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SHANGHAI (Reuters) - China plans to end its “one size fits all” approach to fighting pollution, the environment ministry said on Monday, as it tries to devise more nuanced policies that match local conditions and minimise economic disruption.
Smoke is seen from a chimney in Altay, Xinjiang Uygur Autonomous Region, China January 24, 2018. REUTERS/Jason Lee/Files The failure to take heed of local conditions will be regarded as a form of bureaucratic thinking and officials will be held responsible for any serious problems that arise, the Ministry of Ecology and Environment (MEE) said in a notice.
China imposed blanket restrictions on traffic, coal use and industrial activity throughout the smog-prone north last year as it raced to meet its politically crucial air quality targets.
In some cities, industrial sectors like steel were forced to shut down as much as 50 percent of their total production capacity to limit smog build-ups in the region, and many firms complained that Beijing’s failure to take account of local conditions had made it impossible to fulfil client orders.
Overzealous efforts by local officials to convert coal-fired boilers to cleaner-burning but scarce natural gas also left thousands of households without heat during the freezing winter.
The new measures will ban the use of blanket production suspensions on industrial enterprises that are already complying with environmental requirements. Firms that have not met those requirements will also be subject to more targeted rectification measures and punishments, the ministry said.
It also promised to give local regulators enough time to investigate and resolve environmental problems rather than imposing orders from above.
While China met its 2013-2017 air quality targets, environment ministry officials have said that a more scientific, city-by-city approach will be required over the next few years to make further improvements.
“One size fits all was easy to implement ... but economically, it may be inefficient,” said Chen Songxi, an expert in environmental statistics at the Guanghua School of Management at Peking University.
“The problem is that some factories have implemented much better emissions standards but they are treated the same as those that have done nothing,” he added.
Reporting by David Stanway; Editing by Joseph Radford
| ashraq/financial-news-articles | https://in.reuters.com/article/china-pollution/china-says-to-end-one-size-fits-all-environmental-policies-idINKCN1IT0B8 |
HOUSTON--(BUSINESS WIRE)-- Quintana Energy Services Inc. (NYSE: QES) (“QES” or the “Company”) today reported financial and operating results for the first quarter ended March 31, 2018.
First Quarter 2018 Financial Highlights
First quarter 2018 revenue grew 8% to $141.3 million, up from $130.9 million in the fourth quarter of 2017. First quarter 2018 net loss was $16.4 million and Adjusted EBITDA was $15.5 million, compared to a net income of $2.1 million and Adjusted EBITDA of $18.8 million for the fourth quarter of 2017. In the first quarter of 2017, revenue was $85.4 million, net loss was $11.7 million and Adjusted EBITDA was $4.0 million. See “Non-GAAP Financial Measures” at the end of this release for a discussion of Adjusted EBITDA and its reconciliation to the most directly comparable financial measure calculated and presented in accordance with U.S. generally accepted accounting principles (“GAAP”).
Rogers Herndon, QES’ President and Chief Executive Officer, stated, “As expected, our first quarter results were impacted by some transient events that negatively impacted our utilization levels and compressed margins. Still, we achieved commendable revenue gains and exited the first quarter at a strong activity level. We believe that the macroeconomic outlook continues to exhibit momentum building around anticipated drilling and completion activities, which is a reliable indicator of the overall demand for our services. We enter the second quarter looking to increase profitability through strong project execution and higher activity levels.”
Business Segment Results
The following business segments comprise the Company’s primary services: Directional Drilling; Pressure Pumping; Pressure Control; and Wireline.
Directional Drilling
The Directional Drilling segment provides the highly-technical and essential services of guiding horizontal and directional drilling operations for exploration and production (“E&P”) companies. Revenue was $37.6 million in the first quarter of 2018, down approximately 2% compared to revenue of $38.3 million in the fourth quarter of 2017 but up 21% from the first quarter of 2017. First quarter 2018 Adjusted EBITDA was $2.6 million, compared to Adjusted EBITDA of $5.5 million for the fourth quarter of 2017. The sequential reduction in Adjusted EBITDA was primarily due to supply chain issues compressing margins and a decline in lost-in-hole revenue for the quarter. Specifically, we experienced elevated motor rental and repair expenses driven by delays in third-party repair turnarounds. In the first quarter of 2017, revenue was $31.1 million and Adjusted EBITDA was $3.7 million.
Pressure Pumping
The Pressure Pumping segment primarily provides hydraulic fracturing services to E&P companies. Revenue for the segment grew 8% to $53.4 million in the first quarter of 2018, up from $49.5 million in the fourth quarter of 2017. First quarter 2018 Adjusted EBITDA was $9.9 million, compared to Adjusted EBITDA of $10.5 million for the fourth quarter of 2017. In the first quarter of 2017, revenue was $26.5 million and Adjusted EBITDA was $3.7 million.
Pressure Control
The Pressure Control segment consists of coiled tubing, rig-assisted snubbing, nitrogen, and well control services. Revenue for the segment grew approximately 6% to $28.0 million in the first quarter of 2018, up from $26.5 million in the fourth quarter of 2017. First quarter 2018 Adjusted EBITDA was $3.7 million, compared to Adjusted EBITDA of $4.1 million for the fourth quarter of 2017. In the first quarter of 2017, revenue was $18.5 million and Adjusted EBITDA was a loss of $0.3 million.
Wireline
The Wireline segment primarily provides cased-hole wireline services to E&P companies. Revenue for the segment grew 34% to $22.3 million in the first quarter of 2018, up from $16.6 million in the fourth quarter of 2017, primarily due to strong activity levels coupled with improved pricing in the segment. First quarter 2018 Adjusted EBITDA was $2.6 million, compared to Adjusted EBITDA of $1.5 million for the fourth quarter of 2017. In the first quarter of 2017, revenue was $9.3 million and Adjusted EBITDA was a loss of $1.4 million.
Other Financial Information
General and administrative expense for the first quarter of 2018 was $29.9 million, compared to $18.8 million for the fourth quarter of 2017 and $17.7 million for the first quarter of 2017. The sequential increase in G&A expenses was primarily related to a non-cash stock compensation expense of approximately $9.9 million in the first quarter of 2018.
Capital expenditures including deposits totalled $12.4 million during the first quarter of 2018, compared to capital expenditures of $7.7 million in the fourth quarter of 2017, and $4.2 million in the first quarter of 2017.
First quarter interest expense was $10.2 million, up from $3.0 million in the fourth quarter and up from $2.6 million in the first quarter of 2017. The increase in interest expense was primarily due to $5.3 million of unamortized term loan discount expense, accelerated deferred financing costs expensed of $3 million, and a prepayment fee of $1.3 million as a result of extinguishing the Former Revolving Credit Facility (defined below) and Former Term Loan (defined below) during the first quarter of 2018. The increase was offset by a $1.0 million reduction in interest expense due to having less debt outstanding in the three months ended March 31, 2018.
With the closing of the IPO subsequent to the end of the fiscal year, the Company’s debt structure has improved meaningfully. QES ended the first quarter of 2018 with a total debt balance of $13.0 million, $16.6 million of cash on hand, and $61.4 million of net availability under its new $100 million senior secured asset-based revolving credit facility.
Conference Call Information
QES has scheduled a conference call for 9:00 a.m. Central Time (10:00 a.m. Eastern Time) on Thursday, May 10, 2018, to review reported results. You may access the call by telephone at 1-201-389-0867 and asking for the QES 2018 First Quarter Conference Call. The webcast of the call may also be accessed through the Investor Relations section of the Company’s website at https://ir.quintanaenergyservices.com/ir-calendar . A replay of the call can be accessed on the Company’s website for twelve months and will be available by telephone through May 17, 2018, at (201) 612-7415, access code 13679026#.
About Quintana Energy Services
QES is a growth-oriented provider of diversified oilfield services to leading onshore oil and natural gas exploration and production companies operating in both conventional and unconventional plays in all of the active major basins throughout the U.S. QES’ primary services include: directional drilling, pressure pumping, pressure control and wireline services. The Company offers a complementary suite of products and services to a broad customer base that is supported by in-house manufacturing, repair and maintenance capabilities. More information is available at www.quintanaenergyservices.com .
Forward-Looking Statements and Cautionary Statements
This news release (and any oral statements made regarding the subjects of this release, including on the conference call announced herein) contains certain statements and information that may constitute “forward-looking statements.” All statements, other than statements of historical fact, which address activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements. The words “anticipate,” “believe,” “expect,” “plan,” “forecasts,” “will,” “could,” “may,” and similar expressions that convey the uncertainty of future events or outcomes, and the negative thereof, are intended to identify forward-looking statements. Forward-looking statements contained in this news release, which are not generally historical in nature, include those that express a belief, expectation or intention regarding our future activities, plans and goals and our current expectations with respect to, among other things: our operating cash flows, the availability of capital and our liquidity; our future revenue, income and operating performance; our ability to sustain and improve our utilization, revenue and margins; our ability to maintain acceptable pricing for our services; future capital expenditures; our ability to finance equipment, working capital and capital expenditures; our ability to execute our long-term growth strategy; our ability to successfully develop our research and technology capabilities and implement technological developments and enhancements; and the timing and success of strategic initiatives and special projects.
Forward-looking statements are not assurances of future performance and actual results could differ materially from our historical experience and our present expectations or projections. These forward-looking statements are based on management’s current expectations and beliefs, forecasts for our existing operations, experience, expectations and perception of historical trends, current conditions, anticipated future developments and their effect on us, and other factors believed to be appropriate. Although management believes the expectations and assumptions reflected in these forward-looking statements are reasonable as and when made, no assurance can be given that these assumptions are accurate or that any of these expectations will be achieved (in full or at all). Our forward-looking statements involve significant risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. Known material factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, risks associated with the following: a decline in demand for our services, including due to declining commodity prices, overcapacity and other competitive factors affecting our industry; the cyclical nature and volatility of the oil and gas industry, which impacts the level of exploration, production and development activity and spending patterns by E&P companies; a decline in, or substantial volatility of, crude oil and gas commodity prices, which generally leads to decreased spending by our customers and negatively impacts drilling, completion and production activity; and other risks and uncertainties listed in our filings with the U.S. Securities and Exchange Commission, including our Current Reports on Form 8-K that we file from time to time, Quarterly Reports on Form 10-Q and Annual Report on Form 10-K. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise, except as required by law.
CONSOLIDATED STATEMENTS OF OPERATIONS
( In thousands of dollars and units, except per share data)
(Unaudited)
Three Months Ended March 31,
2018
December 31,
2017
March 31,
2017
Revenue $ 141,268 $ 130,863 $ 85,439 Costs and expenses: Direct operating expenses 106,492 95,841 66,836 General and administrative expenses 29,917 18,829 17,744 Depreciation and amortization 11,078 11,423 11,594 Gain on disposition of assets (106 ) (339 ) (1,657 ) Operating income (loss) (6,113 ) 5,109 (9,078 ) Interest expense (10,192 ) (2,961 ) (2,601 ) Other income - (58 ) - (Loss) income before tax (16,305 ) 2,090 (11,679 ) Income tax (expense) benefit (51 ) (22 ) 6 Net (loss) income (16,356 ) 2,068 (11,673 ) Net (loss) income attributable to Predecessor (1,546 ) 2,068 (11,673 ) Net loss attributable to Quintana Energy Services Inc. $ (14,810 ) - - Net loss per common unit: Basic $ (0.44 ) Diluted $ (0.44 ) Weighted average common units outstanding: Basic 33,318 Diluted 33,318 CONSOLIDATED BALANCE SHEETS
(In thousands of dollars and shares, except per share data)
March 31, 2018 December 31, 2017 (Unaudited) Assets Current assets Cash and cash equivalents $ 16,646 $ 8,751 Accounts receivable, net of allowance of $897 and $776 84,577 83,325 Unbilled receivables 8,223 9,645 Inventories 26,482 22,693 Prepaid expenses and other current assets 9,775 9,520 Total current assets 145,703 133,934 Property, plant and equipment, net 129,573 128,518 Intangibles assets, net 10,379 10,832 Other assets 1,635 2,375 Total assets $ 287,290 $ 275,659 Liabilities and Shareholders’ Equity Current liabilities Current portion of debt and capital lease obligations $ 380 $ 79,443 Accounts payable 40,347 36,027 Accrued liabilities 32,382 33,825 Total current liabilities 73,109 149,295 Deferred tax liability - 185 Long-term debt, net of deferred financing costs of $0 and $1,709 13,000 37,199 Long-term capital lease obligations 3,731 3,829 Other long-term liabilities 171 183 Total liabilities 90,011 190,691 Commitments and contingencies Shareholders’ and members' equity Members' equity - 212,630 Preferred shares, $0.01 par value, 10,000 authorized; 0 issued and outstanding
- - Common shares, $0.01 par value, 150,000 authorized; 33,765 issued; 33,631 outstanding
336 - Additional paid in capital 342,047 - Treasury stock, at cost, 135 common shares (1,271 ) - Retained deficit (143,833 ) (127,662 ) Total shareholders’ and members’ equity 197,279 84,968 Total liabilities, shareholders’ and members' equity $ 287,290 $ 275,659 CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands of dollars)
(Unaudited)
Three Months Ended March 31, 2018 March 31, 2017 Cash flows from operating activities Net loss $ (16,356 ) $ (11,673 ) Adjustments to reconcile net loss to net cash used in operating activities Depreciation and amortization 11,078 11,594 Gain on disposition of assets (458 ) (4,623 ) Non cash interest expense 764 264 Loss on debt extinguishment 8,594 - Provision for doubtful accounts 159 57 Deferred income tax benefit - (18 ) Stock-based compensation 9,886 - Changes in operating assets and liabilities: Accounts receivable (1,411 ) (14,180 ) Unbilled receivables 1,422 (2,070 ) Inventories (3,789 ) (430 ) Prepaid expenses and other current assets 459 (749 ) Other noncurrent assets - (213 ) Accounts payable 1,508 (2,592 ) Accrued liabilities (1,448 ) 5,158 Other long-term liabilities (7 ) - Net cash provided by (used in) operating activities 10,401 (19,475 ) Cash flows from investing activities Purchases of property, plant and equipment (10,705 ) (4,212 ) Advances of deposit on equipment (1,709 ) - Proceeds from sale of property, plant and equipment 998 28,428 Net cash (used in) provided by investing activities (11,416 ) 24,216 Cash flows from financing activities Proceeds from revolving debt 15,000 - Payments on revolving debt (81,071 ) (10,929 ) Proceeds from term loans - 5,000 Payments on term loans (11,225 ) - Payments on capital lease obligations (90 ) (75 ) Payment of deferred financing costs (1,416 ) - Prepayment premiums on early debt extinguishment (1,346 ) - Payments for treasury shares (1,271 ) - Proceeds from new shares issuance, net of underwriting commission costs 90,541 - Costs incurred for stock issuance (212 ) - Net cash provided by (used in) financing activities 8,910 (6,004 ) Net increase (decrease) in cash and cash equivalents 7,895 (1,263 ) Cash and cash equivalents Beginning of period 8,751 12,219 End of period $ 16,646 $ 10,956 Supplemental cash flow information Cash paid for interest 792 1,100 Income taxes paid - 166 Supplemental noncash investing and financing activities Noncash proceeds from sale of assets held for sale - 3,990 Fixed asset purchases in accounts payable and accrued liabilities 832 - Noncash payment for property, plant and equipment 682 - Debt conversion of term loan to equity 33,632 - Issuance of common shares for members’ equity 212,630 - Stock issuance cost included in accounts payable 1,967 - ADDITIONAL SELECTED OPERATING DATA
(Unaudited)
Three Months Ended March 31,
2018
December 31,
2017
March 31,
2017
Directional Drilling rig days (1) 3,706 3,798 3,231 Average monthly Directional Drilling rigs on revenue (2)
57 59 55 Total hydraulic fracturing stages (3) 963 1,056 586 Average hydraulic fracturing revenue per stage $ 52,477 $ 43,700 $ 42,138 (1) Rig days represent the number of days we are providing services to rigs and are earning revenues during the period, including days that standby revenues are earned. (2) Rigs on revenue represents the number of rigs earning revenues during a given time period, including days that standby revenues are earned. (3) Includes unconventional stages and conventional jobs, the latter are counted as a single stage. Non-GAAP Financial Measures
Adjusted EBITDA is a supplemental non-GAAP financial measure that is used by management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies.
Adjusted EBITDA is not a measure of net income or cash flows as determined by GAAP. We define Adjusted EBITDA as net income or (loss) plus income taxes, net interest expense, depreciation and amortization, impairment charges, net (gain) or loss on disposition of assets, stock based compensation, transaction expenses, rebranding expenses, settlement expenses, severance expenses and equipment standup expense.
We believe Adjusted EBITDA is useful because it allows us to more effectively evaluate our operating performance and compare the results of our operations from period to period without regard to our financing methods or capital structure. We exclude the items listed above in arriving at Adjusted EBITDA because these amounts can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, net income as determined in accordance with GAAP, or as an indicator of our operating performance or liquidity. Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure, as well as the historic costs of depreciable assets, none of which are components of Adjusted EBITDA. Our computations of Adjusted EBITDA may not be comparable to other similarly titled measures of other companies.
The following tables present reconciliations of Adjusted EBITDA to the most directly comparable GAAP financial measure for the periods indicated:
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA
(In thousands of dollars)
(Unaudited)
Three Months Ended March 31,
2018
December 31,
2017
March 31,
2017
Adjustments to reconcile Adjusted EBITDA to net (loss) income Net (loss) income $ (16,356 ) $ 2,068 $ (11,673 ) Income tax expense (benefit) 51 22 (6 ) Interest expense, net 10,192 2,961 2,601 Other income — 58 — Depreciation and amortization expense 11,078 11,423 11,594 Gain on disposition of assets, net (106 ) (339 ) (1,657 ) Non-cash stock based compensation 9,886 — — Transaction expense (1) — 822 — Rebranding expense (2) — — 1 Settlement expense (3) 223 339 1,439 Severance expense (4) — 41 182 Equipment standup expense (5) 515 1,387 1,491 Adjusted EBITDA $ 15,483 $ 18,782 $ 3,972 (1) For the three months ended March 31, 2017 and 2018 we did not incur transaction related expenses. For the three months ended December 31, 2017, the $0.8 million represents professional fees related to investment banking service fees. (2) Relates to expenses incurred in connection with rebranding our business segments in 2017. (3) For 2017, represents professional fees related to investment banking, accounting and legal services associated with entering into the Former Term Loan that were recorded in general and administrative expenses. For 2018, represents lease buyouts, legal FLSA and settlements costs, facility closures and other non-recurring expenses that were recorded in general and administrative expenses. (4) Relates to severance expenses in 2017 incurred in connection with a program implemented to reduce head count in connection with the industry downturn. In our actual performance for the three months ended March 31, 2018 and 2017, $0.0 and $0.1 million was recorded in direct operating expenses, respectively, and the remainder was recorded in general and administrative expenses. (5) Relates to equipment standup costs incurred in connection with the mobilization and redeployment of assets. In our actual performance for the three months ended March 31, 2018, approximately $0.4 million was recorded in direct operating expenses and approximately $0.1 million was recorded in general and administration expenses. In our actual performance for the three months ended March 31, 2017, approximately $1.5 million was recorded in direct operating expenses and $0.0 was recorded in general and administration expenses. RECONCILIATION OF SEGMENT ADJUSTED EBITDA TO NET INCOME
(In thousands of dollars)
(Unaudited)
Three Months Ended March 31,
2018
December 31,
2017
March 31,
2017
Segment Adjusted EBITDA Directional Drilling $ 2,580 $ 5,532 $ 3,734 Pressure Pumping 9,889 10,500 3,693 Pressure Control 3,650 4,105 (260 ) Wireline 2,564 1,535 (1,420 ) Corporate and other (13,824 ) (5,537 ) (4,888 ) Income tax (expense) benefit (51 ) (22 ) 6 Interest expense (10,192 ) (2,961 ) (2,601 ) Depreciation and amortization (11,078 ) (11,423 ) (11,594 ) Gain on disposition of assets, net 106 339 1,657 Net (loss) income $ (16,356 ) $ 2,068 $ (11,673 ) SEGMENT ADJUSTED EBITDA MARGIN
(In thousands of dollars)
(Unaudited)
Three Months Ended March 31,
2018
December 31,
2017
March 31,
2017
Segment Adjusted EBITDA Margin (1) Directional Drilling Adjusted EBITDA $ 2,580 $ 5,532 $ 3,734 Revenue 37,602 38,279 31,149 Adjusted EBITDA Margin 6.9 % 14.5 % 12.0 % Pressure Pumping Adjusted EBITDA 9,889 10,500 3,693 Revenue 53,400 49,483 26,503 Adjusted EBITDA Margin 18.5 % 21.2 % 13.9 % Pressure Control Adjusted EBITDA 3,650 4,105 (260 ) Revenue 27,961 26,519 18,524 Adjusted EBITDA Margin 13.1 % 15.5 % (1.4 )% Wireline Adjusted EBITDA 2,564 1,535 (1,420 ) Revenue $ 22,305 $ 16,582 $ 9,263 Adjusted EBITDA Margin 11.5 % 9.3 % (15.3 )% (1)
Segment Adjusted EBITDA Margin (1) is defined as the quotient of Segment Adjusted EBITDA and total segment revenue. Segment Adjusted EBITDA is net income (loss) plus income taxes, net interest expense, depreciation and amortization, impairment charges, net (gain) loss on disposition of assets, stock based compensation, transaction expenses, rebranding expenses, settlement expenses, severance expenses and equipment standup expense.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180509006620/en/
Quintana Energy Services
Keefer M. Lehner, EVP & CFO
832-518-4094
[email protected]
or
Dennard Lascar Investor Relations
Ken Dennard / Natalie Hairston
713-529-6600
[email protected]
Source: Quintana Energy Services Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/business-wire-quintana-energy-services-reports-first-quarter-2018-results.html |
May 2, 2018 / 1:35 AM / Updated 8 minutes ago Asian shares ease, dollar nears four-month high before Fed decision Masayuki Kitano 4 Min Read
SINGAPORE (Reuters) - Asian equities eased on Wednesday, while the dollar traded near a four-month high as investors await the Federal Reserve’s upcoming policy statement for clues on the future pace of U.S. monetary tightening. An electronic board showing the Nikkei share average is seen as market prices are reflected in a glass window at the Tokyo Stock Exchange (TSE) in Tokyo, Japan, February 6, 2018. REUTERS/Toru Hanai
MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.2 percent, while Japan’s Nikkei shed 0.2 percent.
Stephen Innes, head of trading in Asia-Pacific for Oanda in Singapore, said that in addition to focusing on the Fed’s policy statement equity investors may be turning cautious on the outlook for corporate profits, given potential cost pressures from recent rises in oil prices.
Market participants may be starting to wonder that “perhaps this is as good as it’s going to get,” Innes said, referring to corporate profits.
On Wall Street, the S&P 500 gained 0.25 percent on Tuesday, helped by optimism over U.S. trade negotiations. Apple’s shares rose about 4 percent after the closing bell. The company beat revenue and profit expectations in its March quarter, with its shares ending the regular session up 2.3 percent.
On Tuesday, the Dow Jones Industrial Average fell 0.27 percent while the Nasdaq Composite rose 0.9 percent.
The dollar’s index against a basket of six major currencies traded near a four-month high set on Tuesday, with the dollar having surged into positive territory for 2018 ahead of the U.S. Federal Reserve’s policy decision on Wednesday.
The Fed is seen set to hold interest rates steady this week but will likely encourage expectations that it will lift borrowing costs in June on the back of rising inflation and low unemployment. The central bank is due to announce its decision at 2 p.m. EDT (1800 GMT) on Wednesday.
The dollar index fell 0.1 percent to 92.379. It had risen on Tuesday to a peak near 92.570, its strongest level in nearly four months.
The dollar was underpinned by the outlook for a strong U.S. economy amid signs of slowdown elsewhere, especially in Europe.
The euro zone’s economic momentum has been faltering and that seems to have prompted market players to trim their long positions in the euro, said Hirofumi Suzuki, an economist for Sumitomo Mitsui Banking Corporation in Singapore.
Against this backdrop, the dollar-buying trend will probably persist for a while, Suzuki added.
The euro edged up 0.1 percent to $1.2004. On Tuesday, the common currency had touched a low of $1.1981, its weakest level since Jan. 11.
Against the yen, the dollar struck its highest level in nearly three months at 109.92 yen in early Asian trade. It later pulled back to 109.73 yen, down 0.1 percent.
The benchmark U.S. 10-year Treasury yield was steady on the day at 2.978 percent.
Last week, the U.S. 10-year bond yield, the benchmark for global borrowing costs, had set a four-year high of 3.035 percent as bond prices fell on worries about the growing supply of government debt and inflationary pressures from rising oil prices.
The U.S. Treasury is scheduled to announce its findings from a refunding survey on Wednesday, with analysts projecting an increase in auction sizes, or new issuance at different points on the yield curve.
Oil prices were stable on Wednesday, supported by concerns that the United States may re-impose sanctions on major exporter Iran, although soaring U.S. supplies capped gains.
Brent crude oil futures edged up 0.1 percent to $73.21 a barrel. Last week, Brent crude had hit a three-year high of $75.47. Reporting by Masayuki Kitano; Editing by Eric Meijer | ashraq/financial-news-articles | https://uk.reuters.com/article/us-global-markets/asian-shares-steady-dollar-near-four-month-high-before-fed-decision-idUKKBN1I306B |
May 2 (Reuters) - American Equity Investment Life Holding Co :
* AMERICAN EQUITY REPORTS FIRST QUARTER 2018 RESULTS * Q1 NON-GAAP OPERATING EARNINGS PER SHARE $0.85
* Q1 EARNINGS PER SHARE $1.55 * Q1 EARNINGS PER SHARE VIEW $0.84 — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-american-equity-q1-earnings-per-sh/brief-american-equity-q1-earnings-per-share-1-55-idUSASC09Z5P |
May 23, 2018 / 12:17 AM / Updated 41 minutes ago Reuters poll: Britain's Brexit divorce skills get thumbs down - economists Jonathan Cable 4 Min Read
LONDON (Reuters) - Britain’s government has handled negotiations with the European Union over its departure from the bloc poorly, according to all economists in a Reuters poll, who did however say there was just a one-in-five chance of a disorderly Brexit. Anti-Brexit protesters are reflected in a puddle as they demonstrate opposite the Houses of Parliament in London, Britain, April 30, 2018. REUTERS/Simon Dawson
In June 2016, Britons surprised the world by voting to scrap the more than four-decade-old trading and political partnership, and in March last year Prime Minister Theresa May started a two-year countdown to departing the EU.
But May has struggled to unite her cabinet, and major differences remain over the process between London and Brussels.
Asked in the May 16-22 poll to rate the British government’s performance on a scale of one (good) to ten (bad), the 30 economists overwhelmingly gave a negative rating. Many scored it at nine or ten, and the best it achieved was a neutral five.
“The negotiations have been a shambles, primarily because the government opted to implement a strategy which was not on the ballot paper and gave insufficient thought about how to implement it prior to triggering Article 50 (to launch the Brexit process),” said Peter Dixon at Commerzbank.
Still, the chance of a disorderly departure, with no deal agreed by the end of March 2019, was put at 20 percent, the same as in last month’s poll.
Instead, as in all Reuters polls since the 2016 referendum, an EU-UK free trade agreement was picked as the most likely outcome of talks.
Second most likely was European Economic Area membership, under which Britain would pay to maintain full access to the EU Single Market, followed by leaving without a deal and instead trading under basic World Trade Organization rules.
Those two options have flipped since the question was asked in March, suggesting more chance of a softer Brexit, but they are closely split. Brexit being cancelled, with Britain staying in the EU, was once again far and away the least option. WILL THEY, WON’T THEY?
In the April 18 poll, almost all economists predicted the Bank of England would raise borrowing costs this month, only for them to perform the biggest turnaround in Reuters poll history two weeks later, when only a handful expected a May rise.
Dovish comments from BoE Governor Mark Carney, together with a slew of downbeat data suggesting Britain’s economy is barely growing, convinced respondents the expected 25 basis point increase to 0.75 percent would now happen in August.
Medians in the latest poll of over 70 economists also suggest an August increase, but over 40 percent of them expect no change then either. A second rise to 1.0 percent is predicted just after Britain is scheduled to leave the EU next March.
“Assuming that economic activity bounces back in the second quarter and CPI inflation proves stickier over the coming months than it did in Q1, we expect the Bank of England to deliver a quarter-point increase in interest rates at the August meeting,” said Nikesh Sawjani at Lloyds Bank.
Preliminary data showed Britain’s economy grew just 0.1 percent in the first quarter. It will expand 0.4 percent this quarter but then only 0.3 percent per quarter through to the end of next year, the poll found.
Following the Leave vote, sterling GBP= fell and sent inflation soaring. Inflation has since fallen faster than the central bank expected yet the latest poll said it won't be at the Bank's 2 percent target until towards the end of next year.
But wage growth is expected to outpace price rises across the forecast horizon. Polling by Shrutee Sarkar and Aisha Sheth; editing by John Stonestreet | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-economy-poll/reuters-poll-britains-brexit-divorce-skills-get-thumbs-down-economists-idUKKCN1IO010 |
NEW YORK, May 11 (Reuters) - An exchange-traded fund that tracks Malaysian stocks rose on Friday, extending a recovery from Wednesday’s rout caused by jitters about the economic policies of a coalition led by former prime minister Mahathir Mohamad, which staged a surprise victory over the ruling alliance.
At 9:40 a.m. (1340 GMT), the price of iShares Malaysia MSCI ETF was up 1.2 percent at $33.35 a share. It has gained 2.5 percent after tumbling 6 percent on Wednesday. (Reporting by Richard Leong Editing by Chizu Nomiyama)
| ashraq/financial-news-articles | https://www.reuters.com/article/malaysia-etf/malaysia-etf-extends-recovery-from-loss-tied-to-mahathirs-win-idUSL1N1SI0ON |
May 4(Reuters) - Soochow Securities Co Ltd
* Says it will pay cash dividend of 0.15 yuan per share (before tax) for FY 2017 to shareholders of record on May 9
* The company’s shares will be traded ex-right and ex-dividend on May 10 and the dividend will be paid on May 10
Source text in Chinese: goo.gl/jG6ETE
Further company coverage: (Beijing Headline News)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-soochow-securities-says-dividend-p/brief-soochow-securities-says-dividend-payment-date-on-may-10-idUSL3N1SB28I |
May 2, 2018 / 6:22 AM / Updated 9 minutes ago Duterte order disappoints Philippine workers seeking end to short-term contracts Reuters Staff 3 Min Read
MANILA (Reuters) - Philippine labor groups expressed disappointment on Wednesday over a long-awaited executive order by President Rodrigo Duterte to crack down on short-term hiring, saying it offered nothing new and left millions of workers without benefits. Philippine President Rodrigo Duterte gestures during the change of command ceremony of the Armed Forces of the Philippines (AFP) at Camp Aguinaldo in Quezon City, Metro Manila, Philippines April 18, 2018. REUTERS/Dondi Tawatao
Halting use of short contracts commonly referred to as “endo”, or “end of contract”, because they offer few or no benefits, was one of the populist campaign promises that put Duterte in office, but workers’ groups say he has dragged his heels on the issue.
Thousands marched on Labour Day on Tuesday to demand that Duterte issue an executive order, but the one he announced fell short of expectations. It promised to enforce an existing ban on illegal contracting and subtracting, and tasked lawmakers to come up with a new labor code.
“There is nothing new in favor of the workers,” said Elmer Labog, head of the Kilusang Mayo Uno (May 1 Movement), a leftwing workers group.
“With this signal from the president, we are left without hope that the new legislation on labor will be favorable for us.”
Employers who practice “endo” offer tenures shorter than six months, the threshold at which a worker must be made permanent, and entitled to benefits.
Carlos Isagani Zarate, a representative of the Bayan Muna or “Country First” congressional party, said it was likely that big labor federations would outright reject Duterte’s order.
“This is not the executive order they expected,” he told news channel ANC. “They expected that the president would issue a pronouncement that once and for all, job contractualization must be outlawed.”
A grouping of Philippine trade unions said Duterte’s order did not stop what it called “precarious” deals and “abusive contractualization”, but welcomed his directive to legislators to fast-track a bill guaranteeing security of tenure.
“We hope the Senate will be very sympathetic to the plight of abused or exploited workers and not be influenced by unscrupulous employers or businessmen,” said Alan Tanjusay, the spokesman of the group, the Associated Labour Unions-Trade Union Congress of the Philippines.
Presidential spokesman Harry Roque accepted that the order was a reiteration of an existing law, but said it underlined Duterte’s determination to improve job security and deliver on his promises.
“What is new is the political will of the president to end contractualization,” he told dZMM radio. Reporting by Neil Jerome Morales; Editing by Martin Petty and Clarence Fernandez | ashraq/financial-news-articles | https://www.reuters.com/article/us-philippines-labour/duterte-order-disappoints-philippine-workers-seeking-end-to-short-term-contracts-idUSKBN1I30LS |
May 1, 2018 / 1:55 PM / Updated 20 minutes ago 'Harry Potter,''Angels in America' among top nominees for Broadway's Tonys Chris Michaud 2 Min Read
NEW YORK(Reuters) - A hit play from the “Harry Potter” franchise joined an acclaimed revival of AIDS drama “Angels in America” to dominate Broadway’s Tony award nominations on Tuesday. FILE PHOTO: A general view shows The Palace Theatre where the Harry Potter and The Cursed Child parts One and Two play is being staged, in London, Britain July 30, 2016. REUTERS/Neil Hall
Glenda Jackson and Denzel Washington were nominated for acting Tonys, while “Mean Girls” and “SpongeBob SquarePants: The Musical” scored the most nominations with 12 each, including for best musical.
“Harry Potter and the Cursed Child,” a new play about the grown wizard and his troubled relationship with his teen-aged son, won 10 nominations, including best play and best actor for star Jamie Parker.
The more than five-hour, two-part saga earned raves on Broadway after winning record Olivier awards in London last year.
Another monumental two-part drama, a revival of “Angels in America,” took 11 nominations, including best play revival, best actor Andrew Garfield and best featured actor for Nathan Lane as closeted conservative firebrand Roy Cohn.
Jackson, marking a return to Broadway after three decades, was nominated for best actress in a revival of Edward Albee’s “Three Tall Women” while Washington won a nod for his star turn in “The Iceman Cometh.” Both shows were nominated for best play revival.
Other best musical nominees were “The Band’s Visit,” about Egyptian musicians stranded in a small Israeli town, and “Frozen,” adapted from the hit Disney film.
The other nominees for best new play were “Junk,”“The Children,”“Farinelli and the King” and John Leguizamo’s one-man show “Latin History for Morons.”
The 72nd Tony awards will be presented on June 10 at Radio City Music Hall in New York at a gala ceremony hosted by pop star Josh Groban and singer-songwriter Sara Bareilles, who wrote the musical “Waitress.” Reporting by Chris Michaud; Editing by Frances Kerry | ashraq/financial-news-articles | https://in.reuters.com/article/us-awards-tonys-nominations/harry-potter-angels-in-america-among-top-nominees-for-broadways-tonys-idINKBN1I23PI |
ROME—Reports that Pope Francis told a sex-abuse victim that God had made him gay have drawn headlines this week, with many observers inferring a new level of acceptance of homosexuality, which the catechism of the Catholic Church describes as “objectively disordered.”
The Vatican spokesman declined to confirm or deny the statement, citing a policy of not commenting on the pope’s private conversations.
But... | ashraq/financial-news-articles | https://www.wsj.com/articles/the-catholic-churchs-looming-fight-over-same-sex-blessings-1527009408 |
Updated 7 minutes ago BRIEF-Financial Institutions Announces Agreement To Acquire HNP Capital LLC Reuters Staff 1 Min Read
May 8 (Reuters) - Financial Institutions Inc:
* FINANCIAL INSTITUTIONS, INC. ANNOUNCES AGREEMENT TO ACQUIRE HNP CAPITAL, LLC, A LEADING ROCHESTER WEALTH MANAGEMENT FIRM
* FINANCIAL INSTITUTIONS INC- UPON CLOSING OF ACQUISITION, HNP WILL OPERATE AS A SUBSIDIARY OF CO Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-financial-institutions-announces-a/brief-financial-institutions-announces-agreement-to-acquire-hnp-capital-llc-idUSASC0A0IH |
April 30, 2018 / 9:48 AM / 3 days ago BRIEF-Zhuguang Holdings Group Says Chan Chit Ming, Joeie To Be Appointed As CFO Reuters Staff 1 Min Read
April 30 (Reuters) - Zhuguang Holdings Group Co Ltd :
* CHAN CHIT MING, JOEIE WILL BE APPOINTED AS CHIEF FINANCIAL OFFICER Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://uk.reuters.com/article/brief-zhuguang-holdings-group-says-chan/brief-zhuguang-holdings-group-says-chan-chit-ming-joeie-to-be-appointed-as-cfo-idUKFWN1S70FM |
May 18 (Reuters) - PrimeEnergy Corp:
* PRIMEENERGY CORPORATION ANNOUNCES FIRST QUARTER RESULTS * PRIMEENERGY CORP - QTRLY EARNINGS PER SHARE $ 1.14
* PRIMEENERGY CORP - QTRLY REVENUES $28.5 MILLION VERSUS $20.5 MILLION
* PRIMEENERGY CORP - QTRLY BARRELS OF OIL PRODUCED 323,000 VERSUS 175,000 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-primeenergy-corporation-announces/brief-primeenergy-corporation-announces-q1-eps-1-14-idUSASC0A2YD |
Quarterly Revenue of $136.1 million, similar to prior year First Quarter Diluted EPS of $0.05; Adjusted Diluted EPS of $0.10 Reduces Full Year 2018 Revenue and Adjusted EBITDA guidance Revitalized leadership team focused on improved execution and strategy
MP MENASHE, Israel--(BUSINESS WIRE)-- Caesarstone Ltd. (NASDAQ:CSTE), a manufacturer of high quality engineered quartz surfaces, today reported financial results for its first quarter ended March 31, 2018.
Revenue in the first quarter of 2018 was $136.1 million, approximately flat to the prior year’s first quarter result of $136.4 million; on a constant currency basis, first quarter revenue decreased by 3.7%.
Yair Averbuch, Interim Chief Executive Officer, commented, “Our first quarter results fell short of our expectations. We are working with urgency and purpose to improve execution and resume growth. We plan to enhance our execution, particularly in the U.S. market, with a focus on growth and margins. We believe that we have significant opportunities to leverage our global operating platform, powerful global brand, innovative and leading products and our considerable financial strength to return to compelling levels of value creation for our shareholders.”
Gross margin in the first quarter was 25.2% compared to 36.1% in the same period in the prior year. The decrease in margin primarily reflects: increased product complexity and related manufacturing challenges in Israel; inventory and logistical inefficiencies primarily related to the U.S. distribution operation, the majority of which the company does not expect will continue in the remainder of the year; and higher raw material prices.
Operating expenses in the first quarter were $32.8 million, or 24.1% of revenue, as compared to $34.1 million, or 25.0% of revenue, in the same quarter last year. Excluding legal settlements and loss contingency expenses, operating expenses would have been 22.3% of revenue as compared to 24.5% in the same quarter last year.
Operating income in the first quarter was $1.4 million, a margin of 1.0% compared to $15.1 million, a margin of 11.1%, in the first quarter of 2017.
Adjusted EBITDA, which excludes expenses for share-based compensation as well as legal settlements and loss contingencies, was $11.2 million in the first quarter of 2018, a margin of 8.2%. This compares to adjusted EBITDA of $24.3 million in the prior year’s first quarter, a margin of 17.8%. This year-over-year margin comparison primarily reflects the decline in gross margin, as described above.
Finance income in the first quarter was $0.5 million compared to finance expense of $1.5 million during the same period in the prior year. The change primarily reflects the benefit of currency in certain financial instruments.
The Company reported net income attributable to controlling interest for the first quarter of 2018 of $1.5 million compared to income of $11.1 million in the same quarter in the prior year. Diluted net income per share for the first quarter was $0.05 compared to $0.31 in the prior year's first quarter, both on 34.4 million shares. Adjusted diluted net income per share for the first quarter was $0.10 compared to the prior year’s first quarter level of $0.36.
The Company's balance sheet as of March 31, 2018 remained strong, including cash, cash equivalents and short-term bank deposits of $112.1 million as compared to a total of $138.7 million on December 31, 2017 and to $121.0 million on March 31, 2017. The Company noted that during the quarter, it used approximately $14.2 million in cash, as previously announced, to conclude long-standing arbitration as well as $10.5 million in cash for the payment of a previously authorized dividend paid during the first quarter.
With regard to the previously announced dividend policy - the Company noted that considering the quarter’s results, it will not pay dividend in the second quarter.
Guidance
The Company today reduced its full-year 2018 guidance to reflect the first quarter results reported today as well as its outlook for the remainder of 2018. The Company now expects full year 2018 revenues in a range of $590 million to $610 million and expects full year 2018 adjusted EBITDA in the range of $74 million to $82 million.
Conference Call Details
Yair Averbuch, the Company’s interim chief executive officer, and Ophir Yakovian, the Company’s chief financial officer, will host a conference call today at 8:30 a.m. ET to discuss the results, followed by a question and answer session for the investment community. A live webcast of the call can be accessed at ir.caesarstone.com . To access the call, dial toll-free 1-877-407-4018 or +1-201-689-8471 (international). The toll-free Israeli number is 1 80 940 6247. Upon dialing in, please request to join the Caesarstone First Quarter Earnings Call.
To listen to a telephonic replay of the conference call, dial toll-free 1-844-512-2921 or +1-412-317-6671 (international) and enter pass code 13678742. The replay will be available beginning at 11:30 a.m. ET on Wednesday, May 9, 2018 and will last through 11:59 p.m. ET on Wednesday, May 16, 2018.
About Caesarstone
Caesarstone manufactures high quality engineered quartz surfaces, which are used in both residential and commercial buildings as countertops, vanities, wall cladding, floors and other interior surfaces. The wide variety of colors, styles, designs and textures of Caesarstone® products, along with Caesarstone's inherent characteristics such as hardness, non-porous, scratch and stain resistance and durability, provide consumers with excellent surfaces for their internal spaces which are highly competitive to granite, manufactured solid surfaces and laminate, as well as to other engineered quartz surfaces. Caesarstone's three collections of products — Classico, Supernatural and Concetto — are available in over 50 countries around the world. For more information about the Company, please visit our website www.caesarstone.com . (CSTE-E)
Non-GAAP Financial Measures
The non-GAAP measures presented by the Company should be considered in addition to, and not as a substitute for, comparable GAAP measures. A reconciliation of GAAP net income attributable to controlling interest to adjusted net income attributable to controlling interest and net income to Adjusted EBITDA are provided in the schedules within this release. The Company provides these non-GAAP financial measures because it believes that they present a better measure of the Company's core business and management uses the non-GAAP measures internally to evaluate the Company's ongoing performance. Accordingly, the Company believes that they are useful to investors in enhancing an understanding of the Company's operating performance.
Forward-Looking Statements
Information provided in this press release may contain statements relating to current expectations, estimates, forecasts and projections about future events that are " " as defined in the Private Securities Litigation Reform Act of 1995. These generally relate to the Company's plans, objectives and expectations for future operations, including its projected results of operations and the expected timing of expanding its manufacturing facilities. These are based upon management's current estimates and projections of future results or trends. Actual results may differ materially from those projected as a result of certain risks and uncertainties. These factors include, but are not limited to: the strength of the home renovation and construction sectors; economic conditions within any of our key existing markets; actions by our competitors; changes in raw material prices, particularly polymer resins and pigments; fluctuations in currency exchange rates; the success of our expansion efforts in the United States; the outcome of silicosis claims and other claims; unpredictability of seasonal fluctuations in revenues; delays in manufacturing and other factors discussed under the heading "Risk Factors" in our most recent annual report on Form 20-F and other documents filed with the Securities and Exchange Commission. These are made only as of the date hereof, and the Company undertakes no obligation to update or revise the , whether as a result of new information, future events or otherwise.
Caesarstone Ltd. and its subsidiaries Condensed consolidated balance sheets
As of U.S. dollars in thousands
March 31,
2018
December 31,
2017
(Unaudited) (Audited) ASSETS CURRENT ASSETS: Cash and cash equivalents and short-term bank deposits $ 112,111 $ 138,707 Trade receivables, net 74,631 73,267 Other accounts receivable and prepaid expenses 39,671 33,053 Inventories 142,357 132,940 Total current assets 368,770 377,967 LONG-TERM ASSETS: Severance pay fund 3,866 3,887 Other long-term receivables 6,722 8,502 Deferred tax assets, net 6,102 3,965 Long-term deposits and prepaid expenses 2,802 2,743 Property, plant and equipment, net 214,428 216,653 Other intangibles assets 1,666 2,241 Goodwill 36,721 37,029 Total long-term assets 272,307 275,020 Total assets $ 641,077 $ 652,987 LIABILITIES AND EQUITY CURRENT LIABILITIES: Short-term bank credit $ 13,158 $ 4,191 Trade payables 63,755 64,021 Related party and other loan 3,268 3,463 Short term legal settlements and loss contingencies 13,455 25,782 Accrued expenses and other liabilities 30,897 30,000 Total current liabilities 124,533 127,457 LONG-TERM LIABILITIES: Long-term loan and financing leaseback from a related party 8,063 8,336 Legal settlements and loss contingencies long-term 25,572 23,454 Accrued severance pay 5,020 5,556 Long-term warranty provision 1,173 1,151 Deferred tax liabilities, net - 657 Total long-term liabilities 39,828 39,154 REDEEMABLE NON-CONTROLLING INTEREST 15,326 16,481 EQUITY: Ordinary shares 371 371 Treasury shares - at cost (39,430) (39,430) Additional paid-in capital 151,910 151,880 Accumulated other comprehensive income 522 683 Retained earnings 348,017 356,391 Total equity 461,390 469,895 Total liabilities and equity $ 641,077 $ 652,987 Caesarstone Ltd. and its subsidiaries Condensed consolidated statements of income
Three months ended
March 31,
U.S. dollars in thousands (except per share data) 2018 2017 (Unaudited) (Unaudited) Revenues $ 136,058 $ 136,411 Cost of revenues 101,814 87,170 Gross profit 34,244 49,241 Operating expenses: Research and development 756 948 Marketing and selling 18,360 21,159 General and administrative 11,204 11,326 Legal settlements and loss contingencies, net 2,497 671 Total operating expenses 32,817 34,104 Operating income 1,427 15,137 Finance expenses (income), net (540) 1,524 Income before taxes on income 1,967 13,613 Taxes on income 511 2,348 Net income $ 1,456 $ 11,265 Net loss (income) attributable to non-controlling interest 37 (169) Net income attributable to controlling interest $ 1,493 $ 11,096 Basic net income per ordinary share (*) $ 0.05 $ 0.31 Diluted net income per ordinary share (*) $ 0.05 $ 0.31 Weighted average number of ordinary shares used in computing basic income per ordinary share 34,343,749 34,321,573 Weighted average number of ordinary shares used in computing diluted income per ordinary share 34,383,006 34,364,084 (*) The numerator for the calculation of net income per share for the three months ended March 31, 2018 and 2017 has been increased by approximately $0.1 million and reduced by approximately $0.3 million, respectively, to reflect the adjustment to redemption value associated with the redeemable non-controlling interest.
Caesarstone Ltd. and its subsidiaries Selected Condensed consolidated statements of cash flows
Three months ended
March 31,
U.S. dollars in thousands 2018 2017 (Unaudited)
(Unaudited)
Cash flows from operating activities:
Net income $ 1,456 $ 11,265 Adjustments required to reconcile net income to net cash provided by operating activities: Depreciation and amortization 7,250 7,429 Share-based compensation expense 30 1,154 Accrued severance pay, net (513) 469 Changes in deferred tax, net (2,829) 131 Legal settlements and loss contingencies, net
2,497 671 Increase in trade receivables (173) (5,782) Increase in other accounts receivable and prepaid expenses (3,924) (1,627) Increase in inventories (9,863) (4,374) Increase (decrease) in trade payables (1,334) 3,426 Increase (decrease) in warranty provision 53 (20) Decrease (increase) in accrued expenses and other liabilities including related party (13,616) 4,969 Net cash provided by (used in) operating activities (20,966) 17,711 Cash flows from investing activities:
Purchase of property, plant and equipment (4,112) (4,708) Increase in long term deposits (42) (4) Net cash used in investing activities (*) (4,154) (4,712) Cash flows from financing activities:
Dividend paid (9,960) - Dividend paid by subsidiary to non-controlling interest (559) - Changes in short-term bank credit and loans, net 9,294 1,830 Repayment of a financing leaseback related to Bar-Lev transaction (294) (284) Net cash provided by (used in) financing activities (1,519) 1,546 Effect of exchange rate differences on cash and cash equivalents 43 194 Increase (decrease) in cash and cash equivalents and short-term bank deposits
(26,596) 14,739 Cash and cash equivalents and short-term bank deposits at beginning of the period 138,707 106,270 Cash and cash equivalents and short-term bank deposits at end of the period $ 112,111 $ 121,009 Non - cash investing:
Changes in trade payables balances related to purchase of fixed assets 366 131 (*) Cash used in investing activities does not include changes in bank deposits as such balance is included in the “cash and cash equivalents and short term bank deposits” line at the beginning and end of the period. Caesarstone Ltd. and its subsidiaries Three months ended
March 31,
U.S. dollars in thousands 2018 2017 (Unaudited) Reconciliation of Net Income to Adjusted EBITDA: Net income $ 1,456 $ 11,265 Finance expenses (income), net (540) 1,524 Taxes on income 511 2,348 Depreciation and amortization 7,250 7,429 Legal settlements and loss contingencies, net (a) 2,497 671 Share-based compensation expense (b) 30 1,154 Provision for employees fringe benefits (c) - (114) Adjusted EBITDA (Non-GAAP) $ 11,204 $ 24,277 (a) Consists of legal settlements expenses and loss contingencies, net, related to product liability claims and other adjustments to on-going legal claims.
(b) Share-based compensation includes expenses related to stock options and restricted stock units granted to employees and directors of the Company. In addition, includes expenses for phantom awards granted and related payroll expenses as a result of exercises.
(c) Relates to an adjustment of provision for taxable employee fringe benefits as a result of a settlement with the Israeli Tax Authority and with the National Insurance Institute of Israel.
Caesarstone Ltd. and its subsidiaries Three months ended
March 31,
U.S. dollars in thousands (except per share data) 2018 2017 (Unaudited) Reconciliation of net income attributable to controlling
interest to adjusted net income attributable to controlling interest:
Net income attributable to controlling interest $ 1,493 $ 11,096 Legal settlements and loss contingencies, net (a) 2,497 671 Share-based compensation expense (b) 30 1,154 Provision for employees fringe benefits (c) - (114) Total adjustments 2,527 1,711 Less tax on non-tax adjustments (d) 656 295 Total adjustments after tax 1,871 1,416 Adjusted net income attributable to controlling interest (Non-GAAP) $ 3,364 $ 12,512 Adjusted diluted EPS (e) $ 0.10 $ 0.36 (a) Consists of legal settlements expenses and loss contingencies, net, related to product liability claims and other adjustments to on-going legal claims.
(b) Share-based compensation includes expenses related to stock options and restricted stock units granted to employees and directors of the Company. In addition, includes expenses for phantom awards granted and the related payroll expenses as a result of exercises.
(c) Relates to an adjustment of provision for taxable employee fringe benefits as a result of a settlement with the Israeli Tax Authority and with the National Insurance Institute of Israel.
(d) Tax adjustments for the three months ended March 31, 2018 and 2017 were based on the effective tax rates for these periods, respectively.
(e) In calculating adjusted diluted (Non-GAAP) EPS, the diluted weighted average number of shares outstanding excludes the effects of share-based compensation expense in accordance with FASB ASC 718.
Caesarstone Ltd. and its subsidiaries Geographic breakdown of revenues by region Three months ended
March 31,
U.S. dollars in thousands 2018 2017 (Unaudited) (Unaudited) USA $ 56,750 $ 58,024 Australia (incl. New Zealand) 28,903 29,521 Canada 23,355 22,304 Israel 11,790 11,699 Europe 7,433 6,377 Rest of World 7,827 8,486 $ 136,058 $ 136,411
View source version on businesswire.com : https://www.businesswire.com/news/home/20180509005540/en/
Investor Relations
ICR, Inc.
James Palczynski, +1-203-682-8229
Partner
Source: Caesarstone Ltd. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/business-wire-caesarstone-reports-first-quarter-2018-results.html |
May 2, 2018 / 4:17 PM / Updated 18 minutes ago CSeries bosses named as Airbus-Bombardier deal takes shape - memos Allison Lampert , Tim Hepher 4 Min Read
MONTREAL/PARIS (Reuters) - Bombardier Inc ( BBDb.TO ) and Airbus SE ( AIR.PA ) named new leaders for the CSeries jetliner programme on Wednesday, in a further step towards finalising a deal for the European planemaker to take control of the Canadian project, according to memos seen by Reuters. A model of Bombardier C Series aeroplane is seen in the Bombardier offices in Belfast, Northern Ireland September 26, 2017. REUTERS/Clodagh Kilcoyne/Files
Airbus agreed last year to take control of the programme for a symbolic Canadian dollar after the small, lightweight jetliner failed to win enough buyers and ran over-budget.
Philippe Balducchi, head of performance management for Airbus Commercial Aircraft, will be chief executive of the joint entity controlled by Airbus with six executives from each side, according to memos to staff of both companies.
Balducchi, who is well-known to aerospace analysts after a stint running investor relations at Europe’s largest aerospace group, reiterated the deal should close by mid-year.
“This is good news because there is a lot of appetite for this remarkable aircraft in the market,” he wrote in one of the memos.
Airbus and Bombardier both declined to comment.
The companies have said Airbus’ global sales network and greater bargaining power with suppliers should boost sales and lower the CSeries’ manufacturing costs.
Montreal-based Bombardier’s stock rose 1.8 percent in late-afternoon trading, breaking a three-day losing streak.
Sources familiar with the matter have said the companies have an internal target of closing the deal by the end of May after winning final regulatory approvals. The logo of Airbus Group is seen on the company's headquarters building in Toulouse, Southwestern France, April 18, 2017. REUTERS/Regis Duvignau/Files
Bombardier is also due to announce quarterly earnings and hold its annual general meeting on Thursday.
In an effort to reassure Quebec’s roughly 2,000 CSeries workers, Balducchi reiterated the partnership would remain headquartered in the Montreal area and that the 110-to-130-seat jet would continue to be built there for global customers.
A separate facility in Alabama, alongside an existing Airbus plant, will be used for deliveries to U.S. buyers.
In other appointments, Airbus troubleshooter David Dufrenois was named head of CSeries sales with the task of winning over more airlines to the plane, which Airbus once saw as a threat to its smallest models but which it now regards as complementary.
The Airbus sales executive led a team focused on stabilizing sales of the A380 superjumbo and handled key accounts such as Qatar Airways, one of the industry’s most demanding buyers.
Rob Dewar, a Bombardier vice president seen by many as instrumental to the CSeries, will oversee support and engineering, according to one of the memos.
The CSeries deal leaves Quebec’s flagship industrial group with an aerospace business focused on regional jets and turboprops, as well as business jets and trains.
In one memo, Bombardier CEO Alain Bellemare said Commercial Aircraft President Fred Cromer - one of a number of former leasing executives originally hired to keep the CSeries afloat - will continue to lead its regional aircraft business. Reporting by Allison Lampert in Montreal and Tim Hepher in Paris; editing by Chizu Nomiyama and Richard Chang | ashraq/financial-news-articles | https://in.reuters.com/article/bombardier-airbus/exclusive-bombardier-and-airbus-unveil-leaders-of-new-cseries-partnership-memo-idINKBN1I32AM |
U.S. government debt yields ticked higher Monday following a sharp increase last week, when both the 10-year Treasury note yield and two-year Treasury note yield notched multiyear highs.
Bond traders are also awaiting the latest iteration of the Federal Reserve's monthly meeting minutes, scheduled for release Wednesday.
The yield on the benchmark 10-year Treasury note , which moves inversely to price, was slightly higher at 3.076 percent, up roughly 10 basis points over the past week, though off its multiyear highs clinched Friday.
The 10-year yield briefly hit 3.128 percent on Friday, its highest level since July 8, 2011 when the note yielded as high as 3.184 percent.
The yield on the 30-year Treasury bond was also higher at 3.21 percent on Monday, though off its own highs from last week.
With little economic data expected on Monday or Tuesday, fixed income investors are awaiting the Federal Reserve's latest meeting minutes, due out on Wednesday.
The minutes offer Wall Street an idea of how the central bank is thinking about the strength of the economy, with many expecting that the Federal Open Market Committee will raise rates in June to stay ahead of creeping inflation.
Minutes from their previous meeting showed that "all participants" expected both the economy to strengthen and inflation to rise "in coming months," citing strong spending patterns and a consistently tight labor market.
Symbol Yield Change %Change US 3-MO --- US 1-YR --- US 2-YR --- US 5-YR --- US 10-YR --- US 30-YR ---
Consumer prices as measured by the personal consumption expenditures price index — the Fed's preferred inflation gauge — jumped 2 percent year-on-year in March, the biggest gain since February 2017.
The rising prices appear to be rising in part thanks to a competitive labor market, with the Labor Department reporting that the unemployment rate fell to 3.9 percent in April, the lowest level since December 2000.
Tighter labor markets are usually considered a bellwether of labor input wages in classical economics: When workers are in higher demand, employers will typically have to pay more for their services. Wages, in turn, are often seen as a prelude to higher prices throughout the economy as people spend more as their paychecks grow.
Rising inflation, which threatens Treasury prices because it erodes the purchasing power of their fixed payments, puts upward pressure on rates.
Later in the week, the Treasury Department is expected to auction $33 billion in two-year notes, $36 billion in five-year notes and $30 billion in seven-year notes. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/21/us-treasurys-mixed-as-investors-await-key-auctions.html |
NEW YORK, Starboard Value LP (together with its affiliates, "Starboard"), a significant shareholder of Newell Brands Inc. ("Newell" or the "Company") (NYSE:NWL) with beneficial ownership of approximately 3.8% of the Company's outstanding shares, announced today that it has released a detailed presentation outlining the opportunity to create meaningful value at Newell. Starboard's presentation provides an in-depth analysis of the multiple initiatives that Newell's management and reconstituted Board of Directors (the "Board") can implement to drive operational improvements while overseeing Newell's asset divestiture program.
Starboard's presentation is available for viewing at the following link:
http://www.starboardvalue.com/wp-content/uploads/Starboard_Value_LP_Transforming_Newell_Presentation_05.01.2018.pdf
Jeffrey C. Smith of Starboard stated, "As part of our campaign to drive significant change at Newell, we have conducted a tremendous amount of research to understand the Company's issues and opportunities. We were pleased to reach a settlement with Newell, which resulted in a Board that will be comprised of nine of twelve new directors. For the benefit of the newly reconstituted Board, the management team, the employees, and the shareholders, we feel it is important to share our material findings and recommendations. We believe the released presentation illustrates the significant value creation opportunity at Newell. We expect management and the Board will carefully review our presentation alongside their own internal findings and observations to coalesce on an extensive operational turnaround plan at Newell with the goal of maximizing value for all shareholders."
About Starboard Value LP
Starboard Value LP is a New York-based investment adviser with a focused and differentiated fundamental approach to investing primarily in publicly traded U.S. companies. Starboard invests in deeply undervalued companies and actively engages with management teams and boards of directors to identify and execute on opportunities to unlock value for the benefit of all shareholders.
Investor contacts:
Peter Feld, (212) 201-4878
Gavin Molinelli, (212) 201-4828
www.starboardvalue.com
releases/starboard-releases-presentation-on-newell-300640028.html
SOURCE Starboard Value LP | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/pr-newswire-starboard-releases-presentation-on-newell.html |
May 21 (Reuters) - FTE Networks Inc:
* FTE NETWORKS REPORTS FIRST QUARTER 2018 RESULTS * Q1 NON-GAAP EARNINGS PER SHARE $0.56
* SEES 2018 NET REVENUE OF $350 MILLION * COMBINED BACKLOG OF APPROXIMATELY $460.7 MILLION AS OF MARCH 31, 2018
* COMPANY IS REITERATING ITS PREVIOUSLY ISSUED FINANCIAL GUIDANCE FOR 2018
* COMBINED BACKLOG AS OF MARCH 31, 2018 INCREASED APPROXIMATELY $26.7 MILLION FROM 2017 YEAR-END BACKLOG
* TOTAL REVENUE FOR Q1 OF 2018 WAS $85.1 MILLION * REITERATING ITS PREVIOUSLY ISSUED FINANCIAL GUIDANCE FOR 2018 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-fte-networks-reports-q1-non-gaap-e/brief-fte-networks-reports-q1-non-gaap-earnings-per-share-0-56-idUSASC0A31H |
NEW YORK--(BUSINESS WIRE)-- The following statement is being issued by Levi & Korsinsky, LLP:
To: All persons or entities who purchased or otherwise acquired securities of Gridsum Holding Inc. ("Gridsum") (NASDAQ: GSUM). You are hereby notified that a securities class action lawsuit has been commenced in the United States District Court for the Southern District of New York. To get more information go to:
http://www.zlk.com/pslra-d/gridsum-holding-inc?wire=3
or contact Joseph E. Levi, Esq. either via email at [email protected] or by telephone at (212) 363-7500, toll-free: (877) 363-5972. There is no cost or obligation to you.
The complaint alleges that throughout the class period Defendants issued materially false and/or misleading statements and/or failed to disclose that: (i) Gridsum lacked effective internal control over financial reporting; (ii) consequently, Gridsum’s financial statements were inaccurate and misleading, and did not fairly present, in all material respects, the financial condition and results of operations of the Company; and (iii) as a result of the foregoing, Gridsum’s public statements were materially false and misleading at all relevant times.
If you suffered a loss in Gridsum you have until June 25, 2018 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
Levi & Korsinsky is a national firm with offices in New York, California, Connecticut, and Washington D.C. The firm’s attorneys have extensive expertise and experience representing investors in securities litigation, and have recovered hundreds of millions of dollars for aggrieved shareholders. Attorney advertising. Prior results do not guarantee similar outcomes.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180504005758/en/
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Tel: 212-363-7500
Toll Free: 877-363-5972
Fax: 212-363-7171
www.zlk.com
Source: Levi & Korsinsky, LLP | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/04/business-wire-shareholder-alert-levi-korsinsky-llp-notifies-shareholders-of-gridsum-holding-inc-of-commencement-of-a-class-action-lawsuit.html |
May 23, 2018 / 10:07 AM / in 10 minutes Deals of the day-Mergers and acquisitions Reuters Staff 4 Min Read
(Adds T-Mobile, Gazprom, Mothercare, EDP, Paddy Power ,Royal Golden Eagle; Updates Generali, Comcast, Aretex Capital)
May 23 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Wednesday:
** Comcast Corp confirmed it was preparing a higher, all-cash offer for most of the media assets of Twenty-First Century Fox, setting up a bidding war with rival Walt Disney Co, which already has agreed to a $52-billion deal with Fox.
** A U.S. Senate Committee plans to hold a hearing on June 27 on the proposed $26.5 billion merger of T-Mobile US and Sprint Corp.
** Portugal’s market watchdog has waived a requirement in its takeover rules that will make it easier for China Three Gorges to pursue its bid for utility EDP-Energias de Portugal .
** Russian oligarch Viktor Vekselberg, who has been placed under U.S. sanctions, has resumed talks about merging his power assets with Gazprom, three sources familiar with the talks told Reuters.
** Singapore group Royal Golden Eagle said it had reached a deal to acquire Brazilian pulp maker Lwarcel Celulose Ltda for an undisclosed amount.
** Paddy Power Betfair has agreed to merge its U.S. business with fantasy sports company FanDuel to target the U.S. sports betting market that is set to open up in the coming years, the Irish bookmaker said.
** Mothercare has decided a management buyout is “100 percent not” an option in the future, a source familiar with the matter said, after Bloomberg reported that its CEO had proposed one earlier this year.
** Insurer Generali CEE Holding BV, a part of Italian Generali Group, has agreed to buy Slovenia’s third-largest insurer Adriatic Slovenica in a deal worth 245 million euros ($286.85 million) from KD Group.
** Aretex Capital Partners, a private equity fund that was launched just this year, has agreed to buy Alerian, the developer of the energy benchmark Alerian MLP Index, Aretex said in a statement late.
** Renault and Nissan are reviewing the ownership structure of their carmaking alliance but are unlikely to merge into a single listed entity this year or next, Chief Executive Carlos Ghosn said.
** Barclays Plc is not actively exploring a potential merger with rivals, two sources close to the bank said, as speculation mounts about how the British lender plans to defend itself against activist investor Edward Bramson.
** China’s Qumei Home Furnishing Group made an all-cash bid for Norway’s Ekornes, valuing the Oslo-listed furniture maker at 5.1 billion Norwegian crowns ($630.75 million), the companies said in a joint statement.
** Global miner Rio Tinto Ltd confirmed it was in discussions to sell its interest in the world’s second largest copper mine to Indonesia’s state mining holding company Inalum.
** Thailand’s Minor International Pcl said that it acquired a stake in Spain-based NH Hotel Group SA for 192 million euros ($225.79 million) to grow its hospitality footprint in Europe.
** SoftBank Group Corp said it is selling its roughly 20 percent stake in Indian e-commerce firm Flipkart IPO- to Walmart Inc, the first public divestment by its Vision Fund.
** Australia’s SeaLink Travel Group Ltd confirmed it received an unsolicited takeover proposal for the firm worth A$480.5 million ($363.64 million) from an undisclosed buyer which it rejected, sending its shares up as much as 12.3 percent.
** Independent Bank Group Inc said on Tuesday it would buy Guaranty Bancorp for about $1 billion to expand its operations in the state of Colorado.
** American Equity Investment Life Holding Co, a U.S. provider of annuities and life insurance products, is exploring a sale after it attracted takeover interest, people familiar with the matter said on Tuesday.
** Japan’s Mitsui Sumitomo Insurance will take a nearly 40 percent stake in a life insurance unit of a state-owned Chinese bank, the Nikkei reported. (Compiled by Tamara Mathias and Karan Nagarkatti in Bengaluru) | ashraq/financial-news-articles | https://www.reuters.com/article/deals-day/deals-of-the-day-mergers-and-acquisitions-idUSL3N1SU3WA |
Lebanon holds its first election in nine years 11:47am EDT - 01:47
Voters travelled across Lebanon on Sunday to take part in the country's first election in nine years - a poll seen as important to securing economic stability.
Voters travelled across Lebanon on Sunday to take part in the country's first election in nine years - a poll seen as important to securing economic stability. //www.reuters.com/video/2018/05/06/lebanon-holds-its-first-election-in-nine?videoId=424392841&videoChannel=14094 | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/06/lebanon-holds-its-first-election-in-nine?videoId=424392841 |
NEW YORK and CAESAREA, Israel, May 2, 2018 /PRNewswire/ -- DarioHealth Corp. (NASDAQ: DRIO), a leading global digital health company with mobile health and big data solutions, today announced that it will release its first quarter 2018 results on Tuesday, May 15th and host a conference call the same morning at 9:00am EDT. The Company will discuss its first quarter 2018 operating and financial results and its strategy and outlook for the remainder of 2018. The conference call will be hosted by Erez Raphael, Chief Executive Officer, and Zvi Ben-David, Chief Financial Officer. The live conference call can be accessed by dialing 1-877-407-8035 or 1-201-689-8035 (international). Participants should ask for the DarioHealth Earnings Conference Call. The conference call will also be available via live webcast at: http://www.investorcalendar.com/event/27776
Conference Call Details:
Date: Tuesday, May 15, 2018
Time: 9:00am EDT
Dial-in Number: 1-877-407-8035
International Dial-in Number: 1-201-689-8035
Webcast: http://www.investorcalendar.com/event/27776
Participants are recommended to dial-in approximately 10 minutes prior to the start of the event. A replay of the call will be available approximately two hours after completion through May 29, 2018. To listen to the replay, dial 1-877-481-4010 (domestic) or 1-919-882-2331 (international) and use replay passcode 27776. The webcast replay will be available through August 15, 2018.
About DarioHealth Corp.
DarioHealth Corp. (NASDAQ: DRIO) is a leading global digital health company serving its users with dynamic mobile health solutions. In today's day and age, knowledge of health and treatment is being democratized, and we believe people deserve to know everything about their own health and have the best tools to manage their condition. DarioHealth employs a revolutionary approach whereby harnessing big data, we have developed a novel method for chronic disease data management, empowering people to analyze and personalize self-diabetes management in a totally new way without having the disease slow them down. DarioHealth has a commercial office in New York with an R&D center in Caesarea, Israel. For more information, visit http://mydario.investorroom.com/ .
DarioHealth Corporate Contact: Shmuel Herschberg, Marketing Director, [email protected] , +1-914-775-5548
DarioHealth Public Relations Contact: Terese Kelly, Rosica PR, [email protected] , +1-201-843-5600
DarioHealth Investor Relations Contact: Westwicke Partners, [email protected] , +1-443-213-0500
View original content: http://www.prnewswire.com/news-releases/dariohealth-to-host-first-quarter-2018-conference-call-on-may-15-2018-300641017.html
SOURCE DarioHealth Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/pr-newswire-dariohealth-to-host-first-quarter-2018-conference-call-on-may-15-2018.html |
/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES/
CALGARY, Alberta, May 23, 2018 (GLOBE NEWSWIRE) -- Vogogo Inc. (" Vogogo " or the " Company ") (CSE:VGO) is pleased to provide shareholders with an update regarding the acquisition of 14,000 newly installed cryptocurrency mining machines (21 megawatts) plus supporting infrastructure, in a facility near Montreal (the " 828 Acquisition ").
“With our cash on hand and a fully underwritten and committed financing we now have all the funds necessary to close on the 828 Acquisition” said John FitzGerald, President and Chief Executive Officer of Vogogo.
The Company’s recent convertible debenture offering, announced on May 15, 2018, was oversubscribed with total gross proceeds of up to $34,500,000 CAD (assuming exercise in full of the over-allotment option). The offering was underwritten by Canaccord Genuity Corp. and Beacon Securities Limited.
At this time, Vogogo expects to close the 828 Acquisition by June 15, 2018. "The electrical, HVAC and machine installations are all on track for closing in about three weeks. We are working to complete due diligence and ensure a smooth transition of these assets into our daily operations” said Mr. FitzGerald.
About Vogogo Inc.:
Vogogo currently operates its cryptocurrency mining activities at a leased facility in Québec. This includes mining for cryptocurrencies for its own account and within mining pools. As it continues to embrace blockchain technology, Vogogo is exploring opportunities in all aspects of the cryptocurrency segment, including the three verticals of mining, payments and currency exchange.
For information or interview please contact:
John Kennedy FitzGerald
Chief Executive Officer and President
403-648-9292
SOURCE Vogogo Inc.
READER ADVISORY
Neither the Canadian Securities Exchange (“CSE”) nor the Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this press release.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION: Certain information in this news release constitutes forward-looking information under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking information. Forward-looking information is often identified by terms such as "may", "should", "anticipate", "expect", "potential", "believe", "intend" or the negative of these terms and similar expressions. Forward-looking information in this news release includes, but is not limited to, statements with respect to the closing of the convertible debenture offering and the proceeds thereof, the successful completion of and timing of the completion of the 828 Acquisition, and expected performance metrics for cryptocurrency mining machines. Forward-looking information is based on certain assumptions, including expected cryptocurrency industry trends, the price of cryptocurrency mining machines, the price of cryptocurrencies, the price of electricity and the performance and life of cryptocurrency mining machines. While the Company considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. Readers are cautioned not to place undue reliance on forward-looking information. Forward-looking information necessarily involves known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse industry events; termination of the convertible debenture offering; failure to have sufficient resources to close the 828 Acquisition; future legislative and regulatory developments involving cryptocurrency; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; changes to the cryptocurrency industry; changes in income tax and regulation of cryptocurrencies and cryptocurrency mining; the inability of the Company to implement its business strategies; increased competition; currency and interest rate fluctuations and other risks. Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking information contained in this news release is expressly qualified by this cautionary statement and reflect the Company’s expectations as of the date hereof, and thus are subject to change thereafter. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
Source: Vogogo Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/globe-newswire-vogogo-inc-provides-acquisition-update.html |
-- First quarter 2017 EXONDYS 51 ® (eteplirsen) total net revenues of $64.6 million --
-- Sarepta signs exclusive partnership and buy-out option with Myonexus Therapeutics; pipeline expands from 16 to 21 programs --
-- Company announces date of first R&D day, at which clinical data from gene therapy micro-dystrophin program will be announced --
-- Company receives negative trend vote following its CHMP oral explanation; will request re-examination and Scientific Advisory Group to be convened --
CAMBRIDGE, Mass., May 03, 2018 (GLOBE NEWSWIRE) -- Sarepta Therapeutics, Inc. (NASDAQ:SRPT), a commercial-stage biopharmaceutical company focused on the discovery and development of precision genetic medicine to treat rare neuromuscular diseases, today reported financial results for the three months ended March 31, 2018.
“In the first quarter, we continued our successful launch of EXONDYS 51 and advanced our pipeline to bring life-enhancing therapies to those suffering from rare disease around the world,” said Doug Ingram, Sarepta’s president and chief executive officer. “We accelerated our gene therapy and RNA platform, and in that regard are excited to announce that our first R&D day will take place on June 19 to showcase the breadth, depth and progress of our pipeline. Significantly, at this event we will report preliminary safety and gene expression data from at least two patients from our micro-dystrophin gene therapy trial underway with Nationwide Children’s Hospital.”
Mr. Ingram continued, “Aligned with our stated goal of leveraging our expertise beyond DMD, we announced today a collaboration with Myonexus Therapeutics for the development of five potentially transformative gene therapies to treat a debilitating set of diseases, all under the umbrella of Limb-girdle muscular dystrophy. Through this collaboration, we have expanded our pipeline to 21 therapies in development. Our confidence in the Myonexus collaboration comes from the similarities between the Myonexus and Sarepta approaches to gene therapy. Both are seeking to treat rare neuromuscular disease through the AAVrh.74 vector; and both rely upon the unparalleled expertise of Dr. Louise Rodino-Klapac in developing and executing gene therapy constructs. This partnership with Myonexus enables us to expand our efforts beyond DMD while maintaining our unwavering commitment to those suffering from DMD.”
Mr. Ingram concluded, “Unfortunately, in addition to our successes in the first quarter, we also have had a delay in our effort to bring eteplirsen to patients in Europe who could potentially benefit from it. I could not be prouder of our Sarepta team and the team of experts who spoke on behalf of eteplirsen at the CHMP oral explanation last week. The rigorous work that was done to prepare for the hearing only strengthened our resolve that eteplirsen should urgently be made available to those waiting in Europe. Unfortunately, the CHMP’s trend vote was negative. Based on discussions with CHMP representatives, it is our understanding that the CHMP did not conclude that eteplirsen is ineffective for exon 51 amenable patients, but rather that Sarepta has not yet met the regulatory threshold for conditional approval, in part due to the use of external controls as comparators in the studies. Sarepta plans to file for re-examination and will request that a Scientific Advisory Group (SAG), which is made up of DMD and neuromuscular specialists, be convened to provide expert guidance and insight into, among other things, the validity of the external controls used and the importance of slowing pulmonary decline in patients with DMD.”
Financial Results
For the first quarter of 2018, on a GAAP basis, Sarepta reported a net loss of $35.4 million, or $0.55 per basic and diluted share, compared to net income of $84.1 million reported for the same period of 2017, or $1.53 per basic share and $1.50 per diluted share. On a non-GAAP basis, the net loss for the first quarter of 2018 was $17.9 million, or $0.28 per share, compared to a net loss of $31.4 million for the same period of 2017, or $0.57 per share.
Net Revenues
For the three months ended March 31, 2018, the Company recorded net product revenues of $64.6 million, compared to net revenues of $16.3 million for first quarter of 2017. The increase primarily reflects increasing demand for EXONDYS 51 in the U.S.
Cost and Operating Expenses
Cost of sales (excluding amortization of in-licensed rights)
For the three months ended March 31, 2018, cost of sales (excluding amortization of in-licensed rights) was $5.6 million, compared to $0.2 million for the same period of 2017. The increase primarily reflects royalty payments to BioMarin Pharmaceuticals (BioMarin) as a result of the execution of the settlement and license agreements with BioMarin in July 2017 as well as higher inventory costs related to increasing demand for EXONDYS 51 during 2018. Prior to the approval of EXONDYS 51, the Company expensed related manufacturing and material costs as research and development expenses.
expenses were $46.2 million for the first quarter of 2018, compared to $29.1 million for the same period of 2017, an increase of $17.1 million. The increase in research and development expenses primarily reflects the following:
$4.4 million increase in clinical and manufacturing expenses primarily due to increased patient enrollment in the Company’s ongoing clinical trials in golodirsen and casimersen, as well as a ramp-up of manufacturing activities for the Company’s PPMO platform. These increases were partially offset by a ramp-down of clinical trials in eteplirsen primarily because the PROMOVI trial has been fully enrolled;
$3.2 million increase in collaboration cost sharing with Summit on its utrophin platform;
$2.7 million increase in compensation and other personnel expenses primarily due to a net increase in headcount;
$2.4 million increase in professional services primarily due to an expansion of the Company’s research and development pipeline; and
$1.6 million increase in preclinical expenses primarily due to the continuing ramp-up of toxicology studies in the Company’s PPMO platform as well as golodirsen and casimersen.
Non-GAAP research and development expenses were $43.3 million for the first quarter of 2018, compared to $26.7 million for the same period of 2017, an increase of $16.6 million.
Selling, general and administration
Selling general and administrative expenses were $43.3 million for the first quarter of 2018, compared to $26.2 million for the same period of 2017, an increase of $17.1 million. The increase in selling, general and administrative expenses primarily reflects the following:
$6.4 million increase in professional services primarily due to continuing global expansion as well as preparation for a potential product launch in the EU should the Company’s Marketing Authorization Application be approved by the European Medicines Agency;
$5.3 million increase in compensation and other personnel expenses primarily due to a net increase in headcount; and
$4.6 million increase in stock-based compensation primarily due to the impact of revising the forfeiture rate assumption for officers and Board of Directors as well as an increase in stock price.
Non-GAAP selling, general and administrative expenses were $33.7 million for the first quarter of 2018, compared to $21.1 million for the same period of 2017, an increase of $12.6 million.
Amortization of in-licensed rights
Amortization of in-licensed rights was $0.2 million during the first quarter of 2018, compared to less than $0.1 million for the same period of 2017. The increase was primarily due to the BioMarin transactions that occurred in July 2017.
Other (loss) Income
Gain from sale of Priority Review Voucher
In connection with the completion of the sale of the Priority Review Voucher (PRV) in March 2017, the Company recorded a gain of $125.0 from sale of the PRV in the first quarter of 2017. There was no similar activity in the first quarter of 2018.
Interest (expense) income and other, net
For the three months ended March 31, 2018 and 2017, the Company recorded $4.5 million interest expense and other, net and $0.3 interest income and other, net, respectively. The period over period unfavorable change primarily reflects the interest expense accrued on the Company’s debt facilities partially offset by interest income from higher balances of cash, cash equivalents and investments.
Cash, Cash Equivalents, Restricted Cash and Investments
The Company had $1.0 billion in cash, cash equivalents, restricted cash and investments as of March 31, 2018 compared to $1.1 billion as of December 31, 2017. The decrease is primarily driven by the use of cash to fund the Company’s ongoing operations during the first quarter of 2018.
Use of Non-GAAP Measures
In addition to the GAAP financial measures set forth in this press release, the Company has included certain non-GAAP measurements. The non-GAAP loss is defined by the Company as GAAP net loss excluding interest expense/(income), income tax expense/(benefit), depreciation and amortization expense, stock-based compensation expense, restructuring expense and other items. Non-GAAP research and development expenses are defined by the Company as GAAP research and development expenses excluding depreciation and amortization expense, stock-based compensation expense, restructuring expense and other items. Non-GAAP selling, general and administrative expenses are defined by the Company as GAAP selling, general and administrative expenses excluding depreciation and amortization expense, stock-based compensation expense, restructuring expense and other items.
1. Interest, tax, depreciation and amortization
Interest income and expense amounts can vary substantially from period to period due to changes in cash and debt balances and interest rates driven by market conditions outside of the Company’s operations. Tax amounts can vary substantially from period to period due to tax adjustments that are not directly related to underlying operating performance. Depreciation expense can vary substantially from period to period as the purchases of property and equipment may vary significantly from period to period and without any direct correlation to the Company’s operating performance. Amortization expense associated with in-licensed rights as well as patent costs are amortized over a period of several years after acquisition or patent application or renewal and generally cannot be changed or influenced by management.
2. Stock-based compensation expenses
Stock-based compensation expenses represent non-cash charges related to equity awards granted by Sarepta. Although these are recurring charges to operations, management believes the measurement of these amounts can vary substantially from period to period and depend significantly on factors that are not a direct consequence of operating performance that is within management's control. Therefore, management believes that excluding these charges facilitates comparisons of the Company’s operational performance in different periods.
3. Restructuring expenses
The Company believes that adjusting for these items more closely represents the Company’s ongoing operating performance and financial results.
4. Other items
The Company evaluates other items of expense and income on an individual basis. It takes into consideration quantitative and qualitative characteristics of each item, including (a) nature, (b) whether the items relates to the Company’s ongoing business operations, and (c) whether the Company expects the items to continue on a regular basis. These other items include the aforementioned gain from the sale of the Company’s PRV.
The Company uses these non-GAAP measures as key performance measures for the purpose of evaluating operational performance and cash requirements internally. The Company also believes these non-GAAP measures increase comparability of period-to-period results and are useful to investors as they provide a similar basis for evaluating the Company’s performance as is applied by management. These non-GAAP measures are not intended to be considered in isolation or to replace the presentation of the Company’s financial results in accordance with GAAP. Use of the terms non-GAAP research and development expenses, non-GAAP selling, general and administrative expenses, non-GAAP other income adjustments, non-GAAP income tax expense, non-GAAP net loss, and non-GAAP basic and diluted net loss per share may differ from similar measures reported by other companies, which may limit comparability, and are not based on any comprehensive set of accounting rules or principles. All relevant non-GAAP measures are reconciled from their respective GAAP measures in the attached table "Reconciliation of GAAP to Non-GAAP Net Loss.”
First Quarter and Recent Corporate Developments
Golodirsen (SRP-4053): Based on Sarepta’s Type C meeting with the FDA’s Division of Neurology Products to solicit the Division's guidance on the development pathway for golodirsen, the Company remains on track to complete a rolling NDA submission by year-end 2018, seeking accelerated approval based on an increase in dystrophin protein as a surrogate endpoint. Myonexus Therapeutics Partnership: Sarepta and Myonexus Therapeutics entered into a partnership to advance multiple gene therapies for various forms of Limb-girdle muscular dystrophies (LGMDs). The lead program, MYO-101, has generated encouraging pre-clinical safety and efficacy data utilizing the AAVrh.74 vector system, the same vector used in the micro-dystrophin gene therapy program Sarepta is developing with Nationwide Children’s Hospital. A Phase 1/2a study of MYO-101 is scheduled to begin in mid-2018. The companies plan to report on 60-day biopsy data in late-2018 or early 2019. Additionally, Myonexus is advancing MYO-102 for LGMD2D, MYO-103 for LGMD2C, MYO-201 for LGMD2B, and MYO-301 for LGMD2L. Under the terms of the agreement, Sarepta will make an upfront payment of $60 million and additional development-related milestone payments to purchase an exclusive option to acquire Myonexus at a pre-negotiated, fixed price with sales-related contingent payments. If all development-related milestone payments are met, Sarepta will make payments of up to $45 million over an approximately two-year evaluation period. Sarepta has the option to purchase Myonexus at any time, including upon review of proof-of-concept data. Sarepta R&D Day (Tuesday, June 19, 2018): Sarepta management, along with several key-opinion leaders, will provide an in-depth look into the Company’s pipeline programs across several modalities, included RNA-targeted therapies, gene therapy and gene editing. Of particular note, we look forward to presenting our micro-dystrophin expression data from at least two patients enrolled in the Phase 1/2a gene therapy clinical trial underway with Drs. Jerry Mendell and Louise Rodino-Klapac of Nationwide Children’s Hospital. To date, the Company has enrolled four patients in this study and no significant adverse events have been reported. In addition, Dr. Rodino-Klapac, who is also chief scientific officer and co-founder of Myonexus, will present data from Myonexus’ entire LGMD program. For all to access, Sarepta’s R&D day will be webcast live under the investor relations section of the Company’s website at: www.sarepta.com and will be archived there following the event for 90 days.
Conference Call
The Company will be hosting a conference call at 4:30 p.m. Eastern Time, to discuss these financial results and provide a corporate update. The conference call may be accessed by dialing 844-534-7313 for domestic callers and +1-574-990-1451 for international callers. The passcode for the call is 2798939. Please specify to the operator that you would like to join the "Sarepta First Quarter 2018 Earnings Call”. The conference call will be webcast live under the investor relations section of Sarepta's website at www.sarepta.com and will be archived there following the call for 90 days. Please connect to Sarepta's website several minutes prior to the start of the broadcast to ensure adequate time for any software download that may be necessary.
About EXONDYS 51
EXONDYS 51 uses Sarepta’s proprietary phosphorodiamidate morpholino oligomer (PMO) chemistry and exon-skipping technology to skip exon 51 of the dystrophin gene. EXONDYS 51 is designed to bind to exon 51 of dystrophin pre-mRNA, resulting in exclusion of this exon during mRNA processing in patients with genetic mutations that are amenable to exon 51 skipping. Exon skipping is intended to allow for production of an internally truncated dystrophin protein.
Important Safety Information About EXONDYS 51
Hypersensitivity reactions, including rash and urticaria, pyrexia, flushing, cough, dyspnea, bronchospasm, and hypotension, have occurred in patients who were treated with EXONDYS 51. If a hypersensitivity reaction occurs, institute appropriate medical treatment and consider slowing the infusion or interrupting the EXONDYS 51 therapy.
Adverse reactions in DMD patients (N=8) treated with EXONDYS 51 30 or 50 mg/kg/week by intravenous (IV) infusion with an incidence of at least 25% more than placebo (N=4) (Study 1, 24 weeks) were (EXONDYS 51, placebo): balance disorder (38%, 0%), vomiting (38%, 0%) and contact dermatitis (25%, 0%). The most common adverse reactions were balance disorder and vomiting. Because of the small numbers of patients, these represent crude frequencies that may not reflect the frequencies observed in practice. The 50 mg/kg once weekly dosing regimen of EXONDYS 51 is not recommended.
In the 88 patients who received ≥30 mg/kg/week of EXONDYS 51 for up to 208 weeks in clinical studies, the following events were reported in ≥10% of patients and occurred more frequently than on the same dose in Study 1: vomiting, contusion, excoriation, arthralgia, rash, catheter site pain, and upper respiratory tract infection.
For further information, please see the full Prescribing Information.
About Sarepta Therapeutics
Sarepta Therapeutics is a commercial-stage biopharmaceutical company focused on the discovery and development of precision genetic medicine to treat rare neuromuscular diseases. The Company is primarily focused on rapidly advancing the development of its potentially disease-modifying DMD drug candidates. For more information, please visit www.sarepta.com .
Forward-Looking Statements
In order to provide Sarepta’s investors with an understanding of its current results and future prospects, this press release contains statements that are forward-looking. Any statements contained in this press release that are not statements of historical fact may be deemed to be . Words such as “believes,” “anticipates,” “plans,” “expects,” “will,” “may,” “intends,” “prepares,” “looks,” “potential,” “possible” and similar expressions are intended to identify . These include statements relating to Sarepta’s future operations, financial performance and projections, business plans, priorities and development of product candidates including: Sarepta’s goal of leveraging its expertise beyond DMD; expected milestones, including reporting preliminary safety and gene expression data from at least two patients from our micro-dystrophin gene therapy trial on June 19, 2018, completing a rolling NDA submission for golodirsen by year-end 2018, which seeks accelerated approval based on an increase in dystrophin protein as a surrogate endpoint, initiating a Phase 1/2a study of MYO-101 in mid-2018, and reporting on 60-day biopsy data in late-2018 or early 2019; Sarepta’s collaboration with Myonexus involving five potentially transformative gene therapies to treat LGMD; the partnership with Myonexus enabling Sarepta to expand its efforts beyond DMD while maintaining its unwavering commitment to those suffering from DMD; payments that Sarepta is expected to make under the agreement with Myonexus; and Sarepta’s plan to file for re-examination of its marketing authorization application (MAA) for eteplirsen and to request that a SAG be convened.
These involve risks and uncertainties, many of which are beyond Sarepta’s control. Actual results could materially differ from those stated or implied by these as a result of such risks and uncertainties. Known risk factors include the following: we may not be able to meet expectations with respect to EXONDYS 51 sales or attain the net revenues we anticipate, profitability or positive cash-flow from operations; we may not be able to comply with all FDA post-approval commitments and requirements with respect to EXONDYS 51 in a timely manner or at all; we may not be granted a re-examination of our MAA for eteplirsen, a SAG may not be convened, and even if a re-examination and a related SAG are granted, the CHMP may render a negative opinion and we may not be able to obtain regulatory approval for eteplirsen from the European Medicines Agency; our data for golodirsen may not be sufficient for a filing for or obtaining regulatory approval; the expected benefits and opportunities related to the agreement with Myonexus may not be realized or may take longer to realize than expected due to challenges and uncertainties inherent in product research and development; the partnership with Myonexus may not result in any viable treatments suitable for clinical research or commercialization due to a variety of reasons including the results of future research may not be consistent with past positive results or may fail to meet regulatory approval requirements for the safety and efficacy of product candidates or may never become commercialized products due to other various reasons including any potential future inability of the parties to fulfill their commitments and obligations under the agreement, including any inability by us to fulfill our financial commitments to Myonexus; and even if the agreement results in new commercialized products, we may not achieve any significant revenues from the sale of such products; we may not be able to execute on our business plans, including meeting our expectations with respect to EXONDYS 51 sales, meeting our expected or planned regulatory milestones and timelines, research and clinical development plans, and bringing our product candidates to market, for various reasons including possible limitations of Company financial and other resources, manufacturing limitations that may not be anticipated or resolved for in a timely manner, and regulatory, court or agency decisions, such as decisions by the CHMP on eteplirsen or the United States Patent and Trademark Office with respect to patents that cover our product candidates; and those risks identified under the heading “Risk Factors” in Sarepta’s most recent Annual Report on Form 10-K for the year ended December 31, 2017 and most recent Quarterly Report on Form 10-Q filed with the Securities (SEC) as well as other SEC filings made by the Company which you are encouraged to review.
Any of the foregoing risks could materially and adversely affect the Company’s business, results of operations and the trading price of Sarepta’s common stock. You should not place undue reliance on . Sarepta does not undertake any obligation to publicly update its based on events or circumstances after the date hereof, except to the extent required by applicable law or SEC rules.
Internet Posting of Information
We routinely post information that may be important to investors in the 'For Investors' section of our website at www.sarepta.com . We encourage investors and potential investors to consult our website regularly for important information about us.
Sarepta Therapeutics, Inc.
Consolidated Statements of Operations
(unaudited, in thousands, except share and per share amounts)
For the Three Months Ended
March 31, 2018 2017 Revenues: Product, net $ 64,604 $ 16,342 Total revenues 64,604 16,342 Costs and expenses: Cost of sales (excluding amortization of in-licensed rights) 5,582 223 46,204 29,119 Selling, general and administrative 43,341 26,216 Amortization of in-licensed rights 216 29 Total costs and expenses 95,343 55,587 Operating loss (30,739 ) (39,245 ) Other (loss) income: Gain from sale of Priority Review Voucher — 125,000 Interest (expense) income and other, net (4,485 ) 335 Other (loss) income (4,485 ) 125,335 (Loss) income before income tax expense (35,224 ) 86,090 Income tax expense 139 2,000 Net (loss) income (35,363 ) 84,090 Net (loss) income per share Basic (loss) earnings per share $ (0.55 ) $ 1.53 Diluted (loss) earnings per share $ (0.55 ) $ 1.50 Weighted average number of shares of common stock used in computing: Basic (loss) earnings per share 64,631 54,850 Diluted (loss) earnings per share 64,631 56,012
Sarepta Therapeutics, Inc. Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures (unaudited) (in thousands, except share and per share amounts) Three Months Ended March 31, 2018 2017 GAAP net (loss) income $ (35,363 ) $ 84,090 Interest expense (income), net 4,503 (29 ) Income tax expense 139 2,000 Depreciation and amortization expense 2,252 1,637 Stock-based compensation expense 10,526 5,712 Restructuring expense — 236 Gain from sale of Priority Review Voucher — (125,000 ) Non-GAAP net loss (1) $ (17,943 ) $ (31,354 ) Non GAAP net loss per share: Basic and diluted $ (0.28 ) $ (0.57 ) Weighted average number of shares of common stock outstanding
for computing: Basic and diluted 64,631 54,850 Three Months Ended March 31, 2018 2017 GAAP research and development expenses 46,204 29,119 Stock-based compensation expense (2,060 ) (1,874 ) Depreciation and amortization expense (848 ) (512 ) Restructuring expense — (70 ) Non-GAAP research and development expenses (1) 43,296 26,663 Three Months Ended March 31, 2018 2017 GAAP selling, general and administrative expenses 43,341 26,216 Stock-based compensation expense (8,466 ) (3,838 ) Depreciation and amortization expense (1,188 ) (1,125 ) Restructuring expense — (166 ) Non-GAAP selling, general and administrative expenses (1) 33,687 21,087 Commencing in the first quarter of 2018, the Company has excluded interest expense (income), net, and depreciation and amortization expense from the computation of its non-GAAP financial measures. The Company has revised prior year presentation in the tables above in order to conform to the current year presentation.
Sarepta Therapeutics, Inc.
Consolidated Balance Sheets
(unaudited, in thousands, except share and per share data)
As of
March 31,
2018 As of
December 31,
2017 Assets Current assets: Cash and cash equivalents $ 557,234 $ 599,691 Short-term investments 491,757 479,369 Accounts receivable 39,848 29,468 Inventory 99,375 83,605 Other current assets 31,203 36,511 Total current assets 1,219,417 1,228,644 Property and equipment, net of accumulated depreciation of $19,817
and $18,022 as of March 31, 2018 and December 31, 2017, respectively 53,927 43,156 Intangible assets, net of accumulated amortization of $4,659 and $4,145 as of
March 31, 2018 and December 31, 2017, respectively 14,473 14,355 Other assets 12,466 21,809 Total assets $ 1,300,283 $ 1,307,964 Liabilities and Stockholders’ Equity Current liabilities: Accounts payable $ 17,379 $ 8,467 Accrued expenses 65,648 68,982 Current portion of long-term debt 3,446 6,175 Other current liabilities 4,723 4,708 Total current liabilities 91,196 88,332 Long-term debt 427,365 424,876 Deferred rent and other 4,962 5,539 Total liabilities 523,523 518,747 Stockholders’ equity: Preferred stock, $0.0001 par value, 3,333,333 shares authorized; none issued and
outstanding — — Common stock, $0.0001 par value, 99,000,000 shares authorized; 65,493,293
and 64,791,670 issued and outstanding at March 31, 2018 and
December 31, 2017, respectively 7 6 Additional paid-in capital 2,029,767 2,006,598 Accumulated other comprehensive loss (643 ) (379 ) Accumulated deficit (1,252,371 ) (1,217,008 ) Total stockholders’ equity 776,760 789,217 Total liabilities and stockholders’ equity $ 1,300,283 $ 1,307,964 Source: Sarepta Therapeutics, Inc.
Media and Investors:
Sarepta Therapeutics, Inc.
Ian Estepan, 617-274-4052
[email protected]
or
W2O Group
Brian Reid, 212-257-6725
[email protected]
Source:Sarepta Therapeutics, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/globe-newswire-sarepta-therapeutics-announces-first-quarter-2018-financial-results-and-recent-corporate-developments.html |
After a big sell-off on Wall Street, charts expert Ralph Acampora sees the latest unsuccessful rally as the possible beginning of a bear market.
"Failed rallies are anathema to the stock market," Acampora, director of technical research at Altaira Capital Partners, told CNBC's " Futures Now " on Tuesday.
To Acampora, the S&P 500 closing below 2,700 on Tuesday was proof of another failed attempt to rally, one of several since the January highs. This is a major concern, he said.
"You're starting to see more and more churning and tops being formed in some big-name stocks and I'm fearful that if we do break down you're going to have the beginning of what would be a major downtrend. It would be a bear market," he said.
The next sign of technical damage to markets would be a return to levels hit during some of the year's worst sell-offs, said Acampora.
"If I had to zero in on a very, very important level you'd have to look at the February and the April low in the S&P 500," he said. The February low of 2,532 "is the floor on this market."
The S&P 500 is roughly a 6 percent sell-off from its February lows. A drop to around 2,300 would put the S&P 500 on the cusp of a bear market, a level marked by a 20 percent drop from a 52-week high.
A shift in market leadership would also signal the start of a major downturn, according to Acampora. The energy and financials sectors, which led markets alongside tech through most of this year, have begun to break down.
Defensive stocks are emerging as possible market leaders and are a sign of the markets' shift, Acampora points out.
"Look at the Dow Jones utility index ," said Acampora. "As rates go down, the leadership becomes a little bit more defensive and I'm not saying that the utilities are about to take off but ... if the Dow utility closes above [711] then I think you have a market that's really very, very defensive."
The Dow Jones utility index is still a 3 percent rally from Acampora's key level of 711. The index briefly broke above that level in intraday trading at the end of April.
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show chapters If markets break these levels, the 'game's over' for Trump honeymoon: Acampora 1:43 PM ET Tue, 29 May 2018 | 09:46 Disclaimer | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/30/a-break-to-february-lows-could-mean-a-bear-market-soon-follows.html |
3 Hours Ago | 05:10
Some of the steps Starbucks took as part of its anti-racial bias campaign may have been a mistake, former fast-food CEO Andy Puzder argued on Tuesday.
"This policy implementation with respect to the restrooms and not having to buy anything to be in the place, they may have gone too far," Puzder, now a policy advisor at pro-Trump group America First Policies, said in a " Squawk Box " interview. He formerly was chief executive of CKE Restaurants, the company behind the Hardee's and Carl's Jr. chains.
However, he added, "There should be more openness than they had" and the company did need to "address the problems of employees kicking out people that are just sitting there waiting for a third party to show up."
Earlier this month, Starbucks announced a new policy allowing anyone to sit in its cafes and use the restrooms even if they don't buy anything.
The mandate was put in place after the April 12 arrests at a Philadelphia Starbucks of two black men waiting for a business meeting. They had asked to use the restroom. They didn't buy anything.
To try to make sure this type of situation doesn't happen again, Starbucks is set to make good on its promise and close more than 8,000 of its U.S. locations Tuesday afternoon to conduct racial bias training for more than 175,000 of its employees.
Some industry experts have questioned, and criticized, whether Starbucks can actually end racism in its stores over the course of an afternoon.
Puzder said he wouldn't doubt Starbucks' chairman, Howard Schultz , on the company's moves to address its problems because Schultz "is obviously a genius at this."
"They're really very intent on maintaining what they call their ambiance feeling when you go to Starbucks," Puzder said. "They want to appeal to a certain demographic. It's sort of a progressive, inclusive demographic, and they want people to know they are concerned about these issues." Sign Up for Our Newsletter Morning Squawk CNBC's before the bell news roundup SIGN UP NOW Get this delivered to your inbox, and more info about about our products and services. By signing up for newsletters, you are agreeing to our Terms of Use and Privacy Policy . | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/29/andrew-puzder-starbucks-has-gone-too-far-with-its-anti-bias-campaign.html |
Pictures | Thu May 17, 2018 | 7:20am EDT Editors Choice Pictures
Demonstrators are hit by water cannon used by riot police during a rally demanding an end to sexism and gender violence in the education in Valparaiso, Chile. REUTERS/Rodrigo Garrido Reuters / Thursday, May 17, 2018 Demonstrators are hit by water cannon used by riot police during a rally demanding an end to sexism and gender violence in the education in Valparaiso, Chile. REUTERS/Rodrigo Garrido Close 1 / 24
Indonesian Muslims pray at the first day of holy fasting month of Ramadan at Istiqlal mosque in Jakarta, Indonesia. REUTERS/Willy Kurniawan Reuters / Wednesday, May 16, 2018 Indonesian Muslims pray at the first day of holy fasting month of Ramadan at Istiqlal mosque in Jakarta, Indonesia. REUTERS/Willy Kurniawan Close 2 / 24
People watch as ash erupts from the Halemaumau crater during 3 / 24
French actresses Nadege Beausson-Diagne, Mata Gabin, Maimouna Gueye, Eye Haidara, Rachel Khan, Aissa Maiga, Sara Martins, Marie-Philomene Nga, Sabine Pakora, Firmine Richard, Sonia Rolland, Magaajyia Silberfeld, Shirley Souagnon, Assa Sylla, Karidja... more Reuters / Wednesday, May 16, 2018 French actresses Nadege Beausson-Diagne, Mata Gabin, Maimouna Gueye, Eye Haidara, Rachel Khan, Aissa Maiga, Sara Martins, Marie-Philomene Nga, Sabine Pakora, Firmine Richard, Sonia Rolland, Magaajyia Silberfeld, Shirley Souagnon, Assa Sylla, Karidja Toure, who collaborated for the publication of the book "Noire n'est pas mon metier" (Black is not my job) and Khadja Nin, member of the 71st Cannes Film Festival Jury pose. REUTERS/Jean-Paul Pelissier Close 4 / 24
An electric-powered Tesla car burns after a crash on the Swiss A2 motorway on Monte Ceneri near Bellinzona, Switzerland, May 10. REUTERS/Rescue Media Reuters / Wednesday, May 16, 2018 An electric-powered Tesla car burns after a crash on the Swiss A2 motorway on Monte Ceneri near Bellinzona, Switzerland, May 10. REUTERS/Rescue Media Close 5 / 24
Manuel Garcia, who says he is 121-years old, fixes his hair before posing for a photograph, outside his home in Ciudad Juarez, Mexico. Garcia was born on December 24, 1896, in Tlapacoyan, Veracruz, according to his birth certificate. REUTERS/Jose... more Reuters / Wednesday, May 16, 2018 Manuel Garcia, who says he is 121-years old, fixes his hair before posing for a photograph, outside his home in Ciudad Juarez, Mexico. Garcia was born on December 24, 1896, in Tlapacoyan, Veracruz, according to his birth certificate. REUTERS/Jose Luis Gonzalez Close 6 / 24
Atletico Madrid's Fernando Torres and team mates celebrate with the trophy after winning the Europa League. REUTERS/Christian Hartmann Reuters / Wednesday, May 16, 2018 Atletico Madrid's Fernando Torres and team mates celebrate with the trophy after winning the Europa League. REUTERS/Christian Hartmann Close 7 / 24
A caravan sits in a garden after a tornado last night hit the area of Boisheim, west of Duesseldorf, Germany. REUTERS/Thilo Schmuelgen Reuters / Thursday, May 17, 2018 A caravan sits in a garden after a tornado last night hit the area of Boisheim, west of Duesseldorf, Germany. REUTERS/Thilo Schmuelgen Close 8 / 24
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Venezuelan presidential candidate Javier Bertucci of the "Esperanza por el Cambio" party greets supporters during his closing campaign rally in Valencia, Venezuela. REUTERS/Carlos Jasso Reuters / Thursday, May 17, 2018 Venezuelan presidential candidate Javier Bertucci of the "Esperanza por el Cambio" party greets supporters during his closing campaign rally in Valencia, Venezuela. REUTERS/Carlos Jasso Close 10 / 24
Hill. Hill. REUTERS/Leah Millis Close 11 / 24
A shelf display of Marmite spread with a redesigned label for the forthcoming wedding of Britain's Prince Harry and his fiancee Meghan Markle is seen in Windsor. REUTERS/Toby Melville Reuters / Wednesday, May 16, 2018 A shelf display of Marmite spread with a redesigned label for the forthcoming wedding of Britain's Prince Harry and his fiancee Meghan Markle is seen in Windsor. REUTERS/Toby Melville Close 12 / 24
Houston Rockets center Clint Capela moves to the basket against the Golden State Warriors in game two of the Western conference finals. Troy Taormina-USA TODAY Sports Reuters / Wednesday, May 16, 2018 Houston Rockets center Clint Capela moves to the basket against the Golden State Warriors in game two of the Western conference finals. Troy Taormina-USA TODAY Sports Close 13 / 24
A man walks past graffiti painted on a fence in Caracas, Venezuela. Graffiti reads: "I'm not going to vote". REUTERS/Carlos Jasso Reuters / Wednesday, May 16, 2018 A man walks past graffiti painted on a fence in Caracas, Venezuela. Graffiti reads: "I'm not going to vote". REUTERS/Carlos Jasso Close 14 / 24
A dog is airborne as it catches a frisbee next to its owner in a park in Madrid, Spain. REUTERS/Sergio Perez Reuters / Wednesday, May 16, 2018 A dog is airborne as it catches a frisbee next to its owner in a park in Madrid, Spain. REUTERS/Sergio Perez Close 15 / 24
School children in uniform wave Union Flags outside Windsor Castle ahead of Britain's Prince Harry and Meghan Markle's wedding, in Windsor. REUTERS/Damir Sagolj Reuters / Wednesday, May 16, 2018 School children in uniform wave Union Flags outside Windsor Castle ahead of Britain's Prince Harry and Meghan Markle's wedding, in Windsor. REUTERS/Damir Sagolj Close 16 / 24
People hold up posters and pictures of assassinated anti-corruption journalist Daphne Caruana Galizia during a vigil and demonstration marking seven months since her murder in a car bomb, at her makeshift memorial outside the Courts of Justice in... more Reuters / Wednesday, May 16, 2018 People hold up posters and pictures of assassinated anti-corruption journalist Daphne Caruana Galizia during a vigil and demonstration marking seven months since her murder in a car bomb, at her makeshift memorial outside the Courts of Justice in Valletta, Malta. REUTERS/Darrin Zammit Lupi Close 17 / 24
Xia Boyu, a Chinese double amputee climber, who lost both of his legs during his first attempt to climb Everest, smiles as he sits on an ambulance upon his arrival, after successfully climbing Mount Everest, in Kathmandu, Nepal. REUTERS/Navesh... more Reuters / Wednesday, May 16, 2018 Xia Boyu, a Chinese double amputee climber, who lost both of his legs during his first attempt to climb Everest, smiles as he sits on an ambulance upon his arrival, after successfully climbing Mount Everest, in Kathmandu, Nepal. REUTERS/Navesh Chitrakar Close 18 / 24
Coffins are seen arranged inside a mass grave during the burial of people killed when a dam burst its walls, overrunning nearby homes, in Solai town near Nakuru, Kenya. REUTERS/Thomas Mukoya Reuters / Wednesday, May 16, 2018 Coffins are seen arranged inside a mass grave during the burial of people killed when a dam burst its walls, overrunning nearby homes, in Solai town near Nakuru, Kenya. REUTERS/Thomas Mukoya Close 19 / 24
A model displays a design by Australian fashion label Akira during a show at Australian Fashion Week in Sydney. REUTERS/David Gray Reuters / Thursday, May 17, 2018 A model displays a design by Australian fashion label Akira during a show at Australian Fashion Week in Sydney. REUTERS/David Gray Close 20 / 24
A U.S. Air Force F-22 Raptor fighter jet flies in Gwangju, South Korea. Yonhap via REUTERS Reuters / Wednesday, May 16, 2018 A U.S. Air Force F-22 Raptor fighter jet flies in Gwangju, South Korea. Yonhap via REUTERS Close 21 / 24
Italy's Fabio Fognini in action during his second round match against Austria�s Dominic Thiem at the Italian Open in Rome. REUTERS/Tony Gentile Reuters / Wednesday, May 16, 2018 Italy's Fabio Fognini in action during his second round match against Austria�s Dominic Thiem at the Italian Open in Rome. REUTERS/Tony Gentile Close 22 / 24
Pilgrims pull their horses on their way to the shrine of El Rocio in Donana National Park, southern Spain. REUTERS/Marcelo del Pozo Reuters / Wednesday, May 16, 2018 Pilgrims pull their horses on their way to the shrine of El Rocio in Donana National Park, southern Spain. REUTERS/Marcelo del Pozo Close 23 / 24
| ashraq/financial-news-articles | https://www.reuters.com/news/picture/editors-choice-pictures-idUSRTS1RV5C |
EditorsNote: Corrects to conform to style
Greg Allen clubbed the first pitch of the 14th inning out to right field and the Cleveland Indians earned a split of their four-game series with the Houston Astros with a 10-9 win on Sunday at Progressive Field.
Allen belted his second career home run off right-hander Brad Peacock (1-2), the eighth pitcher of the game for the Astros. The Indians rallied from a five-run deficit in the ninth inning and pulled even again in the 13th when Yonder Alonso socked a leadoff home run off Collin McHugh after Houston moved ahead 9-8 in the top of the frame when Evan Gattis recorded his ninth career multi-homer game with a solo shot off right-hander Dan Otero (1-1).
Trailing 8-3, Cleveland sent 10 batters to the plate while producing seven hits in the ninth. Jose Ramirez started the comeback by winning a 17-pitch confrontation with Astros closer Ken Giles, finally striking a double to right field. Edwin Encarnacion and Alonso followed with singles to chase Giles and cut the deficit to four.
The Indians followed with a series of clutch at-bats, with Jason Kipnis and pinch hitter Erik Gonzalez recording two-strike, RBI singles off Astros reliever Will Harris. Hector Rondon entered for Houston, quickly recorded the second out, and got ahead 0-2 against Francisco Lindor and Michael Brantley only to allow run-scoring hits to both as Cleveland pulled even.
With Houston trailing 3-2, Astros second baseman Jose Altuve extended his hitting streak to 10 consecutive at-bats to ignite a six-run eighth inning. Altuve greeted reliever Evan Marshall with a first-pitch single to left field, scoring George Springer from second base to pull the Astros even at 3-3. Springer doubled with one out, doing so against tiring Indians right-hander Trevor Bauer.
Bauer had dominated the Astros through seven innings, recording 13 strikeouts against one walk. But with the Cleveland bullpen struggling mightily this season, Bauer returned for the eighth inning despite having 110 pitches on his ledger. After issuing a walk to Alex Bregman, Bauer was lifted with two runners on base and one out having tossed a career-high 127 pitches.
Marshall surrendered three consecutive hits, with Carlos Correa driving home Bregman with the go-ahead run. Bauer, who allowed four runs on five hits and two walks over 7 1/3 innings, had recorded a victory in each of his previous seven appearances against the Astros.
Yuli Gurriel followed the Correa single with a ground ball to center that scored Altuve and extended the Houston lead to 5-3. Indians right-hander Ben Taylor entered and allowed a three-run homer to Gattis. Gattis’ fifth home run was the Astros’ second on the day.
Astros starter Gerrit Cole was in line for the win before the Indians’ ninth-inning comeback. Cole allowed three runs on four hits and two walks with eight strikeouts over seven innings.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-cle-hou-recap/indians-rally-in-9th-and-13th-walk-off-over-astros-in-14th-idUSMTZEE5RERNPZW |
1 COMMENTS Former Clorox Co. finance chief Stephen Robb welcomed a challenge, but feared he had overstepped as he dived into the cold waves of San Francisco Bay.
“When I jumped into the water, I just stayed calm, stayed focused,” said Mr. Robb, even as lightning and thunder shook the predawn darkness during the 1.2 mile swim from Alcatraz to shore.
The avid outdoorsman, who completed the race alongside 600 other swimmers in under an hour, applied the same determination during a nearly 30-year career at Clorox. He retired at the end of March.
Mr. Robb centered Clorox’s business on the domestic market even as other companies chased profits overseas. He positioned the maker of bleach, toilet cleaner and disinfecting wipes to dominate in midsize-product categories while keeping cost down.
“What Steve Robb provided was a lot of consistency,” said Jason Gere, a consumer-products analyst at KeyBanc Capital Markets, adding Mr. Robb was instrumental in cutting costs, integrating acquisitions and training future leaders.
Earlier in the year, the company reported overall sales growth of 1% for the quarter ended Dec. 31, helped by double-digit volume gains in sales of wellness-related items such as probiotics and water-filtration systems.
Overall, the company’s financial strength is reflected in its dividend policy. The company has increased its dividend annually for four decades.
That success didn’t come without some hard calls by Mr. Robb, who rose to the CFO post in 2011. “During my tenure we were coming out of the worst recession we had seen in a generation,” he said.
Clorox’s decision to focus heavily on its U.S. business roughly seven years ago was one of the most controversial strategic moves in Mr. Robb’s career, he said.
“Keep in mind that this was at a time when many other companies were chasing BRIC,” he said, referring to the acronym for the block of developing countries that include Brazil, Russia, India and China.
“One of the toughest days was our decision to exit Venezuela,” Mr. Robb said, reflecting on a move announced in September 2014. “We were losing too much money as a company.”
Venezuela’s socialist government choked the private sector with regulations that have stirred inflation, which the International Monetary Fund estimates could reach 13,000% this year.
Mr. Robb also backed Clorox’s strategy of establishing strong brands in smaller product categories. The company’s 2016 acquisition of Renew Life, the maker of probiotic products sold at natural grocers like Whole Foods for $295 million is one such move.
Mr. Robb, the son of an engineer and a stay-at-home mom, grew up in the heart of what was to become Silicon Valley, about 40 miles southeast of San Francisco in Sunnyvale, Calif.
He left home while still a teenager and swept floors and bused tables to pay his bills. “I’ve worked in restaurants, I’ve been a janitor, I worked for UPS. It’s honorable work,” he said.
Mr. Robb worked full time while attending college. He graduated in 1988 from San Jose State University with a degree in finance and economics. The next year, now married, Mr. Robb took a staff accountant position at Oakland-based Clorox, about 90 minutes from his hometown.
“I laughingly remember telling my wife that I would join Clorox, stay for a couple of years and then probably move to a different company,” he said. “I never expected to be CFO and I didn’t expect to stay nearly 30 years. Clorox was my first and last company in finance.”
Mr. Robb had stints as the finance chief of Clorox’s household segment and as head of global finance overseeing the company’s daily finance operations.
“Steve leaves a tremendous legacy of financial stewardship and discipline that has served the company and investors well and will contribute to the company for years to come,” said Clorox Chief Executive Benno Dorer in a statement earlier in the year.
Looking back, Mr. Robb said he is most proud of launching an internal developmental program that established training classes for employees.
“Those are the moments that change the culture in a company,” he said.
Clorox treasurer Paola Gonzalez said Mr. Robb, her mentor, encouraged her to pursue an opportunity she didn’t feel confident about, adding she wouldn’t be in her current post if not for him.
“He told me that he thought I had the right skills and would be successful,” said Ms. Gonzalez. “I’m not the only one he has done that for.”
Write to Ezequiel Minaya at [email protected]
Corrections & Amplifications
Stephen Robb is the former chief financial officer of Clorox Co. An earlier version of this article, a photo caption, and an online summary and subhead incorrectly spelled his first name as Steven. | ashraq/financial-news-articles | https://www.wsj.com/articles/former-cfo-centered-cloroxs-business-on-the-domestic-market-1525685401 |
Italian bond market will discipline the government: Coutts 1 Hour Ago Monique Wong, multi-asset investment manager at Coutts, compares the policies of Italy's Lega and 5-Star parties to Donald Trump's before he came into office. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/22/italian-bond-market-will-discipline-the-government-coutts.html |
Maersk shares sink, joins others with Iran warning 1:49pm BST - 01:43
A.P. Moller-Maersk has said it would shut down its business in Iran to abide with reimposed sanctions after Washington pulled the U.S. from a nuclear accord. As Ciara Lee reports, the world's largest container shipping firm also missed first quarter profit expectations and warned trade tensions and politics were clouding its outlook.
A.P. Moller-Maersk has said it would shut down its business in Iran to abide with reimposed sanctions after Washington pulled the U.S. from a nuclear accord. As Ciara Lee reports, the world's largest container shipping firm also missed first quarter profit expectations and warned trade tensions and politics were clouding its outlook. //reut.rs/2wOFegz | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/17/maersk-shares-sink-joins-others-with-ira?videoId=427732688 |
May 10, 2018 / 6:48 PM / Updated 11 minutes ago Colombia, ELN rebels renew peace talks in Havana Reuters Staff 2 Min Read
HAVANA (Reuters) - Colombia and ELN rebels renewed peace talks to end more than five decades of war in Havana on Thursday after original host Ecuador in April pulled its support for the negotiations as long as the guerrillas continued to wage attacks. Colombia's National Liberation Army (ELN) negotiator Pablo Beltran and Colombia's government negotiator Gustavo Bell shake hands during peace talks between ELN and the Colombian government in Havana, Cuba, May 10, 2018. REUTERS/Stringer
Both sides, which started talks 15 months ago in Quito, said on Thursday they wanted to focus on reaching a new ceasefire deal. Their first agreement ended in January and was followed by a period of increased violence and a six-week pause in talks.
Colombia’s conflict between the government, rebel groups, paramilitaries and crime gangs has killed at least 220,000 people and displaced millions. Slideshow (2 Images)
“We are conscious that we need to make decisive steps and the time has arrived to finalize a stable and more robust bilateral ceasefire,” the Colombian government’s chief negotiator Gustavo Bell said.
Colombia has been at war with the National Liberation Army (ELN), founded by radical Catholic priests, since 1964.
Cuba was also the host for the four-year long negotiations between the Andean country’s government and the Revolutionary Armed Forces of Colombia (FARC) rebels who reached a peace accord in 2016. Reporting by Nelson Acosta and Sarah Marsh; editing by Grant McCool | ashraq/financial-news-articles | https://www.reuters.com/article/us-colombia-rebels-cuba/colombia-eln-rebels-renew-peace-talks-in-havana-idUSKBN1IB2PS |
HOUSTON, May 22, 2018 /PRNewswire/ -- Houston American Energy Corp. (NYSE American: HUSA), a Permian Basin-focused E&P company, today announced that it has entered into an agreement to acquire a 12.5% working interest in a prospect covering approximately 650 gross acres (81.25 net mineral acres) in Yoakum County, Texas.
The prospect is a Horizontal San Andres prospect located in the Northwest Shelf at the northern portion of the Midland Basin (which is a sub-basin of the Permian Basin) in west Texas. Principal features of the prospect include:
Seller will serve as operator of the acreage with drilling of an initial well expected to commence during July 2018 targeting the potential resources in the San Andres Formation; Purchase price is $1,665 per net mineral acre, or a total of $135,329; Lease has a three-year primary term, expiring October 1, 2019, and a 75% net revenue interest (9.375% net to our interest); Four horizontal wells will hold the entire acreage block upon the establishment of production; Houston American will pay its proportionate share of actual costs of drilling and completing all wells; and Houston American's interest is subject to a reduction for a 10% back-in after payout for the benefit of the operator after Houston American recovers its purchase price and drill and complete costs for the first four wells to be drilled.
John Boylan, Chairman and CEO of Houston American Energy stated: "We are very pleased to have identified and agreed to participate in the Horizontal San Andres prospect and to develop a long term relationship with another high quality operator in the Permian Basin. Our strategy of growing via relationship driven, affordably sized and lower risk drilling opportunities is in the works and we look forward to an active summer of drilling."
About Houston American Energy Corp.
Based in Houston, Texas, Houston American Energy Corp. is a publicly-traded independent energy company with interests in oil and natural gas wells, minerals and prospects. The Company's business strategy includes a property mix of producing and non-producing assets with a focus on the Permian Basin in Texas, Louisiana and Colombia.
Forward-Looking Statements
The information in this release includes certain forward-looking statements that are based on assumptions that in the future may prove not to have been accurate, including statements regarding the timing of commencement of drilling operations, the number of wells actually drilled, our ability to hold the entire acreage block with four horizontal wells and the ultimate results of drilling operations. Those statements, and Houston American Energy Corp., are subject to a number of risks, including risks relating to our ability to fund our share of drilling and development costs, our dependence on the operator with respect to timing of drilling, costs and ultimate drilling results and other risks common to oil and gas drilling operations. These and other risks are described in the company's documents and reports that are available from the company and the United States Securities and Exchange Commission.
For additional information, view the company's website at www.houstonamerican.com or contact Houston American Energy Corp. at (713) 222-6966.
View original content with multimedia: http://www.prnewswire.com/news-releases/houston-american-energy-corp-announces-agreement-to-participate-in-horizontal-san-andres-project-in-midland-basin-300652682.html
SOURCE Houston American Energy Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/pr-newswire-houston-american-energy-corp-announces-agreement-to-participate-in-horizontal-san-andres-project-in-midland-basin.html |
May 28, 2018 / 12:34 AM / Updated 16 minutes ago Oil prices fall as supply from top three producers set to rise Henning Gloystein 3 Min Read
SINGAPORE (Reuters) - Oil prices dropped on Monday on signs that output from the three top crude producers, Russia, the United States and Saudi Arabia, would climb to meet concerns about supply amid strong demand. FILE PHOTO: Oil pumping facilities are seen at Venezuela's western Maracaibo lake in Venezuela, November 5, 2007. REUTERS/Isaac Urrutia/File Photo
Brent crude futures LCOc1 were at $76.02 per barrel at 0016 GMT, down 42 cents, or 0.55 percent, from their last close.
U.S. West Texas Intermediate (WTI) crude futures were at $67.36 a barrel, down 52 cents, or 0.8 percent, from their last settlement.
Brent and WTI have respectively fallen by 5.5 percent and 7.5 percent from peaks reached earlier in May.
The Organization of the Petroleum Exporting Countries (OPEC), as well as top producer but non-OPEC member Russia, started withholding supplies in 2017 to tighten the market and prop up prices, which in 2016 fell to a more than a decade low of under $30 per barrel.
But prices have soared since the start of the cuts, with Brent breaking through $80 per barrel earlier in May, triggering consumer concerns that high prices would crimp economic growth and stoke inflation.
To address potential supply shortfalls, Saudi Arabia, top exporter and de-facto leader of producer cartel OPEC, as well as top producer Russia said on Friday they were discussing raising oil production by some 1 million bpd.
“Crude oil prices collapsed ... after reports emerged that Saudi Arabia and Russia had agreed to increase crude oil production in the second-half of the year to make up for losses elsewhere under the production cut agreement,” ANZ bank said on Monday.
Meanwhile, surging U.S. crude production also showed no sign of abating as drillers continue to expand their search for new oil fields to exploit.
U.S. energy companies added 15 rigs looking for new oil in the week ending May 25, bringing the rig-count to 859, the highest level since 2015, in a strong indicator that American crude production will continue to rise.
U.S. crude production C-OUT-T-EIA has already surged by more than 27 percent in the last two years, to 10.73 million barrels per day (bpd), bringing its output ever closer to that of Russia, which pumps around 11 million bpd. Reporting by Henning Gloystein; Editing by Joseph Radford | ashraq/financial-news-articles | https://uk.reuters.com/article/us-global-oil/oil-prices-fall-as-supply-from-top-three-producers-set-to-rise-idUKKCN1IT015 |
× × A bolt out of the blue will get us the next couple of dollars on crude, says expert 4 Hours Ago John Kilduff, Again Capital founding partner, discusses the highs in crude and where he sees energy going from here. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/17/a-bolt-out-of-the-blue-will-get-us-the-next-couple-of-dollars-on-crude-says-expert.html |
April 19, 2018 / 8:47 PM / in an hour U.S. Commerce's Ross says exploring alternative remedies for ZTE's actions Reuters Staff 1 Min Read
WASHINGTON, May 14 (Reuters) - The United States will look at whether there are other ways to deal with Chinese telecommunication company ZTE’s violations of U.S. sanctions law, Commerce Secretary Wilbur Ross said on Monday.
“ZTE did do some inappropriate things ... the question is are there alternative remedies to the ones we had originally put forward and that’s the area we will be exploring very, very promptly,” Ross said at an event in Washington. (Reporting by David Lawder and Lindsay Dunsmuir; Editing by Phil Berlowitz) | ashraq/financial-news-articles | https://www.reuters.com/article/usa-china-zte-ross/u-s-treasury-considers-emergency-powers-on-chinese-investments-official-idUSW1N1K300X |
NEW YORK--(BUSINESS WIRE)-- Dividend Declaration
The Managed Duration Investment Grade Municipal Fund (MZF) (the “Fund”) declared a dividend of $0.0400 per common share on May 1, 2018, payable on May 31, 2018, to shareholders of record at the close of business on May 15, 2018, with an ex-dividend date of May 14, 2018.
Including the May dividend payment of $0.0400 per common share, the aggregate dividend payments for the last twelve months were $0.5300 per common share.
The Fund is a diversified closed-end management investment company whose investment objective is to seek to provide its common shareholders with high current income exempt from regular federal income tax while seeking to protect the value of the Fund’s assets during periods of interest rate volatility. Cutwater Investor Services Corp. (doing business as Insight Investment), the Fund’s investment adviser, provides fixed income asset management to a variety of institutional clients including corporations, governmental entities, employee benefit plans, private funds and registered investment companies.
This press release is not for tax reporting purposes but is being provided to announce the amount of the Fund’s distribution that have been declared by the Board of Trustees. A portion of the Fund's current distribution may include sources other than net investment income, including a return of capital. Investors should understand that a return of capital is not a distribution from income or gains of a Fund. Any portion of the Fund’s distribution that is a return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income.” As required under the Investment Company Act of 1940, as amended, a notice with the estimated components of the distribution will be sent to shareholders at the time of payment if it does not consist solely of net investment income. The notice should not be used to prepare tax returns as the estimates indicated in the notice may differ from the ultimate federal income tax characterization of distributions. After the end of each calendar year, investors will be sent a Form 1099-DIV informing them how to report distributions received during that year for federal income tax purposes.
Statements in this press release that are not historical facts are forward-looking statements as defined by the United States securities laws. You should exercise caution in interpreting and relying on forward-looking statements because they are subject to uncertainties and other factors which are, in some cases, beyond the Fund’s control and could cause actual results to differ materially from those set forth in the forward-looking statements.
An investor should consider a Fund’s investment objectives, risks, charges and expenses carefully before investing.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180501006916/en/
River Communications
Danny Casarella, 914-686-5599
[email protected]
Source: Managed Duration Investment Grade Municipal Fund | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/business-wire-managed-duration-investment-grade-municipal-fund-declares-may-dividend.html |
Tim Cook's Duke Commencement Speech Emphasizes Tech Privacy Tim Cook delivers the 2018 commencement address at Duke University. Duke University via YouTube By David Z. Morris 1:22 PM EDT
Apple CEO Tim Cook gave the commencement speech Sunday at Duke University, where he earned his MBA. He demonstrated the quality of that education by leveraging the opportunity to remind the world of Apple’s commitment to user privacy—and other tech companies’ privacy failings.
Cook’s speech, which can be viewed in full here , opened with a version of Silicon Valley’s feel-good ethos. “Aided by technology,” Cook said, “Every individual has the tools, potential, and reach to build a better world. That makes this the best time to be alive.” Cook also gave nods to Apple’s history, urging students to “dare to think different” before offering a remembrance of Apple founder Steve Jobs.
Cook also tried to distance Apple from the dark clouds that have sullied that techno-optimism in recent years. “We reject the excuse that getting the most out of technology means trading away your right to privacy. So we choose a different path, collecting as little of your data as possible, [and] being thoughtful and respectful when it’s in our care. Because we know that it belongs to you.”
That seems most obviously a shot at Facebook . The social media giant’s recent Cambridge Analytica scandal seems to have finally woken the public up to the risks social media poses not just to individual privacy, but public discourse as a whole. Cook has been unrelenting in his criticism of Facebook recently, but Apple has placed a high priority on privacy for years . Steve Jobs even took shots at Google’s data collection back in 2010 —and Andreessen Horowitz partner Benedict Evans predicts that the emphasis will continue. Prediction: if you have a drink every time Apple mentions privacy at this year’s WWDC keynote, you won’t make it to the end.
Get Data Sheet , Fortune’s technology newsletter.
But don’t mistake Cook’s words for pure altruism. Apple is in a fundamentally different business than Facebook, making profits by selling high-end hardware, instead of advertising on an open-access network. A more direct contrast might be with Amazon , which sells Fire tablets that cost less than half as much as an Apple iPad—in part because many versions of the Fire are subsidized by delivering targeted advertising. From that perspective, Apple’s focus on privacy portends a future in which some people can afford to escape digital tracking, and others can’t.
Cook on Sunday morning implicitly acknowledged the broader social context of rising inequality that could lead to that future. “The world-class education you’ve received . . . gives you opportunities that few people have. You are uniquely qualified, and therefore uniquely responsible, to build a better way forward. That won’t be easy. It will require great courage. But that courage will not only help you live your life to the fullest, it will empower you to transform the lives of others.”
That passage was clearly intended to be inspirational—but the idea of tech leaders trying to transform other people’s lives may now be less dazzling than it once was. | ashraq/financial-news-articles | http://fortune.com/2018/05/13/tim-cook-duke-commencement/ |
(Reuters) - Hospital operator Community Health Systems Inc reported a surprise first-quarter profit on Tuesday, helped by lower operating costs.
The company’s shares rose about 7 pct to $4.25 in after-market trading. Total operating costs fell 21 percent to $3.48 billion.
Community Health decided to sell six of its hospitals in the quarter and said it is continuing with its divestiture plans to pay off long-term debt, which stood at $13.86 billion.
The company’s net loss attributable to shareholders narrowed to $25 million, or 22 cents per share, in the quarter ended March 31, from $199 million, or $1.79 per share, a year earlier.
Excluding items, the hospital operator earned 13 cents per share, compared with analysts’ expectations of a loss of 22 cents per share, according to Thomson Reuters I/B/E/S.
On a same-store basis, hospital admissions in the quarter decreased 2.4 percent from a year earlier.
Net operating revenue fell to $3.69 billion from $4.49 billion.
Larger rival HCA Healthcare reported a better-than-expected quarterly profit and revenue on Tuesday due to an increase in admission of patients needing advanced care to its hospital.
Reporting by Mrinalini Krothapalli; Editing by Sriraj Kalluvila and Arun Koyyur
| ashraq/financial-news-articles | https://www.reuters.com/article/us-community-health-results/community-health-posts-surprise-profit-as-costs-fall-idUSKBN1I24F0 |
Tel Aviv, Israel, May 07, 2018 (GLOBE NEWSWIRE) -- InspireMD, Inc. (NYSE American:NSPR), a leader in embolic prevention systems (EPS) / thrombus management technologies and neurovascular devices, today announced results for the first quarter ending March 31, 2018.
First Quarter 2018 highlights:
Achieves revenue of $1.0 million for Q1 2018 versus $569,000 in Q1 2017, an increase of 77% Total CGuard™ EPS sales increase 132% to $831,000 for Q1 2018 5th consecutive quarter of sequential double-digit growth Continues global expansion setting up distribution in South Korea, Greece and the Carribean. Achieves regulatory approvals and launches CGuard TM in India and Peru Ends Q1 with $4.6 million of cash plus an additional $4.1 million in net proceeds from capital raise that closed in Q2
James Barry, PhD, Chief Executive Officer of InspireMD, commented, “We are pleased to report sales in excess of $1 million for the first quarter of 2018. This marks a major milestone since full implementation of our new commercial strategy in Q3 of 2017. Achieving this level of sales in such a short time is a tribute to our operational and commercial teams, as well as the growing physician enthusiasm and appreciation for CGuard™ EPS. Specifically, sales of CGuard TM EPS increased by 132% versus the same period last year. We believe this sets the foundation for continued growth in 2018. At the same time, we are building strong support among key opinion leaders, illustrated by the featured presentations at top industry conferences and publication of clinical results in leading journals.”
“Given the enthusiasm by leading physicians, including their conducting investigator initiated clinical trials, we remain confident in the potential for CGuard™ EPS to become the preferred option for patients that are candidates for carotid artery stenting (CAS). In addition, clinical data suggests that CGuard™ EPS may offer a safer alternative to the surgical gold standard carotid endarterectomy (CEA). This could significantly expand the addressable market for CGuard TM given the safety advantages of our device, as we believe more physicians, including surgeons, would choose a minimally invasive procedure over surgery for their patients.”
“Having met previously with the FDA regarding our investigational device exemption (IDE) submission for CGuard™ EPS, we are now evaluating plans to restart the regulatory approval process in the United States. Concurrently, we are exploring other synergistic opportunities and product extensions that may allow us to leverage our distribution network and growing sales channels in Europe, Asia and Latin America.”
Financial Results
Revenue for the first quarter ended March 31, 2018 was $1,007,000 compared to $569,000 during the same period in 2017. The increase was primarily due to an increase in sales of CGuard™ EPS as we transitioned from our prior exclusive distribution partner for most of Europe to local distributors, continued focus on expanding existing markets such as Germany and Italy and expanding into new geographies such as India. Total operating expenses for the quarter ended March 31, 2018 were $2,246,000, a decrease of 9.4% compared to $2,478,000 for the same period in 2017. This decrease was primarily due to a decrease in share-based compensation expenses and a decrease in salary expenses, primarily due to a salary related accrual in 2017, partially offset by an increase in legal expenses. Financial expenses for the quarter ended March 31, 2018 were $436,000 compared to $154,000 for the same period in 2017, largely due to a non-cash expense associated with our preferred stock.
Net loss for the quarter ended March 31, 2018 totaled $2,389,000, or $1.08 per basic and diluted share, compared to a net loss of $2,559,000, or $28.31 per basic and diluted share, in the same period in 2017.
As of March 31, 2018, cash and cash equivalents were $4,637,000, compared to $3,710,000 as of December 31, 2017. Based on the Company’s current business plan, the Company believes its cash and cash equivalents as of March 31, 2018, will be sufficient to meet its operating requirements for approximately 12 months from the date of the balance sheet.
About InspireMD, Inc.
InspireMD seeks to utilize its proprietary MicroNet™ technology to make its products the industry standard for embolic protection and to provide a superior solution to the key clinical issues of current stenting in patients with a high risk of distal embolization, no reflow and major adverse cardiac events.
InspireMD intends to pursue applications of this MicroNet technology in coronary, carotid (CGuard™), neurovascular, and peripheral artery procedures. InspireMD's common stock is Quote: d on the NYSE American under the ticker symbol NSPR and certain warrants are Quote: d on the NYSE American under the ticker symbol NSPR.WS.
Forward-looking Statements
This press release contains “ .” Such statements may be preceded by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential” or similar words. Forward-looking statements are not guarantees of future performance, are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company’s control, and cannot be predicted or quantified and consequently, actual results may differ materially from those expressed or implied by such . Such risks and uncertainties include, without limitation, risks and uncertainties associated with (i) market acceptance of our existing and new products, (ii) negative clinical trial results or lengthy product delays in key markets, (iii) an inability to secure regulatory approvals for the sale of our products, (iv) intense competition in the medical device industry from much larger, multinational companies, (v) product liability claims, (vi) product malfunctions, (vii) our limited manufacturing capabilities and reliance on subcontractors for assistance, (viii) insufficient or inadequate reimbursement by governmental and other third party payers for our products, (ix) our efforts to successfully obtain and maintain intellectual property protection covering our products, which may not be successful, (x) legislative or regulatory reform of the healthcare system in both the U.S. and foreign jurisdictions, (xi) our reliance on single suppliers for certain product components, (xii) the fact that we will need to raise additional capital to meet our business requirements in the future and that such capital raising may be costly, dilutive or difficult to obtain and (xiii) the fact that we conduct business in multiple foreign jurisdictions, exposing us to foreign currency exchange rate fluctuations, logistical and communications challenges, burdens and costs of compliance with foreign laws and political and economic instability in each jurisdiction. More detailed information about the Company and the risk factors that may affect the realization of forward looking statements is set forth in the Company’s Commission (SEC), including the Company’s Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC’s web site at http://www.sec.gov . The Company assumes no obligation to publicly update or revise its as a result of new information, future events or otherwise.
Three months ended March 31, 2018 2017 Revenues $1,007 $569 Cost of revenues 714 495 Gross Profit (Loss) 293 74 Operating Expenses: Research and development 252 350 Selling and marketing 492 532 1,502 1,596 Total operating expenses 2,246 2,478 Loss from operations (1,953) (2,404) Financial expenses 436 154 Loss before tax expenses (2,389) (2,558) Tax expenses (Income) - 1 Net Loss $(2,389) $(2,559) Net loss per share – basic and diluted $(1.08) $(28.31) Weighted average number of shares of common stock used in computing net loss per share – basic and diluted 2,253,945 112,756
CONSOLIDATED BALANCE SHEETS (U.S. dollars in thousands) ASSETS March 31, December 31, 2018 2017 Current Assets: Cash and cash equivalents $4,637 $3,710 Accounts receivable: Trade, net 754 643 Other 238 207 Prepaid expenses 53 62 Inventory 517 533 Total current assets 6,199 5,155 Non-current assets: Property, plant and equipment, net 444 476 155 - Funds in respect of employee rights upon retirement 487 476 Total non-current assets 1,086 952 Total assets $7,285 $6,107
LIABILITIES AND EQUITY March 31, December 31, 2018 2017 Current liabilities: Accounts payable and accruals: Trade $512 $328 Other 2,417 2,134 Contract liability 26 20 Total current liabilities 2,955 2,482 Long-term liabilities: Liability for employees rights upon retirement 635 624 Derivative liability 872 - Total long-term liabilities 1,507 624 Total liabilities 4,462 3,106 Redeemable preferred shares 1,779 274 Equity: Common stock, par value $0.0001 per share; 150,000,000 shares authorized at March 31, 2018 and December 31, 2017, respectively; 3,501,331 and 1,483,556 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively - - Preferred B shares, par value $0.0001 per share;
500,000 shares authorized at March 31, 2018 and December 31, 2017, respectively; 17,303 and 27,075 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively - - Preferred C shares, par value $0.0001 per share;
1,172,000 shares authorized at March 31, 2018 and December 31, 2017, respectively; 451,695 and 741,651 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively - - Preferred D shares, par value $0.0001 per share; 750 shares authorized at March 31, 2018 and December 31, 2017, respectively; 300 and 750 issued and outstanding at March 31, 2018 and December 31, 2017, respectively - - Additional paid-in capital 143,785 143,079 Accumulated deficit (142,741) (140,352) Total equity 1,044 2,727 Total liabilities, redeemable preferred shares and equity $7,285 $6,107
(1) All 2018 financial information is derived from the Company’s 2018 unaudited financial statements, as disclosed in the Company’s Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission; all 2017 financial information is derived from the Company’s 2017 unaudited financial statements, as disclosed in the Company’s Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission.
(2) All March 31, 2018 financial information is derived from the Company’s 2018 unaudited financial statements, as disclosed in the Company’s Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission. All December 31, 2017 financial information is derived from the Company’s 2017 audited financial statements as disclosed in the Company’s Annual Report on Form 10-K, for the twelve months ended December 31, 2017 filed with the Securities and Exchange Commission.
Investor Contacts: InspireMD, Inc. Craig Shore Chief Financial Officer Phone: 1-888-776-6804 FREE Email: [email protected] Crescendo Communications, LLC David Waldman Phone: (212) 671-1021 Email: [email protected]
Source:InspireMD, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/globe-newswire-inspiremd-reports-132-percent-increase-in-cguarda-eps-sales-for-the-first-quarter-of-2018.html |
* Geopolitical concerns boosts demand for U.S. bonds
* Fed meeting minutes seen as dovish
* Treasury to sell $30 billion in seven-year notes
By Karen Brettell
NEW YORK, May 24 (Reuters) - U.S. Treasury yields fell on Thursday as concerns about U.S. talks with North Korea and a tumbling Turkish lira boosted demand for low-risk U.S. debt.
North Korea followed through on a pledge to blow up tunnels at its nuclear test site on Thursday, media reported, after announcing in April it would suspend nuclear and missile tests and scrap the test site.
Progress, however, appears to have suffered a setback this month with North Korea and the United States both raising doubts about whether an unprecedented June 12 summit in Singapore between North Korean leader Kim Jong Un and U.S. President Donald Trump will take place as planned.
Meanwhile Turkey’s lira weakened more than 2 percent on Thursday, giving up some of the hefty gains it made after the central bank raised interest rates by 300 basis points on Wednesday in an emergency move to prop up the tumbling currency.
“The geopolitical backdrop is still something that is causing a flight to quality in U.S. Treasuries,” said Tom di Galoma, a managing director at Seaport Global Holdings in New York.
“Investors are worried in general about the state of what’s going to happen in North Korea with the June 12th talks, and they are also concerned about how deep is this crisis in Turkey,” di Galoma said.
Benchmark 10-year notes gained 7/32 in price to yield 2.979 percent, down from 3.003 percent late on Wednesday.
Yields also have fallen after minutes from the Federal Reserve May meeting on Wednesday gave no new clues that three additional rate hikes this year are likely.
Fed policymakers, including Chairman Jerome Powell, have been eager to stress they will tolerate inflation rising above the Fed’s goal for a time without undue concern. An additional two rate hikes this year, including one in June, are widely expected.
Stronger demand for U.S. bonds may help the Treasury sell $30 billion in seven-year notes on Thursday, the final sale of $99 billion in coupon-bearing supply this week.
Dealers have taken a larger-than-usual share for the two previous auctions, showing that the market is struggling to absorb larger auction sizes.
Thursday’s seven-year sale is $2 billion larger than the size of the auction in January and $1 billion larger than last month.
Reporting by Karen Brettell; Editing by Will Dunham
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-bonds/treasuries-u-s-treasury-yields-fall-on-north-korea-concerns-weaker-lira-idUSL2N1SV0O8 |
EditorsNote: fixes “Gordon” in last graf
Salvador Perez drove in four runs as the Kansas City Royals routed the Texas Rangers 8-2 on Thursday in Arlington, Texas.
The Royals extended their winning streak to a season-high three games in the opener of a four-game series at Globe Life Park. Kansas City’s last three wins have all come on the road.
Kansas City pitcher Danny Duffy worked a season-high 7 2/3 innings and allowed one run on four hits in improving to 2-6. The lefty, 2-2 in his last four starts, struck out five and walked two.
Perez had two-run singles in the fifth and seventh innings, the latter making it 6-0. Roman Torres scored three times and Whit Merrifield drove in a pair with a double in the eighth.
The Royals took a 2-0 lead in the second on a three-base error by center fielder Delino DeShields, who had a lined single by Torres slip under his glove. Torres circled the bases behind Ryan Goins, who was on first.
Kansas City pounded out 11 hits, with Perez, Merrifield, Torres and Goins each collecting two. Only two Royals failed to get a hit.
Texas called up Austin Bibens-Dirkx from Triple-A Round Rock to make his season debut. The right-hander gave up six runs (four earned) on eight hits in 6 1/3 innings.
The Rangers optioned Brandon Mann to make room for Bibens-Dirkx despite Mann not allowing a run in three appearances. “First time I’ve ever sent out a pitcher who hasn’t given up a run,” Texas manager Jeff Banister said.
The Rangers dropped to 2-2 on their seven-game homestand. Texas, 9-18 at home this season, avoided the shutout on Rougned Odor’s RBI single in the eighth, which chased Duffy. Isiah Kiner-Falefa had a ground-rule double in the ninth to bring home the Rangers’ final run.
Royals left fielder Alex Gordon was scratched about an hour before first pitch because of a sore right hip resulting from a diving catch made Wednesday in St. Louis.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-tex-kc-recap/royals-perez-drives-in-four-to-beat-rangers-idUSMTZEE5P9KZHA0 |
CARMEL, Ind., May 9, 2018 /PRNewswire/ -- CNO Financial Group, Inc. (NYSE: CNO) reported today that the company's board of directors has elected Daniel Maurer as chairman. Maurer joined the CNO Financial board in May 2015 and has served as a member of the Human Resources and Compensation Committee, and the Governance and Nominating Committee. Prior to joining the CNO board, he served in leadership roles at Intuit, Proctor & Gamble and Campbell Soup Company.
Neal Schneider is retiring as chairman, a role he has held since 2011, and will remain on the board.
"I am honored to serve as chairman of the CNO board of directors," said Maurer. "On behalf of the CNO board, I thank Neal for his dedicated leadership, and I look forward to working with him as CNO continues to provide insurance and financial solutions to middle-income working Americans and retirees."
CNO also announced that its board of directors has approved a 11% increase in its quarterly dividend. The board declared a quarterly cash dividend of $0.10 per share on the company's common shares, payable June 25, 2018, to shareholders of record at the close of business on June 11, 2018.
In addition, CNO announced that at the company's annual meeting earlier today, its shareholders:
Elected nine directors (Gary Bhojwani, Ellyn Brown, Stephen David, Robert Greving, Mary (Nina) Henderson, Charles Jacklin, Daniel Maurer, Neal Schneider and Frederick Sievert) to serve terms expiring at next year's annual meeting. Approved the adoption of the company's Employee Stock Purchase Plan Approved the adoption of the company's Amended and Restated Section 382 Shareholder Rights Plan Ratified the appointment of PricewaterhouseCoopers LLP as the company's independent registered public accounting firm for 2018. On a non-binding advisory basis, voted in favor of the compensation paid to the company's named executive officers as disclosed in the proxy statement for the annual meeting.
About CNO Financial Group
CNO Financial Group, Inc. (NYSE: CNO) is a holding company. Our insurance subsidiaries – principally Bankers Life and Casualty Company, Colonial Penn Life Insurance Company and Washington National Insurance Company – primarily serve middle-income pre-retiree and retired Americans by helping them protect against financial adversity and provide for a more secure retirement. For more information, visit CNO online at www.CNOinc.com .
View original content with multimedia: http://www.prnewswire.com/news-releases/cno-financial-group-names-new-chairman-of-the-board-and-announces-increase-to-quarterly-dividend-and-results-of-annual-shareholders-meeting-300645777.html
SOURCE CNO Financial Group, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/pr-newswire-cno-financial-group-names-new-chairman-of-the-board-and-announces-increase-to-quarterly-dividend-and-results-of-annual.html |
NEW YORK, May 2 (Reuters) - Remington Outdoor Company Inc won approval for its bankruptcy plan on Wednesday, paving the way for the arms maker to slash debt, boost its cash position and better weather the uncertain climate for firearms in the United States.
Remington filed for bankruptcy in March with a deal in hand to cut its debt by about $775 million, a little more than one month after a school shooting in Parkland, Florida.
The shooting sparked protests and a wave of retailers and corporations to limit sales and transactions relating to firearms. Mass discounter Walmart Inc, which Remington is reliant on for sales, said it would stop selling guns to people under 21 years old.
Remington will exit bankruptcy as soon as this month, with some of its creditors, including JPMorgan Chase & Co and Franklin Advisors, taking ownership stakes in the company in exchange for forgiving debt. Cerberus Capital Management L.P., Remington’s current private equity owner, will give up its equity in the restructuring.
“I’m satisfied there’s sufficient creditor support to win confirmation,” Judge Brendan Shannon said in U.S. Bankruptcy Court for the District of Delaware. Remington filed a so-called pre-packaged bankruptcy, meaning it had largely won the support of its creditors before it filed in court.
Remington’s creditor committee, composed of a representative for its pension and plaintiffs in cases against the company for gun injuries and deaths, supported the bankruptcy plan, an attorney for the group told Shannon.
The company’s bankruptcy plan allows for lawsuits against it to continue, including one filed by the families of the victims of the Sandy Hook, Connecticut, school shooting. One of its rifles was used in the 2012 shooting.
Gun sales fell after President Donald Trump was elected because firearm enthusiasts were no longer worried about increased regulation. That dynamic led in part to Remington’s bankruptcy filing.
Reporting by Jessica DiNapoli; Editing by Dan Grebler
| ashraq/financial-news-articles | https://www.reuters.com/article/remington-bankruptcy-approval/u-s-judge-oks-gun-maker-remingtons-bankruptcy-plan-idUSL1N1S921M |
* Germany/U.S. spreads near widest since 1989
* U.S. payroll data should offer inflation clues
* Report Quote: s 5-Star Movement head repeating election call
* Euro zone periphery govt bond yields tmsnrt.rs/2ii2Bqr (Adds China comments on trade dispute, updates prices)
By Abhinav Ramnarayan
LONDON, May 4 (Reuters) - The difference between German and U.S. government bond yields was close to its highest in nearly three decades on Friday ahead of the release of U.S. jobs data that could further demonstrate the countries’ different inflation paths.
The short-dated and long-dated “transatlantic spread” between U.S. Treasuries and German Bunds were at 305 and 240 basis points respectively, just a shade away from their highest levels since early 1989 hit earlier in the week.
And they could go even wider, depending on the U.S. payroll data to be released at 1330 GMT, said one analyst.
“There will be a close look to average hourly earnings in the U.S. jobs report today for any guidance regarding future inflation,” said DZ Bank analyst Rene Albrecht.
“The next mark we could see is 250 bps (on the 10-year transatlantic spread) if we get different inflation dynamics in the U.S. and Europe,” he said, though he added that the spread should tighten in the long term with the United States so close to full employment.
Mizuho strategist Antoine Bouvet said that in addition, the U.S. Federal Reserve’s signal that it can tolerate higher inflation should also put some downward pressure on U.S. Treasury yields.
“If they are moving from being ahead of the curve to a more balanced approach, there isn’t much to prevent U.S. Treasuries from rallying further,” he said.
The dollar meanwhile, is set for its third consecutive week of gains against a basket of currencies and is up 3.6 percent in the last two weeks against the euro.
Euro zone inflation has been staying stubbornly low despite the ECB throwing a 2.55 trillion euro kitchen sink at it.
Inflation in the bloc, at 1.2 percent, fell short of expectations in the first quarter of the year, while the figure after stripping out the effects of energy, processed food, alcohol and tobacco was even more dramatically low at 0.7 percent.
U.S. consumer prices, on the other hand, accelerated in the year to March towards the Federal Reserve’s 2 percent target.
This means that the Fed should go ahead with rate hikes this year while prospects for a European Central Bank rate rise keep getting pushed further down the line.
Euro zone bond yields dropped on Thursday after that inflation data came out, and though most high-rated euro zone debt was flat to a touch higher on Friday, German 10-year borrowing costs were set for a second straight weekly fall.
At 0.53 percent, it is now well off its yearly peak of 0.81 percent hit in February.
A market gauge of long-term inflation expectations, the five-year forward swap, was back below the 1.70 percent mark, trading at 1.6911 percent on Friday morning.
Meanwhile, Italian 10-year yields held steady in the face of political volatility.
The leader of Italy’s anti-establishment 5-Star Movement dismissed proposals for a stop-gap government to reform the electoral law and repeated his call for a snap election in June, according to a newspaper interview on Friday.
Elsewhere, China and the United States have reached a consensus on some areas of their trade dispute but still have relatively big disagreements on others, China’s official Xinhua news agency said in a microblog post on Friday. (Reporting by Abhinav Ramnarayan Editing by Mark Heinrich)
| ashraq/financial-news-articles | https://www.reuters.com/article/eurozone-bonds/update-1-inflation-divergence-drives-german-u-s-yield-gap-near-3-decade-high-idUSL8N1SB3IR |
EditorsNote: new headline
Josh Bell drove in three runs with two doubles, and right-hander Trevor Williams combined with two Pittsburgh Pirates relievers Tuesday to shut out the visiting Chicago White Sox 7-0.
The Pirates lead the major leagues with seven shutouts.
Pittsburgh won both games of a short series last week in Chicago and on Wednesday will go for a sweep of this two-game set and all four interleague games between the clubs.
Williams (5-2) pitched seven innings, allowing six hits, striking out six and walking none. Kyle Crick pitched the eighth, Richard Rodriguez the ninth.
Chicago starter Reynaldo Lopez (0-3) gave up six runs and seven hits in two innings, with two walks and no strikeouts.
It was a rematch of the starters last Wednesday in Chicago when Williams allowed four runs in five innings and did not get a decision as the Pirates came back for a 6-5 win. Lopez outpitched Williams that game, holding the Pirates to three hits (two of them solo homers) in a career-high 7 1/3 innings, with six strikeouts.
The Pirates rocked Lopez early this time.
Adam Frazier led off the first with his third homer, to right. Gregory Polanco followed with a single, moved to third on Starling Marte’s double, and both scored on Bell’s double for a 3-0 lead.
Colin Moran later drove in Bell with a two-out double to make it 4-0.
In the second, Polanco drew a two-out walk. Sean Rodriguez, who replaced Marte (right side discomfort) in center field, tripled Polanco home to make it 5-0. Bell followed with an RBI double for a 6-0 lead.
In the third, Pittsburgh catcher Francisco Cervelli got hit in the right forearm by a pitch from reliever Chris Beck. Cervelli left the game after that inning.
The Pirates added another run in the sixth. Beck was pulled after hitting Frazier with two outs. Polanco greeted Aaron Bummer with a double off the wall in right-center, and Frazier raced home to make it 7-0.
—Field Level Media
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-pit-chw-recap/fraziers-leadoff-homer-all-pirates-need-against-white-sox-idUSMTZEE5GSUPKSA |
May 21, 2018 / 8:00 AM / Updated 36 minutes ago Australia's BWX Ltd gets $603.1 million takeover offer from CEO, Bain Capital Reuters Staff 2 Min Read
(Reuters) - Australia’s BWX Ltd ( BWX.AX ), a marketer of branded skin and hair care products, on Monday said it received an unsolicited takeover proposal from two senior company officers in partnership with Bain Capital Private Equity, valuing the company at A$803.4 million ($603.1 million).
The offer is for A$6.60 per share in cash, or alternatively, a 75 percent payment in scrip for the newly incorporated entity and the rest in cash, BWX said in statement.
A$6.60 per share in cash represents a 50 percent premium over BWX’s last close of A$4.41.
The BWX board said it had established an independent board committee to assess the offer, and recommended that shareholders take no action while the committee considered the proposal.
The offer from Chief Executive Officer John Humble, Finance Director Aaron Finlay and Bain Capital is conditional upon a unanimous recommendation from the committee, the statement said.
The company reported in February a first half net profit attributable to members of A$5.4 million, 34 percent lower than a year earlier. Reporting by Susan Mathew in Bengaluru; Editing by Christian Schmollinger and Darren Schuettler | ashraq/financial-news-articles | https://uk.reuters.com/article/us-bwx-m-a/australias-bwx-ltd-gets-603-1-million-takeover-offer-from-ceo-bain-capital-idUKKCN1IM0O6 |
Business figures, government officials, and international magnates invested more than $700 million in an ambitious company promising to revolutionize blood testing—Theranos.
The Wall Street Journal’s John Carreyrou got his hands on previously sealed documents that show just how much capital has sunken with the Theranos ship. The documents are part of a lawsuit alleging that the company made false and misleading claims about its operations and technology while soliciting money from investors. (Theranos has denied the suit’s allegations.) The following groups and individuals have lost a considerable sum of money following their investments:
— $150 million: The Walton Family, heirs to Walmart Founder Sam Walton
— $125 million: Rupert Murdoch , executive chairman of News Corp
— $100 million: Betsy DeVos & her family , Secretary of Education
— $100 million: The Cox family, owners of media properties
— $96 million: Partner Fund Management, investment management firm
— $70 million: Shareholders who invested through venture funds
— $30 million: Carlos Slim, media investor
— $25 million: Andreas Dracopoulos, Greek shipping heir
— $20: The Oppenheimer family, former owners of De Beers
— $6.2 million: Riley Bechtel, former chairman of Bechtel Corp
— $1 million: Robert Kraft, owner of New England Patriots
(*Not included: Earlier investors who invested nearly $100 million in Theranos before 2013.)
I feel uneasy every time I see a star-studded investor list for a startup that has raised hundreds of millions of dollars. The uneasy factor goes up when you realize none of the investors have deep medical or biotech expertise. Remember when GV’s Bill Maris said the firm passed on investing back in 2013 because it had a lot of questions about the company’s technology?
Maris said , “We looked at it a couple times, but there was so much hand-waving — like, Look over here! — that we couldn’t figure it out. So, we just had someone from our life-science investment team go into Walgreens and take the test. And it wasn’t that difficult for anyone to determine that things may not be what they seem here.”
At Fortune’ s 2016 Brainstorm Tech conference, TPG’s David Trujillo made the point that people were simply not doing their diligence. “It’s just taking what a management team says at face value and not being able to follow up with it,” he said. “Part of it is the competitive dynamic of sources chasing opportunity that has created companies not having to share quite as much as they would outside this bubble we’ve been in.”
The hand-waving. The trade secrets. The competitive advantage. The revolutionary technology. For years, Holmes successfully dazzled investors, reporters, and the public.
As Fortune has previously noted, the notoriously private company would use the sanctity of trade secrets as an excuse to run an operation shrouded in secrecy . When hundreds of millions of dollars are on the line, however, investors should expect transparency — not slippery and confusing language masquerading as industry jargon.
One Term Sheet newsletter reader asked, “How are these not lessons that [Silicon Valley] should not already know? Do your diligence, understand the tech, don’t accept ‘trade secret’ BS, and check out board oversight.”
As we now know, it was a very, very expensive lesson to learn.
This article originally ran in Term Sheet, Fortune’s newsletter about deals and dealmakers. Sign up here. | ashraq/financial-news-articles | http://fortune.com/2018/05/04/theranos-investment-lost/ |
May 8, 2018 / 1:35 PM / Updated an hour ago C$ slumps to 7-week low as oil falls, greenback climbs Reuters Staff 2 Min Read
TORONTO (Reuters) - The Canadian dollar weakened to a nearly seven-week low against its U.S. counterpart on Tuesday, with the currency breaking out of its recent holding pattern as oil prices fell and the greenback broadly gained.
The price of oil, one of Canada’s major exports, retreated from its highest in 3-1/2 years ahead of an announcement by U.S. President Donald Trump due later in the day on whether the United States will reimpose sanctions on Iran.
U.S. crude CLc1 prices were down 0.92 percent at $70.08 a barrel.
The U.S. dollar .DXY surged to a 2018 high against other major currencies as a rout of the euro prompted traders to buy the greenback despite some concerns its rally may have been too quick.
At 9:09 a.m. EDT (1309 GMT), the Canadian dollar CAD=D4 traded 0.7 percent lower at C$1.2975 to the greenback, or 77.07 U.S. cents. The currency hit its weakest since March 21 at C$1.2985.
Losses for the loonie came as investors weighed prospects for the North American Free Trade Agreement.
Senior Canadian, U.S. and Mexican officials met on Monday to try to rescue slow-moving talks to update the NAFTA trade pact in a new bid to resolve key issues before regional elections complicate the process.
Canadian government bond prices were lower across the yield curve in sympathy with U.S. Treasuries.
The two-year CA2YT=RR dipped 3 Canadian cents to yield 1.931 percent and the 10-year CA10YT=RR declined 15 Canadian cents to yield 2.344 percent.
Canadian housing starts declined in April to a seasonally adjusted annual rate of 214,379 units as builders responded to slowing sales in Toronto, Canada’s largest city, data from the Canada Mortgage and Housing Corp showed on Tuesday.
Canada’s jobs report for April is due on Friday. Reporting by Fergal Smith; Editing by Jeffrey Benkoe | ashraq/financial-news-articles | https://www.reuters.com/article/us-canada-forex/c-slumps-to-7-week-low-as-oil-falls-greenback-climbs-idUSKBN1I91R2 |
May 15 (Reuters) - AeroCentury Corp:
* . REPORTS FIRST QUARTER 2018 EARNINGS OF $317,300, OR $0.22 PER SHARE
* Q1 EARNINGS PER SHARE $0.22 * . REPORTS FIRST QUARTER 2018 EARNINGS OF $317,300, OR $0.22 PER SHARE
* QTRLY TOTAL REVENUE AND OTHER INCOME $7.9 MILLION VERSUS ABOUT $8 MILLION Source text for Eikon: Further company coverage: ([email protected])
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-aerocentury-q1-earnings-per-share/brief-aerocentury-q1-earnings-per-share-0-22-idUSASC0A2AF |
The collapse of a scheduled nuclear summit makes it hard to avoid the conclusion that, on North Korea, didn't know what he was doing.
Eleven weeks passed from the impromptu announcement of the summit with Kim Jong Un to its cancellation Thursday. That stretch produced a cascade of faulty assumptions and execution mistakes from the president and his top advisors alike.
"There were some problems with diplomatic tradecraft," Christopher Hill, ambassador to South Korea under President George W. Bush, told CNBC. "I certainly have questions about what the Trump administration thought they had in the first place."
show chapters Premise of Trump-Kim summit never made any sense, says CNBC's John Harwood 11:42 AM ET Thu, 24 May 2018 | 01:29 It started on March 8 in the White House driveway — when officials from South Korea, not the United States, told reporters the two leaders planned to meet. Trump had caught his staff by surprise, seeing those officials earlier than planned and accepting the summit idea on the spot.
"Kim Jong Un talked about denuclearization with the South Korean Representatives, not just a freeze," Trump tweeted. "Meeting being planned!"
"A misreading," concluded Richard Haass, a foreign policy advisor to President George W. Bush who now runs the Council on Foreign Relations. On Twitter, Pusan University political scientist Robert Kelly added: "If Trump were less vain and allowed his national security adviser to vet the offer, he might have learned" North Korea had no intention of surrendering weapons that Kim's regime considers its insurance policy.
KCNA | Reuters North Korean leader Kim Jong Un speaks during the first enlarged meeting of the seventh Central Military Commission of the Workers' Party of Korea (WPK). North Korea, by contrast, followed a step-by-step road map in pursuit of international prestige, sanctions relief, and economic aid for its impoverished citizens. During 2017, Kim conducted testing that established his regime's nuclear capability, despite Trump's pledges of "fire and fury" in response to potential aggression.
In 2018, Kim turned to a charm offensive with South Korean President Moon Jae-in . Moon and his South Korean constituents seemed more alarmed by White House threats than North Korea did.
Kim's charm offensive also worked on Trump, the self-styled dealmaker who had previously taunted the North Korean dictator as "Little Rocket Man." The administration printed commemorative summit coins depicting Trump and "Supreme Leader" Kim as peers — a longstanding objective of North Korean leaders.
When Kim released three imprisoned Americans earlier this month, Trump praised him for having been "excellent to these three incredible people." Basking in flattery from Moon and Republicans, the smiling president recently said "everyone thinks" he deserves the Nobel Peace Prize.
Yet weeks passed without clarity on North Korea's real intentions. After two trips to Pyongyang, Trump's new secretary of State, Mike Pompeo , did not identify common ground on summit objectives.
"He needed to have Pompeo come back with some very specific points," said Hill, the former ambassador to South Korea. "Elementary due diligence."
Two related developments finally triggered Trump's cancellation.
John Bolton , who became national security advisor in April after Trump dumped H.R. McMaster, invoked the "Libya model" for North Korean denuclearization. Years after Libyan dictator Moammar Gaddafi gave up his nuclear weapons, he was overthrown and killed.
North Korea blasted Bolton. Kim's government declared that, as most Western experts on the region had anticipated, it would not surrender its nuclear weapons.
At the White House, where South Korea's Moon traveled to salvage the summit, Trump promised to make North Korea rich and guarantee its dictator's safety. He vacillated on whether he would insist on immediate denuclearization or accept a gradual approach.
Andrew Harrer | Bloomberg | Getty Images Vice President Mike Pence speaks in the East Room of the White House in Washington, D.C., U.S., on Friday, May 18, 2018. Then Vice President Mike Pence cited Libya again.
North Korea derided Pence as a "political dummy."
This morning, Trump abruptly brought this chapter of the saga to a close.
South Korean diplomats said they received no advance warning of the summit's cancellation. President Moon called himself "baffled and very regretful."
Some U.S. lawmakers, fearing the meeting would end badly, welcomed the news . Hill, who tangled with the hawkish Bolton during the Bush administration, suspects the new national security advisor brought up Libya purposely to head off a summit initiated before his tenure.
If so, Trump faces the same in-house splits on North Korea that hobble his trade talks with China. Even Thursday he wouldn't commit to any particular path, mixing assertions of military might with speculation the summit might be resurrected after all.
"So hopefully," Trump concluded, "things will work out."
WATCH: Trump's ties to Russia are hidden in plain sight show chapters The Trump-Russia ties hiding in plain sight 1:33 PM ET Thu, 24 May 2018 | 07:56 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/24/trump-mistakes-sunk-kim-jong-un-summit.html |
The following factors could affect Italian markets on Thursday.
Reuters has not verified the newspaper reports, and cannot vouch for their accuracy. New items are marked with (*).
For a complete list of diary events in Italy please click on .
ECONOMY Italy posted a state sector budget deficit of some 3.1 billion euros in April, against a deficit of 5.11 billion euros in the same month last year, the Treasury said on Wednesday.
FIAT CHRYSLER Italy car sales rose 6.47 percent in April, Italy’s Transport Ministry said on Wednesday.
FERRARI N.V. Board meeting on Q1 results, followed by conference call (1500 GMT).
(*) TELECOM ITALIA State lender CDP has topped up its stake to 4.9 percent from 4.7 percent and is ready to support the 10 independent board member slate of activist fund Elliott, La Repubblica said.
(*) SAIPEM Another 141 investors have asked for damages for delays in informing the market over data leading to a fall in the share price, various papers said, citing the financial report that goes before shareholders on Thursday. They join 60 other funds that have been asking for damages since April 2015. The company denies any responsibility.
Annual general meeting (0800 GMT).
(*) BANCA MONTE DEI PASCHI DI SIENA Rating agencies will give their ratings on Monte dei Paschi’s bumper securitisation operation of almost 25 billion euros before next Tuesday, MF said.
(*) FINCANTIERI The ship builder has reached an agreement with Genova Industrie Navali to buy 51 percent of the Mariotti ship yard and 49 percent of San Giorgio del Porto, La Stampa said.
Annual general meetings: ALKEMY (1600 GMT), FIRST CAPITAL (0900 GMT).
Board meetings on Q1 results: ASSICURAZIONI GENERALI (press release on May 4), AUTOSTRADE MERIDIONALI , COIMA RES, D’AMICO INTERNATIONAL SHIPPING followed by conference call (1200 GMT), EI TOWERS followed by conference call (1600 GMT), MAIRE TECNIMONT , TESMEC.
For Italian market data and news, click on codes in brackets:
20 biggest gainers (in percentage)
20 biggest losers (in percentage)
FTSE IT allshare index
FTSE Mib index
FTSE Allstars index...
FTSE Mid Cap index....
Block trades
Stories on Italy IT-LEN
For pan-European market data and news, click on codes in brackets: European Equities speed guide FTSEurofirst 300 index DJ STOXX index Top 10 STOXX sectors Top 10 EUROSTOXX sectors Top 10 Eurofirst 300 sectors Top 25 European pct gainers Top 25 European pct losers Main stock markets: Dow Jones Wall Street report Nikkei 225 Tokyo report FTSE 100 London report Xetra DAX Frankfurt market stories CAC-40 Paris market stories... World Indices Reuters survey of world bourse outlook Western European IPO diary European Asset Allocation Reuters News at a Glance: Equities Main currency report:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/italy-factors-may-3/italy-factors-to-watch-on-may-3-idUSL8N1S74OM |
Belgium probes Liege attack as 'terrorist' incident Tuesday, May 29, 2018 - 00:45
Two policewomen and a passerby were killed in the city of Liege in what authorities are investigating as ''terrorism.'' Rough cut (no reporter narration).
Two policewomen and a passerby were killed in the city of Liege in what authorities are investigating as "terrorism." Rough cut (no reporter narration). //reut.rs/2IVw3As | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/29/belgium-probes-liege-attack-as-terrorist?videoId=431409727 |
EMERYVILLE, Calif., May 08, 2018 (GLOBE NEWSWIRE) -- Amyris, Inc. (Nasdaq:AMRS) will report financial results for the first quarter ended March 31, 2018 after market close on Monday, May 14, 2018.
The company will hold its quarterly conference call to discuss these results, as well as provide an update on the company's business and outlook, at 4:30 p.m. ET (1:30 p.m. PT) on Monday, May 14, 2018.
Conference Call:
Monday, May 14, 2018, 4:30 p.m. ET/1:30 p.m. PT
Dial-in Number:
(866) 516-3867 (U.S. & International)
Access Code: 4094206
Audio Webcast:
A live webcast of the call will be available online on the Amyris website. To listen via live webcast, please visit: http://investors.amyris.com . A replay of the webcast will be available on the Investor Relations section of the Company's website approximately two hours after the conclusion of the call.
About Amyris
Amyris is the integrated renewable products company that is enabling the world’s leading brands to achieve sustainable growth. Amyris applies its innovative bioscience solutions to convert plant sugars into hydrocarbon molecules and produce specialty ingredients and consumer products. The company is delivering its No Compromise® products across a number of markets, including specialty and performance chemicals, flavors and fragrances, cosmetics ingredients, pharmaceuticals, and nutraceuticals. More information about the company is available at www.amyris.com .
Amyris and the Amyris logo are trademarks or registered trademarks of Amyris, Inc. in the U.S. and/or other countries.
Contact:
Peter DeNardo
Director, Investor Relations and Corporate Communications
Amyris, Inc.
+1 (510) 740-7481
[email protected]
[email protected]
Source:Amyris, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-amyris-to-announce-first-quarter-2018-financial-results-on-monday-may-14-2018.html |
For decades, the NFL’s high-level conversations about legalizing sports betting centered only on how problematic it would be. Now that the reality of legal wagering is here, the league is suddenly shifting its focus to how gambling can help stanch the erosion of its audience—and grow its sport to even greater heights.
The NFL was long resolute in its belief that legal sports gambling would be a threat to its integrity, even as the NBA and others warmed to the idea. Just last year, when NFL owners approved the Raiders’ move... RELATED VIDEO NBA's Adam Silver on Why He Supports Legal Sports Betting The Supreme Court overturned a federal ban on sports betting in a decision announced Monday. NBA Commissioner Adam Silver explains why that could bring greater transparency and integrity as well as business opportunities. He spoke with WSJ's Jason Gay at the Future of Everything Festival in New York on May 8. | ashraq/financial-news-articles | https://www.wsj.com/articles/why-the-nfl-stopped-seeing-gambling-as-a-threatand-started-to-see-a-windfall-1526411528 |
1 COMMENTS Ford Motor Co. named 31-year veteran Jeff Lemmer chief information officer Thursday as the automaker continues to cut costs and works to keep pace with rivals.
Mr. Lemmer, most recently chief operating officer for IT, starts his new role June 1. There, he will oversee IT services for Ford’s global operations, including business applications, architecture, data centers, engineering and infrastructure.
Jeff Lemmer has held a number of IT leadership roles throughout his 31-year career at Ford. Photo: Ford Motor Co.
He reports to Marcy Klevorn, president of Ford’s mobility unit, which aims to accelerate the automaker’s moves into ride-sharing, autonomous car fleets and other service-based businesses. Ms. Klevorn was promoted from the CIO role in 2017 following a broad leadership shakeup , which also included Mr. Lemmer’s promotion to COO of IT.
As COO for IT, Mr. Lemmer ran day-to-day operations and led auto-related application development. He also oversaw the building of two new data centers, and re-focused the IT organization to become more product focused .
Mr. Lemmer joined Ford in 1987 in systems programming for parts and service warranty and has held a number of IT leadership roles throughout his career, including positions at Ford and Ford Credit.
Ford continues to face pressure from tech giants and startups edging in on the auto business. In its April earnings announcement , the company said it plans to boost profit margins faster, slash capital spending and kill iconic vehicle lines that are unprofitable.
Facing a slump in the U.S. auto market, Ford and its competitors in Detroit are looking for new ways to earn money at the same time big investments are needed for electric cars and autonomous vehicle research, the Journal reported.
Write to [email protected]
Share this: EXECUTIVE MOVES FORD JEFF LEMMER MARCY KLEVORN Previous The Morning Download: AI Is Only as Good as the Data You Feed It | ashraq/financial-news-articles | https://blogs.wsj.com/cio/2018/05/10/ford-promotes-jeff-lemmer-to-chief-information-officer/ |
ALAMEDA, Calif., May 8, 2018 /PRNewswire/ -- Penumbra, Inc. (NYSE: PEN), a global healthcare company focused on innovative therapies, today reported financial results for the first quarter ended March 31, 2018.
Revenue of $102.7 million in the first quarter of 2018, an increase of 40.3%, or 36.2% in constant currency 1 , over the first quarter of 2017 .
First Quarter 2018 Financial Results
Total revenue grew to $102.7 million for the first quarter of 2018 compared to $73.2 million for the first quarter of 2017, an increase of 40.3%, or 36.2% on a constant currency basis. The United States represented 64% of total revenue and international represented 36% of total revenue for the first quarter of 2018. Revenue from sales of neuro products grew to $71.4 million for the first quarter of 2018, an increase of 42.2%, or 37.3% on a constant currency basis, from the first quarter of 2017. Revenue from sales of peripheral vascular products grew to $31.3 million for the first quarter of 2018, an increase of 36.2%, or 33.7% on a constant currency basis, from the first quarter of 2017.
Gross profit was $66.6 million, or 64.8% of total revenue, for the first quarter of 2018, compared to $47.7 million, or 65.2% of total revenue, for the first quarter of 2017.
Total operating expenses were $62.5 million, or 60.9% of total revenue, for the first quarter of 2018, compared to $49.8 million, or 68.0% of total revenue, for the first quarter of 2017. R&D expenses were $8.0 million for the first quarter of 2018, compared to $7.0 million for the first quarter of 2017. SG&A expenses were $54.5 million for the first quarter of 2018, compared to $42.7 million for the first quarter of 2017.
Operating income for the first quarter of 2018 was $4.0 million, compared to an operating loss of $2.0 million for the first quarter of 2017.
Full Year 2018 Financial Outlook
The Company is increasing its 2018 guidance for total revenue to be in the range of $410 million to $415 million. This new range compares to the previous range of $400 million to $405 million.
Webcast and Conference Call Information
Penumbra, Inc. will host a conference call to discuss the first quarter 2018 financial results after market close on Tuesday, May 8, 2018 at 4:30 PM Eastern Time. The conference call can be accessed live over the phone by dialing (866) 393-4306 for domestic callers or (734) 385-2616 for international callers (conference id: 8595887), or the webcast can be accessed on the "Events" section under the "Investors" tab of the Company's website at: www.penumbrainc.com . The webcast will be available on the Company's website for two weeks following the completion of the call.
About Penumbra
Penumbra, Inc., headquartered in Alameda, California, is a global healthcare company focused on innovative therapies. Penumbra designs, develops, manufactures and markets medical devices and has a broad portfolio of products that addresses challenging medical conditions and significant clinical needs. Penumbra sells its products to hospitals primarily through its direct sales organization in the United States, most of Europe, Canada and Australia, and through distributors in select international markets. The Penumbra logo is a trademark of Penumbra, Inc. For more information, visit www.penumbrainc.com .
Non-GAAP Financial Measures
In addition to financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), the Company uses the following non-GAAP financial measures in this press release: a) constant currency and b) adjusted net income (loss).
Constant Currency. The Company's constant currency revenue disclosures estimate the impact of changes in foreign currency rates on the translation of the Company's current period revenue as compared to the applicable comparable period in the prior year. This impact is derived by taking the current local currency revenue and translating it into U.S. dollars based upon the foreign currency exchange rates used to translate the local currency revenue for the applicable comparable period in the prior year, rather than the actual exchange rates in effect during the current period. It does not include any other effect of changes in foreign currency rates on the Company's results or business.
Adjusted net income (loss). The Company defines adjusted net income (loss) as net income (loss), excluding the one-time effect of the transition tax from the Tax Cuts and Jobs Act of 2017 (the Tax Reform Act) and the effects of the excess tax benefits associated with share-based compensation arrangements, net of any related valuation allowance.
Full reconciliation of these non-GAAP measures to the most comparable GAAP measures is set forth in the tables below.
Our management believes the non-GAAP financial measures disclosed in this press release are useful to investors in assessing the operating performance of our business and provide meaningful comparisons to prior periods and thus a more complete understanding of our business than could be obtained absent this disclosure. Specifically, we consider the change in constant currency revenue as a useful metric as it provides an alternative framework for assessing how our underlying business performed excluding the effect of foreign currency rate fluctuations. We consider adjusted net income (loss) a useful metric as it provides an alternative framework for assessing how our underlying business performed excluding the one-time effects of the transition tax from the Tax Reform Act and the excess tax benefits associated with share-based compensation arrangements, net of any related valuation allowance.
The non-GAAP financial measures included in this press release may be different from, and therefore may not be comparable to, similarly titled measures used by other companies. These non-GAAP measures should not be considered in isolation or as alternatives to GAAP measures. We urge investors to review the reconciliation of these non-GAAP financial measures to the comparable GAAP financial measures included in this press release, and not to rely on any single financial measure to evaluate our business.
Forward-Looking Statements
Except for historical information, certain statements in this press release are forward-looking in nature and are subject to risks, uncertainties and assumptions about us. Our business and operations are subject to a variety of risks and uncertainties and, consequently, actual results may differ materially from those projected by any forward-looking statements. Factors that could cause actual results to differ from those projected include, but are not limited to: failure to sustain or grow profitability or generate positive cash flows; failure to effectively introduce and market new products; delays in product introductions; significant competition; inability to further penetrate our current customer base, expand our user base and increase the frequency of use of our products by our customers; inability to achieve or maintain satisfactory pricing and margins; manufacturing difficulties; permanent write-downs or write-offs of our inventory; product defects or failures; unfavorable outcomes in clinical trials; inability to maintain our culture as we grow; fluctuations in foreign currency exchange rates; potential adverse regulatory actions; and potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments we may make. These risks and uncertainties, as well as others, are discussed in greater detail in our filings with the Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K for the year ended December 31, 2017 filed with the SEC on February 27, 2018. There may be additional risks of which we are not presently aware or that we currently believe are immaterial which could have an adverse impact on our business. Any forward-looking statements are based on our current expectations, estimates and assumptions regarding future events and are applicable only as of the dates of such statements. We make no commitment to revise or update any forward-looking statements in order to reflect events or circumstances that may change.
1 Constant currency results are non-GAAP financial measures. Please refer to "Non-GAAP Financial Measures" herein for important information about our use of constant currency results (including reconciliations to the most comparable GAAP measures).
Penumbra, Inc.
Condensed Consolidated Balance Sheets
(unaudited)
(in thousands)
March 31,
2018
December 31,
2017
Assets
Current assets:
Cash and cash equivalents
$
52,805
$
50,637
Marketable investments
162,636
163,954
Accounts receivable, net
65,107
58,007
Inventories
94,616
94,901
Prepaid expenses and other current assets
12,774
14,735
387,938
382,234
Property and equipment, net
31,995
30,899
Intangible assets, net
28,241
23,778
Goodwill
8,414
8,178
Long-term investments
3,286
3,872
Deferred taxes
28,865
26,690
Other non-current assets
968
1,016
Total assets
$
489,707
$
476,667
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable
$
7,403
$
6,757
Accrued liabilities
42,850
44,825
Total current liabilities
50,253
51,582
Deferred rent
7,345
6,199
Other non-current liabilities
17,188
18,478
Total liabilities
74,786
76,259
Stockholders' equity:
Common stock
34
33
Additional paid-in capital
404,299
396,810
Accumulated other comprehensive income
2,637
1,569
Retained earnings
7,951
1,996
Total stockholders' equity
414,921
400,408
Total liabilities and stockholders' equity
$
489,707
$
476,667
Penumbra, Inc.
Condensed Consolidated Statements of Operations
(unaudited)
(in thousands, except share and per share amounts)
Three Months Ended March 31,
2018
2017
Revenue
$
102,701
$
73,213
Cost of revenue
36,144
25,504
Gross profit
66,557
47,709
Operating expenses:
Research and development
8,013
7,034
Sales, general and administrative
54,499
42,721
Total operating expenses
62,512
49,755
Income (loss) from operations
4,045
(2,046)
Interest income, net
749
644
Other expense, net
(290)
(349)
Income (loss) before income taxes and equity in losses of unconsolidated investees
4,504
(1,751)
(Benefit from) Provision for income taxes
(1,938)
1,355
Income (loss) before equity in losses of unconsolidated investees
6,442
(3,106)
Equity in losses of unconsolidated investees
(951)
—
Net income (loss)
$
5,491
$
(3,106)
Net income (loss) per share:
Basic
$
0.16
$
(0.10)
Diluted
$
0.15
$
(0.10)
Weighted average shares used to compute net income (loss) per share:
Basic
33,846,142
31,611,841
Diluted
35,917,051
31,611,841
Penumbra, Inc.
Reconciliation of Revenue Growth by Geographic Regions to Constant Currency Revenue Growth 1
(unaudited)
(in thousands)
Three Months Ended March 31,
Reported Change
FX Impact
Constant Currency Change
2018
2017
$
%
$
$
%
United States
$
65,801
$
48,487
$
17,314
35.7
%
$
—
$
17,314
35.7
%
International
36,900
24,726
12,174
49.2
%
(3,003)
9,171
37.1
%
Total
$
102,701
$
73,213
$
29,488
40.3
%
$
(3,003)
$
26,485
36.2
%
Penumbra, Inc.
Reconciliation of Revenue Growth by Product Categories to Constant Currency Revenue Growth 1
(unaudited)
(in thousands)
Three Months Ended March 31,
Reported Change
FX Impact
Constant Currency Change
2018
2017
$
%
$
$
%
Neuro
$
71,433
$
50,249
$
21,184
42.2
%
$
(2,442)
$
18,742
37.3
%
Peripheral Vascular
31,268
22,964
8,304
36.2
%
(561)
7,743
33.7
%
Total
$
102,701
$
73,213
$
29,488
40.3
%
$
(3,003)
$
26,485
36.2
%
1 See "Non-GAAP Financial Measures" above for important information about our use of this non-GAAP measure and further information about our calculation of constant currency results.
Penumbra, Inc.
Reconciliation of GAAP Net Income (Loss) to Adjusted Net Income (Loss) 1
(unaudited)
(in thousands)
Three Months Ended March 31,
2018
2017
GAAP net income (loss)
$
5,491
$
(3,106)
GAAP net income (loss) includes the effect of the following items:
Effect of the transition tax under the Tax Reform Act 2
88
—
Excess tax benefits related to stock compensation awards 3
(3,364)
(9,510)
Valuation allowance on excess tax benefit related to stock compensation awards 3
—
9,510
Adjusted net income (loss)
$
2,215
$
(3,106) | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/pr-newswire-penumbra-inc-reports-first-quarter-2018-financial-results.html |
May 29, 2018 / 4:46 PM / Updated 4 hours ago Tanzania government wins court case to impose online regulations Fumbuka Ng'wanakilala 2 Min Read
DAR ES SALAAM (Reuters) - Tanzania’s government won a court case on Tuesday against bloggers and activists who sought to block the enforcement of tough, new online content regulations that require them to be registered and declare their financial backers. FILE PHOTO: Tanzanian President John Magufuli during a visit to Nairobi, Kenya, October 31, 2016. REUTERS/Thomas Mukoya/File Photo
Earlier this month, six human rights watchdogs, media organizations and bloggers successfully applied for a temporary court injunction against the rules.
But the government overturned that injection at an appeal hearing on Tuesday in a case that activists have condemned as an attack on free speech.
“Following this ruling ... owners of social media platforms that are used to disseminate news such as blogs, online TV and radio are required to continue with the registration process and observe ethics outlined in the relevant regulations,” government spokesman Hassan Abbasi said in a statement.
The new rules require bloggers to pay a registration and license fee of up to $900 and disclose details of shareholders, share capital, citizenship of owners, staff qualification and training programs, as well as a tax clearance certificate to obtain an operating license from the regulator.
Bloggers convicted of defying the new rules could be fined at least 5 million shillings ($2,200) or face imprisonment for a minimum 12 months, or both.
Digital activists say the rules are the latest crackdown on dissent and free speech by President John Magufuli, who was elected in 2015 on pledges to speed up economic growth and rein in corruption.
Several Tanzanian bloggers have already begun shutting down their websites to avoid punitive action under the new regulations.
The number of internet users in Tanzania rose 16 percent in 2017 to 23 million - around 44 percent of the population - with most using their smartphones to go online.
Last month, Uganda, another East African country acting to regulate internet use, announced plans to slap a new tax on social media users. Editing by Aaron Maasho and Alison Williams | ashraq/financial-news-articles | https://www.reuters.com/article/us-tanzania-internet/tanzania-government-wins-court-case-to-impose-online-regulations-idUSKCN1IU26R |
May 24, 2018 / 2:25 PM / Updated 22 minutes ago Poland aim for rare group stage progress in Russia Reuters Staff 3 Min Read
(Reuters) - Poland will arrive in Russia aiming to get past the group stage at the World Cup for the first time in 32 years as they return to the finals after a 12-year absence. Soccer Football - International Friendly - Poland vs South Korea - Silesian Stadium, Chorzow, Poland - March 27, 2018 Poland's Kamil Grosicki celebrates scoring their second goal with Robert Lewandowski REUTERS/Kacper Pempel
The golden era for Poland, which saw them take third place at the 1974 and 1982 tournaments, ended when Brazil beat Poland 4-0 in the last 16 at the 1986 finals in Mexico.
Zbigniew Boniek, former Poland great and now FA president, famously said after the defeat that he had hoped the national team would qualify for the next four tournaments in a row.
His words were later dubbed ‘Boniek’s Curse’ as the Poles had to wait 16 years for another World Cup appearance.
They have played at only two finals this century and finished bottom of their group in 2002 and 2006.
However, at the 2016 European Championship they reached the quarter-finals to emulate their past success.
The nation is hoping that Adam Nawalka’s team can now reach the knockout phase on the world stage, although they have been drawn against Senegal, Columbia and Japan in a tricky Group H.
“The team is more experienced but can’t be overconfident,” goalkeeper Jerzy Dudek, who has 60 caps including two at the World Cup in Japan and South Korea, told Reuters.
“However, going into another round should be a realistic goal, albeit the group is very equal and we’re not used to games against such unusual opposition. Related Coverage Poland World Cup factbox
“The first game against Senegal will be the biggest test and the most important for us because it will determine our status in the group,” added the ex-Liverpool and Real Madrid keeper.
“Unlike the four previous big tournaments, we won the first game at Euro 2016 and went through so it shows the importance of a good start.”
Ahead of the World Cup, Nawalka, who switched to three at the back after the qualifying campaign, faces the same old problems, which are the depth of his squad and players struggling to find form at their clubs.
Some of the players moved clubs after the Euros but failed to establish themselves, while others got injured or lost form leaving the national team manager with some serious doubts.
“Many lads had problems but today nobody’s raising the alarm,” Dudek said. “Everybody trusts the manager and hopes that during the month he’ll get before the tournament he’ll prepare the team properly.
“I think the experience the coach has in the preparations for the finals is very important.
“Expectations are positive this time. It’s not like we’ve got hammered in 2016 and now everyone awaits another hammering. It’s important from the team’s mental point of view.”
The good news for Poland is that Napoli striker Arkadiusz Milik has returned from a second serious knee injury ahead of the tournament, which gives the manager more options up front.
His presence in the team also takes some of the pressure off their Bayern Munich striker Robert Lewandowski, by far the most important player in Nawalka’s World Cup plans. Editing by Ken Ferris | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-worldcup-pol-prospects/poland-aim-for-rare-group-stage-progress-in-russia-idUKKCN1IP2CU |
Italy's falling consumer morale adds to worries 11:07am EDT - 01:43
Morale among Italian consumers dropped to its lowest in nine months in May amid the country's long post-vote political stalemate, while in Germany wages rose by 2.5 percent and supporting expectations that the consumer will continue to drive growth in Europe's largest economy. Kate King reports.
Morale among Italian consumers dropped to its lowest in nine months in May amid the country's long post-vote political stalemate, while in Germany wages rose by 2.5 percent and supporting expectations that the consumer will continue to drive growth in Europe's largest economy. Kate King reports. //reut.rs/2IRZtPP | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/29/italys-falling-consumer-morale-adds-to-w?videoId=431446624 |
Ukraine releases video of suspect in journalist murder attempt 6:23am EDT - 00:40
Ukrainian security services release a video showing the arrest of a man who they suspect of organizing an alleged attempted murder of Russian journalist Arkady Babchenko. Rough cut (no reporter narration).
Ukrainian security services release a video showing the arrest of a man who they suspect of organizing an alleged attempted murder of Russian journalist Arkady Babchenko. Rough cut (no reporter narration). //reut.rs/2IZ6qPk | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/31/ukraine-releases-video-of-suspect-in-jou?videoId=431889923 |
May 9, 2018 / 10:26 AM / Updated 8 minutes ago MOVES- Barclays, Societe General, London & Capital, Indosuez Wealth Reuters Staff 2 Min Read
(Adds Societe General, Rowan Dartington, Natixis)
May 9 (Reuters) - The following financial services industry appointments were announced on Wednesday. To inform us of other job changes, email [email protected]. BARCLAYS
The bank said it has appointed Andrew Tusa as the managing director for corporate broking. INDOSUEZ WEALTH MANAGEMENT
Crédit Agricole Group’s Indosuez Wealth said it has appointed Julien Collin as head of markets, investment & structuring (MIS) in Singapore. NATIXIS
The investment bank named Kevin Alexander deputy chief executive officer of Natixis corporate and investment banking, Americas. ROWAN DARTINGTON
The wealth manager promoted regional director for the south Steve Jones to managing director of distribution and named former TSB executive Glenn Cockerill as finance director. SOCIETE GENERALE CORPORATE & INVESTMENT BANKING
The bank appointed Alexandre Fleury as head of equities & equity derivatives within global markets. LONDON & CAPITAL
The wealth and asset manager said it had named Jonathan Gold as an executive director. COMMERZBANK AG
The bank has hired Anthony Vives de Montal as a director in its public sector debt capital markets business, according to sources familiar with the matter. SAXO BANK GROUP
The bank said Vitali Butbaev will rejoin the trading and investment firm as chief executive of Central and Eastern Europe. ANGELO, GORDON & CO
The firm announced that Steven Paget will join as a managing director and portfolio manager, European performing credit. Compiled by Nivedita Balu and Mrinalini Krothapalli in Bengaluru | ashraq/financial-news-articles | https://www.reuters.com/article/financial-moves/moves-barclays-saxo-bank-london-capital-indosuez-wealth-idUSL3N1SG467 |
LONDON (Reuters) - German insurer Allianz ( ALVG.DE ) is preparing to wind down Iran-related business due to possible U.S. sanctions, a spokesman said on Tuesday.
“We are analyzing our portfolio to identify Iran-related business,” he said in an e-mailed statement.
“This analysis is ongoing and we are developing wind-down plans for relevant business to ensure appropriate termination within the defined periods.”
Allianz’s Iran business was “totally minimal”, the spokesman said, adding that the insurer was also “waiting for and will consider any guidance that the EU and the German government may provide”.
Reporting by Carolyn Cohn, editing by Silvia Aloisi
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/us-iran-nuclear-usa-allianz/allianz-making-plans-to-wind-down-iran-business-idUSKCN1IG1QE |
May 3 (Reuters) - HOLAND OG SETSKOG SPAREBANK:
* Q1 NET PROFIT NOK 10.4 MILLION VERSUS NOK 8.6 MILLION YEAR AGO
* Q1 NET INTEREST AND FEES INCOME NOK 26.0 MILLION VERSUS NOK 23.7 MILLION YEAR AGO
* Q1 LOAN LOSSES NOK 3.6 MILLION VERSUS NOK 2.1 MILLION YEAR AGO Source text for Eikon: (Gdynia Newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-holand-og-setskog-sparebank-q1-net/brief-holand-og-setskog-sparebank-q1-net-profit-up-at-nok-10-4-million-idUSFWN1SA071 |
JACKSONVILLE, Fla., May 18, 2018 (GLOBE NEWSWIRE) -- Today, the Board of Directors of CSX Corporation (Nasdaq:CSX) approved a $0.22 per share quarterly dividend on the Company's common stock. The dividend is payable on June 15, 2018, to shareholders of record at the close of business on May 31, 2018.
About CSX and its Disclosures
CSX, based in Jacksonville, Florida, is a premier transportation company. It provides rail, intermodal and rail-to-truck transload services and solutions to customers across a broad array of markets, including energy, industrial, construction, agricultural, and consumer products. For nearly 190 years, CSX has played a critical role in the nation's economic expansion and industrial development. Its network connects every major metropolitan area in the eastern United States, where nearly two-thirds of the nation's population resides. It also links more than 230 short-line railroads and more than 70 ocean, river and lake ports with major population centers and farming towns alike.
This announcement, as well as additional financial information, is available on the company's website at http://investors.csx.com . CSX also uses social media channels to communicate information about the company. Although social media channels are not intended to be the primary method of disclosure for material information, it is possible that certain information CSX posts on social media could be deemed material. Therefore, we encourage investors, the media, and others interested in the company to review the information we post on Twitter ( http://twitter.com/CSX ) and on SlideShare ( http://www.slideshare.net/HowTomorrowMoves ). The social media channels used by CSX may be updated from time to time. More information about the company and its subsidiaries is available at www.csx.com and on Facebook ( http://www.facebook.com/OfficialCSX ).
Contacts :
Kevin Boone, Investor Relations
904-359-1090
Bryan Tucker, Corporate Communications
855-955-6397
Source:CSX Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/18/globe-newswire-csx-corporation-declares-quarterly-dividend.html |
Published: May 4, 2018 2:45 a.m. ET Share
Investment adviser had recommended voting against directors Reuters Equifax Inc. headquarters in Atlanta.
By AnnaMaria Andriotis
Equifax shareholders voted to re-elect all of the company’s board members who were on the ballot, though several directors including the board’s chairman received a significant number of votes against their re-election.
The company announced the election tallies Thursday afternoon following its annual shareholder meeting, the first since the company disclosed its major data breach last September in which personal information on 147.9 million U.S. consumers was compromised.
Board chairman Mark Feidler, for whom there were several calls against re-election in the run up to the meeting, received about 64% of the votes tallied in favor of re-election with about 35.5% voting against him and a tiny share abstaining. Board member John McKinley received the second most votes against re-election, with about 64.6% voting in favor of his re-election. A third director, Mark Templeton, received 68.2% of the vote in favor of re-election.
The three board members were on the technology committee during the time of breach and were criticized in the run-up to the election for the breach. CtW Investment Group, an adviser to union pension funds that are invested in Equifax EFX, -0.19% , in a letter to the company’s shareholders in April advised against the re-election of the three board members, who CtW said failed to act on repeated warnings of cybersecurity issues at Equifax before its breach. | ashraq/financial-news-articles | https://www.wsj.com/articles/equifax-directors-win-re-election-despite-concerns-about-breach-1525384254 |
COPENHAGEN (Reuters) - Denmark’s government has lowered its expectations for the budget deficit this year and next year slightly, it said on Monday, confirming information obtained and published by Reuters late on Sunday.
It now expects the 2018 budget deficit to be 0.5 percent of GDP, from the 0.8 percent expected in an earlier forecast from December, while the expected 2019 deficit was lowered to 0.5 percent of GDP from 0.6 percent.
In the report, the government kept its forecast for GDP growth this year and next year unchanged at 1.9 percent and 1.7 percent, respectively.
Reporting by Teis Jensen; Editing by Jacob Gronholt-Pedersen
| ashraq/financial-news-articles | https://www.reuters.com/article/us-denmark-economy/denmark-confirms-it-expects-slightly-lower-2018-budget-deficit-in-new-forecast-idUSKCN1IT0QT |
May 10 (Reuters) - TSO3 Inc:
* TSO3 ANNOUNCES THE VOTE RESULTS FROM ITS ANNUAL MEETING OF THE SHAREHOLDERS AND THE APPOINTMENT NEW CHAIRPERSON
* TSO3 INC - APPOINTED LINDA ROSENSTOCK AS CHAIRPERSON OF BOARD Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-tso3-inc-appointed-linda-rosenstoc/brief-tso3-inc-appointed-linda-rosenstock-as-chairperson-of-board-idUSASC0A1OO |
May 1 (Reuters) - Aptevo Therapeutics Inc:
* APTEVO THERAPEUTICS ANNOUNCES IND SUBMISSION FOR APVO436 * APTEVO THERAPEUTICS INC - ON TRACK TO COMMENCE PHASE 1 CLINICAL TRIAL OF APVO436 IN ACUTE MYELOID LEUKEMIA AND MYELODYSPLASTIC SYNDROME IN Q4 2018 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-aptevo-therapeutics-announces-ind/brief-aptevo-therapeutics-announces-ind-submission-for-apvo436-idUSFWN1S8086 |
Swiss-based food giant Nestle will pay Starbucks $7.15 billion in cash for the rights to sell the U.S. coffee chain's products around the world in a global alliance aimed at reinvigorating their coffee empires.
The deal on Monday for a business with $2 billion in sales reinforces Nestle's position as the world's biggest coffee company tries to fortify its place atop a fast-changing market.
Seattle-based Starbucks said it will use proceeds to speed-up share buybacks and the deal would add to earnings per share by 2021 at the latest.
Nestle said it expects the deal to sell Starbucks bagged coffee and drinks adding to earnings by 2019. It will not involve any of Starbucks' cafes.
Nestle and Starbucks are joining forces in a highly fragmented consumer drinks category that has seen a string of deals lately.
JAB Holdings, the private investment firm of Europe's billionaire Reimann family, has fueled the consolidation wave with a series of deals including Douwe Egberts, Peet's Coffee & Tea and Keurig Green Mountain, narrowing the gap with Nestle.
"This global coffee alliance will bring the Starbucks experience to the homes of millions more around the world through the reach and reputation of Nestle," said Starbucks Chief Executive Kevin Johnson.
show chapters Nestle has been under-represented in North America, analyst says 10 Hours Ago | 03:45 Coffee is popular with younger customers who have grown up with Starbucks and often seek out smaller brands. A willingness to pay up for exotic beans and specialty drinks means companies can brew up richer profit margins than in mainstream packaged food.
Starbucks said it now expects to return approximately $20 billion in cash to shareholders in the form of share buybacks and dividends through fiscal year 2020.
It said the transaction was expected to add to earnings per share by the end of fiscal year 2021 or sooner, with no change to the company's currently stated long-term financial targets.
In a separate statement, Nestle said it expected the business to contribute positively to its earnings per share and organic growth targets from 2019.
show chapters Starbucks CEO: We are introducing Chinese customers to premium coffee 10:24 AM ET Fri, 27 April 2018 | 01:02 A company source said it would pay market-linked royalties to Starbucks after the initial fee. It will not buy any industrial assets as part of the deal.
Nestle, which will take on about 500 Starbucks employees as part of the deal, says its ongoing share buyback program would remain unchanged.
The agreement will strengthen Nestle's position in the United States, where it is only the No. 5 player with less than 5 percent of the market. Market leader Starbucks itself only has a 14 percent share, according to Euromonitor International.
"Nestle is far and away the largest hot drinks company globally, with more in sales than the next five largest hot drinks companies combined," Matthew Barry, an analyst at Euromonitor said on Friday when the tie-up was first mooted.
"However, Nestle's leadership position is less secure than it once was."
Other big players are growing as well, including Italy's Lavazza, which is now the world's No. 3.
Nestle's new Chief Executive Mark Schneider last year identified coffee as a strategic area for investment for the company known for Nescafe instant coffee and Nespresso home espresso brewers.
It bought Texas-based Chameleon Cold-Brew in November and took a majority stake in Blue Bottle Coffee, a small upscale cafe chain, in September.
The company is under shareholder pressure to improve its performance, which has suffered for years as consumers migrate to fresher brands.
Starbucks, which in April reported a global drop in quarterly traffic to its established cafes, has been revamping its business as it battles high and low-end competition in its key home market. It sold its Tazo tea brand to Unilever for $384 million and closed underperforming Teavana retail stores.
show chapters Broad consensus among investors that we're going in the right direction: Nestle CEO 5:10 AM ET Thu, 15 Feb 2018 | 03:09 Starbucks is rapidly expanding its business in China, which it expects to one day be its largest market. It also plans to open 1,000 upscale Starbucks Reserve stores and a handful of Roastery coffee emporiums as part of a broad strategy to defend against high-end coffee rivals such as Intelligentsia Coffee & Tea and Blue Bottle.
Starbucks has long farmed out the retail distribution of its packaged products to a company more specialized in that process, but the partnerships have not always been smooth.
Privately held Acosta Inc picked up that U.S. business in 2011 after Starbucks cited brand mismanagement and ended a 12-year relationship with Kraft Foods.
The cafe chain's partnership with Kraft had been due to end in 2014, but Starbucks sought an early exit and was later forced by an arbitrator to pay $2.76 billion to Kraft, which by then had split into two. The payment went to Mondelez International .
Nestle, also the world's largest packaged food company, is also not shy when it comes to partnering with rivals, whether through licensing deals or joint ventures.
Nestle sells General Mills' Haagen-Dazs brand in the United States and Hershey sells Nestle's KitKat in the United States. Nestle also has joint ventures with General Mills for cereal, Lactalis for dairy products and R&R for ice cream. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/07/nestle-to-pay-7-point-15-billion-to-starbucks-in-coffee-tie-up.html |
May 13, 2018 / 3:25 PM / in 5 minutes In concession, Trump will help China's ZTE 'get back into business' Valerie Volcovici , Karen Freifeld 6 Min Read
WASHINGTON (Reuters) - U.S. President Donald Trump said on Sunday he will help Chinese technology company ZTE Corp “get back into business, fast,” after being crippled by a U.S. ban, a concession to Beijing ahead of high-stakes trade talks this week. FILE PHOTO: A ZTE smart phone is pictured in this illustration taken April 17, 2018. REUTERS/Carlo Allegri/Illustration/File Photo
ZTE suspended its main operations after the U.S. Commerce Department banned American companies from selling to the firm for seven years as punishment for ZTE breaking an agreement reached after it was caught illegally shipping U.S. goods to Iran.
Trump’s instructions to the Commerce Department, stated in a tweet, come as Chinese and U.S. officials prepare for talks in Washington with China’s top trade official Liu He to resolve an escalating trade dispute between the world’s two largest economies.
Trump’s proposed reversal will likely ease relations between the United States and China. The world’s two biggest economies have already proposed tens of billions of dollars in tariffs in recent weeks, fanning worries of a full-blown trade war that could hurt global supply chains as well as business investment plans.
In trade talks in Beijing earlier this month, China asked the United States to ease crushing sanctions on ZTE, one of the world’s largest telecom equipment makers, according to people with knowledge of the matter.
Trump’s reversal could have a significant impact on shares of American optical components makers such as Acacia Communications Inc and Oclaro Inc which saw their stock prices fall when U.S. companies were banned from exporting goods to ZTE.
ZTE paid over $2.3 billion to 211 U.S. exporters in 2017, a senior ZTE official said on Friday.
“Too many jobs in China lost. Commerce Department has been instructed to get it done!” Trump wrote on Twitter, saying he is working with Chinese President Xi Jinping on a solution.
The U.S. Commerce Department, ZTE and the Chinese Embassy could not immediately be reached for comment.
The U.S. government launched an investigation into ZTE after Reuters reported in 2012 the company had signed contracts to ship millions of dollars’ worth of hardware and software from some of the best known U.S. technology companies to Iran. (Reuters report that exposed the practise: reut.rs/2GbpCmO )
ZTE pleaded guilty last year to conspiring to violate U.S. sanctions by illegally shipping U.S. goods and technology to Iran and entered into an agreement with the U.S. government. The ban is the result of ZTE’s failure to comply with that agreement, the Commerce Department said.
The ban came two months after two Republican senators introduced legislation to block the U.S. government from buying or leasing telecommunications equipment from ZTE or Huawei [HWT.UL], citing concern the companies would use their access to spy on U.S. officials.
Without specifying companies or countries, Federal Communications Commission Chairman Ajit Pai, recently said “hidden ‘backdoors’ to our networks in routers, switches, and other network equipment can allow hostile foreign powers to inject viruses and other malware, steal Americans’ private data, spy on U.S. businesses, and more.”
ZTE relies on U.S. companies such as Qualcomm Inc, Intel Corp and Alphabet Inc’s Google. American companies are estimated to provide 25 percent to 30 percent of the components used in ZTE’s equipment, which includes smartphones and gear to build telecommunications networks.
Claire Reade, a Washington-based trade lawyer and former assistant U.S. Trade Representative for China affairs, said that the ZTE ban was a shocking blow to China’s leadership and may have caused more alarm in Beijing than Trump’s threats to impose tariffs on $50 billion in Chinese goods.
“Imagine how the United States would feel if China had the power to crush one of our major corporations and make it go out of business,” Reade said. “China may now have strengthened its desire to get out from a under a scenario where the United States can do that again.”
Even though ZTE was probably “foolish” in not understanding the consequences of violating a Commerce Department monitoring agreement, she said the episode makes it less likely that China would make concessions on U.S. demands that it stop subsidizing efforts to develop its own advanced technology, she said.
Other experts said Trump’s policy reversal was unprecedented.
“This is a fascinating development in a highly unusual case that has gone from a sanctions and export control case to a geopolitical one,” said Washington lawyer Douglas Jacobson, who represents some of ZTE’s suppliers.
Trump’s announcement drew sharp criticism from a Democratic lawmaker on Sunday who said the move was jeopardizing U.S. national security.
“Our intelligence agencies have warned that ZTE technology and phones pose a major cyber security threat,” Representative Adam Schiff, a Democrat, said on Twitter. “You should care more about our national security than Chinese jobs.”
ZTE suppliers including Acacia, Oclaro, Lumentum Holdings Inc, Finisar Corp, Inphi Corp and Fabrinet, all fell sharply after the ban was announced.
Shares of Acacia, which got 30 percent of its total revenue in 2017 from ZTE, hit a record low after the ban was announced. Oclaro, which earned 18 percent of its fiscal 2017 revenue from ZTE, fell 17 percent. Reporting by Valerie Volcovici and Karen Freifield; David Lawder and Chris Sanders; Editing by Lisa Shumaker | ashraq/financial-news-articles | https://www.reuters.com/article/uk-usa-china-zte/trump-working-with-chinese-president-to-help-chinas-zte-get-back-into-business-idUSKCN1IE0QI |
MIDLAND, Texas, Viper Energy Partners LP (NASDAQ:VNOM) ("Viper" or the “Company”), a subsidiary of Diamondback Energy, Inc. (NASDAQ:FANG) ("Diamondback"), today announced financial and operating 2018.
HIGHLIGHTS
Q1 2018 cash distribution of $0.480 per common unit paid on April 27, 2018, up 4% quarter over quarter and 59% year over year; implies a 6.7% annualized yield based on April 30, 2018 unit closing price of $28.80 Announced proposed election to change tax status from pass-through partnership to a taxable entity; expected to be effective on or after May 10, 2018 Q1 2018 net income of $42.9 million and distributable cash flow (as defined below) of $55.0 million Q1 2018 production of 14,122 boe/d (71% oil), up 14% over Q4 2017 and 66% year over year Initiating average production guidance for Q2 2018/Q3 2018 of 15,250 to 16,250 boe/d, the midpoint of which is up 12% from Q1 2018 production Raising full year 2018 production guidance to 15,500 to 16,500 boe/d (71% - 75% oil), up 5% from previous full year 2018 guidance and implies 45% annualized growth over full year 2017 production Closed 21 acquisitions for an aggregate of approximately $158 million in Q1 2018, increasing Viper's mineral assets by 967 net royalty acres to 10,537 total net royalty acres; up 62% year over year Revolving credit facility expected to be increased to $475 million from $400 million with Spring redetermination There were approximately 1,075 active well permits and 27 active rigs on Viper's mineral acreage as of April 30, 2018
“During the first quarter, Viper continued its streak of eight consecutive quarterly distribution increases as a result of both higher production due to organic growth and accretive acquisitions, as well as the tailwind of increasing commodity prices. With strengthening oil prices resulting in continued acceleration across Viper's mineral acreage, we have the conviction to raise the midpoint of our full year production guidance by 5% and expect to achieve annualized production growth of 45% in 2018,” stated Travis Stice, Chief Executive Officer of Viper’s general partner.
Mr. Stice continued, “Viper continues to be active in the acquisition market, as we closed 21 deals for over $150 million during the quarter, including our previously announced entrance into the Eagle Ford which continues to outperform expectations. The broader access to capital provided via our recently announced, and soon to be effective, election to change our tax status will allow us to continue to be acquisitive in the highly fragmented private minerals market.”
FINANCIAL UPDATE
Viper's first quarter 2018 average realized prices were $61.43 per barrel of oil, $2.22 per Mcf of natural gas and $24.17 per barrel of natural gas liquids, resulting in a total equivalent price of $49.09/boe, up 17% year over year from $41.80/boe in Q1 2017 and up 12% from the Q4 2017 total equivalent price of $43.76/boe.
During the first quarter of 2018, the Company recorded total operating income of $62.4 million and net income of $42.9 million. Operating income was up 5% quarter over quarter and 86% year over year. Net income was up 2% quarter over quarter and up 108% year over year.
As of March 31, 2018, the Company had a cash balance of $18 million and approximately $160 million available under its revolving credit facility. In connection with its Spring 2018 redetermination, which is expected to close in May 2018, Viper expects to have its borrowing base increased to $475 million from $400 million currently.
FIRST QUARTER 2018 CASH DISTRIBUTION
As previously announced, the Board of Directors of Viper's general partner declared a cash distribution for the three months ended March 31, 2018 of $0.480 per common unit, up 4% quarter over quarter and 59% year over year. This distribution was paid on April 27, 2018 to unitholders of record at the close of business on April 20, 2018.
This release serves as qualified notice to nominees as provided for under Treasury Regulation Section 1.1446-4(b)(4) and (d). Please note that 100 percent of Viper’s distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, all of Viper’s distributions to foreign investors are subject to federal income tax withholding at the highest effective tax rate for individuals or corporations, as applicable. Nominees, and not Viper, are treated as withholding agents responsible for withholding distributions received by them on behalf of foreign investors.
ACQUISITION UPDATE
During the first quarter of 2018, Viper acquired 967 net royalty acres for an aggregate purchase price of $158 million bringing Viper's footprint of mineral interests to a total of 10,537 net royalty acres. Diamondback, ConocoPhillips, Devon and EOG Resources serve as primary operators on the recently acquired assets. Viper funded the recent acquisitions with cash on hand and borrowings under its revolving credit facility.
GUIDANCE UPDATE
Below is Viper's updated guidance for the full year 2018, as well as average production guidance for Q2 2018 and Q3 2018.
Viper Energy Partners Q2/Q3 2018 Net Production – MBoe/d 15.25 - 16.25 Total 2018 Net Production – MBoe/d 15.5 - 16.5 Oil Production - % of Net Production 71% - 75% Unit costs ($/boe) Gathering & Transportation $0.10 - $0.30 DD&A $9.00 - $11.00 G&A Cash G&A $0.75 - $1.25 Non-Cash Unit-Based Compensation $0.75 - $1.25 Production and Ad Valorem Taxes (% of Revenue) (a) 7% Capital Budget ($ - Million) 2018 Capital Spend n/a (a) Includes production taxes of 4.6% for crude oil and 7.5% for natural gas and NGLs and ad valorem taxes.
CONFERENCE CALL
Viper will host a conference call and webcast for investors and analysts to discuss its financial and operating quarter of 2018 on Wednesday, May 2, 2018 at 9:00 a.m. CT. Participants should call (844) 400-1537 (United States/Canada) or (703) 326-5198 (International) and use the confirmation code 2570908. A telephonic replay will be available from 12:00 p.m. CT on Wednesday, May 2, 2018 through Wednesday, May 9, 2018 at 12:00 p.m. CT. To access the replay, call (855) 859-2056 (United States/Canada) or (404) 537-3406 (International) and enter confirmation code 2570908. A live broadcast of the earnings conference call will also be available via the internet at www.viperenergy.com under the “Investor Relations” section of the site. A replay will also be available on the website following the call.
About Viper Energy Partners LP
Viper is a limited partnership formed by Diamondback to own, acquire and exploit oil and natural gas properties in North America, with a focus on oil-weighted basins, primarily the Permian Basin in West Texas and the Eagle Ford Shale.
About Diamondback Energy, Inc.
Diamondback is an independent oil and natural gas company headquartered in Midland, Texas focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves in the Permian Basin in West Texas. Diamondback's activities are primarily focused on the horizontal exploitation of multiple intervals within the Wolfcamp, Spraberry, Clearfork, Bone Spring and Cline formations.
Forward-Looking Statements
This news release contains the federal securities laws. All statements, other than historical facts, that address activities that Viper assumes, plans, expects, believes, intends or anticipates (and other similar expressions) will, should or may occur in the future are . The are based on management’s current beliefs, based on currently available information, as to the outcome and timing of future events, including specifically the statements regarding any pending, completed or future acquisitions discussed above. These involve certain risks and uncertainties that could cause the results to expected by the management of Viper. Information concerning these risks and other factors can be found in Viper’s filings with the Securities and Exchange Commission, including its Forms 10-K, 10-Q and 8-K, which can be obtained free of charge on the Securities and Exchange Commission’s web site at http://www.sec.gov . Viper undertakes no obligation to update or revise any forward-looking statement.
Viper Energy Partners LP Consolidated Statements of Operations (unaudited, in thousands, except per unit data) Three Months Ended
March 31, 2018 2017 (In thousands) Operating income: Royalty income $ 62,393 $ 32,050 Lease bonus income — 1,602 Other operating income 50 — Total operating income 62,443 33,652 Costs and expenses: Production and ad valorem taxes 4,239 2,070 Gathering and transportation 265 143 Depletion 11,525 7,847 General and administrative expenses 2,711 2,142 Total costs and expenses 18,740 12,202 Income from operations 43,703 21,450 Other income (expense): Interest expense, net (2,098 ) (612 ) Gain on revaluation of investment 899 — Other income (expense), net 392 (186 ) Total other expense, net (807 ) (798 ) Net income $ 42,896 $ 20,652 Net income (loss) attributable to common limited partners per unit: Basic and Diluted $ 0.38 $ 0.22 Weighted average number of limited partner units outstanding: Basic 113,901 94,969 Diluted 113,991 94,979
Viper Energy Partners LP Selected Operating Data (unaudited) Three Months
Ended March 31, Three Months
Ended December 31, Three Months
Ended March 31, 2018 2017 2017 Production Data: Oil (MBbls) 906 821 584 Natural gas (MMcf) 1,162 1,088 489 Natural gas liquids (MBbls) 171 139 101 Combined volumes (MBOE) (1) 1,271 1,142 767 Daily combined volumes (BOE/d) 14,122 12,413 8,519 % Oil 71 % 72 % 76 % Average sales prices: Oil, realized ($/Bbl) $ 61.43 $ 53.03 $ 49.40 Natural gas realized ($/Mcf) 2.22 2.63 2.76 Natural gas liquids ($/Bbl) 24.17 25.53 18.34 Average price realized ($/BOE) 49.09 43.76 41.80 Average Costs (per BOE) Production and ad valorem taxes $ 3.34 $ 2.57 $ 2.70 Gathering and transportation expense 0.21 0.26 0.19 General and administrative - cash component 1.12 0.77 1.73 Total operating expense - cash $ 4.67 $ 3.60 $ 4.62 General and administrative - non-cash component $ 1.01 $ 0.31 $ 1.06 Interest expense 1.65 0.92 0.80 Depletion 9.07 10.45 10.24 (1) Bbl equivalents are calculated using a conversion rate of six Mcf per one Bbl.
NON-GAAP FINANCIAL MEASURES
Adjusted EBITDA is a supplemental non-GAAP financial measure that is used by management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies. Viper defines Adjusted EBITDA as net income plus interest expense, net, non-cash unit-based compensation expense, depletion and gain on revaluation of investments. Adjusted EBITDA is not a measure of net income as determined by United States’ generally accepted accounting principles, or GAAP. Management believes Adjusted EBITDA is useful because it allows it to more effectively evaluate Viper’s operating performance and compare the results of its operations from period to period without regard to its financing methods or capital structure. Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, net income as determined in accordance with GAAP or as an indicator of Viper’s operating performance or liquidity. Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure, as well as the historic costs of depreciable assets, none of which are components of Adjusted EBITDA. Viper defines cash available for distribution generally as an amount equal to its Adjusted EBITDA for the applicable quarter less cash needed for debt service and other contractual obligations and fixed charges and reserves for future operating or capital needs that the board of directors of Viper’s general partner may deem appropriate. Viper’s computations of Adjusted EBITDA and cash available for distribution may not be comparable to other similarly titled measures of other companies or to such measure in its credit facility or any of its other contracts.
The following tables present a reconciliation of the non-GAAP financial measures of Adjusted EBITDA and cash available for distribution to the GAAP financial measure of net income.
Viper Energy Partners LP (unaudited, in thousands, except per unit data) Three Months
Ended March 31, Three Months
Ended December 31, Three Months
Ended March 31, 2018 2017 2017 Net income $ 42,896 $ 42,070 $ 20,652 Interest expense, net 2,098 1,050 612 Non-cash unit-based compensation expense 1,288 356 819 Depletion 11,525 11,932 7,847 Gain on revaluation of investment (899 ) — — Adjusted EBITDA $ 56,908 $ 55,408 $ 29,930 Adjustments to reconcile Adjusted EBITDA to cash available for distribution: Debt service, contractual obligations, fixed charges and reserves (1,952 ) (2,975 ) (480 ) Cash available for distribution $ 54,956 $ 52,433 $ 29,450 Limited Partner units outstanding 113,882 113,882 97,575 Cash available for distribution per limited partner unit $ 0.480 $ 0.460 $ 0.302 Investor Contact:
Adam Lawlis
+1 432.221.7467
[email protected]
Source: Viper Energy Partners LP; Diamondback Energy, Inc.
Source:Viper Energy Partners LP | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/globe-newswire-viper-energy-partners-lp-a-subsidiary-of-diamondback-energy-inc-reports-first-quarter-2018-financial-and-operating-results.html |
NEW YORK and LONDON and TEL-AVIV, Israel, May 10, 2018 /PRNewswire/ -- Optimove, makers of the Science-first Relationship Marketing Hub, announced today that it acquired DynamicMail business from PowerInbox, a leader in email real-time personalization and dynamic subscriber engagement.
"The first real digital marketing tool, email is still one of the most effective platforms in relationship marketing. That said, there is a huge opportunity to bring the type of personalization and interaction available in other channels to the inbox," said Pini Yakuel, CEO and Co-Founder of Optimove. "The acquisition of DynamicMail strengthens Optimove's existing email capabilities and provides advanced email solutions for smart marketing teams."
PowerInbox developed DynamicMail to automatically transform static email HTMLs into dynamic, interactive content so recipients get content that is updated for relevancy in real-time upon open. These capabilities will enhance Optimove's existing email product, Optimail. Current and new users of Optimove will have access to these features.
"Emotional intelligence is a key element in relationship marketing today, and PowerInbox's dynamic email technology offers great value to 300+ brands who use Optimove to communicate more effectively with their customers, and provide outstanding customer experiences," said Yakuel.
The acquired dynamic email innovations include real-time database reach and personalized optimization. These capabilities allow marketers to ensure that their emails refer only to products and services that are most relevant at the moment the recipient opens an email. For example, the technology excludes products from view that are not currently in stock, or put forth product recommendations specific to weather conditions at the reader's current location. PowerInbox's email components also enable additional highly engaging content, such as video, countdown timers, store locators and carousels.
"We see this as an amazing opportunity to join a great company, with a similar background," said Shefa Weinstein, General Manager of DynamicMail, who will join Optimove's roster along with approximately 10 employees. "It's the perfect match, and I look forward to combining our product with Optimove's impressive capabilities."
Optimove's acquisition of DynamicMail follows the company's introduction of Optimove 6.0 in late 2017, and underscores the company's commitment to offering smart marketers everything they need to take a scientific approach to relationship marketing.
"By acquiring DynamicMail, Optimove provides a unique complement of solutions in email products and features, as well as greater service. It is additional acceleration in an already existing momentum of the company's growth," said Yakuel.
About Optimove
Optimove is the Science-first Relationship Marketing Hub, used by over 300 customer-centric businesses to drive measurable growth by scaling customer engagement. Optimove combines the art of marketing with the science of data to autonomously generate actionable insight, empowering marketers to deliver highly-effective personalized customer marketing campaigns across multiple channels. The company's unique technology suite helps marketers maximize customer spend, engagement, retention and lifetime value. Optimove is used by leading brands of all sizes, including 1-800-Flowers, Stitch Fix, Glossier, Family Dollar, Deezer, Adore Me, eBags, Go Compare, and many others. With over 180 employees in New York, London and Tel Aviv, the company's revenue has grown 60% during the past year. More information is available at www.optimove.com .
CONTACT: Puneet Sandhu, 718-312-8994, [email protected]
View original content: http://www.prnewswire.com/news-releases/optimove-expands-email-capabilities-with-acquisition-of-the-dynamicmail-business-from-powerinbox-300646385.html
SOURCE Optimove | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/pr-newswire-optimove-expands-email-capabilities-with-acquisition-of-the-dynamicmail-business-from-powerinbox.html |
April 30, 2018 / 10:16 AM / 3 days ago BRIEF-Pangaea Oncology FY Net Loss Widens To 1.6 Mln Euros YoY Reuters Staff
April 30 (Reuters) - Pangaea Oncology SA:
* FY NET LOSS 1.6 MILLION EUROS VERSUS LOSS 595,000 EUROS YEAR AGO
* FY NET SALES 2.6 MILLION EUROS VERSUS 2.5 MILLION EUROS YEAR AGO
* FY NEGATIVE EBITDA 727,000 EUROS VERSUS NEGATIVE 283,000 EUROS YEAR AGO
* SEES POSITIVE EBITDA IN 2018 Source text: bit.ly/2JEzqrs Further company coverage: (Gdynia Newsroom) | ashraq/financial-news-articles | https://uk.reuters.com/article/brief-pangaea-oncology-fy-net-loss-widen/brief-pangaea-oncology-fy-net-loss-widens-to-1-6-mln-euros-yoy-idUKL8N1S731P |
LONDON (Reuters) - Royal Bank of Scotland will set up a process to consider appeals for alleged “consequential” losses suffered by businesses in its Global Restructuring Group (GRG), potentially opening the bank up to large claims for lost profits.
A customer uses an ATM at a branch of RBS, September 4, 2017. REUTERS/Toby Melville/Files The bank spelled out the change to the appeal process for companies allegedly harmed by its GRG unit in a letter to British junior finance minister John Glen seen by Reuters on Thursday.
That followed criticism from politicians and former RBS business customers about how it was handling complaints about the GRG unit, which is alleged to have pushed customers into bankruptcy during and after the 2007-8 financial crisis.
The widening of the appeal process shows RBS still grappling to deal with past misconduct issues on the same day it reached a $5 billion settlement with U.S. authorities over its sale of mortgage bonds.
RBS has already accepted some wrongdoing and set aside 400 million pounds ($539.08 million) to compensate firms in its GRG unit, and appointed a former high court judge Sir William Blackburne to oversee appeals by customers not happy with their payouts.
Consequential losses represent loss of potential profits as a result of a business being closed down.
Ex-GRG customers can already claim for loss of potential profits, but if their claims were rejected there was no way to appeal to an independent third party, unlike the compensation scheme for direct losses.
The letter said the bank had only received one such claim so far, but expected it could face some very large claims once the claims process gets further underway.
The letter also said RBS hoped to finalise in the next few weeks with the independent third party Blackburne, how the process should work and whether he will take on the role of hearing consequential loss appeals.
As well as covering reasonable costs for customers’ initial meetings with professional loss advisors, the letter said RBS would ensure it does not profit from any redress paid to former customers that have since gone into liquidation.
Compensation paid to now-defunct companies could pass to RBS, due to the bank being a creditor of the former businesses. In such cases the funds will be donated to charity, according to the letter.
A spokesman for RBS confirmed the new policy.
($1 = 0.7420 pounds)
Reporting By Emma Rumney and Lawrence White; Editing by Alexandra Hudson and Jane Merriman
| ashraq/financial-news-articles | https://in.reuters.com/article/britain-banks-rbs/rbs-to-consider-appeals-for-indirect-losses-to-businesses-in-its-turnaround-unit-idINKBN1IB27D |
BEIJING (Reuters) - China’s commerce ministry said on Thursday that the nation has good potential in cooperation with Germany in sectors such as digitalization, new energy cars, artificial intelligence and driverless cars.
The comments were made by ministry spokesman Gao Feng at a regular briefing in Beijing.
Reporting by Yawen Chen and Se Young Lee; Editing by Shri Navaratnam
| ashraq/financial-news-articles | https://www.reuters.com/article/us-china-trade-germany/china-says-has-good-potential-in-cooperation-with-germany-in-new-energy-cars-ai-idUSKCN1IP0CU |
Net Present Value created of $65 million in Q1 2018, an increase of 16% year-over-year
PLACEHOLDER
Customers now exceed 189,000, an increase of 31% year-over-year
Net Earning Assets of $1.3 billion, an increase of 20% year-over-year
SAN FRANCISCO, May 09, 2018 (GLOBE NEWSWIRE) -- Sunrun (Nasdaq:RUN), the nation’s largest provider of residential solar, storage and energy services, today announced financial results for the first quarter ended March 31, 2018.
“People want the freedom to take control of their energy and improve their family’s lives. We are proud to have delivered reliable, clean energy and more than $200 million in savings to our 189,000 customers,” said Lynn Jurich, Sunrun Chief Executive Officer and co-founder. “Sunrun is in the market leading position and is cash flow positive. We will use this athletic position to expand our service offerings and markets to improve the resiliency of our energy system and combat climate change.”
Adoption of New Accounting Standards
On January 1, 2018, Sunrun adopted FASB’s new accounting standards for contracts with customers (“Topic 606”) and lease accounting rules (“ASC 842”), using retrospective methods. Adoption requires that prior financial results are recast to reflect the new standards. Unless otherwise specified, financial results for both the first quarter of 2018 and the first quarter of 2017 are presented in this release under Topic 606 and ASC 842. The financial results for the first quarter of 2017 may differ from those previously reported.
Key Operating Metrics
In the first quarter of 2018, MW deployed decreased to 68 MW from 73 MW in the first quarter of 2017, a 7% year-over-year decline.
Creation Cost per watt was $3.51 in the first quarter of 2018 compared to $3.38 in the first quarter of 2017, an increase of 4% year-over-year. The presentation of Creation Cost in the first quarter of 2017 remains as previously reported, as the new calculation methodology due to the adoption of the new accounting standards and the resulting recast financials would have resulted in immaterial changes in the Creation Cost for this period.
NPV per watt in the first quarter of 2018 was $1.10 compared to $0.83 in the first quarter of 2017. NPV created in the first quarter of 2018 was $65 million, a 16% increase from $56 million in the first quarter of 2017. Project Value per watt was $4.61, compared to $4.21 in the first quarter of 2017.
Gross Earning Assets as of March 31, 2018 were $2.4 billion, up $467 million, or 24%, since March 31, 2017. Net Earning Assets as of March 31, 2018 were $1.3 billion, up $213 million, or 20% from the prior year.
Financing Activities
As of May 9, 2018, closed transactions and executed term sheets provide us expected tax equity capacity into the first quarter of 2019 and project debt capacity into the fourth quarter of 2018.
First Quarter 2018 GAAP Results
Customer agreements and incentives revenue grew 36% year-over-year to $67.0 million. Solar energy systems and product sales increased 38% year-over-year to $77.4 million. Total revenue grew to $144.4 million in the first quarter of 2018, up $39.3 million, or 37% from the first quarter of 2017.
Total cost of revenue was $119.2 million, an increase of 29% year-over-year. Total operating expenses were $201.1 million, an increase of 31% year-over-year.
Net income available to common stockholders was $28.0 million in the first quarter of 2018, compared to $9.9 million in the first quarter of 2017.
Diluted net earnings per share available to common shareholders was $0.25 per share.
Guidance for Q2 and Full Year 2018
The following statements are based on current expectations. These statements are forward-looking and actual results may differ materially.
In Q2, we expect to deploy approximately 88 MW, reflecting approximately 16% growth year-over-year.
For the full year 2018, we continue to expect deployments to grow 15% year-over-year.
Conference Call Information
Sunrun is hosting a conference call for analysts and investors to discuss its first quarter 2018 results and outlook for its second quarter 2018 at 2:30 p.m. Pacific Time today, May 9, 2018. A live audio webcast of the conference call along with supplemental financial information will be accessible via the “Investor Relations” section of the Company’s website at http://investors.sunrun.com . The conference call can also be accessed live over the phone by dialing (877) 470-1078 (domestic) or (615) 247-0087 (international) using ID #6696186. A replay will be available following the call via the Sunrun Investor Relations website or for one week at the following numbers (855) 859-2056 (domestic) or (404) 537-3406 (international) using ID #6696186.
About Sunrun
Sunrun (Nasdaq:RUN) is the nation’s largest residential solar, storage and energy services company. With a mission to create a planet run by the sun, Sunrun has led the industry since 2007 with its solar-as-a-service model, which provides clean energy to households with little to no upfront cost and at a saving compared to traditional electricity. The company designs, installs, finances, insures, monitors and maintains the systems, while families receive predictable pricing for 20 years or more and a production guarantee. The company also offers a home solar and battery service, Sunrun Brightbox, that manages household solar energy, storage and utility power with smart inverter technology. For more information, please visit: www.sunrun.com .
Forward Looking Statements
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995, including statements regarding our future financial and operating guidance, operational and financial results such as growth, value creation, MW deployments, gross and net earning assets, project value, estimated creation costs and NPV, and the assumptions related to the calculation of the foregoing metrics, as well as our expectations regarding our growth and financing capacity. The risks and uncertainties that could cause our results to expressed or implied by such forward-looking statements include, but are not limited to: the availability of additional financing on acceptable terms; changes in the retail prices of traditional utility generated electricity; changes in policies and regulations including net metering and interconnection limits or caps; the availability of rebates, tax credits and other incentives; the availability of solar panels and other raw materials; our limited operating history, particularly as a new public company; our ability to attract and retain our relationships with third parties, including our solar partners; our ability to meet the covenants in our investment funds and debt facilities; and such other risks identified in the reports that we file with the U.S. Securities and Exchange Commission, or SEC, from time to time. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we assume no obligation to update these forward-looking statements.
Consolidated Balance Sheets (In Thousands) March 31, 2018 December 31,
2017 Assets Current assets: Cash $ 203,189 $ 202,525 Restricted cash 40,139 39,265 Accounts receivable, net 111,012 112,069 State tax credits receivable 11,085 11,085 Inventories 87,902 94,427 Prepaid expenses and other current assets 6,488 9,202 Total current assets 459,815 468,573 Solar energy systems, net 3,285,804 3,161,570 Property and equipment, net 33,291 36,402 Intangible assets, net 13,243 14,294 Goodwill 87,543 87,543 Other assets 221,535 194,754 Total assets $ 4,101,231 $ 3,963,136 Liabilities and total equity Current liabilities: Accounts payable $ 99,695 $ 115,193 Distributions payable to noncontrolling interests and redeemable noncontrolling interests 15,134 13,583 Accrued expenses and other liabilities 92,793 97,230 Deferred revenue, current portion 43,659 42,609 Deferred grants, current portion 8,185 8,193 Finance lease obligations, current portion 6,737 7,421 Non-recourse debt, current portion 28,646 21,529 Pass-through financing obligation, current portion 5,439 5,387 Total current liabilities 300,288 311,145 Deferred revenue, net of current portion 528,423 522,243 Deferred grants, net of current portion 225,278 227,519 Finance lease obligations, net of current portion 4,438 5,811 Recourse debt 247,000 247,000 Non-recourse debt, net of current portion 1,108,383 1,026,416 Pass-through financing obligation, net of current portion 132,848 132,823 Other liabilities 33,340 42,743 Deferred tax liabilities 96,481 83,119 Total liabilities 2,676,479 2,598,819 Redeemable noncontrolling interests 133,524 123,801 Total stockholders’ equity 934,679 881,582 Noncontrolling interests 356,549 358,934 Total equity 1,291,228 1,240,516 Total liabilities, redeemable noncontrolling interests and total equity $ 4,101,231 $ 3,963,136
Consolidated Statements of Operations (In Thousands, Except Per Share Amounts) Three Months Ended March 31, 2018 2017 Revenue: Customer agreements and incentives $ 66,990 $ 49,090 Solar energy systems and product sales 77,373 56,019 Total revenue 144,363 105,109 Operating expenses: Cost of customer agreements and incentives 54,576 42,613 Cost of solar energy systems and product sales 64,579 49,431 Sales and marketing 44,079 33,132 Research and development 3,896 2,996 General and administrative 32,893 24,608 Amortization of intangible assets 1,051 1,051 Total operating expenses 201,074 153,831 Loss from operations (56,711 ) (48,722 ) Interest expense, net 28,198 20,558 Other expenses (income), net (1,692 ) 475 Loss before income taxes (83,217 ) (69,755 ) Income tax expense 8,203 5,400 Net loss (91,420 ) (75,155 ) Net loss attributable to noncontrolling interests and redeemable noncontrolling interests (119,452 ) (85,037 ) Net income available to common stockholders $ 28,032 $ 9,882 Net income per share available to common stockholders Basic $ 0.26 $ 0.09 Diluted $ 0.25 $ 0.09 Weighted average shares used to compute net income per share available to common stockholders Basic 107,449 104,038 Diluted 110,781 106,469
Consolidated Statements of Cash Flows (In Thousands) Three Months Ended March 31, 2018 2017 Operating activities: Net loss $ (91,420 ) $ (75,155 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization, net of amortization of deferred grants 36,186 29,948 Deferred income taxes 8,203 5,399 Stock-based compensation expense 10,694 5,874 Interest on pass-through financing obligations 3,099 3,118 Reduction in pass-through financing obligations (5,028 ) (4,552 ) Other noncash losses and expenses 5,667
5,580
Changes in operating assets and liabilities: Accounts receivable (360 ) 3,465 Inventories 6,525 7,723 Prepaid and other assets (6,746 ) (9,819 ) Accounts payable (12,982 ) (4,357 ) Accrued expenses and other liabilities (7,048 ) (11,297 ) Deferred revenue 7,456 6,593 Net cash used in operating activities (45,754 ) (37,480 ) Investing activities: Payments for the costs of solar energy systems (163,190 ) (159,754 ) Purchases of property and equipment (1,521 ) (2,610 ) Net cash used in investing activities (164,711 ) (162,364 ) Financing activities: Proceeds from state tax credits, net of recapture (49 ) 13,388 Proceeds from issuance of recourse debt 2,000 57,400 Repayment of recourse debt (2,000 ) (54,000 ) Proceeds from issuance of non-recourse debt 95,900 38,225 Repayment of non-recourse debt (7,122 ) (4,904 ) Payment of debt fees (3,880 ) — Proceeds from pass-through financing obligations 1,502 1,448 Contributions received from noncontrolling interests and redeemable noncontrolling interests 143,604 162,565 Distributions paid to noncontrolling interests and redeemable noncontrolling interests (15,263 ) (12,887 ) Proceeds from exercises of stock options, net of withholding taxes paid on restricted stock units (576 ) (1,067 ) Payment of finance lease obligations (2,113 ) (2,749 ) Net cash provided by financing activities 212,003 197,419 Net change in cash and restricted cash 1,538 (2,425 ) Cash and restricted cash, beginning of period 241,790 224,363 Cash and restricted cash, end of period $ 243,328 $ 221,938
Key Operating Metrics and Financial Metrics
Three Months Ended March 31, 2018 2017 MW Deployed (during the period) 68 73 Cumulative MW Deployed (end of period) 1,269 951 Gross Earning Assets under Energy Contract (end of period)(in millions) $ 1,583 $ 1,269 Gross Earning Assets Value of Purchase or Renewal (end of period)(in millions) $ 800 $ 647 Gross Earning Assets (end of period)(in millions) $ 2,383 $ 1,916 Net Earning Assets (end of period)(in millions) (1)(2) $ 1,289 $ 1,076
Three Months Ended March 31, 2018 2017 Project Value, Contracted Portion (per watt) $ 4.03 $ 3.58 Project Value, Renewal Portion (per watt) $ 0.58 $ 0.63 Total Project Value (per watt) (1) $ 4.61 $ 4.21 Creation Cost (per watt) (3)(4) $ 3.51 $ 3.38 Unlevered NPV (per watt) (1) $ 1.10 $ 0.83 NPV (in millions) (1) $ 65 $ 56
(1) Numbers may not sum due to rounding.
(2) Net Earning Assets for the period ending March 31, 2017 reflects changes owning to the adoption of new accounting standards.
(3) Creation Cost for the period ending March 31, 2018 excludes two non-recurring items totaling approximately $7 million: charges related to establishing a reserve for litigation and an impairment of solar assets under construction by a channel partner that ceased operations.
(4) The presentation of Creation Cost for periods commencing with March 31, 2018 reflects changes made to the calculation methodology owing to the adoption of new accounting standards. The presentation of Creation Cost for periods prior to March 31, 2018 remain as previously reported, as the new methodology and recast financials would have resulted in immaterial changes in the Creation Cost for such prior periods.
Definitions
Creation Cost includes (i) certain installation and general and administrative costs after subtracting the gross margin on solar energy systems and product sales divided by watts deployed during the measurement period and (ii) certain sales and marketing expenses under new Customer Agreements, net of cancellations during the period divided by the related watts deployed.
Customers refers to all residential homeowners (i) who have executed a Customer Agreement or cash sales agreement with us and (ii) for whom we have internal confirmation that the applicable solar energy system has reached notice to proceed or “NTP”, net of cancellations.
Customer Agreements refers to, collectively, solar power purchase agreements and solar leases.
Gross Earning Assets represent the remaining net cash flows (discounted at 6%) we expect to receive during the initial 20-year term of our Customer Agreements for systems that have been deployed as of the measurement date, plus a discounted estimate of the value of the Customer Agreement renewal term or solar energy system purchase at the end of the initial term. Gross Earning Assets excludes estimated cash distributions to investors in consolidated joint ventures and estimated operating, maintenance and administrative expenses for systems deployed as of the measurement date. In calculating Gross Earning Assets, we deduct estimated cash distributions to our project equity financing providers. In calculating Gross Earning Assets, we do not deduct customer payments we are obligated to pass through to investors in pass-through financing obligations as these amounts are reflected on our balance sheet as long-term and short-term pass-through financing obligations, similar to the way that debt obligations are presented. In determining our finance strategy, we use pass-through financing obligations and long-term debt in an equivalent fashion as the schedule of payments of distributions to pass-through financing investors is more similar to the payment of interest to lenders than the internal rates of return (IRRs) paid to investors in other tax equity structures.
Gross Earning Assets Under Energy Contract represents the remaining net cash flows during the initial (typically 20 year) term of our Customer Agreements (less substantially all value from SRECs prior to July 1, 2015), for systems deployed as of the measurement date.
Gross Earning Assets Value of Purchase or Renewal is the forecasted net present value we would receive upon or following the expiration of the initial Customer Agreement term (either in the form of cash payments during any applicable renewal period or a system purchase at the end of the initial term), for systems deployed as of the measurement date.
MW Deployed represents the aggregate megawatt production capacity of our solar energy systems, whether sold directly to customers or subject to executed Customer Agreements, for which we have (i) confirmation that the systems are installed on the roof, subject to final inspection or (ii) in the case of certain system installations by our partners, accrued at least 80% of the expected project cost.
Net Earning Assets represents Gross Earning Assets less both project level debt and pass-through financing obligations, as of the same measurement date. Because estimated cash distributions to our project equity financing partners are deducted from Gross Earning Assets, a proportional share of the corresponding project level debt is deducted from Net Earning Assets.
NPV equals Unlevered NPV multiplied by leased megawatts deployed in period.
NTP or Notice to Proceed refers to our internal confirmation that a solar energy system has met our installation requirements for size, equipment and design.
Project Value represents the value of upfront and future payments by customers, the benefits received from utility and state incentives, as well as the present value of net proceeds derived through investment funds. Specifically, Project Value is calculated as the sum of the following items (all measured on a per-watt basis with respect to megawatts deployed under Customer Agreements during the period): (i) estimated Gross Earning Assets, (ii) utility or upfront state incentives, (iii) upfront payments from customers for deposits and partial or full prepayments of amounts otherwise due under Customer Agreements and which are not already included in Gross Earning Assets and (iv) finance proceeds from tax equity investors, excluding cash true-up payments or the value of asset contributions in lieu of cash true-up payments made to investors. Project Value includes contracted SRECs for all periods after July 1, 2015.
Unlevered NPV equals the difference between Project Value and estimated Creation Cost on a per watt basis.
Investor Relations Contact:
Patrick Jobin
Vice President, Finance & Investor Relations
[email protected]
(415) 510-4986
Media Contact:
Georgia Dempsey
Director of Corporate Communications
[email protected]
(415) 518-9418
A photo accompanying this announcement is available at http://resource.globenewswire.com/Resource/Download/23775bc0-f6ef-443d-adb9-8e796f0ad138
Source:Sunrun Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/globe-newswire-sunrun-reports-first-quarter-2018-financial-results.html |
May 7, 2018 / 7:50 PM / Updated 28 minutes ago U.S. cements plans to separate families crossing border illegally David Shepardson , Mica Rosenberg 3 Min Read
WASHINGTON/NEW YORK (Reuters) - The administration of President Donald Trump will increase criminal prosecutions of parents entering the United States illegally and place their children in protective custody as part of efforts to tighten immigration enforcement, according to a Department of Homeland Security (DHS) official. FILE PHOTO - A four-year-old boy weeps in the arms of a family member as he and others were apprehended by border patrol agents after illegally crossing into the U.S. border from Mexico near McAllen, Texas, U.S., May 2, 2018. REUTERS/Adrees Latif
The policy, which the official said was signed on Friday, formalises plans that have been under discussion for more than a year.
Reuters first reported the government’s idea to separate parents and children apprehended at the border in March 2017. A month later, the administration said it was no longer considering the policy because of a drop in apprehensions of families at the U.S. southern border with Mexico.
Shortly after Trump took office, pledging a hard line against illegal immigration, border arrests fell. Apprehensions, however, are again on the rise and reaching levels seen during the administration of former President Barack Obama, frustrating Trump.
“Illegal immigration must end!” he tweeted on Friday.
Under the new policy, parents caught crossing the border illegally will both be separated from their children and criminally prosecuted.
“Those apprehended will be sent directly to federal court under the custody of the U.S. Marshals Service, and their children will be transferred to the custody of Health and Human Services’ Office of Refugee Resettlement,” the DHS official said in an email.
Families seeking asylum should turn themselves into authorities so their petitions can be processed instead of attempting to cross illegally, the official added.
Currently, border crossers are often deported after their apprehension without being charged criminally.
Immigration advocates say that family separations for criminal prosecutions and other circumstances have already been happening for months. The American Civil Liberties Union filed a lawsuit in February to challenge the practice.
In April, Attorney General Jeff Sessions announced a “zero tolerance” policy for prosecutions of all illegal entry into the United States, and cases have already begun ticking up. The DHS said that there have been about 30,000 prosecution referrals since the start of the 2018 fiscal year in October, up from 18,642 prosecutions for the entire 2017 fiscal year.
In prepared remarks released to the media at an event in Arizona on Monday, Sessions said the government would also go after immigrants who pay smugglers to bring children across the border.
“If you are smuggling a child, then we will prosecute you and that child will be separated from you as required by law,” the remarks said. Sessions is expected to further discuss border enforcement in a Monday afternoon appearance in San Diego. Reporting by David Shepardson in Washington and Mica Rosenberg in New York; Editing by Sue Horton and Rosalba O'Brien | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-usa-immigration-children/u-s-cements-plans-to-separate-families-crossing-border-illegally-idUKKBN1I82A0 |
May 9, 2018 / 2:49 PM / Updated 3 hours ago Tennis-Britain's Edmund stuns Djokovic in Madrid second round Reuters Staff 1 Min Read
MADRID, May 9 (Reuters) - Britain’s Kyle Edmund enjoyed one of the biggest triumphs of his career by defeating former world number one Novak Djokovic 6-3 2-6 6-3 in the second round of the Madrid Open on Wednesday.
Djokovic, a two-time champion in the Spanish capital, has not won a deciding set this year and, having previously suffered final set losses to Martin Klizan, Dominic Thiem and Taro Daniel, the 30-year-old Serb’s disappointing run continued.
Edmund claimed the decisive break in the eighth game of the decider before coolly closing out his service game to love for his 14th match win of the year.
“It was a great experience to beat Novak, he is a legend of the game,” Edmund told Sky Sports. “It’s time to try and beat these guys and I was pleased how I managed my game.”
The world number 22 will face eighth-seeded Belgian David Goffin in the third round. (Reporting by Hardik Vyas in Bengaluru; Editing by Ken Ferris) | ashraq/financial-news-articles | https://uk.reuters.com/article/tennis-madrid-men/tennis-britains-edmund-stuns-djokovic-in-madrid-second-round-idUKL8N1SG78M |
TOKYO (Reuters) - Fujifilm Holdings Corp is planning to sue Xerox Corp soon deeming that the U.S. photocopier company has no legal right to unilaterally scrap their $6.1 billion merger, a senior Fujifilm executive said on Friday.
FILE PHOTO: Fujifilm Holdings' logos are pictured ahead of its news conference in Tokyo, Japan January 31, 2018. REUTERS/Kim Kyung-Hoon/File Photo “We are currently in talks with lawyers on the schedule for filing the lawsuit and plan to go to court as soon as possible,” Chief Operating Officer Kenji Sukeno said at an earnings briefing.
In January, Fujifilm and Xerox agreed to a complex deal to merge Xerox into their 56-year-old Asia joint venture Fuji Xerox and give Fujifilm control.
Xerox pulled out of the deal this week in a settlement with activist investors Carl Icahn and Darwin Deason, who opposed the deal saying it undervalued the U.S. company.
The settlement also saw Xerox Chief Executive Officer Jeff Jacobson - the deal’s main architect - as well as five other directors resign. John Visentin, hired by Icahn to assist in his campaign against Xerox, replaced Jacobson.
Sukeno said Fujifilm will point out through litigation that Xerox has no legal right to unilaterally terminate the deal and that the deal is in the best interests of Xerox shareholders.
He also said if the new Xerox board makes new proposals, the Japanese company “would consider them only when they benefit Fujifilm shareholders”.
“We don’t need to be in a rush to close this deal. We are not bound by time,” he said.
Xerox spokespeople could not immediately be reached for comment.
Reporting by Makiko Yamazaki; Editing by Muralikumar Anantharaman and Christopher Cushing
| ashraq/financial-news-articles | https://www.reuters.com/article/us-xerox-m-a-fujifilm/fujifilm-says-to-sue-xerox-soon-to-seek-damages-on-scrapping-of-takeover-idUSKCN1IJ0LO |
RADNOR, Pa.--(BUSINESS WIRE)--
Kaskela Law LLC announces that a shareholder class action lawsuit has been filed against Fluor Corporation (NYSE: FLR) (“Fluor” or the “Company”) on behalf of investors who purchased or acquired the Company’s securities between August 14, 2013 and May 3, 2018 , inclusive (the “Class Period”).
The shareholder class action complaint alleges, among other things, that the Company and certain of its senior executive officers made false and misleading statements and/or failed to disclose to investors that: (i) Fluor’s bidding process for gas-fired projects was flawed; (ii) Fluor had improperly estimated gas-fired projects; (iii) as a result, Fluor would face craft productivity issues, equipment issues and other execution issues; (iv) Fluor would incur multiple charges impacting its financial results; and (v) Fluor would ultimately decide to discontinue the pursuit of the gas-fired power market.
On May 3, 2018, Fluor reported a quarterly net loss of $18 million ($0.13 per diluted share) and disclosed that the quarterly results “include an after-tax charge of approximately $96 million, or $0.69 per diluted share, for forecast revisions on a gas-fired power project.” Additionally, the Company reduced its 2018 earnings per share (“EPS”) guidance from $3.10 – $3.50 per diluted share down to $2.10 – $2.50 per diluted share, “due in large part to forecast revisions on a gas-fired power project.”
Following this news, shares of the Company’s stock declined $13.23 per share, or over 22%, to close on May 4, 2018 at $45.76, on heavy trading volume.
IMPORTANT DEADLINE: Investors who purchased Fluor securities during the Class Period may, no later than July 24, 2018 , seek to be appointed as a lead plaintiff representative of the investor class.
Fluor investors are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq.) at (484) 258 – 1585 or (888) 715 – 1740, or via www.kaskelalaw.com/case/fluor , to discuss their legal rights and options with respect to this action prior to July 24, 2018 . Kaskela Law LLC exclusively prosecutes shareholder actions in state and federal courts throughout the country on behalf of investors. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180525005632/en/
KASKELA LAW LLC
D. Seamus Kaskela, Esq.
201 King of Prussia Road
Suite 650
Radnor, PA 19087
484-258-1585
888-715-1740
[email protected]
www.kaskelalaw.com
Source: Kaskela Law LLC | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/25/business-wire-important-deadline-shareholder-class-action-lawsuit-against-fluor-corporation.html |
May 2, 2018 / 4:51 PM / Updated 24 minutes ago FA Cup win not enough to salvage Man United's season - De Gea Reuters Staff 2 Min Read
(Reuters) - Manchester United’s season will not be a success even if they win the FA Cup this month, goalkeeper David De Gea said as he urged the club to aim for “bigger and better things”. Soccer Football - Premier League - Manchester United v Arsenal - Old Trafford, Manchester, Britain - April 29, 2018 Manchester United's David De Gea REUTERS/Phil Noble
The Spain international has kept an impressive 21 clean sheets across all competitions for United this season and won the club’s Player of the Year award for a record fourth time on Tuesday.
De Gea’s efforts have helped second-placed United reach the FA Cup final but the 27-year-old believes the trophy would not make up for a poor showing in the Champions League and failure to win league title.
“It has not been quite enough this season,” De Gea told Sky Sports. “Fair enough we are battling to hang on to second place but we have not managed to win our initial target which was to win the Premier League title and to give a good account of ourselves in the Champions League but we have also not managed to do that.
“Obviously, the FA Cup is very important and we are going all out to win that. But it is not quite enough - we are Manchester United and have to aim for bigger and better things.”
De Gea has called on his team to step up.
“Next season is a new season and we have to improve in a number of areas,” the Spaniard added.
“It is not just Manchester City we will be challenging next season, five or six teams fight for the Premier League. It is a case of hard work to be in there at the wire.”
United, who need four points from three matches to guarantee finishing second in the league table, travel to Brighton and Hove Albion on Friday ahead of the FA Cup final against Chelsea on May 19. Reporting by Aditi Prakash in Bengaluru, editing by Ed Osmond | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-england-mun-de-gea/fa-cup-win-not-enough-to-salvage-man-uniteds-season-de-gea-idUKKBN1I32EG |
LONDON, May 2 (Reuters) - The European Central Bank should pay greater attention to economic and financial considerations when making decisions on the euro zone banks it supervises, ECB Supervisory Board member Ignazio Angeloni said on Wednesday.
The ECB has to balance its roles as the watchdog in charge of cleaning up the euro zone’s banking sector and as the authority tasked with shoring up inflation in the bloc by stimulating banks to lend more.
In the most high-profile example of this dilemma, an initiative that would have forced banks to set aside more money against their stock of bad loans risks being shelved due to concerns about its side-effects on lenders.
“The ECB needs to develop more systematic analyses of the broader impact of its microprudential decisions,” Angeloni told an audience in London. “Synergies between the two approaches should be exploited fully, and the analytical functions of ECB Banking Supervision could be further developed.”
Euro zone banks have cut their stock of bad loans to 721 billion euros ($862.82 billion) at the end of 2017 from 877 billion euros a year earlier.
But the problem remains sizeable in countries such as Portugal and Italy, which did not use state-backed bad banks to buy up toxic assets during the financial crisis.
ECB Vice-President Vitor Constancio said further progress in cutting bad loans, while necessary, should be gradual.
Angeloni also said that in his personal view he believed banks needed to prepare better for rising interest rates across the model, as many of their internal models tended to be based on declining rates. “The banks are not fully prepared,” he said. ($1 = 0.8356 euros) (Reporting by Tommy Wilkes; writing by Francesco Canepa; editing by Mark Heinrich)
| ashraq/financial-news-articles | https://www.reuters.com/article/eurozone-banks-ecb/ecb-must-think-of-broader-picture-when-deciding-on-banks-angeloni-idUSL8N1S95UG |
Stephanie Clifford, the former adult-film actress professionally known as Stormy Daniels, filed a lawsuit on Monday against President Donald Trump in Manhattan federal court, accusing him of defaming her in a recent tweet.
Mr. Trump posted the tweet on April 18, in response to a sketch Ms. Clifford released of a man who allegedly threatened her in 2011. According to Ms. Clifford’s lawsuit, a few weeks after she had agreed to discuss with a magazine an alleged sexual encounter she had with Mr. Trump, the man approached her... To | ashraq/financial-news-articles | https://www.wsj.com/articles/stormy-daniels-sues-trump-for-defamation-1525121996 |
Unlike many of their Western counterparts, Japanese workers aren't afraid of robots stealing their jobs, a top-ranking official from the country said Friday.
Japan's labor force do not mind robots in factories because they're seen as a source of help, Japanese Deputy Prime Minister and Minister of Finance Taro Aso said in a panel discussion at the Asian Development Bank's annual gathering in Manila.
"The Western way of thinking is 'robots will steal my job,' but in Japan, robots will reduce the ordinary man's load," he continued, referencing famous Japanese comics such as "Astro Boy" and "Doraemon" in which robots are always helping people.
Japan, the world's third-largest economy, is home to a rapidly shrinking population that's produced an extremely tight labor market.
Last year, citizens aged 65 and above accounted for nearly 28 percent of the population, according to government statistics, with the number of people aged 90 or older topping the 2 million mark for the first time.
Aso, who served as prime minister from 2008 to 2009, acknowledged Friday the impact of those demographic dynamics on his country's economy and took himself as an example: "I'm 77 years old and still working," he said with a smile.
"Technology can create value-added jobs but it can also lead to wider inequality," he warned.
"To minimize those social costs, it's important to enhance human capital," he continued, citing educational incentives for lower-income families as one potential prospect. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/04/robots-japan-not-scared-of-robots-stealing-jobs-deputy-leader-says.html |
KINSHASA (Reuters) - A boat tipped over in a river in northern Democratic Republic of Congo, drowning 49 people on board while about the same number survived the accident, a local official told a Congolese radio station.
Richard Mboyo Iluka, vice governor of remote Tshuapa province, in northern Congo, told Radio Top Congo that the whaleboat had sunk with all of its passengers late on Wednesday.
Deadly boat accidents are common in Congo, a vast, forested country which has few roads outside of major towns and is carved up by a network of rivers that drain the Congo Basin. For most people these rivers are the only means of traveling over long distances.
Reporting by Fiston Mahamba; Writing by Tim Cocks; editing by Diane Craft
| ashraq/financial-news-articles | https://www.reuters.com/article/us-congo-accident/congo-river-boat-accident-kills-49-official-idUSKCN1IP3VB |
YEHUD, Israel, May 16, 2018 /PRNewswire/ -- Magal Security Systems, Ltd. (NASDAQ: MAGS) today announced its financial results for the three month period ended March 31, 2018. Management will hold an investors' conference call later today (at 10am Eastern Time) to discuss the results.
First Quarter Results Summary
Strong growth in first quarter revenue to $17.3 million, up 20% year-over-year. Significant improvement in operating expenses: a 9% reduction year-over-year. Net loss of $0.2 million, or $0.01 per share, an improvement compared with a net loss of $3.7 million, or $0.16 per share last year. EBITDA of $0.5 million compared with negative EBITDA of $0.4 million in the first quarter of last year. Backlog at highest ever level as of end of the first quarter.
First Quarter 2018 Results
Revenues for the first quarter of 2018 were $17.3 million, an increase of 20% compared with revenues of $14.3 million in the first quarter of 2017.
Gross profit for the first quarter of 2018 was $7.6 million, or 43.8% of revenues, an increase of 2% compared with gross profit of $7.4 million or 51.7% of revenues, in the first quarter of 2017. The change in gross margin between the quarters was a function of the products and projects mix executed during the quarter.
Operating income for the first quarter of 2018 was $33 thousand, an improvement compared to an operating loss of $0.9 million in the first quarter of 2017.
Net loss in the first quarter of 2018 was $0.2 million, or $0.01 per share, compared with a net loss of $3.7 million, or $0.16 per share in the first quarter of 2017.
EBITDA in the first quarter was $0.5 million, an improvement compared with negative EBITDA of $0.4 million in the first quarter of 2017.
Cash, short term deposits and restricted deposits, net of bank debt, as of March 31, 2018, were $49.4 million, or $2.15 per share, compared with cash and short term deposits, net of bank debt, of $52.3 million, or $2.27 per share, at December 31, 2017. The decrease in cash is primarily due to the investment in working capital for scaling up of various projects which are commencing.
Management Comment
Commenting on the results, Mr. Yaniv Shachar, interim CEO of Magal , said, "We are pleased with our return to growth and operating profitability, recovering from a weak 2017. The solid improvement in results, especially the lower level of expenses, follows important steps that we took last year to rationalize expenses and increase efficiencies. Looking ahead, the high level of new orders that Magal has won over the past few months has built a strong backlog, and as at the end of the first quarter, our backlog is the highest it has ever been in our history. This bodes very well for Magal in the coming year."
Continued Mr. Shachar , "In the coming weeks, Dror Sharon, a highly experienced homeland security industry veteran will be joining Magal as the new CEO. We thank Saar Koursh, our former CEO, for his key contributions to Magal throughout his tenure which culminated in the successful first quarter that we announced today. We wish him well in future."
Investors' Conference Call Information:
The Company will host a conference call later today, May 16, 2018, at 10am Eastern Time and 5pm Israel time.
To participate, please call one of the following teleconferencing numbers:
US: 1-888-281-1167; Israel: 03-918-0644; UK: 0-800-917-9141; Intl.: +972-3-918-0644
If you are unable to connect using the toll-free numbers, please try the international dial-in number.
A replay of the call will be available on the Company's website for three months from the day after the call. The link to the replay will be accessible at www.magalsecurity.com .
About Magal Security Systems Ltd.
Magal is a leading international provider of solutions and products for physical and video security solutions, as well as site management. Over the past 45 years, Magal has delivered its products as well as tailor-made security solutions and turnkey projects to hundreds of satisfied customers in over 80 countries - under some of the most challenging conditions.
Magal offers comprehensive integrated solutions for critical sites, managed by Fortis4G - its 4th generation, cutting-edge physical security information management system (PSIM). The solutions leverage our broad portfolio of home-grown PIDS (Perimeter Intrusion Detection Systems), Symphony - our advanced VMS (Video Management Software) with native IVA (Intelligent Video Analytics) security solutions.
Web: www.magalsecurity.com
Forward Looking Statements
This press release contains forward-looking statements, which are subject to risks and uncertainties. Such statements are based on assumptions and expectations which may not be realized and are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual results, financial and otherwise, may differ from the results discussed in the forward-looking statements. A number of these risks and other factors that might cause differences, some of which could be material, along with additional discussion of forward-looking statements, are set forth in the Company's Annual Report on Form 20-F filed with the Securities and Exchange Commission.
* Tables to follow *
MAGAL SECURITY SYSTEMS LTD.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(All numbers except EPS expressed in thousands of US$)
Three Months
Ended March 31,
2017
2018
%
change
Revenue
14,335
17,255
20
Cost of revenue
6,924
9,699
Gross profit
7,411
7,556
2
Operating expenses:
Research and development, net
1,605
1,605
-
Selling and marketing
4,798
4,233
(12)
General and administrative
1,860
1,685
(9)
Total operating expenses
8,263
7,523
(9)
Operating income (loss)
(852)
33
Financial income (expenses), net
(2,636)
117
Income (loss) before income taxes
(3,488)
150
Taxes on income
205
317
Net loss
(3,693)
(167)
Income (loss) attributable to non-controlling interests
(5)
-
Net income (loss) attributable to Magal shareholders'
(3,698)
(167)
Basic and diluted net loss per share
($0.16)
($0.01)
Weighted average number of shares used in computing basic and diluted net loss per share
22,916,333
23,032,511
Three Months
Ended March 31
2017
%
2018
%
Gross margin
51.7
43.8
Research and development, net as a % of revenues
11.2
9.3
Selling and marketing as a % of revenues
33.5
24.5
General and administrative as a % of revenues
13.0
9.8
Operating margin
-
0.2
Net margin
-
-
MAGAL SECURITY SYSTEMS LTD.
RECONCILLATION OF EBITDA TO NET LOSS
(All numbers expressed in thousands of US$)
Three Months
Ended March 31,
2017
2018
GAAP Net loss
(3,693)
(167)
Less:
Financial income (expenses), net
(2,636)
117
Taxes on income
205
317
Depreciation and amortization
(450)
(477)
EBITDA
(402)
510
MAGAL SECURITY SYSTEMS LTD.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(All numbers expressed in thousands of US$)
December 31,
March 31,
2017
2018
CURRENT ASSETS:
Cash and cash equivalents
$22,463
$42,221
Short-term bank deposits
27,025
1,014
Restricted deposits
2,842
6,183
Trade receivables, net
14,489
13,493
Unbilled accounts receivable
6,309
5,057
Other accounts receivable and prepaid expenses
2,850
5,381
Inventories
9,596
9,701
Total current assets
85,574
83,050
Long term investments and receivables:
Long-term deposits and restricted bank deposits
155
166
Severance pay fund
1,524
1,446
Deferred income taxes
2,579
2,688
Total long-term investments and receivables
4,258
4,300
PROPERTY AND EQUIPMENT, NET
5,718
6,093
INTANGIBLE ASSETS, NET
4,303
3,981
GOODWILL
12,692
12,450
Total assets
$112,545
$109,874
MAGAL SECURITY SYSTEMS LTD.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(All numbers expressed in thousands of US$)
December 31,
March 31,
2017
2018
CURRENT LIABILITIES:
Trade payables
$5,198
$3,821
Customer advances
7,191
6,857
Other accounts payable and accrued expenses
13,784
13,192
Total current liabilities
26,173
23,870
LONG-TERM LIABILITIES:
Deferred revenues
891
867
Deferred income taxes
190
196
Accrued severance pay
2,328
2,253
Other long-term liabilities
14
360
Total long-term liabilities
3,423
3,676
SHAREHOLDERS' EQUITY
Share Capital: Ordinary shares of NIS 1 par value -
Authorized: 39,748,000 shares at December 31, 2017 and March 31, 2018; Issued and outstanding: 23,032,448 shares at December 31, 2017 and 23,035,282 shares at March 31, 2018
6,716
6,717
Additional paid-in capital
93,975
94,026
Accumulated other comprehensive loss
(87)
(276)
Foreign currency translation adjustments (stand alone financial statements)
5,859
5,425
Accumulated deficit
(23,514)
(23,564)
TOTAL SHAREHOLDERS' EQUITY
82,949
82,328
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
$112,545
$109,874
For more information:
Magal Security Systems Ltd.
Diane Hill, Assistant to the CEO
Tel: +972-3-539-1421
E-mail: [email protected]
GK Investor Relations
Ehud Helft / Gavriel Frohwein
Tel: (US) +1-646-688-3559
E-mail: [email protected]
View original content: http://www.prnewswire.com/news-releases/magal-security-systems-ltd-reports-first-quarter-2018-financial-results-300649459.html
SOURCE Magal Security Systems, Ltd. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/pr-newswire-magal-security-systems-ltd-reports-first-quarter-2018-financial-results.html |
WASHINGTON (Reuters) - The U.S. Environmental Protection Agency on Tuesday identified 51 areas in 22 states that do not currently meet federal ozone requirements, a step toward carrying out national air quality standards for ozone that were issued in 2015.
EPA Administrator Scott Pruitt testifies before a House Energy and Commerce Subcommittee hearing on the FY2019 Environmental Protection Agency budget in Washington, U.S., April 26, 2018. REUTERS/Brian Snyder The announcement comes after a federal court in March ordered the EPA to implement the agency’s 2015 ozone standards and designate areas in the country that do not meet them.
The agency had until April 30 to comply with the order from the U.S. District Court for the Northern District of California.
“Following the data and the law, today’s designations reflect continued progress in addressing ground-level ozone and its precursors,” EPA Administrator Scott Pruitt said in a statement.
Sixteen state attorneys general as well as a coalition of environmental groups sued last autumn to force Pruitt to meet the deadline and implement the smog standards.
The EPA said that it followed state recommendations when identifying 51 nonattainment areas in 22 states and the District of Columbia, but noted that the agency acknowledges that high levels of background ozone are often “outside the control of state and tribal air agencies.”
In November 2017, the EPA identified that most areas of the United States meet ozone standards. It is currently completing nearly all remaining area designations.
Once areas are designated, state and local authorities need to craft implementation plans detailing how those areas will attain the standards by reducing air pollutant emissions.
The EPA said there are more than 10 percent fewer counties being designated as nonattainment compared to designations issued in 2012 for the 2008 standards.
Reporting by Valerie Volcovici; editing by Diane Craft
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-epa-ozone/epa-designates-areas-non-compliant-with-2015-ozone-standards-idUSKBN1I244T |
Tabasco Whiskey Is Coming. Are Your Tastebuds Ready? GEORGE DICKEL TENNESSEE WHISKY RELEASES NEW TABASCO® BRAND BARREL FINISH A PARTNERSHIP MADE IN THE SOUTH (PRNewsfoto/DIAGEO) Hand-out DIAGEO By Emily Price 3:16 PM EDT
When you think of spicy whiskey, the first (and probably the only) thing to come to mind is likely Fireball. Now there’s about to be another name on the block and it’s one you already associate with the hot stuff: Tabasco.
Tabasco has joined forces with George Dickel Tennessee Whisky for a new George Dickel Tabasco Brand Barrel Finish whiskey.
Set to go in sale this month, the whiskey is finished in barrels that were previously used to age tabasco peppers for three years. After it’s made, Dickel puts its whiskey in the barrels for 30 days, which allows the spice from the peppers that’s been absorbed into the wood add flavor to the actual whiskey. Tabasco’s pepper sauce also plays a role in the spirit. It’s distilled to “create an essence” which is then blended together with the whiskey to make the final product.
The spicy creation is arriving in store this month and has a suggested retail price of $24.99 for a 750ml bottle. It will also be available in 50ml and 1L sizes. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/15/george-dickel-tabasco-whiskey/ |
Russell 2000 is the best bet for the rest of the year, says strategist 2 Hours Ago Art Hogan, B. Riley FBR chief market strategist, discusses his market outlook and gives some top picks. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/15/russell-2000-best-bet-for-rest-of-year-says-strategist.html |
May 2 (Reuters) - Prime Media Group Ltd:
* EXPECTS ITS CORE NET PROFIT AFTER TAX FOR YEAR TO 30 JUNE 2018 TO BE BETWEEN $24.3 MILLION AND $25.3 MILLION
* TOTAL ADVERTISING REVENUE FOR FY-TO-DATE TO 30 APRIL , INCLUSIVE OF COMMONWEALTH GAMES BROADCAST, HAS DECLINED 8.9 PERCENT Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-prime-media-group-provides-trading/brief-prime-media-group-provides-trading-update-idUSFWN1S80PI |
NEWPORT BEACH, Calif.--(BUSINESS WIRE)-- Acacia Research Corporation (1) (Nasdaq: ACTG) today reported results for the three months ended March 31, 2018.
Revenues for the first quarter of 2018 were $62,093,000, as compared to $8,854,000 in the comparable prior year quarter. GAAP and non-GAAP results for the first quarter of 2018 included an unrealized loss on our equity investment in Veritone, Inc. ("Veritone") (Nasdaq: VERI) totaling $41,097,000. GAAP net loss for the first quarter of 2018 was $32,038,000, or $0.63 per diluted share, as compared to a GAAP net loss of $11,830,000, or $0.24 per diluted share for the comparable prior year quarter. Non-GAAP net loss for the first quarter of 2018 was $26,004,000, or $0.51 per diluted share, as compared to a non-GAAP net loss of $4,203,000, or $0.08 per diluted share for the comparable prior year quarter. See below for information regarding non-GAAP financial measures. Non-GAAP net income for the first quarter of 2018, excluding the impact of the change in fair value of our equity investment in Veritone was $15,093,000, or $0.30 per diluted share. Cash and short-term investments totaled $179,648,000 as of March 31, 2018, as compared to $136,604,000 as of December 31, 2017.
Consolidated Financial Results - Overview
Financial highlights and operating activities during the periods presented included the following:
Three Months Ended March 31, 2018 2017 Revenues (in thousands) $ 62,093 $ 8,854 GAAP net loss (in thousands) $ (32,038 ) $ (11,830 ) Non-GAAP net loss (in thousands) $ (26,004 ) $ (4,203 ) Non-GAAP net income (loss), excluding change in fair value of equity investment in Veritone (in thousands) $ 15,093 $ (4,203 ) GAAP diluted loss per share $ (0.63 ) $ (0.24 ) Non-GAAP diluted loss per share $ (0.51 ) $ (0.08 ) Non-GAAP diluted income (loss) per share, excluding change in fair value of equity investment in Veritone $ 0.30 $ (0.08 ) Summary Consolidated Financial Results
Three months ended March 31, 2018 compared with the three months ended March 31, 2017
Revenues (in thousands):
Three Months Ended March 31, Change 2018 2017 $ % Revenues $ 62,093 $ 8,854 $ 53,239 >100% In the first quarter of 2018, one licensee individually accounted for 96% of revenues recognized. In the first quarter of 2017, two different licensees individually accounted for 73% and 12% of revenues recognized.
Cost of Revenues (in thousands):
Three Months Ended March 31, Change 2018 2017 $ % Inventor royalties $ 21,744 $ 666 $ 21,078 >100% Contingent legal fees 15,759 627 15,132 >100% Other 4,000 — 4,000 >100% Total inventor royalties, contingent legal fees and other $ 41,503 $ 1,293 $ 40,210 >100% First quarter 2018 inventor royalties expense increased primarily due to the significant increase in related revenues quarter to quarter, as described above, and lower contractual inventor royalty obligations due on revenues recognized in the first quarter of 2017. First quarter 2018 contingent legal fees expense increased primarily due to the increase in revenues quarter to quarter and lower average contingent legal fee rates for the portfolios generating revenues in the first quarter of 2017. First quarter 2018 operating expenses also included $4,000,000 in other direct cost of revenues.
First quarter 2018 total revenues, less inventor royalties expense, contingent legal fees expense and other was $20,590,000, or 33% of first quarter 2018 revenues, as compared to $7,561,000, or 85% of revenues recognized in the comparable prior year quarter.
Three Months Ended March 31, Change 2018 2017 $ % Litigation and licensing expenses - patents $ 2,745 $ 6,386 $ (3,641 ) (57 )% First quarter 2018 litigation and licensing expenses decreased due primarily to a net decrease in litigation support and third-party technical consulting expenses associated with ongoing licensing and enforcement programs and an overall decrease in portfolio related enforcement activities.
General and Administrative Expenses (in thousands):
Three Months Ended March 31, Change 2018 2017 $ % General and administrative expenses $ 4,403 $ 4,788 $ (385 ) (8 )% Non-cash stock compensation expense - G&A 704 2,112 (1,408 ) (67 )% Non-cash stock compensation expense - Veritone profits interests (1,728 ) 16 (1,744 ) >(100%)
Total general and administrative expenses $ 3,379 $ 6,916 $ (3,537 ) (51 )% First quarter 2018 general and administrative expenses decreased 8%, due primarily to a reduction in personnel costs in connection with headcount reductions in 2017 and a decrease in corporate, general and administrative costs.
Non-cash stock compensation expense decreased due to a decrease in expense for market-based performance stock options expensed on an accelerated basis in the first quarter of 2017 and a decrease in the fair value of our Veritone related profits interest units, consistent with the decrease in the underlying Veritone stock price during the first quarter of 2018. Profits interest related non-cash stock compensation expense is adjusted each reporting period for changes in estimated fair value, which is primarily based on the Quote: d market price of Veritone common stock.
Investments at Fair Value
Our investment in Veritone consists of 4,119,521 shares of Veritone common stock and 1,120,432 common stock warrants and is accounted for at fair value. As such, our investment is marked to market at each balance sheet date, primarily based on fluctuations in Veritone's stock price each period, with related unrealized investment gains and losses reflected in the consolidated statement of operations. First quarter 2018 results included an unrealized investment loss totaling $41,097,000, related to the application of the fair value method of accounting to our equity investment in Veritone.
Provision for Income Taxes (in thousands):
Three Months Ended March 31, Change 2018 2017 $ % Provision for income taxes $ (191 ) $ (1,241 ) $ 1,050 (85 )% Tax expense for the periods presented primarily reflects the impact of foreign withholding taxes incurred on certain revenue agreements executed with third-party licensees domiciled in foreign jurisdictions.
Financial Condition (in thousands)
Summary Balance Sheet Information:
March 31, December 31, 2018 2017 Cash and short-term investments $ 179,648 $ 136,604 Accounts receivable 4,754 153 Investments 71,852 106,949 Total assets 317,835 308,768 Accounts payable and accrued expenses 9,040 7,956 Royalties and contingent legal fees payable 39,937 1,601 Total liabilities 50,782 13,109 Summary Cash Flow Information:
Three Months Ended March 31, 2018 2017 Net cash provided by (used in): Operating activities $ 49,970 $ (979 ) Cash flows from investing activities: Investments in Investees (7,000 ) — Advances to Investee — (1,000 ) Net purchases of available-for-sale investments - cash management (29,309 ) (71,470 ) Net cash used in investing activities (36,309 ) (72,470 ) Financing activities 24 230 Investing Activities. In February 2018, we made an additional strategic equity investment totaling $6.0 million in the Series B financing round for Miso Robotics, resulting in a 29% ownership interest (fully diluted) as of March 31, 2018. Miso Robotics will use the capital to expand its suite of collaborative, adaptable robotic kitchen assistants and to broaden applications for Miso AI, the company’s machine learning cloud platform.
INFORMATION ABOUT NON-GAAP FINANCIAL MEASURES
As used herein, “GAAP” refers to accounting principles generally accepted in the United States of America. To supplement our consolidated financial statements prepared and presented in accordance with GAAP, this earnings release includes financial measures, including (1) non-GAAP net income and (2) non-GAAP Earnings Per Share (“EPS”), that are considered non-GAAP financial measures as defined in Rule 101 of Regulation G promulgated by the Securities and Exchange Commission. Generally, a non-GAAP financial measure is a numerical measure of a company’s historical or future performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.
We use these non-GAAP, or pro forma, financial measures for internal financial and operational decision making purposes and as a means to evaluate period-to-period comparisons of the performance and results of operations of our core business and strategic partnerships. Our management believes that these non-GAAP financial measures provide meaningful supplemental information regarding the performance of our core business and strategic partnerships by excluding non-cash stock compensation charges (excluding non-cash stock compensation for Veritone investment related profits interests) and non-cash patent amortization charges (including impairment charges) that may not be indicative of our recurring core business and strategic partnerships operating results. These non-GAAP financial measures also facilitate management’s internal planning and comparisons to our historical performance and liquidity. We believe these non-GAAP financial measures are useful to investors as they allow for greater transparency with respect to key metrics used by management in its financial and operational decision making and are used by our institutional investors and the analyst community to help them analyze the performance and operational results of our core business and strategic partnerships.
Non-GAAP Net income and EPS. We define non-GAAP net income as net income calculated in accordance with GAAP, plus non-cash stock compensation charges and non-cash patent amortization charges. Non-GAAP EPS is defined as non-GAAP net income divided by the weighted average outstanding shares, on a fully-diluted basis, calculated in accordance with GAAP, for the respective reporting period.
Due to the inherent volatility in stock prices, the use of estimates and assumptions in connection with the valuation and expensing of share-based awards and the variety of award types that companies can issue under FASB ASC Topic 718, management believes that providing a non-GAAP financial measure that excludes non-cash stock compensation allows investors to make meaningful comparisons between our recurring core business and strategic partnerships operating results and those of other companies period to period, as well as providing our management with a critical tool for financial and operational decision making and for evaluating our own period-to-period recurring core business and strategic partnerships operating results. Non-cash stock compensation for our Veritone investment related profits interests are not excluded as the related liability is marked to market along with our equity investment in Veritone, and therefore, the liability will fluctuate consistent with increases or decreases in the fair value of our Veritone equity investment.
Similarly, due to the variability associated with the timing and amount of patent acquisition payments and estimates inherent in the capitalization and amortization of patent acquisition costs, management believes that providing a non-GAAP financial measure that excludes non-cash patent amortization charges allows investors to make meaningful comparisons between our recurring core business and strategic partnerships operating results and those of other companies, and also provides our management with a useful tool for financial and operational decision making and for evaluating our own period-to-period recurring core business and strategic partnerships operating results.
There are a number of limitations related to the use of non-GAAP net income and EPS versus net income and EPS calculated in accordance with GAAP. For example, non-GAAP net income excludes the impact of significant non-cash stock compensation charges and non-cash patent amortization charges that are or may be recurring, and that may or will continue to be recurring for the foreseeable future. In addition, non-cash stock compensation is a critical component of our employee compensation programs and non-cash patent amortization reflects the cost of certain patent portfolio acquisitions, amortized on a straight-line basis over the estimated economic useful life of the respective patent portfolio, and may reflect the acceleration of amortization related to recoupable up-front patent portfolio acquisition costs. Management compensates for these limitations by providing specific information regarding the GAAP amounts excluded from non-GAAP net income and EPS and evaluating non-GAAP net income and EPS in conjunction with net income and EPS calculated in accordance with GAAP.
The accompanying table below provides a reconciliation of the non-GAAP financial measures presented to the most directly comparable financial measures prepared in accordance with GAAP.
Due to uncertainties related to our ability to utilize certain deferred tax assets in future periods, we have recorded a full valuation allowance against our net deferred tax assets for the periods presented herein. Tax expense for the periods presented reflects foreign taxes withheld on revenue agreements with licensees in foreign jurisdictions and other state taxes, and the impact of the full valuation allowance recorded for net operating loss and foreign tax credit related tax assets generated during the periods. As such, no tax benefit was recognized for net operating loss and foreign tax credit related tax benefits generated during the applicable periods presented. Accordingly, there are no income tax effects related to our adjustments to arrive at our non-GAAP measures included herein.
A conference call is scheduled for today. The Acacia Research presentation will start at 1:30 p.m. Pacific Time (4:30 p.m. Eastern).
To listen to the presentation by phone, dial (800) 239-9838 for callers in the U.S. and Canada and (323) 794-2551 for international callers, both of whom will need to enter the conference ID 6058953 when prompted.
There will be a live webcast hosted by NASDAQ that will be available for 30 days and can be accessed at Acacia’s website at www.acaciaresearch.com .
ABOUT ACACIA RESEARCH CORPORATION
Founded in 1993, Acacia Research Corporation (ACTG) is an industry leader in patent licensing and partners with inventors and patent owners to unlock the financial value in their patented inventions. Acacia bridges the gap between invention and application, facilitating efficiency and delivering monetary rewards to the patent owner. Acacia also leverages its patent expertise and background to partner with emerging disruptive technologies such as Artificial Intelligence, Robotics and Blockchain.
Information about Acacia Research Corporation and its subsidiaries is available at www.acaciaresearch.com .
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This news release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements are based upon our current expectations and speak only as of the date hereof. Our actual results may differ materially and adversely from those expressed in any forward-looking statements as a result of various factors and uncertainties, including the ability to successfully develop licensing programs and attract new business, rapid technological change in relevant markets, changes in demand for current and future intellectual property rights, legislative, regulatory and competitive developments addressing licensing and enforcement of patents and/or intellectual property in general and general economic conditions. Our Annual Report on Form 10-K, recent and forthcoming Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and any amendments to the forgoing, and other SEC filings discuss some of the important risk factors that may affect our business, results of operations and financial condition. We undertake no obligation to revise or update publicly any forward-looking statements for any reason.
The results achieved in the most recent quarter are not necessarily indicative of the results to be achieved by us in any subsequent quarters, as it is currently anticipated that Acacia Research Corporation’s financial results will vary, and may vary significantly, from quarter to quarter. This variance is expected to result from a number of factors, including risk factors affecting our results of operations and financial condition referenced above, and the particular structure of our licensing transactions, which may impact the amount of inventor royalties and contingent legal fees expenses we incur period to period.
ACACIA RESEARCH CORPORATION SUMMARY FINANCIAL INFORMATION (In thousands, except share and per share information) (Unaudited) CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended March 31, 2018 2017 Revenues $ 62,093 $ 8,854 Operating costs and expenses: Cost of revenues: Inventor royalties 21,744 666 Contingent legal fees 15,759 627 Other 4,000 — Litigation and licensing expenses - patents 2,745 6,386 Amortization of patents 5,330 5,515 General and administrative expenses 3,379 6,916 Other expenses - business development 166 320 Total operating costs and expenses 53,123 20,430 Operating income (loss) 8,970 (11,576 ) Other income (expense): Change in fair value of investment, net (41,097 ) — Other income
207 696 Total other income (expense) (40,890 ) 696 Loss before provision for income taxes (31,920 ) (10,880 ) Provision for income taxes (191 ) (1,241 ) Net loss including noncontrolling interests in subsidiaries (32,111 ) (12,121 ) Net loss attributable to noncontrolling interests in subsidiaries 73 291 Net loss attributable to Acacia Research Corporation $ (32,038 ) $ (11,830 ) Net loss attributable to common stockholders - basic and diluted $ (32,038 ) $ (11,830 ) Basic and diluted loss per common share $ (0.63 ) $ (0.24 ) Weighted average number of shares outstanding, basic and diluted 50,632,958 50,333,056 Reconciliation of GAAP Net Loss and EPS to Non-GAAP Net Loss and EPS (In thousands, except share and per share data) Three Months Ended March 31, 2018 2017 GAAP net loss $ (32,038 ) $ (11,830 ) Non-cash stock compensation (excluding Profits Interests related non-cash stock compensation) 704 2,112 Non-cash patent amortization 5,330 5,515 Pro forma non-GAAP net loss (2)
$ (26,004 ) $ (4,203 ) Pro forma non-GAAP net loss per common share - diluted (3) $ (0.51 ) $ (0.08 ) GAAP weighted-average shares — diluted 50,632,958 50,333,056 ACACIA RESEARCH CORPORATION SUMMARY FINANCIAL INFORMATION, (CONTINUED) (In thousands) (Unaudited) CONDENSED CONSOLIDATED BALANCE SHEETS
March 31, December 31,
2018 2017 ASSETS Current assets: Cash and cash equivalents $ 150,289 $ 136,604 Short-term investments 29,359 — Accounts receivable 4,754 153 Prepaid expenses and other current assets 3,801 2,938 Total current assets 188,203 139,695 Investment at fair value 63,657 104,754 Investment - other
8,195 2,195 Patents, net of accumulated amortization 56,587 61,917 Other assets 1,193 207 $ 317,835 $ 308,768 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable and accrued expenses $ 9,040 $ 7,956 Royalties and contingent legal fees payable 39,937 1,601 Total current liabilities 48,977 9,557 Other liabilities 1,805 3,552 Total liabilities 50,782 13,109 Total stockholders’ equity 267,053 295,659 $ 317,835 $ 308,768 ACACIA RESEARCH CORPORATION SUMMARY FINANCIAL INFORMATION, (CONTINUED) (In thousands) (Unaudited) CONSOLIDATED STATEMENTS OF CASH FLOWS
Three Months Ended March 31, 2018 2017 Cash flows from operating activities: Net loss including noncontrolling interests in subsidiaries $ (32,111 ) $ (12,121 ) Adjustments to reconcile net loss including noncontrolling interests in subsidiaries to net cash provided by (used in) operating activities: Change in fair value of investment, net 41,097 — Depreciation and amortization 5,344 5,540 Non-cash stock compensation (1,024 ) 2,128 Other (87 ) (348 ) Changes in assets and liabilities: Restricted cash — (3 ) Accounts receivable (59 ) 18,969 Prepaid expenses and other assets (863 ) (1,738 ) Accounts payable and accrued expenses 1,065 (2,576 ) Royalties and contingent legal fees payable 36,608 (10,830 ) Net cash provided by (used in) operating activities 49,970 (979 ) Cash flows from investing activities: Investments in Investees (7,000 ) — Advances to Investee — (1,000 ) Purchase of available-for-sale investments (33,309 ) (174,152 ) Maturities and sales of available-for-sale investments 4,000 102,682 Net cash used in investing activities (36,309 ) (72,470 ) Cash flows from financing activities: Repurchased restricted common stock (7 ) (25 ) Proceeds from exercises of stock options 31 255 Net cash provided by financing activities 24 230 Increase (decrease) in cash and cash equivalents 13,685 (73,219 ) Cash and cash equivalents, beginning 136,604 127,540 Cash and cash equivalents, ending $ 150,289 $ 54,321 Business Highlights and Recent Developments (4)
First quarter 2018 business highlights and recent developments include the following:
In February, Acacia Research Corporation announced that it has invested in the Series B financing round for Miso Robotics, the leading robotics and artificial intelligence solutions company for restaurants and food service providers. In April, Acacia Research Corporation announced the appointment of Joe Davis, a highly regarded and experienced auditor and financial consultant, and Paul Falzone, an experienced executive and successful high-tech investor, as new independent directors. Saint Lawrence Communications LLC and Saint Lawrence Communications GmbH entered into an agreement with Apple Inc. that resolved all outstanding litigation. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/business-wire-acacia-research-reports-first-quarter-financial-results.html |
NEW YORK (Reuters) - After months of rapid increases that set off alarm bells in global markets, a key measure of U.S. borrowing costs fell by the most in nearly eight years over the last week as the U.S. Treasury dialed back its hefty short-term paper issuance.
Libor, or the London Interbank Offered Rate, was set on Monday at 2.33 percent for its closely tracked three-month term USD3MFSR=, the lowest since early April. A benchmark for $200 trillion worth of U.S. financial products, it has now fallen nearly 4 basis points in the past five days, the most over any comparable run since August 2010.
The respite comes as the U.S. government eases up on the massive volume of Treasury bill sales that many analysts and investors blamed for Libor’s quick run up over the previous several months.
“It’s down because bill supply is down,” said Aaron Kohli, interest rates strategist at BMO Capital Markets in New York. “They are cutting bill supply and that’s like handing investors money.”
In the first quarter, Libor had risen by more than 60 basis points, twice the pace of increases in other rates that track Federal Reserve interest rate policy, such as the overnight indexed swaps, or OIS, market.
The widening gap between Libor and OIS, which grew to its largest since 2009, had concerned some market participants who worried it was a warning sign of financial stress, while others argued it would start to normalize after the flood of T-bills had washed through. It has narrowed by almost 15 basis points over the past month.
To build up cash in part to fund annual income tax refunds, the Treasury ramped up bill issuance during the first quarter, effectively crowding out banks and forcing them to increase their rates to remain competitive. But with that deadline now passed, it has tapered that in the last few weeks.
In March, for instance, the Treasury sold a combined $161 billion in one-month, three-month and six-month T-bills for four consecutive weeks. This compares with $135 billion set for auction this week.
At the end of April, the Treasury had $419.38 billion of cash on hand at the Federal Reserve. By last Thursday, it had dropped to $338.24 billion.
With less T-bill supply, investors could deploy more of their cash into commercial paper and other short-term debt issued by banks and other companies, lowering their borrowing costs to finance trades, inventories and payrolls, analysts said.
Kohli and other analysts cautioned Libor could well pick up again later this year when federal debt issuance ramps up once more to fund a growing budget gap as a result of the massive tax overhaul in December and a two-year spending agreement inked in February.
The volatility in Libor comes as uncertainty has been on the rise over its planned phase-out after 2021. Moody’s Investor Service on Monday said the lack of clarity over whether alternative measures promoted by regulators such as the Fed would come to dominate the market was a potential negative for credit markets.
“The essential issue for financial market participants is that creditors will hold contracts that no longer ‘work’ as expected when Libor is retired,” Moody’s senior vice president Simon Ainsworth said in a statement on Monday.
Reporting by Richard Leong; Editing by Dan Burns and Tom Brown
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-libor/key-u-s-funding-cost-falls-with-treasury-cash-pile-idUSKCN1IF30H |
May 8, 2018 / 8:53 PM / Updated an hour ago Sri Lanka leader calls for end to power struggle after defections Reuters Staff 2 Min Read
COLOMBO (Reuters) - Sri Lankan President Maithripala Sirisena on Tuesday urged his own coalition government and the opposition to end a power struggle in order to achieve ambitious goals including anti-corruption measures. Sri Lanka's President Maithripala Sirisena announces the policy statement at the 8th session of the parliament after suspended the legislature on April 12 during a ceremony in Colombo, Sri Lanka May 8,2018. REUTERS/ Dinuka Liyanawatte
His comments came in a policy statement at the first session of the parliament since he suspended it last month after 16 of his party legislators defected from the government.
His coalition still has a majority, but the defections will dent its stability in parliament and affect its ability to pass key laws.
“..the power struggle among the parties in the national government as well as the power struggle between the government and the opposition must be contained. It is the people who are aggravated by all forms of conflicts over power,” Sirisena told the parliament.
The political parties led by Sirisena and Prime Minister Ranil Wickremesinghe formed a national government after the last parliamentary election in August 2015. But Sirisena’s centre-left party has opposed many liberal economic policy measures proposed by Wickremesinghe’s centre-right UNP.
Wickremesinghe survived a confidence vote last month sponsored by opponents who blame him for failing to prevent an alleged scam in the bond market and anti-Muslim riots in March.
Sirisena’s government is also under fire for not fulfilling his main 2015 election pledge to eliminate rampant corruption.
On Tuesday the government said it would establish special courts to speed up long delayed murder and corruption cases. Reporting by Shihar Aneez and Ranga Sirilal; Editing by Gareth Jones | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-sri-lanka-politics/sri-lanka-leader-calls-for-end-to-power-struggle-after-defections-idUKKBN1I936B |
May 21, 2018 / 2:15 PM / Updated an hour ago Roland Garros overhaul in full swing ahead of French Open Julien Pretot 4 Min Read
PARIS (Reuters) - Legal challenges have pushed the promised overhaul of Roland Garros back to 2020 but with construction finally well underway, this year’s French Open is poised to offer fans a “nouvelSle” experience. FILE PHOTO: Tennis - French Open - Roland Garros, Paris, France - June 11, 2017 General view during the final between Switzerland's Stan Wawrinka and Spain's Rafael Nadal Reuters / Gonzalo Fuentes/File Photo
A stroll down the alleys of the venue reveals how far work has progressed, with the expansion continuing apace days before the tournament starts.
Court Two is gone, enabling the modernisation of neighbouring Philippe Chatrier, the Centre Court, which barring further delays will sport a new retractable roof two years from now.
The roof, which can be set up in 12 minutes, will bring the French Open on par with the other three grand slams — the Australian Open, Wimbledon, and the U.S. Open.
After this year’s tournament, which runs from May 27-June 10, 80 percent of Philippe Chatrier will be destroyed.
“It is one of our biggest challenges,” Gilles Jourdan, director of the expansion project, told Reuters. “The stands of the Centre Court will be destroyed so they can be rebuilt next spring and be ready for 2019.”
A little further on, work on Court Simonne Mathieu is almost complete.
Named after France’s second-most decorated female player, the arena will replace Court One, the stadium’s third-largest court, affectionately known as the “Bullring” because of its shape and atmosphere.
The Bullring’s 5,000-seater replacement will be nestled among the area’s graceful 19-century greenhouses, and will be ready in time for the 2020 tournament.
Concern for the greenhouses was at the heart of the fierce opposition the French Tennis Federation faced when it announced the revamp, because the plan involved expanding the venue into the picturesque Serres d’Auteuil.
The famed botanical garden is home to 6,000 square meters of greenhouses built in 1898 and contain works by the sculptor Auguste Rodin, and the Roland Garros expansion has added more than 1,300 sqm of greenhouses to the existing ones.
“For the moment, the construction works are taking a lot of space,” said 73-year-old Jean-Pierre, who often walks among the greenhouses. “We fear that the tournament will attract people there who will not respect the place.” FARWELL TO THE BULLRING
“There are three new courts: 7, 9 and 18, which will eventually become court 14,” French tennis federation president Bernard Giudicelli said.
Courts 7 and 9 have 1,500 and 550 seats, respectively, and are located in front of the new village, allowing guests to watch the action from the terraces.
Court 18 is a semi-sunken arena that can hold up to 2,200 spectators, making it the stadium’s fourth-largest in terms of capacity. The court was built in less than a year, after the litigation finally ended.
Court One will be demolished only after the 2019 French Open, and Giudicelli plans to allow supporters with a general access pass into the Bullring next year to give them an opportunity to bid adieu to the arena.
Fans with general stadium access are usually allowed into all the courts apart from Chatrier, Lenglen and Court One.
“It will be an occasion for a nice farewell party,” Giudicelli added. Reporting by Julien Pretot; Editing by Simon Jennings | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-tennis-frenchopen-stadium/roland-garros-overhaul-in-full-swing-ahead-of-french-open-idUKKCN1IM1GS |
6 COMMENTS Venezuela’s leader, Nicolás Maduro, is considered likely to retain power after Sunday’s presidential election . But his government faces a mounting threat from something he can’t control: creditors targeting the oil shipments that provide nearly all the country’s foreign income.
A series of court orders in recent days has authorized U.S. oil giant ConocoPhillips to seize as much as $2.6 billion in Venezuelan oil from Dutch Caribbean islands as compensation for assets that Venezuela’s Socialist government expropriated from the company in 2007.
The rulings are a major blow to the cash-strapped and increasingly isolated nation at a time when its once-thriving state energy monopoly, Petróleos de Venezuela SA, or PdVSA, has been left in tatters after years of mismanagement.
Conoco’s aggressive actions, the latest in a decadelong legal battle, threaten to further undermine Venezuela’s diminished ability to store, refine and export crude oil, which it needs in part to ship to China as repayment for loans.
They follow efforts by a pair of mining companies to enforce payment of $2.6 billion won in separate arbitration cases . The companies are now seeking court approval to seize Venezuela’s external assets, including Citgo Petroleum Corp. in the U.S. Investors holding at least $2.5 billion in defaulted Venezuelan bonds could also target Venezuelan assets.
Combined with sanctions levied by the U.S. and other countries across the Americas, Venezuela is facing the tightest noose on its economy since 1902, said Venezuelan oil economist Orlando Ochoa. That is when European gunboats blocked its ports to recover unpaid infrastructure loans.
“This will have a brutal effect for PDVSA’S operational and storage capabilities,” he said.
Spokesmen at PdVSA and Venezuela’s oil ministry didn’t respond to calls seeking comment. The oil ministry posted several messages on its official Twitter account Friday indicating it was ready to pay the money it owes Conoco. The posts were deleted an hour later.
Conoco was able to secure the court orders against PdVSA after winning a $2 billion arbitration ruling last month by a tribunal representing the Paris-based International Chamber of Commerce. The company “will pursue all available legal avenues to obtain full and fair compensation for our expropriated investments in Venezuela,” said Conoco spokesman Daren Beaudo.
After the ICC ruling, a Curaçao judge on May 4 authorized a Dutch-registered Conoco subsidiary to target $636 million in oil products there. The company then began seizing oil cargoes at the Isla Refinery in Curaçao, which PdVSA leases from the island government.
Separately, a judge on the island of Bonaire, where PdVSA uses a 10-million-barrel storage facility, authorized Conoco to seize assets on Bonaire, St. Martin and Aruba to recover $1.5 billion, plus $449 million in interest.
The court orders led PdVSA to send a dozen tankers back to Venezuelan waters out of fear of confiscation, according to people familiar with the matter, prompting the Isla Refinery to shut down.
More than 16% of all Venezuelan oil exports passed through the Isla refinery and storage and port facilities in Aruba, Bonaire and Curaçao last year, according to BMI Research.
“The timing really couldn’t be any worse” for Venezuela, said Mara Roberts Duque, an analyst with BMI Research. “If they’re not able to get those shipments out, even to the degree that they were able to do so a week ago, that is going to be detrimental to the Venezuelan government."
Francisco Monaldi, an energy expert at Rice University in Houston, said Conoco’s actions in Curaçao were “a very big blow” to Venezuela. He said the country has just one domestic terminal where it can fill the larger tankers used to export crude to Asia.
Conoco’s actions haven’t been without controversy on Curaçao, which is concerned over job losses and fuel shortages on the island. “Shame on you ConocoPhillips for choosing not to fight this war on your own turf in the energy corridor in Houston,” former Curaçao Prime Minister Maria Liberia-Peters wrote in a public letter.
ConocoPhillips said it was working with local officials to address their concerns. “It is PdVSA that has failed to honor our award by ignoring the judgment of the ICC tribunal,” Mr. Beaudo said.
The decay of the oil industry in Venezuela, which sits atop the world’s largest crude reserves, is a major political concern for Mr. Maduro, who first became president in 2013 after the death of populist Hugo Chávez, and has presided over a 40% economic contraction in the past five years.
Food and medicine shortages are rampant in Venezuela, as the country struggles to import basics. As many as three million people have left the country according to some estimates, fleeing hyperinflation that has rendered salaries, including those of oil-field and refinery workers, to about $2 a month.
Sunday’s election, in which Mr. Maduro is seeking another six years in power, has been deemed illegitimate by the Trump administration and much of Latin America.
Over the past year, Mr. Maduro has responded to the oil crisis by jailing dozens of PdVSA officials on corruption charges and has placed the management of the industry into the hands of a national guard general, Manuel Quevedo, who had no prior experience in the energy business.
A rusting domestic refining network is operating at less than a quarter of its 1.3 million barrels-per-day capacity, according to refinery union leader Ivan Freites.
Venezuelan oil production last month fell to its lowest point in decades, about 1.4 million barrels a day, according to a Monday report by the Organization of the Petroleum Exporting Countries.
The decline has left Venezuela unable to benefit from a global rise in oil prices—now at their highest levels in more than three years.
Venezuelan economists say the country is generating revenue from only about 500,000 barrels daily. Another 300,000 goes to China to repay loans. The remainder is consumed domestically, where fuel is virtually free, or given to allies including Cuba at cut-rate prices.
—Dick Drayer in Curaçao contributed to this article.
Write to Kejal Vyas at [email protected] | ashraq/financial-news-articles | https://www.wsj.com/articles/venezuelas-creditors-are-cutting-its-crude-oil-lifeline-1526496625 |
May 23, 2018 / 5:38 AM / Updated 35 minutes ago IMF says Saudi reforms going well, urges government not to boost spending as oil rises Reuters Staff 1 Min Read
DUBAI (Reuters) - Saudi Arabia’s economic reforms are going well, the International Monetary Fund said after annual consultations with authorities, urging the government not to boost spending in line with climbing oil prices. FILE PHOTO: A man walks past the International Monetary Fund (IMF) logo at its headquarters in Washington, U.S., May 10, 2018. REUTERS/Yuri Gripas
“Saudi Arabia is making good progress in implementing its ambitious reform program under Vision 2030,” Tim Callen, head of an IMF team which held 12 days of talks with Saudi officials this month, said in a statement late on Tuesday. Reporting by Andrew Torchia; Editing by Himani Sarkar | ashraq/financial-news-articles | https://uk.reuters.com/article/us-saudi-imf/imf-says-saudi-reforms-going-well-urges-government-not-to-boost-spending-as-oil-rises-idUKKCN1IO0HL |
KUALA LUMPUR (Reuters) - Investors sorted Malaysia’s political haves from the have-nots on the first trading day after a shock election result, dumping shares in firms associated with supporters of ousted prime minister Najib Razak and projects backed by his government.
People look at trading boards at a private stock market gallery in Kuala Lumpur, Malaysia May 14, 2018. REUTERS/Stringer Veteran politician Mahathir Mohamad came out of retirement to lead the opposition Pakatan Harapan (Alliance of Hope) to a stunning victory over a ruling party he had once led, defeating Najib, a former protege he had accused of corruption.
As Malaysian markets reopened for trading after being shut for two days after the election last week, one of the biggest losers in the equity market was AirAsia Group Bhd ( AIRA.KL ), whose chief executive Tony Fernandes endorsed the incumbent Najib during the campaign. Shares of CIMB Group Holdings Bhd ( CIMB.KL ), whose group chairman Nazir Razak is Najib’s younger brother, also plunged.
Among Monday’s biggest winners was the Robert Kuok-controlled PPB Group Bhd ( PEPT.KL ), which rose over four percent following the appointment of Kuok, one of Asia’s richest tycoons, as an adviser to the new administration.
More broadly, construction companies were the biggest underperformers after Mahathir’s pledge to review large-scale infrastructure projects sponsored by the Najib administration, particularly those that would expand China’s economic interests in Malaysia.
Related Coverage Malaysia's Mahathir says faults committed by previous government will be investigated Former senior anti-graft official files complaint against ousted PM Najib: Bernama Shares of YTL Corp. ( YTLS.KL ), the conglomerate which was awarded part of the contract to build the Kuala Lumpur-Singapore high-speed railway line, fell more than 8 percent. Those of Opcom Holdings ( OPCM.KL ), a small fiber optics firm led by Mahathir’s son Mokhzani Mahathir, jumped 49.6 percent to 0.905 ringgit (less than quarter of a U.S. cent).
“Near-term performance may be constrained by a potential flux in capex plays and government-linked stocks, both prominently represented in institutional portfolios, in our view, as policy risks are repriced,” said Hoy Kit Mak, head of Malaysia equity research at JP Morgan.
Mak said his stance was to stay in consumer and defensive sectors, including healthcare and telecommunications.
Slideshow (2 Images) The main stock index , one of Asia’s top three performers this year in dollar terms, recovered quickly from an early drop, even as the utilities sector remained a drag. The construction sector .KLCT fell nearly 13 percent.
“The opposition party’s victory has also put into question the future of Chinese investment in the infrastructure sector, which could affect construction stocks,” Credit Suisse said in a note to clients.
SONS OF THE SOIL Malaysia was second only to Russia on a “crony capitalism” index published two years ago by the Economist magazine, showing how closely business fortunes have relied on political connections in the Southeast Asian economy.
Successive Malaysian administrations have persisted with statist policies, embodied in five-year plans, that have seen mega-contracts awarded to government-friendly businessmen.
Thus, the end of six decades of rule by the UMNO bloc saw shares of My E.G. Services, a company whose incomes come mainly from government contracts, fall 30 percent.
Shares in AirAsia ( AIRA.KL ) fell as much as 10 percent after its chief Tony Fernandes apologized for endorsing former Najib in the election.
Meanwhile, 10-year bond yields spiked to 4.25 percent, their highest levels since early 2017, as investors worried that foreign investors who hold nearly half the outstanding government bonds, will sell down.
Investors had anticipated the bearish reaction to the 92-year-old Mahathir becoming prime minister once more - he had retired in 2003 after 22 years in power.
Mahathir’s poll promises to roll back a goods and services tax, scrap toll fees, reinstate fuel subsidies and raise minimum wages also raise the specter of Malaysia’s fiscal deficit widening again.
The ringgit MYR= hit a four-month low of 3.9850 per dollar, but stabilized off those lows fairly early.
“Banks are significantly vulnerable and could come under pressure given their high foreign ownership and sharp rally in the sector over the past few months,” Credit Suisse said.
Writing by Vidya Ranganathan; Editing by Simon Cameron-Moore
| ashraq/financial-news-articles | https://www.reuters.com/article/us-malaysia-election-markets/malaysia-investors-shift-to-mahathirs-camp-from-najib-linked-losers-idUSKCN1IF0DZ |
Bond prices have plummeted this year, sending yields to multiyear highs. If the pressure on Treasurys continues as expected, the market's largest bond ETF could surpass the drop seen in its worst year on record, says one market watcher.
"Anyone who is holding bonds this year is feeling some pain," Charlie Bilello, director of research at Pension Partners, told CNBC's " Trading Nation " on Thursday.
"If that trend continues, it will be the worst year for the largest bond ETF in the world – AGG . It would also be the worst year in history for the Barclays Aggregate bond index, which is the biggest bond index out there," he said.
The AGG U.S. Aggregate Bond ETF is down more than 3 percent for the year on an absolute basis, second worst to a 4 percent drop in 2013. Should the pace of losses continue as markets expect, it will quickly surpass that drop. Analysts expect a minimum of three Fed rates hikes and an increased supply of government bonds to keep pressure on prices this year.
On a total returns basis, the ETF is down 2.3 percent, its worst year since its inception in 2003.
"What's the good news, if anything, for bond investors here? Well, this move down in price means the move up in yields so if we're looking at forward bond returns over the next few years they should be better than the last few years," said Bilello.
Bond yields, which move inversely to price, have spiked in 2018. The yield on the 10-year Treasury bond is up 20 percent since the beginning of the year and hit a high of 3.1 percent last week in its highest level since mid-2011.
"As I like to say in the bond market, there's really no pain, no gain. The only path to higher returns for bonds is higher interest rates so in the short run that's going to hurt but in the long run, that'll be better for bond investors," added Bilello.
The yield on the 10-year eased back below 3 percent this week after the Fed indicated it might let inflation run above its 2 percent target without reactive rate hikes.
show chapters Charlie Bilello of Pension Partners breaks down the bond market's next move 4 Hours Ago | 04:53 Vote Vote to see results Total Votes: Not a Scientific Survey. Results may not total 100% due to rounding.
Disclaimer | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/25/charts-show-the-largest-bond-etf-is-on-track-for-its-worst-year-ever.html |
JAKARTA (Reuters) - Indonesian police shot dead four men on Wednesday after they used samurai swords to attack officers at Riau police headquarters in Pekanbaru, Sumatra, a police spokesman said.
The men had driven their car into the police yard before getting out to stage the attack, Setyo Wasisto, national police spokesman, told a briefing.
Two officers were wounded in the attack, while another was killed after one of the perpetrators tried to escape and crashed into the officer, he said.
“The one who escaped has been captured and secured at Pekanbaru police station,” Wasisto said.
The spokesman said that a journalist who had been at the police station was also hurt after being hit by the car.
Earlier, an internal police report said that one of the dead men had a suspected bomb strapped to his body. Wasisto did not comment on this.
TV footage showed one man lying on the ground with a long sword next to his body and an armored car stationed outside the police station.
Related Coverage Islamic State claims attack on Indonesian policeman in Riau: Amaq A police spokesman in Riau said they had not identified the perpetrators yet or determined their motive.
But the attack comes after a series of suicide bombings by Islamist militants targeting churches and a police building in Indonesia’s second-biggest of city of Surabaya over the past few days.
The suicide bombings, involving families with young children, and an explosion at an apartment where militants were suspected to have been constructing bombs have left around 30 people dead, including 13 suspected perpetrators, police said.
The attacks are the worst in the world’s biggest Muslim-majority country since the bombing of tourist-packed restaurants in Bali in 2005.
Police suspect they were carried out by a cell of the Islamic State-inspired group Jemaah Ansharut Daulah (JAD), an umbrella organization on a U.S. State Department terrorist list that is reckoned to have drawn hundreds of Indonesian sympathizers of Islamic State.
A security vehicle drives along a road after an attack at the Riau police headquarters in Pekanbaru, Sumatra, Indonesia, May 16, 2018, in this still image taken from video obtained from social media. MANDATORY CREDIT. Raymond Alex Siregar/via REUTERS In a message carried on its Amaq news agency, Islamic State has claimed responsibility for the attacks in Surabaya.
After some major successes tackling Islamist militancy since 2001, Indonesia has seen a resurgence in recent years, including in January 2016 when four suicide bombers and gunmen attacked a shopping area in the capital, Jakarta.
Additional reporting by Gayatri Suroyo and Kanupriya Kapoor; Writing by Ed Davies; Editing by Michael Perry
| ashraq/financial-news-articles | https://www.reuters.com/article/us-indonesia-security/indonesia-police-shoot-man-after-sharp-weapon-used-in-attack-media-idUSKCN1IH094 |
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