta
| ashraq/financial-news-articles | https://www.reuters.com/article/us-total-brazil/oil-major-total-says-foz-do-amazonas-project-still-alive-despite-brazil-rejection-idUSKCN1IV12V |
AKRON, Ohio--(BUSINESS WIRE)-- Myers Industries, Inc. (NYSE: MYE) today announced the pricing of an underwritten public offering of 4,000,000 shares of its common stock at a price to the public of $18.50 per share. The offering is expected to close on or about May 22, 2018, subject to the satisfaction of customary closing conditions. In addition, Myers has granted the underwriters a 30-day option to purchase up to an additional 600,000 shares of its common stock offered in the public offering, on the same terms and conditions.
Myers intends to use the net proceeds from the offering to fund growth of its business, including through selective acquisitions, to repay a portion of its outstanding indebtedness and for other general corporate purposes.
J.P. Morgan Securities LLC is acting as sole active book-running manager for the offering and as representative of the underwriters. Baird is also acting as a book-running manager for the offering. KeyBanc Capital Markets and Cowen are acting as co-managers for the offering.
A registration statement relating to the shares was previously filed with, and was declared effective by, the Securities and Exchange Commission on October 30, 2017. The offering is being made solely by means of a prospectus supplement and the accompanying prospectus. A preliminary prospectus supplement and accompanying prospectus relating to the offering have been filed with the Securities and Exchange Commission and are available, and a final prospectus supplement and accompanying prospectus relating to the offering will be filed with the Securities and Exchange Commission and will be available on the Securities and Exchange Commission’s website located at http://www.sec.gov . A copy of the final prospectus supplement and accompanying prospectus relating to the offering, when available, may 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] .
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 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 Myers Industries
Myers Industries, Inc. is an international manufacturer of polymer products for industrial, agricultural, automotive, commercial and consumer markets. Myers is also a distributor of tools, equipment and supplies for the tire, wheel and under-vehicle service industry in the United States.
Forward-Looking Statements
Statements in this release may include “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995, such as those, among others, relating to Myers’ expectations regarding the completion of the proposed public offering and its anticipated use of proceeds from the offering. Actual results or developments may differ materially from those projected or implied in these forward-looking statements. Factors that may cause such a difference include, without limitation, risks and uncertainties related to whether or not Myers will be able to raise capital through the sale of shares of common stock, the final terms of the proposed offering, market and other conditions, the satisfaction of customary closing conditions related to the proposed public offering and the impact of general economic, industry or political conditions in the United States or internationally. There can be no assurance that Myers will be able to complete the proposed public offering on the anticipated terms, or at all. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this press release. Additional risks and uncertainties relating to the proposed offering, Myers and its business can be found under the heading "Risk Factors" in the preliminary prospectus supplement (and documents incorporated by reference therein) related to the proposed public offering filed with the Securities and Exchange Commission. Myers expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180518005256/en/
For Myers Industries, Inc.
Monica Vinay, 330-761-6212
Vice President, Investor Relations & Treasurer
Source: Myers Industries, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/18/business-wire-myers-industries-announces-pricing-of-public-offering-of-common-stock.html |
0 COMMENTS The iHeart Media headquarters in Phoenix is shown on March 15, 2018. Clear Channel Outdoor Holdings Inc. is a unit of iHeart. Photo: AP Photo/Matt York
Investigations of misappropriated funds at a Hong Kong-listed unit of Clear Channel Outdoor Holdings Inc. could lead to sanctions against it under the Foreign Corrupt Practices Act, a U.S. antibribery law.
The company is a publicly traded unit of iHeartMedia Inc. It earlier said several employees of Clear Media Ltd., an indirect subsidiary listed on the Hong Kong Stock Exchange, are under investigation by Chinese police.
Clear Channel Outdoor said Monday the misappropriation resulted in a gap between the amount of cash Clear Media actually held and the total listed on its books. The accounting issue would force it to delay filing its annual results with the U.S. Securities and Exchange Commission, Clear Channel said early last month.
Clear Channel said it determined there was a “material weakness” in controls over financial reporting with respect to Clear Media. A Clear Media probe conducted by forensic accountants and an outside law firm found three unauthorized bank accounts had been opened in the name of Clear Media entities and “certain transactions” were recorded in those accounts.
The outdoor-ad company said it informed both the SEC and U.S. Department of Justice and intends to cooperate with any investigations authorities may conduct. The SEC and Justice Department declined to comment.
The Clear Media matter “could implicate” both accounting and antibribery provisions of the Foreign Corrupt Practices Act, which bars paying bribes to foreign government officials to win, or keep, a business advantage, Clear Channel said.
The accounting provisions operate in tandem with the antibribery part of the law, requiring companies to maintain accounts that reflect their actual activities. They also require companies to develop internal systems sufficient to let management maintain control of a company’s assets.
Write to Henry Cutter at [email protected]. Follow him on Twitter at @henry_cutter.
Share this: Clear Channel Outdoor Holdings Inc. Clear Media Ltd. controls iHeartMedia Inc. material weakness Previous Survey Roundup: Lack of Investment Exposes Critical Infrastructure Content from our sponsor Deloitte Risk management, strategy and analysis from Deloitte Six Ways to Prepare for the EU’s GDPR A new regulation set to take effect May 25 adds unprecedented urgency to organizations' data protection imperative. The General Data Protection Regulation will affect virtually any company in any sector around the world that processes the personal data of EU residents. Further, the penalties for noncompliance are daunting, reaching as high as 4% of global revenue or 20 million euros, whichever is greater. Learn the six areas that will likely require significant attention as executives get their organizations prepared.
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/2018/05/02/outdoor-ad-firm-flags-risk-of-bribery-law-violations/ |
May 1 (Reuters) - Regeneron Pharmaceuticals and Sanofi will cut the net price of their expensive cholesterol drug for Express Scripts customers in exchange for greater patient access, with some savings to be shared with consumers, the companies said on Tuesday.
The drug, Praluent, dramatically lowers bad LDL cholesterol and reduces the risk of heart attacks and death in high-risk heart patients.
But sales of Praluent and a rival Amgen drug, with list prices of more than $14,000 a year before discounts, have been severely constrained by onerous roadblocks to patient access by insurers. They routinely reject about 70 percent of prescriptions written, the companies have said.
"I expect this to substantially increase the sales," Regeneron Chief Executive Leonard Schleifer said of the Express Scripts deal.
Regeneron and Sanofi said in March they would be willing to lower Praluent's price in exchange for easier patient access. They said pricing could be tied to an independent review by the Institute for Clinical and Economic Review (ICER), which put an appropriate Praluent price for highest risk patients at $4,500 to $8,000 a year.
The Praluent net price will be at the "low end" of the ICER range including double-digit rebates, said Express Scripts Chief Medical Officer Steve Miller. Rebates are still needed to reward plans for choosing the drug, he added.
The arrangement makes Praluent exclusive on the Express Scripts' national formulary for the drug class known as PCSK9 inhibitors, meaning customers of the largest U.S. pharmacy benefit manager (PBM) will mostly not have access to Amgen's Repatha.
Beginning July 1, doctors can submit just one form attesting that a patient with heart disease meets criteria for PCSK9 therapy, such as inability to sufficiently lower LDL with cheap statins, like Pfizer's Lipitor.
"This ... addresses head-on the frustrations caused by complex pre-authorization requirements that hamstring physicians and put an important medicine out of reach from patients," Michelle Carnahan, head of Sanofi's North America cardiovascular business, said in a statement.
Starting next year, Express Scripts will pass along a portion of Praluent rebates it receives from the drugmakers to people in eligible health benefit plans, lowering out-of-pocket costs.
"This is a significant (price) reduction that the patients will also feel, not just the insurance companies or the employers," Schleifer said.
He said talks were taking place with other insurers and PBMs about similar arrangements.
"I hope that this will spread like wildfire through the entire payer system," Schleifer said.
(Reporting by Bill Berkrot in New York and Deena Beasley in Los Angeles; editing by Diane Craft) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/01/reuters-america-regeneronsanofi-to-cut-price-of-heart-drug-in-express-scripts-deal.html |
LONDON (Reuters) - Equatorial Guinea is in talks to sell liquefied natural gas (LNG) supply from its Punta Europa project to independent and state-backed oil companies and traders from 2020 as it winds down an exclusive deal with Royal Dutch Shell.
Gabriel Obiang Lima, Minister for Mines and Hydrocarbons, told Reuters he is seeking to lift royalties from future LNG deals close to 50 percent, compared with 12.5 percent under existing arrangements with Shell.
Shell’s deal, inherited after it acquired BG Group in 2015, was amended in 2009 under government pressure to include a 12.5 percent share of profits, but it is still among the most lucrative contracts for any LNG exporter.
“We invited possible LNG buyers, so they are aware of the opportunities,” Lima said, adding that talks are progressing with China National Offshore Oil Corporation (CNOOC), Russia’s Lukoil, France’s Total, trader Vitol, Shell and a joint venture between Lukoil and NewAge.
Supply deals will be offered for 3-5 years from 2020, Lima said.
The country’s LNG plant, operated by Marathon Oil Corporation, is currently fed by the depleting Alba gas field, which faces a cliff-edge dip in output from 2019/2020, he said.
Future production will be underpinned by pooling supply from the country’s and wider region’s stranded gas fields, raising the prospect of eventually boosting LNG output and state energy revenue.
LEGACY DEAL In signing up to buy all of Equatorial Guinea’s 3.4 million tonnes of annual LNG output for 17 years, BG Group - later acquired by Shell - sealed one of the industry’s most lucrative LNG deals.
It paid a fixed discount to U.S. Henry Hub gas prices - now one of the cheapest gas benchmarks in the world - as it initially planned to sell supply into that market.
As the shale gas revolution killed demand for LNG imports, BG Group benefited from paying U.S.-linked prices for the LNG as it diverted supply to Asia, where prices were up to five times higher.
The original contract made no provision for profit sharing on cargo diversions with the government, in part because the U.S. transformation from gas importer to producer took global markets by surprise.
Reporting by Oleg Vukmanovic; Editing by Alexandra Hudson and David Goodman
| ashraq/financial-news-articles | https://in.reuters.com/article/equatorial-guinea-lng-deals/exclusive-equatorial-guinea-in-lng-sale-talks-as-shell-deal-winds-down-idINKBN1IB2DC |
CLEARWATER, Fla., May 7, 2018 /PRNewswire/ -- Heritage Insurance Holdings, Inc. (NYSE: HRTG) ("Heritage" or the "Company"), a property and casualty insurance holding company, today reported its financial results for the fiscal quarter ended March 31, 2018.
First Quarter Highlights
Book value per share increased 19.1% quarter-over-quarter to $15.09 as of March 31, 2018 Operating income of $24.8 million $1.6 million of dividends paid in Q1 2018 Q1 2018 net income of $14.8 million and earnings per share of $0.58 Net combined ratio declined to 82.2% in Q1 2018 from 94.8% in Q1 2017 Stockholders' equity of $388.9 million at March 31, 2018 Premiums in force increased by 48% to $923.3 million at March 31, 2018 compared to $622.4 million at March 31, 2017 Repurchased 115,200 shares of our common stock in Q1 for an aggregate purchase price of $2 million Board of Directors declared a first quarter dividend of $0.06 per share Hurricane Irma Closed 92% of approximately 32,000 Irma Claims Vertically integrated repair division continues to perform services related to Hurricane Irma claims
Bruce Lucas, the Company's Chairman and CEO, said, "We believe our diversified business plan is paying off, as evidenced by our results. Year-over-year, our consolidated gross loss ratio declined 6.8 points to 23.4%. Our vertically integrated claims model and diversification away from AOB prone areas are favorably impacting our consolidated loss ratio, and were key factors in lowering our net combined ratio from 94.8% to 82.2% year-over-year. We are taking active steps to expand Contractors Alliance Network to all states, which we believe will positively impact future consolidated loss ratios. Additionally, we began an initiative in 2015 to diversify our business, which has been highly successful. We are no longer a Florida-only insurer and have transformed the company into a Super Regional Insurer, which is evident when looking at our consolidated total insured value by region, especially Florida, where the percentage of Florida TIV declined from 70.1% to 31.8% year-over-year. Finally, we have completed our 2018-2019 reinsurance program with favorable results. Year-over-year, our reinsurance costs only increased less than 1% on a risk adjusted basis, substantially better than our initial projections."
Results of Operations
The following table summarizes our results of operations for the three months ended March 31, 2018 and 2017 (in thousands, except percentages and per share amounts):
Three Months Ended March 31,
2018
2017
Change
Revenue
Gross premiums written
$
204,366
$
142,235
44%
Gross premiums earned
$
227,163
$
154,608
47%
Ceded premiums
$
(121,055)
$
(62,432)
94%
Net premiums earned
$
106,108
$
92,176
15%
Total revenues
$
112,026
$
99,293
13%
Operating income
$
24,817
$
11,890
109%
Income before income taxes
$
19,997
$
9,709
106%
Net income
$
14,829
$
5,983
148%
Per Share Data:
Book value per share
$
15.09
$
12.67
19%
Earnings per diluted share
$
0.55
$
0.21
162%
Return on average equity - Net Income
15.4%
6.7%
8.7
pts
Ratios to Gross Premiums Earned:
Ceded premium ratio
53.3%
40.3%
13.0
pts
Gross loss ratio
23.4%
30.2%
(6.8)
pts
Gross expense ratio
15.0%
26.4%
(11.4)
pts
Combined expense ratio - Gross
91.7%
96.9%
(5.2)
pts
Ratios to Net Premiums Earned:
Net loss ratio
50.0%
50.6%
(0.6)
pts
Net expense ratio
32.2%
44.2%
(12.0)
pts
Combined expense ratio - Net
82.2%
94.8%
(12.6)
pts
Ratios
Ceded premium ratio. Our ceded premium ratio represents ceded premiums as a percentage of gross premiums earned.
Gross loss ratio. Our gross loss ratio represents losses and loss adjustment expenses net of reinsurance recoveries as a percentage of gross premiums earned.
Net loss ratio. Our net loss ratio represents losses and loss adjustment expenses as a percentage of net premiums earned.
Gross expense ratio. Our gross expense ratio represents policy acquisition costs and general and administrative expenses as a percentage of gross premiums earned. Ceding commission income is reported as a reduction of policy acquisition and general and administrative costs.
Net expense ratio. Our net expense ratio represents policy acquisition costs plus general and administrative expenses as a percentage of net premiums earned. Ceding commission income is reported as a reduction of policy acquisition and general and administrative costs.
Combined ratios. Our combined ratio on a gross basis represents the sum of ceded premiums, losses and loss adjustment expenses, policy acquisition costs and general and administrative expenses as a percentage of gross premiums earned. Our combined ratio on a net basis represents the sum of losses and loss adjustment expenses, policy acquisition costs and general and administrative expenses as a percentage of net premiums earned.
The combined ratio is the key measure of underwriting performance traditionally used in the property and casualty industry. A combined ratio under 100% generally reflects profitable underwriting results.
Quarterly Financial Results
Net income for the first quarter of 2018 was $14.8 million compared to $6.0 million for the first quarter of 2017. The increase is attributable to inclusion of Narragansett Bay Insurance Company ("NBIC"), which we acquired on November 30, 2017, coupled with an increase in net income from our legacy Heritage companies.
Gross premiums written were $204.3 million for the first quarter of 2018 compared to $142.2 million for the first quarter of 2017. The increase is due to inclusion of NBIC premiums, partially offset by the impact of selective underwriting and exposure management at Heritage P&C aimed at improving Florida underwriting results.
Gross premiums earned were $227.2 million for the first quarter of 2018 compared to $154.6 million for the first quarter of 2017. This increase was primarily driven by the inclusion of NBIC gross premiums earned, partially offset by selective underwriting and exposure management aimed at improving underwriting results in Florida.
Ceded premiums as a percentage of gross premiums earned were 53.3% for the first quarter of 2018 compared to 40.3% for the first quarter of 2017. The increase is a result of the quota share reinsurance agreements that NBIC has in place. Excluding the results of NBIC, the Company's ceded premium ratio would have been 38.3% for the first quarter of 2018.
The loss ratio on a net basis was 50.0% for the first quarter of 2018 compared to 50.6% for the first quarter of 2017. While the net loss ratio was relatively consistent, we did experience higher loss ratios at Heritage P&C and NBIC, which was mitigated by profitability arising from utilization of our vertically integrated affiliate, Contractors Alliance Network.
The Company's expense ratio on a net basis was 32.2% for the first quarter of 2018 compared to 44.2% for the first quarter of 2017. The first quarter of 2018 expense ratio benefited from ceding commission income earned by NBIC. We have included NBIC's first quarter ceding commission earned of approximately $19.0 million from its quota share agreements as a reduction to policy acquisition costs and general and administrative expenses in the Condensed Consolidated Statements of Operations and Other Comprehensive Income. Excluding the impact of NBIC, the expense ratio increased slightly to 45.5% in the first quarter of 2018 from 44.2% for the first quarter of 2017.
Our combined ratio on a gross and net basis for the first quarter of 2018 was 91.7% and 82.2%, respectively. Our combined ratio on a gross and net basis for the first quarter of 2017 was 96.9% and 94.8%, respectively. The decrease in the gross and net combined ratios relates primarily to a lower loss ratio and a lower expense ratio driven by the favorable impact of ceding commission income on operating expenses.
Book Value Analysis
Book value per share increased 19.1% to $15.09 at March 31, 2018 compared to March 31, 2017.
As of
Book Value Per Share
March 31, 2018
December 31, 2017
March 31, 2017
Numerator:
Common stockholders' equity
$
388,893
$
379,816
$
360,831
Denominator:
Total Shares Outstanding
25,769,806
25,885,006
28,479,232
Book Value Per Common Share
$
15.09
$
14.67
$
12.67
Conference Call Details:
Tuesday, May 8, 2018 – 8:30 a.m. EDT
Participant Dial-in Numbers Toll Free: 1-888-346-3095
Participant International Dial In: 1-412-902-4258
Canada Toll Free: 1-855-669-9657
Webcast:
To listen to the live webcast, please go to http://investors.heritagepci.com/ . This webcast will be archived and accessible on the Company's website.
Heritage Insurance Holdings, Inc.
Consolidated Balance Sheets
(In thousands, except share data and per share)
March 31, 2018
December 31, 2017
ASSETS
(unaudited)
Fixed maturity securities, available for sale, at fair value (amortized
cost of $496,812 and $552,458 in 2018 and 2017, respectively)
$
486,678
$
549,796
Equity securities, available for sale, at fair value (cost of $17,395 and
$17,548 in 2018 and 2017, respectively)
16,235
17,217
Total investments
502,913
567,013
Cash and cash equivalents
193,641
153,697
Restricted cash and cash equivalents
20,836
20,833
Accrued investment income
4,241
5,057
Premiums receivable, net
66,734
67,757
Reinsurance recoverable on paid and unpaid claims
553,823
357,357
Prepaid reinsurance premiums
164,061
227,764
Income taxes receivable
17,523
37,338
Deferred policy acquisition costs, net
53,862
41,678
Property and equipment, net
18,417
18,748
Intangibles, net
94,999
101,626
Goodwill
152,459
152,459
Other assets
22,902
19,883
Total Assets
$
1,866,411
$
1,771,210
LIABILITIES AND STOCKHOLDERS' EQUITY
Unpaid losses and loss adjustment expenses
$
547,735
$
470,083
Unearned premiums
452,537
475,334
Reinsurance payable
56,008
17,577
Long-term debt, net
185,138
184,405
Deferred income tax
18,280
34,333
Advance premiums
37,738
23,648
Accrued compensation
7,328
16,477
Accounts payable and other liabilities
172,754
169,537
Total Liabilities
$
1,477,518
$
1,391,394
Commitments and contingencies
Stockholders' Equity:
Common stock, $0.0001 par value, 50,000,000 shares authorized,
26,569,806 shares issued and 25,769,806 outstanding at March 31, 2018 and
26,560,004 shares issued and 25,885,004 outstanding at December 31, 2017
3
3
Additional paid-in capital
297,112
294,836
Accumulated other comprehensive loss
(7,649)
(3,064)
Treasury stock, at cost, 7,214,797 shares at March 31, 2018 and 7,099,597
shares at December 31, 2017
(89,184)
(87,185)
Retained earnings
188,611
175,226
Total Stockholders' Equity
388,893
379,816
Total Liabilities and Stockholders' Equity
$
1,866,411
$
1,771,210
Heritage Insurance Holdings, Inc.
Consolidated Statements of Comprehensive Income
(In thousands, except share data and per share)
(Unaudited)
For the Three Months Ended March 31,
2018
2017
REVENUES:
Gross premiums written
$
204,366
$
142,235
Change in gross unearned premiums
22,797
12,373
Gross premiums earned
227,163
154,608
Ceded premiums
(121,055)
(62,432)
Net premiums earned
106,108
92,176
Net investment income
3,302
2,502
Net realized (losses) gains
(227)
771
Other revenue
2,843
3,844
Total revenues
112,026
99,293
EXPENSES:
Losses and loss adjustment expenses
53,091
46,647
Policy acquisition costs, net of ceding commission income of $14.3
million and $0, respectively
12,187
23,442
General and administrative expenses, net of ceding commission income
of $4.7 million and $0, respectively
21,931
17,314
Total expenses
87,209
87,403
Operating income
24,817
11,890
Interest expense, net
4,820
2,181
Income before income taxes
19,997
9,709
Provision for income taxes
5,168
3,726
Net income
$
14,829
$
5,983
OTHER COMPREHENSIVE INCOME
Change in net unrealized (losses) gains on investments
(6,478)
3,981
Reclassification adjustment for net realized investment losses (gains)
227
(771)
Income tax benefit (expense) related to items of other comprehensive
income
1,823
(1,236)
Total comprehensive income
$
10,401
$
7,957
Weighted average shares outstanding
Basic
25,727,553
28,806,709
Diluted
26,732,019
28,806,709
Earnings per share
Basic
$
0.58
$
0.21
Diluted
$
0.55
$
0.21
About Heritage
Heritage Insurance Holdings, Inc. is a property and casualty insurance holding company headquartered in Clearwater, Florida. Its subsidiaries, Heritage Property & Casualty Insurance Company, Zephyr Insurance Company, and Narragansett Bay Insurance Company, had combined premium in force at March 31, 2018 of approximately $923 million. This includes personal and commercial residential premium which is written through a large network of experienced agents. The Company is currently writing property and casualty insurance policies in Alabama, Connecticut, Florida, Georgia, Hawaii, Massachusetts, New Jersey, New York, North Carolina, Rhode Island, and South Carolina. Heritage Insurance Holdings, Inc. is led by a seasoned senior management team with an average of 25 years of insurance industry experience.
Forward-Looking Statements
Statements in this press release that are not historical facts are forward-looking statements that are subject to certain risks and uncertainties that could cause actual events and results to differ discussed herein. Without limiting the generality of the foregoing, words such as "may," "will," "expect," "believe," "anticipate," "intend," "could," "would," "estimate," "or "continue" or the other negative variations thereof or comparable terminology are intended to identify forward-looking statements. The risks and uncertainties that could cause our actual results to differ from those expressed or implied herein include, without limitation: the success of the Company's marketing initiatives; inflation and other changes in economic conditions (including changes in interest rates and financial markets); the impact of new federal and state regulations that affect the property and casualty insurance market; the costs of reinsurance and the collectability of reinsurance; assessments charged by various governmental agencies; pricing competition and other initiatives by competitors; our ability to obtain regulatory approval for requested rate changes, and the timing thereof; legislative and regulatory developments; the outcome of litigation pending against us, including the terms of any settlements; risks related to the nature of our business; dependence on investment income and the composition of our investment portfolio; the adequacy of our liability for losses and loss adjustment expense; our ability to build and maintain relationships with insurance agents; claims experience; ratings by industry services; catastrophe losses; reliance on key personnel; weather conditions (including the severity and frequency of storms, hurricanes, tornadoes and hail); changes in loss trends; acts of war and terrorist activities; court decisions and trends in litigation; and other matters described from time to time by us in our filings with the Securities and Exchange Commission, including, but not limited to, the Company's Annual Report on Form 10-K for the year ended December 31, 2017 filed with the Securities and Exchange Commission on March 15, 2018. The Company undertakes no obligations to update, change or revise any forward-looking statement, whether as a result of new information, additional or subsequent developments or otherwise .
Heritage Insurance Holdings Inc.
Investor Contact:
Kirk Lusk, CFO
727-362-7211
[email protected]
or
Joseph Peiso, Vice President - Compliance
727-362-7261
[email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/heritage-insurance-holdings-inc-reports-financial-results-for-first-quarter-of-2018-300643987.html
SOURCE Heritage Insurance Holdings, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/pr-newswire-heritage-insurance-holdings-inc-reports-financial-results-for-first-quarter-of-2018.html |
Getty Images Ashton Kutcher
Actor and noted tech investor Ashton Kutcher surprised Ellen DeGeneres on Wednesday with a large donation to the talk show host's wildlife charity on behalf of cryptocurrency startup Ripple.
The twist? The $4 million that Kutcher and his business partner, Guy Oseary, presented to The Ellen DeGeneres Wildlife Fund comes in the form of Ripple's XRP coin — currently third most-valuable cryptocurrency on the market, behind Bitcoin and Ethereum.
Kutcher surprised DeGeneres with the donation, on behalf of Ripple, live on "The Ellen DeGeneres Show" on NBC.
"You're always thinking about everyone else," Kutcher told DeGeneres. "We wanted to show you that people are thinking about you."
Kutcher joked that, typically, such a large donation might be accompanied by a "big, giant check," but the actor instead had DeGeneres push a button on his phone that transferred millions of dollars worth of the cryptocurrency to the charity instantly.
Kutcher and Oseary (a friend of DeGeneres' who is a talent manager for acts like Madonna and U2) are invested in Ripple through their tech investment fund, Sound Ventures . The fund has also invested in tech startups such as cloud-based business software company Zenefits, while Kutcher himself was also an early backer of major startups like Airbnb and Uber.
Here's what you need to know about Ripple and XRP.
"Ripple is basically a platform to allow people to transfer money from bank account to bank account, person to person, really securely, really simply, really quickly," said Kutcher, a noted fan of the blockchain technology that supports cryptocurrency, while describing what Ripple does on DeGeneres' show.
First released in 2012, San Francisco-based Ripple's XRP is a digital currency that users on the company's network use to perform global transactions. Ripple bills itself as a platform where banks and other global financial institutions can make fast and secure financial payments using XRP. show chapters 9:38 AM ET Tue, 23 Jan 2018 | 01:36
Ripple's XRP coin is currently worth just over $23.3 billion on paper, compared to Bitcoin's valuation of $128 billion. Of course, like other cryptocurrencies , XRP has proven to be extremely volatile, having lost more than 80 percent of its value since hitting a high price of $3.84 per digital token in January 2018. Ripple co-founder Chris Larsen saw his personal XRP holdings lose more than $40 billion in value at one point in January, when cryptocurrency valuations fell off a cliff.
Ripple's XRP ended Wednesday trading at roughly 65 cents, according to Coinmarketcap.com .
On Ripple's platform, financial institutions serve as "gateways" or intermediaries that users access in order to transfer money from one person or entity to another faster and at a lower cost than most traditional forms of money transfer.
Unlike Bitcoin, Ripple's XRP tokens do not need to be mined. And Ripple's platform is also popular for the speed of its transactions, with Ripple being able to perform 1,500 transactions per second, compared to three per second for Bitcoin. XRP transactions go through in about four seconds, on average, versus more than an hour for Bitcoin, and several days for most traditional financial institutions.
The drawbacks for Ripple and XRP for some people include the criticism that the digital currency is not full decentralized, because Ripple controls the bulk of it. There have also been some concerns raised about how secure the network is against cyberattacks, while Ripple was also sued in early May for allegedly selling unregistered securities to investors.
Still, Ripple has found fans among some high-profile financial institutions, forming partnerships with the likes of American Express , money transfer company MoneyGram , as well as global banks such as Swiss-based UBS and Spain's Banco Santander, to provide their customers with blockchain-based digital payments.
Don't Miss: | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/24/ashton-kutcher-gave-ellen-degeneres-ripples-xrp-for-charity.html |
Jon Gray tossed seven shutout innings to extend Colorado’s dominant stretch of starts, Trevor Story doubled and tripled, and the Rockies beat the Los Angeles Angels 4-2 on Tuesday night in Denver.
Wade Davis worked the ninth inning for his major-league-leading 14th save.
Gray (4-4) allowed four hits, walked one and struck out eight to help Colorado win its sixth straight. Gray’s outing was the ninth consecutive quality start for the Rockies, a franchise record.
Justin Upton homered and starter Andrew Healey (1-2) allowed two runs in six innings to take the loss for the Angels.
Gray needed 28 pitches to get out of the first inning before he settled down. He retired 11 in a row after walking Andrelton Simmons to load the bases in the first. Martin Maldonado broke the streak with a one-out single in the fifth.
DJ LeMahieu, who was activated off the 10-day disabled list prior to the game, gave the Rockies the lead in the third. Tony Wolters singled, Gray sacrificed him to second and LeMahieu followed with a single to right field to make it 1-0.
LeMahieu had been out two weeks due to a right hamstring strain.
Colorado made it 2-0 in the sixth when Story led off with a triple and scored on Gerardo Parra’s one-out single to left. Heaney then hit Noel Cuevas with a pitch, but the inning ended when Wolters lined out to Mike Trout, with the center fielder doubling up Parra at second.
The Angels threatened in the seventh inning when Simmons led off with a single and moved to second on a groundout. That brought up rookie phenom Shohei Ohtani — who didn’t start because there is no designated hitter in National League ballparks — as a pinch hitter.
Ohtani worked the count to 3-1 before grounding out to first for the second out. Gray then got Martin Maldonado to fly out to end the inning.
Gray retired 18 of the last 20 batters he faced.
Story’s two-run double in the seventh gave Colorado a four-run cushion.
Following a Trout walk in the eighth, Upton hit a two-run homer off Adam Ottavino.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-col-laa-recap/gray-rockies-stymie-angels-for-6th-win-in-row-idUSMTZEE59FZ9DL9 |
Global Bank Also Announces New M&A Managing Director to Focus on Packaging and Paper
NEW YORK--(BUSINESS WIRE)-- Rabobank, a leading global food and agribusiness bank, has appointed Gregg Fatzinger and Dean Asofsky as co-heads of its Wholesale Banking Mergers & Acquisitions (M&A) business in North America.
The appointments reflect Rabobank’s growing M&A advisory presence in North America and globally, including recent deals such as Marfrig’s pending $969 million acquisition of a 51% controlling interest in National Beef and Fresh Del Monte’s $361 million acquisition of Mann Packing. Asofsky and Fatzinger are based in New York and will lead a North American team that falls under Global Head of Mergers & Acquisitions Don Meltzer, and that is part of Rabobank’s corporate banking business in North America under David Bassett, Head of Wholesale Banking North America.
Rabobank also announced that Asem Mokaddem has joined the New York-based Wholesale Banking M&A team as a Managing Director under Fatzinger and Asofsky, focusing on Rabobank’s global M&A business in the Packaging & Paper sector, a critical component of the bank’s Supply Chain sector.
"More than ever, the North American M&A business is a critical component of Rabobank's global M&A growth strategy,” said Meltzer, who was the previous North American Head of M&A but will now focus on his global M&A role. “With their combined experience in the M&A and food and ag space, Gregg and Dean are the perfect people to drive our business forward here and globally while Asem brings us key expertise and relationships in our supply chain sector."
Asofsky, who has a 25-year career in investment banking and law, has been a Managing Director with Rabobank's North America M&A team in New York since joining the bank in 2015. Previous to Rabobank, he worked in the M&A business at Credit Suisse and Morgan Stanley. He holds an undergraduate degree from Cornell University and a law degree from the New York University School of Law.
Fatzinger joined Rabobank in New York in 2016 as Managing Director, M&A and has focused nearly exclusively on the food and agriculture sector over his 22-plus year career on Wall Street. Previously, Fatzinger led strategic banking teams in the consumer industry at Credit Suisse and Nomura International. He holds a Bachelor of Science degree from the University of Pennsylvania-Wharton School.
Mokaddem was most recently Director, Corporate Planning and Business Development at Sonoco Products Co., where he completed multiple transactions. Prior to Sonoco, Asem spent more than 15 years in the Packaging and Paper sector, most recently as a Managing Director and Director at Macquarie Capital, and previously at Barclays/Lehman Brothers. Mokaddem has an undergraduate degree in Electrical Engineering from the University of Mississippi and an MBA from the Darden School of Business at the University of Virginia.
“Since they joined the bank, Dean and Gregg have been pivotal in our key Wholesale Banking strategies: delivering added value to our clients and prospects and differentiating ourselves in the industry through our sector-based approach to M&A,” said Bassett. “In their new leadership roles, they will continue the strong momentum we have built in M&A over the past two years."
About Rabobank
Rabobank Group is a global financial services leader providing wholesale and retail banking, leasing, and real estate services in more than 40 countries worldwide. Founded over a century ago, Rabobank today is one of the world’s largest banks with over $750 billion in assets. In the Americas, Rabobank is a premier bank to the food, agribusiness and beverage industry, providing sector expertise, strategic counsel and tailored financial solutions to clients across the entire food value chain. Rabobank’s M&A business is conducted through Rabo Securities USA, Inc., a U.S. registered broker dealer and member of FINRA. Additional information is available on our website or on our social media platforms, including Twitter and LinkedIn .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180529005598/en/
Rabobank
Catharine Rossano, 212-808-2576
[email protected]
Source: Rabobank | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/29/business-wire-rabobank-appoints-co-heads-for-north-american-ma.html |
ROME, May 24 (Reuters) - The leader of the far-right League, a key partner in Italy’s nascent coalition government, insisted on Thursday that eurosceptic economist Paolo Savona should be named economy minister.
Matteo Salvini said on Facebook that Savona, a former banker and industry minister as long ago as 1993, had an “impeccable” record, but “it seems that some people don’t want him.”
“I hope to have professor Savona by my side” in the government, Salvini added.
Salvini said he had “no doubts” that Savona, who has called Italy’s entry in the euro a “historic error”, was the right person to have in the government to try to re-negotiate the European Union’s fiscal rules. (Reporting by Gavin Jones; editing by Steve Scherer)
| ashraq/financial-news-articles | https://www.reuters.com/article/italy-politics-league-savona/italys-league-chief-pushes-for-eurosceptic-economy-minister-savona-idUSR1N1SG00L |
FRANKFURT, May 8 (Reuters) - The following are some of the factors that may move German stocks on Tuesday:
ALLIANZ Allianz’s chief executive officer suggested he was open to a merger of equals, but also said lofty stock valuations stood in the way of big deals, the Financial Times reported.
BEIERSDORF Q1 sales figures due. Sales seen flat at 1.80 billion euros ($2.15 billion), with organic growth at 5.2 percent. Poll:
CONTINENTAL Full Q1 results due. The group published key figures on April 27, with EBIT down 9 percent yr-on-yr.
DEUTSCHE POST Q1 results due. EBIT seen up 8.5 percent at 960 million euros. Poll:
DEUTSCHE TELEKOM U.S. Senators Amy Klobuchar, Elizabeth Warren and other Democratic lawmakers expressed “serious concerns” on Monday about T-Mobile US’s plan to buy rival Sprint Corp , focusing on the planned deal’s effect on lower-cost wireless plans, Klobuchar’s office said in a press statement.
E.ON Q1 results due. Adjusted EBITDA seen up 12 percent at 1.70 billion euros. Poll:
LUFTHANSA Germany’s Lufthansa ordered up to 16 new planes from Boeing Co and Airbus, including four new 777 long-haul planes and six A320ceo planes to make up for delivery shortfalls in a newer version of the jet.
Separately, the head of its cargo business told Boersen-Zeitung that he did not expect the unit could repeat the “breathtaking” financial results it posted for 2017.
MUNICH RE Full Q1 results due. The group published preliminary figures on April 23, saying it expected to post quarterly profit of over 800 million euros and affirming its guidance.
AXEL SPRINGER Q1 results due. Adjusted EBITDA seen up 15 percent at 170 million euros. Poll:
EVONIK Q1 results due.
LEG IMMOBILIEN Q1 results due. FFO I seen up 1.8 percent at 76.6 million euros. Poll:
HOCHTIEF German builder Hochtief, controlled by Spain’s ACS, confirmed its 2018 profits guidance after reporting a 2.3 percent gain in first-quarter sales and a 13.9 percent increase in operational net profits.
SCHAEFFLER Q1 results due.
SYMRISE Q1 results due. EBIT seen down 8 percent at 108 million euros. Poll:
UNIPER Uniper said it would replace the boiler walls at its Datteln 4 hard-coal power plant, further delaying its commissioning to summer 2020 and forcing the energy group to take a 270 million euro ($322 million) impairment charge.
The company said, however, that the charge would not affect its full-year outlook. It said it continued to anticipate adjusted earnings before interest and tax (EBIT) of 0.8-1.1 billion euros in 2018.
First quarter adjusted EBIT was 350 million euros, down from 514 million euros a year earlier and slightly below the 362 million average forecast in a Reuters poll. Uniper is scheduled to release full first-quarter results on Tuesday. Poll:
ZALANDO Q1 results due. Adjusted EBIT seen down 43 percent at 11.5 million euros. Poll:
NEMETSCHEK The group is eyeing further acquisitions to take advantage of the momentum in the industry, its CEO told Boersen-Zeitung.
DEUTSCHE BETELIGUNGS AG Full Q2 results due. The group warned on April 9 its net profit would be substantially lower yr-on-yr.
ELRINGKLINGER Q1 results due.
SGL GROUP Full Q1 results due. The group published preliminary figures on April 24 and raised its 2018 net income guidance.
SCOUT24 Q1 results due.
WACKER NEUSON Q1 results due. Net income seen more than doubling to 19.4 million euros. Poll:
SPRINGER NATURE Offer period for IPO due to end. The price range has been set at 10.50 to 14.50 euros.
NFON NFON has reduced the price range for its IPO to between 11.93 and 14 euros, valuing the business at between 165 and 185 million euros. It has also extended the offer period by one day and is now expected to end on May 9.
ANNUAL GENERAL MEETINGS COMMERZBANK - no dividend proposed
LUFTHANSA - 0.80 eur/shr dividend proposed
CTS EVENTIM - 0.59 eur/shr dividend proposed
FUCHS PETROLUB - 0.91 eur/shr dividend proposed
RHEINMETALL - 1.70 eur/shr dividend proposed
TALANX - 1.40 eur/shr dividend proposed
TAKKT - 0.55 eur/shr dividend proposed
EX-DIVIDEND
HANNOVER RE - 5.00 eur/shr dividend
OVERSEAS STOCK MARKETS Dow Jones +0.4 pct, S&P 500 +0.3 pct, Nasdaq +0.8 pct at close.
Nikkei +0.2 pct, Shanghai stocks +0.9 pct.
Time: 4.48 GMT.
GERMAN ECONOMIC DATA German March industrial output due at 0600 GMT. Seen +0.8 pct m/m.
German March trade balance also due at 0600 GMT. Seen at 19.8 bln euros vs 19.2 bln, with imports +0.9 pct, exports +1.8 pct.
DIARIES REUTERS TOP NEWS ($1 = 0.8389 euros) (Reporting by Douglas Busvine and Maria Sheahan)
| ashraq/financial-news-articles | https://www.reuters.com/article/germany-stocks-factors/german-stocks-factors-to-watch-on-may-8-idUSL8N1SE1V3 |
Storm Clouds Gather Over the Fed By Chelsey Dulaney May 31, 2018 8:54 am ET
The Federal Reserve’s plan for accelerating the pace of monetary policy-tightening might be running into some trouble. Investors have unwound bets the Fed will pick up the pace of interest-rate increases over the past few days as political and financial turmoil rattles countries such as Italy, Turkey and Argentina. 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May 14 (Reuters) - Medigus Ltd:
* MEDIGUS BROADENS AVAILABILITY OF MUSE™ THROUGH DISTRIBUTION AGREEMENT WITH MELEKIRMAK IN TURKEY, AZERBAIJAN AND GEORGIA 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-medigus-broadens-availability-of-m/brief-medigus-broadens-availability-of-muse-through-distribution-agreement-with-melekirmak-idUSFWN1SL14I |
- Investment builds on Fresh Del Monte’s commitment to further diversify the Company -
CORAL GABLES, Fla.--(BUSINESS WIRE)-- Fresh Del Monte Produce Inc. (NYSE: FDP) announced today that it has acquired an equity investment in Purple Carrot, a plant-based meal kit provider in the United States. Launched in 2014, Purple Carrot delivers fresh, pre-portioned ingredients nationwide with simple step-by-step guidance for people to cook healthy, plant-based meals at home. Purple Carrot has built a vibrant community among health-conscious consumers seeking convenient, better for you, better for the environment, 100% plant-based food and beverage offerings.
“This investment builds on our commitment to seize growth opportunities that will further diversify our business, leverage our distribution network and infrastructure, and get healthful, fresh fruit and vegetable offerings in as many channels as possible,” said Mohammad Abu-Ghazaleh, Chairman and Chief Executive Officer of Fresh Del Monte. “Purple Carrot has tremendous growth momentum in the fast-growing plant-based food segment with a well-known brand and an authentic connection with its customers. We believe there will be significant opportunities for our teams to create increased value through product mix and channel expansion.”
About Fresh Del Monte Produce Inc. ( www.freshdelmonte.com )
Fresh Del Monte Produce Inc. is one of the world's leading vertically integrated producers, marketers and distributors of high-quality fresh and fresh-cut fruit and vegetables, as well as a leading producer and distributor of prepared food in Europe, Africa and the Middle East. Fresh Del Monte markets its products worldwide under the Del Monte ® brand, a symbol of product innovation, quality, freshness and reliability for more than 125 years.
About Purple Carrot ( www.purplecarrot.com )
Purple Carrot is the first and only plant-based meal kit company that delivers fresh, pre-portioned ingredients and simple step-by-step guidance for people to prepare distinctive, healthy, plant-based meals at home. Purple Carrot empowers people who want to consciously and easily integrate plant-based eating into their life – while not completely giving up meat, fish, and dairy – and become a Balanceatarian TM .
Forward-looking Information
This press release contains certain forward-looking statements regarding the intents, beliefs or current expectations of the Company or its officers with respect to various matters. These forward-looking statements are based on information currently available to the Company and the Company assumes no obligation to update these statements. It is important to note that these forward-looking statements are not guarantees of future performance and involve risks and uncertainties. The Company's actual results may differ materially from those in the forward-looking statements as a result of various important factors, including those described under the caption “Key Information - Risk Factors” in Fresh Del Monte Produce Inc.'s Annual Report on Form 10-K for the year ended December 29, 2017, along with other reports that the Company has on file with the Securities and Exchange Commission.
Note to the Editor: This release and other press releases are available on the Company's web site, www.freshdelmonte.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180507005288/en/
Del Monte Fresh Produce Company
Investors:
Christine Cannella, 305-520-8433
[email protected]
or
Marketing & Sales:
Dennis Christou, 305-520-8391
[email protected]
Source: Fresh Del Monte Produce Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/business-wire-fresh-del-monte-produce-acquires-equity-investment-in-purple-carrot.html |
FRANKFURT/SYDNEY (Reuters) - The impact of Deutsche Bank’s ( DBKGn.DE ) pledge this week to cut at least 7,000 jobs is already being felt from London to Sydney.
FILE PHOTO: The headquarters of Germany's Deutsche Bank is photographed early evening in Frankfurt, Germany, January 26, 2016. REUTERS/Kai Pfaffenbach/File Photo Germany’s biggest bank is cutting a team of 10 investment bankers in the British capital focused on deals in emerging markets, a person familiar with the matter said on Friday.
The team, led by 18-year Deutsche veteran Philipp von Danwitz, learned of the cuts this week, said the person, who spoke on condition of anonymity.
In Australia, Deutsche ( DBKGn.DE ) this week laid off a handful of corporate finance specialists, including head of metals and mining Richard Gannon and head of infrastructure and utilities Andrew Martin, according to a second person.
Deutsche declined to comment.
Six hundred bankers have already been let go since Christian Sewing took over last month as Deutsche’s chief executive officer and announced a plan to scale back its global investment bank, refocusing on Europe and its home market after three consecutive years of losses.
On Thursday, he said he would reduce global staff by more than 7,000, including 25 percent of the global equities business, which has a heavy presence in London and New York.
Deutsche’s top investment banker, Garth Ritchie, told staff on Thursday that global head of equities Peter Selman would “provide more detail on the equities plan in the next few days,” according to a memo read to Reuters.
The job cuts are hitting morale. “We will know in the next week what staff will be impacted. People are on tenterhooks,” one Deutsche bank employee in Australia said.
“I honestly think everyone sitting there thinks every job is being looked at,” the banker said.
“I don’t think any particular business is safer than others. People just want to know what the outcome is, to be able to get on with business, particularly for those working with clients.”
SEEKING TO REASSURE Sewing tried to reassure staff in a separate memo seen by Reuters, saying that the cuts would “create headroom for investments in other areas” and that employees should have the “courage and the confidence to emerge stronger from this difficult period”.
Deutsche is expected to shed more than 100 people in Asia, a third person with knowledge of the matter said. The cuts would involve mainly equities and fixed-income businesses, and in the first phase the bulk of the cuts is expected to cover roles that are not client facing.
The latest restructuring comes at a very bad time for Deutsche in Asia, the person said. There was some expectation that they would be able to get some big clients in the equities business as part of Chinese stocks’ inclusion in the MSCI index, the person said.
“There would definitely be some doubt in the mind of the new clients as to how focused Deutsche will be on the business, and therefore the bank’s ability to work with them for a longer period,” said the source.
Some of Deutsche’s equities business rivals in Asia including UBS ( UBSG.S ), JPMorgan ( JPM.N ), and Credit Suisse ( CSGN.S ) are aggressively pitching to the German bank’s existing clients by talking about the restructuring, vying to take market share away from it in the region, three people familiar with the matter said.
Deutsche Bank and JPMorgan declined to comment. Credit Suisse had no comment and UBS was not immediately available.
Additional reporting by Sonali Paul in Melbourne and Sumeet Chatterjee in Hong Kong; Editing by Maria Sheahan/Keith Weir
| ashraq/financial-news-articles | https://www.reuters.com/article/us-deutsche-bank-strategy/deutsche-bank-cuts-london-based-emerging-markets-ma-team-source-idUSKCN1IQ1S0 |
May 23, 2018 / 5:37 PM / Updated 22 minutes ago Poll shows support for EU at 35-year high across bloc Reuters Staff 2 Min Read
BRUSSELS (Reuters) - Support for European Union membership has hit a 35-year high across the bloc, with a strong majority of citizens saying it has been a force for good in their country, even in Britain which is set to leave next year.
The Eurobarometer survey commissioned by the European Parliament showed that 67 percent of EU citizens thought that membership had benefited their country, the highest level since 1983. Just 23 percent took the opposite view.
Italy, where an incoming eurosceptic government is worrying Brussels, was least enthusiastic; just 44 percent of Italians said benefits outweighed disadvantages compared to 41 percent the reverse. Nonetheless, that marked a turnaround from last October when 48 percent were negative and 39 percent positive.
Britain, which will make good in March on a 2016 referendum vote to leave the EU, was the next least convinced of the benefits of membership. But 53 percent still thought it had been a benefit, outnumbering those thinking that it has been disadvantageous by nearly two to one.
The poll was published to mark a year until the next election for the European Parliament, when Britons will have no vote. The election will be held on May 26 in most of the other 27 EU countries. Parliament President Antonio Tajani forecast that the contest would set parties which believe in European integration against those bent on halting it.
The 67-percent positive rating for the EU across the bloc marked a rise from 64 percent in October and 60 percent in surveys a few months before and after Britain’s Brexit vote. The low point in recent years was 52 percent in 2011, at the height of the sovereign debt crisis in the euro zone. Reporting by Megan Dollar; Editing by Alastair Macdonald and Peter Graff | ashraq/financial-news-articles | https://www.reuters.com/article/us-eu-election-poll/poll-shows-support-for-eu-at-35-year-high-across-bloc-idUSKCN1IO2SP |
BEIJING, May 30 (Reuters) - The International Monetary Fund (IMF) kept its 2018 forecast for China’s economic growth unchanged at 6.6 percent, according to a statement released on Wednesday following a visit by an IMF team to the world’s second-biggest economy this month.
The IMF in January raised its forecast for China’s economic growth this year to 6.6 percent from 6.5 percent. (Reporting by Stella Qiu and Ryan Woo; Editing by Kim Coghill)
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/china-imf/imf-maintains-chinas-2018-gdp-growth-forecast-at-6-6-percent-idUSS6N1SP00B |
CENTENNIAL, Colo., May 29, 2018 (GLOBE NEWSWIRE) -- VirtualArmour International Inc. (CSE:VAI) (3V3:F) (OTCQB:VTLR), a premier cybersecurity managed services provider, reported results for the first quarter ended March 31, 2018. Financial results are in U.S. dollars, with comparisons made to the same year-ago quarter unless otherwise noted.
Q1 2018 Financial Highlights
Revenue increased to a record $3.3 million, driven by growth in the number of customers served as well as the size of orders from new and existing customers.
Managed and professional services revenue increased 149% to a record $1.1 million, due primarily to the addition of 15 new clients signed under multi-year contracts over the last 12 months.
Gross profit as a percentage of revenue increased to 28.1% from 17.1% due to a favorable shift in revenue mix to higher margin managed and professional services revenue.
Adjusted EBITDA was a positive $15,000.
Received gross proceeds of $1.5 million from a Regulation A+ offering.
Annual recurring revenue (ARR) totaled $3.7 million at March 31, 2018, up from $1.7 million at March 31, 2017. The company defines ARR as the value of its service contracts normalized to a one-year period.
Total contract value (TCV) was $6.1 million at March 31, 2018, up from $2.5 million at March 31, 2017. The company defines TCV as the total value of its service contracts including one time and recurring charges.
Q1 2018 Operational Highlights
Renewed a three-year $1.5 million managed services contract with an existing customer for the security monitoring, investigation, response and triage of its more than 80 locations across nine countries.
Engaged by AAA five diamond resort under a new three-year, $300,000 managed service contract, which also represented VirtualArmour’s first entry into the hospitality industry.
Secured a two-year, $840,000 engagement for both managed and professional services with a global non-profit specializing in research and education.
Maintained a customer retention rate of 100% in Q1, following the 100% retention rate in the full year of 2017. Partnered with Alacrinet, a leading IT solutions consultancy, to expand its range of service offerings and commercial opportunities across the western U.S.
Q1 2018 Financial Summary
Revenue totaled a record $3.3 million in the first quarter of 2018, as compared to $3.2 million in the same year ago quarter. The increase was due to managed and professional services revenue that increased by $0.7 million, partially offset by product sales (hardware and software) that decreased by $0.6 million.
Cost of sales were $2.3 million in the first quarter of 2018 as compared to $2.6 million in the same year ago quarter. The decrease in cost of sales was due primarily to product cost of sales that was lower by $0.5 million, partially offset by managed and professional services cost of sales that increased by $0.2 million.
Total expenses were virtually unchanged at $1.0 million in the first quarter of 2018 versus the same year-ago quarter.
Net and comprehensive loss improved to $127,000 or $(0.00) per share in the first quarter of 2018, as compared to a loss of $490,000 or $(0.01) per share in the same year-ago quarter.
Adjusted EBITDA was a positive $15,000 in the first quarter of 2018, improving from a negative $398,000 in same period in 2017 (see definition of adjusted EBITDA, a non-IFRS term, and reconciliation to IFRS, below).
Cash totaled $361,000 at March 31, 2018, compared to $47,000 as of December 31, 2017. The increase was primarily due to the proceeds from the capital raise, partially offset by the timing of changes in working capital including the payment of payables net of collection of receivables. As of May 25, 2018, cash totaled approximately $539,000, with the increase due primarily to the collection of receivables.
Management Commentary
“In Q1 2018, our record top-line growth was driven by an expanding revenue stream from global managed services and professional services,” said Russ Armbrust, CEO of VirtualArmour. “This was achieved by signing four new recurring revenue contracts for managed and professional services.
“These wins included a global non-profit specializing in research and education, a major international airport, a AAA five diamond resort, and a major medical research facility. We also expanded our level of services with multiple existing customers. This was all supported by our exceptional level of high-touch engagement with our customers.
“During the quarter, we continued to strengthen our market presence through new partnerships with industry-leading companies that broaden our channel strategy for higher-margin managed services. Internally, we added new team members that further strengthened our sales, marketing and operational capabilities. We also established two new technology partnerships that expanded our product offerings. Altogether, this progress has enhanced our ability to secure new clients and gain additional business from current clients, as well as helped us maintained an industry-leading customer retention rate of 100%.
Andrew Douthwaite, CTO of VirtualArmour, commented: “Subsequent to first quarter, we established the VirtualArmour Academy for students to further develop their knowledge and skills, with the goal of becoming the best managed service engineers in cybersecurity. We expect future graduates to bring new ideas, energy and enthusiasm to VirtualArmour as we continue to expand our engineering teams.”
Armbrust added: “Looking ahead in 2018, we see continued growth in demand for managed security services to strengthen the overall cybersecurity posture. In fact, according to Cybersecurity Ventures , global cybersecurity spending is expected to exceed $1 trillion cumulatively by 2021. We are well positioned to capitalize on this growth opportunity and increase our penetration into the healthcare, financial, retail and service provider verticals.
“We anticipate continued margin improvement from the ramp up in managed services sales and expansion into new markets as led by our growing sales, marketing and service organization. Along with our continued success in customer acquisition and retention, VirtualArmour is well on track for another year of record results.”
About VirtualArmour
VirtualArmour International is a global cybersecurity and managed services provider that delivers customized solutions to help businesses build, monitor, maintain and secure their networks.
The company maintains 24/7 client monitoring and service management with specialist teams located in its U.S. and UK-based security operation centers. Through partnerships with best-in-class technology providers, VirtualArmour delivers leading hardware and software solutions for customers that are both sophisticated and scalable, and backed by industry-leading customer service and experience. VirtualArmour’s proprietary CloudCastr client portal and prevention platform provides clients with unparalleled access to real-time reporting on threat levels, breach prevention and overall network security.
VirtualArmour services a wide range of clients, which include Fortune 500 companies and several industry sectors in over 30 countries across five continents. For further information, visit www.virtualarmour.com .
Supplemental Non-IFRS Financial Measures
In addition to IFRS financial measures, management uses non-IFRS financial measures to assess the company's operational performance. It is likely that the non-IFRS financial measures used by the company will not be comparable to similar measures reported by other issuers or those used by financial analysts as their measures may have different definitions.
Generally, a non-IFRS financial measure is a numerical measure of an entity's historical or future financial performance, financial position or cash flows that is neither calculated nor recognized under IFRS. Management believes that such non-IFRS financial measures can be important as they provide users of the financial statements with a better understanding of the results of the company's recurring operations and their related trends, while increasing transparency and clarity into its operating results. Management also believes these measures can be useful in assessing the company's capacity to discharge its financial obligations.
In Q1 2018, management began assessing its operational performance using supplemental non-IFRS statement of income, adjusted EBITDA, which is defined as loss for the period as reported excluding depreciation and amortization, change in fair value of warrant derivative liabilities, share-based compensation and interest expense.
Adjusted EBITDA is not a term recognized under IFRS and non-IFRS measures do not have standardized meaning. Accordingly, non-IFRS measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.
The table below provides a reconciliation of net (loss) for the period as reported to non-IFRS adjusted EBITDA for the three months ended March 31, 2018 and 2017:
Q1 2018
Q1 2017
Loss for the period as reported $ (127,212 ) $ (489,830 ) Add (deduct): Depreciation and amortization 32,740 33,410 Change in fair value of warrant derivative liabilities (2,589 ) (28,671 ) Share-based compensation 72,971 74,727 Interest Expense 39,001 11,866 Adjusted EBITDA $ 14,911 $ (398,498 ) Im portant Cautions Regarding Forward Looking Statements
This press release may include forward-looking information within the meaning of Canadian securities legislation and U.S. securities laws. This press release includes certain forward-looking statements concerning the future performance of our business, its operations and its financial performance and condition, as well as management’s objectives, strategies, beliefs and intentions. The forward-looking information is based on certain key expectations and assumptions made by the management of VirtualArmour. Although, VirtualArmour believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information as VirtualArmour cannot provide any assurance that it will prove to be correct.
Forward-looking statements are frequently identified by such words as “may”, “will”, “plan”, “expect”, “anticipate”, “estimate”, “intend” and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the success of the Academies, the future employee potential from the Academies, future interest in such programs, competitive risks and the availability of financing. These forward-looking statements are made as of the date of this press release and VirtualArmour disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
VirtualArmour International Inc.
Condensed Interim Consolidated Statements of Comprehensive Loss
For the three months ended March 31, 2018 and 2017
(Unaudited - Expressed in U.S. Dollars)
2018
$ 2017
$ Revenue 3,267,653 3,157,982 Cost of sales (2,348,985 ) (2,619,153 ) Gross Profit 918,668 538,829 Expenses General and administrative 425,783 428,801 Research and development 35,679 32,020 Sales and marketing 548,006 584,643 Total Expenses 1,009,468 1,045,464 Loss from Operations (90,800 ) (506,635 ) Other Income (Expenses) Interest expense (39,001 ) (11,866 ) Change in fair value of warrant derivative liabilities 2,589 28,671 Net and Comprehensive Loss (127,212 ) (489,830 ) Loss per share – basic and diluted (0.00 ) (0.01 ) Weighted average number of shares outstanding – basic 57,936,114 55,769,447
VirtualArmour International Inc.
Condensed Interim Consolidated Statements of Financial Position
As at March 31, 2018 and December 31, 2017
(Expressed in U.S. Dollars)
March 31,
2018
$ December 31,
2017
$ (unaudited) ASSETS Current Cash 361,357 46,795 Accounts receivable 1,681,160 727,618 Other receivables 19,413 44,300 Prepaid expenses 199,144 196,938 Total Current Assets 2,261,074 1,015,651 Office facilities and equipment 495,661 520,062 Intangible assets 73,218 77,175 Total Assets 2,829,953 1,612,888 LIABILITIES Current Accounts payable and accrued liabilities 2,647,857 2,821,038 Deferred revenue 81,273 80,105 Warrant derivative liabilities - 2,589 Debt 133,462 - Leases 201,778 154,580 Due to related parties 242,679 455,162 Total Current Liabilities 3,307,049 3,513,474 Leases 202,376 224,645 Total Liabilities 3,509,425 3,738,119 SHAREHOLDERS’ DEFICIT Share capital 7,784,418 6,284,418 Contributed surplus 1,898,100 1,825,129 Deficit (10,361,990 ) (10,234,778 ) Total Shareholders’ Deficit (679,472 ) (2,125,231 ) Total Liabilities and Shareholders’ Deficit 2,829,953 1,612,888
Company Contact
Russ Armbrust
CEO
VirtualArmour International Inc.
Tel (720) 644-0913
Email Contact
Investor Relations:
Ronald Both or Grant Stude
CMA
Tel (949) 432-7566
Email Contact
Source:VirtualArmour International Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/29/globe-newswire-virtualarmour-reports-q1-2018-results-managed-and-professional-services-revenue-up-149-percent.html |
PHILADELPHIA, May 01, 2018 (GLOBE NEWSWIRE) -- Republic First Bancorp, Inc. (NASDAQ:FRBK), the parent company of Republic Bank , has announced that Jacqueline M. Fahey has been hired as Regional Vice President for the Bucks County market. In this role, Fahey will be responsible for lending and deposit relationships in Bucks County.
“Jacqueline is an outstanding commercial banking leader with proven track record in Bucks County,” said Harry Madonna, Chairman and CEO of Republic Bank. “For more than 15 years, she has lived, worked and developed key business relationships in the region, and her ability to build dynamic teams will help Republic Bank continue to strengthen and expand its presence in an important growth market.”
Fahey joins Republic Bank from TD Bank, where she spent four years as a Vice President/Senior Relationship Manager for the Bucks County area. She brings more than 11 years of experience from various financial institutions where she held roles of increasing responsibility, while cultivating lending and deposit relationships. A Philadelphia native, she attended Bucks County Community College and received her bachelor’s degree from Philadelphia University.
“As a banking professional, Republic Bank is an institution I have long admired,” said Fahey. “It values small business lending, emphasizes superior customer service and is focused on growing its footprint in the region. I look forward to leveraging both my experience and my connections in Bucks County to help the bank achieve its goals and offer the best banking experience to its Customers.”
Earlier this year, Republic Bank opened a new store at 599 South Oxford Valley Road in Fairless Hills – its first location in Bucks County. Additional openings in the market planned for 2018 and 2019 include locations in Bensalem, Feasterville and Southampton.
Building on the momentum of its aggressive growth plan, referred to as "The Power of Red is Back," Republic Bank continues to rapidly expand its regional footprint. As one of the largest Philadelphia-based retail banking institutions with 23 convenient locations regionally, Republic Bank stores are open seven days a week, 361 days a year, with extended lobby and drive-thru hours, providing customers with the longest hours of any bank in the area. The bank also offers absolutely free checking, free coin counting, ATM/Debit cards issued on the spot and access to more than 55,000 surcharge free ATMs worldwide via the Allpoint network.
About Republic Bank
Republic Bank is the operating name for Republic First Bank. Republic First Bank is a full-service, state-chartered commercial bank, whose deposits are insured up to the applicable limits by the Federal Deposit Insurance Corporation (FDIC). The Bank provides diversified financial products through its 23 offices located in Burlington, Camden, and Gloucester Counties in New Jersey and Bucks, Delaware, Montgomery and Philadelphia Counties in Pennsylvania.
Forward Looking Statements
Republic First Bancorp, Inc. ("the Company") may from time to time make written or oral "forward-looking statements", including statements contained in this release and in the Company's filings with the Securities and Exchange Commission. These forward-looking statements include statements with respect to the Company's beliefs, plans, objectives, goals, expectations, anticipations, estimates, and intentions that are subject to significant risks and uncertainties and are subject to change based on various factors, many of which are beyond the Company's control. These factors include competition, timing, credit risks of lending activities, changes in general economic conditions, price pressures on loan and deposit products, and other factors detailed from time to time in the Company's filings with the Securities and Exchange Commission. The words "may", "could", "should", "would", "believe", "anticipate", "estimate", "expect", "intend", "plan", and similar expressions are intended to identify forward-looking statements. All such statements are made in good faith by the Company pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. The Company does not undertake to update any forward-looking statement, whether written or oral that may be made from time to time by or on behalf of the Company, except as may be required by applicable law or regulations.
SOURCE: Republic First Bancorp, Inc.
CONTACT
Carly Buggy
[email protected]
484-385-2934 ( office )
Source:Republic First Bancorp, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/globe-newswire-republic-bank-hires-regional-vice-president-for-bucks-county-market.html |
By Stephen Culp May 25 (Reuters) - Jim and Jenise Harper, retirees from Evergreen, Colorado, have been living in their 43-foot Winnebago motor home for eight years, logging 5,000 to 6,000 miles annually and getting 7 to 9 miles per gallon. Now, a surge in fuel prices has them tightening their budget while limiting their road plans as summer driving season arrives. "We're not traveling to the East Coast anymore," said Jenise, adding that the price of "fuel has definitely played a role in that." Pain at the pump has also compounded the woes of recreational vehicle companies whose share prices have crumbled this year. Winnebago Industries , the leading RV manufacturer and one barometer for U.S. consumer discretionary spending, has boasted sales above its 20-year average for four straight quarters. Still, its shares have lost more than a third of their value this year in the face of rising inventories, tariff concerns and an unusually long winter. Shipments to dealers in the sector surged in late 2017, according to Recreational Vehicle Industry Association data. Seth Woolf, analyst for Northcoast Research in Cleveland, wrote that this could lead to a decrease in wholesale shipments in 2018 which in turn could squeeze margins industry-wide at a time when gasoline prices are at their highest in four years. The American Automobile Association expects gasoline prices to average $3 a gallon this summer. The U.S. Energy Information Administration has projected a 13.7 percent increase at the pump since last summer. The EIA expects diesel, which powers many of the largest RVs, to be 12.7 percent costlier this summer. This could discourage RV owners from roaming and also could scare off prospective buyers. Winnebago's motor home retail prices range from just over $20,000 for compact towable models to more than half a million dollars for semi truck-sized class A mobile mansions like the Harper's, according to the company's website. As of Wednesday's close, Winnebago stock was down about 35 percent since the beginning of the year, with fellow OEM Thor Industries off 37 percent and RV services/dealer Camping World down 57 percent. In contrast, the S&P 600 Consumer Discretionary index has advanced 3.6 percent. A Winnebago representative declined to comment for this article. Neither Thor Industries nor Camping World responded to requests for comment. AAA expects 42 million Americans to travel this Memorial Day weekend, the most in more than a dozen years. Conference Board consumer confidence data in April showed more consumers were planning a road vacation over the next six months than at the same time last year. This data does not factor in those who already own and are living in their RVs full time, often on a fixed income. The number of these gypsy types is all but impossible to nail down. "We've heard anecdotally that the number of full-timers – both retirees, and people able to work from the road – have been growing," said Kevin Broom, Director of Public Relations for the Recreational Vehicle Industry Association. "There’s certainly a segment of people...working at Amazon or even packaging vegetables," said Jim Harper. Mr. Woolf said that while fuel prices may have played a role in WGO's share decline this year, heightened inventories, fears over potential steel and aluminum tariffs and unusually bad winter weather have exacerbated the slide. In January Woolf downgraded WGO to neutral. "We ran the math and the inventory was insane. And once we got into February all the news about the tariffs caused concern," Woolf said in a phone interview. Still, when keys are in hand and the road is open, the wallet can take a backseat to wanderlust. "This lifestyle is keeping us young," said Jenise Harper. "Will (fuel prices) stop us from RV-ing? No." (Editing by Alden Bentley and David Gregorio)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-stocks-winnebago-inds/with-travel-season-pain-at-the-pump-could-add-to-winnebagos-woes-idUSL2N1ST20E |
Published: May 13, 2018 4:23 p.m. ET Share
Trump says in tweet he is working with Chinese president to keep struggling company in business Reuters For years, the U.S. has accused equipment made by Shenzhen-based ZTE and its larger crosstown rival Huawei Technologies Co. of being a national security threat, an accusation that both companies have denied.
By Dan Strumpf
President Donald Trump said he was working with Chinese President Xi Jinping to keep ZTE Corp. in business, throwing an extraordinary lifeline to the stricken Chinese telecommunication giant.
Trump said in a Sunday tweet that the Commerce Department—which is reviewing ZTE’s ZTCOY, -15.37% request for a stay of an order banning American companies from selling to the Shenzhen-based firm—has been instructed to “get it done.” Trump added: “Too many jobs in China lost.” President Xi of China, and I, are working together to give massive Chinese phone company, ZTE, a way to get back into business, fast. Too many jobs in China lost. Commerce Department has been instructed to get it done! — Donald J. Trump (@realDonaldTrump) May 13, 2018
The surprise intervention comes less than a month after ZTE was hit with the ban. The Commerce Department ordered U.S. companies to stop exporting to ZTE in mid-April , saying the Chinese company violated the terms of a 2017 settlement resolving actions for its evasion of U.S. sanctions for earlier selling to Iran.
ZTE, which relies on billions of dollars in component imports from U.S. tech titans such as Qualcomm Inc. QCOM, +0.47% and Intel Corp. INTC, -0.56% has warned the ban threatened its survival. Last week, the company said it had ceased major business operations.
The Wall Street Journal reported Saturday that in its efforts to have the ban stayed, ZTE has told U.S. authorities that process and human-resource errors, not a plan of systematic deception, were responsible for the lapses in fully complying with its 2017 settlement, according to a person familiar with the matter. The company also believes that the ban is a disproportionate penalty, this person said. The Commerce Department has said it was reviewing the stay request. | ashraq/financial-news-articles | https://www.wsj.com/articles/trump-in-tweet-says-working-with-chinese-president-xi-to-keep-zte-in-business/ |
May 22, 2018 / 10:29 AM / in 16 minutes Facebook face-off: EU gets little news from Zuckerberg Julia Fioretti 6 Min Read
BRUSSELS (Reuters) - Facebook CEO Mark Zuckerberg sailed through a grilling from EU lawmakers about the social network’s data policies as lengthy questions left the 34-year-old American little time to answer.
Betraying little emotion, Zuckerberg apologised to leaders of the European Parliament in Brussels for a massive data leak, in his latest attempt to draw a line under the damaging scandal.
However, he avoided answering numerous specific questions, notably around opt-outs from targeted advertising, the sharing of data between Facebook and its messaging service WhatsApp, as well as Facebook’s collection of data on non-users.
He spoke for over half an hour in total, mostly repeating assurances and descriptions of Facebook plans that he detailed to U.S. lawmakers during 10 hours of hearings in Washington last month. Though some questions were sharp, there was no chance for the Europeans to follow up if they felt the answers fell short.
Investment analysts heard little new and Facebook’s share price showed no reaction to the event, holding at the level to which it has recovered after taking a hit on the scandal.
“I asked you six ‘yes or no’ questions; I got not a single answer,” said Philippe Lamberts of the Greens, one of 12 party leaders and lead legislators whose questions to Zuckerberg took up nearly half of a hearing - broadcast live after complaints about an original plan for a closed-door meeting.
Zuckerberg had agreed to meet the lawmakers to answer questions about how political consultancy Cambridge Analytica improperly got hold of the personal data of 87 million Facebook users, including up to 2.7 million in the EU. “SORRY” AND SOUVENIRS
He used an initial 10-minute address to apologise. “That was a mistake and I am sorry for it,” he said. Not enough was done to prevent the breach, he added, promising the company was now better prepared and was working on further improvements.
The dozen MEPs then asked their questions, ranging from the German conservative leader asking Zuckerberg why his giant firm should not be broken up as a monopoly to complaints from Brexit campaigner Nigel Farage, an ally of French nationalist Marine Le Pen, that Facebook was now biased against right-wing parties. Related Coverage Highlights: Facebook's Zuckerberg faces EU Parliament grilling
That left barely 10 more minutes of the allotted time for replies — though Zuckerberg spoke for a further quarter hour before the Italian speaker of the legislature, President Antonio Tajani, brought a somewhat disorderly halt to proceedings.
Over shouted complaints and repeated questions, the Facebook CEO and his adviser promised follow-up written answers; at least one lawmaker, Swedish liberal Cecilia Wikstrom, also found time to pose for a souvenir photo with the youthful tech supremo, who uncharacteristically wore a dark suit and tie for the occasion.
British Conservative Syed Kamall complained the hearing was a “get-out-of-jail-free card” for Zuckerberg and said Facebook’s reluctance to detail some of its workings left regulators trying to “cure a disease without knowing what the illness is”.
The MEPs also faced criticism. Dominique Deckmyn of Belgian paper De Standaard tweeted: “First, they used up all their time speaking to make themselves look good, then complained loudly that Zuckerberg had no time left to answer.”
In his opening remarks, Zuckerberg said it had “become clear over the last couple of years that we haven’t done enough to prevent the tools we’ve built from being used for harm as well.”
“Whether it’s fake news, foreign interference in elections or developers misusing people’s information, we didn’t take a broad enough view of our responsibilities.” ECHO OF WASHINGTON
His comments echoed an apology last month to U.S. lawmakers. But questions remain over how Facebook let the leak happen and whether it is doing enough to prevent a recurrence. Facebook's CEO Mark Zuckerberg answers questions about the improper use of millions of users' data by a political consultancy, at the European Parliament in Brussels, Belgium, in this still image taken from Reuters TV May 22, 2018. REUTERS/ReutersTV
Zuckerberg’s appearance in Brussels came three days before tough new EU rules on data protection take effect. Companies will be subject to fines of up to 4 percent of global turnover for breaching them.
Zuckerberg said Facebook expected to be compliant with the EU rules, called the General Data Protection Regulation, when they come into force on Friday, stressing a commitment to Europe where Facebook will employ 10,000 people by the end of the year.
He avoided giving details about how non-Facebook users could stop the company from collecting their data, abruptly changing the subject to the company’s relationship with third-party apps.
Last month, Facebook said it had no plans to build a tool to allow non-users to find out what the company knows about them, something that U.S. lawmakers had asked about.
Since the Cambridge Analytica scandal, Facebook has suspended 200 apps from its platforms as it investigates third-party apps that have access to large quantities of user data. Zuckerberg said he expected more apps to be penalised.
Cambridge Analytica and its British parent, SCL Elections Ltd, have declared bankruptcy and closed down.
Zuckerberg said investments in security would significantly impact Facebook’s profitability, but “keeping people safe will always be more important than maximising our profits”.
Some European officials want a tougher line on big technology firms, however.
Facebook’s compliance with the new EU data rules will be closely watched, as will its efforts to tackle the spread of fake news ahead of European Parliament elections next year.
“Some sort of regulation is important and inevitable,” Zuckerberg said, but he echoed calls in the United States that innovation should not be stifled. Slideshow (14 Images)
Zuckerberg will go on to meet French President Emmanuel Macron on Wednesday but has so far declined to appear in front of British lawmakers. Additional reporting by David Ingram, Robert-Jan Bartunek, Gabriela Baczynska, Robin Emmott and Alastair Macdonald; Editing by Mark Potter, David Stamp and Alastair Macdonald | ashraq/financial-news-articles | https://www.reuters.com/article/us-facebook-privacy-eu/facebooks-zuckerberg-faces-eu-parliament-grilling-idUSKCN1IN181 |
May 23, 2018 / 3:10 PM / Updated 12 minutes ago Anti-Castro exile accused of 1976 plane explosion dies at 90 Sarah Marsh 2 Min Read
HAVANA (Reuters) - Militant anti-Castro Cuban exile and former CIA operative Luis Posada Carriles, accused of masterminding the explosion of a Cuban airliner 40 years ago, died early on Wednesday in the United States at the age of 90, his attorney’s office said. Luis Posada Carriles (R), 82, walks with his lawyers after leaving the court in El Paso, Texas January 10, 2011. Posada Carriles is on trial in an immigration case in which he is accused of lying on his entry to the United States. REUTERS/Gael Gonzalez
Posada Carriles was considered a hero by some Cuban exiles for his attempts to topple Fidel Castro’s government following the 1959 revolution, while Cuba called him a terrorist unjustly given haven by the United States.
“The biggest terrorist of this hemisphere died without paying his debts to justice or reparations to the victims,” wrote Sergio Alejandro Gomez, the international editor of Granma, the official newspaper of Cuba’s Communist Party, on Facebook.
“He died in Miami, the United States, the country that trained him to lay bombs and attack the lives of hundreds of Cubans.”
Cuba has accused the United States of double standards in its war on terrorism for failing to make Posada Carriles face justice.
Trained by the CIA for its disastrous Bay of Pigs invasion to oust Castro in 1961, Posada Carriles was jailed in Venezuela for the 1976 bombing of a Cuban airliner that killed 73 people. But he escaped in 1985.
Cuba also accuses Posada Carriles of planning a wave of bomb blasts in Havana hotels in 1997 that killed an Italian tourist and of plotting to blow up Castro during a presidential summit in Panama in 2000.
“The death of Luis Posada Carriles ends the final chapter of the long saga of Cuban American terrorism — terrorism that targeted not just Cuba but also Cuban Americans advocating reconciliation,” said William LeoGrande, an American University professor of government and co-author of a book on secret U.S.-Cuba talks that led to detente under former U.S. President Barack Obama and Cuba’s Raoul Castro.
“Groups like Omega 7 and Alpha 66 set off more bombs in Miami than they did in Havana,” LeoGrande said, referring to militant anti-Castro groups. Additional Reporting by Nelson Acosta in Havana; Editing by Dan Grebler | ashraq/financial-news-articles | https://www.reuters.com/article/us-cuba-usa-posada/anti-castro-exile-posada-carriles-dies-at-90-idUSKCN1IO2CV |
"Black ops" at Cambridge Analytica: witness Wednesday, April 17, 2019 - 01:46
Christopher Wylie, a former Cambridge Analytica staffer-turned-whistle-blower, testified before the Senate Judiciary Committee on Wednesday that users’ data from Facebook was exploited by Cambridge Analytica to help elect U.S. President Donald Trump. Rough Cut (no reporter narration).
Christopher Wylie, a former Cambridge Analytica staffer-turned-whistle-blower, testified before the Senate Judiciary Committee on Wednesday that users’ data from Facebook was exploited by Cambridge Analytica to help elect U.S. President Donald Trump. Rough Cut (no reporter narration). //reut.rs/2rRMvXk | ashraq/financial-news-articles | https://in.reuters.com/video/2019/04/16/black-ops-at-cambridge-analytica-witness?videoId=427465419 |
BJ's Wholesale Club is going public. Again.
BJ's said Thursday that it filed a Form S-1 with the U.S. Securities and Exchange Commission for an initial public offering. The company, which operates 215 wholesale membership warehouses on the East Coast, didn't say how many shares it would offer or what the price range might be. The offering is expected this year.
BJ's listed a $100 million fundraising target in the filing, but that figure is likely to change after gauging investor demand for its stock.
In its fiscal year ended Feb. 3, BJ's earned net income of $50.3 million. On a continuing operations basis, earnings per share rose to $3.94 from $3.45. Total revenue totaled $12.75 billion, including $258.6 million in membership fee income. Sales in stores open at least 13 months — a key metric of a retailer's health — rose 0.8 percent. Excluding gasoline sales, they declined 0.9 percent.
The Westborough, Massachusetts was acquired in 2011 for $2.8 billion by CVC Capital Partners and Leonard Green & Partners, which then took BJ's private. The buyers reportedly put BJ's up for sale last year for more than $4 billion but got no takers.
Before going private in the fall of 2011, the retailer rejected an offer of $3 billion from Walmart, according to FactSet.
It plans to use proceeds from the offering to repay debt and for general corporate purposes. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/17/the-associated-press-bjs-wholesale-club-going-public-again.html |
May 1, 2018 / 10:50 PM / Updated 3 hours ago Kanye West sounds off on slavery, his opioid addiction and Trump Reuters Staff 3 Min Read
LOS ANGELES (Reuters) - Rapper Kanye West on Tuesday described slavery as a choice, praised Donald Trump for doing “the impossible” by becoming U.S. president, and attributed his 2016 mental breakdown to opioid addiction. FILE PHOTO: Rapper Kanye West arrives at the 2016 MTV Video Music Awards in New York, NY, U.S., August 28, 2016. REUTERS/Eduardo Munoz/File Photo
In the latest in a series of startling interviews, tweets and videos, West, 40, also revealed he had undergone liposuction some years ago because he did not want to be called fat.
The Grammy Award-winning musician’s most controversial comments came in a rambling video interview at the Southern California offices of celebrity website TMZ.com.
West emerged from a year’s silence on Twitter two weeks ago to post up to 20 tweets an hour on topics ranging from politics, to philosophy and fashion.
At one point in the TMZ interview, shown on its website, West says, “When you hear about slavery for 400 years. For 400 years? That sounds like a choice.”
Amid a social media outcry, West later said on Twitter, “Of course I know that slaves did not get shackled and put on a boat by free will. My point is for us to have stayed in that position even though the numbers were on our side means that we were mentally enslaved.”
The civil rights group NAACP said in a Twitter response addressed to West, “There is a lot of misinformation out there and we are happy to provide insight. Black people have fought against slavery since we first landed on this continent.” FILE PHOTO: U.S. President-elect Donald Trump and musician Kanye West pose for media at Trump Tower in Manhattan, New York, U.S., December 13, 2016. REUTERS/Andrew Kelly/File Photo
On Tuesday, the “Jesus Walks” singer also gave the first details of his November 2016 admission to a Los Angeles psychiatric hospital after a series of curtailed concerts and political rants.
“I was drugged out,” he said in the TMZ interview. “Two days before I was taken to the hospital I was on opioids. I was addicted to opioids.”
He said he was given painkillers after undergoing previously unreported liposuction surgery, adding, “I got liposuction, because I didn’t want y’all to call me fat.”
In separate video released on Tuesday to match his new single “Ye vs. the People,” West discussed the support he voiced for Trump last week, which caused controversy among many of his fans.
Asked what he admired about Trump, West told fellow rapper T.I., “the ability to do what no one said you can do, to do the impossible.”
In the single, West raps lines like “Make America Great Again had a negative perception/I took it, wore it, rocked it, gave it a new direction.” Reporting by Jill Serjeant in Los Angeles; Editing by Matthew Lewis and Lisa Shumaker | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-people-kanye-west/kanye-west-sounds-off-on-slavery-trump-and-his-opioid-addiction-idUKKBN1I24JE |
GUANGZHOU, China, May 8, 2018 /PRNewswire/ -- Vipshop Holdings Limited (NYSE: VIPS), a leading online discount retailer for brands in China ("Vipshop" or the "Company"), today announced that it plans to release its first quarter 2018 financial results on Monday, May 14, 2018 after market close. The Company will hold a conference call on Tuesday, May 15, 2018 at 8:00 am Eastern Time or 8:00 pm Beijing Time to discuss the financial results. Listeners may access the call by dialing the following numbers:
United States:
+1-845-675-0438
International Toll Free:
+1-855-500-8701
China Domestic:
400-1200-654
Hong Kong:
+852-3018-6776
Conference ID:
#1856707
The replay will be accessible through May 23, 2018 by dialing the following numbers:
United States Toll Free:
+1-855-452-5696
International:
+61-2-9003-4211
Conference ID:
#1856707
A live and archived webcast of the conference call will also be available at the Company's investor relations website at http://ir.vip.com .
About Vipshop Holdings Limited
Vipshop Holdings Limited is a leading online discount retailer for brands in China. Vipshop offers high quality and popular branded products to consumers throughout China at a significant discount to retail prices. Since it was founded in August 2008, the Company has rapidly built a sizeable and growing base of customers and brand partners. For more information, please visit www.vip.com .
View original content: http://www.prnewswire.com/news-releases/vipshop-to-announce-first-quarter-2018-financial-results-300644283.html
SOURCE Vipshop Holdings Limited | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/pr-newswire-vipshop-to-announce-first-quarter-2018-financial-results.html |
WYOMISSING, Pa., May 07, 2018 (GLOBE NEWSWIRE) -- Gaming and Leisure Properties, Inc. (the “Company” or “GLPI”) (NASDAQ:GLPI) today announced the pricing of its previously announced public offering of $1,000,000,000 aggregate principal amount of Notes (as defined below), to be issued by its operating partnership, GLP Capital, L.P. (the “Operating Partnership”), and GLP Financing II, Inc., a wholly owned subsidiary of the Operating Partnership (“Capital Corp.” and, together with the Operating Partnership, the “Issuers”) The Notes will be issued in two tranches, the first of which will be due 2025 (the “2025 Notes”) and the second of which will be due 2028 (the “2028 Notes” and, together with the 2025 Notes, the “Notes”). The 2025 Notes priced today with a coupon of 5.250%, and the 2028 Notes priced today with a coupon of 5.750%. The Notes will be senior unsecured obligations of the Issuers, guaranteed by the Company.
The estimated net proceeds from the offering of Notes are expected to be approximately $988.9 million. The Issuers intend to use (i) approximately $485.0 million of the net proceeds from the offering of Notes to prepay and extinguish the outstanding borrowings under the term loan A facility under their existing senior unsecured credit facility (the “Existing Credit Facility”), excluding any accrued and unpaid interest thereon and to repay a portion of the outstanding borrowings under the term loan A-1 facility under the Existing Credit Facility and (ii) approximately $503.9 million of the net proceeds from the offering and $57.9 million in borrowings under a new revolving credit facility to be entered into pursuant to an amendment to the Existing Credit Facility contemporaneously with the closing of the Notes offering (as amended, the “New Credit Facility”) to finance a cash tender offer (the “Tender Offer”) to purchase any and all of the $550 million aggregate principal amount of the Issuers’ outstanding 4.375% Senior Notes due November 1, 2018 (the “2018 Notes”) and a related consent solicitation in respect of the indenture governing the 2018 Notes, and to pay fees and expenses incurred in connection with amending the Existing Credit Facility. To the extent that not all holders of the 2018 Notes participate in the Tender Offer and there are any remaining net proceeds from the offering of Notes, the Issuers will use such remaining net proceeds for general corporate purposes or to pay down borrowings under the New Credit Facility. The offering of the Notes is expected to close on May 21, 2018, subject to certain closing conditions.
Wells Fargo Securities, LLC, Citizens Capital Markets, Inc., BofA Merrill Lynch, Fifth Third Securities, Inc., SunTrust Robinson Humphrey, Inc., J.P. Morgan Securities LLC, Credit Agricole Securities (USA) Inc. and Barclays Capital Inc. are serving as joint book-running managers for the offering. The offering was made under an effective shelf registration statement of the Company, the Operating Partnership and Capital Corp. previously filed with the Securities and Exchange Commission (“SEC”) and a related preliminary prospectus supplement and free writing prospectus. When available, a copy of the preliminary prospectus supplement, final prospectus supplement and prospectus relating to the offering may be obtained from Wells Fargo Securities, LLC at 608 2nd Ave S, Suite 1000, Minneapolis, MN 55402, Attention: WFS Customer Service, or by calling (800) 645-3751, Opt 5 or by email at [email protected] ; or by visiting the EDGAR database on the SEC’s web site at www.sec.gov .
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Any offer or sale will be made only by means of the prospectus supplement and prospectus forming part of the effective registration statement relating to these securities.
About Gaming and Leisure Properties
GLPI is engaged in the business of acquiring, financing, and owning real estate property to be leased to gaming operators in triple-net lease arrangements, pursuant to which the tenant is responsible for all facility maintenance, insurance required in connection with the leased properties and the business conducted on the leased properties, taxes levied on or with respect to the leased properties and all utilities and other services necessary or appropriate for the leased properties and the business conducted on the leased properties. GLPI expects to grow its portfolio by pursuing opportunities to acquire additional gaming facilities to lease to gaming operators. GLPI also intends to diversify its portfolio over time, including by acquiring properties outside the gaming industry to lease to third parties. GLPI elected to be taxed as a real estate investment trust (“REIT”) for United States federal income tax purposes commencing with the 2014 taxable year and is the first gaming-focused REIT in North America.
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended, including, but not limited to, statements regarding the proposed public offering. Forward-looking statements can be identified by the use of forward-looking terminology such as “expects,” “believes,” “estimates,” “intends,” “may,” “will,” “should” or “anticipates” or the negative or other variation of these or similar words, or by discussions of future events, strategies or risks and uncertainties. Such forward-looking statements are inherently subject to risks, uncertainties and assumptions about GLPI and its subsidiaries, including risks related to the following: the availability of and the ability to identify suitable and attractive acquisition and development opportunities and the ability to acquire and lease those properties on favorable terms; the ability to receive, or delays in obtaining, the regulatory approvals required to own and/or operate its properties, or other delays or impediments to completing GLPI’s planned acquisitions or projects; GLPI's ability to maintain its status as a REIT; GLPI’s ability to access capital through debt and equity markets in amounts and at rates and costs acceptable to GLPI, including through GLPI's existing ATM program; changes in the U.S. tax law and other state, federal or local laws, whether or not specific to REITs or to the gaming or lodging industries; and other factors described in GLPI’s Annual Report on Form 10-K for the year ended December 31, 2017, as amended from time to time, and GLPI’s Quarterly Report on Form 10-Q for the three months ended March 31, 2018, in each case, as filed with the SEC. All subsequent written and oral forward-looking statements attributable to GLPI or persons acting on GLPI’s behalf are expressly qualified in their entirety by the cautionary statements included in this press release. GLPI undertakes no obligation to publicly update or revise any forward-looking statements contained or incorporated by reference herein, whether as a result of new information, future events or otherwise, except as required by law. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this press release may not occur.
Contact
Investor Relations — Gaming and Leisure Properties, Inc.
Hayes Croushore
T: 610-378-8396
Email: [email protected]
Source:Gaming and Leisure Properties, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/globe-newswire-gaming-and-leisure-properties-announces-pricing-of-500000000-of-5-point-250-percent-senior-notes-due-2025-and-500000000-of.html |
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