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France: 9th round of rail strikes put reform on the line 3:48pm BST - 01:43
Rail traffic in France has been severely disrupted by strikes on the state network. As David Pollard reports, it's the ninth round of action so far, and the mood among rail workers could be hardening against President Macron's ambitious reform programme.
Rail traffic in France has been severely disrupted by strikes on the state network. As David Pollard reports, it's the ninth round of action so far, and the mood among rail workers could be hardening against President Macron's ambitious reform programme. //reut.rs/2L1dPuH | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/14/france-9th-round-of-rail-strikes-put-ref?videoId=426857394 |
Markets already know the Federal Reserve will deliver more rate hikes this year. They're just not prepared for how much it will hurt, according to Peter Boockvar , chief investment officer of Bleakley Advisory Group.
"The Fed is trying to ease the effect of their rate hike cycle by being very transparent," Boockvar told CNBC's " Futures Now " this week. It is "trying to convince us that quantitative tightening is like watching paint dry."
Fed chair Jerome Powell is carrying on Janet Yellen 's legacy of full transparency by prepping the markets as best as he can for inevitable monetary tightening. The Fed's message of 'steady-as-she-goes' rate increases has calmed Wall Street into thinking this will mostly be a smooth path higher.
Boockvar expects tighter monetary policy will have a far greater impact than the Fed is telegraphing, and the market is anticipating.
"Regardless of how they tell us, regardless of how they do it, there's still a rise in the cost of capital, there's still a drain of liquidity," he said.
He used a colorful analogy for the shock the markets will be dealt, even with the Fed's fair warning.
"If I gave you a month's notice that I'm going to punch you in the face, when I punch you in the face, it's still going to feel the same, it's still going to hurt," he said.
Vote Vote to see results Total Votes: Not a Scientific Survey. Results may not total 100% due to rounding.
'Not a believer' Even worse, it's more like two blows: While the Fed hikes interest rates, it's also shrinking its balance sheet, Boockvar points out.
"The biggest risk to the market is that they're really tightening twice through the reduction of the size of their balance sheet," said Boockvar.
The Fed is currently unwinding its $4 trillion-plus balance sheet at an ever-increasing pace. The central bank's purchases of mortgage-back securities spiked in late 2008, marking the beginning of the first round of quantitative easing under then-Fed chair Ben Bernanke .
"At the same time, they'll likely raise two more times this year, so the rise in interest rates to me is very noteworthy," said Boockvar. "In a very over-levered, credit-dependent economy, that is my main concern because it's very rare that the Fed engineers soft landings, and I'm not a believer that they're going to do it again this time."
Of the last 13 rate hike cycles, 10 have resulted in a recession, says Boockvar.
Markets are taking another 25 basis-point hike from the Fed at its June meeting as a near certainty, based on CME Group fed funds futures. The Fed last tweaked rates at its March meeting.
The rest of the year is less clear. A third rate hike for 2018 could come in September, but the chances of a fourth in December are at less than 41 percent.
Boockvar asked: "The question is when does the rise in interest rates begin to have an effect on the economy? As I said, we are very credit-addicted, credit-dependent economy that will be affected by a continued rise in interest rates if this trend persists."
The personal savings rate increased 3.1 percent in the first quarter, nearly half the rate of the first quarter three years ago, according to the U.S. Bureau of Economic Analysis. Meanwhile, the Fed reported a preliminary growth rate of 4.2 percent in outstanding consumer credit in the first quarter.
The U.S. economy rose by 2.3 percent in the first quarter, higher than estimates but weaker than 2.9 percent growth in the fourth quarter.
show chapters Futures Now: We could retest February lows as the Fed sticks to its rate hike plans, says Peter Boockvar 1:40 PM ET Thu, 10 May 2018 | 09:43 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/11/fed-is-about-to-deliver-a-punch-in-the-face-peter-boockvar-says.html |
US markets calmer after concern over Italy eases 38 Mins Ago CNBC's Michelle Caruso-Carbrera, Sara Eisen and Michelle Lee discuss the fallout of the turmoil in Italian markets on the United States. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/30/us-markets-calmer-after-concern-over-italy-eases.html |
This release should be read with the Company's Financial Statements and Management Discussion & Analysis ("MD&A"), available at www.tasekomines.com and filed on www.sedar.com . Except where otherwise noted, all currency amounts are stated in Canadian dollars. Taseko's 75% owned Gibraltar Mine is located north of the City of Williams Lake in south-central British Columbia. Production volumes stated in this release are on a 100% basis unless otherwise indicated.
VANCOUVER, May 2, 2018 /PRNewswire/ - Taseko Mines Limited (TSX: TKO; NYSE American: TGB) ("Taseko" or the "Company") reports the results for the three months ended March 31, 2018.
Russell Hallbauer, President and CEO of Taseko, commented, "As disclosed in our year-end report, production in early 2018 continued to be impacted by waste stripping shortfalls from 2017, where we effectively lost two months of waste stripping. With our stripping schedule compromised, our new pushback was delayed and only lower grade ore was available to process."
"The lower grades and resultant reduced copper and molybdenum production had a significant impact on our financial performance in the first quarter. But even with the low grades, we still managed to generate $12 million of Cash flow from operations and $14 million of earnings from mining operations before depreciation and amortization* in the quarter. Our adjusted net loss* of $11 million (or $0.05 per share) was negatively impacted by increased use of stockpiled ore as well as provisional pricing adjustments," stated Mr. Hallbauer.
Mr. Hallbauer continued, "Gibraltar head grades can fluctuate quite dramatically quarter-over-quarter as a result of the mining sequence, consistent with any other large mining operation. However, over longer periods of time average mined grades will revert to the life of mine average grade. Gibraltar has 21 years of mine life remaining, so this quarter's metal production shortfall is a short-term issue. The Canadian dollar price of copper remains roughly $4.00 per pound, the strongest it has been since 2011, and with copper grades increasing we see both metal production and financial performance returning to more representative levels."
"I am very pleased to report that our Florence Copper Project continues to advance on-time and on budget. We will begin testing the injection and recovery well systems in the coming weeks and the SX/EW plant construction is well underway and expected to be operational in the next six months. Importantly, the recent changes to US tax legislation have had a significant impact on the project's after tax net present value, raising it from US$680 million** to approximately US$760 million, based on current estimates. Florence Copper, with its very low capital and operating costs, is one of the best near-term copper projects on the horizon and will have a material impact on our Company," added Mr. Hallbauer.
"In addition to Florence Copper, we have an exciting near-term catalyst with our Aley Niobium Project. After three years of additional engineering work, we are in the final stages of completing an updated technical report. This report will demonstrate both lower capital costs and improved mine economics at a lower long-term niobium price. We look forward to publicly releasing that report in the near future. Both of these projects point to a bright future for the Company," concluded Mr. Hallbauer.
First Quarter Highlights
Earnings from mining operations before depletion and amortization* was $13.5 million; The increased use of stockpiled ore resulted in a non-cash inventory expense and additional depletion and amortization which reduced earnings from mining operations by $5.2 million in the first quarter of 2018; Cash flow from operations was $11.6 million, a decrease from the same period in 2017 due to lower copper production and sales volumes; In September 2017, the Company announced that it was moving forward with the construction of the Production Test Facility ("PTF") for the Florence Copper Project. The SX/EW plant and the associated wellfield, comprised of 24 production, monitoring, observation and point of compliance wells, will be built for approximately US$25 million. Wellfield drilling was completed in early April and construction of the process plant progressed smoothly through the first quarter, with steel for the plant being erected at the end of the quarter. The project is on-time and on budget with expenditures in the first quarter being approximately $14.3 million or US$10.8 million. The facility is expected to be operational by the end of the third quarter of 2018, with first copper cathode being produced in December; Copper and molybdenum production in the first quarter was 22.9 million pounds and 0.4 million pounds, respectively, a decrease from previous quarters as a result of the anticipated lower grade mine feed combined with the increased use of lower grade ore stockpiles, a consequence of the summer wildfires; Net loss was $18.5 million (or $0.08 per share) and Adjusted net loss* was $11.0 million (or $0.05 per share); Site operating costs, net of by-product credits* were US$2.02 per pound produced and Total operating costs (C1)* were US$2.33 per pound produced. Spending in the quarter remained at a similar level as previous quarter but unit costs were impacted by the lower grades and production; Total sales (100% basis) for the quarter were 22.8 million pounds of copper and 0.4 million pounds of molybdenum; and The Company's cash balance at March 31, 2018 was $64 million, reduced from $80 million at the end of 2017 due in part to cash used for construction of the Florence Copper PTF.
HIGHLIGHTS
Financial Data
Three months ended March 31,
(Cdn$ in thousands, except for per share amounts)
2018
2017
Change
Revenues
64,179
104,389
(40,210)
Earnings from mining operations before depletion and amortization*
13,544
53,427
(39,883)
Earnings (loss) from mining operations
(1,236)
43,850
(45,086)
Net income (loss)
(18,481)
16,479
(34,960)
Per share - basic ("EPS")
(0.08)
0.07
(0.15)
Adjusted net income (loss) *
(10,999)
15,254
(26,253)
Per share - basic ("adjusted EPS") *
(0.05)
0.07
(0.12)
EBITDA *
370
49,145
(48,775)
Adjusted EBITDA *
7,537
47,934
(40,397)
Cash flows provided by operations
11,556
79,765
(68,209)
Operating Data (Gibraltar - 100% basis)
Three months ended March 31,
2018
2017
Change
Tons mined (millions)
26.7
21.8
4.9
Tons milled (millions)
7.5
7.3
0.2
Production (million pounds Cu)
22.9
41.3
(18.4)
Sales (million pounds Cu)
22.8
40.8
(18.0)
OPERATIONS ANALYSIS
First quarter results
First quarter copper production at Gibraltar was 22.9 million pounds, lower than recent quarters as a result of reduced head grades and recoveries. Copper head grade at Gibraltar was 0.201% in the first quarter and the Company expects the head grade for the remainder of 2018 to be in line with the average life of mine reserve grade of 0.26%. Although the lower head grade in the first quarter was expected in the mine plan, head grade was also affected by reduced waste stripping in the third quarter of 2017 due to the summer wildfires in the Cariboo region and as a result more mill feed came from the stockpile than planned in the first quarter. The low head grades and some oxidation from stockpile ore also impacted copper recoveries which averaged 76% for the period.
A total of 26.7 million tons were mined during the quarter at a strip ratio of 4.1 to 1. Waste stripping costs of $14.7 million (75% basis) were capitalized in the quarter related to the new pushback in the Granite pit. Approximately 2.5 million tons of ore were drawn from the ore stockpile in the first quarter.
Site operating cost per ton milled* was $8.68 in the first quarter of 2018, which is higher than the fourth quarter of 2017 primarily due to the decreased capitalization of stripping costs and a decrease in the tons milled during the first quarter.
Site operating costs, net of by-product credits per pound produced* increased to US$2.02 in the first quarter of 2018 from US$1.69 in the fourth quarter of 2017. Total site spending in the first quarter remained at a similar level to the previous quarter, but unit operating costs increased due to the lower copper production and lower capitalized stripping costs in the period. A total of 0.4 million pounds of molybdenum were sold resulting in by-product credits per pound produced* of US$0.23 in the first quarter. The increase in molybdenum by-product credit was a result of higher molybdenum prices.
Off-property costs per pound produced* were US$0.31 for the first quarter of 2018 compared to US$0.34 for the 2017 year. The lower Off-property costs per pound produced* was primarily a result of lower treatment and refining costs charged on the Company's copper concentrate sales.
Total operating costs (C1) per pound* increased to US$2.33, a 10% increase from the fourth quarter of 2017.
REVIEW OF OPERATIONS
Gibraltar Mine (75% Owned)
Operating data (100% basis)
Q1 2018
Q4 2017
Q3 2017
Q2 2017
Q1 2017
Tons mined (millions)
26.7
26.9
23.3
21.1
21.8
Tons milled (millions)
7.5
7.9
7.2
7.5
7.3
Strip ratio
4.1
4.9
4.1
2.8
2.4
Site operating cost per ton milled (CAD$)*
$8.68
$7.68
$5.93
$7.67
$8.59
Copper concentrate
Grade (%)
0.201
0.209
0.284
0.309
0.328
Recovery (%)
75.7
77.5
86.1
85.2
85.9
Production (million pounds Cu)
22.9
25.5
35.1
39.4
41.3
Sales (million pounds Cu)
22.8
32.0
30.2
40.7
40.8
Inventory (million pounds Cu)
2.9
2.7
9.3
4.6
5.9
Molybdenum concentrate
Production (thousand pounds Mo)
443
537
445
789
866
Sales (thousand pounds Mo)
433
589
403
794
859
Per unit data (US$ per pound produced) *
Site operating costs *
$2.25
$1.86
$0.97
$1.08
$1.15
By-product credits *
(0.23)
(0.17)
(0.09)
(0.11)
(0.15)
Site operating costs, net of by-product credits *
$2.02
$1.69
$0.88
$0.97
$1.00
Off-property costs
0.31
0.42
0.30
0.34
0.33
Total operating costs (C1) *
$2.33
$2.11
$1.18
$1.31
$1.33
GIBRALTAR OUTLOOK
Looking beyond the first quarter, with the transition into the new ore zone completed, copper grade will increase and we expect the average copper grade for the remainder of 2018 to be in line with Gibraltar's average life of mine reserve grade of 0.26%.
Copper markets have shown continued strength with prices at US$3.07 per pound as of May 1, 2018. Molybdenum prices have also stayed strong at US$12.40 per pound as of May 1, 2018.
The Company is pursuing an insurance claim related to the Cariboo region wildfires in July 2017. The amount of the insurance claim has not been finalized and is currently estimated to be in the range of $4 to $10 million on a 75% basis.
REVIEW OF PROJECTS
Taseko's strategy has been to grow the Company by leveraging cash flow from the Gibraltar Mine to assemble and develop a pipeline of projects. We continue to believe this will generate the best, long-term returns for shareholders. Our development projects are located in British Columbia and Arizona and represent a diverse range of metals, including gold, copper, molybdenum and niobium. Our project focus is currently on the development of the Florence Copper Project.
Florence Copper Project
In September 2017, the Company announced that it was moving forward with the construction of the Production Test Facility ("PTF") for the Florence Copper Project. The SX/EW Plant and the associated wellfield, comprised of 24 production, monitoring, observation and point of compliance wells, will be built for approximately US$25 million. Wellfield drilling was completed in early April and construction of the process plant progressed smoothly through the first quarter, with steel for the plant being erected at the end of the quarter.
The project is on time and on budget with expenditures in the first quarter being approximately $14.3 million or US$10.8 million. The entire facility, plant and wells are expected to be fully operational by the end of the third quarter of 2018.
Aley Niobium Project
In 2014, the Company filed an NI43-101 technical report for the Aley Niobium Project. Further engineering and metallurgical test work has been completed since then which is expected to result in improved project economics. Environmental monitoring on the project continues and a number of product marketing initiatives are underway.
The Company will host a telephone conference call and live webcast on Thursday, May 3, 2018 at 11:00 a.m. Eastern Time (8:00 a.m. Pacific) to discuss these results. After opening remarks by management, there will be a question and answer session open to analysts and investors. The conference call may be accessed by dialing (877) 303-9079 in Canada and the United States, or (970) 315-0461 internationally. The conference call will be archived for later playback until May 10, 2018 and can be accessed by dialing (855) 859-2056 in Canada and the United States, or (404) 537-3406 internationally and using the passcode 2584329.
Russell Hallbauer
President and CEO
No regulatory authority has approved or disapproved of the information in this news release.
NON-GAAP PERFORMANCE MEASURES
This document includes certain non-GAAP performance measures that do not have a standardized meaning prescribed by IFRS. These measures may differ from those used by, and may not be comparable to such measures as reported by, other issuers. The Company believes that these measures are commonly used by certain investors, in conjunction with conventional IFRS measures, to enhance their understanding of the Company's performance. These measures have been derived from the Company's financial statements and applied on a consistent basis. The following tables below provide a reconciliation of these non-GAAP measures to the most directly comparable IFRS measure.
Total operating costs and site operating costs, net of by-product credits
Total costs of sales include all costs absorbed into inventory, as well as transportation costs and insurance recoverable. Site operating costs is calculated by removing net changes in inventory, depletion and amortization, insurance recoverable, and transportation costs from cost of sales. Site operating costs, net of by-product credits is calculated by removing by-product credits from the site operating costs. Site operating costs, net of by-product credits per pound are calculated by dividing the aggregate of the applicable costs by copper pounds produced. Total operating costs per pound is the sum of site operating costs, net of by-product credits and off-property costs divided by the copper pounds produced. By-product credits are calculated based on actual sales of molybdenum (net of treatment costs) and silver during the period divided by the total pounds of copper produced during the period. These measures are calculated on a consistent basis for the periods presented.
Three months ended March 31,
(Cdn$ in thousands, unless otherwise indicated) – 75% basis
2018
2017
Cost of sales
65,415
60,539
Less:
Depletion and amortization
(14,780)
(9,577)
Insurance recoverable
4,000
-
Net change in inventories of finished goods
967
233
Net change in inventories of ore stockpiles
(3,896)
1,172
Transportation costs
(2,829)
(5,217)
Site operating costs
48,877
47,150
Less by-product credits:
Molybdenum, net of treatment costs
(5,009)
(5,807)
Silver, excluding amortization of deferred revenue
(92)
(449)
Site operating costs, net of by-product credits
43,776
40,894
Total copper produced (thousand pounds)
17,145
30,943
Total costs per pound produced
2.55
1.32
Average exchange rate for the period (CAD/USD)
1.26
1.32
Site operating costs, net of by-product credits (US$ per pound)
2.02
1.00
Site operating costs, net of by-product credits
43,776
40,894
Add off-property costs:
Treatment and refining costs of copper concentrate
3,954
8,456
Transportation costs
2,829
5,217
Total operating costs
50,559
54,567
Total operating costs (C1) (US$ per pound)
2.33
1.33
Adjusted net income (loss)
Adjusted net income (loss) remove the effect of the following transactions from net income as reported under IFRS:
Unrealized foreign currency gains/losses; Unrealized gain/loss on copper put options; and Gain/loss on copper call option.
Management believes these transactions do not reflect the underlying operating performance of our core mining business and are not necessarily indicative of future operating results. Furthermore, unrealized gains/losses on derivative instruments, changes in the fair value of financial instruments, and unrealized foreign currency gains/losses are not necessarily reflective of the underlying operating results for the reporting periods presented.
Three months ended March 31,
($ in thousands, except per share amounts)
2018
2017
Net income (loss)
(18,481)
16,479
Unrealized foreign exchange (gain) loss
8,332
(2,677)
Unrealized (gain) loss on copper put options
(1,165)
52
Loss on copper call option
-
1,414
Estimated tax effect of adjustments
315
(14)
Adjusted net income (loss)
(10,999)
15,254
Adjusted EPS
(0.05)
0.07
EBITDA and adjusted EBITDA
EBITDA represents net income before interest, income taxes, and depreciation. EBITDA is presented because it is an important supplemental measure of our performance and is frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the industry, many of which present EBITDA when reporting their results. Issuers of "high yield" securities also present EBITDA because investors, analysts and rating agencies consider it useful in measuring the ability of those issuers to meet debt service obligations. The Company believes EBITDA is an appropriate supplemental measure of debt service capacity, because cash expenditures on interest are, by definition, available to pay interest, and tax expense is inversely correlated to interest expense because tax expense goes down as deductible interest expense goes up; depreciation is a non-cash charge.
Adjusted EBITDA is presented as a further supplemental measure of the Company's performance and ability to service debt. Adjusted EBITDA is prepared by adjusting EBITDA to eliminate the impact of a number of items that are not considered indicative of ongoing operating performance.
Adjusted EBITDA is calculated by adding to EBITDA certain items of expense and deducting from EBITDA certain items of income that are not likely to recur or are not indicative of the Company's future operating performance consisting of:
Unrealized foreign exchange gains/losses; Unrealized gain/loss on copper put options; and Gain/loss on copper call option.
While some of the adjustments are recurring, other non-recurring expenses do not reflect the underlying performance of the Company's core mining business and are not necessarily indicative of future results. Furthermore, unrealized gains/losses on derivative instruments, and unrealized foreign currency translation gains/losses are not necessarily reflective of the underlying operating results for the reporting periods presented.
Three months ended March 31,
($ in thousands)
2018
2017
Net income (loss)
(18,481)
16,479
Add:
Depletion and amortization
14,780
9,577
Amortization of share-based compensation expense (recovery)
(839)
3,359
Finance expense
9,311
8,034
Finance income
(323)
(331)
Income tax expense (recovery)
(4,078)
12,027
EBITDA
370
49,145
Adjustments:
Unrealized foreign exchange (gain) loss
8,332
(2,677)
Unrealized (gain) loss on copper put options
(1,165)
52
Loss on copper call option
-
1,414
Adjusted EBITDA
7,537
47,934
Earnings from mining operations before depletion and amortization
Earnings from mining operations before depletion and amortization is earnings from mining operations with depletion and amortization added back. The Company discloses this measure, which has been derived from our financial statements and applied on a consistent basis, to provide assistance in understanding the results of the Company's operations and financial position and it is meant to provide further information about the financial results to investors.
Three months ended March 31,
(Cdn$ in thousands)
2018
2017
Earnings (loss) from mining operations
(1,236)
43,850
Add:
Depletion and amortization
14,780
9,577
Earnings from mining operations before depletion and amortization
13,544
53,427
Site operating costs per ton milled
Three months ended March 31,
(Cdn$ in thousands, except per ton milled amounts)
2018
2017
Site operating costs (included in cost of sales)
48,877
47,150
Tons milled (thousands) (75% basis)
5,633
5,489
Site operating costs per ton milled
$8.68
$8.59
CAUTION REGARDING FORWARD-LOOKING INFORMATION
This document contains " " that were based on Taseko's expectations, estimates and projections as of the dates as of which those statements were made. Generally, these can be identified by the use of forward-looking terminology such as "outlook", "anticipate", "project", "target", "believe", "estimate", "expect", "intend", "should" and similar expressions.
Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the Company's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such . These included but are not limited to:
uncertainties and costs related to the Company's exploration and development activities, such as those associated with continuity of mineralization or determining whether mineral resources or reserves exist on a property; uncertainties related to the accuracy of our estimates of mineral reserves, mineral resources, production rates and timing of production, future production and future cash and total costs of production and milling; uncertainties related to feasibility studies that provide estimates of expected or anticipated costs, expenditures and economic returns from a mining project; uncertainties related to our ability to complete the mill upgrade on time estimated and at the scheduled cost; uncertainties related to the ability to obtain necessary licenses permits for development projects and project delays due to third party opposition; uncertainties related to unexpected judicial or regulatory proceedings; changes in, and the effects of, the laws, regulations and government policies affecting our exploration and development activities and mining operations, particularly laws, regulations and policies; changes in general economic conditions, the financial markets and in the demand and market price for copper, gold and other minerals and commodities, such as diesel fuel, steel, concrete, electricity and other forms of energy, mining equipment, and fluctuations in exchange rates, particularly with respect to the value of the U.S. dollar and Canadian dollar, and the continued availability of capital and financing; the effects of forward selling instruments to protect against fluctuations in copper prices and exchange rate movements and the risks of counterparty defaults, and mark to market risk; the risk of inadequate insurance or inability to obtain insurance to cover mining risks; the risk of loss of key employees; the risk of changes in accounting policies and methods we use to report our financial condition, including uncertainties associated with critical accounting assumptions and estimates; environmental issues and liabilities associated with mining including processing and stock piling ore; and labour strikes, work stoppages, or other interruptions to, or difficulties in, the employment of labour in markets in which we operate mines, or environmental hazards, industrial accidents or other events or occurrences, including third party interference that interrupt the production of minerals in our mines.
For further information on Taseko, investors should review the Company's annual Form 40-F filing with the United States Securities and Exchange Commission www.sec.gov and home jurisdiction filings that are available at www.sedar.com .
Cautionary Statement on Forward-Looking Information
This discussion includes certain statements that may be deemed " ". All statements in this discussion, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities, and events or developments that the Company expects are . Although we believe the expectations expressed in such are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the . Factors that could cause materially from those in include market prices, exploitation and exploration successes, continued availability of capital and financing and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the . All of the made in this MD&A are qualified by these cautionary statements. We disclaim any intention or obligation to update or revise any whether as a result of new information, future events or otherwise, except to the extent required by applicable law. Further information concerning risks and uncertainties associated with these and our business may be found in our most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities.
Note: For up-to-date Florence Copper site photos and construction updates, please visit Taseko's website at tasekomines.com .
*Non-GAAP performance measure. See end of news release.
**Based on the Florence Copper Project NI 43-101 technical report dated February 28, 2017 (amended and restated December 4, 2017) filed on SEDAR.
View original content: http://www.prnewswire.com/news-releases/taseko-reports-first-quarter-2018-financial-results-300641553.html
SOURCE Taseko Mines Limited | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/pr-newswire-taseko-reports-first-quarter-2018-financial-results.html |
RISHON LEZION, Israel, May 28, 2018 (GLOBE NEWSWIRE) -- B.O.S. Better Online Solutions Ltd. ("BOS" or the "Company") (NASDAQ:BOSC), a leading Israeli integrator of RFID and Mobile solutions and a global provider of Supply Chain solutions to enterprises, announced today that because of the U.S. Memorial day , it has rescheduled the release of its financial results for the first quarter ended March 31, 2018 from Monday May 28, 2018 to Tuesday May 29, 2018.
BOS will host a conference call on Tuesday, May 29, 2018 at 10 a.m. EDT - 5:00 p.m., Israel Time. A question-and-answer session will follow management’s presentation. To access the conference call, please dial one of the following numbers:
US: +1-888-281-1167, International: +972-3-9180644.
For those unable to listen to the live call, a script of the call will be available the next day after the call on BOS’s website, at: http://www.boscorporate.com
About BOS
B.O.S. Better Online Solutions Ltd. (BOSC) is a leading Israeli integrator of RFID and Mobile solutions and a global provider of Supply Chain solutions to enterprises. BOS' RFID and Mobile division offers both turnkey integration services as well as stand-alone products, including best-of-breed RFID and AIDC hardware and communications equipment, BOS middleware and industry-specific software applications. The Company's Supply Chain division provides electronic components consolidation services to the aerospace, defense, medical and telecommunications industries as well as to enterprise customers worldwide. For more information, please visit: www.boscorporate.com .
For more information:
Eyal Cohen
Co-CEO and CFO
+972-542525925
Source:B.O.S. Better Online Solutions Ltd. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/28/globe-newswire-b-o-s-reschedules-release-of-financial-results-for-the-first-quarter-ended-march-31-2018-to-tuesday-may-29-2018.html |
BEIRUT (Reuters) - Iran has drawn up a plan to cope with America’s withdrawal from the nuclear deal, Iran’s government spokesman said Wednesday, according to the Islamic Republic News Agency.
“The Management and Planning Organization of Iran have drawn up a plan that is proportional to the conditions of America’s exit from the nuclear deal,” government spokesman Mohammad Baqer Nobakht said.
He did not give any details on the specifics of the plan.
The Iranian government has assigned budgets to deal with various scenarios related to the nuclear deal, he said.
U.S. President Donald Trump’s decision to withdraw from the nuclear deal will lead to a loss of trust in the United States from the international community, Nobakht said.
“Today no country can coordinate their plan based on the reliability that they will reach an agreement with America,” Nobakht said.
Reporting By Babak Dehghanpisheh; Editing by Hugh Lawson
| ashraq/financial-news-articles | https://www.reuters.com/article/us-iran-nuclear-spokesman/iran-has-drawn-up-plan-to-cope-with-u-s-withdrawal-from-nuclear-deal-government-spokesman-idUSKBN1IA2P2 |
Lane Mendelsohn to lead company that developed VantagePoint Software, backed by artificial intelligence and capable of forecasting market trends up to 3 days in advance with up to 86% accuracy
WESLEY CHAPEL, Fla., May 09, 2018 (GLOBE NEWSWIRE) -- VantagePoint Software, the global leader of artificial intelligence trading technologies, announced Lane Mendelsohn as President. Mendelsohn, a 23-year veteran of the company and son of founder Louis Mendelsohn, previously served as Vice President. The promotion was immediately effective after a formal announcement made at the company’s most recent quarterly meeting.
“VantagePoint Software is in Lane’s very capable hands,” Louis Mendelsohn, founder and former President said. “Lane began his career at this company at a very young age and has consistently proven himself as an effective and dedicated leader. He has the confidence and trust of our employees and everyone looks forward to many more years of success under his leadership.”
Lane Mendelsohn’s career at VantagePoint Software began in the mid-1980s when he joined his father, Louis Mendelsohn, a widely recognized pioneer in the trading software industry. Growing up in a software and artificial intelligence environment, Lane was inspired to continue working alongside his father to build the family’s company and a legacy of his own.
“I feel very fortunate to have been given the unique opportunity to evolve into this important role,” Lane Mendelsohn said. “VantagePoint Software has many exciting initiatives on the horizon and I’m proud to be a part of helping our customers build life-changing wealth.”
Lane has been involved in every aspect of the company's operations including sales, marketing, research and development, trader education, website development, staff recruiting and training, and general management. In 2009, he was recognized by the Tampa Bay Business Journal as an honoree for the Up & Comers Award in the “30 Under 30” category.
Learn more at https://www.vantagepointsoftware.com or by calling 800-732-5407.
About Market Technologies
Headquartered in Wesley Chapel, Fla., Market Technologies, creator of VantagePoint Software, is a pioneer and leader in trading software research and software development. VantagePoint forecasts Stocks, Futures, Forex, ETFs and cryptocurrencies with proven forecasting accuracy of up to 86%. Using artificial intelligence, VantagePoint’s patented Neural Network processes predicts changes in market trend direction up to three days in advance, enabling traders to get in and out of trades at optimal times with greater confidence.
Contact info: Jennifer Aquilino, 8139730496, [email protected]
Source: VantagePoint | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/globe-newswire-vantagepoint-software-names-lane-mendelsohn-as-president.html |
PEACHTREE CORNERS, Ga.--(BUSINESS WIRE)-- FLEETCOR Technologies, Inc. (NYSE: FLT), a leading global provider of commercial payment solutions, today reported financial results for its first quarter of 2018.
“Our first quarter revenues and profits finished above our expectations, and our sales, retention, and same store customer trends were very strong. Revenue growth of 17%, excluding the new revenue standard ASC 606 change, and adjusted net income per diluted share growth of 28%, demonstrate the sustainability of our businesses. We delivered organic revenue growth rates of more than 20 percent in the Lodging, Corporate Payments and Tolls business lines, as we continue to execute on our strategies to grow our non-fuel businesses,” said Ron Clarke, chairman and chief executive officer, FLEETCOR Technologies, Inc. “We continue to advance our Company’s growth as we win new clients, open up new geographies, and provide improved value over a broader range of spend categories.”
Financial Results for First Quarter of 2018:
GAAP Results
Total revenues, including the impact of the new revenue recognition standard ASC 606, increased 12.5% to $585.5 million in 2018, compared to $520.4 million in 2017. Net income increased 41.4% to $174.9 million in 2018, compared to $123.7 million in 2017. Net income per diluted share increased 43.4% to $1.88 in 2018, compared to $1.31 per diluted share in 2017.
On January 1, 2018, the Company adopted FASB ASC Topic 606, "Revenue from Contracts with Customers" ("ASC 606") and related cost capitalization guidance, using the modified retrospective method by recognizing the cumulative effect of initially applying ASC 606 as an adjustment to opening retained earnings at January 1, 2018. As such, the Company is not required to restate comparative financial information prior to the adoption of ASC 606 and, therefore, such information for the three months ended March 31, 2017 continues to be reported under FASB ASC Topic 605, "Revenue Recognition" ("ASC 605"). The adoption of ASC 606 did not materially impact the Company’s financial position. For the three months ended March 31, 2018, the adoption of ASC 606 reduced revenue by $24.2 million and increased operating income by $2.7 million. The adoption of ASC 606 did not have a material impact on net income or net income per common or diluted shares for the three months ended March 31, 2018. As required, a comparison of the current presentation under ASC 606 to the prior presentation under ASC 605 is provided below:
2018 Reported
under ASC 606
2018 Impact of
ASC 606
2018 Excluding
Impact of Adoption
of ASC 606
(millions) Revenue $585.5 $24.2 $609.7 Operating Expense $325.4 $27.0 $352.4 Operating Income $260.1 ($2.7) $257.4
The above table presents the U.S. GAAP financial measures of Revenue, Operating Expense and Operating Income as reported, as well as the impact of the adoption of ASC 606 on these measures for the period presented. The impact of the adoption of ASC 606 on net income and net income per diluted share was not material.
Non-GAAP Results 1
Revenues under ASC 605 increased 17.2% to $609.7 million in 2018, compared to $520.4 million in 2017. Adjusted net income 1 increased 26.2% to $233.5 million in 2018, compared to $185.0 million in 2017. Adjusted net income per diluted share 1 increased 28.0% to $2.50 in 2018, compared to $1.96 per diluted share in 2017.
Fiscal-Year 2018 Outlook:
“The first quarter of 2018 was another strong quarter for the Company. The macro-economic environment was quite favorable versus prior year, and in line with our 2018 expectations,” said Eric Dey, chief financial officer, FLEETCOR Technologies, Inc. “We are raising our guidance to reflect our first quarter results compared to our expectations. Although foreign exchange rates are trending a little worse than the first quarter average, fuel prices are a bit better than our expectation earlier this year, so we are maintaining our prior macro guidance.”
For full year 2018, FLEETCOR Technologies, Inc. updated financial guidance is as follows:
Revenues including the adoption of ASC 606, between $2,390 million and $2,450 million; Net income between $705 million and $735 million; Net income per diluted share between $7.55 and $7.85; Revenues under ASC 605 between $2,500 million and $2,560 million; Adjusted net income 1 between $950 million and $980 million; and Adjusted net income per diluted share 1 between $10.20 and $10.50.
FLEETCOR’s guidance assumptions for 2018 are as follows:
Weighted fuel prices equal to $2.69 per gallon average in the U.S. for those businesses sensitive to the movement in the retail price of fuel for the balance of the year. Market spreads equal to the 2017 average. Foreign exchange rates equal to the seven-day average as of April 2, 2018. Interest expense of $125 million. Fully diluted shares outstanding of approximately 93.6 million shares. A tax rate of 22 to 24%. No impact related to acquisitions or material new partnership agreements not already disclosed. Excludes any impact related to unauthorized access to Company systems, as described below.
Fiscal Second Quarter of 2018 Outlook:
For the second quarter, the Company is expecting adjusted net income per diluted share to be approximately the same as the first quarter. The second quarter assumes improving revenue and operating performance versus fset by increased spending on initiatives to be funded from savings on the new Tax Act. Additionally, volumes should build throughout the year, and new asset initiatives are also expected to gain momentum throughout the year resulting in higher revenue and earnings per share in the third and fourth quarters.
1 Reconciliations of GAAP results to non-GAAP results are provided in Exhibit 1 attached. Additional supplemental data is provided in Exhibits 2-3 and 5, and segment information is provided in Exhibit 4. A reconciliation of GAAP guidance to non-GAAP guidance is provided in Exhibit 6. A reconciliation of the impact of adoption of ASC 606 is provided in exhibit 7. Subsequent Event:
FLEETCOR Reports Unauthorized Access into a Portion of the Company’s Systems
On April 26, 2018, Company personnel identified suspicious activity primarily on systems involving the Company’s Stored Value Solutions gift card business. The Company took immediate action to stop the activity and limit the improper use of accessed private label gift card information (these gift cards do not contain personally identifiable information such as consumer names, Social Security numbers, driver’s license numbers and other sensitive personal data). The Company through counsel promptly engaged external experts in information technology forensics to assist in the investigation. The Company also contacted federal law enforcement and merchants known to be affected.
The investigation is in its early stages but indicates that a significant number of six months or older gift card and PIN numbers were accessed. The affected data does not include personally identifiable information (such as consumer names, Social Security numbers, driver’s license numbers and other sensitive personal data). Following discovery, the Company froze certain gift card information and is working with merchant customers to limit the impact of the unauthorized access. The Company did not see any evidence of access to its systems involving fleet cards and other payment products, or to the proprietary and third-party payment networks used to deliver the Company’s payment solutions. The Company continues to investigate its other systems to determine whether any other information or systems have been accessed and whether other customers may have been impacted. This investigation is ongoing and will continue until the full nature and scope of the systems and information accessed has been determined. The Company will provide an update on the incident in its upcoming 10-Q, which it expects to file by May 10, 2018.
Conference Call
The Company will host a conference call to discuss first quarter 2018 financial results today at 5:00pm ET. Hosting the call will be Ron Clarke, chief executive officer, Eric Dey, chief financial officer and Jim Eglseder, investor relations. The conference call can be accessed live over the phone by dialing (855) 327-6837, or for international callers (631) 891-4304. A replay will be available one hour after the call and can be accessed by dialing (844) 512-2921 or (412) 317-6671 for international callers; the conference ID is 10004718. The replay will be available until Thursday, May 10, 2018. The call will be webcast live from the Company's investor relations website at investor.fleetcor.com . Prior to the conference call, the Company will post supplemental financial information that will be discussed during the call and live webcast.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. Statements that are not historical facts, including statements about FLEETCOR's beliefs, expectations and future performance, are forward-looking statements. Forward-looking statements can be identified by the use of words such as "anticipate," "intend," "believe," "estimate," "plan," "seek," "project," "expect," "may," "will," "would," "could" or "should," the negative of these terms or other comparable terminology. Examples of forward-looking statements in this press release include statements relating to macro- economic conditions, expected organic growth rates, impact of the new Tax Act, and estimated impact of these conditions on our operations and financial results, the impact of new asset initiatives, revenue and earnings guidance and assumptions underlying financial guidance, and statements regarding the unauthorized access to the Company’s systems, including the assumptions with respect to the investigation of the incident to date. These forward-looking statements are subject to a number of that could cause actual results to differ materially from those contained in any forward-looking statement, such as fuel price and spread volatility; the impact of foreign exchange rates on operations, revenue and income; the effects of general economic conditions on fueling patterns and the commercial activity of fleets; changes in credit risk of customers and associated losses; the actions of regulators relating to payment cards or resulting from investigations; failure to maintain or renew key business relationships; failure to maintain competitive offerings; failure to maintain or renew sources of financing; failure to complete, or delays in completing, anticipated new customer arrangements or acquisitions and the failure to successfully integrate or otherwise achieve anticipated benefits from such customer arrangements or acquired businesses; failure to successfully expand business internationally, risks related to litigation: the final results of the unauthorized access investigation, including the final scope of the intrusion, the type of systems and information accessed and the number of accounts impacted: as well as the other identified under the caption "Risk Factors" in FLEETCOR's Annual Report on Form 10-K for the year ended December 31, 2017. FLEETCOR believes these forward-looking statements are reasonable; however, forward-looking statements are not a guarantee of performance, and undue reliance should not be placed on such statements. The forward-looking statements included in this press release are made only as of the date hereof, and FLEETCOR does not undertake, and specifically disclaims, any obligation to update any such statements or to publicly announce the results of any revisions to any of such statements to reflect future events or developments except as specifically stated in this press release or to the extent required by law.
About Non-GAAP Financial Measures
Adjusted net income is calculated as net income, adjusted to eliminate (a) non-cash stock based compensation expense related to share based compensation awards, (b) amortization of deferred financing costs, discounts and intangible assets, amortization of the premium recognized on the purchase of receivables, and our proportionate share of amortization of intangible assets at our equity method investment, (c) a non-recurring net gain at our equity method investment, (d) impairment of our equity method investment, (e) net gain on disposition of business, (f) loss on early extinguishment of debt and, (g) other non-recurring items, including the impact of the Tax Reform Act and restructuring costs. We calculate adjusted net income to eliminate the effect of items that we do not consider indicative of our core operating performance. Adjusted net income is a supplemental measure of operating performance that does not represent and should not be considered as an alternative to net income or cash flow from operations, as determined by U.S. generally accepted accounting principles, or U.S. GAAP, and our calculation thereof may not be comparable to that reported by other companies. We believe it is useful to exclude non-cash stock based compensation expense from adjusted net income because non-cash equity grants made at a certain price and point in time do not necessarily reflect how our business is performing at any particular time and stock based compensation expense is not a key measure of our core operating performance. We also believe that amortization expense can vary substantially from company to company and from period to period depending upon their financing and accounting methods, the fair value and average expected life of their acquired intangible assets, their capital structures and the method by which their assets were acquired; therefore, we have excluded amortization expense from our adjusted net income. We also believe one-time non-recurring gains, losses, and impairment charges do not necessarily reflect how our investments and business are performing. Reconciliations of GAAP results to non-GAAP results are provided in the attached exhibit 1. A reconciliation of GAAP to non-GAAP product revenue organic growth calculation is provided in the attached exhibit 5. A reconciliation of GAAP to non-GAAP guidance is provided in the attached exhibit 6. Furthermore, a reconciliation of the impact of the Company’s adoption of the new revenue standard, ASC 606, is provided in exhibit 7, along with its impact on 2018 guidance in exhibit 6.
Management uses adjusted net income:
as measurement of operating performance because it assists us in comparing our operating performance on a consistent basis; for planning purposes, including the preparation of our internal annual operating budget; to allocate resources to enhance the financial performance of our business; and to evaluate the performance and effectiveness of our operational strategies.
We believe, adjusted net income and adjusted net income per diluted share are key measures used by the Company and investors as supplemental measures to evaluate the overall operating performance of companies in our industry. By providing these non-GAAP financial measures, together with reconciliations, we believe we are enhancing investors' understanding of our business and our results of operations, as well as assisting investors in evaluating how well we are executing strategic initiatives.
About FLEETCOR
FLEETCOR Technologies (NYSE: FLT) is a leading global provider of commercial payment solutions. The Company helps businesses of all sizes better control, simplify and secure payment of their fuel, toll, lodging and other general payables. With its proprietary payment acceptance networks, FLEETCOR provides affiliated merchants with incremental sales and loyalty. FLEETCOR serves businesses, partners and merchants in North America, Latin America, Europe, and Australasia. For more information, please visit www.FLEETCOR.com .
FLEETCOR Technologies, Inc. and Subsidiaries Unaudited Consolidated Statements of Income (In thousands, except per share amounts) Three Months Ended March 31, 2018 1
2017 Revenues, net $ 585,500 $ 520,433 Expenses: Merchant commissions - 24,384 Processing 116,485 101,824 Selling 47,111 38,837 General and administrative 90,315 95,454 Depreciation and amortization 71,502 64,866 Operating income 260,087 195,068 Investment loss - 2,377 Other (income) expense, net (297 ) 2,196 Interest expense, net 31,065 23,127 Total other expense 30,768 27,700 Income before income taxes 229,319 167,368 Provision for income taxes 54,382 43,675 Net income $ 174,937 $ 123,693 Basic earnings per share $ 1.95 $ 1.34 Diluted earnings per share $ 1.88 $ 1.31 Weighted average shares outstanding: Basic shares 89,765 92,108 Diluted shares 93,250 94,560 1 Reflects the impact of the Company's adoption of Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606) and related cost capitalization guidance, which was adopted by the Company on January 1, 2018 using the modified retrospective transition method. The adoption of Topic 606 resulted in an adjustment to retained earnings in our consolidated balance sheet for the cumulative effective of applying the standard, which included costs incurred to obtain a contract, as well as presentation changes in our statements of income, including the classification of certain amounts previously classified as merchant commissions and processing expense net with revenues. As a result of the application of the modified retrospective transition method, the Company's prior period results within its Form 10-K and quarterly reports on Form 10-Q will not be restated to reflect Topic 606. See exhibit 7 for a reconciliation of the impact of adoption of Topic 606. FLEETCOR Technologies, Inc. and Subsidiaries Consolidated Balance Sheets (In thousands, except share and par value amounts) March 31, 2018 1
December 31, 2017 (Unaudited) Assets Current assets: Cash and cash equivalents $ 979,573 $ 913,595 Restricted cash 242,928 217,275 Accounts and other receivables (less allowance for doubtful accounts of $48,989 at
March 31, 2018 and $46,031 at December 31, 2017, respectively)
1,691,762 1,420,011 Securitized accounts receivable - restricted for securitization investors 829,000 811,000 Prepaid expenses and other current assets 163,802 187,820 Total current assets 3,907,065 3,549,701 Property and equipment, net 184,031 180,057 Goodwill 4,744,292 4,715,823 Other intangibles, net 2,682,516 2,724,957 Investments 32,859 32,859 Other assets 141,702 114,962 Total assets $ 11,692,465 $ 11,318,359 Liabilities and Stockholders’ Equity Current liabilities: Accounts payable $ 1,609,240 $ 1,437,314 Accrued expenses 261,309 238,472 Customer deposits 746,332 732,171 Securitization facility 829,000 811,000 Current portion of notes payable and lines of credit 792,913 805,512 Other current liabilities 68,882 71,033 4,307,676 4,095,502 Notes payable and other obligations, less current portion 2,867,532 2,902,104 Deferred income taxes 505,150 518,912 Other noncurrent liabilities 124,055 125,319 Total noncurrent liabilities 3,496,737 3,546,335 Commitments and contingencies Stockholders’ equity: Common stock, $0.001 par value; 475,000,000 shares authorized; 122,359,407 shares
issued and 89,637,705 shares outstanding at March 31, 2018; and 122,083,059 shares
issued and 89,803,982 shares outstanding at December 31, 2017
123 122 Additional paid-in capital
2,248,602 2,214,224 Retained earnings 3,181,110 2,958,921 Accumulated other comprehensive loss (508,603 ) (551,857 ) Less treasury stock, 32,721,702 shares at March 31, 2018 and 32,279,077 share at
December 31, 2017
(1,033,180 ) (944,888 ) Total stockholders’ equity 3,888,052 3,676,522 Total liabilities and stockholders’ equity $ 11,692,465 $ 11,318,359 1 Reflects the impact of the Company's adoption of Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606) and related cost capitalization guidance,, which was adopted by the Company on January 1, 2018 using the modified retrospective transition method. The adoption of Topic 606 resulted in an adjustment to retained earnings in our consolidated balance sheet for the cumulative effective of applying the standard, which included costs incurred to obtain a contract, as well as presentation changes in our statements of income, including the classification of certain amounts previously classified as merchant commissions and processing expense net with revenues. As a result of the application of the modified retrospective transition method, the Company's prior period results within its Form 10-K and quarterly reports on Form 10-Q will not be restated to reflect Topic 606. See exhibit 7 for a reconciliation of the impact of adoption of Topic 606. FLEETCOR Technologies, Inc. and Subsidiaries Unaudited Consolidated Statements of Cash Flows (In thousands) Three Months Ended March 31, 2018 1
2017 1
Operating activities Net income $ 174,937 $ 123,693 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 12,397 10,667 Stock-based compensation 14,403 23,093 Provision for losses on accounts receivable 11,997 12,988 Amortization of deferred financing costs and discounts 1,339 1,914 Amortization of intangible assets 57,836 52,654 Amortization of premium on receivables 1,269 1,544 Deferred income taxes (4,829 ) (3,453 ) Investment loss - 2,377 Other non-cash operating income (57 ) - Changes in operating assets and liabilities (net of acquisitions): Accounts and other receivables (288,152 ) (236,564 ) Prepaid expenses and other current assets 32,074 (16,453 ) Other assets (7,101 ) (2,673 ) Accounts payable, accrued expenses and customer deposits 194,589 103,711 Net cash provided by operating activities 200,702 73,498 Investing activities Acquisitions, net of cash acquired (3,875 ) - Purchases of property and equipment (15,214 ) (14,796 ) Other (3,642 ) (6,327 ) Net cash used in investing activities (22,731 ) (21,123 ) Financing activities Proceeds from issuance of common stock 19,975 15,230 Repurchase of common stock (88,292 ) - Borrowings on securitization facility, net 18,000 85,000 Principal payments on notes payable (34,500 ) (33,363 ) Borrowings from revolver 420,258 90,000 Payments on revolver (439,351 ) (159,949 ) Borrowings on swing line of credit, net 5,009 21,639 Other (92 ) 537 Net cash (used in) provided by financing activities (98,993 ) 19,094 Effect of foreign currency exchange rates on cash 12,653 19,754 Net increase in cash and cash equivalents and restricted cash 91,631 91,223 Cash and cash equivalents and restricted cash, beginning of period 1,130,870 643,770 Cash and cash equivalents and restricted cash, end of period $ 1,222,501 $ 734,993 Supplemental cash flow information Cash paid for interest $ 35,634 $ 33,190 Cash paid for income taxes $ 16,830 $ 88,503 1 Reflects the impact of the Company's adoption of Accounting Standards Update 2016-18, Statement of Cash Flows (Topic 230), which was adopted by the Company on January 1, 2018 and applied retrospectively to results for 2017. The adoption of Topic 230 resulted in the statement of cash flows presenting the changes in the total of cash, cash equivalents and restricted cash. As a result, the Company will no longer present transfers between cash and cash equivalents and restricted cash in the statement of cash flows. Exhibit 1 RECONCILIATION OF NON-GAAP MEASURES (In thousands, except shares and per share amounts) (Unaudited) The following table reconciles net income to adjusted net income and adjusted net income per diluted share: Three Months Ended March 31, 2018 2017 Net income $ 174,937 $ 123,693 Stock based compensation 14,403 23,093 Amortization of intangible assets, premium on receivables, deferred financing costs and discounts 60,444 58,571 Restructuring costs 1,929 - Total pre-tax adjustments 76,776 81,664 Income tax impact of pre-tax adjustments at the effective tax rate (18,207 ) (20,379 ) (1 ) Adjusted net income $ 233,506 $ 184,978 Adjusted net income per diluted share $ 2.50 $ 1.96 Diluted shares 93,250 94,560 1 Excludes the results of the Company's Masternaut investment on our effective tax rate, as results from our Masternaut investment are reported within the consolidated statements of income on a post-tax basis and no tax-over-book outside basis differences related to our equity method investment reversed during 2017. Exhibit 2 Transaction Volume and Revenues Per Transaction by Segment and by Product Category, on a GAAP Basis and Pro Forma and Macro Adjusted
(In millions except revenues, net per transaction) (Unaudited) The following table presents revenue and revenue per transaction, by segment. As Reported As Reported and Pro Forma for Impact of
Adoption of ASC 606
Three Months Ended March 31, Three Months Ended March 31, 2018 1
2017 Change % Change 2018 1
2017 1
Change % Change NORTH AMERICA
- Transactions 449.7 428.7 (2 ) 21.0 5 % 449.7 428.7 (2 ) 21.0 5 % - Revenues, net per transaction $ 0.81 $ 0.77 $ 0.04 5 % $ 0.81 $ 0.72 $ 0.09 13 % - Revenues, net $ 364.3 $ 329.9 $ 34.3 10 % $ 364.3 $ 308.4 $ 55.9 18 % INTERNATIONAL
- Transactions 273.0 270.9 2.1 1 % 273.0 270.9 2.1 1 % - Revenues, net per transaction $ 0.81 $ 0.70 $ 0.11 15 % $ 0.81 $ 0.69 $ 0.12 18 % - Revenues, net $ 221.2 $ 190.5 $ 30.7 16 % $ 221.2 $ 186.1 $ 35.2 19 % FLEETCOR CONSOLIDATED REVENUES
- Transactions 722.8 699.6 23.2 3 % 722.8 699.6 23.1 3 % - Revenues, net per transaction $ 0.81 $ 0.74 $ 0.07 9 % $ 0.81 $ 0.71 $ 0.10 15 % - Revenues, net $ 585.5 $ 520.4 $ 65.1 13 % $ 585.5 $ 494.5 $ 91.0 18 % The following table presents revenue and revenue per transaction, by product category. As Reported Pro Forma and Macro Adjusted 4 Three Months Ended March 31, Three Months Ended March 31, 2018(1) 2017 Change % Change 2018(1) 2017(1) Change % Change FUEL CARDS
- Transactions 117.6 111.0 6.6 6 % 117.6 112.5 5.1 5 % - Revenues, net per transaction $ 2.20 $ 2.34 $ (0.15 ) (6 %) $ 2.04 $ 2.11 $ (0.07 ) (3 %) - Revenues, net 258.4 $ 260.3 $ (1.9 ) (1 %) $ 240.4 $ 237.6 $ 2.9 1 % CORPORATE PAYMENTS
- Transactions 10.9 9.5 1.4 15 % 10.9 9.7 1.2 12 % - Revenues, net per transaction $ 8.69 $ 4.93 $ 3.76 76 % $ 8.58 $ 7.67 $ 0.91 12 % - Revenues, net 94.8 $ 46.8 $ 47.9 102 % $ 93.5 $ 74.6 $ 18.9 25 % TOLLS
- Transactions 220.8 222.9 (2.0 ) (1 %) 220.8 222.9 (2.0 ) (1 %) - Revenues, net per transaction $ 0.41 $ 0.35 $ 0.07 20 % $ 0.43 $ 0.35 $ 0.08 23 % - Revenues, net 91.2 $ 77.0 $ 14.2 18 % $ 94.1 $ 77.0 $ 17.1 22 % LODGING
- Transactions 5.4 3.2 2.2 68 % 5.4 3.6 1.8 50 % - Revenues, net per transaction $ 7.27 $ 7.38 $ (0.10 ) (1 %) $ 7.27 $ 7.92 $ (0.64 ) (8 %) - Revenues, net 39.4 $ 23.8 $ 15.7 66 % $ 39.4 $ 28.6 $ 10.8 38 % GIFT
- Transactions 349.6 333.4 (2 ) 16.2 5 % 349.6 333.4 (2 ) 16.2 5 % - Revenues, net per transaction $ 0.14 $ 0.15 $ (0.01 ) (4 %) $ 0.14 $ 0.15 $ (0.01 ) (4 %) - Revenues, net 48.6 $ 48.4 $ 0.2 0 % $ 48.6 $ 48.4 $ 0.2 0 % OTHER 3
- Transactions 18.4 19.6 (1.3 ) (6 %) 18.4 19.2 (0.8 ) (4 %) - Revenues, net per transaction $ 2.89 $ 3.26 $ (0.37 ) (11 %) $ 2.81 $ 2.69 $ 0.12 4 % - Revenues, net 53.1 $ 64.1 $ (11.0 ) (17 %) $ 51.6 $ 51.7 $ (0.0 ) (0 %) FLEETCOR CONSOLIDATED REVENUES
- Transactions 722.8 699.6 23.2 3 % 722.8 701.3 21.4 3 % - Revenues, net per transaction $ 0.81 $ 0.74 $ 0.07 9 % $ 0.79 $ 0.74 $ 0.05 6 % - Revenues, net $ 585.5 $ 520.4 $ 65.1 13 % $ 567.7 $ 517.9 $ 49.8 10 % 1 Reflects the impact of the Company's adoption of Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606) and related cost capitalization guidance, which was adopted by the Company on January 1, 2018 using the modified retrospective transition method. The adoption of Topic 606 resulted in an adjustment to retained earnings in our consolidated balance sheet for the cumulative effective of applying the standard, which included costs incurred to obtain a contract, as well as presentation changes in our statements of income, including the classification of certain amounts previously classified as merchant commissions and processing expense net with revenues. As a result of the application of the modified retrospective transition method, the Company's prior period results within its Form 10-K and quarterly reports on Form 10-Q will not be restated to reflect Topic 606. For purposes of comparability, 2017 revenue has been recast in this exhibit and is reconciled to GAAP in Exhibit 5, which includes certain estimates and assumptions made by the Company for the impact of ASC 606 on 2017 revenues, as the Company did not apply a full retrospective adoption. 2 For purposes of comparability, reflects adjustment for 44.3 million non-recurring transactions at SVS in 2017 due to system driven balance inquiries. 3 Other includes telematics, maintenance, food, and transportation related businesses. 4 See Exhibit 5 for a reconciliation of Pro forma and Macro Adjusted revenue by product, non gaap measures, to the gaap equivalent. Exhibit 3 Revenues by Geography, Product and Source (In millions) (Unaudited) Revenue by Geography*
Three Months Ended March 31, 2018 1 % 2017 % US $ 344 59% $ 330 63% UK 64 11% 54 10% Brazil 107 18% 93 18% Other 71 12% 43 8% Consolidated Revenues, net $ 586 100% $ 520 100% * Columns may not calculate due to rounding. Revenue by Product Category*
Three Months Ended March 31, 2018 1 % 2017 % Fuel Cards $ 258 44% $ 260 50% Corporate Payments 95 16% 47 9% Tolls 91 16% 77 15% Lodging 39 7% 24 5% Gift 49 8% 48 9% Other 53 9% 64 12% Consolidated Revenues, net $ 586 100% $ 520 100% * Columns may not calculate due to rounding. Major Sources of Revenue*
Three Months Ended March 31, 2018 1
% 2017 % Processing and Program Revenue 2 $ 311 53% $ 244 47% Late Fees and Finance Charges 3 36 6% 37 7% Miscellaneous Fees 4 34 6% 34 6% Discount Revenue (Fuel) 5 85 14% 81 15% Discount Revenue (NonFuel) 6 43 7% 41 8% Tied to Fuel-Price Spreads 7 26 4% 50 10% Merchant Program Revenue 8 50 9% 34 7% Consolidated Revenues, net $ 586 100% $ 520 100% 1 Reflects the impact of the Company's adoption of Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606) and related cost capitalization guidance, which was adopted by the Company on January 1, 2018 using the modified retrospective transition method. The adoption of Topic 606 resulted in an adjustment to retained earnings in our consolidated balance sheet for the cumulative effective of applying the standard, which included costs incurred to obtain a contract, as well as presentation changes in our statements of income, including the classification of certain amounts previously classified as merchant commissions and processing expense net with revenues. As a result of the application of the modified retrospective transition method, the Company's prior period results within its Form 10-K and quarterly reports on Form 10-Q will not be restated to reflect Topic 606. See exhibit 7 for a reconciliation of the impact of adoption of Topic 606. 2 Includes revenue from customers based on accounts, cards, devices, transactions, load amounts and/or purchase amounts, etc. for participation in our various fleet and workforce related programs; as well as, revenue from partners (e.g., major retailers, leasing companies, oil companies, petroleum marketers, etc.) for processing and network management services. Primarily represents revenue from North American trucking, lodging, prepaid benefits, telematics, gift cards and toll related businesses. 3 Fees for late payment and interest charges for carrying a balance charged to a customer. 4 Non-standard fees charged to customers based on customer behavior or optional participation, primarily including high credit risk surcharges, over credit limit charges, minimum processing fees, printing and mailing fees, environmental fees, etc. 5 Interchange revenue directly influenced by the absolute price of fuel and other interchange related to fuel products. 6 Interchange revenue related to nonfuel products. 7 Revenue derived from the difference between the price charged to a fleet customer for a transaction and the price paid to the merchant for the same transaction. 8 Revenue derived primarily from the sale of equipment, software and related maintenance to merchants. * We may not be able to precisely calculate revenue by source, as certain estimates were made in these allocations. Columns may not calculate due to rounding. Exhibit 4 Segment Results (In thousands) (Unaudited) Three Months Ended March 31, 2018(1) 2017 Revenues, net: North America $ 364,270 $ 329,948 International 221,230 190,485 $ 585,500 $ 520,433 Operating income: North America $ 155,950 $ 120,972 International 104,137 74,096 $ 260,087 $ 195,068 Depreciation and amortization: North America $ 38,675 $ 33,177 International 32,827 31,689 $ 71,502 $ 64,866 Capital expenditures: North America $ 8,411 $ 9,632 International 6,803 5,164 $ 15,214 $ 14,796 1 Reflects the impact of the Company's adoption of Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606) and related cost capitalization guidance, which was adopted by the Company on January 1, 2018 using the modified retrospective transition method. The adoption of Topic 606 resulted in an adjustment to retained earnings in our consolidated balance sheet for the cumulative effective of applying the standard, which included costs incurred to obtain a contract, as well as presentation changes in our statements of income, including the classification of certain amounts previously classified as merchant commissions and processing expense net with revenues. As a result of the application of the modified retrospective transition method, the Company's prior period results within its Form 10-K and quarterly reports on Form 10-Q will not be restated to reflect Topic 606. See exhibit 7 for a reconciliation of the impact of adoption of Topic 606. Exhibit 5 Reconciliation of Non-GAAP Revenue and Transactions by Product to GAAP (In millions) (Unaudited) Revenue Transactions Three Months Ended March 31, Three Months Ended March 31, 2018* 2017* 2018* 2017* FUEL CARDS
Pro forma and macro adjusted $ 240.4 $ 237.6 117.6 112.5 Impact of acquisitions/dispositions - (1.9 ) - (1.5 ) Impact of fuel prices/spread 8.4 - - - Impact of foreign exchange rates 9.6 - - - Impact of adoption of ASC 606 - 24.7 - - As reported $ 258.4 $ 260.4 117.6 111.0 CORPORATE PAYMENTS
Pro forma and macro adjusted $ 93.5 $ 74.6 10.9 9.7 Impact of acquisitions/dispositions - (28.6 ) - (0.2 ) Impact of fuel prices/spread 0.1 - - - Impact of foreign exchange rates 1.2 - - - Impact of adoption of ASC 606 - 0.9 - - As reported $ 94.8 $ 46.8 10.9 9.5 TOLLS
Pro forma and macro adjusted $ 94.1 $ 77.0 220.8 222.9 Impact of acquisitions/dispositions - - - - Impact of fuel prices/spread - - - - Impact of foreign exchange rates (2.9 ) - - - Impact of adoption of ASC 606 - - - - As reported $ 91.2 $ 77.0 220.8 222.9 LODGING
Pro forma and macro adjusted $ 39.4 $ 28.6 5.4 3.6 Impact of acquisitions/dispositions - (4.9 ) - (0.4 ) Impact of fuel prices/spread - - - - Impact of foreign exchange rates - - - - Impact of adoption of ASC 606 - - - - As reported $ 39.4 $ 23.8 5.4 3.2 GIFT
Pro forma and macro adjusted $ 48.6 $ 48.4 349.6 333.4 Impact of acquisitions/dispositions - - - - Impact of fuel prices/spread - - - - Impact of foreign exchange rates - - - - Impact of adoption of ASC 606 - - - - As reported $ 48.6 $ 48.4 349.6 333.4 OTHER 1
Pro forma and macro adjusted $ 51.6 $ 51.7 18.4 19.2 Impact of acquisitions/dispositions - 12.0 - 0.4 Impact of fuel prices/spread - - - - Impact of foreign exchange rates 1.5 - - - Impact of adoption of ASC 606 - 0.4 - - As reported $ 53.1 $ 64.1 18.4 19.6
FLEETCOR CONSOLIDATED REVENUES
Pro forma and macro adjusted $ 567.7 $ 517.9 722.8 701.3 Impact of acquisitions/dispositions - (23.4 ) - (1.7 ) Impact of fuel prices/spread 8.5 - - - Impact of foreign exchange rates 9.3 - - - Impact of adoption of ASC 606 - 26.0 - - As reported $ 585.5 $ 520.4 722.8 699.6 * Columns may not calculate due to rounding. 1 Other includes telematics, maintenance and transportation related businesses. Exhibit 6 RECONCILIATION OF NON-GAAP GUIDANCE MEASURES (In millions, except per share amounts) (Unaudited) The following table reconciles 2018 financial guidance for revenues, net to revenues prior to the adoption of Topic 606 and net income to
adjusted net income and adjusted net income per diluted share, at both ends of the range:
2018 GUIDANCE Low* High* Revenues, net $ 2,390 $ 2,450 Impact of adoption of Topic 606 110 110 Revenues, net prior to adoption of Topic 606 $ 2,500 $ 2,560 Net income $ 705 $ 735 Net income per diluted share $ 7.55 $ 7.85 Stock based compensation 81 81 Amortization of intangible assets, premium on receivables, deferred financing costs and discounts 236 236 Restructuring costs 2 2 Total pre-tax adjustments 319 319 Income tax impact of pre-tax adjustments at the effective tax rate (73 ) (73 ) Adjusted net income $ 950 $ 980 Adjusted net income per diluted share $ 10.20 $ 10.50 Diluted shares 94 94 * Columns may not calculate due to rounding. Exhibit 7 Reconciliation of Impact of Adoption of ASC 606 to the Consolidated Statement of Income (In thousands) (Unaudited) Three Months Ended March 31, 2018 As Reported 1 Impact of ASC 606 2018 Prior to
Adoption
Revenues, net $ 585,500 $ 24,218 $ 609,718 Expenses: Merchant commissions - 26,903 26,903 Processing 116,485 (2,071) 114,414 Selling 47,111 2,120 49,231 General and administrative 90,315 - 90,315 Depreciation and amortization 71,502 - 71,502 Operating income 260,087 (2,734) 257,353 Total other expense 30,768 - 30,768 Income before income taxes 229,319 (2,734) 226,585 Provision for income taxes 54,382 (757) 53,625 Net income $ 174,937 $ (1,977) $ 172,960 1 Reflects the impact of the Company's adoption of Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606) and related cost capitalization guidance, which was adopted by the Company on January 1, 2018 using the modified retrospective transition method. The adoption of Topic 606 resulted in an adjustment to retained earnings in our consolidated balance sheet for the cumulative effective of applying the standard, which included costs incurred to obtain a contract, as well as presentation changes in our statements of income, including the classification of certain amounts previously classified as merchant commissions and processing expense net with revenues. As a result of the application of the modified retrospective transition method, the Company's prior period results within its Form 10-K and quarterly reports on Form 10-Q will not be restated to reflect Topic 606.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180503006631/en/
FLEETCOR Technologies
Investor Relations
Jim Eglseder, 770-417-4697
[email protected]
Source: FLEETCOR Technologies, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/business-wire-fleetcor-reports-first-quarter-financial-results.html |
DENVER--(BUSINESS WIRE)-- On May 1, 2018, Carbon Natural Gas Company (“Carbon” or the “Company”)(OTCQB:CRBO), through its subsidiary Carbon California Company, LLC, (“Carbon California”) completed the acquisition of oil and gas producing properties and related facilities located in the Ventura Basin of California for $43 million subject to normal and customary post-closing adjustments.
The acquired assets are comprised of conventional light, sweet crude oil production with shallow base decline. The acquisition increases the volume of light oil production and proved reserves of Carbon California and provides for additional cash flow from Carbon’s Ventura Basin operating region. The acquired properties have an inventory of proved developed non-producing and proved undeveloped growth opportunities on which the Company will commence a development plan. The Company believes that operating synergies and economies of scale may be achieved as the properties are integrated into existing field operations.
Current net production from the acquired assets is approximately 920 barrels of oil equivalent (boe) per day (79% oil and liquids). Based on reserves as of January 1, 2018 prepared by the Company’s qualified reserves evaluator using SEC pricing methodology, the Company estimates that the properties contain 17.6 million barrels of Proved Reserves (77% oil and liquids) comprised of 6.9 million net boe of Proved Developed Producing Reserves, 5.8 million net boe of Proved Developed Non-Producing Reserves and 4.9 million net boe of Proved Undeveloped Reserves.
Carbon holds a 54% ownership interest in membership units of Carbon California. Carbon is Manager of Carbon California and a portion of the Company’s general and administrative expenses is allocated to and paid by Carbon California.
Financing for the transaction was provided by the Company and an institutional investor, each of which purchased $5 million of Class A Units of Carbon California for an aggregate cash consideration of $10 million. In addition, Carbon California entered into an amendment to its existing Senior Secured Note Credit Facility to increase the borrowing base available under its credit facility from $15 million to $41 million. Carbon California borrowed $25 million under the credit facility and entered into a Securities Purchase Agreement for the issuance and sale of $3 million of Senior Subordinated Notes due February 15, 2024 which, along with proceeds of approximately $5 million from effective date adjustments, deposit and transaction costs combined to complete the financing of the transaction.
Forward-Looking Statements
Certain statements, including those regarding the estimates of oil and gas reserves and the availability of complementary acquisitions, contained in this communication regarding matters that are not historical facts are forward-looking statements (as defined in the Private Securities Litigation Reform Act of 1995). These include statements regarding management’s intentions, plans, beliefs, expectations or forecasts for the future. Such forward-looking statements are based on the current expectations of Carbon and involve risks and uncertainties; consequently, actual results may differ materially from those expressed or implied in the statements. Factors that could cause actual results to differ, possibly materially, from those in the forward-looking statements are discussed throughout the Company’s periodic filings with the U.S. Securities and Exchange Commission available at www.sec.gov . Any forward looking statements speak only as at the date of this document. Except as required by applicable law, Carbon undertakes no obligation to update or revise publicly any forward-looking statement, whether as a result of new information, future events or otherwise.
Carbon Natural Gas Company is an independent oil and gas exploration and production company which owns, operates and develops oil and gas properties in the Appalachian, Illinois and Ventura Basin areas of the United States.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180502006381/en/
Carbon Natural Gas Company
Kevin D. Struzeski, 720-407-7030
Chief Financial Officer
Source: Carbon Natural Gas Company | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/business-wire-carbon-natural-gas-company-announces-acquisition-of-oil-producing-assets-in-ventura-basin-california.html |
May 16, 2018 / 1:18 PM / Updated 4 hours ago U.S. manufacturing output rises; past months revised lower Reuters Staff 2 Min Read
(Reuters) - U.S. factory output rose in April, although new estimates of manufacturing and overall industrial production showed less growth in prior months than initially believed, casting a shadow over the economic outlook. FILE PHOTO: Production operator, Kathy Grady is seen at work at the SolarWorld solar panel factory in Hillsboro, Oregon, U.S., January 15, 2018. Picture taken January 15, 2018. REUTERS/Natalie Behring/File Photo
Manufacturing output rose 0.5 percent last month, the U.S. Federal Reserve said on Wednesday in a report on output across the industrial sector, which comprises manufacturing, mining, and electric and gas utilities.
Economists polled by Reuters had forecast a 0.5 percent rise in manufacturing. But the Fed’s new estimates of factory output in prior months showed output was slightly lower than previously believed in each month between November and March.
Overall industrial output expanded 0.7 percent in April and estimates of output in three of the previous four months were also lowered, including a sharply reduced estimate for February.
A 2.3 percent increase in machinery production bolstered the overall gain in factory output, although a drop in production of primary metals and fabricated metal products weighed on the sector.
The report follows a survey of factory managers published earlier this month that showed a slowdown in U.S. factory activity, with manufacturers complaining about rising commodity prices in the wake of the Trump administration’s tariffs on steel and aluminum imports.
A recent Fed report based on comments of the central bank’s business contacts across the country showed rising concern about the tariffs, although Fed Chairman Jerome Powell said last month it was too early to know how they would affect the U.S. economic outlook.
The utilities index jumped 1.9 percent last month.
In the 12 months through April overall industrial output rose 3.5 percent.
The percentage of industrial capacity in use rose 0.4 percentage point in April to 78.0 percent.
Fed officials look to capacity use as a signal for how much further the economy can accelerate before sparking higher inflation. Reporting by Jason Lange Editing by Paul Simao | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-economy-output/u-s-manufacturing-output-rises-past-months-revised-lower-idUSKCN1IH1QM |
Three Americans held in a North Korean prison will be released today, Rudy Giuliani, a member of President Trump's legal team, said Thursday.
"We got Kim Jong Un impressed enough to be releasing three prisoners today," the former New York mayor told Fox & Friends .
Giuliani made his proclamation hours after President Trump made reference to the three Americans in a tweet that reflected optimism the case of the Americans would soon be determined.
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"As everybody is aware, the past Administration has long been asking for three hostages to be released from a North Korean Labor camp, but to no avail," Trump tweeted. "Stay tuned!"
The three men — Kim Hak-Song, also known as Jin Xue Song; Tony Kim, also known as Kim Sang-Duk; and Kim Dong-Chul — have been relocated within the secretive nation and are getting medical treatment ahead of the planned release, according to multiple media reports.
The development comes as tensions have eased between the U.S. and North Korea. A meeting between Kim and Trump is in the works, and Trump has said details could be released within days.
The two leaders also have toned down their sharp rhetoric. Trump, who has referred to Kim in the past as "little rocket man," suggested last week that Kim is "very honorable."
Talk of the release also comes less than a week after a historic summit between Kim and South Korean President Moon Jae-in at which Kim pledged to shut down his nuclear testing site within weeks.
Moon and Kim also agreed to work on a plan to formally end the Korean War that was ended under a temporary armistice in 1953. North Korea's leader has said a formal end to the hostilities, along with a pledge from the U.S. not to attack his nation, would essentially eliminate Pyongyang's need for a nuclear arsenal.
Last year, U.S. college student Otto Warmbier died after being imprisoned in North Korea. He was jailed after trying to steal a propaganda sign from a hotel in the country. When he was released in June back to his family, he was in a coma and unresponsive. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/03/giuliani-says-3-americans-held-by-north-korea-will-be-freed-today.html |
LONDON (Reuters) - Britain is still negotiating with the European Union over a workable backstop arrangement if any Brexit deal is delayed, Prime Minister Theresa May’s spokeswoman said on Thursday.
Britain is suggesting it would be willing to extend the use of EU tariffs as a backstop if there are delays in ratification of a Brexit deal, to avoid a return to a hard border between Northern Ireland and Ireland.
“The negotiations are continuing on what a workable backstop looks like - those negotiations haven’t concluded,” the spokeswoman said. “The backstop is a fallback and we do not want or expect it to happen.”
Reporting by William James, editing by Elizabeth Piper
| ashraq/financial-news-articles | https://www.reuters.com/article/us-britain-eu-customs-backstop/britain-still-negotiating-with-eu-over-brexit-backstop-mays-spokeswoman-idUSKCN1II1DG |
Despite the fact that more than 44 million Americans have student loans and their debt now totals $1.4 trillion , many people remain unclear as to how, exactly, those loans work. Financial website Credible created a six question quiz to "gauge public awareness of how rising interest rates might affect the cost of borrowing for college." The quiz surveyed 1,000 students and parents on how interest rates are set, how often those rates are adjusted and whether or not they can change.
A shocking number of them failed.
"More than 9 out of 10 people scored less than 50 percent," Mike Jurs, Credible's director of communications and content, tells CNBC Make It , and 63 percent could answer only one or two questions right. No one was able to answer all seven questions correctly and one in five respondents couldn't guess even a single right answer.
"There's clearly a need for more information about how federal student loans work!" says Jurs.
Below are the questions and the possible answers, including the correct ones , as well as the percentage of respondents who chose each option.
Read on to test your knowledge.
1. Who sets the interest rates on federal student loans? A. The Department of Education (30.7 percent)
B. The Federal Reserve (18.1 percent)
C. The Consumer Financial Protection Bureau (6.2 percent)
D. Fannie Mae (4.2 percent)
E. Congress and the 10-year Treasury yields (3.7 percent)
F. I don't know (37.1 percent)
The correct answer: E. Congress sets interest rates on federal student loans and mandates rates for new borrowers be adjusted annually based on yields of 10-year Treasury notes.
2. True or false: Once you take out your first federal student loan, you're guaranteed to get the same rate each year you're enrolled in college or grad school. A. True (23.3 percent)
B. False (48.8 percent)
C. I don't know (27.9 percent)
The correct answer: B. If you take out a federal student loan as a freshman in college, you can expect to pay different rates on loans you take out each academic year ensuing. Rates for new borrowers are adjusted each year based on the 10-year Treasury yields.
3. The interest rates on federal student loans issued today are ... A. Fixed for the life of the loan (18.1 percent)
B. Variable (24.6 percent)
C. A hybrid of both (8.5 percent)
D. All of the above (18.9 percent)
E. I don't know (29.9 percent)
The correct answer: A. Once a federal student loan is issued, interest rates are fixed for the life of the loan.
4. Which federal student loans carry the highest interest rates? A. Federal direct loans for undergraduates (15.5 percent)
B. Federal direct loans for graduate students (18.4 percent)
C. Federal PLUS loans for parents and grads (14.4 percent)
D. All federal student loans carry the same rate (9.6 percent)
E. I don't know (42.1 percent)
The correct answer: C. Federal PLUS loans for parents and grad students have the highest interest rates of all federal student loans. "Once students move on to graduate school, they pay higher rates when they take out federal student loans," the survey states.
"The government charges the highest rates of all on federal PLUS loans for graduate students and parents of undergraduates who have hit their limits on more affordable loans."
5. Variable-rate student loans are indexed to which of the following benchmarks? A. 10-year Treasury notes (15.2 percent)
B. The federal funds rate (28.6 percent)
C. Prime rate or London Interbank Offered Rate (6.4 percent)
D. 30-year mortgage rates (5.8 percent)
E. I don't know (44 percent)
The correct answer: C. Private lenders, in most cases, offer fixed- and variable-rate loans. Variable-rate private loans are indexed to the prime rate or the London Interbank Offered Rate.
6. True or false: Once you have student loans, you can't refinance a better rate. A. True (21.1 percent)
B. False (47.2 percent)
C. I don't know (31.7 percent)
The correct answer: B. Borrowers who meet certain qualifications can refinance private or federal student loans with private lenders who offer varying rates and repayment options.
Student loan expert Mark Kantrowitz estimates that the annual interest rate on federal loans for undergraduates could hit more than 5 percent by the 2018-2019 academic year. For grad students, interest could reach 6 percent in the same time frame.
And, "for students who borrow for college, rising interest rates may translate into higher monthly student loan payments and thousands of dollars in additional total repayment costs after graduation," Credible chief executive officer Stephen Dash said in the survey.
Here are some tips on how you can recoup the costs of college .
Like this story? Like CNBC Make It on Facebook !
Don't miss: Less than 3 percent of Americans can pass this 6-question money quiz
Video by Andrea Kramar and Zack Guzman
show chapters Famous figures who paid off their student loans later in life 10:02 AM ET Fri, 12 May 2017 | 00:56 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/24/9-in-10-americans-failed-this-6-question-quiz-on-interest-rates.html |
MILAN--(BUSINESS WIRE)-- Dipharma Francis S.r.l., (Dipharma), a leading European manufacturer of Active Pharmaceutical Ingredients, is pleased to communicate that it has completed its previously announced acquisition of Kalexsyn, Inc. (Kalexsyn), a world-class Contract Research Organization (CRO) providing chemistry services to the biotechnology and pharmaceutical industry.
Pursuant to an agreement dated March 19, 2018, Dipharma has acquired all of the issued and outstanding shares of Kalexsyn through its American subsidiary Dipharma, Inc.
Kalexsyn, based in Kalamazoo, Michigan (USA), was founded in 2003 and provides chemistry services that support the drug discovery and development activities of their customers.
About Dipharma Francis S.r.l.
With revenues exceeding USD 125 million, Dipharma is one of the leading family-owned European manufacturers of Active Pharmaceutical Ingredients. Its three manufacturing sites located in northern Italy have been successfully inspected by the major health authorities since 1970. The Company develops innovative chemical processes and crystalline forms for the most renowned pharmaceutical companies in USA, Europe, Japan, and other regions of the globe. Its manufacturing facilities supply from laboratory to industrial quantities whilst complying fully with the most stringent quality standards.
About Kalexsyn, Inc.
Kalexsyn is a world-class chemistry CRO, whose scientists average 15 years’ experience in hit validation, lead optimization and solving tough synthetic problems. It provides stable label synthesis, custom synthesis, process impurity synthesis, and process route development to its world-wide clients. Kalexsyn offers an outstanding CRO experience with fixed Quote: as well as short and long-term FTE arrangements. The Company has research laboratories in Kalamazoo, Michigan.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180517006115/en/
Paola Clerici
Communication Manager
Dipharma Francis S.r.l.
Tel. +39 0238228320
[email protected]
www.dipharma.com
Source: Kalexsyn, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/business-wire-dipharma-francis-s-r-l-completes-acquisition-of-kalexsyn-inc.html |
SOUTH SAN FRANCISCO, Calif.--(BUSINESS WIRE)-- Allogene Therapeutics, Inc. (Allogene), a biotechnology company with a mission to catalyze the next revolution of cell therapy through the advancement of allogeneic CAR T therapies, today announced the Company’s Board of Directors. Allogene was launched in April 2018 with one of the largest Series A financings in biotechnology of $300 million from a premier investment consortium that includes Two River, TPG, Vida Ventures, BellCo Capital, the University of California Office of the Chief Investment Officer, Gilead and Pfizer.
“Our Board of Directors will oversee and guide the long-term strategic plan of Allogene and assist in advancing our mission to lead the development of allogeneic cell therapy,” said Arie Belldegrun, M.D., FACS, Executive Chairman and Co-Founder of Allogene. “Each member is highly distinguished and brings extensive expertise in gene and cell therapy to Allogene, while representing the key components needed to create a successful biotechnology company – healthcare investors, academics, pharma industry veterans, and biotech entrepreneurs.”
The Allogene Board of Directors
Arie Belldegrun, M.D., FACS – Executive Chairman and Co-Founder of Allogene David Bonderman – Chairman and Founding Partner of TPG David Chang, M.D., Ph.D. – President, Chief Executive Officer and Co-Founder of Allogene Franz B. Humer, Ph.D. – Former Chairman and Chief Executive Officer of Roche Holding Ltd. John DeYoung – Vice President, Worldwide Business Development at Pfizer Joshua Kazam – Co-Founder and Partner of Two River and Co-Founder of Allogene Owen Witte, M.D. – University Professor of Microbiology, Immunology and Molecular Genetics at the UCLA, David Saxon Presidential Chair in Developmental Immunology; and Director of the Eli and Edythe Broad Center of Regenerative Medicine and Stem Cell Research at UCLA Robert Abraham, Ph.D. - Senior Vice President and Group Head, Oncology R&D Group at Pfizer Todd Sisitsky – Managing Partner of TPG Capital
Allogene acquired Pfizer’s allogeneic CAR T portfolio which included the rights to 16 preclinical CAR T assets licensed from Cellectis and Servier and one clinical asset licensed from Servier, UCART19, an allogeneic CAR T therapy that is being developed for treatment of CD19-expressing hematological malignancies. In partnership with Servier, UCART19 is initially being developed in acute lymphoblastic leukemia (ALL) and is currently in Phase 1.
About Allogene Therapeutics
Allogene Therapeutics is a biotechnology company with a mission to catalyze the next revolution in cancer treatment through the development of allogeneic chimeric antigen receptor T-cell (CAR T) therapy directed at blood cancers and solid tumors. Founded and led by former Kite Pharma executives who bring unrivaled clinical development acumen in cell therapy, Allogene is well-positioned to further the potential of allogeneic cell therapy for patients.
Allogeneic CAR T therapies are engineered from cells of healthy donors and stored for “off-the-shelf” use in patients. This approach eliminates the need to create personalized therapy from a patient’s own cells, simplifies manufacturing, and reduces the time patients must wait for CAR T treatment. The Allogene portfolio includes 16 pre-clinical T cell therapy assets and UCART19, an allogeneic CAR T therapy currently in Phase 1 development for the treatment of acute lymphoblastic leukemia (ALL). Through its notable partnerships, Allogene leverages pioneering technology platforms, including TALEN ® gene editing technology, to progress its portfolio of immuno-oncology therapies. Allogene, with headquarters in San Francisco, California, is a Two River portfolio company formed with one of the largest Series A financings in biotechnology from an investment consortium that includes TPG, Vida Ventures, BellCo Capital, the University of California Office of the Chief Investment Officer, Gilead and Pfizer. For more information, please visit www.allogene.com , and follow @AllogeneTx on Twitter and LinkedIn.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180530005125/en/
ALLOGENE MEDIA/INVESTOR:
Christine Cassiano, 714-552-0326
[email protected]
Source: Allogene Therapeutics, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/business-wire-allogene-therapeutics-announces-board-of-directors.html |
May 11 (Reuters) - Symantec Corp's shares sank as much as 25 percent on Friday after the cyber-security firm said it was investigating concerns raised by a former employee but gave little other detail, puzzling investors and Wall Street analysts.
The maker of Norton anti-virus software said the issue was not security-related or about a breach in its systems but added the probe was being led by an audit committee from its board of directors.
At least seven Wall Street analysts lowered their price targets on Symantec's stock after the company also said the outcome of the investigation may affect its financial health.
"While this may all amount to nothing, this is undoubtedly a serious matter, and it could be a while before transparency and investor confidence improves," Cowen & Co analysts said in a report to clients.
The broker also noted it was "shocking" that Symantec had scrapped the question-and-answer portion of its conference call with analysts following its quarterly earnings report on Thursday.
"The internal probe ... could result in a restatement of financials but worse case, there is also the risk of leadership fall-out and/or customer hesitation if there are credibility concerns," Deutsche Bank analysts said.
On Thursday, Symantec said revenue from the enterprise security unit that accounts for most of the Mountain View, California firm's sales dipped 7 percent. It also gave a disappointing forecast for yearly revenue and profit.
Morgan Stanley analyst Keith Weiss said the weak forecast was benign compared with the news of the investigation.
"While we've seen companies put matters of outstanding, transactions, litigation or investigation off-limits for Q&A, we've never seen a company cut off any Q&A on any topic from analysts or investors," Weiss said. (Reporting by Arjun Panchadar in Bengaluru; editing by Patrick Graham and Sai Sachin Ravikumar) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/11/reuters-america-symantec-shares-set-for-worst-fall-in-17-years.html |
May 2 (Reuters) - Singapore O&G Ltd:
* APPOINTS IVAN LAU ENG KIEN AS CHIEF EXECUTIVE OFFICER Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-singapore-og-appoints-ivan-lau-eng/brief-singapore-og-appoints-ivan-lau-eng-kien-as-ceo-idUSFWN1S90AP |
May 24, 2018 / 2:33 AM / Updated 8 hours ago Tennis: Isner, Querrey lead charge of buoyant Americans Rory Carroll 4 Min Read
LOS ANGELES (Reuters) - Big-serving John Isner, hard-hitting Sam Querrey and promising youngster Frances Tiafoe will be among the American men looking to end a near two decades-long championship drought at Roland Garros when they take to the red clay in Paris next week. FILE PHOTO: John Isner of the U.S. in action during his Madrid Open quarter final match against Germany's Alexander Zverev REUTERS/Susana Vera/File Photo
Andre Agassi in 1999 was the last American man to win the French Open and no other U.S. man has come within touching distance of the Musketeers’ Cup since.
But the Americans may have reason to be confident this year with Isner, Querrey and Jack Sock all expected to be seeded in the tournament’s top 20 and 20-year-old Tiafoe showing promising form on clay in recent tournaments.
“Suddenly there are three guys in the top 15 I think, the top three are the same names but a lot of young guys are pushing from behind so I think American’s men’s tennis is healthy,” former French Open champion Mats Wilander told Reuters.
“They just haven’t had the one guy who is driven from within. Sock is a wild dark horse, you never know what’s going to happen when he plays. FILE PHOTO: Mar 26, 2018; Key Biscayne, FL, USA; Sam Querrey of the United States has a backhand against Denis Shapovalov of Canada (not pictured) on day seven of the Miami Open at Tennis Center at Crandon Park. Geoff Burke-USA TODAY Sports
“John Isner can win a grand slam the way he plays.
Isner, aged 33, has honed his weapons beyond his powerful serve this year and used his improved all-court game and maturity to beat world number three Alexander Zverev and win the Miami Open title last month.
The biggest obstacle for the towering Isner will be the clay, which takes out some of the sting from his blistering serve.
Querrey, like Isner, has developed a broader game other than power and will fancy his chances of an extended stay in Paris. FILE PHOTO: Frances Tiafoe of the U.S. reacts during his match against Argentina's Juan Martin del Potro at the Australian Open. REUTERS/Issei Kato/File Photo
After reaching the semi-finals of Wimbledon and the quarter-finals of the U.S. Open last year, he achieved a career-high ranking of 11 in February.
Sock is due for a bounce-back performance after disappointing finishes at Indian Wells and the Miami Open this year.
Clay should be a good fit for his preferred style of play, which relies on launching topspin-heavy forehands from the baseline in a manner similar to Rafael Nadal and Dominic Thiem.
Of the new generation of American men, 61st-ranked Tiafoe’s speedy, counter-punching style should also work well in Paris, where he will try to continue a breakthrough season in which he reached two ATP Tour finals including the Estoril Open on clay.
“I’m not sure if one of the top three (Isner, Querrey or Sock) can take it to the next level, that might have to come from the guys behind like Tiafoe or (Taylor) Fritz,” Wilander, who will present his Game, Schett and Mats program for Eurosport during the French Open, said.
“It’s looking healthy.”
Tiafoe, who picked up the game while his father worked as a maintenance man at a tennis club in Maryland, will be hoping to hit his stride at the right time.
A year after making his grand slam main draw debut in Paris, 26-year-old Tennys Sandgren will also be hoping to fly the American flag having produced a thrilling run to the quarter-finals of the Australian Open this year.
Four consecutive defeats on European clay in the build-up to Paris will not have inspired him with confidence though. Additional reporting by Martyn Herman in London, editing by Pritha Sarkar | ashraq/financial-news-articles | https://www.reuters.com/article/us-tennis-frenchopen-isner/isner-querrey-lead-charge-of-buoyant-americans-idUSKCN1IP09T |
PARIS (Reuters) - France plans to hold an international meeting in Paris with Libyan political leaders to push for an agreement on holding U.N.-backed elections this year, according to three diplomats aware of the initiative.
U.N. Envoy to Libya, Ghassan Salame speaks during an interview with Reuters in Tripoli, Libya March 28, 2018. Picutre taken March 28, 2018. REUTERS/Hani Amar U.N. Special Representative Ghassan Salame has been leading the latest push to unify and stabilise Libya, seven years after the uprising that toppled and then killed Muammar Gaddafi.
Salame told the U.N. Security Council on May 21 that he had given up trying to amend a stalled 2015 peace deal and was instead focusing on holding elections this year.
Under Emmanuel Macron, France has tried to play a bigger role in coaxing Libya’s factions to end the turmoil, which has let Islamist militants gain a foothold and allowed migrant smugglers to flourish.
According to a diplomatic cable sent to several countries, including the five permanent members of the U.N. Security Council, Italy, Turkey, United Arab Emirates, Qatar and Libya’s neighbours, Macron would convene the meeting “very soon” in the French capital.
“Our objective is to get an agreement between Libyan parties under the auspices of the U.N. special representative to quickly adopt the necessary arrangements for the staging of elections as soon as 2018,” the cable reads.
It added that the agreement was put together with Salame and after consultation with the Libyan parties. Prime Minster Fayez al-Sarraj, eastern Libya commander Khalifa Haftar, Aguila Saleh, president of the eastern House of Representatives and Khaled Al-Mishri, president of the High Council of State, have all been invited.
Two diplomats said the meeting might take place as early as May 29. Neither Macron’s office nor the foreign ministry responded to requests for comment.
Past attempts at peace deals in Libya have often been scuttled by internal divisions among the country’s competing armed groups and by the different countries backing the local actors.
“If everyone agrees then we really have made a big step forward, but whether they do remains to be seen,” said one European diplomat. “The idea is to put pressure on these four by going on the basis that if everyone is asking them to do it they won’t have a choice.”
The meeting comes almost a year after Serraj and Haftar committed to a conditional ceasefire and to working towards election in talks already chaired by Macron. Macron was criticised at the time for consulting neither the U.N. nor the partners.
“The July 2017 summit ... drew lots of attention at the time, generated headlines but it accomplished almost nothing at all,” said Jalel Harchaoui, associate and Libya expert at North Africa Risk Consulting.
“France seems to have become slightly more pragmatic on Libya. Yet, the new summit seems once again long on ambition and flamboyance, but short on actual realism on how to achieve the various objectives announced. The Macron presidency seems very much in a hurry.”
Additional reporting by Marine Pennetier, editing by Larry King
| ashraq/financial-news-articles | https://in.reuters.com/article/libya-security-france/france-to-push-libya-accord-at-new-paris-meeting-diplomats-say-idINKCN1IO2O2 |
May 29, 2018 / 1:49 AM / Updated 8 hours ago Golf: U.S. Women's Open stands supreme says Lindberg Andrew Both 3 Min Read
(Reuters) - Pernilla Lindberg was ecstatic to win the first major of 2018, but acknowledges that the U.S Women’s Open is the biggest championship in their game. FILE PHOTO: Apr 2, 2018; Rancho Mirage, CA, USA; Pernilla Lindberg tees off on the 10th hole during the playoff in the ANA Inspiration women's golf tournament at Mission Hills Country Club. Kelvin Kuo-USA TODAY Sports
After capturing the ANA Inspiration two months ago, Lindberg will go for successive major titles at Shoal Creek in Birmingham, Alabama starting on Thursday.
“The ANA is cool because it’s the same course every year (Mission Hills in California), it has tradition,” the Swede said in a telephone interview with Reuters on Friday.
“But if you mention the U.S. Open to anyone, people might not follow golf but they understand it’s a big event.
“The money is also the biggest,” she added in reference to the U.S. Open’s purse of $5 million, more than $1 million than any other LPGA event.
Lindberg’s victory at the ANA, in a three-way playoff that stretched into Monday, was a reward for perseverance for a player who has never finished higher than 40th on the LPGA money list.
This time last year, she was also going through a poor stretch of performances missing five cuts in six events and starting to doubt herself.
“I had a bit of a rough summer. I was putting a lot of pressure on myself because I wanted to be on that Solheim Cup team,” she said in reference to the biennial team event against the United States. She did not make the European team.
“Obviously it got to me. That’s when I started to doubt myself the most. I didn’t see myself as belonging out there. I thought my game doesn’t match up.”
Lindberg slowly played her way back into form and then found a new sense of belief when she contended at the LPGA’s season-ending Tour Championship.
“That week was a turning point,” she said.
“I proved to myself I could hang in there with a chance to win and that gave me so much confidence.”
Four months later she was a major champion.
Imbued with even greater self-belief after her ANA victory, and at age 31 entering what should be the peak years of her career, she is confident of a similarly strong performance at Shoal Creek, though is not promising victory.
Lindberg skipped the LPGA event in Michigan that ended on Sunday, preferring instead to prepare at home in Florida, with a special emphasis on her short game because U.S. Open courses are set up to exact a heavy toll on players who do not display a deft touch around and on the greens.
“That’s where you’re going to be saving shots,” she said.
South Korea’s Park Sung-hyun won the U.S. Open tournament last year by two strokes in Bedminster, New Jersey. Reporting by Andrew Both in Cary, North Carolina; Editing by Greg Stutchbury | ashraq/financial-news-articles | https://www.reuters.com/article/us-golf-women-uschamp-lindberg/golf-u-s-womens-open-stands-supreme-says-lindberg-idUSKCN1IU04K |
LONDON (Reuters) - Alex Ferguson, the most successful manager in Manchester United’s history, underwent emergency surgery on Saturday for a brain haemorrhage, the club said.
“The procedure has gone very well but he needs a period of intensive care to optimise his recovery,” a statement said. “His family request privacy in this matter.”
United captain Michael Carrick tweeted: “Absolutely devastated to hear about Sir Alex being unwell in hospital. All my thoughts and prayers are with him and his family. Be strong boss.”
Ferguson’s son Darren, the manager of Doncaster Rovers, was reported to have missed his team’s match on Saturday for family reasons.
The 76-year-old was United manager from 1986 to 2013, winning the Champions League twice, the Premier League 13 times and five FA Cups.
He was knighted in 1999, the year United achieved a treble by winning those three trophies in one season.
Related Coverage Football backs 'Fergie', the greatest manager of all He made his managerial reputation in his native Scotland with Aberdeen, winning three Scottish League titles and the European Cup Winners’ Cup.
After taking Scotland to the 1986 World Cup following the death of Jock Stein, Ferguson joined United in November 1986 after Ron Atkinson was sacked.
It took three and a half years to achieve his first success with them, the FA Cup title in 1990.
From there he was unstoppable, quickly achieving his ambition to “knock Liverpool off their perch” as United became the team of the 90s and beyond.
FILE PHOTO: Soccer Football - Saint-Etienne v Manchester United - UEFA Europa League Round of 32 Second Leg - Stade Geoffroy-Guichard, Saint-Etienne, France - 22/2/17 Sir Alex Ferguson in the stands Action Images via Reuters / Andrew Boyers/File Photo In 2001 he decided to leave the following year but was persuaded by his family to change his mind and stayed on until 2013.
He remained a regular visitor to Old Trafford and was there last Sunday to make a presentation to old rival Arsene Wenger on the Arsenal manager’s last appearance at the ground before he leaves the London club.
Since Ferguson left, United have struggled to repeat his triumphs and great rivals Manchester City have now won two titles in that time, including this season’s.
City were quick to tweet: “Everyone at Manchester City wishes Sir Alex Ferguson a full and speedy recovery after his surgery”.
Managers Sam Allardyce of Everton and Southampton’s Mark Hughes, a former United player under the Scot, also added their best wishes following the first Premier League game after the news broke.
Scottish politicians joined in with tributes to a life-long socialist.
Slideshow (2 Images) Nicola Sturgeon, the First Minister of Quote: : “My thoughts are with Alex Ferguson and his family - wishing him a full and speedy recovery.”
Ruth Davidson, the Scottish Conservative leader, tweeted: “So many people will be wishing Alex Ferguson well and sending their thoughts to his family tonight.”
Reporting by Steve Tongue, editing by Pritha Sarkar
| ashraq/financial-news-articles | https://in.reuters.com/article/soccer-england-mun-ferguson/soccer-ferguson-recovering-in-hospital-following-brain-surgery-idINKBN1I7014 |
Bulls bet on energy, these big-cap tech names 2 Hours Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/24/bulls-bet-on-energy-these-big-cap-tech-names.html |
May 17 (Reuters) - Argonaut Gold Inc:
* ARGONAUT GOLD PROVIDES UPDATE FOR ITS LA COLORADA MINE * ARGONAUT GOLD INC - JUDICIARY COURT HEARING WITH RESPECT TO EXPLOSIVES PERMIT FOR ITS LA COLORADA MINE HAS BEEN RESCHEDULED TO JUNE 4, 2018
* ARGONAUT GOLD INC - ALSO REPORTS THAT CO APPEALED JUDICIARY COURT’S ORIGINAL DECISION TO TEMPORARILY SUSPEND EXPLOSIVES PERMIT TO COLLEGIATE TRIBUNAL Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-argonaut-gold-provides-update-for/brief-argonaut-gold-provides-update-for-its-la-colorada-mine-idUSASC0A2R4 |
GENEVA (Reuters) - The U.N. refugee agency UNHCR urged Hungary on Tuesday to scrap a draft law restricting non-governmental organizations, saying it would deprive refugees and asylum-seekers of vital services and abet “rising xenophobic attitudes”.
The legislation is a key aspect of Prime Minister Viktor Orban’s anti-immigration program and was submitted to parliament earlier in the day.
“UNHCR is seriously concerned that these proposals, if passed, would deprive people who are forced to flee their homes of critical aid and services, and further inflame tense public discourse and rising xenophobic attitudes,” the U.N. High Commissioner for Refugees (UNHCR) said in a statement.
Reporting by Stephanie Nebehay; editing by Mark Heinrich
| ashraq/financial-news-articles | https://www.reuters.com/article/us-hungary-soros-law-un/u-n-urges-hungary-to-scrap-bill-taking-aim-at-refugees-ngos-idUSKCN1IU22I |
LONDON (Reuters) - Britain’s proposals for its future customs arrangements with the European Union are evolving as negotiations with the European Union progress, Prime Minister Theresa May’s spokesman said on Wednesday.
Earlier, pro-Brexit lawmakers heaped pressure on May by calling on her to drop what some say is her preferred proposal. The government is working on two proposals on how to manage tariffs and the movement of goods after Brexit.
Reporting by Elizabeth Piper, writing by William James
| ashraq/financial-news-articles | https://www.reuters.com/article/us-britain-eu-may/ideas-on-post-brexit-customs-setup-are-evolving-pm-mays-spokesman-idUSKBN1I31MR |
SEOUL, May 11 (Reuters) - U.S. activist fund Elliott Management said late on Thursday that it will vote against Hyundai Motor Group’s restructuring plan, and urged shareholders to vote against the plan.
South Korean conglomerate Hyundai Motor Group in March unveiled reforms aimed at simplifying its complex ownership structure, which will be put to a shareholder vote on May 29. (Reporting by Joyce Lee; Editing by Phil Berlowitz)
| ashraq/financial-news-articles | https://www.reuters.com/article/hyundai-motor-elliott/u-s-activist-fund-elliott-says-will-vote-against-hyundai-motor-groups-restructuring-plan-idUSFWN1SH1NI |
LONDON, May 25 (Reuters) - Britain’s foreign minister Boris Johnson said Russia must answer for its actions after a report into the shooting down of a civilian flight over eastern Ukraine in 2014 said the missile involved belonged to a unit of the Russian army.
Earlier, the Dutch cabinet said it would hold the Russian state responsible for “its role” in the downing of Malaysia Airlines flight 17 in July 2014.
“The Kremlin believes it can act with impunity,” Johnson said in a statement. “The Russian government must now answer for its actions in relation to the downing of MH17.”
“This is an egregious example of the Kremlin’s disregard for innocent life,” he added. Ten Britons were killed in the incident.
Relations between Britain and Russia are already at a post Cold-War low after the poisoning with a nerve agent of a former Russian spy and his daughter in England in March, an attack for which Britain blames the Kremlin. Russia denies any involvement in either that incident or the aircraft downing.
Reporting by Alistair Smout; editing by Stephen Addison
| ashraq/financial-news-articles | https://www.reuters.com/article/ukraine-crisis-mh17-britain/uk-demands-russia-answer-for-its-actions-after-report-into-downing-of-flight-mh17-idUSL9N1QK03P |
MOSCOW (Reuters) - Russia’s Vladimir Putin watched advanced jets carrying a hypersonic missile he has touted as invincible scream over Red Square on Wednesday, days after the start of his fourth presidential term.
Russian President Vladimir Putin and Defence Minister Sergei Shoigu attend the Victory Day parade, marking the 73rd anniversary of the victory over Nazi Germany in World War Two, at Red Square in Moscow, Russia May 9, 2018. REUTERS/Maxim Shemetov Part of an annual event marking the Soviet Union’s World War Two victory over the Nazis, Putin looked on as thousands of troops marched past him and columns of tanks rumbled across the famous square in a show of military might reminiscent of those displayed during the Cold War.
Putin reviewed the parade from a tribune packed with Soviet war veterans, some of whom wore rows of campaign medals and clutched red roses. Israeli Prime Minister Benjamin Netanyahu, in Moscow for talks on Syria, was also present, as was Serbian President Aleksandar Vucic. Hollywood actor Steven Seagal, who was given a passport by Putin in 2016, was also a guest.
The authorities, backed by state media, use the event to boost patriotic feeling and show the world and potential buyers of military hardware how a multi-billion dollar modernisation programme is changing the face of the Russian military.
Putin, whose relations with the West are on a hostile trajectory, has said he does not want an arms race while warning potential enemies that his country has developed a new generation of invincible weapons to protect itself just in case.
“We remember the tragedies of the two world wars, about the lessons of history which do not allow us to become blind. The same old ugly traits are appearing along with new threats: egoism, intolerance, aggressive nationalism and claims to exceptionalism,” Putin told the parade.
“We understand the full seriousness of those threats,” added Putin, who complained about what he said were unacceptable attempts to rewrite history while saying Russia was open to talks on global security if they helped keep world peace.
Putin has sharply increased military spending over the 18 years he has dominated Russian politics, handed the Russian military significant policy-making clout, and deployed Russian forces in Ukraine and Syria, stoking tensions with the West.
As commander-in-chief, he has also at times donned military uniform himself and been filmed at the controls of a strategic bomber and on the conning tower of a submarine in photo opportunities designed to boost his man of action image.
Weapons displayed on Red Square included Russia’s Yars mobile intercontinental nuclear missile launcher, its Iskander-M ballistic missile launchers, and its advanced S-400 air defence missile system, which Moscow has deployed in Syria to protect its forces.
Israeli Prime Minister Benjamin Netanyahu and his Russian counterpart Dmitry Medvedev attend the Victory Day parade, marking the 73rd anniversary of the victory over Nazi Germany in World War Two, at Red Square in Moscow, Russia May 9, 2018. Maxim Shipenkov/Pool via REUTERS ‘INVINCIBLE MISSILE’ The first public outing of the Kinjal (Dagger) hypersonic missile, carried by advanced MiG-31K interceptor jets, was one of several world premieres for Russian weapons.
Putin disclosed the Kinjal’s existence in March along with other missile systems he touted as unbeatable, describing how it could evade any enemy defences.
Russian media have said it can hit targets up to 2,000 km (1,250 miles) distant with nuclear or conventional warheads and that the missiles have already been deployed in Russia’s southern military district.
Russia’s most advanced fifth generation Su-57 stealth fighter, which has undergone testing in Syria, also took part in the parade for the first time, as did an unmanned armoured reconnaissance and infantry support vehicle, the Uran-9.
Armed with a 30mm automatic cannon, a machine gun, anti-tank missiles and a rocket launcher, it looks like something out of a Hollywood science fiction film.
An unmanned de-mining vehicle, the Uran-6, was also put on show, as were Russia’s latest military drones and an armoured vehicle designed to support tanks on the battlefield dubbed “The Terminator” by its maker.
An advanced Russian military snowmobile fitted with a machine gun, the Berkut, built to bolster Moscow’s Arctic ambitions, also traversed the cobbled square.
Slideshow (6 Images) The Moscow parade was one of many which took place across Russia on Wednesday involving a total of 55,000 troops, 1,200 weapons systems and 150 war planes in 28 Russian cities.
Some politicians in former Soviet republics and satellite states regard the parade as crude sabre-rattling by a resurgent Russia they say poses a threat to Europe’s security. Russia dismisses such allegations as nonsense.
Writing by Andrew Osborn; additional reporting by Vladimir Soldatkin; Editing by Richard Balmforth
| ashraq/financial-news-articles | https://in.reuters.com/article/ww2-anniversary-russia-parade/putin-newly-inaugurated-reviews-russias-invincible-weapons-on-red-square-idINKBN1IA1AD |
CHICAGO, May 22, 2018 /PRNewswire/ -- JLL Income Property Trust, an institutionally managed daily NAV REIT (NASDAQ: ZIPTAX ; ZIPTMX ; ZIPIAX ; ZIPIMX ), announced that on May 8, 2018 its Board of Directors approved a gross dividend for the second quarter of 2018 of $0.13 per share. JLL Income Property Trust has declared twenty-six consecutive quarterly dividends to its stockholders beginning with the first quarter 2012.
The dividend is payable on or around August 1, 2018 to stockholders of record as of June 28, 2018. On an annualized basis, this gross dividend is equivalent to $0.52 per share and represents a yield of approximately 4.4 percent on a NAV per share of $11.80 as of May 15, 2018. All stockholders will receive $0.13 per share less applicable share class specific fees and the annualized yield will differ based on the share class.
"We are pleased to declare our 26 th consecutive dividend, while maintaining a prudent coverage ratio and providing an attractive level of current income for distribution to our stockholders," said Allan Swaringen, President and CEO of JLL Income Property Trust.
A first quarter dividend of $0.13 per share, less applicable share class specific fees, was paid according to the table below on May 1, 2018 to stockholders of record as of March 28, 2018.
M-I Share 1
A-I Share 2
M Share 3
A Share 4
Q1 Quarterly Gross Dividend per Share
$0.13000
$0.13000
$0.13000
$0.13000
Less: Dealer Manager Fee per Share
($0.00133)
($0.00832)
($0.00825)
($0.02830)
Q1 Quarterly Net Dividend per Share
$0.12867
$0.12168
$0.12175
$0.10170
NAV per Share as of March 29, 2018
$11.75
$11.75
$11.75
$11.72
Annualized Net Dividend Yield Based on NAV as of March 29, 2018
4.4%
4.1%
4.1%
3.5%
1. A dealer manager fee equal to 1/365th of 0.05% of NAV is allocated to Class M-I stockholders daily and reduces the quarterly dividend paid.
2. A dealer manager fee equal to 1/365th of 0.30% of NAV is allocated to Class A-I stockholders daily and reduces the quarterly dividend paid.
3. A dealer manager fee equal to 1/365th of 0.30% of NAV is allocated to Class M stockholders daily and reduces the quarterly dividend paid.
4. A dealer manager fee equal to 1/365th of 1.05% of NAV is allocated to Class A stockholders daily and reduces the quarterly dividend paid.
JLL Income Property Trust is an institutionally managed, daily valued perpetual life real estate investment trust (REIT) that gives investors access to a growing portfolio of commercial real estate investments selected by an institutional investment management team and sponsored by one of the world's leading real estate services firms.
For more information on JLL Income Property Trust, please visit our website at www.jllipt.com .
About JLL Income Property Trust (NASDAQ: ZIPTAX ; ZIPTMX ; ZIPIAX ; ZIPIMX ),
Jones Lang LaSalle Income Property Trust, Inc. is a daily valued perpetual life real estate investment trust (REIT) that owns and manages a diversified portfolio of high quality, income-producing office, retail, industrial and apartment properties located primarily in the United States. JLL Income Property Trust expects to further diversify its real estate portfolio over time, including on a global basis. For more information, visit www.jllipt.com .
About LaSalle Investment Management
LaSalle Investment Management, Inc., a member of the JLL group and advisor to JLL Income Property Trust, is one of the world's leading global real estate investment managers with nearly 700 employees in 17 countries worldwide and approximately $59 billion of assets under management of private and public property equity and debt investments. LaSalle's diverse client base includes public and private pension funds, insurance companies, governments, endowments and private individuals from across the globe. For more information, visit www.lasalle.com .
Forward Looking Statements and Future Results
This press release may contain forward-looking statements with respect to JLL Income Property Trust. Forward-looking statements are statements that are not descriptions of historical facts and include statements regarding management's intentions, beliefs, expectations, research, market analysis, plans or predictions of the future. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from those expressed or implied by such forward-looking statements. Past performance is not indicative of future results.
Contact: Matt Schuler
Telephone: +1 312 897 4192
Email: [email protected]
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SOURCE JLL Income Property Trust | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/pr-newswire-jll-income-property-trust-declares-26th-consecutive-quarterly-dividend.html |
WASHINGTON, May 17 (Reuters) - China has offered U.S. President Donald Trump a package of proposed purchases of U.S. goods and other measures aimed at reducing the U.S. trade deficit with China by some $200 billion a year, U.S. officials familiar with the offer said.
The offer was made during U.S.-China trade talks in Washington aimed at resolving tariff threats and other trade irritants between the world’s two largest economies, but it was not immediately clear how the total value was determined.
One of the sources said that U.S. aircraft maker Boeing Co would be a major beneficiary of the Chinese offer. Boeing is the largest U.S. exporter and already sells about a quarter of its commercial aircraft to Chinese customers. (Reporting by Steve Holland and John Walcott writing by David Lawder Editing by Phil Berlowitz)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-trade-china-offer/china-said-to-offer-200-bln-u-s-trade-deficit-reduction-package-idUSL2N1SO2AW |
May 9, 2018 / 8:44 PM / Updated 17 hours ago UPDATE 3-ATP World Tour Masters 1000 / WTA Premier, Madrid Masters Women's Singles Seeds Progress Reuters Staff 4 Min Read May 10 (OPTA) - Seeds Progress from the ATP World Tour Masters 1000 / WTA Premier, Madrid Masters Women's Singles matches on Wednesday .. Seeds .. Seed Round Rslt Opponent Score 1 Simona Halep (ROU) qtr to play 6-Karolina Pliskova (CZE) (start 12:00) 3rd won Kristyna Pliskova (CZE) 6-1 6-4 2nd won Elise Mertens (BEL) 6-0 6-3 1st won Ekaterina Makarova (RUS) 6-1 6-0 2 Caroline Wozniacki (DEN) 3rd lost Kiki Bertens (NED) 6-2 6-2 2nd won Ashleigh Barty (AUS) 6-2 4-6 6-4 1st won Daria Gavrilova (AUS) 6-3 6-1 3 Garbine Muguruza (ESP) 3rd lost 14-Daria Kasatkina (RUS) 6-2 4-6 6-3 2nd won Donna Vekic (CRO) 2-6 6-4 6-1 1st won Shuai Peng (CHN) 6-4 6-2 4 Elina Svitolina (UKR) 2nd lost Carla Suarez Navarro (ESP) 2-6 7-6(3) 6-4 1st won Alize Cornet (FRA) 6-2 6-2 5 Jelena Ostapenko (LAT) 1st lost Irina-Camelia Begu (ROU) 6-3 6-3 6 Karolina Pliskova (CZE) qtr to play 1-Simona Halep (ROU) (start 12:00) 3rd won 9-Sloane Stephens (USA) 6-2 6-3 2nd won Victoria Azarenka (BLR) 6-2 1-6 7-5 1st won Elena Vesnina (RUS) 6-4 6-2 7 Caroline Garcia (FRA) qtr to play Carla Suarez Navarro (ESP) (start 10:00) 3rd won 11-Julia Goerges (GER) 6-2 6-4 2nd won Petra Martic (CRO) 6-3 7-5 1st won Dominika Cibulkova (SVK) 6-1 7-5 8 Venus Williams (USA) 1st lost Anett Kontaveit (EST) 3-6 6-3 6-2 9 Sloane Stephens (USA) 3rd lost 6-Karolina Pliskova (CZE) 6-2 6-3 2nd won Samantha Stosur (AUS) 6-1 6-3 1st won Silvia Soler Espinosa (ESP) 6-3 6-2 10 Petra Kvitova (CZE) qtr to play 14-Daria Kasatkina (RUS) (start 20:00) 3rd won Anett Kontaveit (EST) 6-7(4) 6-3 6-3 2nd won Monica Puig (PUR) 6-3 7-6(8) 1st won Lesia Tsurenko (UKR) 6-1 6-2 11 Julia Goerges (GER) 3rd lost 7-Caroline Garcia (FRA) 6-2 6-4 2nd won Lara Arruabarrena (ESP) 2-6 6-4 6-2 1st won Timea Babos (HUN) 6-2 6-4 12 Coco Vandeweghe (USA) 1st lost Kristina Mladenovic (FRA) 7-5 6-0 13 Madison Keys (USA) 1st lost Sara Sorribes Tormo (ESP) 7-5 6-2 14 Daria Kasatkina (RUS) qtr to play 10-Petra Kvitova (CZE) (start 20:00) 3rd won 3-Garbine Muguruza (ESP) 6-2 4-6 6-3 2nd won Sorana Cirstea (ROU) 6-3 6-1 1st won Qiang Wang (CHN) 7-5 7-6(6) 15 Anastasija Sevastova (LAT) 2nd lost Kiki Bertens (NED) 6-1 6-4 1st won Anna Schmiedlova (SVK) 6-3 4-6 6-3 16 Magdalena Rybarikova (SVK) 1st lost Johanna Konta (GBR) 6-3 7-5 (Note : all times are GMT) | ashraq/financial-news-articles | https://uk.reuters.com/article/tennis-atp-seeds-womens-singles/update-2-atp-world-tour-masters-1000-wta-premier-madrid-masters-womens-singles-seeds-progress-idUKMTZXEE59HAQVU9 |
May 21, 2018 / 2:45 PM / Updated 2 hours ago Rejuvenated Spain ready to thrill the world again Richard Martin 3 Min Read
MADRID (Reuters) - With a potent mix of hungry youngsters and seasoned veterans who have already triumphed at international tournaments, Spain boast all the ingredients to re-establish themselves as the best team in the world in Russia and reclaim the crown they won in 2010. FILE PHOTO: Soccer Football - Spain Training - Wanda Metropolitano, Madrid, Spain - March 26, 2018 Spain coach Julen Lopetegui during training REUTERS/Juan Medina
Spain were seemingly invincible for four years with three successive tournament wins playing mouth-watering football, but since winning Euro 2012 they have flopped in their last two tournaments under coach Vicente del Bosque.
His successor Julen Lopetegui, a stalwart of the national teams youth programme, has helped to re-ignite their attacking verve and restored the belief they can conquer the world again.
Spain tore their way through their World Cup qualifying group, winning nine out of 10 games while scoring 36 times and outclassing nearest challengers Italy 3-0.
In their last friendly outing, they blew away 2014 World Cup finalists Argentina with a stunning 6-1 win.
Weaknesses are hard to find in Spain’s squad, which is packed with players from La Liga heavyweights Barcelona, Real Madrid and Atletico Madrid and outstanding Premier League performers such as Manchester United goalkeeper David de Gea and Manchester City playmaker David Silva. Related Coverage Factbox - Spain World Cup
Silva, midfield puppet master Andres Iniesta and captain Sergio Ramos have been in the team since the Euro 2008 triumph while Barcelona pairing Sergio Busquets and Gerard Pique have been around since the 2010 World Cup win in South Africa.
Then there are the next generation of players such as Atletico’s Koke, Real’s Isco and Dani Carvajal, Valencia forward Rodrigo and Bayern Munich midfielder Thiago Alcantara as well as De Gea who won the under-21 European Championship in 2013 with Lopetegui as coach.
“A lot of the players have been in the national team since they were children and that’s important for me because since a young age they’ve been used to going to international tournaments, playing against the best from every country,” Lopetegui said.
“The best team is always the best mix of different generations; we have that and we’ll try and make sure it’s a good mix.”
Spain have been handed a tough draw. European champions Portugal are first up in Group B — a match which is likely to decide who will finish top. They also face Iran and Morocco.
If Lopetegui’s side win the group they are likely to face either Uruguay or Egypt in the last 16, with a possible mouthwatering quarter-final against Argentina, Croatia or France coming next. Reporting by Richard Martin; editing by Martyn Herman | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-worldcup-esp-prospects/rejuvenated-spain-ready-to-thrill-the-world-again-idUKKCN1IM1L8 |
Final Trade: JPM, TSLA & More 4 Hours Ago The "Fast Money" traders share their final trades of the day, including JPMorgan, Dorian, Tesla and Advanced Micro. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/30/final-trade-jpm-tsla-more.html |
STUDIO CITY, Calif., May 15, 2018 (GLOBE NEWSWIRE) -- Tix Corporation (the “Company”) (OTCQX:TIXC), a leading provider of discount ticketing services, today reported results for the first quarter ended March 31, 2018.
The Company’s first quarter 2018 operating results were lower than the same period in the prior year as the Company believes it continued to be adversely impacted by the following external factors, which were previously reported:
Increased aggressive competition from online ticket sellers, show producers, and hotel properties. MGM opened, for the first time, five of their own discount ticket booths on their properties in Las Vegas beginning in September 2017. MGM withdrew tickets of four of their Cirque du Soleil (“Cirque”) shows from Tix4Tonight booths in October 2017. Cirque’s Mystère (owned by Treasure Island and Cirque), the Company’s best-selling Cirque show, continues to be offered at the Company’s booths. Increase in hotel rooms reserved for Las Vegas conventions, whose participants, the Company believes, attend fewer shows than casual tourists. Las Vegas tourism in general experienced a significant and sustained decline in its business since the October 1, 2017, Las Vegas Strip mass shooting. Public data confirms that visitation and tourism fell materially and that revenues on the Las Vegas strip and casinos fell significantly since that shooting.
The Company has been diligently focused on addressing the changing landscape, by implementing various growth and cost saving initiatives, including but not limited to the following:
The Company launched its first ever full-service Las Vegas ticketing website, Tix4.com , offering discount show tickets, attractions, tours, and dining. Tix4.com also includes MGM’s Cirque du Soleil shows withdrawn from our booths mentioned above. Tix4.com opened in late 2017 and during the first quarter of 2018, represented approximately 5% of total tickets sold during the period. The Company is encouraged by the potential revenue growth within the online space and is working to add additional offerings. The Company redesigned its discount Las Vegas dining program and relaunched it in mid-2017 as the Vegas Dining Card with approximately 60 discounted restaurant offerings. Dining revenue during the first quarter of 2018 increased in excess of 50% as compared with the same period a year ago. The Company has developed an online Vegas Local Expert Planning Guide. It is an online tourist magazine, where Las Vegas tourists can easily navigate to their specific interests to view all categories of shows, tours, attractions and dining. Customers are able to see more information on any show including a detailed description, reviews, pictures, videos, and ultimately, book their tickets at very competitive prices. In keeping with the Company’s relationship as the Las Vegas Guest Services Partner for Expedia, Expedia exclusive distributes the Vegas Local Expert Planning Guide to many of its customers who have booked travel to Las Vegas. The Company launched the Vegas Local Expert Planning Guide earlier this month. Lastly, the Company implemented significant expense reductions in late 2017. The expense reductions include reductions in workforce, voluntary reductions in executive compensation, voluntary elimination of executive bonuses, elimination of staff bonuses and various other operating expense reductions.
The Company’s first quarter 2018 which, like historical first quarters, is seasonally the weakest due to a large number of conventions convened in Las Vegas at such times, was further impacted by the external factors discussed above. The Company believes that with the continued improvement in online sales, sales generated from the recent launch of the Vegas Local Expert Planning Guide, cost reductions, and the eventual return of historical level of tourism, financial results will improve throughout this year. The Company will continue its proactive efforts and focus on innovative measures to counter the negative developments outlined above towards stabilization of its business.
Reclassification of Prior Year Presentation
Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the reported results of operations. For the three months ended March 31, 2017, a reclassification has been made to the Condensed Consolidated Statements of Operations to reclassify merchant credit card processing fees of approximately $297,000 from selling, general and administrative expenses to direct cost of revenues. This change in classification does not affect previously reported cash flows from operating activities in the Consolidated Statements of Cash Flows.
First Quarter 2018 Results
First quarter 2018 revenues were $3,061,000 as compared with $4,324,000 in the same period a year ago. Revenues were negatively impacted by the events discussed above.
First quarter 2018 direct costs of revenues, which include payroll costs, rents, merchant credit card processing fees, utilities, and third-party commission and fees, decreased to $2,139,000 as compared with $2,736,000 for the same period a year ago. The decrease in direct costs of revenues was due to decreased locations in operation, decreased headcount, decreased merchant credit card processing fees, and expense reduction efforts mentioned above, as compared to the same period a year ago.
First quarter 2018 selling, general and administrative expenses decreased to $1,603,000 as compared with $1,607,000 for the same period a year ago. Selling, general and administrative expenses included an increase in advertising expense of $28,000, which was required to promote the Company’s new offerings and to counter increased competition as discussed above.
First quarter 2018 net loss was $717,000, or $(0.04) per diluted common share, as compared with a net loss of $58,000, or $(0.00) per diluted common share reported for the same period a year ago.
About Tix Corporation
Tix Corporation (OTCQX:TIXC) provides discount ticketing services. It currently operates nine discount ticket stores in Las Vegas under its Tix4Tonight marquee and two online properties www.tix4tonight.com and www.tix4.com , which offers up to a 50 percent discount for shows, concerts, attractions, and tours, as well as discount dining and shopping offers. Tix4Tonight also serves as the Official Las Vegas Guest Services Partner for Expedia and its other brands. The co-branded Expedia Local Expert service provides both pre-arrival concierge-type services and in-market concierge-type desk services and related customer service support at physical locations in Las Vegas and online, featuring Tix4Tonight's inventory of discount show and attraction tickets, along with discount dining deals.
Safe Harbor Statement
Except for the historical information contained herein, certain matters discussed in this press release are forward-looking statements which involve risks and uncertainties. Forward-looking statements include, but are not limited to, statements about our future revenues and financial position. These forward-looking statements are based on expectations and assumptions as of the date of this press release and are subject to numerous risks and uncertainties which could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties are discussed in the Company's filings with the OTCQX. The Company assumes no obligation to update these forward-looking statements. A copy of the Company’s reports for the twelve months ended December 31, 2017, can be found on the Company website at www.tixcorp.com or www.otcmarkets.com .
Investor Contacts:
Steve Handy, CFO, (818)761-1002
TIX CORPORATION AND SUBSIDIARY CONDENSED CONSOLIDATED BALANCE SHEETS
March 31, 2018 December 31, 2017 (Unaudited) Assets Current assets: Cash $ 4,290,000 $ 5,129,000 Prepaid expenses and other current assets 395,000 289,000 Total current assets 4,685,000 5,418,000 Property and equipment, net 228,000 268,000 Other assets: Goodwill 3,120,000 3,120,000 Deferred tax asset 5,048,000 5,048,000 Deposits and other assets 215,000 215,000 Total other assets 8,383,000 8,383,000 Total assets $ 13,296,000 $ 14,069,000 Liabilities and Stockholders’ Equity Current liabilities: Accounts payable – shows and events $ 720,000 $ 711,000 Accounts payable and accrued expenses 589,000 520,000 Deferred revenue 42,000 23,000 Notes payable - 200,000 Total current liabilities 1,351,000 1,454,000 Deferred rent obligations 68,000 49,000 Total liabilities 1,419,000 1,503,000 Commitments and contingencies Stockholders’ equity: Preferred stock, $.01 par value; 500,000 shares authorized; none issued Common stock, $.08 par value; 100,000,000 shares authorized; 17,342,175
shares net of 16,644,814 treasury shares, and 17,342,175 shares net of
16,644,814 treasury shares issued and outstanding at March 31, 2018 and
December 31, 2017, respectively 2,720,000 2,720,000 Additional paid-in capital 95,031,000 95,003,000 Cost of shares held in treasury (28,164,000 ) (28,164,000 ) Accumulated deficit (57,710,000 ) (56,993,000 ) Total stockholders’ equity 11,877,000 12,566,000 Total liabilities and stockholders’ equity $ 13,296,000 $ 14,069,000
TIX CORPORATION AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED) Three Months Ended March 31, 2018 2017 (Unaudited) (Unaudited) Revenues $ 3,061,000 $ 4,324,000 Operating expenses: Direct costs of revenues 2,139,000 2,736,000 Selling, general and administrative expenses 1,603,000 1,607,000 Depreciation and amortization 40,000 62,000 Total costs and expenses 3,782,000 4,405,000 Operating loss (721,000 ) (81,000 ) Other (income) expense (5,000 ) 6,000 Loss before provision for income tax expense (benefit) (716,000 ) (87,000 ) Provision for income tax expense (benefit) 1,000 (29,000 ) Net loss $ (717,000 ) $ (58,000 ) Net loss per common share – basic and diluted $ (0.04 ) $ (0.00 ) Weighted average common shares outstanding – basic and diluted 17,342,175 17,342,175
Source:Tix Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/globe-newswire-tix-corporation-reports-first-quarter-2018-results.html |
Following is the transcript of a CNBC interview with Haruki Satomi, President, of Sega Sammy Holdings. The interview will play out in CNBC's latest episode of Managing Asia on 4 May 2018, 5.30PM SG/HK time.
All references must be sourced to a "CNBC Interview".
Interviewed by Christine Tan, Anchor, CNBC.
Part 1
Christine Tan (CT): Where do you see Sega Sammy in the next five years? What will the company look like?
Haruki Satomi: At least we'd like to be the number one entertainment company in Japan, and we try to be a game changer. Our 2020 March target is available and that is about 500 billion yen, 75 billion operating profit yen but at least this number we would like to achieve in five years as well.
CT: Can it happen sooner?
Haruki Satomi: We hope so, yes, depending on the hit title, we can easily achieve those numbers.
CT: Haruki, your father founded Pachinko machine maker Sammy in 1975. What was it like as a young boy watching him as you grew up, building up his Pachinko Business?
Haruki Satomi: When I was young actually the company was next door, it's a one minute walk from my house to the office so I actually grew up with my father's employees. It feels like a part of the family.
CT: So you spent a lot of time in the arcades playing games?
Haruki Satomi: Yes.
CT: What did you play? Do you remember?
Haruki Satomi: Yeah, I remember, some mahjong game that was available in the office, Nintendo games or the pachinko and slot machines available and I was playing for test.
CT: You were testing the games for him?
Haruki Satomi: When I was young, yeah.
CT: You initially worked for a securities firm in Japan then you joined Sammy in 2004. As his son were you always expected to join the family business?
Haruki Satomi: Actually I was not. That's one of the reasons why I started my business from the investment bank first. I did not want to join my father's company at that time.
CT: Why?
Haruki Satomi: Because I felt the big pressure. And since he is an entrepreneur I wanted to be an entrepreneur at the time and to do that you have to see a lot of business models, so I decided to join an investment bank at the time.
CT: What made you change your mind to join the family business in the end?
Haruki Satomi: Actually one of the senior managers from my father's company asked me to join. My father never actually asked me to join his company, or take over or carry on. Simply at the time one of the senior managers who were the youngest one at that time asked me to join his team and I agreed to it.
CT: You joined the family business around the time when your father acquired Sega in 2004 and merged both companies together. At that time Sega had already abandoned its console business and was focusing very much on software development. What was the vision back then of your father to bring these 2 companies, Sega and Sammy together?
Haruki Satomi: He definitely wanted to be a global entertainment company at the time and by adding the Sega part into the business and moving in a different direction, it was easier to achieve. But when he made the decision at that time it was not only a business decision because the former owner of Sega was my father's mentor and had even asked him to be the CEO of Sega prior to acquisition. But at the time he had to focus on the Sammy business so he denied being the CEO of Sega. But after he passed away, Sega's senior management got in trouble as you know. Their performance was not great, so he decided to come to the rescue, and it was him giving back to his mentor.
CT: Mm, so he felt obligated to save Sega because it belonged to his friend?
Haruki Satomi: Yes.
CT: You joined Sega immediately after the merger. The company had a huge fan base, but it was bleeding. Turning the company around was difficult and you had issued a statement to say you betrayed the trust of fans and you were working very hard to improve the quality of games. What actually happened?
Haruki Satomi: Simply that several years ago when we launched a Sonic game, the reception was very bad, there was a site called Meta-critic that aggregates the critics and scores games from 1-100, and at that time the Sonic game got 30 out of 100 so I felt like we…
CT: Disappointed fans?
Haruki Satomi: Yeah disappointed, did not meet those expectations for the big fan base we have. So after I took the lead it will never happen again and I told our development team or even sales team that we should not release a game unless we 100 percent agree with and are confident of the quality.
CT: So what are some of the lessons learnt during that time, those difficult times that you take with you today to make Sega successful, to turn Sega around?
Haruki Satomi: Sega is very known company, many people on the website emails or Facebook messages asking me to make this kind of game, or please bring back this title again, or please improve the quality of this title again, so I try to answer those questions and requests.
CT: So back in the 90s Sonic the Hedgehog was one of the most successful and well-known franchises of Sega. Now fans of Sega are wondering when Sonic is going to make a successful comeback. What are you telling them?
Haruki Satomi: One of the answers I gave was the latest two titles which we launched last year, Sonic Mania and Sonic Forces, especially Sonic Mania which got a 80s, 85ish Meta-critic score and fans are excited about this game and people really love it, actual sales was very strong, and we introduced a Sonic animation series over the last two years. We recently announced the new partnership with Paramount for a Sonic movie project that's going to be available November 15th to December 19th so it's a little more than one year but it's coming soon and we're really excited about it. We can bring Sonic to the next level and not only bring the Sonic game to existing fans but we try to grow our fan base worldwide.
CT: So you think this movie is going to be a big thing when it comes to reviving Sonic the Hedgehog, making a successful comeback?
Haruki Satomi: Yes, one of it, one of our efforts to do so.
CT: So do you think Sonic can beat Super Mario?
Haruki Satomi: I think there is a possibility of beating Mario, but you know, Mario and Sonic used to be big rivals who competed against each other but now we have become friends. As you may know we have this Mario and Sonic Olympic Games since Beijing Olympics 2008 and 2012 we did the other game and recently 2016 we launched the Mario & Sonic Rio Olympics games so now we are friends.
CT: So you're teaming up to fight the enemy?
Haruki Satomi: Yeah. Not the enemy but we're teaming up to entertain our fans.
CT: Well these days Sega which is now under your entertainment contents business, pulls in something like more than half of overall sales. Sales of packaged games have been going up, but digital sales have been going down because of a slowdown in the Japanese smartphone market. You see a pickup in digital sales soon? What are you doing to beef up your digital titles?
Haruki Satomi: Simply the competition in the smartphone game has been very high and higher and higher so we decided not to release too many titles over the last two years; instead we developed more quality games to be more competitive in the market, then since this year we will keep these new titles so our digital sales will grow again.
CT: How many titles are you hoping to release this year?
Haruki Satomi: More than 10. When we try to launch our game, typically Japanese developers focus only on the Japanese market but we keep asking them to see the global market and we agreed with them to at least launch the game simultaneously in Asia and Japan, and then we'll bring it to the West as soon as we can.
CT: I'm curious how much work is involved, launching a gaming title? What is involved and how involved are you in these games yourself?
Haruki Satomi: Actually I try not to get too involved in the game content or the design itself.
CT: Do you test them out?
Haruki Satomi: A little bit, but I try not to see the details because I'm not a creative video game type. Of course I see if something is affected in the game itself but instead of me saying so, our trusted man, trusted producer should be responsible for the specific title. But I decide the direction of the game, like I said we should prioritize the quality not schedule and we should listen to the consumers or fans opinions.
CT: What are your favorite games, just out of curiosity?
Haruki Satomi: One of my favorite is the Yakuza Series or the Valkyria Chronicle Series.
Part 2
CT: Christine: These days Sega Sammy has ambitions beyond pachinko machines and beyond entertainment content, it is now moving into the integrated resorts business. With the expected casino legislation happening in Japan to make gambling legal in the country, is this where the big money is going to be for Sega Sammy? Is this your next pillar of growth?
Haruki Satomi: Yes, I think that market is something that we tried to get into and in order to do so we acquired the Phoenix Seagaia Resort in 2012 which is a smaller integrated resort without casino. We then got involved in the Paradise City Project that is the joint venture between Paradise Group Korea and Sega Sammy Group. We opened an integrated resort from scratch, developed and operated it together and we sent more than 50 Japanese people into the vicinity so we're heavily involved in the operation by now. If the Japanese government opened the market for integrated resorts like Marina Bay Sands, we would definitely like to be a part of it.
CT: So these two resorts will obviously help you increase your chances of getting selected. You had to build a casino resort from scratch, what was it like? What did you know about casino development? What did you know about resort development? What were the initial learnings like?
Haruki Satomi: It is my father's aspiration to be, to develop and operate an integrated resort in Japan. That's why we're currently learning like how to run the hotel business and how to develop the resort with Paradise City- its supply and demand, how many rooms we should have, how many tables for casino floor, that kind of demand you have to decide first. Then how many rooms we provide, that is something that we have to figure out from scratch.
CT: Have you figured it out?
Haruki Satomi: We are trying, yes.
CT: I understand you want to take a majority stake in your casino venture. Who are your likely partners?
Haruki Satomi: Yeah we were quite open to partner with anyone, and what we publicly say right now is since it is a Japanese project, we try to lead the project, which means we try to take the majority of stake. If we don't get the partners, it's ok to be a minority share. That'll be a possible candidate.
CT: You talking to any of the foreign casino operators like MGM or Las Vegas Sands?
Haruki Satomi: Yeah, we can't say their specific names but yes, most of the operators we have had discussions with already. But some operators obviously said that they'd like to be majority stakeholder of project. Those we haven't discussed details yet but some operators agree that they can be a minority in this Japanese project.
CT: Are you close to any sort of formal tie up with these foreign operators?
Haruki Satomi: Yes, we've already been closely discussing with some of them.
CT: In terms of your casino development, which locations are you eyeing?
Haruki Satomi: We haven't openly disclosed which city is our priority but we actually prefer bigger cities around the Metropolitan Tokyo area or Osaka area. Secondarily, if we are able to secure the majority of stake we would consider the suburb like Hokkaido, perhaps Okinawa or Kyushu area.
CT: When do you think the licenses will be given out? What's the talk within the industry? What are you hearing behind the scenes?
Haruki Satomi: Of course, depending on the law passed in the Diet for now but if the promotional bill is passed to the Diet this year hopefully in early summer, the license given to the specific city and operator would be in 2021.
CT: Are you frustrated that things are moving so slowly in Japan just to get the casino license?
Haruki Satomi: Yes, actually the Japanese government started discussing the casino business even earlier than in Singapore but still we haven't passed the bill yet. It takes a lot of time so of course it's frustrating. We have a business model and we've been preparing for it with a team but still the bill is not passed yet, and even if the bill is passed this year, the local government will decide opening the first around the end of 2019 or in early 2020. Only then can the city and operator propose to the government together and they will then give the license officially I think in 2021.
CT: So when could you possibly have a casino resort up and running at the earliest? What sort of time frame are we looking at?
Haruki Satomi: At this rate, three to four years to develop from scratch including the infrastructure.
CT: So that'll be 2024, 2025?
Haruki Satomi: That'll be 2024 and 2025.
CT: And you're confident of being selected?
Haruki Satomi: We're trying to be.
CT: Could the casino resort business eventually overtake your key entertainment content business?
Haruki Satomi: Yes I think so; there is huge potential if we are able to build a Marina Bay Sands-size integrated resort in Japan. It can exceed the revenue in the existing business.
CT: When you say Marina Bay Sands, are you using that as a model for your casino development in Japan?
Haruki Satomi: That size of integrated resort is a good benchmark in an urban city.
CT: How many rooms are we talking about?
Haruki Satomi: If we open the integrated resort in a Metropolitan Tokyo area or Osaka we would need at least 3000 rooms.
CT: And it would include a convention centre as well? An integrated feel of the resort?
Haruki Satomi: Yes, course there will, we need an entertainment part.
CT: What would you call the casino resort? Have you got a name for it yet?
Haruki Satomi: No, not yet.
CT: These days you're working to position Sega Sammy as the number one global entertainment company. You've launched a 2020 road map. Tell us, what are you doing in the next two years to achieve that vision?
Haruki Satomi: We are not a simple video game or pachinko slot machine makers, we are the company that provides people's moving moments or emotional excitement. As long as we can offer these kinds of things we will expand our business. That's why we recognize that the resort business including casino is part of those kinds of business. Our vision is to be a game changer. We'd like to impact the society in a good way with our business model. Even though the casino or pachinko business is controversial, we believe we can put in more positive things than negative.
CT: Let's talk more about the pachinko business that you mentioned because obviously it was the beginnings of your family business, your father founded Sammy, a pachinko machine maker. But these days there are lots of concerns about casino legislation and the competition it would pose to the pachinko industry. What does the future hold for the company's pachinko business?
Haruki Satomi: Pachinko business itself is very lucrative; it is a cash cow business for us. So even though we do not expect a lot of growth, it is our foundational business as a group and we would like to make more efficiency in the business. Since we cannot expect the growth of the market as whole, what we try to do is increase the share and drastically cut the production cost especially the cabinet cost and then improves the margin. We will then try to reinvest that cash to other business like entertainment business like the video gaming business, or to the resort business in the future
CT: As a cash cow like you say the pachinko business right now pulls in about 40 percent of the overall revenue, where do you see this contribution from pachinko business in the next couple of years as you move towards this vision of number one big entertainment company?
Haruki Satomi: Revenue wise, it could be less than 10 percent in the future if we are able to open the integrated resort in Japan and take a majority stake. But profit wise it will still not be smaller than 10 percent, it would be like 20 percent as a whole business model, still significant in the group I think.
CT: So revenue contribution would fall?
Haruki Satomi: Yes.
Part 3
CT: Your father's the legendary Hajime Satomi who founded Sammy, pachinko machine maker. He has been ranked one of Japan's 50 richest in terms of net worth. What important lessons have you learnt from him, has he passed on to you about running and building a successful business?
Haruki Satomi: I believe he's a remarkably successful businessperson in Japan and he is a very successful entrepreneur. What I have learnt from him is he simply never gives up until he reaches his satisfaction level. I also respect him because he has the courage to believe people. Even though he has been betrayed by very close senior management or business partners, he doesn't stop believing people. That gives empowerment to our employees and is one of his strengths.
CT: He is the Chairman and CEO and you're the President and COO as his son, obviously he's still in charge. As the second generation, as his son, how much input do you give on how to drive the company forward? Is your father receptive to your ideas?
Haruki Satomi: Sure, yes. I'm very appreciative when he empowers me, currently he pretty much focuses on external communication like our industry association chairs while I manage the internal business. Most of the time, I don't report to him often.
There are 2 kinds of reports like pre-report or post-report. Pre-report means you don't decide anything and ask your seniority to make a decision but post-report means I made the decision and reported what happened. So I try to report to my father after I've made a decision, not asking him what I should do.
CT: How would you describe your working relationship with your father even though you don't report to him?
Haruki Satomi: Occasionally yes, I report to him if I think it is a very important thing to him but usually he doesn't care much about details.
CT: So he leaves it entirely to you?
Haruki Satomi: Yes.
CT: In terms of leadership style, how different do you think you are from your father?
Haruki Satomi: Mm, that is, it's a good point. I think it's similar, I try to empower my staff instead of try to make a decision by myself everything because I know, or I try to hire, or assign the smarter people than me, they should make the decision as I said for the game development. Instead of me deciding what kind of games I should make, the producers or directors of games should make the decision. That is a similar approach to what my father had.
CT: So you're following in his footsteps?
Haruki Satomi: Yes.
CT: As his son, you're the COO and the President; obviously you're being groomed to take over from your father one day. What impact do you want to make at Sega Sammy?
Haruki Satomi: The mission what I say, is to be the reason to be.
CT: The reason to be?
Haruki Satomi: Yes. As long as we're providing a positive impact to the society or to our fans, as I said. Even if pachinko business or video game, or casino is controversial, there are anti-video game guys, anti-casino people, but as long as we are providing a positive impact on the society and there are fans behind us, we are allowed to be this smart and reject increase the fan base in the future.
CT: Haruki thank you so much for talking to me.
Haruki Satomi: Thank you very much.
END
Media Contact:
Mike Cheong
Communications Manager, CNBC Asia Pacific
D: +65 6326 1123
M: +65 9852 8630
[email protected]
About CNBC
CNBC is the leading global broadcaster of live business and financial news and information, reporting directly from the world's major financial markets via three regional TV networks in Asia, EMEA and the US. CNBC.com is the preeminent financial news source on the web featuring video, real-time market analysis and dynamic financial tools. CNBC serves the world's most powerful audience of CEOs, senior executives, the financial services industry and private investors and is available in more than 409 million homes worldwide. CNBC is a division of NBCUniversal.
For more information, please visit www.cnbc.com | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/cnbc-transcript-haruki-satomi-president-sega-sammy-holdings.html |
DEERFIELD, Ill.--(BUSINESS WIRE)-- Fortune Brands Home & Security, Inc. (NYSE: FBHS), an industry-leading home and security products company, today announced that its Board of Directors has declared a quarterly cash dividend of $0.20 per common share. The dividend is payable on June 13, 2018, to stockholders of record as of the close of business on May 25, 2018.
On April 30, Fortune Brands’ Board of Directors also authorized the repurchase of up to $150 million of shares of the Company’s common stock over the next two years on the open market or in privately negotiated transactions in accordance with applicable securities laws. The purchases, if made, will occur from time to time depending on market conditions. The Company has approximately $160 million existing from a prior authorization that expires December 8, 2019, bringing the total share repurchase authorization to approximately $310 million.
The dividend and share repurchase authorization represent the Board’s continued confidence in the Company’s long-term cash flow potential and its support of the Company’s broader strategy for utilizing free cash flow to build shareholder value.
“In addition to organic growth, we use our strong cash flow and balance sheet to drive incremental shareholder value by investing in Fortune Brands’ businesses, pursuing accretive acquisitions, and returning cash to shareholders,” said Chris Klein, chief executive officer, Fortune Brands Home & Security. “Our dividend and new share repurchase authorization demonstrate our continued commitment to driving incremental shareholder value.”
The newly announced share repurchase authorization does not obligate the Company to repurchase any dollar amount or number of shares of common stock. This authorization is in effect until April 30, 2020, and may be suspended or discontinued at any time.
About Fortune Brands
Fortune Brands Home & Security, Inc. (NYSE: FBHS), headquartered in Deerfield, Ill., creates products and services that fulfill the dreams of homeowners and help people feel more secure. The Company’s four operating segments are Plumbing, Cabinets, Doors and Security. Its trusted brands include Moen, Perrin & Rowe, Riobel, ROHL, Shaws and Victoria + Albert under the Global Plumbing Group (GPG); more than a dozen core brands under MasterBrand Cabinets; Therma-Tru entry door systems; and Master Lock and SentrySafe security products under The Master Lock Company. Fortune Brands holds market leadership positions in all of its segments. Fortune Brands is part of the S&P 500 Index. For more information, please visit www.FBHS.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180430006513/en/
Fortune Brands Home & Security, Inc.
INVESTOR and MEDIA CONTACT:
Kaveh Bakhtiari
847-484-4573
[email protected]
Source: Fortune Brands Home & Security, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/04/30/business-wire-fortune-brands-declares-quarterly-dividend-and-announces-150-million-share-repurchase-authorization.html |
HOUSTON (Reuters) - Finding roughnecks remains a challenge for oil drillers as rising crude prices increase demand for their services, oilfield executives said on Thursday at a conference in Houston.
FILE PHOTO: A man works on the rig of an oil drilling pump site in McKenzie County outside of Williston, North Dakota March 12, 2013. REUTERS/Shannon Stapleton Oilfield service suppliers cut tens of thousands of workers following the 2014 oil-price collapse, and skilled employees have moved to other industries or are no longer interested. A worker shortage is helping drive up service costs for oil producers, especially in the hottest shale fields.
“Recruitment and staffing is a big challenge. We’re aggressively focused on recruiting people,” said Kevin Neveu, chief executive at Precision Drilling Corp ( PD.TO ). The Calgary, Alberta-based company added about 2,000 workers last year.
U.S. oil prices CLc1 have rebounded to over $70 a barrel from lows of around $26 a barrel in 2016, aided by rising global demand and supply cuts from OPEC-member countries and other exporters. That has spurred a rush to drill new wells in the Permian Basin of West Texas and New Mexico and the Bakken Shale of North Dakota.
In Texas, the unemployment rate was 4 percent in March, near its historic low, versus 4.6 percent a year ago, according to the Bureau of Labor Statistics.
“I was quite shocked at how fast we ran out of people from our recall list,” said Mike Nuss, an executive vice president at driller Ensign Energy Services Inc.
“We’ve had to scramble and resurrect our training,” he said in an interview at the International Association of Drilling Contractors’ conference.
A study led last year by the University of Houston found 25 percent of dismissed workers had moved to another industry and 55 percent were considering it.
While drillers hustle to secure more workers, they also need employees with high-tech skills. Noble Corp ( NE.N ) and General Electric Co ( GE.N ), for example, recently announced plans for a fully digitized drilling vessel.
“We’re moving to an era where the machines do the work. They run the analysis and they ultimately do the learning,” said Bob Newhouse, CEO of Newhouse Consultants, which advises oil and gas companies. “We’ve got to have the right people who can look at the data, look at the information and make the right decisions.”
Although Precision Drilling fielded thousands of resumes last year, Neveu said he worries younger workers may shun the industry due to its boom-and-bust reputation.
“A big take-away for us is making our industry attractive for the next generation of people working on rigs,” he said.
Reporting by Liz Hampton; Editing by Cynthia Osterman
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-oil-labor/as-oil-prices-surge-u-s-service-providers-eye-growing-labor-shortage-idUSKCN1II325 |
158 'caravan' migrants granted U.S. entry 11:00am EDT - 01:41
Dozens more Central American caravan migrants were let into the United States to begin pleading their case for asylum on Thursday despite sharp criticism from U.S. President Donald Trump, bringing the total to 158 since last weekend.
Dozens more Central American caravan migrants were let into the United States to begin pleading their case for asylum on Thursday despite sharp criticism from U.S. President Donald Trump, bringing the total to 158 since last weekend. //reut.rs/2Kyoa14 | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/04/158-caravan-migrants-granted-us-entry?videoId=423844360 |
(Reuters Health) - For teen girls, being called “fat” by friends or family may contribute to later developing eating disorders, and the harsh word from family members seems to carry the most weight, a recent U.S. study suggests.
Weight stigma - the negative stereotypes, social devaluation and pervasive mistreatment of heavier individuals - is strongly implicated in disordered eating, the research team writes in the Journal of Adolescent Health.
Previous studies have found that being teased about weight is associated with binge eating and unhealthy weight control behaviors in boys and increased dieting in girls. The current study is one of the first to look at the long-term consequences of being labeled as “too fat,” the authors note.
“How we talk about weight - especially with young girls - can have really negative effects on mental and physical health,” said lead author Jeffrey Hunger, a psychologist at the University of California, Los Angeles.
“Labeling young girls as ‘too fat’ will never spur positive health behaviors; it is simply going to result in poor body image, unhealthy weight control practices, and disordered eating,” he told Reuters Health in an email.
There is a lot of research showing that weight stigma is related to disordered eating, but not much of it follows people across time, Hunger said.
“With this study, I was hoping to contribute to our understanding of these longitudinal consequences by leveraging data from the NHLBI (National Heart, Lung, and Blood Institute) Growth and Health Study.”
Hunger and a colleague examined data on 2,036 girls participating in that larger, long-term study. At age 14, the girls reported whether they had been told they were “too fat” by their parents, siblings, best girlfriends, boys they liked best, any other teens or their teachers.
At ages 14 and 19, the girls completed a questionnaire designed to assess unhealthy weight control behaviors, bulimic tendencies, drive for thinness and body dissatisfaction. At both evaluations, girls reported whether in the past 30 days they had engaged in unhealthy behaviors such as not eating, vomiting, taking diet pills or using laxatives; at age 19, they were also asked about smoking and skipping meals as weight control methods.
Compared with girls who did not report having been labeled fat at age 14, girls who were weight labeled at 14 had higher scores at age 19 on the eating disorders inventory, researchers found.
This association held after the study team adjusted for other possible influences, such as body mass index (BMI), race, parental income and education, and a girl’s level of disordered eating behaviors at age 14.
The study also found that weight labeling by a family member was a stronger predictor of later disordered eating than labeling by nonfamily members.
“A somewhat surprising (yet frequently observed) finding is that the effects of weight stigma emerged independent of actual body size,” Hunger noted.
It seems that there is something profoundly powerful about the social implications of being labeled “too fat” that is not limited to heavier girls, he said.
“That being said, heavier girls do disproportionately shoulder the burden of weight stigma, and stigma against heavier bodies is pervasive and systemic, so we should take care not to equate this to thinner girls’ experiences of weight labeling,” Hunger added.
First and foremost, if a parent suspects their child may have an eating disorder, they should have the child assessed by a specialist. Beyond that, parents can promote positive body image and healthy eating behaviors in a variety of ways, he said.
“They can take weight out of the conversation altogether when they are discussing health with their children. Our weight does not dictate our health and most certainly does not dictate our worth.”
Parents can also model body positivity and health behaviors for their kids, Hunger suggested.
“Quit the negative ‘fat talk,’ chronic dieting, and body shame. Recognize and appreciate all that your body can do for you and find eating and exercise habits that are sustainable and enjoyable,” he said.
SOURCE: bit.ly/2jI5Gzb Journal of Adolescent Health, online April 25, 2018.
| ashraq/financial-news-articles | https://www.reuters.com/article/us-health-teens-eating-disorders/being-called-fat-in-early-teens-tied-to-later-eating-disorders-for-girls-idUSKBN1I91TC |
LONDON (Reuters) - Lawyers for the Bodo community in Nigeria’s oil-producing Niger Delta, which was devastated by two major oil spills a decade ago, went to court in London on Tuesday to fend off what they said was an attempt by Shell to kill off their litigation.
The Bodo oil spills have been the subject of years of legal wrangling. In 2015, Shell accepted liability for the spills, agreeing to pay 55 million pounds ($83 million at the time) to Bodo villagers and to clean up their lands and waterways.
Oil spills, sometimes due to vandalism, sometimes to corrosion, are common in the Niger Delta, a vast maze of creeks and mangrove swamps criss-crossed by pipelines and blighted by poverty, pollution, oil-fuelled corruption and violence.
The spills have had a catastrophic impact on many communities where people have no other water supply than the creeks and rely on farming and fishing for survival.
At the same time, oil companies have run into problems trying to clean up spills, sometimes because of obstruction and even violence by local gangs trying to extract bigger payouts, or to obtain clean-up contracts.
After years of delays, the clean-up in Bodo is currently underway and litigation in the London High Court is stayed, or on hold.
Lawyers for SPDC, the Nigerian arm of Shell, argued on Tuesday that the litigation should be struck off in October 2018, or at the latest a year later, and that it should only be re-activated if SPDC failed to comply with its obligation to pay for the clean-up.
Lawyers for the Bodo community said that was unacceptable, because the clean-up could go wrong for any number of reasons and that under Shell’s proposal the villagers would be left without the recourse of going back to court.
“The effect of what Shell is trying to do is to kill off the case,” said Dan Leader, the Bodo community’s lead lawyer, on the sidelines of the hearing. “It’s only because of the pressure of litigation that the clean-up is getting back on track.”
But Shell’s lawyers, citing an earlier judgment, compared the stayed litigation to a “gun in the cupboard” that the Bodo community’s lawyers wanted to be able to hold to Shell’s head at their convenience, for years on end.
They said the litigation was a hindrance to the clean-up because it gave some local community members the impression that there was still the possibility of a bigger payout, incentivising them to block the clean-up rather than cooperate.
“The previous persistent delays to the clean-up process clearly demonstrate that litigating Nigerian oil spill cases in the English courts does little to resolve the complex underlying security and community issues which can frustrate attempts to clean up areas impacted by oil pollution,” an SPDC spokeswoman said.
“We hope that the community will continue to grant the access needed for clean-up to progress as planned.”
A judgment on the litigation issues is expected on Friday.
Editing by Stephen Addison
| ashraq/financial-news-articles | https://www.reuters.com/article/us-shell-nigeria-spill/shells-oil-spill-dispute-with-nigerias-bodo-villagers-back-in-uk-court-idUSKCN1IN2BO |
May 10, 2018 / 10:08 AM / in 6 minutes BRIEF-China XD Plastics Company Reports Q1 Earnings Per Share Of $0.29 Reuters Staff
May 10 (Reuters) - China XD Plastics Company Ltd:
* SPECIALTY CHEMICAL COMPANY CHINA XD PLASTICS ANNOUNCES FIRST QUARTER 2018 FINANCIAL RESULTS * SEES FY 2018 REVENUE $1.2 BILLION TO $1.4 BILLION
* REITERATING FISCAL 2018 GUIDANCE OF $1.2-$1.4 BILLION IN REVENUE, $90-$110MILLION IN NET INCOME
* QTRLY TOTAL VOLUME SHIPPED WAS 106,236 METRIC TONS, UP 24.4% YOY Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-china-xd-plastics-company-reports/brief-china-xd-plastics-company-reports-q1-earnings-per-share-of-0-29-idUSASC0A1B9 |
LONDON, May 18 (Reuters) - Lloyds Banking Group said on Friday it had sold its Irish residential mortgage portfolio to Barclays for around 4 billion pounds in cash.
Lloyds said the deal would generate a pretax loss of around 110 million pounds, which would be recognised in its first-half results.
Following the deal, Lloyds said it would have only a minimal exposure to Ireland. (Reporting by Simon Jessop, editing by Silvia Aloisi)
| ashraq/financial-news-articles | https://www.reuters.com/article/lloyds-bank-uk-ireland-mortgages/lloyds-sells-irish-mortgage-book-to-barclays-for-4-bln-stg-idUSFWN1SP017 |
ATLANTA, May 01, 2018 (GLOBE NEWSWIRE) -- T5 Data Centers, innovators in providing secure, customizable, hyperscale computing environments for enterprise companies, today announced that the company has finalized the purchase of a new 40-acre property in Douglas County as the location for T5@Atlanta II, the company’s second data center in the Atlanta region. The land acquisition marks the first step in the construction of a new 130,000-square-foot data center, purpose-built to meet the needs of hyperscale enterprise customers.
Artist Rendering of T5@Atlanta II Data Center
When it is completed, the T5@Atlanta II data center will feature 10 MW of critical power load and 66,667 square feet of white floor space. The campus will benefit from redundant service from two nearby power substations, and the robust fiber telecommunications infrastructure that already services the region. The data center will be fault tolerant and engineered to withstand 185 mile-per-hour winds. T5 also plans to construct T5@Atlanta II as a LEED-certified building with air cooled mechanical chillers and a 1.32 annualized PUE.
The T5@Atlanta II campus also has sufficient space to accommodate a second data center building to be constructed at some point in the future, bringing the total capacity to 20+ MW.
The new T5@Atlanta II campus in Douglas County complements T5@Atlanta, the 105,000-square-foot flagship data center that T5 built in Alpharetta, Georgia, in 2011. This is the twelfth customizable data center to be built by T5 Data Centers, and the second data center in the Atlanta market. Atlanta also serves as the home of T5 Data Centers’ corporate headquarters.
“Atlanta has proven itself to be a growing market for enterprise-class data center users,” said Pete Marin, CEO of T5 Data Centers. “These discerning companies continue to be attracted to Atlanta by the inexpensive and reliable power, easy access, a talented workforce and competitive tax incentives. T5 was one of the earlier data center providers to commit to the Atlanta region and we recognized that now is an ideal time to strengthen that commitment with the construction of T5@Atlanta II.”
As with all T5 facilities, T5@Atlanta II will provide services in full compliance with SOC2, PCI, HIPAA and other data security regulations and audit controls. Tenants also will be able to take advantage of T5 Facilities Management (T5FM), which serves as an extension to customers’ IT staff, offering facilities operations and management, remote hands, and IT consulting services. T5FM is responsible for T5 Data Centers’ record of 100 percent uptime across its portfolio.
For more information, visit www.t5datacenters.com .
About T5 Data Centers
T5 Data Centers (T5) is a leading national data center owner and operator, committed to delivering customizable, scalable data centers that provide a “Forever On” computing environment to power mission critical business applications. T5 Data Centers provides enterprise colocation data center services to organizations across North America using proven, best-in-class technology and techniques to design and develop facilities that deliver the lowest possible total cost of operations for its clients. T5 Facilities Management (T5FM) is the mission-critical support division of T5, providing 24/7 critical facilities management, remote hands, IT consulting, and related services. T5 currently has business-critical data center facilities in Atlanta, Los Angeles, Dallas, Portland, Charlotte, Chicago, New York, Colorado, and Ireland. All of T5’s data center projects are purpose-built facilities featuring robust design, redundant and reliable power and telecommunications, and have 24-hour staff to support mission-critical computing applications.
For more information, visit www.t5datacenters.com .
Contact:
Aaron Wangenheim
T5 Data Centers
(415) 292-7700
[email protected]
A photo accompanying this announcement is available at http://resource.globenewswire.com/Resource/Download/79bf82e3-cb04-4c9e-8229-1b5bc24a889d
Source: T5 Data Centers | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/globe-newswire-t5-data-centers-finalizes-purchase-of-40-acre-site-for-t5atlanta-ii-data-center-campus.html |
U.S., North Korea enter second day of talks 6:13am EDT - 02:05
U.S. Secretary of State Mike Pompeo and top North Korean official Kim Yong Chol entered a second day of meetings in New York as they try to settle nuclear weapons disagreements and set up a summit between their two leaders.
U.S. Secretary of State Mike Pompeo and top North Korean official Kim Yong Chol entered a second day of meetings in New York as they try to settle nuclear weapons disagreements and set up a summit between their two leaders. //reut.rs/2IXPWGZ | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/31/us-north-korea-enter-second-day-of-talks?videoId=431888933 |
HAUPPAUGE, N.Y., May 10, 2018 (GLOBE NEWSWIRE) -- United-Guardian, Inc. (NASDAQ:UG) reported today that net income for the first quarter of 2018 increased by 67% and gross sales increased by 28% compared with last year’s first quarter. Net income for the quarter jumped from $634,435 ($0.14 per share) to $1,059,862 ($0.23 per share), and gross sales increased from $2,872,722 to $3,666,947.
Ken Globus, President of United-Guardian, stated, “Our strong first quarter results were due to both increased sales of our cosmetic ingredients, which were up 43% over last year’s first quarter, and strong sales of our pharmaceutical products, particularly our Renacidin ® Irrigation. We are once again receiving steady orders for one of our Lubrajel ® products for sale in China. We are also excited about the reception our new Lubrajel Marine has received in the marketplace. Although it takes time for new cosmetic ingredients to find their way into new cosmetic formulations, we are optimistic that by the end of this year we will start to see larger orders for that product as customer formulations are finalized. We are also hopeful that our new Renacidin web site ( www.renacidin.com ) and our new social media campaign for that product, which is intended to make more patients and physicians aware of the product and should begin shortly, will also lead to increased sales. Based on the excellent first quarter results, as well as strong April sales, we are optimistic that this is going to be a strong year for us, and that the promising sales trend we have experienced so far this year will continue.”
United-Guardian is a manufacturer of cosmetic ingredients, personal and health care products, pharmaceuticals, and specialty industrial products.
Contact:
Robert S. Rubinger
Public Relations
(631) 273-0900
NOTE: This press release contains both historical and "forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements about the company’s expectations or beliefs concerning future events, such as financial performance, business prospects, and similar matters, are being made in reliance upon the “safe harbor” provisions of that Act. Such statements are subject to a variety of factors that could cause our actual results or performance to differ materially from the anticipated results or performance expressed or implied by such forward-looking statements. For further information about the risks and uncertainties that may affect the company’s business please refer to the company's reports and filings with the Securities and Exchange Commission.
RESULTS FOR THE QUARTERS ENDED
MARCH 31, 2018 and MARCH 31, 2017*
STATEMENTS OF INCOME
(UNAUDITED) THREE MONTHS ENDED
MARCH 31, 2018 2017 Sales: Gross sales $ 3,666,947 $ 2,872,722 Sales allowances and returns (147,435 ) (86,334 ) Net Sales 3,519,512 2,786,388 Costs and expenses : Cost of sales 1,450,931 1,264,096 Operating expenses 524,114 463,480 Research and development 101,664 189,729 Total costs and expenses 2,076,709 1,917,305 Income from operations 1,442,803 869,083 Other (expense) income: Investment income 46,782 52,872 Unrealized loss on marketable securities (135,150 ) --- Loss from trade-in of equipment (12,837 ) --- Total other (expense) income (101,205 ) 52,872 Income before provision for income taxes
1,341,598
921,955 Provision for income taxes 281,736 287,520 Net income $ 1,059,862 $ 634,435 Earnings per common share
(basic and diluted) $ 0.23 $ 0.14 Weighted average shares – basic and diluted 4,594,319 4,594,319 * Additional financial information can be found at the company’s web site at www.u-g.com .
Source:United-Guardian, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/globe-newswire-united-guardian-reports-67-percent-increase-in-earnings.html |
Daniel Ives discusses tech stocks 4 Hours Ago 03:26 03:26 | 9:40 AM ET Thu, 24 May 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/29/daniel-ives-discusses-tech-stocks.html |
Multiple subjects of a report on the Justice Department’s handling of a 2016 investigation into Hillary Clinton’s email use have been notified that they can privately review the report by week’s end, signaling the long-awaited document is nearing release.
The report is likely to reignite the volatile debate over the Federal Bureau of Investigation’s handling of the Clinton probe, and it will put Michael Horowitz, the Justice Department’s inspector general, in a familiar place—taking aim at members of the law enforcement community.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/report-nears-release-on-justice-departments-handling-of-probe-into-clinton-email-use-1526495401 |
HOUSTON, May 04, 2018 (GLOBE NEWSWIRE) -- Alta Mesa Resources, Inc. (NASDAQ:AMR) announced today that it will release First Quarter 2018 earnings on Monday, May 14 th , 2018, before the stock market opens. Alta Mesa invites you to listen to its conference call to discuss these results on that date at 2:00 p.m. Central time. If you wish to participate in this conference call, dial 888-347-8149 (toll free in US/Canada) or 412-902-4228. A webcast of the call and any related materials will be available on the Company’s website at www.altamesa.net . Additionally, a replay of the conference call will be available for one week following the live broadcast by dialing 844-512-2921 (toll free in US/Canada) or 412-317-6671 (International calls), and referencing Conference ID # 10120251.
Alta Mesa Resources, Inc. is an independent energy company focused on the development and acquisition of unconventional oil and natural gas reserves in the Anadarko Basin in Oklahoma, and through Kingfisher Midstream, LLC provides best-in-class midstream energy services, including crude oil and gas gathering, processing and marketing to producers in the STACK play.
FOR MORE INFORMATION CONTACT : Lance L. Weaver (281) 943-5597 [email protected]
Source:Alta Mesa Resources, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/04/globe-newswire-alta-mesa-resources-to-release-1q-2018-results-on-may-14th.html |
TAMPA, Fla.--(BUSINESS WIRE)-- Syniverse Holdings will report its first-quarter 2018 results on May 9 , and will host a conference call on May 10 , at 11 a.m. ET to discuss the first-quarter financial results.
The Quarterly Report on Form 10-Q, including unaudited condensed consolidated financial statements for the quarter-ended March 31, 2018, will be filed with the U.S. Securities and Exchange Commission and posted on the company website at www.syniverse.com in the Investor Relations section under About. In advance of the conference call, a presentation summarizing the financial results will be posted to the Investor Relations page and will be addressed on the call.
To participate, U.S. callers may dial toll free at (877) 359-9508 and international callers may dial direct at (224) 357-2393. The passcode for the call is 4293659.
A replay of the call will be available at approximately 2 p.m. ET on May 10 and will remain available through May 10, 2019 . The replay will be posted to the Investor Relations section of Syniverse’s website.
About Syniverse
Syniverse sits at the center of the mobile ecosystem, where it connects 7 billion mobile devices and enables businesses to securely connect, communicate, and transact with their customers to drive growth in the age of digital transformation. We accomplish this by processing billions of transactions every day and settling approximately $15 billion annually for mobile service providers. For over 30 years, Syniverse has been simplifying complexity to deliver the promise of mobility – a simple, interoperable experience, anytime, anywhere. For more information, visit www.syniverse.com , follow Syniverse on Twitter or connect with Syniverse on LinkedIn .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180504005699/en/
Syniverse Holdings
Bob Reich, 1-813-637-5000
Chief Financial Officer
Source: Syniverse | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/04/business-wire-syniverse-schedules-first-quarter-earnings-announcement.html |
HERSHEY, Pa., May 03, 2018 (GLOBE NEWSWIRE) -- The Hershey Company (NYSE:HSY) announced today the pricing of its offering of $350,000,000 of 2.900% notes due 2020, $350,000,000 of 3.100% notes due 2021 and $500,000,000 of 3.375% notes due 2023 (the “Notes Offering”) in a public offering. The Hershey Company intends to use the net proceeds of the Notes Offering to repay a portion of the commercial paper it issued to fund its acquisition of Amplify Snack Brands, Inc. and pay related fees and expenses and for general corporate purposes.
A registration statement relating to the Notes Offering has been filed with the U.S. Securities and Exchange Commission and is effective. This press release shall not constitute an offer to sell or an offer to buy any securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful. The Notes Offering may be made only by means of a prospectus supplement and the accompanying prospectus.
Copies of the prospectus supplement and the accompanying prospectus for the Notes Offering may be obtained by contacting Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, toll free at 1-800-831-9146, e-mail at [email protected] , Merrill Lynch, Pierce, Fenner & Smith Incorporated, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte NC 28255-0001, attention: Prospectus Department, email: [email protected] , toll free at 1-800-294-1322, and RBC Capital Markets, LLC, Three World Financial Center, 200 Vesey Street, 8th Floor, New York, NY 10281 toll-free number: (866) 375-6829, fax: (212) 658-6137, email: [email protected] .
About The Hershey Company
The Hershey Company (NYSE:HSY), headquartered in Hershey, Pennsylvania, is a global confectionery leader known for bringing goodness to the world through its chocolate, sweets, mints and other great-tasting snacks. The company markets, sells and distributes its products under more than 80 brand names in approximately 80 countries worldwide.
Forward-Looking Statements
Statements in this press release may be “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. Many of these forward-looking statements can be identified by the use of words such as “intend,” “believe,” “expect,” “anticipate,” “should,” “planned,” “projected,” “estimated,” and “potential,” among others. These statements are made based upon current expectations that are subject to risk and uncertainty. Because actual results may differ materially from those contained in the forward-looking statements, you should not place undue reliance on the forward-looking statements when deciding whether to buy, sell or hold the company’s securities. Factors that could cause results to differ materially include, but are not limited to: issues or concerns related to the quality and safety of our products, ingredients or packaging; changes in raw material and other costs, along with the availability of adequate supplies of raw materials; selling price increases, including volume declines associated with pricing elasticity; market demand for our new and existing products; increased marketplace competition; disruption to our manufacturing operations or supply chain; failure to successfully execute and integrate acquisitions, divestitures and joint ventures; changes in governmental laws and regulations, including taxes; political, economic, and/or financial market conditions; risks and uncertainties related to our international operations; disruptions, failures or security breaches of our information technology infrastructure; our ability to hire, engage and retain a talented global workforce; our ability to realize expected cost savings and operating efficiencies associated with strategic initiatives or restructuring programs; complications with the design or implementation of our new enterprise resource planning system; and such other matters as discussed in our Annual Report on Form 10-K for the year ended December 31, 2017. All information in this press release is as of May 3, 2018. The company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the company’s expectations.
FINANCIAL CONTACT:
Melissa Poole
717-534-7556
MEDIA CONTACT:
Jennifer Sniderman
717-534-6275
Source:The Hershey Company | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/globe-newswire-the-hershey-company-announces-pricing-of-350000000-2-point-900-percent-notes-due-2020-350000000-3-point-100-percent-notes.html |
April 30 (Reuters) - CDW Holding Ltd:
* URANO KOICHI RETIRES AS CHAIRMAN & CHIEF EXECUTIVE OFFICER
* YOSHIKAWA MAKOTO IS TO BE PROMOTED AS CEO Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-cdw-holding-says-urano-koichi-reti/brief-cdw-holding-says-urano-koichi-retires-as-chairman-ceo-idUSFWN1S710O |
BIRMINGHAM, Ala., May 11, 2018 /PRNewswire/ -- The Board of Directors of Vulcan Materials Company (NYSE:VMC) today declared a quarterly cash dividend of twenty-eight cents per share on its common stock. The dividend will be payable on June 8, 2018, to shareholders of record at the close of business on May 24, 2018.
Vulcan Materials Company, a member of the S&P 500 index, is the nation's largest producer of construction aggregates and a major producer of other construction materials. For additional information see www.vulcanmaterials.com .
View original content with multimedia: http://www.prnewswire.com/news-releases/vulcan-declares-quarterly-dividend-on-common-stock-300647151.html
SOURCE Vulcan Materials Company | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/11/pr-newswire-vulcan-declares-quarterly-dividend-on-common-stock.html |
MAROUSSI, ATHENS, Greece, May 08, 2018 (GLOBE NEWSWIRE) -- Euroseas Ltd. (NASDAQ:ESEA), an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced today its results for the three month period ended March 31, 2018.
First Quarter 2018 Financial Highlights:
Total net revenues of $12.9 million. Net loss of $3.2 million; net loss attributable to common shareholders (after a $0.5 million of dividend on Series B Preferred Shares) of $3.7 million or $0.33 loss per share basic and diluted. Adjusted net loss attributable to common shareholders 1 for the period was $3.8 million or $0.34 loss per share basic and diluted. Adjusted EBITDA 1 was $(0.2) million. An average of 17.0 vessels were owned and operated during the first quarter of 2018 earning an average time charter equivalent rate of $9,167 per day. The Company declared its seventeenth dividend of $0.5 million on its Series B Preferred shares; the dividend was paid in-kind by issuing additional Series B Preferred Shares.
Fleet Developments
On May 7, 2018, the Company took delivery of newbuilding M/V Ekaterini, a 82,000 dwt drybulk vessel. As previously announced, the vessel entered into a two-year charter immediately after its delivery at a rate of $13,000 per day. The Company also reported that its containership, M/V EM Astoria, suffered propeller damage and will require repairs that will prevent the vessel from trading. The Company is making every possible effort for the vessel to resume trading in the shortest possible time.
Drybulk Fleet Spin-off
The Company announced that it filed a registration statement on Form F-1 with the Securities and Exchange Commission to spin-off the Company’s drybulk fleet into a separate company, EuroDry Ltd., which has applied for listing on the NASDAQ Capital Market.
1 Adjusted EBITDA, Adjusted net loss and Adjusted loss per share are not recognized measurements under GAAP. Refer to a subsequent section of the Press Release for the definitions and reconciliation of these measurements to the most directly comparable financial measures calculated and presented in accordance with U.S. GAAP.
Aristides Pittas, Chairman and CEO of Euroseas commented: “Although our revenues continued to increase in Q1 following the continued improvement in both drybulk and container markets we registered a loss during the first quarter of 2018, mainly due to the disproportionate number of drydocks we had to pass during the quarter. We expect both sectors to continue to register positive results in the future if the markets maintain their current levels and the company to revert to profitability for the remainder of the year.
“However, from our perspective, the most significant development during the quarter was our decision to spin-off our drybulk fleet into a separate publicly listed company, EuroDry Ltd. We believe that separate drybulk and containership investment options will give our shareholders the flexibility to adjust their holdings, if they so wish, between the two sectors. We also anticipate that the creation of sector-focused companies will allow the capital markets to appreciate the value that our public platforms can create as consolidators in their respective fields: EuroDry Ltd., a middle range drybulk owner that owns six vessels, three of which are newbuildings, one ultramax and two kamsarmaxes, built according to our specifications in the last two years and three high-quality Panamax vessels Japanese-built post-2000; and Euroseas Ltd., the only feeder containership public company, with a fleet of eleven vessels that are proven workhorses of the sector. We also expect that both EuroDry and Euroseas will trade much closer to their net asset value, like their peers, than the combined company does now.
“We plan to take advantage of growth opportunities in each of the two sectors to increase the size of each respective company as we believe that they are both well positioned to do so both in terms of their capital structure and their contract mix. Each of them being a public company with a cost-effective operating structure could be attractive to other small or large private fleets looking for opportunities to engage in transactions with acquirors. We plan to discuss in more detail the spin-off and the opportunities it may generate in a separate conference call on Monday, May 14, 2018 at 10 am EDT.”
Tasos Aslidis, Chief Financial Officer of Euroseas commented: “The results of the first quarter of 2018 reflect the improved rates most of our vessels earned as a result of the recovering state of the drybulk and container markets. Comparing our results for the first quarter of 2018 with the same period of 2017, our net revenues increased by about $4.6 million and we also incurred $0.7 million lower voyage expenses. Operating expenses, including management fees and general and administrative expenses increased by approximately $3.5 million as compared to the first quarter of 2017. This was mainly due to the operation of 17.0 vessels during the first quarter of 2018 versus 13.38 vessels during the same period of last year; on a per-vessel-per-day basis, operating expenses, including management fees and general and administrative expenses increased by 19% during the first quarter of 2018 as compared to the same period in 2017 which was primarily attributable to certain expenses budgeted for 2018 occurring in the first quarter, the different mix of vessels we had in 2018 and costs related to the spin-off of our drybulk fleet under way. We believe that we continue to maintain one of the lowest operating cost structures amongst the public shipping companies which is one of our competitive advantages. Also, during the first quarter of 2018, three of our vessels completed their special surveys with a total cost of $2.2 million not including time lost due to drydockings.
“Adjusted EBITDA during the first quarter of 2018 was $(0.2) compared to $0.2 million achieved for the first quarter of last year. Finally, as of March 31, 2018, our outstanding debt (excluding the unamortized loan fees) is about $71.2 million versus restricted and unrestricted cash of about $10.4 million.“
First Quarter 2018 Results:
For the first quarter of 2018, the Company reported total net revenues of $12.9 million representing a 55.9% increase over total net revenues of $8.3 million during the first quarter of 2017. The Company reported a net loss for the period of $3.2 million and a net loss attributable to common shareholders of $3.7 million, as compared to a net loss of $2.2 million and a net loss attributable to common shareholders of $2.6 million respectively for the first quarter of 2017. Depreciation expense for the first quarter of 2018 amounts to $2.1 million remaining unchanged compared to the same period of 2017. Although the average number of vessels increased, the new vessels acquired have a lower average daily depreciation charge as a result of their lower initial values (acquisition price) and greater remaining useful life compared to the remaining vessels. On average, 17.0 vessels were owned and operated during the first quarter of 2018 earning an average time charter equivalent rate of $9,167 per day compared to 13.38 vessels in the same period of 2017 earning on average $7,268 per day. In the first quarter of 2018 three vessels completed their special surveys with a total cost of $2.2 million. In the same period of 2017 one vessel completed an in-water survey with a cost of $0.1 million. The results for the first quarter of 2017 also include a $0.5 million of gain on sale of M/V RT Dagr compared to the same period of 2018.
Adjusted EBITDA for the first quarter of 2018 was $(0.2) million, compared to $0.2 million achieved for the first quarter of 2017. Please see below for Adjusted EBITDA reconciliation to net loss and cash flow provided by operating activities.
Basic and diluted loss per share for the first quarter of 2018 was $0.33, calculated on 11,133,764 weighted average number of shares outstanding compared to basic and diluted loss per share of $0.24 for the first quarter of 2017, calculated on 10,999,554 weighted average number of shares outstanding.
Excluding the effect on the loss for the quarter of unrealized gain on derivatives and the realized loss on derivatives, the adjusted loss per share for the quarter ended March 31, 2018 would have been $0.34 per share basic and diluted, compared to the loss of $0.29 per share basic and diluted for the quarter ended March 31, 2017. Usually, security analysts do not include the above items in their published estimates of earnings per share.
Fleet Profile:
The Euroseas Ltd. fleet profile is as follows:
Name Type Dwt TEU Year
Built Employment (*)
TCE Rate
($/day) Dry Bulk Vessels XENIA Kamsarmax 82,000 2016 TC 'til Jan-2020
+ 1 year in
Charterers’ Option $14,100
$14,350 EIRINI P Panamax 76,466 2004 TC ‘til Sep-18 103.25%
average BPI(**)
4 TC PANTELIS Panamax 74,020 2000 TC ‘til Jun-18 $10,000 & a
Gross Ballast
Bonus of
$525,000 (total
equivalent to
about $8,650) TASOS Panamax 75,100 2000 TC ‘til Jun-18 $12,300 ALEXANDROS P. Ultramax 63,500 2018 TC ‘til Jul-18 114% of Supra
index (****) MONICA P (***) Handymax 46,667 1998 TC ‘til Jun-18 $8,000 EKATERINI Kamsarmax 82,000 2018 TC ‘til Apr-20 / max ‘til Oct-20
$13,000 Total Dry Bulk Vessels
7
499,753
Container Carriers AKINADA BRIDGE Intermediate 71,366 5,610 2001 TC ‘til Jul-18 $16,500 EM ASTORIA Feeder 35,600 2,788 2004 undergoing repairs
- EM CORFU Feeder 34,654 2,556 2001 TC 'til Dec-18 $9,950 EM ATHENS Feeder 32,350 2,506 2000 TC 'til Mar-19 $10,400 EM OINOUSSES Feeder 32,350 2,506 2000 TC 'til Aug-18
+ 12 months in
Charterers Option $8,500
$15,000 EVRIDIKI G Feeder 34,677 2,556 2001 TC ‘til Dec-18 $9,950 JOANNA Feeder 22,301 1,732 1999 TC ‘til Sep-18 $10,500 MANOLIS P Feeder 20,346 1,452 1995 TC 'til Apr-19 $9,500 AEGEAN EXPRESS Feeder 18,581 1,439 1997 TC 'til Aug-18 $10,500 NINOS Feeder 18,253 1,169 1990 TC 'til Sep-18 $11,900 KUO HSIUNG Feeder 18,154 1,169 1993 TC 'til Oct-18 $11,900 Total Container Carriers 11 338,632 25,483 Fleet Grand Total 18 838,385 25,483 Note: (*) TC denotes time charter. All dates listed are the earliest redelivery dates under each TC.
(**) BPI stands for the Baltic Panamax Index; the average BPI 4TC is an index based on four time charter routes.
(***) Vessel has been agreed to be sold; to be delivered to its new owners by June 30, 2018.
(****) Denotes the Baltic Supramax Index.
Summary Fleet Data:
Three
Months,
Ended
March 31,
2017 Three
Months,
Ended
March 31,
2018 FLEET DATA Average number of vessels (1) 13.38 17.00 Calendar days for fleet (2) 1,204.0 1,530.0 Scheduled off-hire days incl. laid-up (3) 72.0 73.2 Available days for fleet (4) = (2) - (3) 1,132.0 1,456.8 Commercial off-hire days (5) 78.3 22.9 Operational off-hire days (6) 19.6 4.1 Voyage days for fleet (7) = (4) - (5) - (6) 1,034.1 1,429.8 Fleet utilization (8) = (7) / (4) 91.4 % 98.1 % Fleet utilization, commercial (9) = ((4) - (5)) / (4) 93.1 % 98.4 % Fleet utilization, operational (10) = ((4) - (6)) / (4) 98.3 % 99.7 % AVERAGE DAILY RESULTS Time charter equivalent rate (11) 7,268 9,167 Vessel operating expenses excl. drydocking expenses (12) 4,849 6,050 General and administrative expenses (13) 826 706 Total vessel operating expenses (14) 5,675 6,756 Drydocking expenses (15) 61 1,444 (1) Average number of vessels is the number of vessels that constituted the Company’s fleet for the relevant period, as measured by the sum of the number of calendar days each vessel was a part of the Company’s fleet during the period divided by the number of calendar days in that period.
(2) Calendar days. We define calendar days as the total number of days in a period during which each vessel in our fleet was in our possession including off-hire days associated with major repairs, drydockings or special or intermediate surveys or days of vessels in lay-up. Calendar days are an indicator of the size of our fleet over a period and affect both the amount of revenues and the amount of expenses that we record during that period.
(3) The scheduled off-hire days including vessels laid-up are days associated with scheduled repairs, drydockings or special or intermediate surveys or days of vessels in lay-up.
(4) Available days. We define available days as the total number of days in a period during which each vessel in our fleet was in our possession net of scheduled off-hire days. We use available days to measure the number of days in a period during which vessels were available to generate revenues.
(5) Commercial off-hire days. We define commercial off-hire days as days a vessel is idle without employment (this definition has been revised starting from April 1, 2017 to exclude from commercial off-hire days, days the vessel is sailing for repositioning purposes; previous periods' commercial off-hire has been adjusted accordingly if necessary).
(6) Operational off-hire days. We define operational off-hire days as days associated with unscheduled repairs or other off-hire time related to the operation of the vessels.
(7) Voyage days. We define voyage days as the total number of days in a period during which each vessel in our fleet was in our possession net of commercial and operational off-hire days. We use voyage days to measure the number of days in a period during which vessels actually generate revenues or are sailing for repositioning purposes.
(8) Fleet utilization. We calculate fleet utilization by dividing the number of our voyage days during a period by the number of our available days during that period. We use fleet utilization to measure a company's efficiency in finding suitable employment for its vessels and minimizing the amount of days that its vessels are off-hire for reasons such as unscheduled repairs or days waiting to find employment.
(9) Fleet utilization, commercial. We calculate commercial fleet utilization by dividing our available days net of commercial off-hire days during a period by our available days during that period.
(10) Fleet utilization, operational. We calculate operational fleet utilization by dividing our available days net of operational off-hire days during a period by our available days during that period.
(11) Time charter equivalent, or TCE, is a measure of the average daily revenue performance of a vessel on a per voyage basis. Our method of calculating TCE is determined by dividing revenue generated from charters net of voyage expenses by voyage days for the relevant time period. Voyage expenses primarily consist of port, canal and fuel costs that are unique to a particular voyage, which would otherwise be paid by the charterer under a time charter contract. TCE is a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company's performance despite changes in the mix of charter types (i.e., spot voyage charters, time charters and bareboat charters) under which the vessels may be employed between the periods. Our definition of TCE may not be comparable to that used by other companies in the shipping industry.
(12) Daily vessel operating expenses, which includes crew costs, provisions, deck and engine stores, lubricating oil, insurance, maintenance and repairs and management fees are calculated by dividing vessel operating expenses by fleet calendar days for the relevant time period. Drydocking expenses are reported separately.
(13) Daily general and administrative expense is calculated by dividing general and administrative expense by fleet calendar days for the relevant time period.
(14) Total vessel operating expenses, or TVOE, is a measure of our total expenses associated with operating our vessels. TVOE is the sum of vessel operating expenses excluding drydocking expenses and general and administrative expenses. Daily TVOE is calculated by dividing TVOE by fleet calendar days for the relevant time period.
(15) Drydocking expenses, which include expenses during drydockings that would have been capitalized and amortized under the deferral method divided by the fleet calendar days for the relevant period. Drydocking expenses could vary substantially from period to period depending on how many vessels underwent drydocking during the period.
Conference Call and Webcast:
Today, Tuesday, May 8, 2018 at 10:30 a.m. Eastern Time, the Company's management will host a conference call and webcast to discuss the results.
Conference Call details:
Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1 (866) 819-7111 (from the US), 0(800) 953-0329 (from the UK) or (+44) (0) 1452 542 301 (from outside the US). Please Quote: "Euroseas."
A replay of the conference call will be available until Tuesday, May 15, 2018. The United States replay number is 1(866) 247-4222; from the UK 0(800) 953-1533; the standard international replay number is (+44) (0) 1452 550 000 and the access code required for the replay is: 6973591#.
Audio Webcast - Slides Presentation:
There will be a live and then archived audio webcast of the conference call, via the internet through the Euroseas website ( www.euroseas.gr ). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.
The slide presentation on the first quarter ended March 31, 2018 will also be available in PDF format 10 minutes prior to the conference call and webcast, accessible on the company's website ( www.euroseas.gr ) on the webcast page. Participants to the webcast can download the PDF presentation.
Euroseas Ltd.
Unaudited Consolidated Condensed Statements of Operations
(All amounts expressed in U.S. Dollars except number of shares)
Three Months
Ended
March 31, Three Months
Ended
March 31, 2017 2018 Revenues Voyage revenue 8,734,871 13,653,982 Related party revenue 60,000 - Commissions (502,645 ) (726,509 ) Net revenues 8,292,226 12,927,473 Operating expenses Voyage expenses 1,218,923 547,122 Vessel operating expenses 4,978,884 7,920,944 Drydocking expenses 72,902 2,208,696 Depreciation 2,117,645 2,071,873 Management fees 859,594 1,336,123 Gain on sale of vessel (516,561 ) - Other general and administrative expenses
994,016
1,080,452 Total operating expenses 9,725,403 15,165,210 Operating loss (1,433,177 ) (2,237,737 ) Other income/(expenses) Interest and finance cost (763,522 ) (1,067,380 ) Gain on derivatives, net 4,741 80,142 Foreign exchange gain loss (4,564 ) (27,214 ) Interest income 6,692 21,828 Other expenses, net (756,653 ) (992,624 ) Net loss (2,189,830 ) (3,230,361 ) Dividend Series B Preferred shares
(437,732
)
(460,033
) Net loss available to common shareholders
(2,627,562
)
(3,690,394
) Loss per share, basic & diluted (0.24 ) (0.33 ) Weighted average number of shares, basic & diluted 10,999,554 11,133,764
Euroseas Ltd.
Unaudited Consolidated Condensed Balance Sheets
(All amounts expressed in U.S. Dollars – except number of shares)
December 31,
2017 March 31,
2018 ASSETS Current Assets: Cash and cash equivalents 4,115,985 2,369,331 Trade accounts receivable 1,479,282 2,583,946 Other receivables, net 1,609,099 1,388,927 Inventories 1,645,209 1,727,846 Derivatives - 31,273 Restricted cash 1,998,452 1,196,514 Prepaid Expenses 319,559 790,708 Vessel held for sale 4,914,782 4,914,782 Total current assets 16,082,368 15,003,327 Fixed assets: Vessels, net 134,111,715 132,039,842 Advances for vessels under construction and
vessel acquisition deposits 5,051,211 7,699,010 Long-term assets: Restricted cash 7,084,267 6,834,267 Derivatives - 106,505 Total assets 162,329,561 161,682,951 LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' EQUITY Current liabilities: Long term debt, current portion 12,170,528 18,970,527 Trade accounts payable 1,869,441 4,045,617 Accrued expenses 2,154,137 3,352,974 Deferred revenue 879,916 855,449 Derivatives 177,998 180,956 Due to related companies 1,280,577 3,569,718 Total current liabilities 18,532,597 30,975,241 Long-term liabilities: Long term debt, net of current portion 60,175,276 49,916,635 Derivatives 16,631 20,109 Vessel profit participation liability 1,297,100 1,634,500 Total long-term liabilities 61,489,007 51,571,244 Total liabilities 80,021,604 82,546,485 Mezzanine equity: Series B Preferred shares (par value $0.01,
20,000,000 shares authorized, 37,314 and
37,774 issued and outstanding, respectively) 35,613,759 36,073,792 Shareholders’ equity: Common stock (par value $0.03, 200,000,000
shares authorized, 11,274,126, issued and
outstanding) 338,230 338,230 Additional paid-in capital 284,236,597 284,295,467 Accumulated deficit (237,880,629) (241,571,023 Total shareholders’ equity 46,694,198 43,062,674 Total liabilities, mezzanine equity and
shareholders’ equity 162,329,561 161,682,951
Euroseas Ltd.
Unaudited Consolidated Condensed Statements of Cash Flows
(All amounts expressed in U.S. Dollars)
Three Months
Ended March 31, Three Months
Ended March 31, 2017 2018 Cash flows from operating activities: Net loss (2,189,830 ) (3,230,361 ) Adjustments to reconcile net loss to net cash
provided by operating activities: Depreciation of vessels 2,117,645 2,071,873 Amortization of deferred charges 72,024 82,207 Share-based compensation 40,461 58,870 Amortization of debt discount - 88,294 Gain on sale of vessel (516,561 ) - Unrealized gain on derivatives (5,072 ) (131,350 ) Changes in operating assets and liabilities 567,577 4,142,177 Net cash provided by operating activities 86,244 3,081,710 Cash flows from investing activities: Cash paid for vessels under construction and
vessel acquisition (4,478,371 ) (2,501,208 ) Proceeds from sale of vessels 5,137,010 - Net cash provided by / (used in) investing activities 658,639 (2,501,208 ) Cash flows from financing activities: Proceeds from issuance of common stock, net
of commissions paid 549,495 - Loan arrangement fees paid (42,125 ) (119,863 ) Proceeds from long-term debt 10,862,500 4,250,000 Repayment of long-term debt (927,000 ) (7,496,743 ) Offering expenses paid (126,029 ) (12,488 ) Repayment of related party loan (2,000,000 ) - Net cash provided by / (used in) financing
activities 8,316,841 (3,379,094 )
Net increase / (decrease) in cash, cash
equivalents, and restricted cash 9,061,724 (2,798,592 ) Cash, cash equivalents, and restricted cash at
beginning of period 9,348,099 13,198,704 Cash, cash equivalents, and restricted cash
at end of period 18,409,823 10,400,112 Cash breakdown Cash and cash equivalents 10,837,598 2,369,331 Restricted cash, current 937,958 1,196,514 Restricted cash, long term 6,634,267 6,834,267 Total cash, cash equivalents, and restricted
cash shown in the statement of cash flows 18,409,823 10,400,112
Euroseas Ltd.
Reconciliation of Adjusted EBITDA to
Net Loss and Cash Flow Provided By Operating Activities
(All amounts expressed in U.S. Dollars)
Three Months
Ended
March 31, 2017
Three Months
Ended
March 31, 2018
Net loss (2,189,830 ) (3,230,361 ) Interest and finance costs,
net (incl. interest income) 756,830 1,045,552 Depreciation 2,117,645 2,071,873 Gain on sale of vessel (516,561 ) - Unrealized & realized gain
on derivatives, net (4,741 ) (80,142 ) Adjusted EBITDA 163,343 (193,078 )
Three Months Ended
March 31, 2017 Three Months Ended
March 31, 2018 Net cash flow provided
by operating activities 86,244 3,081,710 Changes in operating
assets / liabilities (567,577 ) (4,142,177 ) Realized loss on
derivatives 331 51,208 Share-based
compensation (40,461 ) (58,870 ) Interest, net 684,806 875,051
Adjusted EBITDA 163,343 (193,078 )
Adjusted EBITDA Reconciliation:
Euroseas Ltd. considers Adjusted EBITDA to represent net income / (loss) before interest, income taxes, depreciation, gain / loss in derivatives and gain on sale of vessel. Euroseas also computes Adjusted EBITDA by adding the net cash flow provided by / (used in) operating activities, the changes in operating assets / liabilities of the period, the realized loss or (gain) on derivatives, the share based compensation of the period and the net interest of the period. Adjusted EBITDA does not represent and should not be considered as an alternative to net loss or cash flow from operations, as determined by United States generally accepted accounting principles, or U.S. GAAP. Adjusted EBITDA is included herein because it is a basis upon which the Company assesses its financial performance and liquidity position and because the Company believes that it presents useful information to investors regarding a company's ability to service and/or incur indebtedness. The Company's definition of Adjusted EBITDA may not be the same as that used by other companies in the shipping or other industries.
Euroseas Ltd.
Reconciliation of Net loss to Adjusted net loss
(All amounts expressed in U.S. Dollars except share data and per share amounts)
Three Months
Ended
March 31, 2017 Three Months
Ended
March 31, 2018 Net loss (2,189,830 ) (3,230,361 ) Unrealized gain on derivatives (5,072 ) (131,350 ) Realized loss on derivatives 331 51,208 Gain on sale of vessel (516,561 ) - Adjusted net loss (2,711,132 ) (3,310,503 ) Preferred dividends (437,732 ) (460,033 ) Adjusted net loss available to
common shareholders (3,148,864 ) (3,770,536 ) Adjusted net loss per share, basic
& diluted (0.29 ) (0.34 ) Weighted average number of
shares, basic & diluted 10,999,554 11,133,764
“Adjusted net loss” and “Adjusted net loss per share” Reconciliation:
Euroseas Ltd. considers “Adjusted net loss” to represent net loss before gain / loss on derivatives and gain on sale of vessel. “Adjusted net loss” and “Adjusted net loss per share” is included herein because we believe it assists our management and investors by increasing the comparability of the Company's fundamental performance from period to period by excluding the potentially disparate effects between periods of gain / loss on derivatives and gain on sale of vessel, which items may significantly affect results of operations between periods.
“Adjusted Net loss” and “Adjusted net loss per share” do not represent and should not be considered as an alternative to net loss or loss per share, as determined by U.S. GAAP, The Company's definition of “Adjusted net loss” and “Adjusted net loss per share” may not be the same as that used by other companies in the shipping or other industries.
About Euroseas Ltd.
Euroseas Ltd. was formed on May 5, 2005 under the laws of the Republic of the Marshall Islands to consolidate the ship owning interests of the Pittas family of Athens, Greece, which has been in the shipping business over the past 140 years. Euroseas trades on the NASDAQ Capital Market under the ticker ESEA.
Euroseas operates in the dry cargo, drybulk and container shipping markets. Euroseas' operations are managed by Eurobulk Ltd., an ISO 9001:2008 and ISO 14001:2004 certified affiliated ship management company and Eurobulk (Far East) Ltd. Inc., which are responsible for the day-to-day commercial and technical management and operations of the vessels. Euroseas employs its vessels on spot and period charters and through pool arrangements.
The Company has a fleet of 18 vessels, including 3 Panamax drybulk carriers, 1 Handymax drybulk carrier, 2 Kamsarmax drybulk carriers, 1 Ultramax drybulk carrier, 10 Feeder containerships and an intermediate containership. Euroseas 7 drybulk carriers have a total cargo capacity of 499,753 dwt and its 11 containerships have a total cargo capacity of 25,473 teu.
Forward Looking Statement
This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events, the anticipated spin-off of the Company’s drybulk fleet and the Company's growth strategy and measures to implement such strategy; including expected vessel acquisitions and entering into further time charters. Words such as "expects," "intends," "plans," "believes," "anticipates," "hopes," "estimates," and variations of such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to changes in the demand for dry bulk vessels and container ships, competitive factors in the market in which the Company operates; risks associated with operations outside the United States; and other factors listed from time to time in the Company's filings with the Securities and Exchange Commission. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.
Visit the Company’s website www.euroseas.gr
Company Contact Investor Relations / Financial Media Tasos Aslidis
Chief Financial Officer
Euroseas Ltd.
11 Canterbury Lane,
Watchung, NJ 07069
Tel. (908) 301-9091
E-mail: [email protected] Nicolas Bornozis
President
Capital Link, Inc.
230 Park Avenue, Suite 1536
New York, NY 10169
Tel. (212) 661-7566
E-mail: [email protected]
Source:Euroseas | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-euroseas-ltd-reports-results-for-the-quarter-ended-march-31-2018-and-announces-spin-off-of-its-drybulk-fleet-into-a.html |
(Reuters) - Factbox on the South Korean national team ahead of the 2018 World Cup:
FIFA ranking: 61 (till June 7)
Previous tournaments:
South Korea will be playing at their 10th World Cup finals and the tournament in Russia will mark their ninth consecutive appearance. Their best performance was in 2002 when they co-hosted with Japan, reaching the semi-finals where they lost to Germany. They have not been past the last 16 since.
Coach:Shin Tae-yong: Shin, 49, took over from Uli Stielike last June after the German was sacked during a woeful qualifying campaign that saw the Koreans beaten in Iran, China and Qatar. His appointment was not greeted with much enthusiasm by Korean fans but Shin has gradually won over the doubters and settled into the role. An attacking midfielder in his playing days, Shin, who won 23 caps, played his entire Korean club career with Seongnam Ilhwa. Forced to retire in 2005 after playing just one game for Queensland Roar in Australia, Shin then moved into a coaching role at the club. He went on to manage Seongnam before taking up youth coaching roles within the national team.
Key players:
Son Heung-min: The dynamic forward has enjoyed a fine season in the Premier League with Tottenham Hotspur, carving out a place for himself in one of England’s top sides. South Korea’s only true world-class player, Son can expect to be tightly marked in Russia and national team coach Shin must find a way to take some of the scoring burden off the 25-year-old, who has notched up 20 goals from 61 international appearances.
Ki Sung-yueng: The experienced defensive midfielder has finally returned to full fitness after a knee injury sustained on international duty last June, which sidelined him for several months. The 29-year-old plays a crucial role for both club Swansea City and country, sitting in front of the defense to break up opposition attacks and dictating the tempo with the ball at his feet. With 97 caps, Ki is the linchpin for a Korean side in need of leadership.
Kim Seung-gyu: Kim was thrust into the limelight at the 2014 World Cup where he took the gloves from the underperforming Jung Sung-ryong for the Koreans’ final group game against Belgium. A 1-0 defeat did nothing to tarnish his growing reputation and the 27-year-old has gone on to make the number one spot his own, earning 29 caps. After making more than 100 appearances for Ulsan Hyundai, Kim was signed by Japan’s Vissel Kobe in 2016. He was a wild-card player at the 2014 Asian Games, helping the South to a 1-0 win over North Korea in the gold-medal match and earning himself an exemption from two years of military service in the process.
Form guide:South Korea lost back-to-back friendlies against Northern Ireland and Poland in March, conceding five goals as their porous backline was exposed time and time again. Shin has been experimenting with formations and players since the start of the year but has yet to find the right formula. They beat Moldova and Latvia and drew with Jamaica in friendlies earlier this year.
How they qualified:The Koreans limped over the line with two 0-0 draws against Iran and Uzbekistan that saw them claim second place in their group in the final round of qualifying. They finished with only four wins from 10 games but it was enough to grab one of Asia’s four automatic berths.
Prospects:
South Korea will have to play out of their skins if they are to escape a group that also includes Germany, Mexico and Sweden. Facing the world champions last in Group F, they will need to make a fast start against Sweden in their opener. Korea have not been beaten in their first game at a World Cup since France 1998 so they will be expecting at least a point against the Swedes. Realistically, second spot is the best they can hope for, which would likely bring a second-round match against Brazil.
Compiled by Peter Rutherford; Editing by Toby Davis
| ashraq/financial-news-articles | https://www.reuters.com/article/us-soccer-worldcup-kor-factbox/soccer-south-korea-world-cup-factbox-idUSKCN1IO2BY |
The mix of intelligence, politics and media can be a hall of mirrors, as we are seeing in the brawl over the Trump campaign, the FBI and Russia. Witness the leak and spin concerning Congress’s latest request for documents from the Justice Department.
Late Tuesday the Washington Post published a story with the headline “Secret intelligence source who aided Mueller probe is at center of latest clash between Nunes and Justice Department.” The story reports that House Intelligence Chairman Devin Nunes recently sent a classified... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/the-justice-hall-of-mirrors-1525908323 |
May 31, 2018 / 10:18 AM / Updated 8 hours ago African Swine Fever outbreak reported in South Africa Reuters Staff 1 Min Read
JOHANNESBURG (Reuters) - African Swine Fever (ASF), a severe hemorrhagic disease of pigs, has been reported in South Africa’s Northern Cape Province, the department of agriculture said on Thursday.
The new blow to South Africa’s pork industry comes as prices tumble after a Listeria outbreak that has killed more than 200 people and was traced to low-priced processed meat from a factory owned by Tiger Brands.
ASF, which is not transmitted to humans, can result in “a great number of the deaths of pigs in a short span of time” and is transmitted by contact with other infected pigs, ticks or from infected swill, the department said in a statement.
The unrelated Listeria outbreak, the biggest ever recorded, is expected to cause around 1 billion rand ($80 million) in losses to the pork value chain due to the changes in consumer perceptions of pork. Reporting by Tanisha Heiberg; Editing by Ed Stoddard and Robin Pomeroy | ashraq/financial-news-articles | https://www.reuters.com/article/us-safrica-disease-swine-fever/african-swine-fever-outbreak-reported-in-south-africa-agriculture-dept-idUSKCN1IW18Q |
May 18 (Reuters) - Sprint Corp:
* SPRINT ANNOUNCES SUCCESSFUL SPRINT CAPITAL CORPORATION CONSENT SOLICITATION Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-sprint-announces-successful-sprint/brief-sprint-announces-successful-sprint-capital-corporation-consent-solicitation-idUSFWN1SP0I2 |
NEW YORK, May 23, 2018 /PRNewswire/ -- Purcell Julie & Lefkowitz LLP, a class action law firm dedicated to representing shareholders nationwide, is investigating a potential breach of fiduciary duty claim involving the board of directors of Abercrombie & Fitch Co. (NYSE: ANF).
If you are a shareholder of Abercrombie & Fitch Co. and are interested in obtaining additional information regarding this investigation, free of charge, please visit us at:
http://pjlfirm.com/abercrombie-fitch-co/
You may also contact Robert H. Lefkowitz, Esq. either via email at [email protected] or by telephone at 212-725-1000. One of our attorneys will personally speak with you about the case at no cost or obligation.
Purcell Julie & Lefkowitz LLP is a law firm exclusively committed to representing shareholders nationwide who are victims of securities fraud, breaches of fiduciary duty and other types of corporate misconduct. For more information about the firm and its attorneys, please visit http://pjlfirm.com . Attorney advertising. Prior results do not guarantee a similar outcome.
View original content: http://www.prnewswire.com/news-releases/shareholder-alert-purcell-julie--lefkowitz-llp-is-investigating-abercrombie--fitch-co-for-potential-breaches-of-fiduciary-duty-by-its-board-of-directors-300653467.html
SOURCE Purcell Julie & Lefkowitz LLP | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/pr-newswire-shareholder-alert-purcell-julie-lefkowitz-llp-is-investigating-abercrombie-fitch-co-for-potential-breaches-of-fiduciary-duty.html |
RIYADH (Reuters) - The Saudi government has finalized terms to transfer ownership of the kingdom’s glitzy $10 billion financial district in Riyadh to the finance ministry and Public Investment Fund (PIF), five sources familiar with the matter told Reuters.
FILE PHOTO: Cars drive past the King Abdullah Financial District, north of Riyadh, Saudi Arabia, March 1, 2017. REUTERS/Faisal Al Nasser/File Photo The move paves the way for reviving work on King Abdullah Financial District (KAFD), which has been planned since 2006 to house banks and the financial regulator’s headquarters across an area roughly four times the size of London’s Canary Wharf.
The project, owned by the kingdom’s Public Pension Agency, has been plagued by construction delays, cost overruns and uncertainty about the future of its ownership. Cranes at the site have been still for three years.
“It is a transfer (of ownership), not a transaction. The Ministry of Finance will take the legal ownership and PIF will have the operating rights,” said one of the sources, who like others asked not to be identified.
Another source said the government was planning to commit 2.3 billion Saudi riyals ($613.3 million) to fund the completion of the project, including payment of existing claims.
Officials at the Ministry of Finance and PIF were not immediately available for comment.
The completion of KAFD would be a milestone for the kingdom’s economic and social reform drive, launched in 2016 by Crown Prince Mohammed bin Salman.
Talks to transfer the project to PIF began in 2016, around the same time the government said it would rescue the district as part of its Vision 2030 efforts to diversify its oil-reliant economy.
The plan envisages transforming KAFD into a special business zone with distinct regulations and visa exemptions.
However, the PIF talks fell apart the following year and details for the special regulations were never clarified.
Two of the sources said the project’s main contractor, the Saudi Binladin Group, on Wednesday contacted hundreds of workers who have been on leave since the project stalled, and told them to return to work within 10 days.
The government wants the district, whose glassy skyscrapers and Zaha Hadid-designed metro station contrast with drab architecture in much of Riyadh, to be ready in time for Saudi Arabia to host the G20 Summit in 2020.
KAFD will also host a revived film industry in Saudi Arabia, another pillar of the reform program. After almost a 40-year ban, an AMC movie theater opened its doors in late April at a converted part of the district’s conference center.
Reporting by Marwa Rashad, Tom Arnold and Katie Paul; Editing by Ghaida Ghantous and Edmund Blair
Our | ashraq/financial-news-articles | https://www.reuters.com/article/us-saudi-economy-finance-exclusive/exclusive-saudi-state-finalized-ownership-transfer-of-10-billion-financial-district-idUSKBN1I41YK |
ATLANTA, April 30, 2018 /PRNewswire/ -- Preferred Apartment Communities, Inc. (NYSE: APTS) ("we," "our," the "Company" or "Preferred Apartment Communities") today reported results for the quarter ended March 31, 2018. Unless otherwise indicated, all per share results are reported based on the basic weighted average shares of Common Stock and Class A Units of the Company's operating partnership ("Class A Units") outstanding. See Definitions of Non-GAAP Measures.
"As we continue executing our strategy of property acquisitions, we are able to utilize our unique access to capital through the independent broker-dealer and registered investment advisory channels to issue our Series A Preferred Stock and mShares. These additional capital channels beyond the sale of our common stock give us a significant competitive advantage as we explore opportunities," said Daniel M. DuPree, Preferred Apartment Communities' Chairman and Chief Executive Officer.
Financial Highlights
Our operating results are presented below. Net income (loss) per share reflected gains on sales of real estate of approximately $1.14 per share for the first quarter 2017 and $0.52 per share for the first quarter 2018.
Three months ended March 31,
2018
2017
% change
Revenues (in thousands)
$
90,370
$
66,561
35.8
%
Per share data:
Net income (loss) (1)
$
(0.14)
$
0.54
—
FFO (2)
$
0.37
$
0.35
5.7
%
AFFO (2)
$
0.26
$
0.27
(3.7)
%
Dividends (3)
$
0.25
$
0.22
13.6
%
(1) Per weighted average share of Common Stock outstanding for the periods indicated.
(2) FFO and AFFO results are presented per weighted average share of Common Stock and Class A Unit in our Operating Partnership outstanding for the periods indicated. See Reconciliation of FFO and AFFO to Net Income (Loss) Attributable to Common Stockholders and Definitions of Non-GAAP Measures.
(3) Per share of Common Stock and Class A Unit outstanding.
For the first quarter 2018, our FFO payout ratio to Common Stockholders and Unitholders was approximately 68.5% and our FFO payout ratio (before the deduction of preferred dividends) to our preferred stockholders was approximately 57.0%. (A) For the first quarter 2018, our AFFO payout ratio to Common Stockholders and Unitholders was approximately 96.7% and our AFFO payout ratio (before the deduction of preferred dividends) to our preferred stockholders was approximately 65.2%. (A) For the first quarter 2018, our same store net operating income for our established multifamily communities increased 10.3% as compared to the first quarter 2017. (B) At March 31, 2018, the market value of our common stock was $14.19. A hypothetical investment in our Common Stock in our initial public offering on April 5, 2011, assuming the reinvestment of all dividends and no transaction costs, would have resulted in an average annual return of approximately 17.3% through March 31, 2018. As of March 31, 2018, our total assets were approximately $3.4 billion compared to approximately $2.5 billion as of March 31, 2017, an increase of approximately $851 million, or approximately 33.4%. This growth was driven primarily by the acquisition of 18 real estate properties (partially offset by the sale of two properties) and an increase of approximately $74.1 million in the funded amount of our real estate loan investment portfolio since March 31, 2017. As of March 31, 2018, the average age of our multifamily communities was approximately 5.6 years, which is one of the youngest in the multifamily REIT industry. Approximately 89.1% of our permanent property-level mortgage debt has fixed interest rates or has variable interest rates which are capped. We believe we are well protected against potential increases in market interest rates. At March 31, 2018, our leverage, as measured by the ratio of our debt to the undepreciated book value of our total assets, was approximately 53.9%. Cash flow from operations for the quarter ended March 31, 2018 was approximately $31.4 million, an increase of approximately $13.1 million, or 71.9%, compared to approximately $18.3 million for the quarter ended March 31, 2017. For the quarter ended March 31, 2018, our physical occupancy for established multifamily communities was 95.1%. On January 16, 2018, we closed on a real estate loan investment of up to $3.5 million in support of a mixed-use project in North Augusta, South Carolina. On February 13, 2018, we closed on a real estate loan investment of up to $137.6 million in support of a 551-unit multifamily community in San Jose, California. On March 20, 2018, we sold our oldest multifamily community, Lake Cameron, which is located in Raleigh, North Carolina for approximately $43.5 million, which resulted in an average annual return of 19% from January 23, 2013, the date the property was acquired. Remediation of property damages due to Hurricane Harvey at our Stone Creek multifamily community located in Port Arthur, Texas is progressing on schedule, and we anticipate full completion by May 2018. For the three-month period ended March 31, 2018, rental revenues decreased approximately $252,000 due to lost rents. During the first quarter, we received proceeds from our insurance company of $588,000 for lost rents, which has been reflected in income for the first quarter 2018. We expect to record a full recovery of the remainder of lost revenues upon settlement with our insurance carrier and receipt of funds later in 2018.
(A) We calculate the AFFO payout ratio to Common Stockholders as the ratio of Common Stock dividends and distributions to preferred stockholders to AFFO. We calculate the AFFO payout ratio to preferred stockholders as the ratio of Preferred Stock dividends to the sum of Preferred Stock dividends and AFFO. Since our operations resulted in a net loss from continuing operations for the periods presented, a payout ratio based on net loss is not calculable. See Definitions of Non-GAAP Measures.
(B) Same store net operating income is a non-GAAP measure. See Definitions of Non-GAAP Measures.
Acquisitions of Properties
During the first quarter 2018, we acquired the following properties:
Property
Location (MSA)
Units
Leasable
square feet
Multifamily communities:
The Lux at Sorrel
Jacksonville, FL
265
n/a
Green Park
Atlanta, GA
310
n/a
Office buildings:
Armour Yards
Atlanta, GA
n/a
187,000
Real Estate Assets
Owned as of
March 31, 2018
Potential additions
from real estate
loan investment
portfolio (1)
Potential total
Multifamily communities:
Properties
31
15
46
Units
9,768
4,378
14,146
Grocery-anchored shopping centers:
Properties
39
—
39
Gross leasable area (square feet)
4,055,714
—
4,055,714
Student housing properties:
Properties
4
6
10
Units
891
1,457
2,348
Beds
2,950
4,145
7,095
Office buildings:
Properties
5
—
5
Rentable square feet
1,539,000
—
1,539,000
(1) We evaluate each project individually and we make no assurance that we will acquire any of the underlying properties from our real estate loan investment portfolio.
Subsequent to Quarter End
On April 11, 2018, we closed on a real estate loan and member loan investment of up to approximately $30.2 million in support of a proposed 302-unit multifamily community in Alexandria, Virginia.
On April 27, 2018, we acquired a grocery-anchored shopping center located in the Atlanta, Georgia MSA comprising 68,658 square feet of gross leasable area and a second grocery-anchored shopping center located in the Nashville, Tennessee MSA comprising 70,203 square feet of gross leasable area.
On April 29, 2018, our board of directors declared a quarterly dividend on our Common Stock of $0.255 per share, payable on July 16, 2018 to stockholders of record on June 15, 2018.
Multifamily Established Communities Financial Data
The following chart presents same store operating results for the Company's established communities. Effective with the fourth quarter 2017, we define our population of established communities as those that have been stabilized for at least three consecutive months and that have been owned for at least 15 full months as of the end of the first quarter of each year, enabling comparisons of the current year quarterly and annual reporting periods to the prior year comparative periods. The Company excludes the operating results of properties for which construction of adjacent phases has commenced and properties which are undergoing significant capital projects, have sustained significant casualty losses, or are being marketed for sale as of the end of the reporting period. For the periods presented, same store operating results consist of the operating results of the following multifamily established communities:
Stoneridge Farms at Hunt Club
Overton Rise
Avenues at Cypress
Vineyards
Aster at Lely
Avenues at Northpointe
McNeil Ranch
Venue at Lakewood Ranch
Stone Rise
Citi Lakes
Lenox Portfolio
Sorrel
Same store net operating income is a non-GAAP measure that is most directly comparable to net income (loss), with a reconciliation following below.
Multifamily Established Communities' Same Store Net Operating Income
Three months ended:
(in thousands)
3/31/2018
3/31/2017
$ change
% change
Revenues:
Rental revenues
$
13,412
$
12,990
$
422
3.2
%
Other property revenues
1,458
1,390
68
4.9
%
Total revenues
14,870
14,380
490
3.4
%
Operating expenses:
Property operating and maintenance
1,839
1,865
(26)
(1.4)
%
Payroll
1,148
1,229
(81)
(6.6)
%
Property management fees
599
577
22
3.8
%
Real estate taxes
2,181
2,382
(201)
(8.4)
%
Other
610
627
(17)
(2.7)
%
Total operating expenses
6,377
6,680
(303)
(4.5)
%
Same store net operating income
$
8,493
$
7,700
$
793
10.3
%
Real estate taxes for same store established communities fell 8.4% for the first quarter 2018 versus 2017 due to successful appeals for 2017 which, along with guidance from our real estate tax consultants, resulted in downward adjustments to some of our 2018 estimates.
Reconciliation of Multifamily Established Communities' Same Store Net Operating Income (NOI) to Net
Income (Loss)
Three months ended:
(in thousands)
3/31/2018
3/31/2017
Same store net operating income
$
8,493
$
7,700
Add:
Non-same-store property revenues
60,936
39,419
Less:
Non-same-store property operating expenses
21,641
14,586
Property net operating income
47,788
32,533
Add:
Interest revenue on notes receivable
10,300
7,948
Interest revenue on related party notes receivable
4,265
4,814
Less:
Equity stock compensation
1,135
873
Depreciation and amortization
40,616
24,826
Interest expense
20,968
15,009
Acquisition costs
—
9
Management fees
6,241
4,513
Insurance, professional fees and other
704
903
Gain on sale of real estate
20,354
30,724
Contingent asset management and general and administrative expense fees
(1,220)
(175)
Net income (loss)
$
14,263
$
30,061
Capital Markets Activities
During the first quarter 2018, we issued and sold an aggregate of 98,195 Units from our offering of up to 1,500,000 Units, with each Unit consisting of one share of Series A Redeemable Preferred Stock and one Warrant to purchase up to 20 shares of Common Stock (the "$1.5 Billion Series A Unit Offering"), resulting in net proceeds of approximately $88.4 million after commissions and other fees. In addition, during the first quarter 2018, we issued approximately 527,000 shares of Common Stock pursuant to the exercise of warrants issued under our Series A Preferred Stock offering, resulting in aggregate gross proceeds of approximately $7.2 million.
During the first quarter 2018, we issued and sold an aggregate of 5,209 shares of Series M Redeemable Preferred Stock ("mShares"), resulting in net proceeds of approximately $5.1 million after dealer manager fees.
Our outstanding shares of Common Stock totaled approximately 39.2 million shares at March 31, 2018. The market value of our Common Stock was $14.19 per share on March 31, 2018 versus $13.21 on March 31, 2017. Our total equity book value increased 40.7% to approximately $1.4 billion at March 31, 2018 from $967.3 million at March 31, 2017.
Dividends
Quarterly Dividends on Common Stock and Class A OP Units
On February 1, 2018, we declared a quarterly dividend on our Common Stock of $0.25 per share for the first quarter 2018. This represents a 13.6% increase in our common stock dividend from our first quarter 2017 common stock dividend of $0.22 per share, and an annualized dividend growth rate of 14.9% since June 30, 2011, the first quarter end following our initial public offering in April 2011. The first quarter dividend was paid on April 16, 2018 to all stockholders of record on March 15, 2018. In conjunction with the Common Stock dividend, the Company's operating partnership declared a distribution on its Class A Units of $0.25 per unit for the first quarter 2018, which was paid on April 16, 2018 to all Class A Unit holders of record as of March 15, 2018.
Monthly Dividends on Preferred Stock
We declared and paid monthly dividends of $5.00 per share on our Series A Redeemable Preferred Stock, which totaled approximately $19.2 million for the quarter ended March 31, 2018 and represent a 6% annual yield. We declared and paid dividends totaling approximately $270,000 on our Series M Redeemable Preferred Stock, or mShares, for the quarter ended March 31, 2018. The mShares have an escalating dividend rate from 5.75% in year one of issuance to 7.50% in year eight and thereafter.
Conference Call and Supplemental Data
We will hold our quarterly conference call on Tuesday, May 1, 2018 at 11:00 a.m. Eastern Time to discuss our first quarter 2018 results. To participate in the conference call, please dial in to the following:
Live Conference Call Details
Domestic Dial-in Number: 1-(844) 890-1791
International Dial-in Number: 1-(412) 380-7408
Company: Preferred Apartment Communities, Inc.
Date: Tuesday, May 1, 2018
Time: 11:00 a.m. Eastern Time (8:00 a.m. Pacific Time)
The live broadcast of our first quarter 2018 conference call will be available online, on a listen-only basis, at our website, www.pacapts.com , under "Investors" and then click on the "Upcoming Events" link. A replay of the call will be archived on under the Investors/Audio Archive section.
2018 Guidance:
Net income (loss) per share - We are actively adding properties and real estate loan investments to our real estate portfolio and the specific timing of the closing of acquisitions is difficult to predict. Acquisition activity by its nature can cause material variation in our reported depreciation and amortization expense and interest income. Since net income (loss) per share is calculated net of depreciation and amortization expense, our net income (loss) results can fluctuate, possibly significantly, depending upon the timing of the closing of acquisitions. For this reason, we are unable to reasonably forecast this measure or provide a reconciliation of our projected FFO per share to this measure.
FFO per share - We currently project FFO to be in the range of $1.43 - $1.47 per share for the full year 2018.
Revenue - We currently project total revenues to be in the range of $400 million - $440 million for the full year 2018.
Common Stock dividends - We currently expect to increase our Common Stock dividend by an aggregate of at least 10% during 2018 as compared to 2017.
AFFO and FFO are calculated after deductions for all preferred stock dividends. Reconciliations of net income (loss) attributable to common stockholders to FFO and AFFO for the three-month periods ended March 31, 2018 and 2017 appear in the attached report, as well as on our website using the following link:
http://investors.pacapts.com/download/1Q18_Earnings_and_Supplemental_Data.pdf
Forward-Looking Statements
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Estimates of future earnings, guidance, goals and performance are, by definition, and certain other statements in this Earnings Release and Supplemental Financial Data Report may constitute, "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance, achievements or transactions to be materially different from the results, guidance, goals, performance, achievements or transactions expressed or implied by the forward-looking statements. Factors that impact such forward-looking statements include, among others, our business and investment strategy; legislative or regulatory actions; the state of the U.S. economy generally or in specific geographic areas; economic trends and economic recoveries; changes in operating costs, including real estate taxes, utilities and insurance costs; our ability to obtain and maintain debt or equity financing; financing and advance rates for our target assets; our leverage level; changes in the values of our assets; the occurrence of natural or man-made disasters; availability of attractive investment opportunities in our target markets; our ability to maintain our qualification as a real estate investment trust, or REIT, for U.S. federal income tax purposes; our ability to maintain our exemption from registration under the Investment Company Act of 1940, as amended; availability of quality personnel; our understanding of our competition and market trends in our industry; and interest rates, real estate values, the debt securities markets and the general economy.
Except as otherwise required by the federal securities laws, we assume no liability to update the information in this Earnings Release and Supplemental Financial Data Report.
We refer you to the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the year ended December 31, 2017 that was filed with the Securities and Exchange Commission, or SEC, on March 1, 2018, which discuss various factors that could adversely affect our financial results. Such risk factors and information may be updated or supplemented by our Form 10-K, Form 10-Q and Form 8-K filings and other documents filed from time to time with the SEC.
Additional Information
The SEC has declared effective the registration statement filed by the Company for each of the offerings to which this communication may relate. Before you invest, you should read the final prospectus, and any prospectus supplements, forming a part of the registration statement and other documents the Company has filed with the SEC for more complete information about the Company and the offering to which this communication may relate. In particular, you should carefully read the risk factors described in the final prospectus and in any related prospectus supplement and in the documents incorporated by reference in the final prospectus and any related prospectus supplement to which this communication may relate. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov . Alternatively, the Company or its dealer manager, Preferred Capital Securities, LLC, with respect to the mShares Offering and the $1.5 Billion Unit Offering, and JonesTrading Institutional Services LLC, with respect to the Common Stock ATM Offering, will arrange to send you a prospectus if you request it by contacting Leonard A. Silverstein at (770) 818-4100, 3284 Northside Parkway NW, Suite 150, Atlanta, Georgia 30327.
The prospectus supplement for the Common Stock ATM Offering, dated July 10, 2017, including a base prospectus, dated May 17, 2016, can be accessed through the following link:
https://www.sec.gov/Archives/edgar/data/1481832/000148183217000110/atmprospectusspring2017.htm
The final prospectus for the mShares Offering, dated January 19, 2017, can be accessed through the following link:
https://www.sec.gov/Archives/edgar/data/1481832/000148183217 8/a424prospectus-mshares1.htm
The final prospectus for the $1.5 Billion Unit Offering, dated March 16, 2017, can be accessed through the following link:
https://www.sec.gov/Archives/edgar/data/1481832/000148183217000061/a424prospectus-15bseriesar.htm
Preferred Apartment Communities, Inc.
Consolidated Statements of Operations
(Unaudited)
Three months ended March 31,
(In thousands, except per-share figures)
2018
2017
Revenues:
Rental revenues
$
64,077
$
45,363
Other property revenues
11,728
8,436
Interest income on loans and notes receivable
10,300
7,948
Interest income from related parties
4,265
4,814
Total revenues
90,370
66,561
Operating expenses:
Property operating and maintenance
8,805
6,539
Property salary and benefits
3,899
3,028
Property management fees
2,756
1,902
Real estate taxes
9,975
7,904
General and administrative
1,841
1,505
Equity compensation to directors and executives
1,135
873
Depreciation and amortization
40,616
24,826
Acquisition and pursuit costs
—
9
Asset management and general and administrative expense
fees to related party
6,241
4,513
Insurance, professional fees, and other expenses
1,445
1,291
Total operating expenses
76,713
52,390
Contingent asset management and general and administrative
expense fees
(1,220)
(175)
Net operating expenses
75,493
52,215
Operating income
14,877
14,346
Interest expense
20,968
15,009
Net income (loss) before gain on sale of real estate
(6,091)
(663)
Gain on sale of real estate
20,354
30,724
Net income
14,263
30,061
Consolidated net (income) attributable to non-controlling interests
(380)
(999)
Net income attributable to the Company
13,883
29,062
Dividends declared to preferred stockholders
(19,517)
(14,386)
Earnings attributable to unvested restricted stock
(2)
(1)
Net (loss) income attributable to common stockholders
$
(5,636)
$
14,675
Net (loss) income per share of Common Stock available to common stockholders,
basic and diluted
$
(0.14)
$
0.54
Dividends per share declared on Common Stock
$
0.25
$
0.22
Weighted average number of shares of Common Stock outstanding,
basic and diluted
39,098
26,936
Reconciliation of FFO and AFFO
to Net (Loss) Income Attributable to Common Stockholders (A)
Three months ended March 31,
(In thousands, except per-share figures)
2018
2017
Net (loss) income attributable to common stockholders (See note 1)
$
(5,636)
$
14,675
Add:
Depreciation of real estate assets
27,712
18,131
Amortization of acquired real estate intangible assets and deferred leasing costs
12,591
6,532
Income attributable to non-controlling interests (See note 2)
380
999
Less:
Gain on sale of real estate
(20,354)
(30,724)
FFO
14,693
9,613
Add:
Acquisition and pursuit costs
—
9
Loan cost amortization on acquisition term note (See note 3)
25
27
Amortization of loan coordination fees paid to the Manager (See note 4)
476
356
Mortgage loan refinancing and extinguishment costs
41
—
Insurance recovery in excess of weather-related property operating losses (See note 5)
(260)
—
Non-cash equity compensation to directors and executives
1,135
873
Amortization of loan closing costs (See note 6)
1,045
798
Depreciation/amortization of non-real estate assets
313
163
Net loan fees received (See note 7)
800
—
Accrued interest income received (See note 8)
1,343
2,524
Deemed dividends from cash redemptions of preferred stock
318
—
Non-cash dividends on Series M Preferred Stock
106
—
Amortization of lease inducements (See note 9)
257
—
Less:
Non-cash loan interest income (See note 8)
(4,932)
(4,299)
Cash paid for loan closing costs
(391)
—
Amortization of acquired above and below market lease intangibles
and straight-line rental revenues (See note 10)
(3,189)
(1,817)
Amortization of deferred revenues (See note 11)
(497)
—
Normally recurring capital expenditures and leasing costs (See note 12)
(874)
(846)
AFFO
$
10,409
$
7,401
Common Stock dividends and distributions to Unitholders declared:
Common Stock dividends
$
9,802
$
5,971
Distributions to Unitholders (See note 2)
268
198
Total
$
10,070
$
6,169
Common Stock dividends and Unitholder distributions per share
$
0.25
$
0.22
FFO per weighted average basic share of Common Stock and Unit outstanding
$
0.37
$
0.35
AFFO per weighted average basic share of Common Stock and Unit outstanding
$
0.26
$
0.27
Weighted average shares of Common Stock and Units outstanding: (A)
Basic:
Common Stock
39,098
26,936
Class A Units
1,070
926
Common Stock and Class A Units
40,168
27,862
Diluted Common Stock and Class A Units (B)
41,226
28,786
Actual shares of Common Stock outstanding, including 6 and 8 unvested shares
of restricted Common Stock at March 31, 2018 and 2017, respectively
39,215
27,193
Actual Class A Units outstanding at March 31, 2018 and 2017, respectively.
1,070
903
Total
40,285
28,096
(A) Units and Unitholders refer to Class A Units in our Operating Partnership, or Class A Units, and holders of Class A Units, respectively. Unitholders include recipients of awards of Class B Units in our Operating Partnership, or Class B Units, for annual service which became vested and earned and automatically converted to Class A Units. Unitholders also include the entity that contributed the Wade Green grocery-anchored shopping center. The Class A Units collectively represent an approximate 2.66% weighted average non-controlling interest in the Operating Partnership for the three-month period ended March 31, 2018.
(B) Since our FFO and AFFO results are positive for the periods reflected above, we are presenting recalculated diluted weighted average shares of Common Stock and Class A Units for these periods for purposes of this table, which includes the dilutive effect of common stock equivalents from grants of the Class B Units, warrants included in units of Series A Preferred Stock issued, as well as annual grants of restricted Common Stock. The weighted average shares of Common Stock outstanding presented on the Consolidated Statements of Operations are the same for basic and diluted for any period for which we recorded a net loss available to common stockholders, excluding any gains from sales of real estate assets.
See Notes to Reconciliation of FFO and AFFO to Net Income (Loss) Attributable to Common Stockholders.
Notes to Reconciliations of FFO and AFFO to Net Income (Loss) Attributable to Common Stockholders
1)
Rental and other property revenues and property operating expenses for the quarter ended March 31, 2018 include activity for the two multifamily communities and one office building acquired during the quarter only from their respective dates of acquisition. In addition, the first quarter 2018 period includes a full quarter of activity for the six multifamily communities, eight grocery-anchored shopping centers, two student housing properties and one office building acquired during the second, third and fourth quarters 2017. Rental and other property revenues and expenses for the first quarter 2017 include activity for the acquisitions made during that period only from their respective dates of acquisition.
2)
Non-controlling interests in our Operating Partnership consisted of a total of 1,070,103 Class A Units as of March 31, 2018. Included in this total are 419,228 Class A Units which were granted as partial consideration to the seller in conjunction with the seller's contribution to us on February 29, 2016 of the Wade Green grocery-anchored shopping center. The remaining Class A units were awarded primarily to our key executive officers. The Class A Units are apportioned a percentage of our financial results as non-controlling interests. The weighted average ownership percentage of these holders of Class A Units was calculated to be 2.67% and 3.32% for the three-month periods ended March 31, 2018 and 2017, respectively.
3)
We incurred loan closing costs for the $11 million term note, which we used to finance the acquisition of our Anderson Central grocery-anchored shopping center, and on our $200 million acquisition revolving credit facility, or Acquisition Facility, which is used to finance acquisitions of multifamily communities and student housing communities. The costs to establish these instruments were deferred and amortized over the lives of the instruments. The amortization expense of these deferred costs is an additive adjustment in the calculation of AFFO.
4)
As of January 1, 2016, we pay loan coordination fees to Preferred Apartment Advisors, LLC, our Manager, related to obtaining mortgage financing for acquired properties. Loan coordination fees were introduced to reflect the administrative effort involved in arranging debt financing for acquired properties. The portion of the loan coordination fees paid up until July 1, 2017 attributable to the financing were amortized over the lives of the respective mortgage loans, and this non-cash amortization expense is an addition to FFO in the calculation of AFFO. Beginning effective July 1, 2017, the loan coordination fee was lowered from 1.6% to 0.6% of the amount of any mortgage indebtedness on newly-acquired properties or refinancing. All of the loan coordination fees paid to our Manager subsequent to July 1, 2017 are amortized over the life of the debt. At March 31, 2018, aggregate unamortized loan coordination fees were approximately $12.4 million, which will be amortized over a weighted average remaining loan life of approximately 10.5 years.
5)
We sustained weather-related operating losses due to Hurricane Harvey at our Stone Creek multifamily community during the first quarter 2018; these costs are added back to FFO in our calculation of AFFO. Included in these adjustments are the receipt from our insurance carrier during the first quarter 2018 of claims proceeds for lost rental revenues incurred during the third and fourth quarters of 2017 that totaled approximately $588,000, which was recognized in our statements of operations for the first quarter 2018.
6)
We incur loan closing costs on our existing mortgage loans, which are secured on a property-by-property basis by each of our acquired real estate assets, and also for occasional amendments to our syndicated revolving line of credit with Key Bank National Association, or our Revolving Line of Credit. On March 23, 2018, but effective April 13, 2018, the maximum borrowing capacity on the Revolving Line of Credit was increased from $150 million to $200 million. These loan closing costs are also amortized over the lives of the respective loans and the Revolving Line of Credit, and this non-cash amortization expense is an addition to FFO in the calculation of AFFO. Neither we nor the Operating Partnership have any recourse liability in connection with any of the mortgage loans, nor do we have any cross-collateralization arrangements with respect to the assets securing the mortgage loans, other than security interests in 49% of the equity interests of the subsidiaries owning such assets, granted in connection with our Revolving Line of Credit, which provides for full recourse liability. At March 31, 2018, aggregate unamortized loan costs were approximately $19.8 million, which will be amortized over a weighted average remaining loan life of approximately 7.9 years.
7)
We receive loan origination fees in conjunction with the origination of certain real estate loan investments. These fees are then recognized as revenue over the lives of the applicable loans as adjustments of yield using the effective interest method. The total fees received after the payment of loan origination fees to our Manager are additive adjustments in the calculation of AFFO. Correspondingly, the amortized non-cash income is a deduction in the calculation of AFFO. Over the lives of certain loans, we accrue additional interest amounts that become due to us at the time of repayment of the loan or refinancing of the property, or when the property is sold. This non-cash interest income is subtracted from FFO in our calculation of AFFO.
8)
This adjustment reflects the receipt during the periods presented of additional interest income (described in note 7 above) which was earned and accrued prior to those periods presented on various real estate loans.
9)
This adjustment removes the non-cash amortization of costs incurred to induce tenants to lease space in our office buildings and grocery-anchored shopping centers.
10)
This adjustment reflects straight-line rent adjustments and the reversal of the non-cash amortization of below-market and above-market lease intangibles, which were recognized in conjunction with our acquisitions and which are amortized over the estimated average remaining lease terms from the acquisition date for multifamily communities and over the remaining lease terms for grocery-anchored shopping center assets and office buildings. At March 31, 2018, the balance of unamortized below-market lease intangibles was approximately $39.0 million, which will be recognized over a weighted average remaining lease period of approximately 9.4 years.
11)
This adjustment removes the non-cash amortization of deferred revenue recorded by us in conjunction with Company-owned lessee-funded tenant improvements in our office buildings.
12)
We deduct from FFO normally recurring capital expenditures that are necessary to maintain our assets' revenue streams in the calculation of AFFO. This adjustment also deducts from FFO capitalized amounts for third party costs during the period to originate or renew leases in our grocery-anchored shopping centers and office buildings. No adjustment is made in the calculation of AFFO for nonrecurring capital expenditures. See Capital Expenditures, Grocery-Anchored Shopping Center Portfolio, and Office Buildings Portfolio sections for definitions of these terms.
See Definitions of Non-GAAP Measures.
Preferred Apartment Communities, Inc.
Consolidated Balance Sheets
(Unaudited)
(In thousands, except per-share par values)
March 31, 2018
December 31, 2017
Assets
Real estate
Land
$
422,361
$
406,794
Building and improvements
2,146,135
2,043,853
Tenant improvements
75,531
63,425
Furniture, fixtures, and equipment
225,553
210,779
Construction in progress
13,420
10,491
Gross real estate
2,883,000
2,735,342
Less: accumulated depreciation
(193,141)
(172,756)
Net real estate
2,689,859
2,562,586
Real estate loan investments, net of deferred fee income
278,258
255,345
Real estate loan investments to related parties, net
134,786
131,451
Total real estate and real estate loan investments, net
3,102,903
2,949,382
Cash and cash equivalents
19,711
21,043
Restricted cash
47,683
51,969
Notes receivable
12,174
17,318
Note receivable and revolving line of credit due from related party
28,020
22,739
Accrued interest receivable on real estate loans
29,693
26,865
Acquired intangible assets, net of amortization
100,276
102,743
Deferred loan costs on Revolving Line of Credit, net of amortization
1,578
1,385
Deferred offering costs
7,374
6,544
Tenant lease inducements, net
16,318
14,425
Tenant receivables and other assets
28,444
37,957
Total assets
$
3,394,174
$
3,252,370
Liabilities and equity
Liabilities
Mortgage notes payable, net of deferred loan costs
$
1,871,966
$
1,776,652
Revolving line of credit
13,200
41,800
Term note payable, net of deferred loan costs
—
10,994
Real estate loan investment participation obligation
10,798
13,986
Deferred revenue
31,053
27,947
Accounts payable and accrued expenses
33,053
31,253
Accrued interest payable
5,472
5,028
Dividends and partnership distributions payable
16,460
15,680
Acquired below market lease intangibles, net of amortization
38,991
38,857
Security deposits and other liabilities
12,349
9,407
Total liabilities
2,033,342
1,971,604
Commitments and contingencies
Equity
Stockholders' equity
Series A Redeemable Preferred Stock, $0.01 par value per share; 3,050
shares authorized; 1,348 and 1,250 shares issued; 1,313 and 1,222
shares outstanding at March 31, 2018 and December 31, 2017, respectively
13
12
Series M Redeemable Preferred Stock, $0.01 par value per share; 500
shares authorized; 20 and 15 shares issued and outstanding
at March 31, 2018 and December 31, 2017, respectively
—
—
Common Stock, $0.01 par value per share; 400,067 shares authorized;
39,208 and 38,565 shares issued and outstanding at
March 31, 2018 and December 31, 2017, respectively
392
386
Additional paid-in capital
1,357,725
1,271,040
Accumulated earnings
—
4,449
Total stockholders' equity
1,358,130
1,275,887
Non-controlling interest
2,702
4,879
Total equity
1,360,832
1,280,766
Total liabilities and equity
$
3,394,174
$
3,252,370
Preferred Apartment Communities, Inc.
Consolidated Statements of Cash Flows
(Unaudited)
Three months ended March 31,
(In thousands)
2018
2017
Operating activities:
Net income (loss )
$
14,263
$
30,061
Reconciliation of net income (loss) to net cash provided by operating activities:
Depreciation expense
27,990
18,288
Amortization expense
12,626
6,539
Amortization of above and below market leases
(1,178)
(798)
Deferred revenues and fee income amortization
(943)
(284)
Amortization of market discount on assumed debt and lease incentives
323
—
Deferred loan cost amortization
1,480
1,180
(Increase) in accrued interest income on real estate loans
(2,828)
(1,546)
Equity compensation to executives and directors
1,135
873
Gain on sale of real estate
(20,354)
(30,724)
Other
—
187
Changes in operating assets and liabilities:
(Increase) in tenant receivables and other assets
625
(1,965)
(Increase) in tenant lease incentives
(2,149)
(2,913)
Increase in accounts payable and accrued expenses
(1,074)
(716)
Increase in accrued interest, prepaid rents and other liabilities
1,502
95
Net cash provided by operating activities
31,418
18,277
Investing activities:
Investment in real estate loans
(68,929)
(16,272)
Repayments of real estate loans
42,312
9,866
Notes receivable issued
(472)
(1,263)
Notes receivable repaid
5,618
—
Note receivable issued to and draws on line of credit by related party
(14,419)
(7,650)
Repayments of line of credit by related party
9,034
7,554
Loan origination fees received
1,600
—
Loan origination fees paid to Manager
(800)
—
Acquisition of properties
(170,072)
(138,298)
Disposition of properties, net
42,266
76,368
Increase in cash held in like-kind exchange
—
3,761
Receipt of insurance proceeds for capital improvements
412
—
Additions to real estate assets - improvements
(7,637)
(3,680)
(Deposits) on acquisitions
4,021
(1,838)
Decrease (increase) in restricted cash
—
4,450
Net cash used in investing activities
(157,066)
(71,452)
Financing activities:
Proceeds from mortgage notes payable
123,275
104,300
Payments for mortgage notes payable
(27,350)
(67,141)
Payments for deposits and other mortgage loan costs
(1,733)
(3,399)
Proceeds from real estate loan participants
5
82
Payments to real estate loan participants
(3,314)
(2,467)
Proceeds from lines of credit
86,200
37,500
Payments on lines of credit
(114,800)
(68,000)
Repayment of the Term Loan
(11,000)
—
Proceeds from sales of Units, net of offering costs and redemptions
87,490
68,987
Proceeds from sales of Common Stock
—
186
Proceeds from exercises of warrants
11,169
4,249
Common Stock dividends paid
(9,576)
(5,741)
Preferred stock dividends paid
(18,963)
(13,961)
Distributions to non-controlling interests
(221)
(195)
Payments for deferred offering costs
(1,152)
(2,126)
Net cash provided by financing activities
120,030
52,274
Net increase in cash, cash equivalents and restricted cash
(5,618)
(901)
Cash, cash equivalents and restricted cash, beginning of period
73,012
67,715
Cash, cash equivalents and restricted cash, end of period
$
67,394
$
66,814
Real Estate Loan Investments
The following tables present details pertaining to our portfolio of fixed rate, interest-only real estate loan investments.
Project/Property
Location
Maturity
date
Optional
extension
date
Total loan
commitments
Carrying amount (1) as of
Current /
deferred
interest %
per annum
March 31,
2018
December 31,
2017
Multifamily communities:
(in thousands)
Encore
Atlanta, GA
4/8/2019
10/8/2020
$
10,958
$
10,958
$
10,958
8.5 / 5
Encore Capital
Atlanta, GA
4/8/2019
10/8/2020
9,758
7,723
7,521
8.5 / 5
Palisades
Northern VA
5/7/2018
(2)
N/A
17,270
17,132
17,111
8 / 5
Fusion
Irvine, CA
5/31/2018
5/31/2020
70,835
65,981
58,447
8.5 / 7.5
Green Park
Atlanta, GA
2/28/2018
12/1/2019
13,464
—
11,464
8.5 / 5.83
Bishop Street
Atlanta, GA
2/18/2020
N/A
12,693
12,405
12,145
8.5 / 6.5
Hidden River
Tampa, FL
12/3/2018
12/3/2020
4,735
4,735
4,735
8.5 / 6.5
Hidden River Capital
Tampa, FL
12/4/2018
12/4/2020
5,380
5,149
5,041
8.5 / 6.5
CityPark II
Charlotte, NC
1/7/2019
1/7/2021
3,365
3,365
3,365
8.5 / 6.5
CityPark II Capital
Charlotte, NC
1/8/2019
1/31/2021
3,916
3,702
3,624
8.5 / 6.5
Park 35 on Clairmont
Birmingham, AL
6/26/2018
6/26/2020
21,060
21,060
21,060
8.5 / 2
Wiregrass
Tampa, FL
5/15/2020
5/15/2023
14,976
13,250
12,972
8.5 / 6.5
Wiregrass Capital
Tampa, FL
5/15/2020
5/15/2023
3,744
3,637
3,561
8.5 / 6.5
Berryessa
San Jose, CA
4/19/2018
N/A
31,509
—
30,571
10.5 / 0
Berryessa
San Jose, CA
2/13/2021
2/13/2023
137,616
34,563
—
8.5 / 6.0
Brentwood
Nashville, TN
6/1/2018
N/A
2,376
2,329
2,261
12 / 0
Fort Myers
Fort Myers, FL
2/3/2021
2/3/2022
9,416
7,461
3,521
8.5 / 5.5
Fort Myers Capital
Fort Myers, FL
2/3/2021
2/3/2022
6,193
5,101
4,994
8.5 / 5.5
360 Forsyth
Atlanta, GA
7/11/2020
7/11/2022
22,412
18,342
13,400
8.5 / 5.5
Morosgo
Atlanta, GA
1/31/2021
1/31/2022
11,749
9,269
4,951
8.5 / 5.5
Morosgo Capital
Atlanta, GA
1/31/2021
1/31/2022
6,176
4,863
4,761
8.5 / 5.5
University City Gateway
Charlotte, NC
8/15/2021
8/15/2022
10,336
2,968
850
8.5 / 5
University City Gateway
Capital
Charlotte, NC
8/18/2021
8/18/2022
7,338
5,652
5,530
8.5 / 5
Student housing properties:
Haven 12
Starkville, MS
12/17/2018
11/30/2020
6,116
6,116
5,816
8.5 / 0
Haven46
Tampa, FL
3/29/2019
9/29/2020
9,820
9,820
9,820
8.5 / 5
Haven Northgate
College Station, TX
6/20/2019
6/20/2020
67,680
66,644
65,724
(3) / 1.5
Lubbock II
Lubbock, TX
4/20/2019
N/A
9,857
9,635
9,357
8.5 / 0
Haven Charlotte
Charlotte, NC
12/22/2019
12/22/2021
19,582
18,242
17,039
8.5 / 6.5
Haven Charlotte Member
Charlotte, NC
12/22/2019
12/22/2021
8,201
7,978
7,795
8.5 / 6.5
Solis Kennesaw
Atlanta, GA
9/26/2020
9/26/2022
12,359
6,896
1,610
8.5 / 5.5
Solis Kennesaw Capital
Atlanta, GA
10/1/2020
10/1/2022
8,360
7,298
7,145
8.5 / 5.5
New Market Properties:
Dawson Marketplace
Atlanta, GA
9/24/2020
9/24/2022
12,857
12,857
12,857
8.5 / 6.9 (4)
Other:
Crescent Avenue
Atlanta, GA
4/13/2018
5/31/2018
8,500
8,500
8,500
10 / 5
North Augusta Ballpark
North Augusta, SC
1/15/2021
1/15/2024
3,500
1,492
—
9 / 6
$
604,107
415,123
388,506
Unamortized loan origination fees
(2,079)
(1,710)
Carrying amount
$
413,044
$
386,796
(1) Carrying amounts presented per loan are amounts drawn, exclusive of deferred fee revenue.
(2) Effective April 13, 2018, the maturity date was extended to May 17, 2019.
(3) The current interest rate on the Haven Northgate loan is a variable rate of 600 basis points over LIBOR.
(4) Effective January 1, 2018, the deferred interest rate increased to 6.9% per annum until the accumulated accrued interest balance reaches $250, at which point the deferred interest rate reverts to 5.0%.
We hold options, but not obligations, to purchase certain of the properties which are partially financed by our real estate loan investments. The option purchase prices are negotiated at the time of the loan closing and are to be calculated based upon market cap rates at the time of exercise of the purchase option, less a discount ranging from between 15 and 60 basis points, depending on the loan. As of March 31, 2018, potential property acquisitions and units from projects in our real estate loan investment portfolio consisted of:
Total units
upon
Purchase option window
Project/Property
Location
completion (1)
Begin
End
Multifamily communities:
Encore
Atlanta, GA
339
9/30/2018
12/31/2018
Palisades
Northern VA
304
1/1/2019
5/31/2019
Fusion
Irvine, CA
280
10/1/2018
1/1/2019
Bishop Street
Atlanta, GA
232
10/1/2018
12/31/2018
Hidden River
Tampa, FL
300
9/1/2018
12/31/2018
CityPark II
Charlotte, NC
200
9/30/2018
12/31/2018
Park 35 on Clairmont
Birmingham, AL
271
S + 90 days (2)
S + 150 days (2)
Fort Myers
Fort Myers, FL
224
S + 90 days (2)
S + 150 days (2)
Wiregrass
Tampa, FL
392
S + 90 days (2)
S + 150 days (2)
360 Forsyth
Atlanta, GA
356
S + 90 days (2)
S + 150 days (2)
Morosgo
Atlanta, GA
258
S + 90 days (2)
S + 150 days (2)
University City Gateway
Charlotte, NC
338
S + 90 days (2)
S + 150 days (2)
Berryessa
San Jose, CA
551
N/A
N/A
Brentwood
Nashville, TN
301
N/A
N/A
North Augusta Ballpark
North Augusta, SC
32
N/A
N/A
Student housing properties:
Haven 12
Starkville, MS
152
4/1/2019
6/30/2019
Haven46
Tampa, FL
158
11/1/2018
1/31/2019
Haven Northgate
College Station, TX
427
10/1/2018
12/31/2018
Lubbock II
Lubbock, TX
140
11/1/2018
1/31/2019
Haven Charlotte
Charlotte, NC
332
12/1/2019
2/28/2020
Solis Kennesaw
Atlanta, GA
248
(3)
(3)
5,835
(1) We evaluate each project individually and we make no assurance that we will acquire any of the underlying properties from our real estate loan investment portfolio. The Berryessa and North Augusta Ballpark projects do not include exclusive purchase options, but we hold a Right of First Offer on these projects at prices acceptable to us and the developer. The Brentwood project is a land acquisition bridge loan and does not include any exclusive purchase right as of March 31, 2018.
(2) The option period window begins and ends at the number of days indicated beyond the achievement of a 93% physical occupancy rate by the underlying property.
(3) The option period begins on October 1 of the second academic year following project completion and ends on the following December 31. The developer may elect to expedite the option period to begin December 1, 2019 and end on December 31, 2019.
Mortgage Indebtedness
The following table presents certain details regarding our mortgage notes payable:
Principal balance as of
Acquisition/
refinancing
date
March 31,
2018
December 31,
2017
Maturity
date
Interest
rate
Basis point
spread over
1 Month
LIBOR
Interest only
through date (1)
Multifamily communities:
(in thousands)
Stone Rise
7/3/2014
$
23,798
$
23,939
8/1/2019
2.89
%
Fixed rate
8/31/2015
Summit Crossing
10/31/2017
38,848
39,019
11/1/2024
3.99
%
Fixed rate
N/A
Summit Crossing II
3/20/2014
13,357
13,357
4/1/2021
4.49
%
Fixed rate
4/30/2019
McNeil Ranch
1/24/2013
13,621
13,646
2/1/2020
3.13
%
Fixed rate
2/28/2018
Lake Cameron
1/24/2013
—
(2)
19,773
2/1/2020
3.13
%
Fixed rate
2/28/2018
Stoneridge
9/26/2014
25,982
26,136
10/1/2019
3.18
%
Fixed rate
N/A
Vineyards
9/26/2014
34,512
34,672
10/1/2021
3.68
%
Fixed rate
10/31/2017
Avenues at Cypress
2/13/2015
21,555
21,675
9/1/2022
3.43
%
Fixed rate
N/A
Avenues at Northpointe
2/13/2015
27,324
27,467
3/1/2022
3.16
%
Fixed rate
3/31/2017
Venue at Lakewood Ranch
5/21/2015
29,190
29,348
12/1/2022
3.55
%
Fixed rate
N/A
Aster at Lely
6/24/2015
32,305
32,471
7/5/2022
3.84
%
Fixed rate
N/A
CityPark View
6/30/2015
20,920
21,038
7/1/2022
3.27
%
Fixed rate
N/A
Avenues at Creekside
7/31/2015
40,317
40,523
8/1/2024
3.48
%
160
(3)
8/31/2016
Citi Lakes
9/3/2015
42,176
42,396
4/1/2023
4.05
%
217
(4)
N/A
Stone Creek
6/22/2017
20,386
20,467
7/1/2052
3.22
%
Fixed rate
N/A
Lenox Village Town Center
12/21/2015
29,824
30,009
5/1/2019
3.82
%
Fixed rate
N/A
Lenox Village III
12/21/2015
17,717
17,802
1/1/2023
4.04
%
Fixed rate
N/A
Overton Rise
2/1/2016
39,788
39,981
8/1/2026
3.98
%
Fixed rate
N/A
Baldwin Park
1/5/2016
77,800
77,800
1/5/2019
4.18
%
230
1/4/2019
Crosstown Walk
1/15/2016
31,332
31,486
2/1/2023
3.90
%
Fixed rate
N/A
525 Avalon Park
6/15/2017
66,614
66,912
7/1/2024
3.98
%
Fixed rate
N/A
City Vista
7/1/2016
34,900
35,073
7/1/2026
3.68
%
Fixed rate
N/A
Sorrel
8/24/2016
32,633
32,801
9/1/2023
3.44
%
Fixed rate
N/A
Citrus Village
3/3/2017
29,827
29,970
6/10/2023
3.65
%
Fixed rate
6/09/2017
Retreat at Greystone
11/21/2017
35,066
35,210
12/1/2024
4.31
%
Fixed rate
N/A
Founders Village
3/31/2017
31,138
31,271
4/1/2027
4.31
%
Fixed rate
N/A
Claiborne Crossing
4/26/2017
26,697
26,801
6/1/2054
2.89
%
Fixed rate
N/A
Luxe at Lakewood Ranch
7/26/2017
38,891
39,066
8/1/2027
3.93
%
Fixed rate
N/A
Adara at Overland Park
9/27/2017
31,618
31,760
4/1/2028
3.90
%
Fixed rate
N/A
Aldridge at Town Village
10/31/2017
37,688
37,847
11/1/2024
4.19
%
Fixed rate
(5)
N/A
Reserve at Summit Crossing
9/29/2017
19,925
20,017
10/1/2024
3.87
%
Fixed rate
N/A
Overlook at Crosstown Walk
11/21/2017
22,134
22,231
12/1/2024
3.95
%
Fixed rate
N/A
Colony at Centerpointe
12/20/2017
33,243
33,346
10/1/2026
3.68
%
Fixed rate
N/A
Lux at Sorrel
1/9/2018
31,479
—
2/1/2030
3.91
%
Fixed rate
N/A
Green Park
2/28/2018
39,750
—
3/10/2028
4.09
%
Fixed rate
N/A
Total multifamily communities
1,092,355
1,045,310
Grocery-anchored shopping centers:
Spring Hill Plaza
9/5/2014
9,418
9,470
10/1/2019
3.36
%
Fixed rate
10/31/2015
Parkway Town Centre
9/5/2014
6,850
6,887
10/1/2019
3.36
%
Fixed rate
10/31/2015
Woodstock Crossing
8/8/2014
2,976
2,989
9/1/2021
4.71
%
Fixed rate
N/A
Deltona Landings
9/30/2014
6,739
6,778
10/1/2019
3.48
%
Fixed rate
N/A
Powder Springs
9/30/2014
7,111
7,152
10/1/2019
3.48
%
Fixed rate
N/A
Kingwood Glen
9/30/2014
11,276
11,340
10/1/2019
3.48
%
Fixed rate
N/A
Barclay Crossing
9/30/2014
6,340
6,376
10/1/2019
3.48
%
Fixed rate
N/A
Sweetgrass Corner
9/30/2014
7,687
7,731
10/1/2019
3.58
%
Fixed rate
N/A
Parkway Centre
9/30/2014
4,415
4,441
10/1/2019
3.48
%
Fixed rate
N/A
The Market at Salem Cove
10/6/2014
9,381
9,423
11/1/2024
4.21
%
Fixed rate
11/30/2016
Independence Square
8/27/2015
11,905
11,967
9/1/2022
3.93
%
Fixed rate
9/30/2016
Royal Lakes Marketplace
9/4/2015
9,654
9,690
9/4/2020
4.16
%
250
4/3/2017
The Overlook at Hamilton Place
12/22/2015
20,206
20,301
1/1/2026
4.19
%
Fixed rate
N/A
Summit Point
10/30/2015
12,122
12,208
11/1/2022
3.57
%
Fixed rate
N/A
East Gate Shopping Center
4/29/2016
5,542
5,578
5/1/2026
3.97
%
Fixed rate
N/A
Fury's Ferry
4/29/2016
6,402
6,444
5/1/2026
3.97
%
Fixed rate
N/A
Rosewood Shopping Center
4/29/2016
4,300
4,328
5/1/2026
3.97
%
Fixed rate
N/A
Southgate Village
4/29/2016
7,644
7,694
5/1/2026
3.97
%
Fixed rate
N/A
The Market at Victory Village
5/16/2016
9,176
9,214
9/11/2024
4.40
%
Fixed rate
10/10/2017
Wade Green Village
4/7/2016
7,931
7,969
5/1/2026
4.00
%
Fixed rate
N/A
Lakeland Plaza
7/15/2016
28,834
29,023
8/1/2026
3.85
%
Fixed rate
N/A
University Palms
8/8/2016
13,072
13,162
9/1/2026
3.45
%
Fixed rate
N/A
Cherokee Plaza
8/8/2016
25,153
25,322
9/1/2021
3.91
%
225
(6)
N/A
Sandy Plains Exchange
8/8/2016
9,131
9,194
9/1/2026
3.45
%
Fixed rate
N/A
Thompson Bridge Commons
8/8/2016
12,207
12,291
9/1/2026
3.45
%
Fixed rate
N/A
Heritage Station
8/8/2016
9,035
9,097
9/1/2026
3.45
%
Fixed rate
N/A
Oak Park Village
8/8/2016
9,323
9,388
9/1/2026
3.45
%
Fixed rate
N/A
Shoppes of Parkland
8/8/2016
16,174
16,241
9/1/2023
4.67
%
Fixed rate
N/A
Champions Village
10/18/2016
27,400
27,400
11/1/2021
4.67
%
300
(7)
11/1/2021
Castleberry-Southard
4/21/2017
11,332
11,383
5/1/2027
3.99
%
Fixed rate
N/A
Rockbridge Village
6/6/2017
14,076
14,142
7/5/2027
3.73
%
Fixed rate
N/A
Irmo Station
7/26/2017
10,502
10,566
8/1/2030
3.94
%
Fixed rate
N/A
Maynard Crossing
8/25/2017
18,274
18,388
9/1/2032
3.74
%
Fixed rate
N/A
Woodmont Village
9/8/2017
8,691
8,741
10/1/2027
4.125
%
Fixed rate
N/A
West Town Market
9/22/2017
8,907
8,963
10/1/2025
3.65
%
Fixed rate
N/A
Crossroads Market
12/5/2017
18,925
19,000
1/1/2030
3.95
%
Fixed rate
N/A
Anderson Central
3/16/2018
12,000
—
4/1/2028
4.32
%
Fixed rate
N/A
Total grocery-anchored shopping centers
420,111
410,281
Student housing properties:
North by Northwest
6/1/2016
32,574
32,767
9/1/2022
4.02
%
Fixed rate
N/A
SoL
3/29/2018
37,485
37,485
2/1/2019
3.98
%
210
2/1/2019
Stadium Village
10/27/2017
46,718
46,930
11/1/2024
3.80
%
Fixed rate
N/A
Ursa
12/18/2017
31,400
31,400
1/5/2020
4.88
%
300
1/5/2020
Total student housing properties
148,177
148,582
Office buildings:
Brookwood Center
8/29/2016
32,037
32,219
9/10/2031
3.52
%
Fixed rate
10/9/2017
Galleria 75
11/4/2016
5,668
5,716
7/1/2022
4.25
%
Fixed rate
N/A
Three Ravinia
12/30/2016
115,500
115,500
1/1/2042
4.46
%
Fixed rate
1/31/2022
Westridge at La Cantera
11/13/2017
54,126
54,440
12/10/2028
4.10
%
Fixed rate
N/A
Armour Yards
1/29/2018
40,000
—
2/1/2028
4.10
%
Fixed rate
1/31/2020
Total office buildings
247,331
207,875
Grand total
1,907,974
1,812,048
Less: deferred loan costs
(30,926)
(30,249)
Less: below market debt adjustment
(5,082)
(5,147)
Mortgage notes, net
$
1,871,966
$
1,776,652
Footnotes to Mortgage Notes Table
(1) Following the indicated interest only period (where applicable), monthly payments of accrued interest and principal are based on a 25 to 35-year amortization period through the maturity date.
(2) On date, the Company legally defeased the mortgage loan in conjunction with the sale of its Lake Cameron property, located in Raleigh, NC. In connection with the defeasance, the mortgage and other liens on the property were extinguished and all existing collateral, including various guarantees, were released. As a result of the defeasance, the Company incurred costs associated with a defeasance premium of approximately $355.
(3) The mortgage instrument was assumed as part of the sales transaction; the 1 Month LIBOR index is capped at 5.0%, resulting in a cap on the combined rate of 6.6%.
(4) The 1 Month LIBOR index is capped at 4.33% resulting in a cap on the combined rate of 6.5%.
(5) The property was temporarily financed through a credit facility sponsored by the Federal Home Loan Mortgage Corporation; the Company obtained permanent mortgage financing subsequent to the closing as shown.
(6) The interest rate has a floor of 2.7%.
(7) The interest rate has a floor of 3.25%.
Multifamily Communities
As of March 31, 2018, our multifamily community portfolio consisted of the following properties:
Three months ended
March 31, 2018
Property
Location
Number of
units
Average unit
size (sq. ft.)
Average
physical
occupancy
Average
rent per
unit
Established Communities:
Stone Rise
Philadelphia, PA
216
1,078
94.6
%
$
1,451
McNeil Ranch
Austin, TX
192
1,071
95.1
%
$
1,257
Avenues at Cypress
Houston, TX
240
1,170
94.6
%
$
1,423
Avenues at Northpointe
Houston, TX
280
1,167
95.7
%
$
1,340
Stoneridge Farms at the Hunt Club
Nashville, TN
364
1,153
94.7
%
$
1,098
Vineyards
Houston, TX
369
1,122
95.8
%
$
1,145
Aster at Lely Resort
Naples, FL
308
1,071
95.8
%
$
1,467
Venue at Lakewood Ranch
Sarasota, FL
237
1,001
95.6
%
$
1,568
Citi Lakes
Orlando, FL
346
984
94.5
%
$
1,394
Lenox Portfolio
Nashville, TN
474
861
96.1
%
$
1,207
Overton Rise
Atlanta, GA
294
1,018
94.7
%
$
1,498
Sorrel
Jacksonville, FL
290
1,048
93.6
%
$
1,258
Total/Average Established Communities
3,610
95.1
%
Summit Crossing
Atlanta, GA
485
1,053
92.5
%
$
1,188
CityPark View
Charlotte, NC
284
948
—
$
1,072
Avenues at Creekside
San Antonio, TX
395
974
—
$
1,143
Stone Creek
Houston, TX
246
852
—
$
1,044
525 Avalon Park
Orlando, FL
487
1,394
—
$
1,396
Retreat at Greystone
Birmingham, AL
312
1,100
94.4
%
$
1,212
Broadstone at Citrus Village
Tampa, FL
296
980
97.7
%
$
1,267
Founders Village
Williamsburg, VA
247
1,070
94.9
%
$
1,362
Crosstown Walk
Tampa, FL
342
981
95.4
%
$
1,268
Claiborne Crossing
Louisville, KY
242
1,204
—
$
1,308
Luxe at Lakewood Ranch
Sarasota, FL
280
1,105
—
$
1,516
Adara Overland Park
Kansas City, KS
260
1,116
94.1
%
$
1,310
Aldridge at Town Village
Atlanta, GA
300
969
95.3
%
$
1,303
The Reserve at Summit Crossing
Atlanta, GA
172
1,002
—
$
1,315
Overlook at Crosstown Walk
Tampa, FL
180
986
—
$
1,360
Colony at Centerpointe
Richmond, VA
255
1,149
—
$
1,305
Lux at Sorrel
Jacksonville, FL
265
1,025
—
n/a
Green Park
Atlanta, GA
310
985
—
n/a
Value-add project:
Village at Baldwin Park
Orlando, FL
528
1,069
—
$
1,572
5,886
Joint venture:
City Vista
Pittsburgh, PA
272
1,023
94.2
%
$
1,343
Total PAC Non-Established Communities
6,158
Average stabilized physical occupancy
94.9
%
(1)
Student housing communities: (2)
Average
rent per bed
North by Northwest
Tallahassee, FL
219
(2)
1,250
99.2
%
$
724
SoL
Tempe, AZ
224
(2)
1,296
91.3
%
$
713
Stadium Village (3)
Atlanta, GA
198
(2)
1,466
99.7
%
$
670
Ursa (3)
Waco, TX
250
(2)
1,634
—
n/a
Total All PAC units
10,659
(1) Excludes average occupancy for student housing communities.
(2) North by Northwest has 679 beds, SoL has 639 beds, Stadium Village has 792 beds and Ursa has 840 beds.
(3) The Company acquired and owns an approximate 99% equity interest in a joint venture which owns both Stadium Village and Ursa.
For the three-month period ended March 31, 2018, our average established multifamily communities' physical occupancy was 95.1%. We calculate average established physical occupancy for quarterly periods as the average number of occupied units on the 20th day of each of the trailing three months from the reporting period end date and that have been owned for at least 15 full months as of the end of the first quarter of each year. We exclude the operating results of properties for which construction of adjacent phases has commenced, properties which are undergoing significant capital projects, have sustained significant casualty losses, or are being marketed for sale as of the end of the reporting period. For the three-month period ended March 31, 2018, our average stabilized physical occupancy was 94.9%. We calculate average stabilized physical occupancy for quarterly periods as the average number of occupied units on the 20th day of each of the trailing three months from the reporting period end date. For the three-month period ended March 31, 2018, our average economic occupancy was 94.9%. We define average economic occupancy as market rent reduced by vacancy losses, expressed as a percentage. All of our multifamily properties are included in these calculations except for properties which are not yet stabilized (which we define as properties having first achieved 93% physical occupancy for three full months in a quarter), properties which are owned for less than the entire reporting period and properties which are undergoing significant capital projects, have sustained significant casualty losses or are adding additional phases (Stone Creek, Village at Baldwin Park, 525 Avalon Park, CityPark View and Avenues at Creekside). We also exclude properties which are currently being marketed for sale, of which there were none at March 31, 2018.
Capital Expenditures
We regularly incur capital expenditures related to our owned multifamily communities and student housing properties. Capital expenditures may be nonrecurring and discretionary, as part of a strategic plan intended to increase a property's value and corresponding revenue-generating ability, or may be normally recurring and necessary to maintain the income streams and present value of a property. Certain capital expenditures may be budgeted and reserved for upon acquiring a property as initial expenditures necessary to bring a property up to our standards or to add features or amenities that we believe make the property a compelling value to prospective residents in its individual market. These budgeted nonrecurring capital expenditures in connection with an acquisition are funded from the capital source(s) for the acquisition and are not dependent upon subsequent property operating cash flows for funding. For the three-month period ended March 31, 2018, our capital expenditures for multifamily communities and student housing properties consisted of:
Capital Expenditures
Recurring
Non-recurring
Total
(in thousands, except per-unit figures)
Amount
Per Unit
Amount
Per Unit
Amount
Per Unit
Appliances
$
99
$
37.50
$
1
$
0.43
$
100
$
37.93
Carpets
278
105.23
—
—
278
105.23
Wood / vinyl flooring
54
20.55
—
—
54
20.55
Mini blinds and ceiling fans
14
5.32
—
—
14
5.32
Fire safety
4
1.43
13
4.85
17
6.28
HVAC
38
14.38
—
—
38
14.38
Computers, equipment, misc.
24
9.05
47
17.64
71
26.69
Elevators
—
—
5
2.01
5
2.01
Leasing office and other common amenities
1
0.40
93
35.33
94
35.73
Major structural projects
6
2.34
93
35.10
99
37.44
Cabinets and counter top upgrades
—
—
292
110.46
292
110.46
Landscaping and fencing
—
—
27
10.26
27
10.26
Parking lot
—
—
47
17.85
47
17.85
Common area items
—
—
5
1.77
5
1.77
Totals
$
518
$
196.20
$
623
$
235.70
$
1,141
$
431.90
Grocery-Anchored Shopping Center Portfolio
As of March 31, 2018, our grocery-anchored shopping center portfolio consisted of the following properties:
Property name
Location
Year built
GLA (1)
Percent
leased
Grocery anchor
tenant
Castleberry-Southard
Atlanta, GA
2006
80,018
100.0
%
Publix
Cherokee Plaza
Atlanta, GA
1958
102,864
100.0
%
Kroger
Lakeland Plaza
Atlanta, GA
1990
301,711
95.8
%
Sprouts
Powder Springs
Atlanta, GA
1999
77,853
95.1
%
Publix
Rockbridge Village
Atlanta, GA
2005
102,432
95.5
%
Kroger
Roswell Wieuca Shopping Center
Atlanta, GA
2007
74,370
100.0
%
The Fresh Market
Royal Lakes Marketplace
Atlanta, GA
2008
119,493
84.4
%
Kroger
Sandy Plains Exchange
Atlanta, GA
1997
72,784
93.2
%
Publix
Summit Point
Atlanta, GA
2004
111,970
86.5
%
Publix
Thompson Bridge Commons
Atlanta, GA
2001
92,587
96.1
%
Kroger
Wade Green Village
Atlanta, GA
1993
74,978
95.9
%
Publix
Woodmont Village
Atlanta, GA
2002
85,639
96.0
%
Kroger
Woodstock Crossing
Atlanta, GA
1994
66,122
97.7
%
Kroger
East Gate Shopping Center
Augusta, GA
1995
75,716
89.5
%
Publix
Fury's Ferry
Augusta, GA
1996
70,458
98.6
%
Publix
Parkway Centre
Columbus, GA
1999
53,088
97.4
%
Publix
Spring Hill Plaza
Nashville, TN
2005
61,570
100.0
%
Publix
Parkway Town Centre
Nashville, TN
2005
65,587
100.0
%
Publix
The Market at Salem Cove
Nashville, TN
2010
62,356
97.8
%
Publix
The Market at Victory Village
Nashville, TN
2007
71,300
98.5
%
Publix
The Overlook at Hamilton Place
Chattanooga, TN
1992
213,095
100.0
%
The Fresh Market
Shoppes of Parkland
Miami-Ft. Lauderdale, FL
2000
145,720
100.0
%
BJ's Wholesale Club
Barclay Crossing
Tampa, FL
1998
54,958
100.0
%
Publix
Deltona Landings
Orlando, FL
1999
59,966
100.0
%
Publix
University Palms
Orlando, FL
1993
99,172
100.0
%
Publix
Crossroads Market
Naples, FL
1993
126,895
98.1
%
Publix
Champions Village
Houston, TX
1973
383,346
75.0
%
Randalls
Kingwood Glen
Houston, TX
1998
103,397
100.0
%
Kroger
Independence Square
Dallas, TX
1977
140,218
84.3
%
Tom Thumb
Oak Park Village
San Antonio, TX
1970
64,855
100.0
%
H.E.B
Sweetgrass Corner
Charleston, SC
1999
89,124
100.0
%
Bi-Lo
Irmo Station
Columbia, SC
1980
99,384
95.3
%
Kroger
Anderson Central
Greenville Spartanburg, SC
1999
223,211
96.1
%
Walmart
Fairview Market
Greenville Spartanburg, SC
1998
53,888
73.5
%
Aldi
Rosewood Shopping Center
Columbia, SC
2002
36,887
90.2
%
Publix
West Town Market
Charlotte, NC
2004
67,883
100.0
%
Harris Teeter
Heritage Station
Raleigh, NC
2004
72,946
100.0
%
Harris Teeter
Maynard Crossing
Raleigh, NC
1996
122,781
98.6
%
Kroger
Southgate Village
Birmingham, AL
1988
75,092
100.0
%
Publix
Grand total/weighted average
4,055,714
94.1
%
(1) Gross leasable area, or GLA, represents the total amount of property square footage that can be leased to tenants.
As of March 31, 2018, our grocery-anchored shopping center portfolio was 94.1% leased. We define percent leased as the percentage of gross leasable area that is leased, including noncancelable lease agreements that have been signed which have not yet commenced.
Details regarding lease expirations (assuming no exercises of tenant renewal options) within our grocery-anchored shopping center portfolio as of March 31, 2018 were:
Total grocery-anchored shopping center portfolio
Number of leases
Leased GLA
Percent of leased
GLA
Month to month
13
25,158
0.7
%
2018
72
239,263
6.3
%
2019
97
561,832
14.7
%
2020
109
497,860
13.0
%
2021
94
440,527
11.5
%
2022
90
313,726
8.2
%
2023
44
203,115
5.3
%
2024
18
551,844
14.5
%
2025
19
298,146
7.8
%
2026
9
127,071
3.3
%
2027
16
112,101
2.9
%
2028+
22
446,360
11.8
%
Total
603
3,817,003
100.0
%
The Company's Quarterly Report on Form 10-Q for first quarter 2018 will present income statements of New Market Properties, LLC within the Results of Operations section of Management's Discussion and Analysis of Financial Condition and Results of Operations.
Second-generation capital expenditures within our grocery-anchored shopping center portfolio by property for the first quarter 2018 totaled $296,000. Second-generation capital expenditures exclude those expenditures made in our grocery-anchored shopping center portfolio (i) to lease space to "first generation" tenants (i.e. leasing capital for existing vacancies and known move-outs at the time of acquisition), (ii) to bring recently acquired properties up to our ownership standards, and (iii) for property re-developments and repositioning.
Office Building Portfolio
As of March 31, 2018, our office building portfolio consisted of the following properties:
Property Name
Location
GLA
Percent
leased
Three Ravinia
Atlanta, GA
814,000
98
%
Westridge at La Cantera
San Antonio, TX
258,000
100
%
Armour Yards
Atlanta, GA
187,000
97
%
Brookwood Center
Birmingham, AL
169,000
100
%
Galleria 75
Atlanta, GA
111,000
94
%
1,539,000
98
%
The Company's office building portfolio includes the following significant tenants:
Square footage
Percent of
Annual Base
Rent
Annual Base
Rent
InterContinental Hotels Group
496,391
34.1
%
$
11,210,020
State Farm Mutual Automobile Insurance Company
183,168
9.8
%
3,232,086
Harland Clarke Corporation
129,016
8.5
%
2,810,678
United Services Automobile Association
129,015
9.2
%
3,042,173
Southern Natural Gas Company, LLC
63,113
5.7
%
1,862,077
1,000,703
67.3
%
$
22,157,034
The Company defines Annual Base Rent as the current monthly base rent annualized under the respective leases.
The Company's leased square footage of its office building portfolio expires according to the following schedule:
Office building portfolio
Percent of
Year of lease
expiration
Rentable square
rented
feet
square feet
2018
5,626
0.4
%
2019
22,890
1.5
%
2020
110,596
7.4
%
2021
231,549
15.5
%
2022
41,532
2.8
%
2023
96,775
6.5
%
2024
24,120
1.6
%
2025
58,276
3.9
%
2026
—
—
%
2027
258,031
17.2
%
2028+
645,364
43.2
%
Total
1,494,759
100.0
%
The Company recognized second-generation capital expenditures within its office building portfolio of approximately $60,000 during the first quarter 2018. Second-generation capital expenditures exclude those expenditures made in our office building portfolio (i) to lease space to "first generation" tenants (i.e. leasing capital for existing vacancies and known move-outs at the time of acquisition), (ii) to bring recently acquired properties up to our Class A ownership standards (and which amounts were underwritten into the total investment at the time of acquisition) and (iii) for property re-developments and repositionings.
Definitions of Non-GAAP Measures
We disclose FFO, AFFO and NOI, each of which meet the definition of a "non-GAAP financial measure", as set forth in Item 10(e) of Regulation S-K promulgated by the SEC. As a result we are required to include in this filing a statement of why the Company believes that presentation of these measures provides useful information to investors. None of FFO, AFFO and NOI should be considered as an alternative to net income (determined in accordance with GAAP) as an indication of our performance, and we believe that to understand our performance further FFO, AFFO and NOI should be compared with our reported net income or net loss and considered in addition to cash flows in accordance with GAAP, as presented in our consolidated financial statements. FFO and AFFO are not considered measures of liquidity and are not alternatives to measures calculated under GAAP.
Funds From Operations Attributable to Common Stockholders and Unitholders ("FFO")
FFO is one of the most commonly utilized Non-GAAP measures currently in practice. In its 2002 "White Paper on Funds From Operations," which was most recently revised in 2012, the National Association of Real Estate Investment Trusts, or NAREIT, standardized the definition of how Net income/loss should be adjusted to arrive at FFO, in the interests of uniformity and comparability. We have adopted the NAREIT definition for computing FFO as a meaningful supplemental gauge of our operating results, and as is most often presented by other REIT industry participants.
The NAREIT definition of FFO (and the one reported by the Company) is:
Net income/loss:
excluding impairment charges on and gains/losses from sales of depreciable property; plus depreciation and amortization of real estate assets and deferred leasing costs; and after adjustments for the Company's proportionate share of unconsolidated partnerships and joint ventures.
Not all companies necessarily utilize the standardized NAREIT definition of FFO, so caution should be taken in comparing the Company's reported FFO results to those of other companies. The Company's FFO results are comparable to the FFO results of other companies that follow the NAREIT definition of FFO and report these figures on that basis. FFO is a non-GAAP measure that is reconciled to its most comparable GAAP measure, net income/loss available to common stockholders.
Adjusted Funds From Operations Attributable to Common Stockholders and Unitholders ("AFFO")
AFFO makes further adjustments to FFO results in order to arrive at a more refined measure of operating and financial performance. There is no industry standard definition of AFFO and practice is divergent across the industry. The Company calculates AFFO as:
FFO, plus:
non-cash equity compensation to directors and executives; amortization of loan closing costs; losses on debt extinguishments or refinancing costs; weather-related property operating losses; amortization of loan coordination fees paid to the Manager; depreciation and amortization of non-real estate assets; net loan fees received; accrued interest income received; deemed dividends on preferred stock redemptions; non-cash dividends on Series M Preferred Stock; and amortization of lease inducements;
Less:
non-cash loan interest income; cash paid for loan closing costs; amortization of acquired real estate intangible liabilities; amortization of straight line rent adjustments and deferred revenues; and normally-recurring capital expenditures and capitalized retail direct leasing costs.
AFFO figures reported by us may not be comparable to those AFFO figures reported by other companies. We utilize AFFO as another measure of the operating performance of our portfolio of real estate assets. We believe AFFO is useful to investors as a supplemental gauge of our operating performance and may be useful in comparing our operating performance with other real estate companies. AFFO is a non-GAAP measure that is reconciled to its most comparable GAAP measure, net income/loss available to common stockholders. FFO and AFFO are not considered measures of liquidity and are not alternatives to measures calculated under GAAP.
Multifamily Established Communities' Same Store Net Operating Income (NOI)
We use same store net operating income as an operational metric for our established communities, enabling comparisons of those properties' operating results between the current reporting period and the prior year comparative period. We define our population of established communities as those that are stabilized and that have been owned for at least 15 full months, as of the end of the first quarter of each year, and exclude the operating results of properties for which construction of adjacent phases has commenced, and properties which are undergoing significant capital projects, have sustained significant casualty losses, or are being marketed for sale as of the end of the reporting period. We define net operating income as rental and other property revenues, less total property and maintenance expenses, property management fees, real estate taxes, general and administrative expenses, and property insurance. We believe that net operating income is an important supplemental measure of operating performance for REITs because it provides measures of core operations, rather than factoring in depreciation and amortization, financing costs, acquisition costs, and other corporate expenses. Net operating income is a widely utilized measure of comparative operating performance in the REIT industry, but is not a substitute for the most comparable GAAP-compliant measure, net income/loss.
About Preferred Apartment Communities, Inc.
Preferred Apartment Communities, Inc. (NYSE: APTS), or the Company, is a Maryland corporation formed primarily to acquire and operate multifamily properties in select targeted markets throughout the United States. As part of our business strategy, we may enter into forward purchase contracts or purchase options for to-be-built multifamily communities and we may make real estate related loans, provide deposit arrangements or provide performance assurances, as may be necessary or appropriate, in connection with the development of multifamily communities and other properties. As a secondary strategy, we may acquire or originate senior mortgage loans, subordinate loans or real estate loans secured by interests in multifamily properties, membership or partnership interests in multifamily properties and other multifamily related assets and invest a lesser portion of our assets in other real estate related investments, including other income-producing property types, senior mortgage loans, subordinate loans or real estate loans secured by interests in other income-producing property types or membership or partnership interests in other income-producing property types as determined by Preferred Apartment Advisors, LLC, or our Manager, as appropriate for us. At March 31, 2018, the Company was the approximate 97.3% owner of Preferred Apartment Communities Operating Partnership, L.P., or the Operating Partnership. We elected to be taxed as a real estate investment trust under the Internal Revenue Code of 1986, as amended, commencing with our tax year ended December 31, 2011.
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SOURCE Preferred Apartment Communities, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/04/30/pr-newswire-preferred-apartment-communities-inc-reports-results-for-first-quarter-ended-2018.html |
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President Trump signs the tax overhaul plan in the Oval Office of the White House, Washington, D.C., U.S., Dec. 2017. Reuters Good morning. Executives at large U.S. companies reported the strongest earnings gains in more then seven years, fueled by the decline in the effective tax rate, report the WSJ’s Theo Francis and Richard Rubin.
More than half of the combined net-income growth reported by 200 large public companies for the first quarter stemmed from the drop in the tax rate to 21% from 35%, a Wall Street Journal analysis of quarterly financial data found.
At a third of the companies, tax expenses fell in dollar terms even as pretax income rose, boosted by strong revenue growth and the expanding economy. “It’s clearly not just the economy” driving corporate profits, said Joseph LaVorgna, chief economist for the Americas at Natixis , a corporate and investment bank. “Change in tax policy is part of it.”
Many companies are returning their tax savings to investors. The amount spent on share buybacks in the first quarter rose by more than 50% over the fourth quarter of 2017, and by two-thirds over the first quarter of 2017, according to S&P Dow Jones Indices. Companies have also set plans to invest in expansion and new technology, and some paid one-time bonuses to employees.
THE DAY AHEAD
U.S. releases jobs report. The U.S. Labor Department releases its monthly snapshot of the nation’s labor market Friday. Economists surveyed by The Wall Street Journal expect it to show employers created 195,000 jobs in April and that the unemployment rate fell to 4% for the first time since December 2000.
Alibaba Group Holding Ltd. , Berkshire Hathaway Inc. , Celgene Corp. and VF Corp. are among the companies slated to report earnings today.
CFO JOURNAL EXCLUSIVE
CFOs confident about U.S. fundamentals but fear protectionism. Finance chiefs at international companies are upbeat about the fundamentals of the U.S. economy but fear that rising protectionism could hinder investment, according to a report released Thursday.
Over 60% of chief financial officers surveyed by Zurich Insurance Group AG , Ernst & Young LLP and the Atlantic Council said they are confident or extremely confident about investing in the U.S., while 71% expect the business environment in the country to improve over the next three years.
However, nearly 70% of CFOs said they believe U.S. protectionism will rise in the coming three years, with nearly 50% indicating this would have a negative impact on investments. Nearly two-thirds expect the U.S. government to increase its scrutiny of cross-border mergers and acquisitions while two-thirds forecast more restrictive immigration policies.
U.S. dealmaking surges in first three months of 2018. An abundance of capital and a need to keep pace with an increasingly digital workplace are among the factors stoking a surge in merger and acquisition activity in the first three months of the year, according to PricewaterhouseCoopers LLP.
U.S. deal values for the first quarter of 2018 jumped nearly 13% to $531 billion up from the previous three-month period, reaching the highest amount since the final quarter of 2016, according to a report by the accounting firm released last week. The total number of deals also rose 6% to 3,670, reports CFO Journal’s Ezequiel Minaya.
BEAT could hurt Western Union — CFO. A new law aimed at keeping companies from sending their profits overseas to avoid taxes could be overtaxing some of Western Union Co.’s payments to foreign affiliates, the company’s finance chief said.
The base-erosion and anti-abuse tax provision, part of the recent tax overhaul signed in December and known as BEAT, “ends up taxing us twice,” on some of Western Union’s overseas payments, said Raj Agrawal, CFO of the money-transfer company.
While praising the new tax legislation for opening a path for the repatriation of profits, Mr. Agrawal said he hopes lawmakers will examine the BEAT provision. “Tax reform has been a good thing,” he told Mr. Minaya. “But we are hoping to get guidance from the Treasury department.”
CORPORATE NEWS
Nike CEO Mark Parker speaks during a launch event in New York, N.Y., U.S., in 2016. AP Nike CEO in apology to staff. Nike Inc. Chief Executive Mark Parker apologized to employees Thursday for allowing a corporate culture that excluded some staff and failed to take seriously complaints about workplace issues, according to people familiar with the matter.
Xerox CEO, board stay put. Two days after reaching a settlement agreement with a pair of activist investors to oust its chief executive and revamp its board, Xerox Corp. said they instead would stay in place after the deal expired without certain conditions being met.
Microsoft Windows gets a boost. A sharp increase in cyberattacks gave Microsoft Corp.’s ubiquitous Windows operating system the kind of lift it hasn’t seen in years, as fears of getting hacked prompted companies to upgrade their computers faster than they otherwise might have.
BMW posts lower revenue amid euro strength. BMW AG said Friday that its net profit rose 1.2% in the first quarter, as revenue dropped 5.1% mostly due to currency effects, reports the Financial Times.
HSBC to buy back more stock. HSBC Holdings PLC said it would buy back another $2 billion in shares but its stock tumbled nearly 3% in Hong Kong after reporting rising costs in the first quarter.
World’s largest money-market fund is trying a new tactic. The world’s largest money-market fund has too much cash to manage. Billionaire Jack Ma’s Ant Financial Services Group on Thursday said it would offer two additional money-market funds to customers who have been parking their spare cash in its hugely popular online fund, the latest attempt by the company to limit flows into the giant fund.
IAG bid for Norwegian fails. International Consolidated Airlines Group SA said Friday that it is considering its options after failing to reach an agreement over a potential takeover of Norwegian Air Shuttle ASA .
Société Générale profit rises. Société Générale SA said on Friday its first-quarter net profit rose significantly, beating expectations. France’s third-largest listed bank by assets reported a 14% increase in net profit, which was €850 million ($1.02 billion), reports MarketWatch.
REGULATION
Martin Winterkorn, former CEO of German car maker Volkswagen. AFP/Getty Images Ex-Volkswagen CEO indicted in emissions probe. Volkswagen AG’s former chief executive Martin Winterkorn faces U.S. charges for his alleged role in an emissions-cheating scandal that has cost the German auto giant billions of dollars in penalties and damaged its reputation, according to an indictment unsealed Thursday.
China approves Qualcomm-JV. China’s antitrust regulator has approved Qualcomm Inc.’s joint venture with a unit of China’s state-owned Datang Telecom Technology Co. to design smartphone chipsets, people familiar with the matter said, a win for the U.S. chip maker amid escalating U.S.-China trade friction.
CFPB to keep structure, for now. A court ruling upholding the single-director structure of the U.S. Consumer Financial Protection Bureau will endure for now, after the mortgage lender that brought the case decided not to appeal to the U.S. Supreme Court.
Former Jefferies trader’s conviction tossed out. A U.S. appeals court vacated the conviction of former Jefferies Group LLC trader Jesse Litvak, the latest turn in a case that has spanned more than five years and helped usher in changes to sales tactics on Wall Street.
U.S. cheese makers rename products to comply with EU rules. U.S. cheese makers are in a sticky situation. They can’t call many of their popular cheeses by their common names anymore when selling them in many markets outside the U.S., including the European Union.
ECONOMY
US Treasury Secretary Steven Mnuchin, center, waves to reporters in Beijing, May 3, 2018. AP U.S. wants $200 billion cut in China trade imbalance. The U.S. handed China a lengthy list of demands on trade, ranging from immediately cutting a trade imbalance by $100 billion a year to halting all Chinese government support for advanced technologies, according to a document sent to Beijing before talks this week.
U.S. trade deficit narrows in March. The U.S. trade gap narrowed sharply in March, partly reversing a widening in the deficit that followed hurricane-related disruptions late last summer.
U.S. worker productivity edges up. U.S. worker productivity grew at a familiar modest rate to start the year, flagging a potential headwind to hopes for stronger overall economic growth in 2018.
CFO MOVES
National Grid PLC, a U.K. electricity and gas utility company, named Andy Agg interim finance chief. Mr. Agg succeeds the company’s current Chief Financial Officer Andrew Bonfield who will leave the company on July 30, 2018, to take on a role at a U.S. public company. Mr. Bonfield has served in his role since Nov. 2010. Mr. Agg is currently group tax and treasury director at National Grid, and has been there for 10 years. The company will start the search for a new CFO, considering both internal and external candidates, it said in a release.
Capgemini SE, a French consulting and professional services firm, said it plans to appoint Carole Ferrand as chief financial officer, a role she will take on in June. Ms. Ferrand will replace Aiman Ezzat, who became chief operating officer alongside Thierry Delaporte in January 2018. Ms. Ferrand will relinquish her duties as a Capgemini board director and member of the audit and risk committee once she assumes her new role, the company said.
THE WEEKEND READER
Every weekend we select a handful of in-depth articles we think are worth a bit of your time, either because they peel back the layers on a compelling business story, or somehow make us look at business in a different light.
What went wrong when Newell Brands took over Jarden. The $15 billion acquisition united household names such as Elmer’s glue, Sharpie markers and Graco strollers with Rawlings baseball gloves, Crock-Pot cookers and Yankee Candles. The resulting consumer-products giant was supposed to have enough clout to squeeze rivals, dominate store shelves and move quickly into online sales. Instead, the marriage of Newell Brands Inc. and Jarden Corp. has become a case study of the ways a megadeal can go bad, writes the Wall Street Journal.
A gambler who cracked the horse-racing code. Bill Benter did the impossible: He wrote an algorithm that couldn’t lose at the racetrack. Close to a billion dollars later, he tells his story to Bloomberg Businessweek.
How to talk less in a meeting. People don’t want to attend meetings that are just an opportunity for one person to deliver a monologue. And with one person taking up the airspace in a meeting, team members no longer feels that they’re working together. Harvard Business Review explains how to run a meeting without talking too much.
The Morning Ledger from CFO Journal cues up the most important news in corporate finance every weekday morning. Send tips, suggestions and complaints to the editor: [email protected].
Share this: Previous U.S. Dealmaking Surges in First Three Months of 2018 Content from our sponsor Deloitte CFO insight and analysis written and compiled by Deloitte Fighting Fraud by Integrating Data-driven Analytics With Forensics Damaging fraud schemes continue to evolve at blazing speeds, aided by technological advances and the ambition of unscrupulous actors. By combining artificial intelligence, machine learning and statistical concepts of cognitive analytics with forensic investigation methods, organizations can help stem their losses due to fraud and better investigate attacks. Learn how taking an integrated, analytics-driven approach can help investigators more quickly identify the root cause of incidents, improve sensing capabilities and help prevent recurrence.
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/cfo/2018/05/04/the-morning-ledger-large-u-s-companies-report-best-earnings-for-years-after-corporate-tax-overhaul/ |
May 21, 2018 / 2:13 PM / Updated 31 minutes ago London's Chelsea Flower Show display pays tribute to Windrush Generation Reuters Staff 2 Min Read
LONDON (Reuters) - Britain’s most prestigious flower show, a celebration of the genteel world of gardening, opens this week with a tribute to the “Windrush” generation of Caribbean migrants whose recent treatment has provoked a political scandal. A display of Roses are seen at the RHS Chelsea Flower Show in London, Britain, May 21, 2018. REUTERS/Toby Melville
The floral tribute at the Chelsea Flower Show is designed to celebrate the 70th anniversary of the arrival of the HMT Empire Windrush ship, bringing the first in a wave of immigrants who were invited to Britain after World War Two to plug job shortages.
Although fully entitled to live and work in Britain, an unknown number of Windrush descendants have been wrongly identified as illegal immigrants and denied basic rights such as healthcare.
Some have been detained and up to 63 immigrants wrongly deported to the Caribbean in a scandal that engulfed the government and led to the resignation of the government’s Home Secretary, the interior minister.
The exhibit at the Royal Horticultural Society’s annual Chelsea Flower Show depicts the moment that the HMT Empire Windrush arrived in Essex, southeast England, in 1948. It features a model of the ship and its passengers and includes flowers and plants from both sides of the Atlantic.
It was designed by the former television presenter and now life peer Baroness Floella Benjamin, who arrived in Britain from Trinidad and Tobago in 1960 aged 11 and worked on the project with the Windrush Foundation and the Birmingham City Council gardening team.
Prime Minister Theresa May was one of the guests to the show in the grounds of London’s Royal Hospital Chelsea on Monday ahead of its official opening on Tuesday with Queen Elizabeth also expected to attend. Reporting by Ana de Liz; Editing by Hugh Lawson | ashraq/financial-news-articles | https://uk.reuters.com/article/us-britain-flower-chelsea/londons-chelsea-flower-show-display-pays-tribute-to-windrush-generation-idUKKCN1IM1FY |
Over the last two weeks, every household in Sweden received a booklet of instructions on how to prepare for war. Issued by the government and including instructions for every Swedish resident to resist an invader by all means necessary, it was a dramatic sign of just how quickly the recently unthinkable has become something Europe’s Nordic governments in particular feel they must address.
Swedish Civil Contingencies Agency presents the new brochure "If Crisis or War Comes" during a press conference in Stockholm, Sweden May 21, 2018. TT News Agency/Pontus Lundahl/via REUTERS “For many years, the preparations made in Sweden for the threat of war and war have been very limited,” says the Swedish brochure. “However, as the world around us has changed, the Government has decided to strengthen Sweden’s total defense… The level of preparedness for peacetime emergencies is an important basis of our resilience in the event of war.”
For most of the continent, Russian President Vladimir Putin’s annexation of Crimea and war in Ukraine four years ago was seen as a wake-up call, but not a potentially existential threat. Countries like Germany, Britain and France have reconsidered their defense postures, often also lightly increasing military spending . By and large, however, even within their security establishments, few see a genuine imminent risk of overwhelming Russian conventional military attack on their homelands. Moscow’s military might be at its most active since the Cold War, but its tanks and troops remain a comfortingly long way away.
Deadline Iran Reuters columnists discuss the U.S. withdrawal from the Iran nuclear deal That clearly isn’t the case in the Nordics, much closer geographically to Russia. Norway has appointed a senior special forces officer to lead its Home Guard, a territorial defense force separate from the mainstream military and specifically intended to fight any invader. Finland has reorganized its military , forming its troops into larger companies to allow them to better handle the large number of casualties expected in any attack. Both countries have long had conscription for able-bodied young men – and now theoretically neutral Sweden is also reintroducing National Service for both men and women.
It’s a dramatic change from only a handful of years ago, when Nordic militaries were much more focused on humanitarian and counterterrorism interventions overseas, including UN peacekeeping.
Neither Norway, Sweden nor Finland could hold a Russian invasion at the border. To varying degrees, their strategy presumably would be to cede much of the country to invaders – then fight back with hit and run attacks, and gradually bleed them to death.
It is not that any of those countries think war is truly imminent – although one of Norway’s most popular recent TV shows, Occupied , revolves around a Russian invasion, a clear sign of how perceived risks have changed. Rather than launching an overwhelming military strike, most European security analysts expect Moscow to continue its current more asymmetric tactics, supporting extremist political parties, conducting periodic cyber attacks and other forms of disruption.
Sweden's Air Force Saab JAS 39 Gripen fighter is seen during the AFX 18 exercise in Amari military air base, Estonia May 25, 2018. REUTERS/Ints Kalnins For NATO, a much greater focus is on defending the Baltic states of Estonia, Latvia and Lithuania, once part of the Soviet Union and seen as much more likely targets of Russian aggression, not least because of their geographic proximity and significant Russian-speaking populations. German, Canadian and British-led battle groups are now based in those countries, joined this month by a hefty U.S . and wider European military presence as part of major military exercises.
The Nordic states, too, hope they would not be facing any assault alone. Norway is a long-standing member of NATO, and while Sweden and Finland are not they are now discussing membership and have dramatically increased military and other ties to the alliance. All three nations are also members of the Joint Expeditionary Force, a UK-led group of Nordic, Baltic and northern European nations that could operate militarily separate to the NATO alliance.
What their preparations at home point to, however, is the largely unspoken nervousness amongst the Nordic and Baltic nations that those arrangements might not prove reliable. Such worries inevitably intensified with the election of U.S. President Donald Trump, as well as the rise of far-right parties in Germany, France and elsewhere. The Nordics’ real fear is that sometime in the not-too-distant future – perhaps in the next decade – the European and transatlantic structures they have long relied on could collapse.
“The purpose of a military is simply national survival,” one senior Nordic officer told me last year, making it clear that while it relied on allies, it would fight for itself alone if it had to.
Russia clearly isn’t the only danger to be worried about – the Swedish leaflet also explicitly refers to terror attacks as a danger, and refers throughout to the risks of unspecified “crisis” as well as war. But it’s apparent from the document what worries the Swedish authorities most – an overwhelming attack, coupled with a powerful foreign misinformation campaign that tells the populace the war is over and lost before it even starts.
The Swedish leaflet states explicitly that any messages of surrender after any invasion should be ignored. “If Sweden is attacked by another country, we will never give up,” says the brochure. “All information to the effect that resistance is to cease is false.” For all the criticism of the leaflet and accusations of scaremongering, that is clearly a message the Swedish authorities want to get through. The leaflet has been translated into Arabic, Somali, and a host of other languages to reach recently arrived migrants, and those communities will also find their young men and women conscripted into the armed forces.
While much of the leaflet’s tone is reassuringly bland, the underlying message is unmistakable. In the event of attack, everyone in the country is expected to do exactly as they are told – whether that’s helping provide medical and other support, or fighting and dying.
It’s an unexpected throwback to the dark days of the 1940s, when Finnish and Norwegian resistance fighters battled Soviet and Nazi occupations and neutral Sweden feared both. But it’s also an alarming reminder that in this most liberal, progressive and peaceful corner of Europe, those in charge now fear an era of gloom could return.
About the Author Peter Apps is Reuters global affairs columnist, writing on international affairs, globalization, conflict and other issues. He is founder and executive director of the Project for Study of the 21st Century; PS21, a non-national, non-partisan, non-ideological think tank. Before that, he spent 12 years as a reporter for Reuters covering defense, political risk and emerging markets. Since 2016, he has been a member of the British Army Reserve and the UK Labour Party. @pete_apps
The views expressed in this article are not those of Reuters News.
| ashraq/financial-news-articles | https://www.reuters.com/article/us-apps-sweden-commentary/commentary-why-neutral-peaceful-sweden-is-preparing-for-war-idUSKCN1IV27N |
May 2, 2018 / 8:26 PM / Updated 23 minutes ago Tesla posts quarterly loss, Model 3 production on track Tesla Inc ( TSLA.O ) on Wednesday posted its worst ever quarterly loss and said its Model 3 production target remains on track, expecting about 5,000 per week in about two months. A Tesla Model 3 car is displayed during a media preview at the Auto China 2018 motor show in Beijing, China April 25, 2018. REUTERS/Jason Lee
Tesla said it produced 2,270 Model 3s per week in the last week of April, up from 2,250 in the second week of the month. ( bit.ly/2jn15SB )
In order to achieve this production rate, Tesla plans to take additional days of downtime during the second quarter.
Tesla reported a loss of $709.6 million, or $4.19 per share, for the first quarter ended March 31, compared with a loss of $330.3 million, or $2.04 per share, a year earlier.
Excluding items, Tesla had a loss of $3.35 per share. Analysts had expected a loss of $3.58 per share, according to Thomson Reuters I/B/E/S.
The company said it ended the quarter with $3.2 billion in cash after spending $655.7 million in quarterly capital expenses.
Shares of the Palo Alto, California-based company were up nearly 1 percent at $303 in extended trading.
The lack of Model 3 revenue has exacerbated Tesla’s cash burn as the company continues to spend on its assembly-line and prepares for new investments on multiple projects in the pipeline, such as the Model Y and its Gigafactory in Nevada.
Moody’s, which downgraded Tesla last month, has estimated that Tesla will burn about $2 billion in cash this year. Reporting By Alexandria Sage and Sonam Rai; Editing by Bernard Orr | ashraq/financial-news-articles | https://uk.reuters.com/article/us-tesla-results/tesla-model-3-production-target-on-track-idUKKBN1I32UC |
A while back, there was a hit movie entitled “Lost in Translation.” It was set in Japan.
It probably should have been set on the Korean Peninsula.
That became clear Thursday when President Donald Trumpabruptly canceled the highly anticipated summit meeting he had agreed to hold with North Korean leader Kim Jong Un. It’s unclear whether this... | ashraq/financial-news-articles | https://www.wsj.com/articles/the-trump-kim-summit-lost-in-translation-1527180857 |
Facebook has been hammered by investors, politicians and consumer groups over its handling of user data in the seven weeks since the Cambridge Analytica scandal surfaced.
In response, the company has placed greater restrictions on partners, taking away their ability to access information on where photos were tagged as well as the names and biographies of people who comment on Instagram posts.
But rather than scaring away apps and advertisers, Facebook's changes have been embraced by many third parties on the platform. That was the sentiment at Facebook's annual F8 developer conference in Silicon Valley this week.
"It will hurt people who try to cut corners," said Noah Curran, the CEO of Monkedia, an online advertising firm that works with companies promoting their brands on social media. "It makes Facebook a better place and when Facebook is a better place it means people care more about the content brands place on the platform."
CNBC spoke with a handful of Facebook partners at the conference. Their reactions underscore the company's first-quarter financial results , which zoomed past analysts' estimates last week. Altogether, they bolster Facebook's case for sustained growth and show a continuing appetite from advertisers even after the hysteria around Cambridge Analytica's misuse of data from tens of millions of users.
show chapters A top tech guru weighs in on the fate of Facebook after its earnings report 6:12 PM ET Wed, 25 April 2018 | 02:03 A week before F8, Facebook announced a number of changes that led developers to make the decision to stay home from the event, the New York Times reported. The company said developers will no longer have programmatic access to certain user data. It also disabled certain things users could do through third-party apps, such as RSVPs to events on Facebook and publishing posts to the site.
Also in the past few weeks, Facebook said it will require new levels of verification for certain business partners. Companies will need to get authorized to place political ads on the social network, and depending on which services developers want to use, they might now have to get their businesses verified.
Monkedia's Curran said it was no problem getting verified to run political ads, and he commended Facebook for making such ads more transparent.
Similarly, Bence Abraham, head of customer success at Recart, which provides marketing services for e-commerce businesses through Facebook Messenger, said he welcomes any steps that give users a sense of trust. And Mike Riedijk, CEO of PageFreezer, which archives data from Instagram and other services, said his business experienced a brief impact from the data access changes, but no long-term issues.
Investor optimism Facebook CEO Mark Zuckerberg is just a few weeks into his renewed effort to prove that Facebook can responsibly handle data of billions of users, after multiple embarrassing gaffes stemming from the 2016 election campaign. Along with conducting a thorough investigation and implementing new data protection services, the company plans to add 5,000 jobs before the end of the year in security and community operations.
Facebook's stock price has stabilized after plummeting more than 15 percent following the Cambridge Analytica revelations. James Cordwell, an analyst at Atlantic Equities, was bullish after the company's recent earnings report.
"The Q1 results provide some reassurance regarding the potential impact of the recent Cambridge Analytica-related crisis, given no discernible impact on user engagement or revenue trends," Cordwell wrote. "Management also commented that it had not seen any major advertiser pull spending from the platform, suggesting there is also unlikely to be a major impact in Q2."
Early responses from developers and advertisers at F8 suggest there's reason for optimism.
WATCH: 4 things that saved FB from Cambridge Analytica show chapters 4 things that saved Facebook from Cambridge Analytica 7:25 PM ET Wed, 2 May 2018 | 01:12 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/03/facebook-partners-at-f8-say-it-will-be-a-better-place-after-changes.html |
LONDON (Reuters) - Academic Jonathan Haskel was named as a new Bank of England interest-rate setter on Thursday, bringing his expertise in productivity to the central bank as it tries to work out the underlying growth potential of Britain’s economy.
Professor Jonathan Haskel, who has just been appointed to the Monetary Policy Committee of the Bank of England, is seen in this undated portrait released by HM Treasury in London, Britain, May 31, 2018. Jason Alden/UK Treasury/Handout via REUTERS The professor of economics at Imperial College Business School in London will replace Ian McCafferty, one of two BoE policymakers to have voted to raise rates recently.
Haskel would serve a three-year term as an external member of the nine-strong Monetary Policy Committee starting from Sept. 1, the British finance ministry said.
He is an expert on productivity growth, something that has been a weak spot for Britain’s economy.
“I am confident that his expertise in productivity and innovation will further sharpen the Committee’s understanding of the British economy,” finance minister Philip Hammond said.
The BoE believes Britain’s productivity growth will remain weak in the coming years, explaining its signals that borrowing costs will probably go up gradually even as the economy struggles to gain much speed ahead of Brexit.
Martin Beck, an economist with consultancy Oxford Economics, said he thought Haskel would probably have a downbeat view of how quickly Britain’s economy will grow.
He pointed to a comment by Haskel to the Financial Times as part of a survey of economists published in January in which he said wages in Britain would probably stay low because of the reduced bargaining power of workers.
Haskel’s academic work has highlighted the growing use of intangibles, such as a design and branding, that cannot be measured accurately in the production process and which could help the economy to expand more quickly than widely thought.
“Everything being equal, this would suggest that labor productivity is stronger than official estimates suggest and like Ian McCafferty, (Haskel) will vote for a rate rise when he joins the MPC,” David Owen, an economist at brokerage Jefferies, said.
Bank of England Governor Mark Carney welcomed Haskel’s appointment and said “the depth of his knowledge on productivity and innovation will be hugely valuable”.
Since February 2016, Haskel has been a non-executive director of the UK Statistics Authority. He sat on a panel for Britain’s competition watchdog between 2001 and 2010.
The Treasury said it had interviewed five candidates for the position, four of them women. The MPC has only one female member despite efforts by BoE Governor Mark Carney to promote more women to senior roles.
Earlier this month, Deputy Governor Ben Broadbent’s comment that Britain’s economy was going through a “menopausal” phase revived concerns about gender diversity at the bank. He later apologized for his poor choice of language.
“It is truly staggering that the Treasury has failed to appoint a women to this role,” said Rachel Reeves, a lawmaker from the opposition Labour Party who chairs parliament’s Business Committee.
“The fact that four women were shortlisted shows that there are plenty of capable and well qualified women but yet again the top jobs seem to be reserved for men.”
Writing by William Schomberg; Editing by Alistair Smout and Catherine Evans
| ashraq/financial-news-articles | https://www.reuters.com/article/us-britain-boe-mpc/uk-names-academic-haskel-as-new-bank-of-england-rate-setter-idUSKCN1IW136 |
April 30 (Reuters) - Nagacorp Ltd:
* PROPOSES TO CONDUCT AN INTERNATIONAL OFFERING OF NOTES TO INSTITUTIONAL INVESTORS IN ASIA, EUROPE AND UNITED STATES Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-nagacorp-to-conduct-international/brief-nagacorp-to-conduct-international-offering-of-notes-to-investors-in-asia-europe-u-s-idUSFWN1S606N |
May 17 (Reuters) -
For other diaries, please see:
Top Economic Events
Emerging Markets Economic Events
Government Debt Auctions
Political and General News
U.S. Federal Reserve
Today in Washington - This Diary is filed daily. ** Indicates new events. -
THURSDAY, MAY 17 JAKARTA – Indonesia Central Bank holds Board of Governors Meeting (Final Day). SOFIA - EU-Western Balkans summit in Sofia, Bulgaria.
CROATIA - Croatia’s central bank governor Boris Vujcic and Finance Minister Zdravko Maric will talk about monetary policy and fiscal policy plans, respectively (to May 18).
MEXICO CITY - Central Bank of Mexico publishes monetary policy statement. CAIRO - Central Bank of Egypt holds monetary policy committee meeting.
WEDNESDAY, May 18 SYDNEY - Reserve Bank of Australia Payments System Board Meeting.
MONDAY, MAY 21 ATLANTA - Federal Reserve Bank of Atlanta President Raphael Bostic speaks on “Welfare Economics: Trade and a Review of Principles” before the Atlanta Economics Club - 1615 GMT.
PRAGUE - European Central Bank Governing Council member Ewald Novotny attends the Czech National Bank’s Research Open Day at the CNB headquarters, delivering the keynote speech and taking part in a short discussion - 0630 GMT. ABUJA - Central Bank of Nigeria holds monetary policy meeting (to May 22).
TUESDAY, MAY 22 LAGOS, Nigeria - Nigeria’s central bank monetary policy committee to meet for the second time this year to set benchmark interest rate. Economists expect the committee to move closer to easing rates as inflation declines - 1400 GMT. BUENOS AIRES - Argentina central bank releases monetary policy statement. BUCHAREST - OMFIF Economists Meeting with the National Bank of Romania.
CAPE TOWN - South Africa Reserve Bank starts its three day monetary policy committee meeting (to May 24). BUENOS AIRES - Central Bank of Argentina releases monetary policy statement. BUDAPEST - Hungarian Central Bank holds its rate-setting meeting - 1200 GMT.
WEDNESDAY, MAY 23 SYDNEY - Reserve Bank of Australia Governor Philip Lowe will give a speech at the Australia-China Relations Institute, Sydney – 0800 GMT.
THURSDAY, MAY 24 AMSTERDAM - Reserve Bank of Australia Assistant Governor (Financial System) Michele Bullock will give a speech at the De Nederlandsche Bank Housing Market seminar. SEOUL - Bank of Korea holds a monetary policy meeting to announce interest rates.
KIEV - National Bank of Ukraine holds monetary policy meeting. KIEV - The Governor of the National Bank of Ukraine Yakiv Smoliy holds a press conference – 1100 GMT.
MONDAY, MAY 28 JERUSALEM - Bank of Israel announces interest rate decision.
TUESDAY, MAY 29 WARSAW - National Bank of Poland holds Monetary Policy Council Meeting (No interest rate announcement).
WEDNESDAY, MAY 30 ** YEREVAN - Armenian central bank to publish inflation report. SANTO DOMINGO - Central Bank of the Dominican Republic publishes the monetary policy report.
THURSDAY, MAY 31 SUVA - Reserve Bank of Fiji holds board meeting to announce interest rates. MEXICO CITY - Mexico Central Bank issues the minutes of its monetary policy meeting.
MONDAY, JUNE 4 ASTANA - National Bank of Kazakhstan releases monetary policy statements – 1100 GMT.
TUESDAY, JUNE 5 KOKOPO, Papua New Guinea – APEC Second Senior Finance Officials’ Meeting (to June 8). CHISINAU - National Bank of Moldova announces interest rate decision.
WARSAW - National Bank of Poland holds Monetary Policy Council Meeting (to June 6).
SYDNEY - Reserve Bank of Australia (RBA) holds interest rate meeting – 0430 GMT.
WEDNESDAY, JUNE 6 BUDAPEST - Hungarian Central Bank to publish the minutes of its May 2018 rate-setting meeting – 1200 GMT. MUMBAI - Reserve Bank of India holds Monetary Policy Committee Meeting.
THURSDAY, JUNE 7 ANKARA - Central Bank of the Republic of Turkey holds monetary policy meeting.
LIMA - Central Bnk of Peru announces interest rate decision.
BELGRADE - National Bank of Serbia interest rate decision. TUESDAY, JUNE 12
BUENOS AIRES - Central Bank of Argentina releases monetary policy statement. SANTIAGO - Central Bank of Chile holds monetary policy meeting (to June 13).
WEDNESDAY, JUNE 13 ZAGREB - Croatia National Bank holds monetary policy meeting.
TBILISI - National Bank of Georgia holds monetary policy meeting.
WINDHOEK - Central Bank of Namibia holds monetary policy meeting.
THURSDAY, JUNE 14 ANKARA - Central Bank of the Republic of Turkey releases minutes of its June monetary policy committee meeting.
KAMPALA - Bank of Uganda announces interest rate decision
FRIDAY, JUNE 15 MOSCOW - Central Bank of Russia announces interest rate decision – 1030 GMT.
TUESDAY, JUNE 19 GABORONE - Bank of Botswana Monetary Policy Committee Meeting.
SYDNEY - Reserve Bank of Australia (RBA) will release the minutes of June monetary policy meeting – 0130 GMT.
WARSAW - National Bank of Poland holds Monetary Policy Council Meeting (no interest rate announcement).
BRASILIA - Central Bank of Brazil holds Monetary Policy Committee Meeting (to June 20).
BUDAPEST - Hungarian Central Bank holds its rate-setting meeting – 1200 GMT. RABAT - Bank of Morocco holds monetary policy meeting.
WEDNESDAY, JUNE 20 BANGKOK - Bank of Thailand monetary policy committee meeting
THURSDAY, JUNE 21 MEXICO CITY - Central Bank of Mexico publishes monetary policy statement.
WARSAW - National Bank of Poland release the minutes of its monitory policy meeting.
MANILA - Philippines Central Bank holds Monetary Policy Meeting.
FRIDAY, JUNE 22 ULAANBAATAR - Central Bank of Mongolia holds Monetary Policy Committee Meeting.
TUESDAY, JUNE 26 BUENOS AIRES - Central Bank of Argentina releases monetary policy statement.
WEDNESDAY, JUNE 27 LILONGWE - Reserve Bank of Malawi monetary policy committee meeting (to June 28).
KINGSTON - Bank of Jamaica holds interest rate announcement and monetary policy report.
BEIRUT - Lebanese central bank governor Riad Salameh and other government officials and business leaders from the country and the region participate in the annual Euromoney Lebanon Conference 2018. PRAGUE - Czech National Bank holds monetary policy meeting. Statement and presentation will be published – 1100 GMT. JAKARTA - Indonesia Central Bank holds Board of Governors Meeting. (to June 28).
THURSDAY, JUNE 28 CAIRO - Central Bank of Egypt holds monetary policy committee meeting. JAKARTA - Indonesia Central Bank holds board of governors meeting.
SUVA - Reserve Bank of Fiji holds board meets to announce interest rates.
FRIDAY, JUNE 29 COLOMBO – Central bank of Sri Lanka announces monetary policy report. SANTO DOMINGO - Central Bank of the Dominican Republic publishes the monetary policy report. | ashraq/financial-news-articles | https://www.reuters.com/article/diary-emrg-econ/diary-emerging-markets-economic-events-to-june-29-idUSL3N1SN54C |
Hotels are trying to crack one of the trickiest riddles in the business: How do you keep a tween happy?
Children in that awkward age between 8 and 12 can be a headache for hotels. They flee at the sight of 5-year-olds coloring. Yet they may be too young to wander around a resort alone or to take part in the growing number of teen-oriented activities at hotels like dance parties. And their presence is likely to chase the teens away anyway. Now, hotels are coming up with new ways that they hope will engage tweens—and keep their... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/tweens-the-hardest-hotel-customers-to-please-1526996303 |
ANN ARBOR, Mich., May 09, 2018 (GLOBE NEWSWIRE) -- Arotech Corporation (Nasdaq:ARTX) today announced quarter ended March 31, 2018.
First Quarter 2018 Financial Summary:
U.S. $ in thousands, except per share data Three months ended March 31, Three months ended
December 31, 2017 2018 2017 GAAP Measures Revenue $ 27,249 $ 22,347 $ 28,996 Net income (loss) $ 596 $ (768 ) $ 4,409 Diluted net income (loss) per share $ 0.02 $ (0.03 ) $ 0.17 Non-GAAP Measures (reconciliation to GAAP measures appears in the tables below) Adjusted EBITDA $ 2,161 $ 998 $ 3,230 Adjusted EPS $ 0.05 $ 0.01 $ 0.08 First Quarter 2018 Business Highlights :
Training and Simulation Division
Continued its fourth quarter momentum with higher first quarter revenues. In addition, it procured two new weapon simulation software awards worth $3.7 million.
Power Systems Division
Our Israeli operation secured an international award for innovative battery chargers worth approximately $3.0 million for the project’s initial phase. The U.S. operation received supplemental funding of $1.9 million to continue production of Communication Emitter Sensing and Attack Systems (CESAS) for the United States Marine Corps. It also passed an AS9100D audit and achieved a Capability Maturity Model Integration (CMMI) level three appraisal for its product development processes.
“Our first quarter results were much more robust than a year ago and reflect the continuation of the solid sales performance we reported in the second half of last year,” commented CEO Dean Krutty. “Our Training and Simulation Division is benefitting from strong commercial sales and consistent program execution for our MILO use of force products and our driving simulators and public safety products. At the same time, our steadily performing weapon simulation group is adding consistent system and software engineering based revenues that provide a growing foundation for this division.
“Our Power Systems Division has been investing in new product developments and new sales channels that we believe will further diversify and grow our battery product portfolio. Recent awards validate our efforts to generate sales for these products beyond our base in Israel,” concluded Mr. Krutty.
First Quarter Financial Summary
Revenues for the first quarter of 2018 were $27.2 million, compared to $22.3 million for the corresponding period in 2017, an increase of 21.9%. The year-over-year increase was due to higher revenues in both our divisions.
Gross profit for the first quarter of 2018 was $7.7 million, or 28.3% of revenues, compared to $6.5 million, or 29.0% of revenues, for the corresponding period in 2017.
Operating expenses were $6.7 million, or 24.4% of revenues, in the first quarter of 2018, compared to operating expenses of $6.7 million, or 30.0% of revenues, for the corresponding period in 2017. Operating income for the first quarter was $1.1 million compared to an operating loss of $(227,000) for the corresponding period in 2017.
The Company’s net income from operations for the first quarter of 2018 was $596,000, or $0.02 per basic and diluted share, compared to a net loss of $(768,000), or $(0.03) per basic and diluted share, for the corresponding period in 2017.
Adjusted Earnings per Share (Adjusted EPS) for the first quarter of 2018 was $0.05, compared to $0.01 for the corresponding period in 2017.
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (Adjusted EBITDA) for the first quarter of 2018 was $2.2 million, compared to $1.0 million for the corresponding period of 2017.
The Company believes that information concerning Adjusted EBITDA and Adjusted EPS enhances overall understanding of the Company’s current financial performance. The Company computes Adjusted EBITDA and Adjusted EPS, which are non-GAAP financial measures, as reflected in the tables below.
Balance Sheet Metrics
As of March 31, 2018, the Company had $8.2 million in cash and cash equivalents, as compared to December 31, 2017, when the Company had $5.5 million in cash and cash equivalents.
As of March 31, 2018, the Company had total debt of $16.5 million, consisting of $6.2 million in short-term bank debt under the Company’s credit facility and $10.3 million in long-term loans. This is in comparison to December 31, 2017, when the Company had total debt of $15.9 million, consisting of $5.1 million in short-term bank debt under its credit facility and $10.8 million in long-term loans.
The Company also had $7.6 million in available, unused bank lines of credit with its primary bank as of March 31, 2018, under a $15.0 million revolving credit facility.
The Company maintained its current ratio (current assets/current liabilities) of 2.0 for the comparative periods.
As of December 31, 2017, the Company had net operating loss carryforwards for U.S. federal income tax purposes of $40.7 million, which are available to offset future taxable income, if any, expiring in 2021 through 2032. Utilization of U.S. net operating losses is subject to annual limitations due to provisions of the Internal Revenue Code of 1986 and similar state provisions. The annual limitation may result in the expiration of net operating losses before utilization.
Arotech had a backlog as of March 31, 2018 of $54.0 million. This compares to a backlog of $52.2 for the same period last year and a backlog of $61.1 as of December 31, 2017.
2018 Guidance
The Company’s 2018 guidance range continues to be: Total revenue of $100 million to $105 million; Adjusted EBITDA of $7.0 million to $8.0 million; and Adjusted EPS of $0.15 to $0.18. The financial guidance provided is as of today and the Company undertakes no obligation to update its estimates in the future.
Conference Call
The Company tomorrow, Thursday, May 10, 2018 at 9:00 a.m. Eastern time, to review its financial results and business outlook.
To participate, please call one of the following telephone numbers. Please dial in at least 10 minutes before the start of the call:
US: 1-877-407-9205 International: +1-201-689-8054
The conference call will also be broadcast live as a listen-only webcast on the investor relations section of Arotech’s website at http://www.arotech.com/ .
The online playback of the conference call will be archived on Arotech’s website for at least 90 days and a telephonic playback of the conference call will also be available by calling 1-877-481-4010 within the U.S. and +1-919-882-2331 internationally. The telephonic playback will be available beginning at 12:00 p.m. Eastern time on Thursday, May 10, 2018, and continue through 9:00 a.m. Eastern time on Thursday, May 17, 2018. The replay passcode is 28485.
About Arotech Corporation
Arotech Corporation is a defense and security company engaged in two business areas: interactive simulation and mobile power systems.
Arotech is incorporated in Delaware, with corporate offices in Ann Arbor, Michigan, and research, development and production subsidiaries in Michigan, South Carolina, and Israel. For more information on Arotech, please visit Arotech’s website at www.arotech.com .
Investor Relations Contact:
Scott Schmidt
Arotech Corporation
1-800-281-0356
[email protected]
Except for the historical information herein, the matters discussed in this news release include , as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect management’s current knowledge, assumptions, judgment and expectations regarding future performance or events. Although management believes that the expectations reflected in such statements are reasonable, readers are cautioned not to place undue reliance on these , as they are subject to various risks and uncertainties that may cause actual results to vary materially. These risks and uncertainties include, but are not limited to, risks relating to: product and technology development; the uncertainty of the market for Arotech’s products; changing economic conditions; delay, cancellation or non-renewal, in whole or in part, of contracts or of purchase orders (including as a result of budgetary cuts resulting from automatic sequestration under the Budget Control Act of 2011); and other risk factors detailed in Arotech’s most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2017, and other filings with the Securities and Exchange Commission. Arotech assumes no obligation to update the information in this release. Reference to the Company’s website above does not constitute incorporation of any of the information thereon into this press release.
CONDENSED CONSOLIDATED BALANCE SHEET SUMMARY (UNAUDITED)
(U.S. Dollars)
March 31,
2018 December 31,
2017 ASSETS CURRENT ASSETS: $ 8,220,279 $ 5,488,754 Trade receivables 14,329,092 19,258,960 Unbilled receivables 18,608,467 16,094,515 Other accounts receivable and prepaid 1,797,475 2,342,220 Inventories 8,972,001 8,654,878 TOTAL CURRENT ASSETS 51,927,314 51,839,327 LONG TERM ASSETS: Property and equipment, net 9,124,343 9,276,088 Other long term assets 3,926,052 3,939,120 Intangible assets, net 4,690,694 5,205,605 Goodwill 46,138,036 46,138,036 TOTAL LONG TERM ASSETS 63,879,125 64,558,849 TOTAL ASSETS $ 115,806,439 $ 116,398,176 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES: Trade payables $ 5,270,494 $ 5,560,196 Other accounts payable and accrued expenses 5,156,714 6,640,154 Current portion of long term debt 2,244,816 2,248,043 Short term bank credit 6,223,506 5,092,088 Deferred revenues 6,500,046 6,778,313 TOTAL CURRENT LIABILITIES 25,395,576 26,318,794 LONG TERM LIABILITIES: Accrued Israeli statutory/contractual severance pay 4,744,908 4,709,807 Long term portion of debt 8,010,160 8,570,524 Other long-term liabilities 5,936,908 5,705,833 TOTAL LONG-TERM LIABILITIES 18,691,976 18,986,164 TOTAL LIABILITIES 44,087,552 45,304,958 STOCKHOLDERS’ EQUITY: TOTAL STOCKHOLDERS’ EQUITY (NET) 71,718,887 71,093,218 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 115,806,439 $ 116,398,176 CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
(U.S. Dollars, except share data)
Three months ended March 31, 2018 2017 Revenues $ 27,248,509 $ 22,347,445 Cost of revenues 19,537,081 15,867,498 Research and development expenses 1,036,702 995,434 Selling and marketing expenses 1,878,073 1,995,967 General and administrative expenses 3,225,934 3,017,218 Amortization of intangible assets 514,911 697,993 Total operating costs and expenses 26,192,701 22,574,110 Operating income (loss) 1,055,808 (226,665 ) Other income 3 12,154 Financial expenses, net (213,108 ) (333,857 ) Total other expense (213,105 ) (321,703 ) Income (loss) before income tax expense 842,703 (548,368 ) Income tax expense 247,114 219,940 Net income (loss) 595,589 (768,308 ) Other comprehensive income (loss), net income tax: Foreign currency translation adjustment (24,260 ) 915,032 Comprehensive income $ 571,329 $ 146,724 Basic net income (loss) per share $ 0.02 $ (0.03 ) Diluted net income (loss) per share $ 0.02 $ (0.03 ) Weighted average number of shares used in computing basic net income/loss per share 26,447,090 26,169,228 Weighted average number of shares used in computing diluted net income/loss per share 26,447,090 26,169,228 Reconciliation of Non-GAAP Financial Measure – Continuing Operations
To supplement Arotech’s consolidated financial statements presented in accordance with U.S. GAAP, Arotech uses a non-GAAP measure, Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA). This non-GAAP measure is provided to enhance overall understanding of Arotech’s current financial performance. Reconciliation of the nearest GAAP measure to adjusted EBITDA follows:
Three months ended March 31, 2018 2017 Net income (loss) (GAAP measure) $ 595,589 $ (768,308 ) Add back: Financial expense – including interest 213,105 321,703 Income tax expense 247,114 219,940 Depreciation and amortization expense 996,402 1,117,462 Other adjustments * 108,495 106,833 Total adjusted EBITDA $ 2,160,705 $ 997,630
* Includes stock compensation expense, one-time transaction expenses and other non-cash expenses.
Calculation of Adjusted Earnings Per Share
(U.S. $ in thousands, except per share data)
Three months ended March 31, 2018 2017 Revenue (GAAP measure) $ 27,249 $ 22,347 Net income (loss) (GAAP measure) $ 596 $ (768 ) Adjustments: Amortization 515 698 Stock compensation 108 107 Non-cash taxes 227 229 Income tax impact on adjustments – – Net adjustments $ 850 $ 1,034 Adjusted net income $ 1,446 $ 266 Number of diluted shares 26,447 26,402 Adjusted EPS $ 0.05 $ 0.01
Source:Arotech Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/globe-newswire-arotech-reports-first-quarter-2018-results.html |
May 8 (Reuters) - Gray Television Inc:
* GRAY REPORTS RECORD OPERATING RESULTS FOR THE QUARTER ENDED MARCH 31, 2018
* Q1 EARNINGS PER SHARE $0.22 * Q1 REVENUE $226.3 MILLION VERSUS I/B/E/S VIEW $225.6 MILLION
* Q1 EARNINGS PER SHARE VIEW $0.16 — THOMSON REUTERS I/B/E/S
* GRAY TELEVISION - ANTICIPATE GROSS RETRANSMISSION REVENUE FOR CALENDAR YEAR 2018 WILL BE WITHIN A RANGE OF ABOUT $350.0 MILLION TO $353.0 MILLION
* SEES Q2 LOCAL ADVERTISING REVENUE WITHIN A RANGE OF APPROXIMATELY $115.8 MILLION TO $117.0 MILLION
* ANTICIPATE RETRANSMISSION REVENUE, NET OF RETRANSMISSION EXPENSE, ABOUT $178.5 MILLION TO $180.0 MILLION FOR CALENDAR YEAR 2018
* SEES Q2 NATIONAL ADVERTISING REVENUE WITHIN A RANGE OF APPROXIMATELY $28.8 MILLION TO $30.0 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-gray-television-reports-q1-earning/brief-gray-television-reports-q1-earnings-per-share-of-0-22-idUSASC0A0DI |
May 21, 2018 / 5:41 PM / Updated 4 minutes ago Amazon eyes Latam expansion, opens Argentina office Reuters Staff 2 Min Read
BUENOS AIRES (Reuters) - Amazon.com Inc aims to expand cloud computing operations in Latin America, a company executive said on Monday, after its Amazon Web Services unit opened an office in Buenos Aires on April 8. FILE PICTURE - The logo of the web service Amazon is pictured in this June 8, 2017 illustration photo. REUTERS/Carlos Jasso/Illustration/File Photo
That added to Amazon offices in Brazil, Chile, Colombia and Mexico, Teresa Carlson, company vice president, worldwide public sector, said at a conference.
Amazon Web Services handles data and computing for large enterprises in the cloud. The team in Argentina works to promote the use and innovation of cloud-based technologies, its website says.
“We have to be partners of Latin America. There’s lots of opportunities, amazing talent,” Carlson said.
“We also have a cloud region in Brazil and will be expanding to more countries for sure in Latin America.”
Argentina’s President Mauricio Macri met with Amazon’s Elaine Feeney, vice president for infrastructure global expansion for Amazon Web Services, late last year and discussed installing a data centre in Argentina, according to the Argentine government.
The Argentina office appears to have opened with little fanfare. In February, AWS executives who work on energy supply for data centers met with Argentina’s Energy Minister Juan Jose Aranguren in a sign Argentina’s move to develop renewable energy may be attractive to Amazon.
An energy ministry spokesman said they discussed energy supply, the evolution of energy prices and the impact of renewables on the national grid. Reporting by Eliana Raszewski; Additional reporting by Luc Cohen; Writing by Caroline Stauffer; Editing by Bill Berkrot and Richard Chang | ashraq/financial-news-articles | https://in.reuters.com/article/amazon-com-argentina/amazon-eyes-latam-expansion-opens-argentina-office-idINKCN1IM20H |
Chinese high-tech imports called good for trade 2 Hours Ago By bringing in tech components from the rest of the world, China helps to ease the anxiety around trade, says Frederic Neumann, co-head of Asian economics research at HSBC. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/07/chinese-high-tech-imports-called-good-for-trade.html |
FRANKFURT/HELSINKI (Reuters) - Germany’s Uniper ( UN01.DE ) denied on Tuesday trying to undermine a deal that will make Finnish utility Fortum ( FORTUM.HE ) its top investor, and said it had been open and transparent during the process.
Fortum last year agreed to buy a 46.65 percent stake in energy group Uniper from E.ON ( EONGn.DE ) for 3.8 billion euros ($4.5 billion), despite opposition from Uniper’s management which has argued the two companies are not a good fit.
Last month, Fortum won approval from a government commission in Russia to buy up to 50 percent in Uniper, marking a key step in getting the deal done, but Fortum also said Uniper’s management had actively worked against the deal there.
“We’ve done nothing wrong,” Uniper CEO Klaus Schaefer told analysts during a call to discuss first-quarter results, adding the company’s behavior had been open and transparent with regard to both Fortum and Russian officials.
“In view of the situation after the decision in Russia, which is tolerable for both sides, I’m not quite seeing why Fortum appears to be somewhat annoyed,” Schaefer added.
A Fortum spokeswoman said the company stood by its previous accusations, but declined to comment further. It expects to get final regulatory clearances for the acquisition by the middle of the year.
Uniper shareholder Cornwall Luxembourg S.a.r.l., which Schaefer says is backed by activist investor Elliott Management, will propose appointing a special auditor at Uniper’s annual general meeting on June 6 to identify possible breaches of duty and violations of the law by members of the management board.
Fortum said it had nothing to do with that motion.
Uniper has advertised in Finnish newspapers, arguing against the transaction. It is being advised by Morgan Stanley and Rothschild on the deal, sources have told Reuters.
($1 = 0.8415 euros)
Reporting by Christoph Steitz in Frankfurt and Jussi Rosendahl in Helsinki; Editing by Maria Sheahan and Mark Potter
| ashraq/financial-news-articles | https://www.reuters.com/article/us-uniper-results-fortum-oyj/uniper-denies-trying-to-undermine-fortum-stake-purchase-idUSKBN1I913K |
* LME/ShFE arb: bit.ly/2wZSAEz
* GRAPHIC-2018 asset returns: tmsnrt.rs/2jvdmXl (Updates with closing prices)
By Jan Harvey
LONDON, May 23 (Reuters) - Copper posted its biggest one-day drop in nearly a month on Wednesday as fading optimism that a China-U.S. trade stand-off was at an end knocked appetite for cyclical assets, helping pull the metal from the previous day’s high.
Stock markets slid and the dollar fell against the Japanese yen - seen as a haven from risk - after U.S. President Donald Trump said he was not pleased with recent trade talks with China.
His comments came after U.S. Treasury Secretary Steven Mnuchin said over the weekend that the prospect of a trade war between the two countries was “on hold”, giving a boost to nominally riskier assets like stocks and industrial metals.
“If you enter a phase where trade growth slows down, then it is quite bad news for the Chinese economy,” Oxford Economics commodities analyst Daniel Smith said.
“The risks around a lot of these things are definitely much higher than they were a few months ago.”
China is the world’s largest consumer of copper, which is chiefly used in construction.
* COPPER: Three-month copper on the London Metal Exchange fell as low as $6,805 a tonne before ending the day at $6,867 a tonne, down 1.6 percent. That is its biggest retracement of any day since April 27.
* COPPER INVENTORIES: On-warrant stocks of copper in London Metal Exchange (LME) warehouses - metal not earmarked for delivery and therefore available to the market - fell 7,975 tonnes to 226,300 tonnes, their lowest since late January.
* GRASBERG: Global miner Rio Tinto Ltd said it was in discussions to sell its interest in the world’s second largest copper mine to Indonesia’s state mining holding company Inalum.
* VEDANTA: An Indian court halted the proposed expansion of Vedanta Resources copper smelter where a day earlier 11 people were killed when police fired on protesters seeking closure of the plant on environmental grounds.
* LEAD: LME lead closed up 0.1 percent at $2,476.50 a tonne, having hit a 12-week high in the previous session after Chinese speculators drove a rally based on potential supply shortages.
* NICKEL: LME nickel finished 0.9 percent lower at $14,650 a tonne. Nickel remains the best performer among base metals, with a year-to-date gain of nearly 14 percent.
* NICKEL INVENTORIES: LME nickel stockpiles fell by another 2,454 tonnes, data on Wednesday showed, and are at their lowest since 2014, underlining a deficit in the metal used for stainless steel.
* OTHER METALS: LME zinc closed down 0.9 percent at $3,029 a tonne, while aluminium was flat at $2,270 a tonne. Tin finished the day up 0.5 percent at $20,625 a tonne.
Additional reporting by Manolo Serapio Jr. in Manila; Editing by Louise Heavens and Mark Potter
| ashraq/financial-news-articles | https://www.reuters.com/article/global-metals/metals-copper-slides-as-optimism-fades-over-u-s-china-trade-talks-idUSL3N1SU3CH |
May 9, 2018 / 11:28 AM / Updated 41 minutes ago Germany seeks clarity on impact of U.S. decision on Iran on firms Reuters Staff 1 Min Read
BERLIN, May 9 (Reuters) - Germany is trying to find out when its companies will face any consequences of U.S. President Donald Trump’s decision to pull out of an international nuclear deal with Iran and reimpose sanctions, a government spokesman said on Wednesday.
Also speaking at a regular government news conference, a spokeswoman for the economy ministry said she could not yet say exactly what the consequences would be but an important question would be the effect on banks. (Reporting by Sabine Siebold and Joseph Nasr Editing by Madeline Chambers) | ashraq/financial-news-articles | https://www.reuters.com/article/iran-nuclear-germany-firms/germany-seeks-clarity-on-impact-of-u-s-decision-on-iran-on-firms-idUSB4N1PQ025 |
LONDON (Reuters) - Italy’s bond yield spread over its German equivalent stretched to its widest for nearly a year on Friday and the spread over Spain hit crisis-era levels on fears over the spending policies and eurosceptic outlook of the incoming Italian government.
FILE PHOTO: Presentation of a new 2 Euro commemorative coin of former German Chancellor Helmut Schmidt in Berlin, Germany, February 2, 2018. REUTERS/Christian Mang The closely watched Italy-Germany 10-year spread, seen by many investors as a proxy for sentiment towards the euro zone, widened to 200 basis points (bps) for the first time since June. IT10YT=RR DE10YT=RR.
Italian Prime Minister-designate Giuseppe Conte this week began putting together his cabinet team, with party leaders pushing for eurosceptic economist Paolo Savona to be given the pivotal post of economy minister.
Meanwhile, the equivalent Italy-Spain 10-year spread, also watched by some investors as a measure of political risk in the bloc, hit 100 bps for the first time since January 2012. IT10YT=RR ES10YT=RR
It surged to 106 bps, before tightening again after an 8-bps in Spanish 10-year government bond yields on news that Spanish Prime Minister Mariano Rajoy could face a no-confidence motion.
This Italy-Spain spread is watched because of the similarity in size and credit rating between the two southern European countries, so any significant difference in borrowing costs is considered a sign of a market under pressure.
Increasing concerns over a potential new Italian government comprising of anti-establishment parties 5-Star Movement and the League is primarily responsible for pushing these spreads wider in recent weeks.
Weakness in euro zone growth, as indicated by a recent disappointing set of PMI data, is also hurting the peripheral European bond market, analysts said.
“There’s still a lot of uncertainty over Italy’s fiscal policy. The thought of Savona as economy minister could be a factor but the main reason is the worries over this spending policy,” DZ Bank analyst Sebastian Fellechner said.
DZ Bank analysts believe the Italy-Germany 10-year bond yield spread, which was as low as 112 bps last month, might go as wide as 250 bps if a new Italian government goes on a spending spree as promised.
“I expect a second major (widening) movement when the government will begin its work,” Fellechner said.
Meanwhile, Germany’s 10-year government bond yield dipped further to hit new 4-1/2 month lows of 0.44 percent, after the collapse of a summit between the United States and North Korea sparked a bid for safe haven assets.
U.S. President Donald Trump on Thursday called off a summit with North Korean leader Kim Jong Un set for next month, citing Pyongyang’s “open hostility”, and warned that the U.S. military was ready in the event of any reckless acts by North Korea.
Reporting by Abhinav Ramnarayan; Editing by Louise Ireland
| ashraq/financial-news-articles | https://www.reuters.com/article/us-eurozone-bonds-italy/italys-bond-yield-gap-with-germany-hits-200-bps-as-sentiment-sours-idUSKCN1IQ1GG |
May 9, 2018 / 12:47 PM / in 13 minutes BRIEF-Transmontaigne Announces Q1 Earnings Per Share $0.52 Reuters Staff
May 9 (Reuters) - TransMontaigne Partners LP:
* TRANSMONTAIGNE ANNOUNCES FIRST QUARTER RESULTS AND EXPANSION
* Q1 REVENUE $56.4 MILLION VERSUS I/B/E/S VIEW $54.1 MILLION * Q1 EARNINGS PER SHARE $0.52
* Q1 EARNINGS PER SHARE VIEW $0.67 — THOMSON REUTERS I/B/E/S * WILL EXPAND ITS BROWNSVILLE, TEXAS OPERATIONS
* EXPECT TO RECOMMISSION DIAMONDBACK PIPELINE AND RESUME OPERATIONS BY END OF 2019 Source text for Eikon: Further company coverage: ([email protected]) | ashraq/financial-news-articles | https://www.reuters.com/article/brief-transmontaigne-announces-q1-earnin/brief-transmontaigne-announces-q1-earnings-per-share-0-52-idUSASC0A0ZV |
LONDON (Reuters) - Britain is set to demand that the European Union repay up to 1 billion pounds ($1.34 billion) if the bloc continues to force British companies out of the Galileo satellite navigation system, a government official said.
FILE PHOTO: The Russian Soyuz VS01 rocket, carrying the first two satellites of Europe's Galileo navigation system, blasts off from its launchpad at the Guiana Space Center in Sinnamary, French Guiana, October 21, 2011. REUTERS/Benoit Tessier/File Photo The Brexit ministry, officially known as the Department for Exiting the European Union, will publish a paper on Thursday raising the prospect of Britain recovering its investment in the project.
Britain wants to continue to participate fully in the Galileo program, a spokeswoman for Prime Minister Theresa May told reporters on Thursday, suggesting that negotiations with the EU were “constructive”.
The row over Galileo has become a flashpoint in Brexit negotiations after moves to shut British businesses out of the project before Britain’s exit from the EU in a year’s time.
Galileo is the EU rival to the global positioning system (GPS) developed and controlled by the United States and used by millions of consumer devices globally. It was commissioned in 2003 and is due for completion by 2020.
The European Commission, the EU’s executive, insists that Britain cannot be trusted with sensitive data that provides a secure back-up for the new satellite system after it leaves the bloc, even though up it has been heavily involved in the satellite’s development until now.
The EU has said Britain will be able to continue to use Galileo’s open signal, but that Britain’s military could be denied access to the encrypted version when the satellite becomes operational.
Britain has signaled its determination to press ahead with the development of its own satellite navigation system if the EU continues to insist that it will be barred from the secure elements of the project.
Experts say any rival British satellite navigation system could cost about 3 billion pounds.
The EU has also suggested that it may demand that key components are made on the continent after Brexit. In response, Britain is looking at preventing the transfer of technology and expertise relating to Galileo from Britain to the EU.
Reporting By Andrew MacAskill and Elizabeth Piper; Editing by Larry King
| ashraq/financial-news-articles | https://www.reuters.com/article/us-britain-eu-galileo/uk-to-demand-money-back-after-exclusion-from-eus-galileo-satellite-project-idUSKCN1IP10U |
NEW YORK--(BUSINESS WIRE)-- Ark Restaurants Corp. (NASDAQ:ARKR) will hold a conference call for investors and analysts to discuss financial results for the second quarter ended March 31, 2018 on Tuesday, May 15, 2018 at 10:00 a.m. Eastern Time.
The dial-in numbers to participate in the conference call are:
Toll-Free – 1-877-407-4018
Toll/International – 1-201-689-8471
The Company will also broadcast its conference call over the Internet. To access the broadcast, please visit http://www.viavid.net . A replay of the broadcast will be available within one hour of the call, and will be available for 72 hours. The dial-in telephone numbers for the replay are:
Toll-Free – 1-844-512-2921
Toll/International – 1-412-317-6671
Replay Pin Number – 13680192
Ark Restaurants owns and operates 20 restaurants and bars, 19 fast food concepts and catering operations primarily in New York City, Florida, Washington, D.C, Las Vegas, NV and the gulf coast of Alabama. Five restaurants are located in New York City, two are located in Washington, D.C., five are located in Las Vegas, Nevada, three are located in Atlantic City, New Jersey, one is located in Boston, Massachusetts, two are located on the east coast of Florida and two are located on the Gulf Coast of Alabama. The Las Vegas operations include four restaurants within the New York-New York Hotel & Casino Resort and operation of the hotel's room service, banquet facilities, employee dining room and six food court concepts; and one restaurant within the Planet Hollywood Resort and Casino. In Atlantic City, New Jersey, the Company operates a restaurant and a bar in the Resorts Atlantic City Hotel and Casino and a restaurant in the Tropicana Hotel and Casino. The operations at the Foxwoods Resort Casino consist of one fast food concept. In Boston, Massachusetts, the Company operates a restaurant in the Faneuil Hall Marketplace. The Florida operations include the Rustic Inn in Dania Beach, Florida and Shuckers, located in Jensen Beach and the operation of five fast food facilities in Tampa, Florida and seven fast food facilities in Hollywood, Florida, each at a Hard Rock Hotel and Casino operated by the Seminole Indian Tribe at these locations. In Alabama, the Company operates two Original Oyster Houses, one in Gulf Shores, Alabama and one in Spanish Fort, Alabama.
Except for historical information, this news release contains forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements involve unknown risks, and uncertainties that may cause the Company's actual results or outcomes to be materially different from those anticipated and discussed herein. Important factors that might cause such differences are discussed in the Company's filings with the Securities and Exchange Commission. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Actual results could differ materially from those anticipated in these forward-looking statements, if new information becomes available in the future.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180514006021/en/
Ark Restaurants Corp.
Robert Stewart, 212-206-8800
[email protected]
Source: Ark Restaurants Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/business-wire-ark-restaurants-announces-conference-call.html |
UPDATE 2-Brazil oil workers begin strike in new blow to government Marta Nogueira and Brad Brooks Published 2 Hours Ago Reuters
(Adds details of oil rigs affected, context, analyst note)
RIO DE JANEIRO/SAO PAULO, May 30 (Reuters) - Brazilian oil workers began a 72-hour strike on Wednesday in a new blow to President Michel Temer following a nationwide trucker protest that has strangled Latin America's largest economy for over a week.
The strike affecting several rigs, refineries, plants and ports is the latest challenge for state-led oil firm Petroleo Brasileiro SA, whose shares have tumbled nearly 30 percent in two weeks over fears that political interference would unwind more investor-focused policies.
Late on Tuesday, Reuters reported that Temer was considering an overhaul of a market-based fuel pricing policy at Petrobras, which could provoke even more investor flight. Temer's office said in a Wednesday morning statement that he would preserve the policy.
The oil sector strike included workers on at least 20 oil rigs in the lucrative Campos basin of 46 operated by Petrobras, as the company is known, according to FUP, Brazil's largest oil workers union. Petrobras said any disruption would not have an immediate major impact on its production or overall operations.
Brazil produces about 2.1 million barrels of oil per day, making it Latin America's largest crude producer.
The oil strike was declared illegal by Brazil's top labor court on Tuesday, after Petrobras argued it was about politics rather labor issues. FUP said it had not been informed of the ruling.
According to a source close to the company, Petrobras has a significant stock of fuel on hand, especially as a 10-day protest by truckers prevented significant amounts of fuel from leaving refineries.
However, the strike has raised the specter of protests spreading to more sectors as Brazilians vent frustration with an unpopular government and an uneven economic recovery.
The truckers' highway blockades and resulting fuel shortages have already halted major industries and hammered exports of everything from beef and soybeans to coffee and cars.
FUP said on Wednesday that workers did not show up at work at eight refineries stretching from Manaus in the Amazon to Rio de Janeiro in the southeast. They also walked off the job at plants handling lubricants, nitrogen and shale gas, as well as in the ports of Suape and Paranaguá.
"Initial information points to the workers having adhered to the strike at various locations," FUP said in a statement. "The movement is continuing through the morning, when stoppages at other Petrobras units are expected."
TARGETING PARENTE
Unions representing oil workers said they were demanding the resignation of Chief Executive Pedro Parente. They also want the end of a market-based fuel pricing policy and other changes at Petrobras since Temer took power in 2016.
Adding to turmoil at Petrobras, the firm said on Wednesday that board member José Alberto de Paula Torres Lima had resigned, citing "personal reasons." He was one of three board members recruited by an outside agency and added to the board in April in an effort to establish its independence.
Petrobras did not respond to questions about his departure.
FUP union leader José Maria Rangel said on Tuesday the Temer government and Parente's policies were delivering Petrobras up to foreign investors, while "the shipyards of Rio de Janeiro are closed" as unemployment remains near record levels.
Parente, on a Tuesday conference call with analysts, said Petrobras was taking action so that any strike would have minimal or no impact on production and operations.
The separate 10-day trucker protest against diesel price hikes has left major cities running short on food, gasoline and medical supplies, despite significantly easing on Tuesday night.
Officials warned it would take days to restore supply lines disrupted by the crippling stoppage that at its height saw over 1,000 roadblocks on highways across the country.
Moody's Investor Service warned in an analyst note that it will take weeks for operations to return to normal in sectors from meatpackers and automakers to airlines and retail.
"Normalization of transportation conditions within the coming days would not pose significant credit problems for the rated companies' credit metrics, although it would still likely weaken quarterly financial results," the Moody's analysts wrote.
"But a prolonged strike would create severe credit stress across all corporate sectors in Brazil."
Temer's political situation has grown so tenuous as Brazil barrels toward a general election in October that he was forced to bat away concerns that a coup could topple his government.
"There is zero chance of military intervention," Temer told a small group of journalists during a roundtable at an investment conference in Sao Paulo. "What I see is a rejection both in the Defense Ministry and throughout the armed forces to any kind of military intervention." (Reporting by Marta Nogueira and Brad Brooks; Additional reporting by Gram Slattery in Sao Paulo and Alexandra Alper in Rio de Janeiro; Editing by Brad Haynes and Marguerita Choy) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/30/reuters-america-update-2-brazil-oil-workers-begin-strike-in-new-blow-to-government.html |
U.S. to impose tariffs on EU steel, aluminium - sources 9:11am EDT - 01:40
Washington will announce plans to impose tariffs on EU steel and aluminum imports as early as Thursday, two sources said, while a magazine reported President Donald Trump was now focused on pushing German cars from the country. Laura Frykberg reports.
Washington will announce plans to impose tariffs on EU steel and aluminum imports as early as Thursday, two sources said, while a magazine reported President Donald Trump was now focused on pushing German cars from the country. Laura Frykberg reports. //reut.rs/2IY5kmJ | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/31/us-to-impose-tariffs-on-eu-steel-alumini?videoId=431914545 |
GENEVA (Reuters) - The United Nations human rights office has asked Nicaragua to let it enter the country to gather evidence about the deaths of dozens of students in protests, U.N. human rights spokeswoman Ravina Shamdasani said on Friday.
Demonstrators block a street during a protest against Nicaraguan President Daniel Ortega's government in Managua, Nicaragua May 11, 2018. REUTERS/Oswaldo Rivas “We are concerned at the volatile situation in Nicaragua, where, according to information from credible sources, to date at least 47 people - the majority of them students, as well as two police officers and a journalist - have been killed in connection with protests that began in mid-April,” she said.
After a violent crackdown by police, thousands of demonstrators took to the streets of the capital Managua to demand the resignation of President Daniel Ortega, a former leftist guerrilla leader whom critics accuse of trying to build a family dictatorship.
The protests began as a reaction to social security reforms but widened to include demands for justice for the killings.
A demonstrator couple poses for a photo at a protest against Nicaraguan President Daniel Ortega's government in Managua, Nicaragua May 11, 2018. REUTERS/Oswaldo Rivas “On 7 May, we officially asked the Nicaraguan authorities to grant us access to the country so that we can, in line with the U.N. Human Rights Office’s mandate, gather first-hand information about what happened during the protests and to resume contact with the authorities and others in the country,” Shamdasani said.
The U.N. was waiting for the government’s reply, she said at a news briefing.
Slideshow (5 Images) She said the U.N. noted that the Nicaraguan National Assembly had created a truth commission to investigate the deaths and allegations of torture and enforced disappearances during the protests.
“For its investigations to be credible, the commission must be independent and able to conduct its work in a transparent and impartial manner,” Shamdasani said.
The U.S. State Department said on Friday the United States remained deeply concerned about the crisis in Nicaragua and condemned the overnight violence.
“Those responsible for killings and other human rights abuses and violations must be brought to justice,” it said in a statement.
It called on the Nicaraguan government to allow independent international human rights organizations such as the Inter-American Commission on Human Rights to assess the situation in the country.
Reporting by Tom Miles; additional reporting by Eric Walsh in Washington; editing by Andrew Roche and Leslie Adler
| ashraq/financial-news-articles | https://www.reuters.com/article/us-nicaragua-protests-un/u-n-asks-nicaragua-to-let-it-investigate-protest-deaths-idUSKBN1IC205 |
Year-over-year revenue growth of 8.3%
Q2-F2018 highlights
Revenue of $3.0 billion, up 8.3% year-over-year; Adjusted EBIT of $424.4 million, or 14.4% of revenue; Net earnings of $274.4 million, or 9.3% of revenue; Net earnings excluding specific items* of $303.2 million, or 10.3% of revenue; Diluted EPS of $0.94 or $1.04 excluding specific items;* Bookings of $3.5 billion, or 119.1% of revenue; and, Cash provided by operating activities of $425.7 million or 14.4% of revenue.
*Specific items in Q2-F2018 include: $8.7 million in acquisition-related and integration costs and $20.1 million in restructuring costs both net of tax; Specific items in Q2-F2017 include: $0.8 million in integration-related costs net of tax.
Note: All figures in Canadian dollars. Q2-F2018 MD&A, interim condensed consolidated financial statements and accompanying notes can be found at cgi.com/investors and have been filed with both SEDAR in Canada and EDGAR in the U.S.
To access the financial statements – click here (PDF)
To access the MD&A – click here (PDF)
MONTRÉAL, May 2, 2018 /PRNewswire/ - CGI (TSX: GIB.A) (NYSE: GIB) reported Fiscal 2018 second quarter revenue growth of 8.3%, to $3.0 billion. Compared with last year, revenue was up 4.9% in constant currency as foreign exchange fluctuations positively impacted revenue by $93.7 million.
Adjusted EBIT was $424.4 million, an increase of $29.3 million from Q2-F2017, representing a margin of 14.4%. This compares with $395.1 million, or 14.5% of revenue for the same period last year.
Net earnings were $274.4 million in Q2-F2018, stable compared with the year ago period. Earnings per diluted share were 94 cents compared with 90 cents last year.
Net earnings excluding specific items were $303.2 million, an increase of $28.0 million from Q2-F2017, representing a margin of 10.3%. This compares with $275.2 million for the same period last year. EPS expanded by 14.3% to $1.04 per diluted share, up from 91 cents from the year ago period.
"I am pleased with the continued progress our team is making against our growth plan," said George D. Schindler, President and Chief Executive Officer. "Revenue, net earnings, bookings and cash from operations are all up year-over-year, reflecting our ability to create and realize new opportunities to help clients become digital organizations and for CGI to remain an active consolidator in the market."
Bookings were $3.5 billion or 119.1% of revenue. At the end of March 2018, the Company's backlog stood at $22.0 billion.
Cash generated from operating activities increased to $425.7 million or 14.4% of revenue, compared with $366.2 million in the year ago period. Over the last twelve months, the Company generated $1.5 billion, or 13.2% of revenue.
In millions of Canadian dollars except earnings per share
and where noted
Q2-F2018
Q2-F2017
Revenue
2,950.3
2,724.4
Growth at constant currency
4.9%
5.6%
Adjusted EBIT
424.4
395.1
Margin
14.4%
14.5%
Net earnings
274.4
274.4
Margin
9.3%
10.1%
Earnings per share (diluted)
0.94
0.90
Net earnings excluding specific items*
303.2
275.2
Margin
10.3%
10.1%
Earnings per share (diluted) excluding specific items*
1.04
0.91
Weighted average number of outstanding shares (diluted)
290,997,492
303,619,463
Net finance costs
17.3
17.8
Net debt
1,525.9
1,493.7
Net debt to capitalization ratio
17.5%
18.2%
Cash provided by operating activities
425.7
366.2
Days sales outstanding (DSO)
46
42
Return on invested capital (ROIC)
13.5%
14.7%
Return on equity (ROE)
16.0%
17.5%
Bookings
3,513.0
2,734.6
Backlog
22,049.1
20,967.6
*Specific items in Q2-F2018 include: $8.7 million in acquisition-related and integration costs and $20.1 million in restructuring costs both net of tax; Specific items in Q2-F2017 include: $0.8 million in integration-related costs net of tax.
At the end of March 2018, the Company had approximately $1.7 billion in available cash and unused credit facilities. Net debt to capitalization stood at 17.5% compared to 18.2% at the end of same quarter last year.
Q2-F2018 results conference call
Management this morning at 9:00 a.m. Eastern time to discuss results. Participants may access the call by dialling 1-800-377-0758 or via cgi.com/investors . For those unable to participate on the live call, a podcast and copy of the slides will be archived for download at cgi.com/investors .
About CGI
Founded in 1976, CGI is the fifth largest independent IT and business consulting services firm in the world. With 73,000 professionals across the globe, CGI delivers an end-to-end portfolio of capabilities, from IT and business consulting to systems integration, outsourcing services and intellectual property solutions. CGI works with clients through a local relationship model complemented by a global delivery network that helps clients digitally transform their organizations and accelerate results. With annual revenue of C$10.8 billion, CGI shares are listed on the TSX (GIB.A) and the NYSE (GIB). Learn more at www.cgi.com .
Non-GAAP financial metrics used in this press release: Constant currency growth, adjusted EBIT, net debt, net debt to capitalization ratio, bookings, book-to-bill ratio, backlog, DSO, ROIC, ROE and net earnings and diluted EPS excluding specific items.
CGI reports its financial results in accordance with IFRS. However, management believes that these non-GAAP measures provide useful information to investors regarding the Company's financial condition and results of operations as they provide additional measures of its performance. Additional details for these non-GAAP measures can be found on page 3 and 4 of our MD&A which is posted on CGI's website, and filed with SEDAR and EDGAR.
Forward-Looking Information and Statements
This press release contains "forward-looking information" within the meaning of Canadian securities laws and " " within the meaning of the United States Private Securities Litigation Reform Act of 1995 and other applicable United States safe harbours. All such forward-looking information and statements are made and disclosed in reliance upon the safe harbour provisions of applicable Canadian and United States securities laws. Forward-looking information and statements include all information and statements regarding CGI's intentions, plans, expectations, beliefs, objectives, future performance, and strategy, as well as any other information or statements that relate to future events or circumstances and which do not directly and exclusively relate to historical facts. Forward-looking information and statements often but not always use words such as "believe", "estimate", "expect", "intend", "anticipate", "foresee", "plan", "predict", "project", "aim", "seek", "strive", "potential", "continue", "target", "may", "might", "could", "should", and similar expressions and variations thereof. These information and statements are based on our perception of historic trends, current conditions and expected future developments, as well as other assumptions, both general and specific, that we believe are appropriate in the circumstances. Such information and statements are, however, by their very nature, subject to inherent risks and uncertainties, of which many are beyond the control of the Company, and which give rise to the possibility that actual results could our expectations expressed in, or implied by, such forward-looking information or . These risks and uncertainties include but are not restricted to: risks related to the market such as the level of business activity of our clients, which is affected by economic conditions, and our ability to negotiate new contracts; risks related to our industry such as competition and our ability to attract and retain qualified employees, to develop and expand our services, to penetrate new markets, and to protect our intellectual property rights; risks related to our business such as risks associated with our growth strategy, including the integration of new operations, financial and operational risks inherent in worldwide operations, foreign exchange risks, income tax laws, our ability to negotiate favorable contractual terms, to deliver our services and to collect receivables, and the reputational and financial risks attendant to cybersecurity breaches and other incidents; as well as other risks identified or incorporated by reference in this press release, in CGI's annual and quarterly MD&A and in other documents that we make public, including our filings with the Canadian Securities Administrators (on SEDAR at www.sedar.com ) and the U.S. Securities and Exchange Commission (on EDGAR at www.sec.gov ). Unless otherwise stated, the forward-looking information and statements contained in this press release are made as of the date hereof and CGI disclaims any intention or obligation to publicly update or revise any forward-looking information or , whether as a result of new information, future events or otherwise, except as required by applicable law. While we believe that our assumptions on which these forward-looking information and are based were reasonable as at the date of this press release, readers are cautioned not to place undue reliance on these forward-looking information or statements. Furthermore, readers are reminded that forward-looking information and statements are presented for the sole purpose of assisting investors and others in understanding our objectives, strategic priorities and business outlook as well as our anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes. Further information on the risks that could cause our actual results to differ significantly from our current expectations may be found in the section titled "Risk Environment" of CGI's annual and quarterly MD&A, which is incorporated by reference in this cautionary statement. We also caution readers that the above-mentioned risks and the risks disclosed in CGI's annual and quarterly MD&A and other documents and filings are not the only ones that could affect us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial could also have a material adverse effect on our financial position, financial performance, cash flows, business or reputation.
View original content: http://www.prnewswire.com/news-releases/cgi-reports-strong-q2-fiscal-2018-results-300640914.html
SOURCE CGI Group Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/pr-newswire-cgi-reports-strong-q2-fiscal-2018-results.html |
(Reuters) - Shares in gaming and casino companies jumped on Monday, led by Scientific Games Corp, as investors wagered on new business opportunities for the industry after the U.S. Supreme Court paved the way for states to legalize sports betting.
The ruling endorsed New Jersey’s bid to allow sports betting and struck down a 1992 federal law that widely prohibited the practice, potentially adding a new line of business for many casinos and for betting technology providers such as Scientific Games and International Game Technology.
It takes the United States a step closer to the possible expansion of legal sports betting nationwide, rather than select places such as Nevada, home to gambling capital Las Vegas. The illegal sports betting market is worth billions of dollars annually.
Scientific Games is particularly well placed to benefit from the ruling due to its acquisition in January of Canadian digital gaming and sports betting firm NYX Gaming Group Ltd, according to Todd Eilers, analyst at Eilers & Krejcik Gaming.
“I’d say there’s a lot of states that would move forward with sports betting,” said Eilers, who expects Scientific Games and International Game Technology to seek contracts with casino operators looking to expand into sports betting.
“Any regional casino operator with a lot of casinos across a lot of states would be the best positioned,” he added.
Scientific Games shares were last up 12.8 percent at $60.20, a record high, with trading volume 3.2 times the 10-day moving average.
International Game Technology shares were up 4.0 percent, on track for their biggest one-day percentage gain since early March.
Shares in racetrack and casino operator Churchill Downs also hit a record high and were last up 5.5 percent at $294.41 with trading volume 2.9 times the 10-day moving average.
Casino operator Penn National registered a record high, with its shares last up 3.8 percent at $33.48.
Shares in Caesars Entertainment, which operates casinos in 13 U.S. states and five countries, were last up 7.8 percent at $12.83.
Madison Square Garden, owner of the New York Knicks basketball team and the New York Rangers hockey team, was last up 3.5 percent at $263.10.
Overseas bookmakers William Hill, Paddy Power Betfair and GVC Holdings also jumped in brisk trading on Monday.
Reporting By Sinéad Carew, Editing by Rosalba O'Brien
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-court-gambling-stocks/gaming-investors-eye-jackpot-from-u-s-sports-betting-ruling-idUSKCN1IF2HF |
BRIARCLIFF MANOR, N.Y., May 2, 2018 /PRNewswire/ -- Saw Mill Capital is pleased to announce that it has successfully completed the sale of Gateway Packaging Company, LLC ("Gateway") to ProAmpac Holdings Inc., a portfolio company of PPC Partners. Gateway is one of the largest designers and manufacturers of pet food packaging in North America, offering a full range of paper and plastic flexible packaging products to the pet care, specialty human care, and institutional markets.
"Our successful investment in Gateway was a testament to both the industry research conducted by our in-house research team, which enabled us to identify the growth opportunity in the pet food packaging market, as well as the outstanding management team that was able to execute on our collective vision," commented Tim Nelson, Partner of Saw Mill Capital.
At the time of the investment, Saw Mill Capital concluded that pet care was a relatively non-cyclical segment of the broader packaging industry. Saw Mill Capital's research team also uncovered that the pet care segment had unique barriers to entry and that there was an unmet need for a single, comprehensive provider of pet care packaging solutions. These trends, along with the expansion of Gateway's pet care packaging capabilities over the investment period, helped drive phenomenal performance and exceptional results.
"Saw Mill Capital was a terrific partner throughout our journey and helped us transform into the largest provider of flexible packaging solutions serving the pet care market," stated Omar Abuaita, CEO of Gateway. "As a result of our partnership, Gateway is well positioned for continued growth and innovation."
Based in Briarcliff Manor, New York, Saw Mill Capital is a private equity firm that acquires industrial and commercial service, specialty distribution and manufacturing businesses with enterprise values of $25 million to $200 million. Since 1997, Saw Mill Capital has been partnering with management teams to help successful businesses reach their full potential. www.sawmillcapital.com
Gateway Packaging Company, LLC manufactures flexible packaging products for pet food, human food, and institutional end-markets, specializing in high-quality printed and converted bags, pouches, lidding, labels, and printed rollstock. Gateway is headquartered in White House, Tennessee, and operates two additional facilities in Granite City, Illinois, and Kansas City, Missouri. For more information, visit the Company's website at www.gatewaypackaging.com .
Contact:
Tim Nelson
[email protected]
914-741-9095
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SOURCE Saw Mill Capital | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/pr-newswire-saw-mill-capital-completes-sale-of-gateway-packaging-company-llc.html |
Ex-Google exec: 3 traits that make Elon Musk an exceptional leader — and one major flaw 54 Mins Ago What you can learn from tech billionaire Elon Musk's leadership style, according to Silicon Valley CEO-coach Kim Scott. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/03/ex-google-exec-kim-scott-3-traits-that-make-elon-musk-a-great-leader.html |
SAN FRANCISCO (Reuters) - Twitter Inc on Tuesday revised its strategy for fighting abusive internet “trolls,” saying it would use behavioral signals to identify harassers on the social network and then limit the visibility of their tweets.
People holding mobile phones are silhouetted against a backdrop projected with the Twitter logo in this illustration picture taken in Warsaw September 27, 2013. REUTERS/Kacper Pempel/Files San Francisco-based Twitter, known for freewheeling discussions since it was founded in 2006, has been trying to rid itself of harassment out of concern that personal attacks were driving people away.
Twitter’s rules already prohibit abuse, and it can suspend or block offenders once someone reports them. Users can also mute people they find offensive.
Chief Executive Jack Dorsey said Twitter now would try to find problematic accounts by examining behavior such as how frequently people tweet about accounts that do not follow them or whether they have confirmed their email address.
Tweets from those accounts will appear lower in certain areas of the service, such as search results or replies to tweets, even if the tweets themselves have not been found to violate any rules.
“We want to take the burden of the work off the people receiving the abuse or the harassment,” Dorsey said in a briefing with reporters. Past efforts to fight abuse “felt like Whac-A-Mole,” he added.
Tweets will not be removed entirely based on behavioral signals, Dorsey said.
In tests the new approach resulted in a 4 percent decrease in abuse reports originating from search results and an 8 percent decrease in abuse reports from the conversations that take place as replies to tweets, according to the company.
Most abuse comes from a small number of accounts that have an outsized impact, said Del Harvey, Twitter’s vice president for trust and safety.
Social media firms including Twitter and Facebook are under pressure to remove bullies, many of whom target women and minorities. Many women cannot express themselves freely on Twitter without fear of violence, Amnesty International said in a report in March.
Reducing abuse could also help Twitter’s business. If more people sign up and spend time on the service, marketers may buy more ads on it.
Dorsey said that Twitter’s 336 million monthly active users should expect a series of other changes over the next several months as the company explores ways to encourage tweets that are more civil.
In March, Twitter sought proposals from academics and others to help gauge the “health of public conversations.” Dorsey said the company is reviewing 230 submissions it received.
Reporting by David Ingram; Editing by Leslie Adler
| ashraq/financial-news-articles | https://in.reuters.com/article/twitter-harassment/twitter-changes-strategy-in-battle-against-internet-trolls-idINKCN1IG2II |
Suicide bomb targets police HQ in Surabaya 3:35am EDT - 01:25
A suicide bomber on a motorbike wounds several Indonesian police outside a police building in Surabaya, a day after Islamist militants launched suicide attacks on churches in the country’s second largest city.
A suicide bomber on a motorbike wounds several Indonesian police outside a police building in Surabaya, a day after Islamist militants launched suicide attacks on churches in the country’s second largest city. //reut.rs/2L0SsJV | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/14/suicide-bomb-targets-police-hq-in-suraba?videoId=426770018 |
By Bloomberg 5:30 AM EDT
Xerox called off a $6.1 billion takeover by Fujifilm Holdings and parted ways with its chief executive officer, handing a major victory to activist investors Carl Icahn and Darwin Deason .
In an agreement with the two investors, which together own about 13% of Xerox (xrx) , the U.S. office equipment supplier said CEO Jeff Jacobson will step down along with several other board members. John Visentin is expected to take over as CEO while Keith Cozza, the CEO of Icahn Enterprises , will become chairman.
Fujifilm (fujiy) on Monday said it “disputes Xerox’s unilateral decision” and is “reviewing all of our available options, including bringing a legal action seeking damages.”
The settlement marks the end of a tumultuous fight between Xerox and Icahn over a transaction that would cede control of the once-iconic American innovator synonymous with office copy machines to a Japanese company. As part of a deal proposed in January, Xerox would first merge with a joint venture it operates with Fujifilm in Asia, and the Tokyo-based company would ultimately take over slightly more than 50% of the combined entity.
Icahn and Deason opposed the Fujifilm transaction from the start . Deason sued Xerox in February to block the proposal, accusing Jacobson of acting without authorization to strike a deal that preserved his job at shareholders’ expense. The lawsuit also claimed that the company’s board breached its fiduciary duties.
“Fujifilm will urge the Xerox board of directors to reconsider their decision,” the Tokyo-based company said Monday in an emailed statement. Icahn’s Activism
Last week, Icahn and Deason repeated their calls for Xerox to scrap the transaction , fire Jacobson, hire a new CEO, and have the board resign. The pair said they would be willing to consider any offers for the company of $40 a share or more.
Icahn has increased his activism over the past few months as he focuses his energies back on shaking up corporate targets after spending part of last year advising U.S. President Donald Trump on his regulatory agenda. He announced two more nominees for SandRidge Energy’s (sd) board on Friday, signaling he’s not interested in a proposed settlement of his fight to take control of the oil and gas explorer. Icahn also reached a deal with Newell Brands (nwl) that would give the billionaire investor seats on the board and see the Crock-Pot maker accelerate its transformation plans.
Fujifilm shares rose 1.3% at 1:44 p.m. in Tokyo trading on Monday, giving the company a market value of $20.2 billion. Xerox closed 2.9% higher at $30.17 on Friday in the U.S. for a market capitalization of $7.7 billion.
“It’s not bad for Fujifilm that Xerox ended the deal,” Tomoichiro Kubota, a market analyst at Matsui Securities said by phone. “From the beginning, the market was not accepting the deal as a good one since they don’t see big growth potential in Xerox.”
Separately, Fujifilm said it’s acquiring the stakes it doesn’t already own in drugmaker and distributor Toyama Chemical from Taisho Pharmaceutical (taisf) . Toyama Chemical will be combined with its Fujifilm RI Pharma unit effective Oct. 1, Fujifilm said in a statement Monday. Nikkei earlier reported Fujifilm was expected to acquire the stake for as much as 70 billion yen ($640 million). Audited Financials
In its statement late Sunday, Xerox cited Fujifilm’s failure to provide audited financials for the joint venture on time, among other issues, for the decision to terminate the merger agreement. Bloomberg earlier reported on the cancellation of the transaction.
Fujifilm had said last week it intended to resume discussions with Xerox on a potential combination on “superior terms,” but it hadn’t received a new proposal from the U.S. company. Fujifilm has also said it was appealing a U.S. court injunction blocking the takeover.
“We are extremely pleased that Xerox finally terminated the ill-advised scheme to cede control of the company to Fujifilm,” Icahn said. “With that behind us and new shareholder-focused leadership in place, today marks a new beginning for Xerox.”
Xerox said it believes that the transaction cannot reasonably be expected to be completed under the circumstances, particularly given the court injunction and that shareholders didn’t support it on current terms, as well as unresolved accounting issues at Fuji Xerox.
“The board also considered the potential instability and business disruption during a proxy contest. Absent a viable, timely transaction with Fujifilm, the Xerox board believes it is in the best interests of the company and all of its shareholders to terminate the proposed transaction and enter a new settlement agreement with Icahn and Deason,” it said. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/14/xerox-killed-merger-fujifilm-carl-icahn-extremely-pleased/ |
May 15 (Reuters) - NOVATURAS AB:
* SAID ON MONDAY THAT ITS APRIL TURNOVER REACHED 12.0 MILLION EUROS, UP 57% YEAR-ON-YEAR
* IN APRIL COMPANY SERVED 20,900 CLIENTS, IT WAS 60% MORE THAN IN APRIL 2017
Source text: bit.ly/2rHIy87
Further company coverage: (Gdynia Newsroom)
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/idUSL5N1SM2O3 |
(Reuters) - Cryptocurrency index fund Bitwise Asset Management said it has appointed John Hyland as its new global head of exchange-traded products.
Hyland previously worked as the chief investment officer at United States Commodity Funds.
Bitwise launched the world’s first cryptocurrency index fund, the HOLD 10 Private Index Fund, on Nov. 22, 2017, it said.
Reporting by Abinaya Vijayaraghavan in Bengaluru; Editing by Gopakumar Warrier
| ashraq/financial-news-articles | https://www.reuters.com/article/us-bitwise-asset-moves/bitwise-asset-management-appoints-john-hyland-as-head-of-etfs-idUSKCN1IF1P7 |
TEHRAN (Reuters) - Iranian Oil Minister Bijan Zanganeh said on Saturday that U.S. President Donald Trump’s decision to quit a multinational nuclear deal would not affect Tehran’s oil exports if the EU could salvage the pact.
FILE PHOTO: Iranian Oil Minister Bijan Zanganeh talks to reporters during the 15th International Energy Forum Ministerial (IEF15) in Algiers, Algeria September 27, 2016. REUTERS/Ramzi Boudina/File Photo “Every new decision in OPEC needs unanimity... I believe that the help of the European Union helps us... the level of our oil exports will not change,” Zanganeh told reporters after a meeting with EU’s energy chief Miguel Arias Canete.
Following Trump’s decision on May 8, the U.S. Treasury said Washington would reimpose a wide array of Iran-related sanctions after the expiry of 90- and 180-day wind-down periods, including sanctions aimed at Iran’s oil sector and transactions with its central bank.
The EU wants to salvage the 2015 nuclear deal, which offers the Islamic Republic relief from economic sanctions in exchange for curbs on its nuclear program. Europe sees the agreement as an important element of international security.
Writing by Parisa Hafezi, Editing by William Maclean
| ashraq/financial-news-articles | https://www.reuters.com/article/us-iran-nuclear-oil/iran-says-oil-export-drop-not-expected-if-eu-saves-nuclear-deal-idUSKCN1IK0DM |
CHICAGO, May 9, 2018 /PRNewswire/ -- Effective June 4, 2018, Crowe Horwath LLP will begin practicing under a new name, Crowe LLP. The firm will continue to operate as Crowe Horwath LLP in certain states, pending final review of its name change application in those states.
CHAN Healthcare, already part of Crowe Horwath LLP, will now become Crowe Healthcare Risk Consulting LLC. The CHAN leadership, culture, values and commitment to clients will remain the same, but the company will now refer to itself as Crowe. The Crowe Horwath Global Risk Consulting and Crowe Horwath Cayman Ltd. entities will not be changing their names. All entities will align with the Crowe name and logo.
Founded by Fred Crowe and his partners in South Bend, Indiana, Crowe draws on more than 75 years of name recognition. Today, the global accounting, consulting and technology firm has more than 4,000 people, but its values have remained the same.
"As we've grown, we've stayed true to our core purpose, and our commitment to our clients is as strong as ever," said CEO Jim Powers. "In recent years, we've been on a transformational journey, focused on our talent and our technology offerings to deliver on our brand promise, 'Smart decisions. Lasting value,' and to simplify the lives of our people and our clients. Changing our name to simply Crowe, which is shorter and easier to recall, is just one more step in that journey."
Crowe LLP will also continue to serve clients worldwide as part of the Crowe Horwath International network, which is rebranding as Crowe Global effective June 4. This network, one of the largest in the world, consists of more than 200 independent accounting and advisory services firms in more than 130 countries around the world.
To learn more, visit Crowe .
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SOURCE Crowe Horwath | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/pr-newswire-crowe-horwath-llp-to-become-crowe-llp.html |
PEMBROKE PINES, Fla., May 1, 2018 /PRNewswire/ -- CENTURY 21 JWC Florida Realty announced today that it has acquired Cooperative Real Estate Group, and under the leadership of Giuseppe "Joe" Pistone and Peggy Clemente, the office will now operate as CENTURY 21 Keystone Realty. The company will continue to provide full-service real estate services to buyers, sellers and renters throughout Southeast Florida, and will continue to benefit from the world-class marketing, agent learning and educational resources, and technology and productivity tools provided through its affiliation with the iconic CENTURY 21 ® brand.
"We're thrilled to be joining forces with such a great office to better serve the homebuyers and sellers within our communities," said Joe. "With this growth in talent, we'll now be able to extend our services beyond our original market to reach even more people and families looking to find their next home."
Ray Anastas and Scott Kasten, co-owners of Cooperative Real Estate Group, will be joining CENTURY 21 Keystone Realty, along with their 54 top-producing agents. By joining forces to create CENTURY 21 Keystone Realty, the office will now be able to offer both residential and commercial real estate services to buyers, sellers and renters in Southeast Florida, including Pembroke Pines, Cooper City, Davie, Miramar, Hollywood, Weston, Ft. Lauderdale, Miami, Palm Beach and their surrounding communities. The office will remain at its location on the corner of Taft Street and Douglas Road in Pembroke Pines, Florida.
"Joe and Peggy exemplify the importance of hard work and embody all that we represent at Century 21 Real Estate by constantly defying mediocrity," shared Nick Bailey, president and chief executive officer, Century 21 Real Estate LLC. "After joining the System just over a year ago, it's great to see this team continue to grow and exceed expectations in Florida. We warmly welcome Ray, Scott and their entire team to the CENTURY 21 brand and look forward to all the great success we'll see with this new partnership."
About CENTURY 21 Keystone Realty
CENTURY 21 Keystone Realty is a full-service real estate company, serving the buyers and sellers of Southeast Florida. The office is located at the corner of Douglas Road and Taft Street in Pembroke Pines, Florida 33024.
CENTURY 21 Keystone Realty is an independently owned and operated franchise affiliate of Century 21 Real Estate LLC ( century21.com ), franchisor of the iconic CENTURY 21 brand, comprised of approximately 8,000 independently owned and operated franchised broker offices in 80 countries and territories worldwide with more than 118,000 independent sales professionals.
Media Contact:
Lauren Nickl
MullenLowe for CENTURY 21 Keystone Realty
617.226.9766
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SOURCE CENTURY 21 Keystone Realty | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/pr-newswire-century-21-jwc-florida-realty-acquires-cooperative-real-estate-group-and-rebrands-as-century-21-keystone-realty.html |
May 4, 2018 / 5:31 PM / Updated an hour ago France's Macron, after overture to Church, to visit pope in June Reuters Staff 2 Min Read
VATICAN CITY (Reuters) - President Emmanuel Macron, accused of straining France’s secular foundations by saying he wanted to mend ties with the Catholic Church in his country, will travel to the Vatican in June to meet Pope Francis, the Vatican said on Friday. FILE PHOTO: French President Emmanuel Macron delivers a speech during the AMF congress, the annual meeting of French mayors, in Paris, France, November 23, 2017. REUTERS/Charles Platiau/File Photo
Vatican spokesman Greg Burke said both sides were organizing a visit for late June but no further details were available.
In April, Macron called for stronger ties between the state and the Catholic Church, a move critics said blurred a line that has kept French government free of religious intervention for generations. [nL8N1RN50P]
The issue is particularly sensitive in historically Catholic France, where matters of faith and state were separated by law in 1905 and which is now home to Europe’s largest Muslim and Jewish communities.
France’s guiding principles also hold that religious observance is a private matter, for all faiths.
Raised in a non-religious family, Macron was baptized a Roman Catholic at his own request when he was 12.
Under a tradition that began in the 15th century when France was a monarchy, French leaders are automatically given the title of “First and Only Honorary Canon” of the Rome Basilica of St John’s in Lateran, which is also the pope’s cathedral in his capacity as bishop of Rome.
Most French leaders visiting Rome usually attend a special service there. Reporting By Philip Pullella, Editing by William Maclean | ashraq/financial-news-articles | https://www.reuters.com/article/us-pope-macron/frances-macron-after-overture-to-church-to-visit-pope-in-june-idUSKBN1I5288 |
May 4 (Reuters) - SIS Distribution Thailand PCL:
* QTRLY NET PROFIT 87.4 MILLION BAHT VERSUS 68.3 MILLION BAHT
* QTRLY TOTAL REVENUES 5.35 BILLION BAHT VERSUS 4.70 BILLION BAHT Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-sis-distribution-thailand-posts-qt/brief-sis-distribution-thailand-posts-qtrly-net-profit-of-87-4-mln-baht-idUSFWN1SB0NX |
Investor reaction to stellar first-quarter earnings reports has been notoriously tepid, with consumer stocks a particularly glaring example of this unusual trend.
Profits broadly are on track to grow nearly 26 percent for the three-month period, the strongest showing in nearly eight years. Stocks, by contrast, have not benefited. The S&P 500 is up barely 2 percent for the year, with most of those gains coming over the past week.
Wall Street has been baffled by the reaction. Most analysts have attributed the flattish market to worries that corporate profits are peaking and that this year's reports are as good as it will get.
However, there's a little different dynamic playing out with consumer stocks.
The staples sector is projected to see solid earnings per share growth of 13 percent, well above expectations, according to Credit Suisse. Yet shares have gotten slammed, with the Consumer Staples Select Sector SPDR exchange-traded fund down nearly 13 percent year to date and 16 percent from its Jan. 26 peak.
Staples, which make up about 6.7 percent of the S&P 500, have been beset by multiple issues that go beyond whether this is a potential top.
Getty Images "In 1Q, the market's response to earnings releases of Consumer Staples companies has been the worst of any sector," Jonathan Golub, chief U.S. equity strategist at Credit Suisse, said in a note to clients. "This weakness is largely the result of margin pressures across all Staples sub-sectors, stemming from lack of pricing power and rising input and commodity costs."
In fact, that big headline number isn't what it appears.
Of the 13 percent growth, 11 percentage points have come from benefits due to the big slash in corporate taxes from 35 percent to 21 percent.
The story has been somewhat different for discretionary. That sector is projected to see earnings growth of 23 percent, with 13 percentage points fueled by the tax cuts and another 3.3 percentage points the result of share buybacks. The Consumer Discretionary Select Sector SPDR ETF has been a strong performer, gaining about 6 percent on the year and outperforming the market.
But there's even bad news there — excluding the tax and buyback benefits, earnings are up only about 6 percent, which Golub said is the weakest of all cyclical sectors. Share repurchases for all companies are averaging $7.8 billion a day in what is expected to be a record year, according to market research firm TrimTabs.
"This stems from structural headwinds for many brick and mortar retailers, tepid subscriber trends at cable providers, and normalization in new car sales; partially offset by positive secular tailwinds in internet retailing and online media distribution," he wrote.
Some hope lies ahead, though.
Consumer sentiment remains strong and savings rates are continuing to decline, indicating an appetite for spending. Capital expenditures also are on the rise, with an annualized rise of nearly 25 percent reported in the first quarter.
Profits are expected to improve as well, with staples projected to see earnings per share gains of 9.5 percent and consumer discretionary 15.5 percent in the second quarter, according to FactSet.
Also, individual tax cuts have only started to funnel through the broader economy, indicating that at least for the moment, the outlook on the battered consumer sector could begin to improve. Real consumption took a dive in the first quarter to 1.1 percent, indicating considerable room for improvement, according to BNP Paribas.
"The tax cuts this year mean most forecasters, including us, have robust consumption growth
this year," Paul Mortimer-Lee, chief market economist at BNP Paribas, said in a report for clients. He added that "things seem to have hit the wall in 2018. ... The key issue is whether this is
an aberration or are consumers adjusting the pace of consumption down more enduringly?" | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/11/while-profits-elsewhere-soar-consumer-companies-have-hit-a-wall.html |
NAIROBI, May 29 (Reuters) - The Kenyan Finance Ministry’s new proposed law aimed at regulating the financial sector will ‘emasculate” the central bank, and fails to address a cap on commercial lending rates, its governor said on Tuesday.
“The bill emasculates the central bank. CBK is under attack,” Patrick Njoroge told a news conference. (Reporting by Duncan Miriri; Editing by George Obulutsa and Raissa Kasolowsky)
| ashraq/financial-news-articles | https://www.reuters.com/article/kenya-cenbank-lawmaking/kenyas-new-proposed-financial-sector-law-will-emasculate-the-central-bank-governor-idUSN6N1GS02B |
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