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Jason Bordoff (@JasonBordoff), a former special assistant to President Obama, is a professor of professional practice in international and public affairs and founding director of the Center on Global Energy Policy at Columbia University. Since the modern oil industry began, experts have consistently fretted that the world’s supplies were on the verge of running out. In 1908, President Theodore Roosevelt warned […]
To Read the Full Story Subscribe Sign In Previous Think You’re Too Old to Found a Startup? Think Again Next How to Get Customer Feedback Without Asking the Customer | ashraq/financial-news-articles | https://blogs.wsj.com/experts/2018/05/03/how-ai-will-increase-the-supply-of-oil-and-gas-and-reduce-costs/ |
DEFINITY® worldwide revenues increase 18.4% year over year
NORTH BILLERICA, Mass.--(BUSINESS WIRE)-- Lantheus Holdings, Inc. (the “Company”) (NASDAQ: LNTH), parent company of Lantheus Medical Imaging, Inc. (“LMI”), a global leader in the development, manufacture and commercialization of innovative diagnostic imaging agents and products, today reported financial results for its first quarter ended March 31, 2018.
Management Comments
“Our first quarter provided an excellent start to the year, driven by robust sales for DEFINITY,” said Mary Anne Heino, President and CEO. “The first quarter also was marked by effective execution across a number of programs as we look to enhance the growth trajectory and profitability of our core microbubble franchise, augment our pipeline with focus on emerging technologies, and pursue complementary, external opportunities across the broader Life Sciences sector that fit with our objective to deliver long-term sustainable growth and profitability.”
“The application of microbubbles is emerging as a valuable platform for increased uses, including drug delivery and therapy. With the expertise we have built in microbubble technology, our goal is to lead in these growing markets. At the same time, clinical work regarding flurpiridaz F 18, a novel PET cardiac imaging agent for the evaluation of coronary artery disease, and LMI 1195, our fluorine-18-based PET agent which is expected to aid the diagnosis of heart failure patients at risk for sudden cardiac death, is proceeding on schedule. Internationally, our DEFINITY China program continues to move forward, with patient enrollment completed for the cardiac and pharmacokinetic studies, while enrollment in the kidney and liver studies is ongoing. We look to continue to execute successfully on our strategy and will report on our progress as we proceed through 2018,” continued Ms. Heino.
Financial Highlights
The Company’s worldwide revenues for 2018 totaled $82.6 million, representing an increase of 1.6% compared with $81.4 million for 2017. DEFINITY, the Company's flagship product and the world's leading echo contrast agent, had worldwide revenues of $44.7 million for the first quarter, an increase of 18.4% from the year-ago period.
Net income for 2018 totaled $8.2 million, or $0.21 per diluted share, compared with $4.1 million, or $0.11 per diluted share, for 2017. The Company’s first quarter 2018 Adjusted EBITDA (as outlined in the GAAP to non-GAAP reconciliation provided below) was $23.1 million, or 27.9% of revenues, compared with $22.7 million, or 27.8% of revenues, for 2017.
Outlook
For the second quarter of 2018, the Company expects worldwide revenues in the range of $85 million to $90 million. The Company expects Adjusted EBITDA, as described in the GAAP to non-GAAP reconciliation provided later in this release, of $20 million to $23 million, representing 22.2% to 27.1% of anticipated worldwide revenues.
The Company maintains its guidance for full year 2018 worldwide revenues of approximately $337 million to $342 million, compared with $326.4 million in 2017 (which excludes a $5 million up-front payment received from GE Healthcare). The Company also maintains its guidance for full year 2018 Adjusted EBITDA of $85 million to $90 million, representing 24.9% to 26.7% of anticipated worldwide revenues.
The Company’s guidance for worldwide revenues and Adjusted EBITDA are . They are subject to various risks and uncertainties that could cause the Company’s actual guidance. Forward-looking statements are not predictions of the Company’s actual performance. See the cautionary information about in the “Safe-Harbor Statement” section of this press release.
Internet Posting of Information
The Company routinely posts information that may be important to investors in the “Investors” section of its website at http://www.lantheus.com/ . The Company encourages investors and potential investors to consult its website regularly for important information about the Company.
Conference Call and Webcast
As previously announced, the Company will host a conference call starting at 4:30 p.m. Eastern Time today. To access the live conference call via telephone, please dial 1-866-498-8390 (U.S. callers) or 1-678-509-7599 (international callers) and provide passcode 8487086. A live audio webcast of the call also will be available in the Investors section of the Company’s website at www.lantheus.com .
A replay of the audio webcast will be available in the Investors section of our website at www.lantheus.com approximately two hours after completion of the call and will be archived for 30 days.
The conference call will include a discussion of non-GAAP financial measures. Reference is made to the most directly comparable GAAP financial measures, the reconciliation of the differences between the two financial measures, and the other information included in this press release, our Form 8-K filed with the SEC today, or otherwise available in the Investor Relations section of our website located at www.lantheus.com .
The conference call may include . See the cautionary information about in the safe-harbor section of this press release.
About Lantheus Holdings, Inc. and Lantheus Medical Imaging, Inc.
Lantheus Holdings, Inc. is the parent company of LMI, a global leader in the development, manufacture and commercialization of innovative diagnostic imaging agents and products. LMI provides a broad portfolio of products, including the echocardiography contrast agent DEFINITY® Vial for (Perflutren Lipid Microsphere) Injectable Suspension; TechneLite® (Technetium Tc99m Generator), a technetium-based generator that provides the essential medical isotope used in nuclear medicine procedures; and Xenon (Xenon Xe 133 Gas), an inhaled radiopharmaceutical imaging agent used to evaluate pulmonary function and for imaging the lungs. The Company is headquartered in North Billerica, Massachusetts with offices in Puerto Rico and Canada. For more information, visit www.lantheus.com .
Non-GAAP Financial Measures
The Company uses non-GAAP financial measures, such as revenues excluding the impact of foreign currency; adjusted operating income; adjusted net income and its line components; Adjusted EBITDA; adjusted net income per share - diluted; and free cash flow. The Company’s management believes that the presentation of these measures provides useful information to investors. These measures may assist investors in evaluating the Company’s operations, period over period. The measures may exclude such items which may be highly variable, difficult to predict and of a size that could have substantial impact on the Company’s reported results of operations for a period. Management uses these and other non-GAAP measures internally for evaluation of the performance of the business, including the allocation of resources and the evaluation of results relative to employee performance compensation targets. Investors should consider these non-GAAP measures only as a supplement to, not as a substitute for or as superior to, measures of financial performance prepared in accordance with GAAP.
Safe Harbor for Forward-Looking and Cautionary Statements
This press release contains “ ” as defined under U.S. federal securities laws, including statements about our 2018 outlook. Forward-looking statements may be identified by their use of terms such as anticipate, believe, confident, could, estimate, expect, intend, may, plan, predict, project, target, will and other similar terms. Such are subject to risks and uncertainties that could cause actual results to materially differ from those described in the forward- looking statements. Readers are cautioned not to place undue reliance on the contained herein, which speak only as of the date hereof. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law. Risks and uncertainties that could cause our actual results to materially differ from those described in the are discussed in our filings with the Securities and Exchange Commission (including those described in the Risk Factors section in our Annual Reports on Form 10-K and our Quarterly Reports on Form 10-Q). This press release includes forward-looking non-GAAP guidance for 2018 Adjusted EBITDA. No reconciliation of this forward-looking non-GAAP guidance was included in this press release because, due to the high variability and difficulty in making accurate forecasts and projections of some of the excluded information and the fact that some of the excluded information is not readily ascertainable or accessible, the Company is unable to quantify certain amounts that would be required to be included in the most directly comparable GAAP financial measure without unreasonable efforts.
Lantheus Holdings, Inc.
Consolidated Statements of Operations
(in thousands, except per share data – unaudited)
Three Months Ended
March 31, 2018 2017 Revenues $ 82,630 $ 81,359 Cost of goods sold 40,321 41,597 Gross profit 42,309 39,762 Operating expenses Sales and marketing 10,640 10,214 General and administrative 12,543 12,270 Research and development 3,989 5,351 Total operating expenses 27,172 27,835 Operating income 15,137 11,927 Interest expense 4,050 5,420 Loss on extinguishment of debt — 2,161 Other income (920 ) (577 ) Income before income taxes 12,007 4,923 Income tax expense 3,796 785 Net income $ 8,211 $ 4,138 Net income per common share: Basic $ 0.22 $ 0.11 Diluted $ 0.21 $ 0.11 Weighted-average common shares outstanding: Basic 37,886 36,889 Diluted 39,493 38,601 Lantheus Holdings, Inc.
Consolidated Segment Revenues Analysis
(in thousands – unaudited)
Three Months Ended
March 31, 2018 2017 Change
% United States
DEFINITY $ 43,506 $ 36,923 17.8 % TechneLite 18,063 23,308 (22.5 )% Xenon 7,927 8,058 (1.6 )% Other 1,992 2,738 (27.2 )% Total United States 71,488 71,027 0.6 % International
DEFINITY 1,149 789 45.6 % TechneLite 3,332 3,517 (5.3 )% Xenon — 2 (100.0 )% Other 6,661 6,024 10.6 % Total International 11,142 10,332 7.8 % Worldwide
DEFINITY 44,655 37,712 18.4 % TechneLite 21,395 26,825 (20.2 )% Xenon 7,927 8,060 (1.7 )% Other 8,653 8,762 (1.2 )% Total Revenues $ 82,630 $ 81,359 1.6 % Lantheus Holdings, Inc.
Reconciliation of GAAP to Non-GAAP Financial Measures
(in thousands – unaudited)
Three Months Ended
March 31, 2018 2017 Operating income $ 15,137 $ 11,927 Campus consolidation costs including depreciation 483 2,541 Offering and other costs — 178 Non-recurring refinancing related fees — 1,695 Adjusted operating income $ 15,620 $ 16,341 Adjusted operating income, as a percentage of revenues 18.9 % 20.1 % Lantheus Holdings, Inc.
Reconciliation of GAAP to Non-GAAP Financial Measures
(in thousands, except per share data – unaudited)
Three Months Ended
March 31, 2018 2017 Net income $ 8,211 $ 4,138 Reconciling items impacting operating income: Campus consolidation costs including depreciation 483 2,541 Offering and other costs — 178 Non-recurring refinancing related fees — 1,695 Reconciling items impacting non-operating expenses and income taxes: Loss on debt extinguishment and retirement costs — 2,161 Income tax effect of non-GAAP adjustments (a) (b) (122 ) (1,660 ) Adjusted net income $ 8,572 $ 9,053 Adjusted net income, as a percentage of revenues 10.4 % 11.1 % Three Months Ended
March 31, 2018 2017 Net income per share - diluted $ 0.21 $ 0.11 Reconciling items impacting operating income: Campus consolidation costs including depreciation 0.01 0.07 Offering and other costs — — Non-recurring refinancing related fees — 0.04 Reconciling items impacting non-operating expenses and income taxes: Loss on debt extinguishment and retirement costs — 0.06 Tax effect of non-GAAP adjustments (a) (b) — (0.05 ) Adjusted net income per share - diluted $ 0.22 $ 0.23 Weighted-average common shares outstanding - diluted 39,493 38,601 (a) The income tax effect of the adjustments between GAAP net income and non-GAAP adjusted net income takes into account the tax treatment and related tax rate that apply to each adjustment in the applicable tax jurisdiction.
(b) During the fourth quarter of 2017, we released the valuation allowance previously recorded against our domestic net deferred tax assets. As a result, we included the tax effect of non-GAAP adjustments starting in the fourth quarter of 2017. Presentation of 2017 Adjusted Net Income has been modified to allow better go-forward comparability by including the tax effect of non-GAAP reconciling items.
Lantheus Holdings, Inc.
Reconciliation of GAAP to Non-GAAP Financial Measures
(in thousands – unaudited)
Three Months Ended
March 31, 2018 2017 Net income $ 8,211 $ 4,138 Interest expense, net 4,043 5,417 Income tax expense (a) 2,955 296 Depreciation 1,874 4,514 Amortization of intangible assets 1,722 1,646 EBITDA 18,805 16,011 Stock and incentive plan compensation 1,977 1,292 Asset write-off (b) 1,245 312 Severance and recruiting costs (c) 209 139 Offering and other costs (d) — 178 Campus consolidation costs 483 27 Debt refinancing costs — 1,695 Extinguishment of debt and debt retirement costs — 2,161 New manufacturer costs (e) 368 836 Adjusted EBITDA $ 23,087 $ 22,651 Adjusted EBITDA, as a percentage of revenues 27.9 % 27.8 % (a) Represents income tax expense, less tax indemnification income associated with BMS.
(b) Represents non-cash losses incurred associated with inventory and other write-offs of long-lived assets.
(c) The amounts consist of severance and recruitment costs related to employees, executives and directors.
(d) Represents offering costs incurred on behalf of certain shareholders pursuant to a registration rights agreement and other non-recurring costs.
(e) Represents internal and external costs associated with establishing new manufacturing sources for our commercial and clinical candidate products.
Lantheus Holdings, Inc.
Reconciliation of Free Cash Flow
(in thousands – unaudited)
Three Months Ended
March 31, 2018 2017 Net cash (used in) provided by operating activities $ (666 ) $ 5,524 Capital expenditures (2,135 ) (4,899 ) Free cash flow $ (2,801 ) $ 625 Lantheus Holdings, Inc.
Condensed Consolidated Balance Sheets
(in thousands – unaudited)
March 31,
2018 December 31,
2017 Assets Current assets $ 73,739 $ 76,290 Accounts receivable, net 47,834 40,259 Inventory 32,086 26,080 Other current assets 5,598 5,221 Total current assets 159,257 147,850 Property, plant & equipment, net 93,777 92,999 Intangibles, net 11,106 11,798 Goodwill 15,714 15,714 Deferred tax assets, net 83,655 87,010 Other long-term assets 29,080 28,487 Total assets $ 392,589 $ 383,858 Liabilities and stockholders’ equity Current liabilities Current portion of long-term debt $ 2,750 $ 2,750 Revolving line of credit — — Accounts payable 21,012 17,464 Accrued expenses and other liabilities 21,634 26,536 Total current liabilities 45,396 46,750 Asset retirement obligations 10,702 10,412 Long-term debt, net 264,972 265,393 Other long-term liabilities 37,855 38,012 Total liabilities 358,925 360,567 Total stockholders’ equity 33,664 23,291 Total liabilities and stockholders’ equity $ 392,589 $ 383,858
View source version on businesswire.com : https://www.businesswire.com/news/home/20180502006389/en/
Lantheus Holdings, Inc.
Meara Murphy, 978-671-8508
Director, Investor Relations and Corporate Communications
Source: Lantheus Holdings, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/business-wire-lantheus-holdings-inc-reports-2018-first-quarter-results.html |
NEW YORK, May 10, 2018 (GLOBE NEWSWIRE) -- PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) (TASE:PFLT) announced today financial results for the second fiscal quarter ended March 31, 2018.
HIGHLIGHTS Quarter ended March 31, 2018
($ in millions, except per share amounts) Assets and Liabilities: Investment portfolio (1) $ 833.8 PSSL investment portfolio $ 221.2 Net assets $ 542.0 Net asset value per share $ 13.98 Credit Facility $ 191.5 2023 Notes $ 131.9 Yield on debt investments at quarter-end 8.6 % Operating Results: Net investment income $ 9.4 Net investment income per share $ 0.24 Distributions declared per share $ 0.285 Portfolio Activity: Purchases of investments $ 138.5 Sales and repayments of investments $ 46.6 Number of new portfolio companies invested 6 Number of existing portfolio companies invested 17 Number of ending portfolio companies 86 (1) Includes investments in PennantPark Senior Secured Loan Fund I LLC, or PSSL, an unconsolidated joint venture, totaling $77.3 million, at fair value. CONFERENCE CALLS
PennantPark Floating Rate Capital Ltd. (“we,” “our,” “us” or “Company”) will host a conference call at 10:00 a.m. (Eastern Time) on Friday, May 11, 2018 to discuss its financial results. All interested parties are welcome to participate. You can access the conference call by dialing toll-free (888) 394-8218 approximately 5-10 minutes prior to the call. International callers should dial (323) 701-0225. All callers should reference PennantPark Floating Rate Capital Ltd. An archived replay of the call will be available through May 25, 2018 by calling toll-free (888) 203-1112. International callers please dial (719) 457-0820. For all phone replays, please reference conference ID #8098265.
For our Note holders, the Company will also host an additional conference call on Monday, May 14, 2018 at 8:00 A.M. (Eastern Time) to discuss the financial results for the most recently completed fiscal quarter. All Note holders and other interested parties are welcome to participate. You can access the conference call by dialing toll-free (800) 289-0438 or 1809 212 883 approximately 5-10 minutes prior to the call. International callers should dial (323) 794-2423. All callers should reference PennantPark Floating Rate Capital Ltd. or conference ID #9976988.
PORTFOLIO AND INVESTMENT ACTIVITY
As of March 31, 2018, our portfolio totaled $833.8 million and consisted of $758.5 million of first lien secured debt, $36.1 million of second lien secured debt and $39.2 million of subordinated debt, preferred and common equity (of which $24.1 million was invested in PSSL). Our debt portfolio consisted of 100% variable-rate investments (including 5% where London Interbank Offered Rate, or LIBOR, was below the floor). As of March 31, 2018, we had one company on non-accrual, representing 0.3% and 0.1% of our overall portfolio on a cost and fair value basis, respectively. Overall, the portfolio had net unrealized appreciation of $5.0 million. Our overall portfolio consisted of 86 companies with an average investment size of $9.7 million, had a weighted average yield on debt investments of 8.6%, and was invested 91% in first lien secured debt (of which 6% was invested in PSSL), 4% in second lien secured debt and 5% in subordinated debt, preferred and common equity (of which 3% was invested in PSSL). As of March 31, 2018, all of the investments held by PSSL were first lien secured debt.
As of September 30, 2017, our portfolio totaled $710.5 million and consisted of $609.7 million of first lien secured debt, $37.8 million of second lien secured debt, $37.5 million of subordinated debt (of which $30.1 million was invested in PSSL) and $25.5 million of preferred and common equity (of which $13.4 million was invested in PSSL). Our debt portfolio consisted of 99% variable-rate investments (including 7% where LIBOR was below the floor) and 1% fixed-rate investments. As of September 30, 2017, we had one company on non-accrual, representing 0.4% and 0.2% of our overall portfolio on a cost and fair value basis, respectively. Overall, the portfolio had net unrealized appreciation of $2.0 million. Our overall portfolio consisted of 82 companies with an average investment size of $8.7 million, had a weighted average yield on debt investments of 8.0%, and was invested 86% in first lien secured debt, 5% in second lien secured debt, 5% in subordinated debt (of which 4% was invested in PSSL) and 4% in preferred and common equity (of which 2% was invested in PSSL). As of September 30, 2017, all of the investments held by PSSL were first lien secured debt.
For the three months ended March 31, 2018, we invested $138.5 million in six new and 17 existing portfolio companies with a weighted average yield on debt investments of 7.8%. Sales and repayments of investments for the three months ended March 31, 2018 totaled $46.6 million. For the six months ended March 31, 2018, we invested $315.3 million in 17 new and 28 existing portfolio companies with a weighted average yield on debt investments of 7.9%. Sales and repayments of investments for the six months ended March 31, 2018 totaled $195.7 million.
For the three months ended March 31, 2017, we invested $146.3 million in nine new and 10 existing portfolio companies with a weighted average yield on debt investments of 7.8%. Sales and repayments of investments for the three months ended March 31, 2017 totaled $71.5 million. For the six months ended March 31, 2017, we invested $271.1 million in 21 new and 23 existing portfolio companies with a weighted average yield on debt investments of 7.7%. Sales and repayments of investments for the six months ended March 31, 2017 totaled $141.9 million.
“The investments in people and capital into our platform have resulted in a significantly enhanced deal flow, which puts us in a position to be both active and selective. We are pleased with our activity level in the quarter ended March 31, 2018, most of which occurred toward the end of the quarter, as well as our activity level quarter to date,” said Arthur H. Penn, Chairman and CEO. “Our growing portfolio, increases in LIBOR, and the doubling of PSSL should provide a strong tailwind to growing our earnings stream.”
RECENT DEVELOPMENTS
In May 2018, we doubled the financial capacity of PSSL. We and Kemper each increased our respective debt and equity investments in PSSL while continuing to own 87.5% and 12.5%, respectively, of each of the outstanding first lien secured debt and equity interests. Our commitments to fund first lien secured debt to PSSL were increased by $64.3 million and our commitments to fund equity interests in PSSL were increased by $27.6 million. Additionally, PSSL’s credit facility was amended to, among other things, allow for borrowing of up to $420.0 million at any one time outstanding, subject to leverage and borrowing base restrictions.
Through April 30, 2018, we have made investments totaling $62.8 million and PSSL has made investments totaling $43.0 million (of which $12.4 million was purchased from the Company).
On April 5, 2018, our board of directors approved the application of the modified asset coverage requirements set forth in Section 61(a)(2) of the 1940 Act, as amended by the Consolidated Appropriations Act of 2018 (which includes the Small Business Credit Availability Act). As a result, the asset coverage requirements applicable to us for senior securities will be reduced from 200% to 150%, effective as of April 5, 2019, subject to compliance with certain disclosure requirements.
PennantPark Senior Secured Loan Fund I LLC
As of March 31, 2018, PSSL’s portfolio totaled $221.2 million, consisted of 30 companies with an average investment size of $7.4 million and had a weighted average yield on debt investments of 7.6%. As of September 30, 2017, PSSL’s portfolio totaled $100.0 million, consisted of 18 companies with an average investment size of $5.6 million and had a weighted average yield on debt investments of 7.2%.
For the three months ended March 31, 2018, PSSL invested $79.9 million (of which $6.2 million was purchased from the Company) in six new and three existing portfolio companies with a weighted average yield on debt investments of 7.4%. PSSL’s sales and repayments of investments for the three months ended March 31, 2018 totaled $6.9 million. For the six months ended March 31, 2018, PSSL invested $127.7 million in 13 new and three existing portfolio companies with a weighted average yield on debt investments of 7.4%. PSSL’s sales and repayments of investments for the six months ended March 31, 2018 totaled $7.7 million.
RESULTS OF OPERATIONS
Set forth below are the results of operations for the three and six months ended March 31, 2018 and 2017.
Investment Income
Investment income for the three and six months ended March 31, 2018 was $16.5 million and $31.3 million, respectively, and was attributable to $13.2 million and $26.8 million from first lien secured debt and $3.3 million and $4.5 million from second lien secured debt, subordinated debt and preferred and common equity, respectively. This compares to investment income for the three and six months ended March 31, 2017, which was $13.2 million and $25.9 million, respectively, and was attributable to $12.0 million and $23.3 million from first lien senior debt and $1.2 million and $2.6 million from second lien secured debt and subordinated debt, respectively. The increase in investment income compared to the same periods in the prior year was primarily due to the growth of our portfolio.
Expenses
Expenses for the three and six months ended March 31, 2018 totaled $7.1 million and $23.9 million, respectively. Base management fee for the same periods totaled $1.9 million and $3.8 million, incentive fee totaled $0.4 million (including $0.2 million on unrealized gains accrued but not payable) and $0.5 million (including $0.4 million on unrealized gains accrued but not payable), debt related interest and expenses totaled $3.5 million and $17.0 million (including $10.9 million in amendment costs on our multi-currency, senior secured revolving credit facility, or the Credit Facility, and debt issuance costs on our 3.83% Series A notes due 2023, or the 2023 Notes), general and administrative expenses totaled $1.1 million and $2.2 million and provision for taxes totaled $0.2 million and $0.4 million, respectively. This compares to expenses for the three and six months ended March 31, 2017, which totaled $5.2 million and $11.0 million, respectively. Base management fee for the same periods totaled $1.7 million and $3.3 million, incentive fee totaled $0.5 million (including $(0.1) million on unrealized gains accrued but not payable) and $1.9 million (including $0.5 million on unrealized gains accrued but not payable), Credit Facility expenses totaled $2.0 million and $3.8 million, general and administrative expenses totaled $0.9 million and $1.9 million and provision for taxes totaled $0.1 million and $0.1 million, respectively. The increase in expenses compared to the same periods in the prior year was primarily due to the expenses incurred in connection with the Credit Facility amendment and debt issuance costs on the 2023 Notes in the current period, which was partially offset by a reduction in incentive fees.
Net Investment Income
Net investment income totaled $9.4 million and $7.5 million, or $0.24 and $0.20 per share, for the three and six months ended March 31, 2018, respectively. Net investment income totaled $8.0 million and $14.9 million, or $0.27 and $0.53 per share, for the three and six months ended March 31, 2017, respectively. The increase in net investment income for the three months ended March 31, 2018 compared to the same period in the prior year was primarily due to the growth of our portfolio, partially offset by higher recurring debt related interest and expense. The decrease in net investment income for the six months ended March 31, 2018 compared to the same period in the prior year was primarily due to the expenses incurred in connection with the Credit Facility amendment and debt issuance costs on the 2023 Notes in the current period.
Net Realized Gains or Losses
Sales and repayments of investments for the three and six months ended March 31, 2018 totaled $46.6 million and $195.7 million, respectively, and net realized gains (losses) totaled $1.5 million and $(1.3) million, respectively. Sales and repayments of investments for the three and six months ended March 31, 2017 totaled $71.5 million and $141.9 million, respectively, and net realized gains totaled $2.0 million and $2.5 million, respectively. The change in realized gains/losses was primarily due to changes in the market conditions of our investments and the values at which they were realized.
Unrealized Appreciation or Depreciation on Investments, the Credit Facility and the 2023 Notes
For the three and six months ended March 31, 2018, we reported net change in unrealized (depreciation) appreciation on investments of $(0.6) million and $2.9 million, respectively. For the three and six months ended March 31, 2017, we reported net change in unrealized depreciation on investments of $2.7 million and $0.2 million, respectively. As of March 31, 2018 and September 30, 2017, our net unrealized appreciation on investments totaled $5.0 million and $2.0 million, respectively. The net change in unrealized appreciation/depreciation on our investments compared to the same periods in the prior year was primarily due to changes in the capital market conditions, the financial performance of certain portfolio companies and the reversal of unrealized appreciation/depreciation on investments that were realized.
For the three and six months ended March 31, 2018, our Credit Facility and the 2023 Notes had a net change in unrealized depreciation of $5.3 million and $8.4 million, respectively. For the three and six months ended March 31, 2017, our Credit Facility had a net change in unrealized depreciation (appreciation) of less than $0.1 million and $(1.0) million, respectively. As of March 31, 2018 and September 30, 2017, our net unrealized depreciation (appreciation) on the Credit Facility and the 2023 Notes totaled $5.4 million and $(3.1) million, respectively. The net change in unrealized depreciation compared to the same periods in the prior year was primarily due to changes in the capital markets.
Net Change in Net Assets Resulting from Operations
Net change in net assets resulting from operations totaled $15.6 million and $17.5 million, or $0.40 and $0.46 per share, respectively, for the three and six months ended March 31, 2018. This compares to a net change in net assets resulting from operations of $7.3 million and $16.1 million, or $0.25 and $0.57 per share, respectively, for the three and six months ended March 31, 2017. The increase in the net change in net assets from operations compared to the same periods in the prior year was primarily due to the growth of our portfolio, partially offset by the expenses incurred in connection with the Credit Facility amendment and debt issuance costs on the 2023 Notes in the current period.
LIQUIDITY AND CAPITAL RESOURCES
Our liquidity and capital resources are derived primarily from proceeds of securities offerings, debt capital and cash flows from operations, including investment sales and repayments, and income earned. Our primary use of funds from operations includes investments in portfolio companies and payments of fees and other operating expenses we incur. We have used, and expect to continue to use, our debt capital, proceeds from the rotation of our portfolio and proceeds from public and private offerings of securities to finance our investment objectives.
The annualized weighted average cost of debt for the six months ended March 31, 2018 and 2017, inclusive of the fee on the undrawn commitment of 0.375% on the Credit Facility, amendment costs and debt issuance costs, was 7.40% and 2.91%, respectively (excluding amendment and debt issuance costs, amounts are 3.91% and 2.91%, respectively).
As of March 31, 2018 and September 30, 2017, we had $190.2 million and $253.8 million of outstanding borrowings under the Credit Facility, respectively. The Credit Facility had a weighted average interest rate of 3.79% and 3.18%, exclusive of the fee on undrawn commitments as of March 31, 2018 and September 30, 2017, respectively. As of March 31, 2018 and September 30, 2017, we had $214.8 million and $121.2 million of unused borrowing capacity under our Credit Facility, respectively, subject to the regulatory restrictions.
As of March 31, 2018 and September 30, 2017, we had cash equivalents of $48.4 million and $18.9 million, respectively, available for investing and general corporate purposes. We believe our liquidity and capital resources are sufficient to take advantage of market opportunities.
Our operating activities used cash of $111.7 million for the six months ended March 31, 2018, and our financing activities provided cash of $142.1 million for the same period. Our operating activities used cash primarily for our investment activities and our financing activities provided cash primarily from a follow-on equity offering and the issuance of the 2023 Notes, partially offset by net repayments under the Credit Facility.
Our operating activities used cash of $116.7 million for the six months ended March 31, 2017, and our financing activities provided cash of $131.7 million for the same period. Our operating activities used cash primarily for our investment activities and our financing activities provided cash primarily from a follow-on equity offering and net borrowings under the Credit Facility.
DISTRIBUTIONS
During the three and six months ended March 31, 2018, we declared distributions of $0.285 and $0.570 per share, respectively, for total distributions of $11.0 million and $21.5 million, respectively. For the same periods in the prior year, we declared distributions of $0.285 and $0.570 per share, respectively, for total distributions of $8.7 million and $16.3 million, respectively. We monitor available net investment income to determine if a return of capital for taxation purposes may occur for the fiscal year. To the extent our taxable earnings fall below the total amount of our distributions for any given fiscal year, stockholders will be notified of the portion of those distributions deemed to be a tax return of capital. Tax characteristics of all distributions will be reported to stockholders subject to information reporting on Form 1099-DIV after the end of each calendar year and in our periodic reports filed with the Securities and Exchange Commission, or the SEC.
AVAILABLE INFORMATION
The Company makes available on its website its report on Form 10-Q filed with the SEC and stockholders may find the report on its website at www.pennantpark.com .
PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES March 31, 2018 September 30, 2017 (unaudited) Assets Investments at fair value Non-controlled, non-affiliated investments (cost—$752,786,913 and $665,514,821, respectively) $ 756,508,349 $ 666,973,639 Controlled, affiliated investments (cost—$76,000,000 and $43,000,000, respectively) 77,278,843 43,525,143 Total of investments (cost—$828,786,913 and $708,514,821, respectively) 833,787,192 710,498,782 Cash and cash equivalents (cost—$48,414,852 and $18,847,673, respectively) 48,407,896 18,910,756 Interest receivable 2,726,987 2,520,506 Receivable for investments sold 1,062,342 14,185,850 Prepaid expenses and other assets 718,042 1,229,505 Total assets 886,702,459 747,345,399 Liabilities Distributions payable 3,683,347 3,085,607 Payable for investments purchased 9,826,176 21,730,512 Credit Facility payable (cost—$190,173,311 and $253,783,301, respectively) 191,522,414 256,858,457 2023 Notes payable (cost—$138,579,858 and zero, respectively) 131,872,593 — Interest payable on debt 2,610,482 693,787 Base management fee payable 1,929,703 1,784,806 Performance-based incentive fee payable 2,947,562 5,061,217 Accrued other expenses 350,212 224,739 Total liabilities 344,742,489 289,439,125 Commitments and contingencies — — Net assets Common stock, 38,772,074 and 32,480,074 shares issued and outstanding, respectively
Par value $0.001 per share and 100,000,000 shares authorized 38,772 32,480 Paid-in capital in excess of par value 539,462,336 451,448,872 (Distributions in excess of) undistributed net investment income (10,850,935 ) 3,163,645 Accumulated net realized gain on investments 2,965,895 4,289,389 Net unrealized appreciation on investments 4,985,740 2,047,044 Net unrealized depreciation (appreciation) on debt 5,358,162 (3,075,156 ) Total net assets $ 541,959,970 $ 457,906,274 Total liabilities and net assets $ 886,702,459 $ 747,345,399 Net asset value per share $ 13.98 $ 14.10
PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended March 31, Six Months Ended March 31, 2018 2017 2018 2017 Investment income: From non-controlled, non-affiliated investments: Interest $ 14,639,839 $ 12,917,094 $ 28,507,259 $ 24,868,929 Other income 262,878 303,804 696,058 983,237 From controlled, affiliated investments: Interest 898,103 — 1,433,863 — Dividend 700,000 — 700,000 — Total investment income 16,500,820 13,220,898 31,337,180 25,852,166 Expenses: Base management fee 1,929,703 1,731,417 3,751,766 3,327,144 Performance-based incentive fee 375,101 453,666 523,111 1,923,035 Interest and expenses on debt 3,477,374 1,998,347 6,095,682 3,799,072 Administrative services expenses 500,000 561,250 1,000,000 1,122,500 Other general and administrative expenses 618,750 357,500 1,237,501 715,000 Expenses before amendment costs, debt issuance costs and provision for taxes 6,900,928 5,102,180 12,608,060 10,886,751 Credit Facility amendment costs and debt issuance costs — — 10,869,098 — Provision for taxes 200,000 90,000 400,000 115,000 Total expenses 7,100,928 5,192,180 23,877,158 11,001,751 Net investment income 9,399,892 8,028,718 7,460,022 14,850,415 Realized and unrealized gain (loss) on investments and debt: Net realized gain (loss) on investments 1,463,057 1,960,610 (1,323,494 ) 2,510,011 Net change in unrealized appreciation (depreciation) on: Non-controlled, non-affiliated investments (1,013,160 ) (2,744,991 ) 2,184,996 (198,966 ) Controlled, affiliated investments 435,258 — 753,700 — Debt depreciation (appreciation) 5,304,713 38,808 8,433,318 (1,029,406 ) Net change in unrealized appreciation (depreciation) on investments and debt 4,726,811 (2,706,183 ) 11,372,014 (1,228,372 ) Net realized and unrealized gain (loss) from investments and debt 6,189,868 (745,573 ) 10,048,520 1,281,639 Net increase in net assets resulting from operations $ 15,589,760 $ 7,283,145 $ 17,508,542 $ 16,132,054 Net increase in net assets resulting from operations per common share $ 0.40 $ 0.25 $ 0.46 $ 0.57 Net investment income per common share $ 0.24 $ 0.27 $ 0.20 $ 0.53 ABOUT PENNANTPARK FLOATING RATE CAPITAL LTD.
PennantPark Floating Rate Capital Ltd. is a business development company which primarily invests in U.S. middle-market companies in the form of floating rate senior secured loans, including first lien secured debt, second lien secured debt and subordinated debt. From time to time, the Company may also invest in equity investments. PennantPark Floating Rate Capital Ltd. is managed by PennantPark Investment Advisers, LLC.
FORWARD-LOOKING STATEMENTS
This press release may contain “ ” within the meaning of the Private 1995. You should understand that under Section 27A(b)(2)(B) of the Securities Act of 1933, as amended, and Section 21E(b)(2)(B) of the Securities Exchange Act of 1934, as amended, or the Exchange Act, the “safe harbor” provisions of the Private 1995 do not apply to made in periodic reports we file under the Exchange Act. All statements other than statements of historical facts included in this press release are and are not guarantees of future performance or results, and involve a number of risks and uncertainties. Actual results may those in the as a result of a number of factors, including those described from time to time in filings with the SEC. The Company undertakes no duty to update any forward-looking statement made herein. You should not place undue influence on such as such statements speak only as of the date on which they are made.
We may use words such as “anticipates,” “believes,” “expects,” “intends,” “seeks,” “plans,” “estimates” and similar expressions to identify Such statements are based on currently available operating, financial and competitive information and are subject to various risks and uncertainties that could cause actual results to our historical experience and our present expectations.
CONTACT:
Aviv Efrat
PennantPark Floating Rate Capital Ltd.
Reception: (212) 905-1000
www.pennantpark.com
Source:PennantPark Floating Rate Capital Ltd. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/globe-newswire-pennantpark-floating-rate-capital-ltd-announces-financial-results-for-the-quarter-ended-march-31-2018.html |
Ed Zimmerman is co-founder and chair of the tech group at Lowenstein Sandler LLP and of @VentureCrush. He is also an adjunct professor teaching venture capital at Columbia Business School. It will come as no surprise that startup founders spend substantial time raising money, jumping through complex hoops every step of the way. As a result, ‘How Long Do I Have Left?’ AI Can Help Answer That Question Next How I Empower the Introverts on My Staff | ashraq/financial-news-articles | https://blogs.wsj.com/experts/2018/04/30/the-damaging-shortcuts-entrepreneurs-take-when-raising-money/ |
Market Open: May 30, 2018 1 Hour Ago 01:35 01:35 | 2 Hrs Ago 01:09 01:09 | 11:11 AM ET Tue, 29 May 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/30/market-open-may-30-2018.html |
May 24, 2018 / 10:10 PM / Updated 24 minutes ago U.S. jury awards Apple $539 million in Samsung patent retrial Jan Wolfe , Stephen Nellis 4 Min Read
(Reuters) - After nearly five days of deliberations, a U.S. jury on Thursday said Samsung Electronics Co Ltd should pay $539 million to Apple Inc for copying patented smartphone features, according to court documents, bringing a years-long feud between the technology companies into its final stages. A Samsung logo and a logo of Apple are seen in this September 23, 2014 illustration photo. REUTERS/Dado Ruvic/File Photo
The world’s top smartphone rivals have been in court over patents since 2011, when Apple filed a lawsuit alleging Samsung’s smartphones and tablets “slavishly” copied its products. Samsung was found liable in a 2012 trial, but a disagreement over the amount to be paid led to the current retrial over damages where arguments ended on May 18.
Samsung previously paid Apple $399 million to compensate Apple for infringement of some of the patents at issue in the case. The jury has been deliberating the case since last week.
Because of that credit, if the verdict is upheld on appeal it will result in Samsung making an additional payment to Apple of nearly $140 million.
In a statement, Apple said it was pleased that the members of the jury “agree that Samsung should pay for copying our products.”
“We believe deeply in the value of design,” Apple said in its statement. “This case has always been about more than money.”
Samsung did not immediately say whether it planned to appeal the verdict but said it was retaining “all options” to contest it.
“Today’s decision flies in the face of a unanimous Supreme Court ruling in favour of Samsung on the scope of design patent damages,” Samsung said in a statement. “We will consider all options to obtain an outcome that does not hinder creativity and fair competition for all companies and consumers.”
The new jury verdict followed a trial in San Jose, California, before Judge Lucy Koh that focused on how much Samsung should pay for infringing Apple patents covering aspects of the iPhone’s design. The jury awarded Apple $533.3 million for Samsung’s violation of so-called design patents and $5.3 million for the violation of so-called utility patents.
Apple this year told jurors it was entitled to $1 billion in profits Samsung made from selling infringing phones, saying the iPhone’s design was crucial to their success.
Samsung sought to limit damages to about $28 million, saying it should only pay for profits attributable to the components of its phones that infringed Apple patents.
Jurors in the earlier trial awarded $1.05 billion to Apple, which was later reduced.
Samsung paid $548 million to Apple in December 2015, including $399 million for infringement of some of the patents at issue in this week’s trial.
Apple’s case against Samsung raised the question of whether the total profits from a product that infringes a design patent should be awarded if the patent applies only to a component of the product, said Sarah Burstein, a professor of patent law at the University of Oklahoma.
The verdict appears to be a compromise between Apple and Samsung’s positions and does not offer much clarity on that question, said Burstein, who predicted Samsung would appeal it to the U.S. Court of Appeals for the Federal Circuit.
“This decision just means we are going to have more uncertainty,” Burstein said. “Smart tech industry players are waiting to see what the Federal Circuit does. This is just one jury applying one test.” Reporting by Stephen Nellis in San Francisco and Jan Wolfe in New York; Editing by Lisa Shumaker | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-apple-samsung-elec/u-s-jury-awards-apple-539-million-in-samsung-patent-retrial-cnet-idUKKCN1IP3PZ |
Bayer selling $9B in ag business ahead of Monsanto merger Published 2 Hours Ago The Associated Press
WASHINGTON (AP) — German pharmaceutical giant Bayer AG has agreed to the U.S. government's demand that it sell about $9 billion in agriculture businesses as the condition for acquiring Monsanto Co., a U.S. seed and weed-killer maker.
Antitrust regulators at the Justice Department say it's the biggest divestiture ever required for a merger. The regulators say they directed Bayer to divest assets such as vegetable oils, seeds and seed treatments to ensure fair competition and prevent price spikes after the massive agriculture business deal goes through. The assets will be sold to BASF, a German chemical company.
"As a result, American farmers and consumers will continue to benefit from competition in this industry," the Justice Department said in a statement.
Without the sale of Bayer assets, the merger of two of the world's largest agricultural companies "would likely result in higher prices, lower quality and fewer choices across a wide array of seed and crop-protection products," the statement said. "The merger also threatened to stifle the innovation in agricultural technologies that has delivered significant benefits to American farmers and consumers."
Bayer's $57 billion proposed takeover of Monsanto has been watched by competitors and environmental groups, which are fearful that the number of players in the business of selling seeds and pesticides will shrink further and give a single company a stranglehold on the food chain.
Monsanto, based in St. Louis, is one of the world's biggest seed companies. The merger would make Bayer the largest supplier in the world of pesticides and seeds for farmers.
"This merger is going to have a devastating effect on African American farmers and other small farmers," John Boyd, founder and president of the National Black Farmers Association, said in a telephone interview. "It means higher prices for small farmers, and more black farmers will end up going out of business due to these higher seed prices."
The divestiture proposal will be filed in federal court and opened to public comment for 60 days.
In March, the European Union approved the merger on condition that Bayer sell $7.4 billion in assets to BASF to eliminate overlaps in seed and pesticide markets. The U.S. Justice Department said after the European action that it continued to have concerns over the proposed deal, especially its potential impact on American farmers and consumers, which could differ from its effects in Europe. Genetically modified seeds, for example, are used widely in the U.S. but mostly banned in Europe.
Under the new U.S. agreement, Bayer must divest:
— Businesses that compete with Monsanto, including its cotton, canola, soybean and vegetable seed businesses, and its Liberty herbicide business, a key rival of Monsanto's well-known Roundup herbicide.
— Certain intellectual property and research capabilities for developing new products.
— Assets needed to ensure that BASF has the same incentives to innovate that Bayer would have as an independent competitor, including Bayer's early stage "digital agriculture" business.
The merger also has won approval from China, Brazil and Australia.
Bayer said it has now secured nearly all the needed government clearances for closing the deal.
"Receipt of the (Justice Department's) approval brings us close to our goal of creating a leading company in agriculture," Bayer CEO Werner Baumann said in a statement. "We want to help farmers across the world grow more nutritious food in a more sustainable way."
Some antitrust experts had warned that the merger would eliminate direct competition between two of the biggest players in the seed industry, giving the new company lopsided control over U.S. cotton acreage, and commercial seed development for canola, soybean and corn.
Two big mergers last year already have reshaped the global seed and pesticide market: Dow Chemical's combination with DuPont last year, and China National Chemical Corp.'s acquisition of Syngenta, a Swiss seed and pesticide maker. Related Securities | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/29/the-associated-press-bayer-selling-9b-in-ag-business-ahead-of-monsanto-merger.html |
ATLANTA, May 30, 2018 /PRNewswire/ -- A team of Troutman Sanders attorneys advised Atlanta Fin-Tech star GreenSky, Inc. in connection with its IPO that closed on May 29 th . The IPO commenced with a suggested price range of $21 to $23 and an offering size of 34 million shares. It was well-received by the market and up-sized, including the exercise of an overallotment option, to 43.7 million shares at the high end of the price range, raising $1+ billion.
Troutman Sanders began advising GreenSky over ten years ago when GreenSky had fewer than 15 employees. Today it has over 1,000 employees, and provides banks, consumers and merchants a completely paperless, mobile-enabled experience that typically permits a consumer to apply and be approved for financing in less than 60 seconds at the point of sale. In the interim, Troutman helped GreenSky develop its "bank model," under which it helps banks originate loans, often home improvement loans, for high FICO score consumers. Additionally, Troutman Sanders advised GreenSky in connection with several rounds of private equity financing, as well as an assortment of other transactions.
The Troutman Sanders team was led by corporate partner Brinkley Dickerson, with help from corporate attorneys Lisa Raines, Libby Barwick, Tina Bacce and Paul Fancher. Tax advice was provided by Robert Friedman and Joel Post. Jeff Banish provided benefits advice.
The IPO was not just the largest of its type this year, it was also a rare example of a 100 percent "secondary" offering, in which all of the proceeds went to investors. In most cases, the primary purpose of the IPO is to raise capital for the issuer. The transaction also involved a complex "Up-C" structure, in which common stock was offered by a newly-formed holding company – the "C up above a partnership" – in order to preserve partnership tax treatment for continuing investors.
Robert Friedman said, "An Up-C structure is extraordinarily complex, but the tax benefits to founders, investors and employees can save an enormous amount of taxes and provide additional value."
Brinkley Dickerson said, "GreenSky is a great client. It has a business model that fits perfectly in our increasingly technology-driven finance industry. GreenSky has been an innovator in its space, and the success of the IPO reflects years of hard work and the company's commitment to provide value to everyone with whom it interacts. We consider ourselves fortunate to have been able to represent GreenSky over the years and now in its IPO."
"Troutman Sanders has developed corporate, securities and tax teams that are capable of providing advice in even the most complex capital markets situations, and we are honored that GreenSky has the confidence in us that it does," he added.
About Troutman Sanders
With a diverse practice mix, workforce and footprint, Troutman Sanders has cultivated its reputation for a higher commitment to client care for over 120 years. Ideally positioned to help clients across sectors realize their business goals, the firm's 650 attorneys transact for growth, resolve mission-threatening disputes and navigate complex legal and regulatory challenges. See troutman.com for more information.
View original content: http://www.prnewswire.com/news-releases/troutman-sanders-guides-greensky-through-largest-fin-tech-ipo-of-year-300656792.html
SOURCE Troutman Sanders LLP | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/pr-newswire-troutman-sanders-guides-greensky-through-largest-fin-tech-ipo-of-year.html |
Net revenues increased by 161.1% year-over-year
Gross billings (non-GAAP) increased by 125.5% year-over-year
New student enrollments increased by 128.6% year-over-year
BEIJING, May 21, 2018 /PRNewswire/ -- Sunlands Online Education Group (NYSE: STG) ("Sunlands" or the "Company"), a leader in China's online post-secondary and professional education, today announced its unaudited financial results for the first quarter ended March 31, 2018.
First Quarter 2018 Financial and Operational Highlights
Net revenues were RMB406.4 million (US$64.8 million), representing a 161.1% increase year-over-year. Gross billings (non-GAAP) were RMB929.2 million (US$148.1 million), representing a 125.5% increase year-over-year. Gross profit was RMB335.7 million (US$53.5 million), representing a 146.4% increase year-over-year. Net loss was RMB245.2 million (US$39.1 million), representing a 146.8% increase year-over-year. Net loss margin, defined as net loss as a percentage of net revenue, decreased to 60.3% from 63.8% in the first quarter of 2017. New student enrollments were 152,140, representing a 128.6% increase year-over-year.[1] As of March 31, 2018, deferred revenue balance was RMB2,619.1 million (US$417.6 million).
[1] New student enrollments for a given period refers to the total number of orders placed by students that newly enroll in at least one course during that period (including those students that enroll and then terminate their enrollment with us).
Mr. Tongbo Liu, Chief Executive Officer of Sunlands, said, "We are pleased to deliver a strong set of results following our initial public offering on the NYSE. Our investments in higher quality educational offerings, our IT platform and distinctive marketing initiatives to attract more students led to robust growth in new student enrollments and net revenues during the first quarter. This enabled us to gain market share and strengthen our leadership position in China's online post-secondary and professional education market."
Mr. Liu added, "Looking forward, we are excited by the growth potential of the higher education market in China. According to iResearch, as of December 31, 2017, there were over 600 million people between the ages of 18 and 48 without a bachelor's degree in China. Our online tutoring services are designed to address this enormous unmet demand and provide a path for underserved adult students to significantly improve their employment and career prospects. We will continue to invest in long term initiatives to unlock the potential market and attract more students to our platform, enhance our content and teaching quality, and upgrade our IT platform. We are confident that these investments will enable us to continuously improve the student experience and sustainably grow our market share."
Mr. Steven Yipeng Li, Chief Financial Officer of Sunlands, said, "During the first quarter, we delivered strong financial results with net revenue increasing 161.1% year-over-year and net cash provided by operating activities of RMB226.3 million. Bolstered by the recent capital infusion from the IPO and a significant and growing deferred revenue base, we have the resources that we need to continue to build our online education platform and attract more students. We look forward to growing our market share and realizing the growth potential of our highly scalable business model in the coming quarters."
Financial Results for the First Quarter of 2018
Net Revenues
In the first quarter of 2018, our net revenues increased by 161.1% to RMB406.4 million (US$64.8 million) from RMB155.6 million in the first quarter of 2017. The increase was mainly driven by the growth in gross billings, which was attributable to an increase in new student enrollments. The significant increase in new student enrollments in the first quarter of 2018 was driven by our continuous investments in improving the quality of our courses and educational content offerings, improving our IT platform, as well as an increase in sales, branding and marketing efforts.
Cost of Revenues
Our cost of revenues increased by 263.9% from RMB19.4 million in the first quarter of 2017 to RMB70.7 million (US$11.3 million) in the first quarter of 2018. The increase was primarily due to the increase in compensation for our faculty members, which mainly included teachers and mentors, as we continued to retain our existing faculty members and attract new faculty members.
Gross Profit
Our gross profit increased by 146.4% to RMB335.7 million (US$53.5 million) from RMB136.2 million in the first quarter of 2017.
Operating Expenses
In the first quarter of 2018, operating expenses were RMB588.3 million (US$93.7 million), representing a 149.2% increase from RMB236.1 million in the first quarter of 2017.
Sales and marketing expenses increased by 137.4% to RMB499.0 million (US$79.5 million) from RMB210.2 million in the first quarter of 2017. The increase was mainly due to increases in (i) our sales and marketing compensation; and (ii) spending on branding and marketing activities, including investments in broadening our search engine and mobile application channels.
General and administrative expenses increased by 267.0% to RMB77.7 million (US$12.4 million) from RMB21.2 million in the first quarter of 2017. The increase was primarily due to (i) an increase in the employee compensation, mainly as a result of hiring more staff to satisfy requirements of operating as a public company; and (ii) foreign exchange losses as a result of the decline in the USD in the first quarter in 2018.
Product development expenses increased by 145.2% to RMB11.6 million (US$1.8 million) from RMB4.7 million in the first quarter of 2017. The increase was primarily due to an increase in compensation for our course and educational content professionals and technology development personnel during the quarter.
Net Loss
Net loss for the first quarter of 2018 was RMB245.2 million (US$39.1 million), compared with RMB99.4 million in the first quarter of 2017.
Basic and Diluted Net Loss Per Share
Basic and diluted net loss per share was RMB55.25 (US$8.81) in the first quarter of 2018.
Net Cash Generated from Operating Activities
Net cash provided by operating activities was RMB226.3 million (US$36.1 million) in the first quarter of 2018, compared with RMB140.4 million for the same quarter last year.
Cash and Cash Equivalents and Short-term Investments
As of March 31, 2018, we had RMB1,841.6 million (US$293.6 million) of cash and cash equivalents and RMB444.0 million (US$70.8 million) of short-term investments, compared to RMB559.5 million of cash and cash equivalents and RMB353.1 million of short-term investments as of December 31, 2017.
Deferred Revenue
As of March 31, 2018, our deferred revenue balance was RMB2,619.1 million (US$417.6 million) . Revenues related to online courses are recognized on a straight line basis over the service period. Deferred revenue consists of tuition fees received from students for which services have not yet been provided to such students pursuant to the terms of those service contracts.
Capital Expenditures
Our capital expenditures incurred primarily in connection with purchases of buildings and IT infrastructure equipment necessary to support our operations. Our capital expenditures were RMB147.7 million (US$23.5 million) and RMB2.4 million in the first quarters of 2018 and 2017, respectively. The increase was mainly due to purchases of buildings and leasehold improvements.
Outlook
For the second quarter of 2018, we currently expect net revenues to be between RMB460.0 million to RMB480.0 million, which would represent an increase of 123.5% to 133.2% year-over-year.
The above outlook is based on the current market conditions and reflects our current and preliminary estimates of market and operating conditions and customer demand, which are all subject to substantial uncertainty.
Exchange Rate
The Company's business is primarily conducted in China and all of the revenues are denominated in Renminbi ("RMB"). This announcement contains currency conversions of RMB amounts into U.S. dollars ("US$") solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$ are made at a rate of RMB6.2726 to US$1.00, the effective noon buying rate for March 30, 2018 as set forth in the H.10 statistical release of the Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on March 30, 2018, or at any other rate.
Conference Call and Webcast
Sunlands' management team will host a conference call at 7:30am U.S. Eastern Time, (7:30pm Beijing/Hong Kong time) on May 21, 2018, following the quarterly results announcement.
The dial-in details for the live conference call are:
US toll free: +1-888-346-8982
International: +1-412-902-4272
Canada toll free: 855-669-9657
Hong Kong toll free: 800-905945
Hong Kong toll: +852-301-84992
Mainland China toll free: 4001-201203
Please dial in 10 minutes before the call is scheduled to begin. When prompted, ask to be connected to the Sunlands Online Education Group Call. Participants will be required to state their name and company upon entering the call.
A live webcast and archive of the conference call will be available on the Investor Relations section of Sunlands' website at http://www.sunlands.investorroom.com/
Safe Harbor Statement
This press release contains forward-looking statements made under the "safe harbor" provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Sunlands may also make written or oral forward-looking statements in its reports filed with or furnished to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including statements about Sunlands' beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include, but not limited to the following: Sunlands' goals and strategies; its expectations regarding demand for and market acceptance of its brand and services; its ability to retain and increase student enrollments; its ability to offer new courses and educational content; its ability to improve sales and marketing efficiency and effectiveness; its ability to engage, train and retain new faculty members; its future business development, results of operations and financial condition; its ability to maintain and improve technology infrastructure necessary to operate its business; competition in the online education industry in China; relevant government policies and regulations relating to Sunlands' corporate structure, business and industry; and general economic and business condition in China Further information regarding these and other risks, uncertainties or factors is included in the Sunlands' filings with the U.S. Securities and Exchange Commission. All information provided in this press release is current as of the date of the press release, and Sunlands does not undertake any obligation to update such information, except as required under applicable law.
About Sunlands
Sunlands Online Education Group (NYSE: STG) ("Sunlands" or the "Company") is the leader in China's online post-secondary and professional education in terms of gross billings in 2017, according to iResearch. With a one to many, live streaming platform, Sunlands offers various degree and diploma-oriented post-secondary courses as well as online professional courses and educational content, to help students prepare for professional certification exams and attain professional skills. Students can access its services either through PC or mobile applications. The Company's online platform cultivates a personalized, interactive learning environment by featuring a virtual learning community and a vast library of educational content offerings that adapt to the learning habits of its students. Sunlands offers a unique approach to education research and development that organizes subject content into Learning Outcome Trees, the Company's proprietary knowledge management system. Sunlands has a deep understanding of the educational needs of its prospective students and offers solutions that help them achieve their goals.
About Non-GAAP Financial Measures
We use gross billings and EBITDA, each a non-GAAP financial measure, in evaluating our operating results and for financial and operational decision-making purposes.
We define gross billings for a specific period as the total amount of cash received for the sale of course packages, net of the total amount of refunds paid in such period. Our management uses gross billings as a performance measurement because we generally bill our students for the entire course tuition at the time of sale of our course packages and recognize revenue proportionally over a period. EBITDA is defined as net loss excluding depreciation, amortization, interest income, and income tax expenses. We believe that gross billings and EBITDA provide valuable insight into the sales of our course packages and the performance of our business.
This non-GAAP financial measure should not be considered in isolation from, or as a substitute for, its most directly comparable financial measure prepared in accordance with GAAP. A reconciliation of the historical non-GAAP financial measure to its most directly comparable GAAP measure has been provided in the tables included below. Investors are encouraged to review the reconciliation of the historical non-GAAP financial measure to its most directly comparable GAAP financial measure. As gross billings and EBITDA have material limitations as an analytical metric and may not be calculated in the same manner by all companies, it may not be comparable to other similarly titled measures used by other companies. In light of the foregoing limitations, you should not consider gross billings and EBITDA as a substitute for, or superior to, net revenues prepared in accordance with GAAP. We encourage investors and others to review our financial information in its entirety and not rely on a single financial measure.
For investor enquiries, please contact:
Yingying Liu
IR Director
Tel: +86 182 5691 2232
Email: [email protected]
For media enquiries, please contact:
Brunswick Group
Ziya Yang
Tel: +86 10 5960 8600
Email: [email protected]
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except for share and per share data, or otherwise noted)
As of December 31,
As of March 31,
2017
2018
RMB
RMB
US$
ASSETS
Current assets
Cash and cash equivalents
559,459
1,841,615
293,597
Short-term investments
353,070
443,959
70,778
Prepaid expenses and other current assets
48,993
112,800
17,982
Amounts due from related parties
250,096
62,726
10,000
Deferred costs, current
55,073
84,032
13,397
Total current assets
1,266,691
2,545,132
405,754
Non-current assets
Property and equipment, net
525,288
549,598
87,619
Intangible assets, net
1,552
1,367
218
Deferred costs, non-current
43,187
61,618
9,823
Long-term investment
3,300
2,464
393
Other non-current assets
129,641
134,232
21,400
Total non-current assets
702,968
749,279
119,453
TOTAL ASSETS
1,969,659
3,294,411
525,207
LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' DEFICIT
LIABILITIES
Current liabilities
Accrued expenses and other current liabilities (including accrued expenses
and other current liabilities of the consolidated VIE without recourse to
Sunlands Online Education Group of RMB223,298 and RMB233,738
as of December 31, 2017 and March 31, 2018, respectively)
235,900
323,380
51,556
Deferred revenue, current (including deferred revenue, current of the
consolidated VIE without recourses to Sunlands Online Education Group of RMB1,325,954 and
RMB1,325,954 and RMB1,518,741 as of December 31, 2017 and March 31, 2018, respectively)
2018, respectively)
1,325,954
1,518,741
242,123
Payables to acquire buildings (including payables to acquire buildings of the
consolidated VIE without recourse to Sunlands Online Education Group of
RMB180,390 and nil as of December 31, 2017 and March 31, 2018,respectively)
240,390
121,540
19,376
Total current liabilities
1,802,244
1,963,661
313,055
Non-current liabilities
Deferred revenue, non-current (including deferred revenue, non-current of the
consolidated VIE without recourse to Sunlands Online Education Group of
RMB784,474 and RMB1,100,393 as of December 31, 2017 and March 31,
2018, respectively)
784,474
1,100,393
175,429
Total non-current liabilities
784,474
1,100,393
175,429
TOTAL LIABILITIES
2,586,718
3,064,054
488,484
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS-continued
(Amounts in thousands, except for share and per share data, or otherwise noted)
As of December 31,
As of March 31,
2017
2018
RMB
RMB
US$
MEZZANINE EQUITY
Series A convertible redeemable preferred shares
292,000
-
-
Series B convertible redeemable preferred shares
601,605
-
-
Series B+ convertible redeemable preferred shares
131,104
-
-
TOTAL MEZZANINE EQUITY
1,024,709
-
-
SHAREHOLDERS' DEFICIT
Ordinary shares (par value of US$0.00005, 1,000,000,000 shares
authorized; 4,329,000 and nil shares issued and outstanding
as of December 31, 2017 and March 31, 2018, respectively)
1
-
-
Class A ordinary shares (par value of US$0.00005, 796,062,195 shares
authorized; nil and 1,818,383 shares issued and outstanding
as of December 31, 2017 and March 31, 2018, respectively)
-
1
-
Class B ordinary shares (par value of US$0.00005, 826,389 shares
authorized; nil and 826,389 shares issued and outstanding
as of December 31, 2017 and March 31, 2018, respectively)
-
-
-
Class C ordinary shares (par value of US$0.00005, 203,111,416 shares
authorized; nil and 4,265,286 shares issued and outstanding
as of December 31, 2017 and March 31, 2018, respectively)
-
1
-
Additional paid-in capital
289,674
2,423,985
386,440
Accumulated deficit
(1,922,748)
(2,168,285)
(345,676)
Accumulated other comprehensive loss
(8,759)
(25,710)
(4,099)
Total Sunlands Online Education Group shareholders' (deficit)/equity
(1,641,832)
229,992
36,665
Noncontrolling interest
64
365
58
TOTAL SHAREHOLDERS' (DEFICIT)/EQUITY
(1,641,768)
230,357
36,723
TOTAL LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' (DEFICIT)/EQUITY
1,969,659
3,294,411
525,207
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except for share and per share data, or otherwise noted)
For the Three Months Ended March 31,
2017
2018
RMB
RMB
US$
Net revenues
155,637
406,373
64,785
Cost of revenues
(19,426)
(70,700)
(11,271)
Gross profit
136,211
335,673
53,514
Operating expenses
Sales and marketing expenses
(210,184)
(498,976)
(79,549)
Product development expenses
(4,725)
(11,586)
(1,847)
General and administrative expenses
(21,172)
(77,697)
(12,387)
Total operating expenses
(236,081)
(588,259)
(93,783)
Loss from operations
(99,870)
(252,586)
(40,269)
Interest income
856
6,844
1,091
Other income, net
-
1,342
214
Loss before income tax expenses
(99,014)
(244,400)
(38,964)
Income tax expenses
-
-
-
Loss from an equity method investment
(348)
(836)
(133)
Net loss
(99,362)
(245,236)
(39,097)
Less: Net (loss)/income attributable to noncontrolling interest
(12)
301
48
Net loss attributable to Sunlands Online Education Group
(99,350)
(245,537)
(39,145)
Net loss per share attributable to ordinary shareholders of
Sunlands Online Education Group:
Basic and diluted
(26.02)
(55.25)
(8.81)
Weighted average shares used in calculating net loss
per ordinary share:
Basic and diluted
3,818,618
4,443,714
4,443,714
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(Amounts in thousands )
For the Three Months Ended March 31,
2017
2018
RMB
RMB
US$
Net loss
(99,362)
(245,236)
(39,097)
Other comprehensive loss, net of tax effect of nil:
Change in cumulative foreign currency translation adjustments
(2,190)
(16,951)
(2,702)
Total comprehensive loss
(101,552)
(262,187)
(41,799)
Less: comprehensive (loss)/income attributable to noncontrolling
interest
(12)
301
48
Comprehensive loss attributable to Sunlands Online Education Group
(101,540)
(262,488)
(41,847)
SUNLANDS ONLINE EDUCATION GROUP
RECONCILIATION OF NON-GAAP MEASURES TO THE MOST COMPARABLE GAAP MEASURES
(Amounts in thousands)
For the Three Months Ended March 31,
2017
2018
RMB
RMB
Net revenues
155,637
406,373
Less: other revenues
(888)
(1,670)
Add: tax and surcharges
5,230
15,791
Add: ending deferred revenue
979,703
2,619,134
Less: beginning deferred revenue
(727,569)
(2,110,428)
Gross billings (non-GAAP)
412,113
929,200
Net loss
(99,362)
(245,236)
Add: income tax expenses
-
-
depreciation and amortization
1,452
4,687
Less: interest income
(856)
(6,844)
EBITDA (non-GAAP)
(98,766)
(247,393)
View original content: http://www.prnewswire.com/news-releases/sunlands-online-education-group-announces-unaudited-first-quarter-2018-financial-results-300651684.html
SOURCE Sunlands Online Education Group | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/pr-newswire-sunlands-online-education-group-announces-unaudited-first-quarter-2018-financial-results.html |
Vladimir Putin is often portrayed in the press as a wily manipulator who always gets his way, but lately the Kremlin’s schemes are backfiring. His meddling in the 2016 U.S. election has created a bipartisan American backlash, and the March attack with a nerve agent in Salisbury, England, is now producing a cross-party British call for a crackdown on Russian money sheltering in London.
On Monday an 11-member committee of the House of Commons issued a report that must have Russian oligarchs worried about where they can safely... | ashraq/financial-news-articles | https://www.wsj.com/articles/a-crackdown-on-russian-money-1527287963 |
DOVER, Del., May 9, 2018 /PRNewswire/ -- At their meeting held today, the Board of Directors of Chesapeake Utilities Corporation (NYSE: CPK) voted to increase the quarterly cash dividend on the Company's common stock from $0.325 per share to $0.370 per share. The Board's action raises the 2018 annualized dividend $0.18 per share from $1.30 to $1.48 per share, which represents a 13.8 percent increase. The $0.370 per share dividend will be payable July 5, 2018 to all shareholders of record at the close of business on June 15, 2018.
"The word 'energized,' as it appears on the cover of our 2017 Annual Report, could not be more appropriate in describing Chesapeake Utilities Corporation, our past success and our expectations for the future. This 'energy' has propelled the Company for more than a decade and in 2017 produced Chesapeake's 11th year of record earnings," stated Michael P. McMasters, President and CEO. "The dividend increase of $0.18 per share is a result of the positive energy of our team's track record in delivering superior earnings growth and the Board of Directors' confidence in the Company's ability to build on our past success. This year's increase also reflects the positive impact of the Tax Cuts and Job Act on earnings contributions from our unregulated businesses. Our goal remains to be to continue to provide above average growth in dividends supported by growth in earnings per share, through our continued disciplined approach to investment opportunities," Mr. McMasters added.
With this increase, Chesapeake's five-year average annualized dividend growth rate is 7.6 percent. Chesapeake has paid dividends to its shareholders without interruption for 57 years. During those 57 years, Chesapeake has either maintained or increased its annualized dividend.
Chesapeake Utilities Corporation is a diversified energy company engaged in natural gas distribution, transmission, gathering and processing, and marketing; electricity generation and distribution; propane gas distribution and other businesses. Information about Chesapeake Utilities Corporation and the Chesapeake family of businesses is available at www.chpk.com or through the Company's IR App.
Please note that Chesapeake Utilities Corporation has no affiliation with Chesapeake Energy, an oil and natural gas exploration company headquartered in Oklahoma City, Oklahoma.
For more information, contact:
Beth W. Cooper
Senior Vice President & Chief Financial Officer
302.734.6799
View original content: http://www.prnewswire.com/news-releases/chesapeake-utilities-corporation-raises-dividend-by-13-8-percent-300645976.html
SOURCE Chesapeake Utilities Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/pr-newswire-chesapeake-utilities-corporation-raises-dividend-by-13-point-8-percent.html |
A Kansas town feels the loss of its refugee center 8:04am EDT - 01:53
A refugee resettlement center in Garden City, Kansas, has been forced to shut down in the wake of President Donald Trump's cuts to the program leaving recent arrivals unmoored and without access to services. refugee resettlement center in Garden City, Kansas, has been forced to shut down in the wake of President Donald Trump's cuts to the program leaving recent arrivals unmoored and without access to services. //reut.rs/2GGatKi | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/22/a-kansas-town-feels-the-loss-of-its-refu?videoId=429305711 |
Maersk CEO: Outlook much better for container shipping 12 Hours Ago 01:27 01:27 | 9:57 AM ET Sun, 13 May 2018 02:54 02:54 | 10:32 AM ET Mon, 14 May 2018 00:44 00:44 | 11:48 AM ET Fri, 11 May 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/17/maersk-ceo-outlook-much-better-for-container-shipping.html |
By Polina Marinova 10:04 AM EDT 5 Qs WITH A DEALMAKER
Good morning, Term Sheet readers.
Anu Duggal founded Female Founders Fund (F3) back in 2014 when the venture landscape looked much different. She was an entrepreneur-turned-investor who had just sold her company and was thinking about her next move.
“When I looked around, I saw a lot of women who were starting businesses,” she told Term Sheet . “I recognized that in the next 10 to 15 years, you’d start to see more and more interesting companies being built by women.”
So she began fundraising for F3, a seed stage venture fund that invests exclusively in female-founded technology companies. Seven hundred investor meetings later, Duggal managed to raise $5 million for her first fund. “Starting a fund is really difficult,” she said. “We have over 70 investors in our first fund — all individuals. The majority of those investors were people who had invested in my last company.”
But things are a little different in 2018. Just two weeks ago, Duggal and F3 partner Sutian Dong announced they closed $27 million for their second early-stage fund. Though it’s a star-studded list of individual investors — Melinda Gates, Hayley Barna , Katrina Lake — the partners were able to bring on some new limited partners. Unlike the first fund, this one includes some capital from institutions, funds of funds, foundations, and family offices, Duggal said.
F3’s portfolio includes companies like Thrive Global, Zola, Maven, and WayUp.
In a conversation with Term Sheet, Duggal and Dong discuss the role LPs play in the venture ecosystem, investment trends to watch, and whether a fund like F3 is really in a position to challenge the status quo. Read the full Q&A here.
TERM SHEET: You raised the first fund in 2014. How have your conversations with potential LPs changed since then?
DUGGAL: When you think about the last 15 to 20 years of exits in the venture capital industry, there have not been that many that were led by female founders. What’s happened between Fund I and Fund II is that you’ve seen companies like StitchFix go public, you’ve seen Rent the Runway scale. There are now solid examples of companies that are being led by women that are fairly diverse and not in just one industry. LPs can understand that’s actually happening now. In the first fund, we were asking LPs to bet on the future — now we have some concrete examples to point to.
You’re investors in wedding registry startup Zola, which just raised $100 million from Goldman Sachs, Comcast Ventures, and NBC Universal. What did you see in the company early on that made you think it was a big opportunity?
DUGGAL: I actually met [Zola CEO] Shan-Lyn Ma pre-Zola. I was really impressed with her. When you think about weddings as an industry, it’s definitely not at the top of the list from a venture capital investment standpoint. I think though there’s a ton of spend that happens in the category but no one has really innovated. A lot of that spend happens in the wedding process — in registries. Even in the early days, it was pretty clear that if you could get that model to work, the viral model of having 100 or 200 people to buy wedding gifts, would ultimately translate into a pretty interesting network effect. We had been tracking Zola early on, and the numbers year after year were incredibly impressive.
DONG: It underlies our conviction as a fund we have a very different point of view from other folks in the industry. What I heard around the industry from investors talking about Zola, it would be around, “Is this ever going to be a big business?” A lot of people looked at Zola and took the view of, “Most people get married once, so what’s the lifetime customer value?”
People get married every year, and the current experience across the wedding industry is still pretty old school. The only thing that has really come online is that registry piece. We looked at Zola and we saw they were creating a platform in a space where many, many people go through in their lifetime maybe not just once but twice. And it was using modern technology designed for millennial consumers who are used to really natural, intuitive experiences online.
What are some investment trends you think Term Sheet readers should be paying attention to right now?
DUGGAL: There’s interesting opportunities in women’s health — whether it’s fertility or benefits that relate to women in the workplace. We’re seeing a lot in this area. We were early investors in Maven [a digital clinic for women]. Through that experience, we’ve gotten to understand that women really control the spend in healthcare, and they haven’t really been marketed to or addressed as consumers.
The second area we’re interested in is around experiential commerce. You obviously had some really exciting brands built online, but at the end of the day what we’re seeing that a lot of traditional retailers are trying to re-invent. That’s an area where we’re seeing a lot of interesting businesses and startups think about how to best use that physical space and translate it into something that’s more than just your typical retail experience.
DONG: Another trend is the rise of “alternate communities.” We have this view that the decline of organized religion, amongst other things, is leading to a gap in the market where the functions that the church once served, like community and connection, have created an opportunity for more secular brands to pop up. SoulCycle is a great example of that — people have characterized it as almost cult-ish. We’re seeing more and more companies pop up to re-create some of the needs for the individual, whether it’s community or a search for meaning. We’re investors in a group called Peanut, which is a social network for moms. We’re investors in a company called HipSobriety, which is an alternative to Alcoholics Anonymous. We’re investors in a company called Co-Star, which is an astrology app.
There’s been this massive shift in terms of consumer intent to gather in places with other like-minded individuals. We’re looking at a lot of these communities that are being built online in really interesting ways.
Only 2% of venture funding went to female founders in 2017, and just 8% of partners at the top venture capital firms are women. How big of a role do limited partners play in shaping what the tech ecosystem looks like?
DUGGAL: I think LPs play a pivotal role in terms of helping establish the next generation of fund managers. There’s two ways to think about venture capital. You obviously have the established, big names in the industry, but I think what you’ve seen in the last four years is the emergence of micro-funds and even more traditional VCs leave to start their own shops. So I think that as limited partners, there’s a really great opportunity to back these fund managers who don’t necessarily look like the traditional venture fund investors and show that you can still get great returns.
Right, but the funds you’re referring to are relatively small when compared to the more traditional firms on Sand Hill Road. Are they truly in a position to challenge the established players?
DUGGAL: Ultimately, what we’ve seen that’s been incredibly interesting and exciting as a seed fund is that from a diversity standpoint, you won’t see more companies being built by women unless they get seed funding. The reason that funds like ours are important is that you need people who can open up the door to get that Series A or Series B. You need to ultimately have these larger funds feel like they’re missing out and that there’s a serious economic repercussion by not taking a look at the companies we’re helping get off the ground.
The impact will come later. We feel like with the portfolio we have now, we are able to make introductions to Series A and B funds. As those companies get funded, other VCs will recognize that these are some really interesting opportunities and founders are building businesses that have real potential to scale. Ultimately, that’s what will move the needle on more women getting funded and more exits happening.
DONG: It will take time. Part of the reason I think there are so many seed funds getting started is that it can be easier to raise $20 million than it is to raise $200 million. For many people, it is the starting point to build into a larger franchise of funds and scale into being a Series A or B over time. I think you’ll see the maturation of some of these franchises that will be more established players in 10 years. I will point to First Round Capital as a fantastic example of a firm that has been around for a little over 10 years, but Josh [Kopelman] and his team have done an incredible job at creating and re-defining what seed looks like.
Secondly, you’re seeing in the last several days that many of these more traditional firms are adding senior level female partners . It’s a real indication to us that the firms are aware that the lack of diversity within their organizations is leading them to miss out on some opportunities that they really should be in front of.
Read the full Q&A here.
—-
Corrections: An entry in yesterday’s Term Sheet omitted the seller of a company. Permira sold Magento Commerce to Adobe for $1.68 billion. Another entry incorrectly listed the sales figure of Electrocore. The company generated $811,500 in 2017, not 811.5 million. We regret the errors.
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• Comcast Is Preparing an All-Cash Bid to Break Up the Disney-Fox Marriage
• Trump Paused His Trade War With China. But Countries Are Still Preparing $3.5 Billion in Tariffs to Hit the U.S.
• GM Gets Ready for a Post-Car Future (by Rick Tetzeli)
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Comcast is in the advanced stages of preparing all-cash bid for Fox assets . Barclays explores mergers with rival banks . Deutsche Bank considers plans for 10,000 job cuts .
VENTURE DEALS
• Roadstar.ai , a China and California-based autonomous driving startup, raised $128 million in Series A funding. Wu Capital and Shenzhen Capital Group led the round, and was joined by investors including Yunqi Partners.
• Iora Health , a Boston-based primary care provider with a focus on Medicare patients over 65 years of age, raised $100 million in Series E funding. Investors include .406 Ventures, Devonshire Investors, F-Prime Capital, Flare Capital Partners, GE Ventures, Humana, Khosla Ventures, Polaris Partners and Temasek.
• SafetyCulture , an Australia-based provider of software for mobile workplace safety and quality management, raised A$60 million ($45.2 million) in funding. Tiger Global Management led the round.
• SignalFx , a San Mateo, California-based provider of real-time operational intelligence for data-driven DevOps, raised $45 million in Series D funding. General Catalyst led the round, and was joined by investors including Andreessen Horowitz and CRV .
• OWKIN , an A.I. startup using machine learning to augment medical and biology research, announced a a Series A extension from GV . This brings the company’s total funding to $18 million to date.
• Superpedestrian , a Cambridge, Mass.-based developer of e-bikes, raised $16.5 million in Series B1 funding. Investors include Extol Capital LLC, Spark Capital, and General Catalyst.
• Ultromics , a U.K.-based developer of echocardiography software, raised about $13.4 million in Series A funding. Oxford Sciences Innovation led the round, and was joined by investors including Neptune, RT Ventures, GT Healthcare, Tanarra and Fushia .
• Okera , a San Francisco-based software provider, raised $12 million in Series A funding. Bessemer Venture Partners led the round, and was joined by investors including Felicis Ventures and Capital One Growth Ventures .
• Real Vision , a video-on-demand service for financial and business media, raised $10 million in funding. The investors were not named.
• Tear Film Innovations Inc , a Carlsbad, Calif.-based maker of the iLux evaporative dry eye system, raised $8.5 million in funding. Visionary Ventures and Bluestem Capital led the round.
• RenovoRx, Inc ., a Los Altos, Calif.-based medical technology company developing a catheter-based approach to treating pancreatic cancer, raised $10 million in funding. Boston Scientific led the round, and was joined by investors including btov Partners , Astia Angels, the Angels’ Forum, the Halo Fund III, L.P., Golden Seeds, and Acorn Campus Taiwan.
• LockState , a Denver-based smart lock platform, raised $5.8 million in Series A funding. Iron Gate Capital led the round,and was joined by investors including Kozo Keikaku Engineering Inc, Nelnet and Service Provider Capital.
• Tempow , a Paris-based developer of a Bluetooth protocol, raised $4 million in Series A funding. Balderton Capital led the round, and was joined by investors including C4 Ventures .
• Mented Cosmetics , a New York-based cosmetics company, raised $3 million in seed funding. CircleUp Growth Partners led the round.
• Lending Express , a New York City-based AI-powered marketplace for business loans, raised $2.7 million in funding. Investors include Entrée Capital and iAngels.
• EKIM , a France-based food tech startup, has raised 2.2 million euros ($2.6 million) in funding. The investors were Partech and Daphni.
• Pensa Systems , an Austin, Texas-based provider of autonomous perception systems, raised $2.2 million in seed funding. ATX Seed Ventures led the round, and was joined by investors including ZX Ventures .
• Parabola , a San Francisco-based company that helps automate manual work, raised $2.2 million in funding. Matrix Partners led the round, and was joined by investors including included AngelPad, Merus Capital and Abstract Ventures.
• Optimoz , a Bethesda, Md.-based digital transformation company, raised $2 million in Series A funding. Global Environment Fund led the round.
• Insightin Health , a Gaithersburg, Md.-based provider of an AI-driven decision platform that helps health insurance companies with preventative actions for their members, raised $2 million in funding. Health Catalyst Capital Management led the round, and was joined by investors including Revolution’s Rise of the Rest Seed Fund, TEDCO, SaaS Ventures and TCP Ventures.
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• GRAIL Inc , a Menlo Park, Calif.-based healthcare company focused on detecting cancer early, raised $300 million in Series C funding. Ally Bridge Group led the round.
• Orbit Discovery Ltd , a U.K.-based biotech company developing a peptide identification and optimisation platform, raised £6.9 million ($9.2 million) in Series A funding. Oxford Sciences Innovation led the round, and was joined by investors including RT Ventures, Borealis Ventures, Perivoli Innovations, and Oxford University .
• Canopy Biosciences , a St. Louis, Mo.-based research tools company focusing on gene editing and expression analysis, raised $2.4 million in Series A funding. BioGenerator , the investment arm of BioSTL , and Kingdom Capital led the round.
Advertisement PRIVATE EQUITY DEALS
• Permira agreed to invest $350 million in WeddingWire , a Chevy Chase, Md.-based online marketplace connecting engaged couples with wedding professionals. As part of the deal, current backer Spectrum Equity will maintain a “significant” minority ownership in the company.
• The Riverside Company made an investment in GermanPersonnel , a Munich-based e-recruiting technology company. Financial terms weren’t disclosed.
• L Catterton made an investment of an undisclosed amount in Vitamin Packs , a Snoqualmie, Wash.-based vitamin subscription service. Existing backer BrandProject also invested in this round.
• Marlin Equity Partners completed the acquisitions and merger of Virgin Pulse and RedBrick Health , two providers of employee wellbeing solutions. Financial terms weren’t disclosed.
• SFW Capital Partners made an investment of an undisclosed amount in Swiftpage, Inc , a provider of digital marketing and CRM solutions.
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• Advanced Energy Industries, Inc. (NASDAQ: AEIS) acquired the electrostatic business of Monroe Electronics , a New York-based electrostatic detection and measurement instrumentation company.
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• Foxconn, the iPhone parts maker, plans to raise 27.1 billion yuan ($4.3 billion) in an IPO pricing 1.97 billion shares at 13.77 yuan ($2.20). The company would be valued at about $43 billion. The company plans to list on the Shanghai Stock Exchange. Read more .
• Evo Payments , an Atlanta-based payments firm, raised $224 million in an IPO of 14 million shares priced at $16, the high end of its $14 to $16 range. The firm posted revenue of $504.8 million. BlueApple and Madison Dearborn Partners back the firm. J.P. Morgan, BofA, Citigroup, Deutsche Bank, and SunTrust Robinson Humphrey are among the underwriters. Read more .
• Verrica Pharmaceuticals , a West Chester, Penn.-based clinical stage dermatology firm focused on molluscum contagiosum, says it plans to raise $86.3 million in an IPO. It has yet to post a revenue. PBM Capital (58.4% pre-offering), Perceptive Life Sciences (12.1%), and OrbiMed (6.4%) back the firm. BofA, Jefferies, and Cowen are underwriters in the deal. The firm plans to list on the Nasdaq as “VRCA.” Read more .
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• IHS Markit will buy Ipreo , a New York-based data provider, for $1.86 billion from Blackstone and Goldman Sachs . Read more.
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• Macquarie Infrastructure Partners , an investment firm, raised more than $3.84 billion for its fourth fund, according to an SEC filing .
• Innovation Endeavors , a Palo Alto, Calif.-based venture capital firm, raised $333.5 million for its third fund, according to an SEC filing .
• Team 8 , an Israel-based venture capital firm, has set out to raise an $85 million second cybersecurity-focused venture-capital fund, according to an SEC filing .
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• Trive Capital promoted Blake Bonner to partner.
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Polina Marinova produces Term Sheet, and Lucinda Shen compiles the IPO news. Send deal announcements to Polina here and IPO news to Lucinda here . | ashraq/financial-news-articles | http://fortune.com/2018/05/23/term-sheet-wednesday-may-23/ |
May 10 (Reuters) - Echelon Corp:
* ECHELON REPORTS FIRST QUARTER 2018 RESULTS * Q1 NON-GAAP LOSS PER SHARE $0.21
* SEES Q2 2018 REVENUE $7.3 MILLION TO $7.7 MILLION * ECHELON - EXCLUDING EXPECTED NON-CASH EQUITY COMPENSATION CHARGES OF $0.11 PER SHARE, ADJUSTED LOSS PER SHARE EXPECTED BETWEEN $0.23 AND $0.36 FOR Q2 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-echelon-reports-q1-non-gaap-loss-p/brief-echelon-reports-q1-non-gaap-loss-per-share-0-21-idUSASC0A1KY |
May 18, 2018 / 7:34 PM / Updated 8 minutes ago Greek PM to brief opposition parties over Macedonia name dispute Reuters Staff 3 Min Read
ATHENS (Reuters) - Greek Prime Minister Alexis Tsipras wants to brief the country’s president and opposition leaders over the progress achieved with Skopje in negotiations to settle a decades-old dispute over Macedonia’s name, a government official said on Friday. Greek Prime Minister Alexis Tsipras gives a news conference at the EU-Western Balkans Summit in Sofia, Bulgaria, May 17, 2018. REUTERS/Stoyan Nenov
Tsipras and his Macedonian counterpart Zoran Zaev, who discussed the issue during an EU-Western Balkans summit this week, said that significant progress had been achieved but more deliberations were needed.
Athens cautioned it was early to talk of a deal.
“The prime minister intends to brief the president and the opposition parties on Saturday and Sunday,” the official said.
The name of Macedonia has been a source of contention between the two countries for decades, frustrating the tiny but strategically placed Balkan state’s hopes of joining the European Union, where Greece has veto rights, and NATO.
Greece wants Macedonia to adopt a compound name which will be used internationally and domestically and to remove references in its constitution which Athens says are “irredentist”, or implying potential territorial claims. Greece’s northern region is named Macedonia.
“A constitutional revision is a necessary condition for the country’s integration in the EU and NATO,” the official said.
Tsipras discussed the issue with the head of the conservative New Democracy party, the country’s main opposition, Kyriakos Mitsotakis later on Friday. He was expected to speak to Socialist leader Fofi Gennimata on Saturday morning.
New Democracy said in a press release that Tsipras and Zaev were discussing the name ‘Ilinden Macedonia’, a proposal which it called “unacceptable”. The suggested name, it said, confirmed and strengthened any ‘irredentist’ claims by Skopje.
Tsipras told parliament that nothing was final.
“Any proposals submitted on the table (of the negotiation) either by the (UN) envoy or from our neighbours, are void of content if the Greek government’s conditions are not fulfilled,” he said, without disclosing any further details.
Macedonia declared independence from ex-Yugoslavia in 1991 but almost immediately found itself at loggerheads with Greece. Zaev and Tsipras agreed last year to renew efforts to settle the row, a sensitive issue in both countries that has led to protests. Reporting by Renee Maltezou and Lefteris Papadimas; Editing by Catherine Evans | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-greece-macedonia-name/greek-pm-to-brief-opposition-parties-over-macedonia-name-dispute-idUKKCN1IJ2LG |
LONDON, May 17, 2018 /PRNewswire/ --
Marc O'Brien, former CEO of Visa UK, a key advisor of Revolut and one of the United Kingdom's leading payment services experts, has been appointed CEO of Crypterium , the world's first mobile crypto bank.
Marc has over 25 years of experience in Financial Services, FinTech and RegTech.
He has been a long time advisor to MasterCard before joining Visa, where Marc held a number of significant positions, including 6 years as CEO of Visa UK and Ireland, company's second most important market. During Marc's time as CEO, Visa's business doubled from $250 to $600 million with market share of debit card payments increasing to 97%.
Marc also started and led the contactless technology programme in the UK and with Transport for London from the very beginning to its multi billion transaction rollout.
After leaving Visa in 2014, Marc has been a key advisor on some of the most exciting startups in the UK, including Revolut where he was advising CEO and team on product strategy, growth strategy, and marketing. He was effectively the third person in the team after the two founders.
Recently, Marc also advised the UK's Royal Mint on the possible creation of a Gold backed Crypto Token.
Following the global search by Sheffield Haworth, Marc will now lead the launch of Crypterium App that will let its users pay with cryptocurrencies with the same ease and convenience as with cash or credit cards. Users will be able to issue virtual cards, link them to Apple Pay, Samsung Pay or Android Pay, bind them to their crypto accounts and pay at any NFC terminal, or via scanning the QR codes.
"I am delighted to be joining Crypterium at such an exciting time. I strongly believe that cryptocurrency is about to go mainstream and we can be pioneers to build Crypterium into a terrific business," says Marc.
"We are genuinely very excited by Marc's appointment. He brings the experience and know-how to build a global banking solution that will have no peers," adds Austin Kimm, COO of Crypterium.
About Crypterium
Crypterium is building a mobile app that will turn your coins and tokens into money that you can spend with the same ease as cash.
Shop around the world to pay with your coins and tokens at any NFC terminal, or via scanning the QR codes. Make purchases in online stores, pay your bills, or just send money across borders in seconds reliably and for fractions of a penny.
Learn more at http://crypterium.com/
Press contact
Siranush Sharoyan,
Head of Marketing at Crypterium
[email protected]
+44-7937-972287
SOURCE Crypterium OU | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/pr-newswire-former-ceo-of-visa-uk-to-lead-crypto-startup.html |
May 19, 2018 / 10:22 PM / Updated 5 hours ago Hawaii reports first serious injury from volcano Terray Sylvester 4 Min Read
PAHOA, Hawaii (Reuters) - A stream of lava blocked a Hawaii highway on Sunday that serves as an escape route for coastal residents, while the first known serious injury was reported from fresh explosive eruptions from the Kilauea volcano.
A homeowner on Noni Farms Road who was on a third-floor balcony had his leg shattered from his shin to his foot when hit by lava spatter, said Janet Snyder, a spokesperson for the Office of the Mayor, County of Hawaii.
She added that lava spatters “can weigh as much as a refrigerator and even small pieces of spatter can kill.” No other information was immediately available.
As magma destroyed four more homes, molten rock from two huge cracks merged into a single stream, threatening to block other escape routes and touching off brush fires.
The erupting lava, which can reach a blistering 2,000 degrees Fahrenheit (1,093 degrees Celsius), crossed Highway 137 shortly before midnight local time (1000 GMT), Hawaii’s Civil Defense Agency said, and sent lava flowing into the ocean.
That prompted warnings of laze — clouds of hydrochloric acid and steam embedded with fine glass particles formed when hot lava hits ocean water. CLEARING A PATH
Authorities were trying Sunday to open up a road that was blocked by lava in 2014 to serve as an alternative escape route, Jessica Ferracane of the National Park Service told reporters.
The park service is working to bulldoze almost a mile of hardened lava out of the way on nearby Highway 11, which has been impassable, she added.
The Hawaii National Guard has warned of mandatory evacuations if more roads become blocked.
But officials went house-to-house in the area to urge more residents to flee, Snyder said, though no head count of the new evacuation was available early Sunday.
For weeks, geologists have warned that hotter, fresher magma from Kilauea’s summit would run underground and emerge some 25 miles east in the lower Puna district, where older, cooler lava has already destroyed 44 homes and other structures. Lava erupts on the outskirts of Pahoa during ongoing eruptions of the Kilauea Volcano in Hawaii, U.S., May 19, 2018. REUTERS/Terray Sylvester
“Summit magma has arrived,” U.S. Geological Survey scientist Wendy Stovall said on a conference call with reporters.
“There is much more stuff coming out of the ground and its going to produce flows that will move much further away.”
Fountains of bright orange lava were seen spouting at least 20-feet high, and spewing rivers of molten rock on Saturday.
Carolyn Pearcheta, operational geologist at the Hawaii Volcano Authority, told reporters that hotter and more viscous lava could be on the way, with fountains spurting as high as 600 feet, as seen in a 1955 eruption.
“We’ve seen the clearing out of the system,” she said. “We call that the ‘throat clearing’ phase.” NEW EXPLOSIVE ERUPTION
At the volcano’s summit, another large explosive eruption occurred around midnight, sending up a nearly two-mile-high ash plume (10,000 feet), according to the Hawaiian Volcano Observatory.
Scientists expect a series of eruptions from Kilauea, one of the world’s most active volcanoes, that could spread ash and volcanic smog across the Big Island, the southernmost of the Hawaiian archipelago.
That could pose a hazard to aircraft if it blows into their routes at around 30,000 feet (9,144 meters).
Around 2,000 residents of Leilani Estates and Laipuna Gardens housing areas near Pahoa, about 30 miles (48 km) south of Hilo, were ordered to evacuate due to at least 22 volcanic cracks that have opened. Slideshow (12 Images)
Many thousands more residents have voluntarily left their homes due to life-threatening levels of toxic sulfur dioxide gas spewing from vents in the volcanic fissures. Reporting by Terray Sylvester, additional reporting and writing by Andrew Hay in Taos, New Mexico and Rich McKay in Atlanta; Editing by Mark Potter and Keith Weir | ashraq/financial-news-articles | https://www.reuters.com/article/us-hawaii-volcano/hawaii-lava-flow-engulfs-more-homes-as-ash-plume-ascends-idUSKCN1IK0VH |
Key Highlights:
Top-line results from Phase III study with RHB-104 for Crohn’s disease (MAP US study) expected in approximately 3 months
Top-line results from confirmatory Phase III study with TALICIA ® for H. pylori infection (ERADICATE Hp2 study) expected Q4/2018
Net revenues of $2.4 million and gross profit of $1. 5 million in Q1/2018, up 22% and 40%, respectively, sequentially over the previous quarter
Operating loss of $9.9 million in Q1/2018, reduced 30% over the previous quarter and expected to continue to decrease over the coming quarters
Debt-free balance sheet with $36.4 million in cash at the end of Q1/2018
RedHill does not have plans to raise additional capital ahead of the MAP US Phase III study top-line results with RHB-104 for Crohn’s disease
Conference call today, Tuesday, May 8 at 8:30 am EDT to review the financial results and business highlights; Dial-in details are included below
TEL-AVIV, Israel and RALEIGH, N.C., May 08, 2018 (GLOBE NEWSWIRE) -- RedHill Biopharma Ltd. (NASDAQ:RDHL) (Tel-Aviv Stock Exchange:RDHL) (“RedHill” or the “Company”), a specialty biopharmaceutical company primarily focused on late clinical-stage development and commercialization of proprietary drugs for gastrointestinal diseases, today reported its financial results for the quarter
Dror Ben-Asher, RedHill’s CEO, said: “There is tremendous energy and enthusiasm within RedHill currently as we approach two planned Phase III readouts, with RHB-104 for Crohn’s disease in approximately three months and with TALICIA® for H. pylori infection in the fourth quarter. We are attentive to our shareholders and do not have plans to raise additional capital ahead of the MAP US Phase III study top-line results with RHB-104 for Crohn’s disease. Rapid quarter-on-quarter revenue growth from our commercial activities in the U.S. and decreased operational costs in the first quarter of 2018 underscore our continued commitment to reducing cash burn rate and building shareholder value.”
Financial highlights for the quarter ended March 31, 2018 1
Net Revenues of 2018 were $2.4 million, an increase of 22% from the fourth quarter of 2017.
Gross Profit of 2018 was $1.5 million, an increase of 40% from the fourth quarter of 2017. Gross margin increased from 54% for the fourth quarter of 2017 to 62% of 2018.
Research and Development Expenses of 2018 were $6.4 million, a decrease of 23% from the fourth quarter of 2017. The decrease from the fourth quarter of 2017 was mainly due to the completion of patient enrollment in the RHB-104 Phase III study for Crohn’s disease (MAP US study).
Selling, Marketing and Business Development Expenses of 2018 were $3.2 million, a decrease of 18% from the fourth quarter of 2017. The decrease was due to the Company’s cost reduction plan.
General and Administrative Expenses of 2018 were $1.9 million, a decrease of 23% from the fourth quarter of 2017. The decrease was due to the Company’s cost reduction plan.
Operating Loss of 2018 was $9.9 million, a decrease of 30% from fourth quarter of 2017. The decrease was due to the increase in net revenues and gross profit, and the decrease in operating expenses, as detailed above.
Net Cash Used in Operating Activities of 2018 was $9.5 million, compared to $14.2 million in the fourth quarter of 2017. The decrease was due to the Company’s progress with the RHB-104 Phase III study for Crohn’s disease (MAP US study) and the overall reduction in operating loss.
Cash Balance 2 as of March 31, 2018 was $36.4 million, compared to $46.2 million as of December 31, 2017. The decrease was a result of the Company’s ongoing operational activities.
Conference Call and Webcast Information:
The Company will host a conference call today, Tuesday, May 8, 2018 at 8:30 am EDT to review the financial results and business highlights.
To participate in the conference call, please dial one of the following numbers 15 minutes prior to the start of the call: United States: +1-800-289-0438; International: +1-929-477-0353; and Israel: +972-3-376-1315. The access code for the call is: 6285484.
The conference call will be broadcasted live and will be available for replay on the Company's website, http://ir.redhillbio.com/events , for 30 days. Please access the Company's website at least 15 minutes ahead of the conference call to register, download and install any necessary audio software.
Select R&D highlights:
RHB-104 - Crohn’s disease (first Phase III)
The last patient enrolled in the first Phase III study with RHB-104 for Crohn’s disease (MAP US study) has completed 26 weeks of treatment for primary endpoint evaluation. Top-line results from the MAP US study are expected to be announced in approximately 3 months.
TALICIA ® (RHB-105) - H. pylori infection (confirmatory Phase III) (FDA Fast-Track QIDP status)
To date, over 300 of the planned total of 444 patients have been enrolled in the ongoing confirmatory Phase III study with TALICIA ® (RHB-105) 3 for H. pylori infection (ERADICATE Hp2). RedHill expects to complete enrollment of the ERADICATE Hp2 study in the third quarter of 2018 and announce top-line results in the fourth quarter of 2018.
Subject to a successful outcome and additional regulatory feedback, the ERADICATE Hp2 study is expected to complete the package required for a potential U.S. NDA for TALICIA ® . The filing is planned for early 2019 and, if accepted for review, the FDA could potentially approve TALICIA ® in the second half of 2019 following a priority NDA review.
BEKINDA ® (RHB-102) 12 mg - IBS-D (Phase II)
On January 16, 2018, RedHill announced positive final results 4 from the Phase II study with BEKINDA ® 12 mg for the treatment of diarrhea-predominant irritable bowel syndrome (IBS-D). The randomized, double-blind, placebo-controlled Phase II study successfully met its primary endpoint, improving stool consistency (per FDA guidance definition) by an absolute difference of 20.7% vs. placebo (p-value=0.036). RedHill plans to meet with the FDA in the second quarter of 2018 to discuss the design for one or two pivotal Phase III studies.
An abstract 5 (number: 2908495), describing the results of the study, will be presented as a Poster of Distinction, at Digestive Disease Week ® (DDW) 2018 on Sunday, June 3, 2018, from 12:00 PM to 2:00 PM EDT, at the Walter E. Washington Convention Center, Washington, DC.
YELIVA ® (ABC294640) - cholangiocarcinoma (Phase IIa) (FDA Orphan Drug designation)
To date, nine patients have been enrolled in the single-arm Phase IIa study with YELIVA ® (ABC294640) for the treatment of cholangiocarcinoma (bile duct cancer). Enrollment is expected to be completed by the end of 2018. The study is being conducted at Mayo Clinic major campuses in Arizona and Minnesota, University of Texas MD Anderson Cancer Center and the Huntsman Cancer Institute, University of Utah Health, and is designed to enroll up to 39 patients.
RHB-106 - encapsulated bowel cleanser licensed to Salix Pharmaceuticals
RedHill recently amended its 2014 worldwide license agreement with Salix Pharmaceuticals related to RHB-106 encapsulated bowel cleanser, as well as additional related rights. The amendment clarifies the development efforts to be used by Salix, as well as provides for enhanced involvement by RedHill in certain intellectual property matters. In addition, the parties have agreed to increase the lower end of the range of royalty payments to be paid to RedHill on net sales from low single digits to high single digits, such that the potential royalties now range from high single digits up to low double digits. Milestone payments remain unchanged.
RHB-204 - nontuberculous mycobacteria (NTM) infections (planned pivotal Phase III) (FDA Fast-Track QIDP status)
A pivotal Phase III study with RHB-204 for the treatment of nontuberculous mycobacteria (NTM) infections is expected to be initiated in the second half of 2018, subject to completion of a supportive non-clinical program and additional input from the FDA. RHB-204 is planned to be assessed as a first-line treatment of NTM disease caused by mycobacterium avium complex (MAC) infection.
About RedHill Biopharma Ltd.:
RedHill Biopharma Ltd. (NASDAQ:RDHL) (Tel-Aviv Stock Exchange:RDHL) is a specialty biopharmaceutical company, primarily focused on the development and commercialization of late clinical-stage, proprietary drugs for the treatment of gastrointestinal diseases. RedHill commercializes and promotes three gastrointestinal products in the U.S.: Donnatal ® - a prescription oral adjunctive drug used in the treatment of IBS and acute enterocolitis; Esomeprazole Strontium Delayed-Release Capsules 49.3 mg - a prescription proton pump inhibitor indicated for adults for the treatment of gastroesophageal reflux disease (GERD) and other gastrointestinal conditions; and EnteraGam ® - a medical food intended for the dietary management, under medical supervision, of chronic diarrhea and loose stools. RedHill’s key clinical-stage development programs include: (i) TALICIA ® (RHB -105) for the treatment of Helicobacter pylori infection with an ongoing confirmatory Phase III study and positive results from a first Phase III study; (ii) RHB-104 with an ongoing first Phase III study for Crohn's disease; (iii) RHB-204 with a planned pivotal Phase III study for nontuberculous mycobacteria (NTM) infections; (iv) BEKINDA ® (RHB-102) with positive results from a Phase III study for acute gastroenteritis and gastritis and positive results from a Phase II study for IBS-D; (v) YELIVA ® (ABC294640), a first-in-class SK2 selective inhibitor, targeting multiple oncology, inflammatory and gastrointestinal indications, with an ongoing Phase IIa study for cholangiocarcinoma; (vi) RHB-106, an encapsulated bowel preparation licensed to Salix Pharmaceuticals, Ltd. and (vii) RHB-107 (formerly MESUPRON), a Phase II-stage first-in-class, serine protease inhibitor, targeting cancer and inflammatory gastrointestinal diseases. More information about the Company is available at: www.redhillbio.com .
This press release contains “ ” the Private Securities Litigation Reform Act of 1995. Such statements may be preceded by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential” or similar words. 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 expressed or implied by such . Such risks and uncertainties include, without limitation, risks and uncertainties associated with (i) the initiation, timing, progress and results of the Company’s research, manufacturing, preclinical studies, clinical trials, and other therapeutic candidate development efforts; (ii) the Company’s ability to advance its therapeutic candidates into clinical trials or to successfully complete its preclinical studies or clinical trials; (iii) the extent and number of additional studies that the Company may be required to conduct and the Company’s receipt of regulatory approvals for its therapeutic candidates, and the timing of other regulatory filings, approvals and feedback; (iv) the manufacturing, clinical development, commercialization, and market acceptance of the Company’s therapeutic candidates; (v) the Company’s ability to successfully promote Donnatal ® and Esomeprazole Strontium Delayed-Release Capsules 49.3 mg and commercialize EnteraGam ® ; (vi) the Company’s ability to establish and maintain corporate collaborations; (vii) the Company's ability to acquire products approved for marketing in the U.S. that achieve commercial success and build its own marketing and commercialization capabilities; (viii) the interpretation of the properties and characteristics of the Company’s therapeutic candidates and the results obtained with its therapeutic candidates in research, preclinical studies or clinical trials; (ix) the implementation of the Company’s business model, strategic plans for its business and therapeutic candidates; (x) the scope of protection the Company is able to establish and maintain for intellectual property rights covering its therapeutic candidates and its ability to operate its business without infringing the intellectual property rights of others; (xi) parties from whom the Company licenses its intellectual property defaulting in their obligations to the Company; (xii) estimates of the Company’s expenses, future revenues, capital requirements and needs for additional financing; (xiii) the effect of patients suffering adverse experiences using investigative drugs under the Company's Expanded Access Program; and (xiv) competition from other companies and technologies within the Company’s industry. More detailed information about the Company and the risk factors that may affect the realization of is set forth in the Company's filings with the Securities and Exchange Commission (SEC), including the Company's Annual Report on Form 20-F filed with the SEC on February 22, 2018. All included in this press release are made only as of the date of this press release. The Company assumes no obligation to update any written or oral forward-looking statement, whether as a result of new information, future events or otherwise, unless required by law.
Company contact:
Adi Frish
Senior VP Business Development & Licensing
RedHill Biopharma
+972-54-6543-112
[email protected] | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-redhill-biopharma-reports-first-quarter-2018-financial-results.html |
May 3 (Reuters) - Parsley Energy Inc:
* PARSLEY ENERGY ANNOUNCES FIRST QUARTER 2018 FINANCIAL AND OPERATING RESULTS
* Q1 EARNINGS PER SHARE $0.32 * Q1 EARNINGS PER SHARE VIEW $0.24 — THOMSON REUTERS I/B/E/S
* TOTAL NET PRODUCTION AVERAGED 93.4 MBOE PER DAY VERSUS 54.78 MBOE PER DAY
* QTRLY TOTAL NET PRODUCTION AVERAGED 93.4 MBOE PER DAY VERSUS 54.78 MBOE PER DAY Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-parsley-energy-q1-earnings-per-sha/brief-parsley-energy-q1-earnings-per-share-0-32-idUSASC09ZP8 |
Accused rapist Weinstein released on bail 3:26pm BST - 00:54
Film producer Harvey Weinstein was released on a million dollars bail and ordered to wear an electronic monitor by a New York judge on Friday. He had earlier surrendered to police on charges of rape and sex abuse. Rough Cut (no reporter narration). ▲ Hide Transcript ▶ View Transcript
Film producer Harvey Weinstein was released on a million dollars bail and ordered to wear an electronic monitor by a New York judge on Friday. He had earlier surrendered to police on charges of rape and sex abuse. Rough Cut (no reporter narration). Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2ILN0x4 | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/25/accused-rapist-weinstein-released-on-bai?videoId=430221880 |
Tencent, the world’s largest videogame company, has lost almost $90 billion of its market value since March, due to concerns about slowing growth and shrinking margins. Its latest report card should put those worries to bed.
China’s most valuable firm reported a 48% increase in revenue and a 61% jump in net profit for its first quarter—both handily beating analysts’ estimates. That came after Tencent’s rare miss in revenue growth the quarter before, which had prompted worries about a slowdown in games sales, its largest profit... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/tencent-is-ready-again-for-its-battle-royale-1526471053 |
(Adds Amazon reaction; more background on compromise; byline)
SEATTLE, May 14 (Reuters) - Seattle's city council on Monday approved a new tax for the city's biggest companies, including Amazon.com Inc, to combat a housing crisis attributed in part to a local economic boom that has driven up real estate costs at the expense of the working class.
Amazon, the city's largest employer, said after the vote that it would go ahead with planning for a major downtown office building that it earlier had put on hold over its objections to a much stiffer tax plan originally proposed.
The tax measure, passed on a 9-0 vote after a boisterous public hearing, would apply to most companies grossing at least $20 million a year, levying a tax of roughly 14 cents per employee per hour worked within the city.
That formula is designed to raise $45 million to $49 million a year over the five-year life of the tax - down from an original $75 million annually - to support affordable housing and more services for the homeless.
Amazon had led private-sector opposition to the plan, saying earlier this month it was freezing expansion planning for Seattle pending the outcome of Monday's action. The move by the world's largest online retailer, owned by billionaire entrepreneur Jeff Bezos, put in question more than 7,000 new jobs.
Following the council vote, Amazon's vice president, Drew Herdener, said the company has resumed construction planning for its so-called Block 18 project in downtown Seattle, following the pause it announced two weeks ago.
However, he added, "We remain very apprehensive about the future created by the council's hostile approach and rhetoric toward larger businesses, which forces us to question our growth here."
Amazon said it is still evaluating whether to sub-lease space in a second future office tower in Seattle, a project called Rainier Square, meaning it may move some planned jobs elsewhere and thus avoid further raising its tax liability.
Sponsors of the proposed tax said Seattle's biggest-earning businesses should bear some burden for easing a shortage in low-cost housing that they helped create by driving up real estate prices to the point where the working poor and many middle-class families can no longer afford to live in the city.
Mayor Jenny Durkan, who expressed concern that the original proposal would lead to an economic backlash, had offered an amendment to essentially cut the council committee's $75 million proposal in half, but her proposal was rejected.
Council members then negotiated over the weekend to craft a compromise that would gain greater support and was certain to win a veto-proof majority. (Additional reporting by Jeffrey Dastin in San Francisco; Writing and additional reporting by Steve Gorman in Los Angeles; Editing by Lisa Shumaker) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/14/reuters-america-update-1-seattle-passes-scaled-back-tax-on-amazon-big-companies.html |
New Jersey, one of the most impecunious states in the union, was behind this week’s Supreme Court ruling overturning a federal ban on sports gambling. Not sport fans or sport leagues: It was the work of a leading avatar of the blue-state governance model, in which public-sector unions and politicians join together to ratchet up unsustainable spending and debts.
In the days since New Jersey got the legal go-ahead to bulk up its coffers with sports betting, the urgent job of the major sports leagues has been to simulate pained... | ashraq/financial-news-articles | https://www.wsj.com/articles/gambling-is-coming-so-get-ready-to-hate-sports-1526680123 |
ROME (Reuters) - Ratings agency DBRS warned on Thursday that economic proposals by the anti-establishment parties that are trying to form a coalition government could threaten Italy’s sovereign credit rating.
“Developments in recent days have been disappointing,” the co-head of DBRS’ sovereign ratings department, Nichola James, said in reference to leaked draft proposals in the joint programme of the 5-Star Movement and the far-right Northern League.
James told Reuters the parties’ plans for big tax cuts and higher spending were “unlikely to be self-financing and, therefore, may threaten the continued reduction in the debt ratio that supports the current rating.”
DBRS has Italy on a BBB rating with a stable trend.
Reporting by Giulio Piovaccari, writing by Gavin Jones
| ashraq/financial-news-articles | https://www.reuters.com/article/us-italy-politics-debt-dbrs/dbrs-says-5-star-league-plans-could-threaten-italys-credit-rating-idUSKCN1II2K3 |
May 31, 2018 / 9:21 AM / Updated 2 hours ago Italy awaits decision on last-ditch deal to avoid snap elections Philip Pullella 3 Min Read
ROME (Reuters) - Italy on Thursday was awaiting a decision from right-wing leader Matteo Salvini on whether to join a last-ditch attempt to form a government and avoid snap elections that would be focused on membership of the euro zone.
Salvini, the head of the League, has said he would “seriously consider” an offer on Wednesday from 5-Star leader Luigi Di Maio to resurrect their bid to govern together.
The first effort by the two largest anti-establishment forces was torpedoed on Sunday when President Sergio Mattarella rejected their candidate for economy minister - 81-year-old economist Paolo Savona, who has spoken out forcefully against the single currency.
Mattarella then appointed a former International Monetary Fund official, Carlo Cottarelli, to form a stop-gap government of experts to lead the country to snap elections. But Cottarelli has so far failed to form a viable cabinet.
Di Maio, whose 5-Star emerged from the inconclusive March 4 elections as the largest single party, urged Salvini to drop his insistence on Savona for the economy portfolio and agree to give him another post in the next government.
“Di Maio - Salvini: the Final Deal,” was the headline in Corriere della Sera newspaper, echoing the national feeling of crisis put into a holding pattern.
Salvini cancelled his scheduled appointments in northern Italy to fly to Rome and was expected to have a private meeting with Di Maio, a political source said.
Opinion polls show Salvini’s League would see huge gains in any early elections while the 5-Star would remain steady.
Italian stocks were trading higher as signs emerged of a compromise to avoid snap elections that could be dominated by the issue of euro membership, calming investors.
Borrowing costs meanwhile edged lower. Italy’s 2-year government bond yield, which has been the focus of a recent selloff, was down as much as 95 basis points at 1.40 percent.
The latest development came amid a general calming of financial markets after Tuesday’s rout, when investor concerns prompted the biggest one-day rise since 1992 in Italian two-year bond yields and dented the euro’s exchange rate.
“I have lost my patience. I have had enough, that is the truth,” said exasperated Rome resident Teresa Gallo as she was walking to a market for her regular morning shopping.
Two polls released on Wednesday night showed that between 60-72 percent of Italians want the country to remain part of the euro while 23-24 percent would choose to drop the common currency.
Lupo Rattazzi, a prominent Italian businessman, ran a full-page advertisement in several national newspapers addressed to Salvini and Di Maio, warning their electorate of the dire consequences of leaving the euro. The Italian flag waves over the Quirinal Palace in Rome, Italy May 30, 2018. REUTERS/Tony Gentile Additional reporting by Eleanor Biles, Giselda Vagnoni and Stefano Bernabei in Rome and Steven Jukes and Francesca Landini in Milan, writing by Philip Pullella; Editing by Richard Balmforth | ashraq/financial-news-articles | https://in.reuters.com/article/italy-politics/italy-awaits-decision-on-last-ditch-deal-to-avoid-snap-elections-idINKCN1IW10K |
EditorsNote: Removes extra word from 12th graf
Kyle Busch had won 15 races at Charlotte Motor Speedway, but none of them was in NASCAR’s top Cup Series.
He emphatically crossed that off the list Sunday, dominating the sport’s longest race, the Coca-Cola 600, as few others have at any track.
He led 377 of the 400 laps on his way to Victory Lane, and the win at CMS accomplished the rarest achievement: a Cup victory at each of the tracks currently NASCAR races on, making him the only driver to do so.
And Busch got maximum points in the victory, winning all three stages along the way to taking the checkered flag at the finish for his 47th Cup victory.
“This one’s very special,” he said, adding “The Coke 600, I dreamed of this race as a kid and winning this race. ... It’s a little boys’ dream come true.”
Rounding out the top five, in order, were Martin Truex Jr., Denny Hamlin, Brad Keselowski and Jimmie Johnson.
The 600 had a unique format this year, with three stages instead of the usual two followed by the race to the finish. At 400 laps, the race was broken down into three 100-laps stages and the final 100 laps to the finish on the 1.5-mile track.
And winning a stage carries an additional point into each round of NASCAR’s playoffs, something Busch had only done twice this season before Sunday.
Busch started on the pole and had little trouble holding the lead once the race started. After the caution flag flew on Lap 36 for a blown right-rear tire on Austin Dillon’s car, the field pitted and a fast stop by Busch’s crew kept him in the lead, followed by Joe Gibbs Racing teammate Hamlin and Team Penske’s Ryan Blaney.
Busch easily maintained that lead, but Kevin Harvick — winner of five points races and the All-Star Race so far this season — had moved from his 39th-place start to sixth after 50 laps.
Harvick had moved up to fourth after 83 laps but then blew his left-front tire and hit the wall in Turn 4, causing serious right-side damage to his No. 4 Ford. He was unable to continue, his first Did Not Finish of the season, and he wound up last in 40th place.
Keselowski stayed out during the ensuing caution, and Busch lined up in the No. 18 Toyota behind the No. 2 Ford. Keselowski dropped out of the lead just after the restart with 13 laps to go and finished 26th after the 100 laps that constituted Stage 1. Busch cruised to the stage victory, leading Blaney’s No. 12 Ford by 1.473 seconds. Busch led 94 of the 100 laps.
Busch and Blaney maintained their positions after the round of pit stops and restarted Stage 2 up front. Fuel and pit strategies started to come into play, and when all the green-flag pit stops had cycled through near the end of Stage 2, Busch was comfortably back in the lead, beating Truex in the No. 78 Toyota by more than three seconds. Blaney faded and said he was having trouble with his car.
Busch’s crew was on top of things all night, as Busch didn’t lose a spot on pit road in the race.
Busch started rolling his way through Stage 3 as well, coming off pit road first, again, with 40 laps to go having led all but 12 of the first 260 laps of the race. Busch took off from the field on the restart with 35 to go in the stage and pulled away until Kyle Larson, running near the front all evening in the No. 42 Chevrolet, spun on Lap 272 to bring out another caution.
Another restart, same result, as Busch took off like a rocket, but it lasted less than a lap as Blaney’s car finally gave up, bursting into flames. On the restart with 15 laps to go in the stage, it was Busch’s older brother Kurt in the No. 41 Ford who had no answer for Kyle.
Busch beat his teammate Erik Jones in the No. 20 by 2.644 seconds to win Stage 3 to set up a run for a perfect day.
To open the final stage, Keselowski was again the victim after a bad pit stop had pushed Jones back to 20th.
The Cup Series heads to Pocono Raceway in Long Pond, Pa., next Sunday for the Pocono 400 at 2 p.m. ET on FS1.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/motorer-nascar-recap/kyle-busch-dominates-on-way-to-coca-cola-600-win-idUSMTZEE5SF4US45 |
May 4, 2018 / 11:11 AM / in 5 minutes BRIEF-LXRandCo Reports Qtrly Net Revenue Increased 62 Pct Reuters Staff
May 4 (Reuters) - LXRandCo Inc:
* LXRANDCO REPORTS STRONG REVENUE GROWTH FOR THE FIRST QUARTER OF 2018
* LXRANDCO INC - QTRLY NET REVENUE INCREASED 62% TO $10.0 MILLION FROM $6.1 MILLION
* LXRANDCO INC - QTRLY ADJUSTED NET LOSS WAS $4.4 MILLION, COMPARED WITH $0.7 MILLION
* LXRANDCO - ON ASSUMING ROLE OF CEO, EXPECTED ON/AROUND MAY 15, GOLDSMITH TO UNDERTAKE REVIEW OF CO’S OPERATIONS AND GROWTH STRATEGY Source text for Eikon: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-lxrandco-reports-qtrly-net-revenue/brief-lxrandco-reports-qtrly-net-revenue-increased-62-pct-idUSASC09ZW3 |
Higher Net Income (U.S. GAAP) Driven by One-Time Purchase Price Settlement Gain
Lower Net Sales and Underlying Net Income (Non-GAAP) Driven Primarily By Weak U.S. Industry Conditions, Quarterly Timing of Wholesale Inventories, and Cycling Europe Indirect Tax Provision Benefit
Management Remains Committed to Delivering Full-Year Business Plans, Free Cash Flow and Cost Savings Targets, As Well As Medium-Term EBITDA Margin Targets
Worldwide Brand Volume Decreased 3.1%; Global Priority Brand Volume Decreased 5.6%
EPS (U.S. GAAP) of $1.28 Increased 33.3%, and Underlying EPS (Non-GAAP) of $0.48 Decreased 40.0%
DENVER & MONTREAL--(BUSINESS WIRE)-- Molson Coors Brewing Company (NYSE: TAP; TSX: TPX) today reported results for the 2018 first quarter. Molson Coors president and chief executive officer Mark Hunter said:
"In the first quarter, which is seasonally the smallest profit quarter of the year for us, our Canadian, European and International businesses maintained their underlying progress from 2017. The U.S. beer industry had a softer-than-anticipated start to the year, which impacted both top- and bottom-line performance and which, when coupled with the U.S. distributor inventory destocking and the anticipated cycling of the indirect tax provision benefit in Europe last year, led to an underlying EBITDA reduction of 18.5 percent for our company in the first quarter. We do not see these results as indicative of our full-year performance versus our plan, and we remain committed to delivering our 2018 guidance."
Mark continued, "Looking more closely at Q1, there are three specific negative performance drivers, one of which is already behind us and another which we expect to fully reverse by year end:
The first relates to cycling the reversal of the indirect tax provision benefit in Europe, which negatively impacted net sales and pretax income by approximately $50 million -- and is now behind us. The second relates to a reduction in U.S. sales to wholesalers (STWs), which declined by 6.7 percent as we under-shipped versus last year. U.S. distributor inventory levels were lower than planned, compounded by the roll out of our new ordering system at the Golden brewery, which has taken longer to ramp up than expected. Compared to last year, we under-shipped by approximately 450,000 hectoliters, which represents approximately $30 million of gross profit, and we expect this to reverse on a full-year basis, with the negative first quarter profit impact reversing primarily in the second half of this year. The third performance driver relates to overall industry softness with our U.S. brand volume down by 3.8 percent, as poor weather dampened overall industry demand. Our market share trends, however, remained consistent with 2017.
"Across Molson Coors, our teams are focused on our first priority, which is to drive margin expansion, bottom-line growth and strong free cash flow to enable deleverage. Our second priority remains to deliver an improved top line through our First Choice commercial excellence approach, which provides the most sustainable source of profit growth over the medium to long term. Capital allocation within our business continues to be guided by our Profit after Capital Charge, or PACC approach, as we seek to deliver Total Shareholder Returns. Our regional business plans are clear and consistent with these priorities, and we remain committed to delivering our full-year 2018 plans."
Consolidated Performance - First Quarter 2018
Three Months Ended ($ in millions, except per share data) (Unaudited) March 31, 2018 March 31, 2017 Reported
% Increase
(Decrease)
Foreign
Exchange
Impact
($)
Constant
Currency
% Increase
(Decrease)
Net Sales $ 2,331.5 $ 2,448.7 (4.8)
%
$ 58.1 (7.2)
%
U.S. GAAP Net income (loss) (1) $ 278.1 $ 208.5 33.4 % Per diluted share $ 1.28 $ 0.96 33.3 % Underlying (Non-GAAP) Net income (loss) (2) $ 104.3 $ 172.2 (39.4)
%
Per diluted share $ 0.48 $ 0.80 (40.0)
%
Underlying EBITDA (Non-GAAP) (2) $ 426.0 $ 522.8 (18.5)
%
$ 6.1 (19.7)
%
(1) Net income (loss) attributable to MCBC. (2) See Appendix for definitions and reconciliations of non-GAAP financial measures.
Quarterly Highlights (versus First Quarter 2017 Results) Net sales: $2.33 billion, decreased 4.8 percent, due to lower financial and royalty volumes, negative global mix, adoption of the new revenue recognition accounting standard (discussed in the Appendix below), and the approximate $50 million impact of cycling the indirect tax provision in Europe that was reversed a year ago. These factors were partially offset by positive global pricing and foreign currency movements. Net sales in constant currency declined 7.2 percent. Net sales per HL: $112.02 on a reported financial-volume basis, increased 0.1 percent. Net sales per HL on a brand-volume basis (1) in constant currency decreased 2.6 percent, driven by cycling the indirect tax provision reversal, adoption of the new revenue recognition accounting standard and geographic sales mix, partially offset by positive global net pricing. Volume: Worldwide brand volume of 19.1 million hectoliters decreased 3.1 percent driven by U.S., Canada and International declines. Global priority brand volume decreased 5.6 percent. Financial volume of 20.8 million hectoliters decreased 4.9 percent, and was adversely impacted by reductions in brand volumes, wholesale inventories and contract brewing. U.S. GAAP net income attributable to MCBC increased 33.4 percent as a result of a $328 million cash payment received in January 2018 related to a purchase price adjustment to our acquisition of the Miller International business, along with positive global net pricing, cost savings, and lower interest expense, partially offset by unrealized mark-to-market losses on our commodity positions (versus gains a year ago), lower financial volume, the impact of cycling the indirect tax provision benefit, and higher input cost inflation. Underlying net income (non-GAAP) decreased 39.4 percent, driven by lower financial volume, the impact of cycling the indirect tax provision benefit, global mix, and higher input cost inflation, partially offset by positive net pricing, cost savings, and lower interest expense. The company looks at value creation from the MillerCoors transaction through the lens of the sum of three numbers. In the first quarter, these numbers were : Underlying net earnings of $104.3 million, plus… $53 million of transaction-related cash tax benefits and… $13 million of transaction-related after-tax book amortization . To calculate this measure on a per-share basis, the company had 216.6 million weighted average diluted shares outstanding in the first quarter. Underlying EBITDA: Decreased 18.5 percent on a reported basis and decreased 19.7 percent on a constant-currency basis, driven by lower financial volume, the impact of cycling the indirect tax provision benefit, global mix, and higher input cost inflation, partially offset by positive global net pricing and cost savings. U.S. GAAP cash from operations: Net cash from operating activities for the first quarter of 2018 was $315.2 million, which represents an improvement of $433.5 million from cash used of $118.3 million in the prior year results, driven by the $328 million cash payment received in January 2018 related to a purchase price adjustment for our acquisition of the Miller International business, as well as working capital improvements and lower cash paid for pension contributions and interest. Underlying free cash flow: cash use of $195.1 million, which excludes the January 2018 cash payment received related to our acquisition of the Miller International business. This result represents a reduction in cash used of $26.2 million from the prior year, driven by the same factors as the increase in cash from operations, partially offset by higher cash paid for capital expenditures. Debt: Total debt at the end of the first quarter was $11.118 billion, and cash and cash equivalents totaled $197.9 million, resulting in net debt of $10.920 billion.
(1) Brand Volume Basis NSR/HL: Effective in the first quarter of 2018, we have revised our net sales revenue (NSR) per HL performance discussions to be on a brand volume basis, with all per-hectoliter calculations including owned and actively managed brands, along with royalty volume, in the denominator, as well as the financial impact of these sales in the numerator, unless otherwise indicated. See appendix for definitions.
Business Review- First Quarter 2018
Net Sales
($ in millions) (Unaudited) Three Months Ended March 31, 2018 March 31, 2017 Reported
%
Increase
(Decrease)
Foreign
Exchange
Impact
($)
Constant
Currency %
Increase
(Decrease)
United States $ 1,647.8 $ 1,749.9 (5.8 )% $ — (5.8 )% Canada 283.8 291.1 (2.5 )% 12.3 (6.7 )% Europe 374.3 381.6 (1.9 )% 45.6 (13.9 )% International 57.5 61.8 (7.0 )% 0.3 (7.4 )% Corporate 0.2 0.3 (33.3 )% — (33.3 )% Eliminations (1) (32.1 ) (36.0 ) (10.8 )% (0.1 ) (11.1 )% Consolidated $ 2,331.5 $ 2,448.7 (4.8 )% $ 58.1 (7.2 )% (1) Reflects intercompany sales that are eliminated in consolidated totals. Pretax Income (U.S. GAAP)
($ in millions) (Unaudited) Three Months Ended March 31, 2018 March 31, 2017 Reported
%
Increase
(Decrease)
Foreign
Exchange
Impact
($)
Constant
Currency %
Increase
(Decrease)
United States $ 261.7 $ 316.6 (17.3)
%
$ (0.3 ) (17.2)
%
Canada 9.1 20.9 (56.5)
%
(0.3 ) (55.0)
%
Europe (29.9 ) 27.0 N/M (4.6 ) N/M International 3.7 1.5 146.7 % — 146.7 % Corporate 112.8 (85.1 ) N/M 0.7 N/M Consolidated $ 357.4 $ 280.9 27.2 % $ (4.5 ) 28.8 % N/M = Not meaningful
Underlying EBITDA (Non-GAAP) (1)
($ in millions) (Unaudited) Three Months Ended March 31, 2018 March 31, 2017 Reported
%
Increase
(Decrease)
Foreign
Exchange
Impact
($)
Constant
Currency %
Increase
(Decrease)
United States $ 388.9 $ 442.9 (12.2)
%
$ (0.3 ) (12.1)
%
Canada 44.7 43.6 2.5 % 1.3 (0.5)
%
Europe 24.5 70.4 (65.2)
%
2.3 (68.5)
%
International 7.1 5.0 42.0 % — 42.0 % Corporate (39.2 ) (39.1 ) (0.3)
%
2.8 (7.4)
%
Consolidated $ 426.0 $ 522.8 (18.5)
%
$ 6.1 (19.7)
%
(1) See Appendix for definitions and reconciliations of non-GAAP financial measures.
United States Business
Volume: U.S. brand volume declined 3.8 percent for the quarter, driven by lower volume in the Premium Light segment. Sales-to-wholesalers volume (STWs), excluding contract brewing volume, decreased 6.7 percent, primarily due to weak U.S. industry conditions and quarterly timing of wholesale inventories, including STW delays in parts of the country related to the launch of our new ordering system at the Golden brewery that took longer to ramp up than anticipated. Revenue: Net sales per hectoliter (brand volume basis), which excludes contract brewing and company-owned-distributor sales, grew 1.1 percent. Excluding the $4.7 million impact of new revenue-recognition accounting guidance, net sales per hectoliter (brand volume basis) grew 1.4 percent primarily as a result of higher net pricing, partially offset by negative sales mix. Cost of goods sold (COGS) per hectoliter increased 3.5 percent, driven by volume deleverage, as well as aluminum inflation and higher freight and fuel costs, partially offset by cost savings. Marketing, general and administrative (MG&A) expense decreased 3.1 percent due to spending optimization and efficiencies. On a U.S. GAAP basis, U.S. pretax income decreased 17.3 percent to $261.7 million, primarily due to lower underlying EBITDA performance and higher depreciation expense. U.S. underlying EBITDA decreased 12.2 percent to $388.9 million, driven by lower STW volumes, in part due to wholesale inventory timing, as well as negative sales mix, volume deleverage and COGS inflation, partially offset by higher net pricing, cost savings and lower MG&A expenses.
Canada Business
Volume : Canada brand volume decreased 3.3 percent in the first quarter, partially as a result of weak industry performance in western Canada, as well as high inventory levels in Quebec at the start of the year as we concluded union contract negotiations. Canada financial volume decreased 4.8 percent primarily due to brand volume declines, as well as lower contract brewing volume. Revenue : Net sales per hectoliter (brand-volume basis) decreased 2.9 percent in local currency, driven by our adoption of the new revenue-recognition accounting standard, which reduced net sales by approximately $11 million in the quarter. Excluding the effect of the new accounting standard, NSR per HL (brand volume basis) would have increased 1.1 percent due to positive brand mix. COGS per hectoliter increased 3.9 percent in local currency due to higher distribution costs, mix shift and volume deleverage, partially offset by a reduction in brewery costs. MG&A expense decreased 19.1 percent in local currency, driven by the approximate $12 million impact of the new revenue-recognition standard, as well as lower brand amortization expense and year-over-year differences in the phasing of brand investments. On a U.S. GAAP basis, Canada reported pretax income of $9.1 million, a 56.5 percent decrease from the prior year, primarily due to cycling an $8.1 million purchase-price adjustment gain in the first quarter of 2017 related to the historical sale of Molson Inc.’s ownership interest in the Montreal Canadiens, along with lower brand volume and net pricing and higher accelerated depreciation of brewing assets driven by the pending closures of our existing Montreal and Vancouver breweries. Canada underlying EBITDA increased 2.5 percent to $44.7 million in the quarter, driven by positive sales mix and foreign currency movements, partially offset by lower brand volume and net pricing.
Europe Business
Volume : Europe gained market share in the first quarter due to a slight increase in brand volume versus a year ago, driven by growth from our above-premium brands. Europe financial volume, which includes contract brewing and factored brands but excludes royalty volume, increased 1.0 percent. Revenue : Europe net sales per hectoliter (brand-volume basis) decreased 18.3 percent in local currency, primarily due to cycling the benefit of an indirect tax provision release of approximately $50 million in 2017, as well as adopting recently revised excise-tax guidelines in one of our European markets and increasing investments in our First Choice Agenda this year. These factors were partially offset by positive sales mix. COGS per hectoliter increased 2.9 percent in local currency, driven primarily by mix shift to higher-cost brands and geographies, input inflation and logistics costs. MG&A expense decreased 10.4 percent in local currency, driven by cycling an $11 million bad-debt provision in 2017, partially offset by the addition of Aspall brand investments and related overhead costs this year. On a U.S. GAAP basis, Europe reported a pretax loss of $29.9 million, compared to income of $27.0 million a year earlier due to cycling the 2017 indirect tax provision benefit, adopting the recently revised excise-tax guidelines, and increased investment in our First Choice Agenda this year, partially offset by cycling the 2017 bad-debt provision. Europe underlying EBITDA decreased 65.2 percent to $24.5 million, due to the same factors as U.S. GAAP results.
International Business
Volume: International brand volume decreased by 7.1 percent in the first quarter, driven by the loss of the Modelo contract in Japan, as well as lower volume in Mexico related to higher pricing, partially offset by organic growth in many of our focus markets. Revenue : Net sales per hectoliter (brand-volume basis) declined 0.5 percent in constant currency, driven by unfavorable sales mix, partially offset by positive net pricing. COGS per hectoliter decreased 1.6 percent, due to sales mix changes. MG&A expense decreased 28.1 percent, driven by lower marketing investments and receipt of a $2 million settlement related to our Colombia business. On a U.S. GAAP basis, International segment reported pretax income of $3.7 million versus income of $1.5 million a year ago, driven by lower MG&A costs, including the $2 million Colombia settlement, along with higher net pricing. This was partially offset by the loss of the Modelo brands in Japan. International underlying EBITDA was $7.1 million in the first quarter, up from $5.0 million a year ago , driven by the same factors as pretax income.
Corporate
On a U.S. GAAP basis, the company reported Corporate pretax income of $112.8 million in the first quarter compared to a loss of $85.1 million in the prior year, primarily due to receipt of a $328 million cash purchase price adjustment related to our acquisition of the Miller International business, partially offset by unrealized mark-to-market losses on commodity swaps in the first quarter, compared to mark-to-market gains a year ago. Corporate underlying EBITDA was a loss of $39.2 million for the first quarter versus a $39.1 million loss in the prior year, driven primarily by the timing of corporate general and administrative costs, largely offset by pension benefit and favorable foreign currency.
Worldwide Brand and Financial Volume (1)
(In millions of hectoliters) (Unaudited) Three Months Ended March 31, 2018 % Change March 31, 2017 Financial Volume (1) 20.813 (4.9 )% 21.878 Contract brewing, wholesaler and non-beer volume (1.902 ) (4.3 )% (1.988 ) Royalty volume 0.716 (10.3 )% 0.798 Sales-To-Wholesaler to Sales-To-Retail adjustment (0.526 ) (46.4 )% (0.982 ) Total Worldwide Brand Volume (1) 19.101 (3.1 )% 19.706 (1) See Appendix for definitions and additional discussion regarding Financial and Worldwide Brand Volume . Other Results
Effective Income Tax Rates
Three Months Ended March 31, 2018 March 31, 2017 U.S. GAAP effective tax rate 21 % 23 % Underlying effective tax rate 21 % 23 % The effective tax rate and the underlying effective tax rate both decreased 2 percentage points from a year ago, primarily due to the reduction of the U.S. federal statutory corporate income tax rate to 21 percent as a result of U.S. tax reform, partially offset by the impact of discrete items year over year.
Special and Other Non-Core Items
The following special and other non-core items have been excluded from underlying results. See the Appendix for reconciliations of non-GAAP financial measures.
During the first quarter, MCBC recognized a net special benefit of $314.8 million, driven primarily by a $328 million cash payment received in January 2018 related to resolving a purchase price adjustment to our October 2016 acquisition of the Miller International business, partially offset by accelerated depreciation and restructuring costs. Additionally, we recorded other non-core net charges of $95.0 million, driven primarily by unrealized mark-to-market losses on commodity hedges, as well as integration-related expenses.
2018 Outlook The following targets for full year 2018 are unchanged from previous disclosures, unless otherwise indicated:
Underlying free cash flow: $1.5 billion, plus or minus 10 percent, which excludes the $328 million cash payment received in January 2018 related to resolving a purchase price adjustment to our October 2016 acquisition of the Miller International business. Transaction-related cash tax benefits: approximately $200 million (included in free cash flow). Transaction-related after-tax book amortization: approximately $55 million. Cash pension contributions: approximately $10 million. Capital spending: approximately $670 million, plus or minus 10 percent. Cost savings: approximately $210 million in 2018, and $600 million for 2017 to 2019. Cost of goods sold per hectoliter: MillerCoors: low-single-digit increase. Canada: low-single-digit increase (local currency). Europe: low-single-digit increase (local currency). International business: low-single-digit decrease. - Updated (formerly mid-single-digit decrease) Underlying Corporate MG&A expense: approximately $180 million, plus or minus 10 percent. Underlying depreciation and amortization: approximately $850 million, versus $792 million in 2017, primarily due to planned information systems implementations in the U.S. Pension benefit: approximately $60 million. Corporate net interest expense: approximately $330 million, plus or minus 10 percent. Underlying effective tax rate in the range of 18 to 22 percent for 2018, following the enactment of U.S. tax reform. Subject to additional definitive guidance from the U.S. government regarding the implementation of the recently passed tax reform legislation, the company's preliminary view of its long-term effective tax rate (after 2018) is in the range of 20 to 24 percent. In addition, our 2018 results are also being impacted by the adoption of the new revenue recognition standard, as well as guidance changing the presentation of pension and other postretirement benefit (OPEB) costs. The new revenue recognition accounting standard became effective for us at the beginning of 2018, and we have elected the modified retrospective adoption method. Therefore, prior period results have not been restated, but results under the old standard will continue to be disclosed throughout 2018 for comparability, as required by the standard. Along with some timing changes between quarters, this adoption changes the presentation of our results, including an expected reduction of net sales revenue and marketing, general and administrative expenses of approximately $70 million to $90 million during full year 2018, primarily within our Canada segment, with no significant impact to net income. See Appendix for detailed impacts on 2018 results from our adoption of the new revenue recognition standard. Under the new pension guidance , we are reporting the service cost component of net periodic pension and OPEB costs or income in our business segment operating results. Beginning in 2018, however, all other components of net periodic pension and OPEB cost or income are being reported in Corporate outside of operating income. Prior period results for each of our segments and Consolidated have been restated retrospectively for this change, as required by the guidance, with no impact to consolidated net income. This accounting change primarily impacts the reported results of our Europe segment. See Appendix section below, "Adoption of Pension and Other Postretirement Benefit Accounting Pronouncement Applied Retrospectively," for details regarding impacts of this change to 2017 results. The impacts of these accounting changes are discussed in further detail within footnote 2 of our 2017 Form 10-K and our first quarter 2018 Form 10-Q.
Notes Unless otherwise indicated in this release, all $ amounts are in U.S. Dollars, and all quarterly comparative results are for the Company’s first quarter ended March 31, 2018, compared to the first quarter ended March 31, 2017. Prior year results have been adjusted to reflect the retrospective adoption of new pension accounting, as described above. Effective in the first quarter of 2018, we have revised our net sales revenue (NSR) per HL performance discussions to be on a brand volume basis, such that all per-hectoliter calculations now include owned and actively managed brand volume, along with royalty volume, in the denominator, as well as the financial impact of these sales in the numerator, unless otherwise indicated. Some numbers may not sum due to rounding.
As used in this release, the term “Acquisition” refers to the Company’s acquisition from Anheuser-Busch InBev SA/NV on October 11, 2016, of SABMiller plc’s 58 percent economic interest and 50 percent voting interest in MillerCoors LLC and all trademarks, contracts and other assets primarily related to the Miller International business outside of the U.S. and Puerto Rico.
2018 First Quarter Conference Call Molson Coors Brewing Company will conduct an earnings conference call with financial analysts and investors at 11:00 a.m. Eastern Time today to discuss the Company’s 2018 first quarter results. The live webcast will be accessible via the Company’s website, www.molsoncoors.com . An online replay of the webcast will be available until 11:59 p.m. Eastern Time on May 1, 2019. The Company will post this release and related financial statements on its website today.
Overview of Molson Coors Molson Coors has defined brewing greatness for more than two centuries. As one of the largest global brewers, Molson Coors works to deliver extraordinary brands that delight the world’s beer drinkers. From Coors Light, Coors Banquet, Miller Lite, Molson Canadian, Carling, Staropramen and Sharp’s Doom Bar to Leinenkugel’s Summer Shandy, Blue Moon Belgian White, Hop Valley, Creemore Springs and Crispin Cider, Molson Coors offers a beer for every beer lover.
Molson Coors operates through Molson Coors Canada, MillerCoors in the U.S., Molson Coors Europe and Molson Coors International. The company is not only committed to brewing extraordinary beers, but also running a business focused on respect for its employees, communities and drinkers, which means corporate responsibility and accountability right from the start. It has been listed on the Dow Jones Sustainability Index for the past seven years. To learn more about Molson Coors Brewing Company, visit molsoncoors.com , ourbeerprint.com or on Twitter through @MolsonCoors .
About Molson Coors Canada Inc. Molson Coors Canada Inc. (MCCI) is a subsidiary of Molson Coors Brewing Company. MCCI Class A and Class B exchangeable shares offer substantially the same economic and voting rights as the respective classes of common shares of MCBC, as described in MCBC’s annual proxy statement and Form 10-K filings with the U.S. Securities and Exchange Commission. The trustee holder of the special Class A voting stock and the special Class B voting stock has the right to cast a number of votes equal to the number of then outstanding Class A exchangeable shares and Class B exchangeable shares, respectively.
Forward-Looking Statements This press release includes “forward-looking statements” within the meaning of the U.S. federal securities laws. Generally, the words “believe,” “expect,” “intend,” “anticipate,” “project,” “will,” “outlook,” and similar expressions identify forward-looking statements, which generally are not historic in nature. Although the Company believes that the assumptions upon which its forward-looking statements are based are reasonable, it can give no assurance that these assumptions will prove to be correct. Important factors that could cause actual results to differ materially from the Company’s historical experience, and present projections and expectations are disclosed in the Company’s filings with the Securities and Exchange Commission (“SEC”). These factors include, among others, our ability to successfully integrate the Acquisition of MillerCoors; our ability to achieve expected tax benefits, accretion and cost savings and synergies; impact of increased competition resulting from further consolidation of brewers, competitive pricing and product pressures; health of the beer industry and our brands in our markets; economic conditions in our markets; additional impairment charges; our ability to maintain manufacturer/distribution agreements; changes in our supply chain system; availability or increase in the cost of packaging materials; success of our joint ventures; risks relating to operations in developing and emerging markets; changes in legal and regulatory requirements, including the regulation of distribution systems; fluctuations in foreign currency exchange rates; increase in the cost of commodities used in the business; the impact of climate change and the availability and quality of water; loss or closure of a major brewery or other key facility; our ability to implement our strategic initiatives, including executing and realizing cost savings; our ability to successfully integrate newly acquired businesses; pension plan and other post-retirement benefit costs; failure to comply with debt covenants or deterioration in our credit rating; our ability to maintain good labor relations; our ability to maintain brand image, reputation and product quality; and other risks discussed in our filings with the SEC, including our most recent Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q. All forward-looking statements in this press release are expressly qualified by such cautionary statements and by reference to the underlying assumptions. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. We do not undertake to update forward-looking statements, whether as a result of new information, future events or otherwise.
APPENDIX
Consolidated Financial Performance
Molson Coors Brewing Company Three Months Ended March 31, 2018 % Change (In millions, except per share data)(Unaudited) U.S. GAAP Non-GAAP
Adjustments (1)
Non-GAAP
Underlying (1)
U.S. GAAP Non-GAAP
Underlying
Net sales $ 2,331.5 $ — $ 2,331.5 (4.8)
%
(4.8)
%
Net Sales per HL change 0.1 % 0.1 % Cost of goods sold $ (1,535.7 ) $ 86.1 $ (1,449.6 ) 11.9 % 1.0 % Cost of goods sold per HL change 17.6 % 6.2 % Gross profit $ 795.8 $ 86.1 $ 881.9 (26.1)
%
(13.0)
%
Marketing, general and administrative expenses $ (681.1 ) $ 8.8 $ (672.3 ) (3.4)
%
(2.1)
%
Special items, net $ 314.8 $ (314.8 ) $ — N/M
— % Operating income (loss) $ 429.5 $ (219.9 ) $ 209.6 17.9 % (35.9)
%
Interest income (expense), net $ (83.2 ) $ — $ (83.2 ) (13.9)
%
(13.9)
%
Other pension and postretirement benefits (costs), net $ 10.0 $ 0.1 $ 10.1 (24.8)
%
(2.9)
%
Other income (expense), net $ 1.1 $ — $ 1.1 N/M N/M Income (loss) before income taxes $ 357.4 $ (219.8 ) $ 137.6 27.2 % (40.8)
%
Income tax benefit (expense) $ (74.9 ) $ 46.0 $ (28.9 ) 13.7 % (46.3)
%
Net income (loss) (2) $ 278.1 $ (173.8 ) $ 104.3 33.4 % (39.4)
%
Per diluted share $ 1.28 $ (0.80 ) $ 0.48 33.3 % (40.0)
%
Underlying EBITDA (3) $ 426.0 (18.5)
%
N/M = Not meaningful
(1) Refer to the table "Condensed Consolidated Statements of Operations" for detailed descriptions and reconciliation of non-GAAP adjustments and results. (2) Net income (loss) attributable to MCBC. (3) EBITDA is earnings before interest, taxes, depreciation and amortization, a non-GAAP financial measure. Adoption of Revenue Recognition Guidance The new revenue recognition standard became effective for us at the beginning of 2018. We have adopted the new standard using the modified retrospective approach, and, therefore, prior period results have not been restated. However, results under the old standard will continue to be disclosed throughout 2018 for comparability, as required by the standard. The following table highlights the impact of this new guidance on summarized components of our unaudited condensed consolidated statement of operations for the three months ended March 31, 2018, when comparing our current period results of operations under the new guidance, versus our results of operations if historical guidance had continued to be applied.
Three Months Ended March 31, 2018 U.S. Canada Europe International Consolidated (In millions) Impact to Unaudited Condensed Consolidated Statements of Operations - Favorable/(Unfavorable): Net sales $ (4.7 ) $ (11.0 ) $ (0.6 ) $ 0.2 $ (16.1 ) Cost of goods sold $ — $ — $ — $ — $ — Gross profit $ (4.7 ) $ (11.0 ) $ (0.6 ) $ 0.2 $ (16.1 ) Marketing, general and administrative expenses $ 0.7 $ 11.6 $ 0.8 $ — $ 13.1 Operating income (loss) $ (4.0 ) $ 0.6 $ 0.2 $ 0.2 $ (3.0 ) Interest income (expense), net $ — $ — $ (0.8 ) $ — $ (0.8 ) Income (loss) before income taxes $ (4.0 ) $ 0.6 $ (0.6 ) $ 0.2 $ (3.8 ) These impacts are driven primarily by the reclassification of certain cash payments to customers from marketing, general and administrative expenses to a reduction of revenue, as well as a change in the timing of recognition of certain promotional discounts and cash payments to customers. For further discussion regarding the impacts of the adoption of this new guidance, refer to footnote 2 within our first quarter 2018 Form 10-Q.
Adoption of Pension and Other Postretirement Benefit Accounting Pronouncement During the first quarter of 2018, we adopted the FASB's new guidance related to classification of pension and other postretirement benefit costs. Specifically, the new guidance requires us only to report the service cost component in the same line item as other compensation costs arising from services rendered by the pertinent employees during the period; while the other components of net benefit cost are now presented in the statements of operations separately from the service cost component and outside of operating income. We have also determined that only service cost will be reported within each operating segment, and all other components will be reported within the Corporate segment. These changes to the results of each quarter and full year 2017 are reflected in the table below. See the Company's first quarter 2018 10-Q filing for additional detail.
($ in millions) (Unaudited) As Adjusted for Pension Accounting Change Three Months Ended Year Ended March 31,
2017
June 30,
2017
September 30,
2017
December 31,
2017
December 31,
2017
United States:
Cost of goods sold $ (1,025.1 ) $ (1,180.3 ) $ (1,080.1 ) $ (1,038.7 ) $ (4,324.2 ) Marketing, general and administrative expenses $ (405.7 ) $ (458.8 ) $ (458.2 ) $ (460.0 ) $ (1,782.7 ) Special items, net $ (2.5 ) $ (12.6 ) $ (0.1 ) $ (0.1 ) $ (15.3 ) Operating income (loss) $ 316.6 $ 487.2 $ 353.8 $ 225.9 $ 1,383.5 Other pension and postretirement benefits (costs), net $ — $ — $ — $ — $ — U.S. GAAP Pretax income $ 316.6 $ 486.5 $ 367.1 $ 224.0 $ 1,394.2 Underlying (Non-GAAP) Pretax income (1) $ 323.6 $ 499.9 $ 368.7 $ 224.8 $ 1,417.0 Canada:
Cost of goods sold $ (181.1 ) $ (233.4 ) $ (222.1 ) $ (210.4 ) $ (847.0 ) Marketing, general and administrative expenses $ (96.1 ) $ (104.7 ) $ (103.0 ) $ (93.7 ) $ (397.5 ) Special items, net $ (1.2 ) $ (1.0 ) $ (5.9 ) $ (6.3 ) $ (14.4 ) Operating income (loss) $ 12.7 $ 68.5 $ 75.4 $ 42.5 $ 199.1 Other pension and postretirement benefits (costs), net $ — $ — $ — $ — $ — U.S. GAAP Pretax income $ 20.9 $ 69.7 $ 77.2 $ 42.4 $ 210.2 Underlying (Non-GAAP) Pretax income (1) $ 14.0 $ 73.5 $ 83.6 $ 49.3 $ 220.4 Europe:
Cost of goods sold $ (226.1 ) $ (315.8 ) $ (330.8 ) $ (301.7 ) $ (1,174.4 ) Marketing, general and administrative expenses $ (126.8 ) $ (138.0 ) $ (138.9 ) $ (126.6 ) $ (530.3 ) Special items, net $ (2.6 ) $ (2.6 ) $ 2.8 $ (2.6 ) $ (5.0 ) Operating income (loss) $ 26.1 $ 68.3 $ 94.3 $ 42.3 $ 231.0 Other pension and postretirement benefits (costs), net $ — $ — $ — $ — $ — U.S. GAAP Pretax income $ 27.0 $ 69.9 $ 94.9 $ 43.1 $ 234.9 Underlying (Non-GAAP) Pretax income (1) $ 29.8 $ 72.6 $ 92.2 $ 45.9 $ 240.5 Corporate:
Cost of goods sold $ 63.0 $ (23.5 ) $ 45.2 $ 38.2 $ 122.9 Marketing, general and administrative expenses $ (55.7 ) $ (56.2 ) $ (56.7 ) $ (71.2 ) $ (239.8 ) Special items, net $ (0.1 ) $ — $ — $ — $ (0.1 ) Operating income (loss) $ 7.5 $ (79.4 ) $ (11.2 ) $ (33.0 ) $ (116.1 ) Other pension and postretirement benefits (costs), net $ 13.3 $ 9.4 $ 9.6 $ 15.1 $ 47.4 U.S. GAAP Pretax income $ (85.1 ) $ (158.2 ) $ (92.7 ) $ (100.4 ) $ (436.4 ) Underlying (Non-GAAP) Pretax income (1) $ (137.6 ) $ (123.6 ) $ (126.3 ) $ (123.3 ) $ (510.8 ) Consolidated:
Cost of goods sold $ (1,372.3 ) $ (1,755.5 ) $ (1,589.1 ) $ (1,519.8 ) $ (6,236.7 ) Marketing, general and administrative expenses $ (705.3 ) $ (782.4 ) $ (783.8 ) $ (780.5 ) $ (3,052.0 ) Special items, net $ (6.7 ) $ (16.5 ) $ (4.1 ) $ (9.1 ) $ (36.4 ) Operating income (loss) $ 364.4 $ 536.9 $ 506.2 $ 270.2 $ 1,677.7 Other pension and postretirement benefits (costs), net $ 13.3 $ 9.4 $ 9.6 $ 15.1 $ 47.4 U.S. GAAP Pretax income $ 280.9 $ 460.2 $ 440.5 $ 201.6 $ 1,383.2 Underlying (Non-GAAP) Pretax income (1)
$ 232.5 $ 519.0 $ 414.8 $ 194.7 $ 1,361.0 (1) Included herein the Appendix are the definitions and reconciliations of non-GAAP financial measures.
Worldwide Brand and Financial Volumes Worldwide brand volume reflects only owned brands sold to unrelated external customers within our geographic markets (net of returns and allowances), royalty volume and our proportionate share of equity investment worldwide brand volume calculated consistently with MCBC owned volume. Contract brewing and wholesaler volume is included within financial volume, but is removed from worldwide brand volume, as this is non-owned volume for which we do not directly control performance. Our worldwide brand volume definition also includes an adjustment from Sales-to-Wholesaler (STW) volume to Sales-to-Retailer (STR) volume. We believe the brand volume metric is important because, unlike financial volume and STWs, it provides the closest indication of the performance of our brands in relation to market and competitor sales trends.
Effective in the first quarter of 2018, we have revised our net sales revenue (NSR) per HL performance discussions to be on a brand volume basis, such that all per-hectoliter calculations now include owned and actively managed brand volume, along with royalty volume, in the denominator, as well as the financial impact of these sales in the numerator, unless otherwise indicated.
Use of Non-GAAP Measures In addition to financial measures presented on the basis of accounting principles generally accepted in the U.S. ("U.S. GAAP"), we also present "underlying pretax and net income," "underlying income per diluted share," "underlying effective tax rate," and "underlying free cash flow," which are non-GAAP measures and should be viewed as supplements to (not substitutes for) our results of operations presented under U.S. GAAP. We also present underlying earnings before interest, taxes, depreciation, and amortization ("underlying EBITDA") as a non-GAAP measure, as well as underlying EBITDA margin, which is calculated by dividing underlying EBITDA by U.S. GAAP net sales. Our management uses underlying income, underlying income per diluted share, underlying EBITDA (and margin), and underlying effective tax rate as measures of operating performance, as well as underlying free cash flow in the measure of cash generated from core operations, to assist in comparing performance from period to period on a consistent basis; as a measure for planning and forecasting overall expectations and for evaluating actual results against such expectations; in communications with the board of directors, stockholders, analysts and investors concerning our financial performance; as useful comparisons to the performance of our competitors; and as metrics of certain management incentive compensation calculations. We believe that underlying income, underlying income per diluted share, underlying EBITDA (and margin), and underlying effective tax rate performance are used by, and are useful to, investors and other users of our financial statements in evaluating our operating performance, as well as underlying free cash flow in evaluating our generation of cash from core operations, because they provide an additional tool to evaluate our performance without regard to special and non-core items, which can vary substantially from company to company depending upon accounting methods and book value of assets and capital structure. In addition to the reasons discussed above, we consider underlying free cash flow an important measure of our ability to generate cash, grow our business and enhance shareholder value, driven by core operations and after adjusting for non-core items. For discussion and analysis of our liquidity, see the consolidated statements of cash flows and the Liquidity and Capital Resources section of our Management’s Discussion and Analysis of Financial Condition and Results of Operations in our latest Form 10-K and 10-Q filings with the SEC.
We have provided reconciliations of all historical non-GAAP measures to their nearest U.S. GAAP measure and have consistently applied the adjustments within our reconciliations in arriving at each non-GAAP measure. These adjustments consist of special items from our U.S. GAAP financial statements as well as other non-core items, such as acquisition and integration related costs, unrealized mark-to-market gains and losses, and gains and losses on sales of non-operating assets, included in our U.S. GAAP results that warrant adjustment to arrive at non-GAAP results. We consider these items to be necessary adjustments for purposes of evaluating our ongoing business performance and are often considered non-recurring. Such adjustments are subjective and involve significant management judgment.
Our guidance for underlying Corporate MG&A, underlying depreciation and amortization, underlying free cash flow, underlying effective tax rate, and underlying Corporate net interest expense are also non-GAAP financial measures that exclude or otherwise have been adjusted for special items from our U.S. GAAP financial statements as well as other non-core items, such as acquisition and integration related costs, unrealized mark-to-market gains and losses, and gains and losses on sales of non-operating assets, included in our U.S. GAAP results that warrant adjustment to arrive at non-GAAP results. We consider these items to be necessary adjustments for purposes of evaluating our ongoing business performance and are often considered non-recurring. Such adjustments are subjective and involve significant management judgment. We are unable to reconcile the above described guidance measures to their nearest U.S. GAAP measures without unreasonable efforts because we are unable to predict with a reasonable degree of certainty the actual impact of the special and other non-core items. By their very nature, special and other non-core items are difficult to anticipate with precision because they are generally associated with unexpected and unplanned events that impact our company and its financial results. Therefore, we are unable to provide a reconciliation of these measures.
Reconciliations to Nearest U.S. GAAP Measures Underlying EBITDA
($ in millions) (Unaudited) Three Months Ended March 31, 2018 % change March 31, 2017 U.S. GAAP: Net income (loss) attributable to MCBC $ 278.1 33.4 % $ 208.5 Add: Net income (loss) attributable to noncontrolling interests 4.4 (32.3)
%
6.5 U.S. GAAP: Net income (loss) 282.5 31.4 % 215.0 Add: Interest expense (income), net 83.2 (13.9)
%
96.6 Add: Income tax expense (benefit) 74.9 13.7 % 65.9 Add: Depreciation and amortization 213.7 8.4 % 197.1 Adjustments included in underlying income (1) (219.8 ) 354.1 % (48.4 ) Adjustments to arrive at underlying EBITDA (2) (8.5 ) 150.0 % (3.4 ) Non-GAAP: Underlying EBITDA $ 426.0 (18.5)
%
$ 522.8 (1) Includes adjustments to non-GAAP underlying income within the table above related to special and non-core items. (2) Represents adjustments to remove amounts related to interest, depreciation and amortization included in the adjustments to non-GAAP underlying income above, as these items are added back as adjustments to net income attributable to MCBC. Underlying Free Cash Flow
(In millions) (Unaudited) Three Months Ended March 31, 2018 March 31, 2017 U.S. GAAP: Net Cash Provided by (Used In) Operating Activities $ 315.2 $ (118.3 ) Less: Additions to properties (1) (208.3 ) (180.0 ) Add/Less: Cash impact of special items (2) (324.8 ) 33.0 Add: Non-core costs related to acquisition of businesses (3) 22.8 44.0 Non-GAAP: Underlying Free Cash Flow $ (195.1 ) $ (221.3 ) (1) Included in net cash used in investing activities. (2) Included in net cash provided by (used in) operating activities and for the three months ended March 31, 2018, primarily reflects the settlement payment received from ABI, and for the three months ended March 31, 2017, primarily reflects costs paid for brewery closures and restructuring activities. (3) Included in net cash provided by operating activities and reflects costs paid associated with the Acquisition of 58% of MillerCoors, LLC, and the Miller global brand portfolio.
Statements of Operations -- Molson Coors Brewing Company and Subsidiaries Condensed Consolidated Statements of Operations
(In millions, except per share data) (Unaudited) Three Months Ended March 31, 2018 March 31, 2017 Financial volume in hectoliters 20.813 21.878 Sales $ 2,868.0 $ 2,913.8 Excise taxes (536.5 ) (465.1 ) Net sales 2,331.5 2,448.7 Cost of goods sold (1,535.7 ) (1,372.3 ) Gross profit 795.8 1,076.4 Marketing, general and administrative expenses (681.1 ) (705.3 ) Special items, net 314.8 (6.7 ) Operating income (loss) 429.5 364.4 Interest income (expense), net (83.2 ) (96.6 ) Other pension and postretirement benefits (costs), net 10.0 13.3 Other income (expense), net 1.1 (0.2 ) Income (loss) before income taxes 357.4 280.9 Income tax benefit (expense) (74.9 ) (65.9 ) Net income (loss) 282.5 215.0 Net (income) loss attributable to noncontrolling interests (4.4 ) (6.5 ) Net income (loss) attributable to MCBC $ 278.1 $ 208.5 Basic net income (loss) attributable to MCBC per share: $ 1.29 $ 0.97 Diluted net income (loss) attributable to MCBC per share: $ 1.28 $ 0.96 Weighted average shares - basic 215.8 215.0 Weighted average shares - diluted 216.6 216.5 Dividends per share $ 0.41 $ 0.41
Molson Coors Brewing Company and Subsidiaries
U.S. Results of Operations
(In millions) (Unaudited) Three Months Ended March 31, 2018 March 31, 2017 Financial volume in hectoliters (1) 14.718 15.772 Sales (1) $ 1,861.7 $ 1,991.4 Excise taxes (213.9 ) (241.5 ) Net sales (1) 1,647.8 1,749.9 Cost of goods sold (1) (990.1 ) (1,025.1 ) Gross profit
657.7 724.8 Marketing, general and administrative expenses (393.1 ) (405.7 ) Special items, net (2) (1.5 ) (2.5 ) Operating income 263.1 316.6 Interest income (expense), net (1.2 ) — Other income (expense), net (0.2 ) — Income (loss) before income taxes $ 261.7 $ 316.6 Add/(less): Special items, net (2) 1.5 2.5 Acquisition and integration related costs (3) 1.1 4.5 Non-GAAP: Underlying pretax income (loss) $ 264.3 $ 323.6 Add: Interest expense (income), net 1.2 — Add: Depreciation and amortization 124.8 119.3 Adjustments to arrive at underlying EBITDA (4) (1.4 ) — Non-GAAP: Underlying EBITDA $ 388.9 $ 442.9 (1) Includes gross inter-segment sales, purchases, and volumes, which are eliminated in the consolidated totals. (2) See Part I—Item 1. Financial Statements, Note 6, "Special Items" of the Form 10-Q for detailed discussion of special items. Special items for the three months ended March 31, 2018, includes accelerated depreciation in excess of normal depreciation of $1.4 million. These accelerated depreciation charges are included in our adjustments to arrive at underlying EBITDA. (3) For the three months ended March 31, 2018, and March 31, 2017, $1.1 million and $0.5 million, respectively, of integration costs were incurred in cost of goods sold. For the three months ended March 31, 2017, integration costs of $4.0 million were incurred in marketing, general & administrative expenses. (4) Represents adjustments to remove amounts related to interest, depreciation and amortization included in the adjustments to non-GAAP underlying income above, as these items are added back as adjustments to net income attributable to MCBC.
Molson Coors Brewing Company and Subsidiaries
Canada Results of Operations
(In millions) (Unaudited) Three Months Ended March 31, 2018 March 31, 2017 Financial volume in hectoliters (1) 1.707 1.793 Sales (1) $ 374.9 $ 377.4 Excise taxes (91.1 ) (86.3 ) Net sales (1) 283.8 291.1 Cost of goods sold (1) (187.4 ) (181.1 ) Gross profit 96.4 110.0 Marketing, general and administrative expenses (81.0 ) (96.1 ) Special items, net (2) (5.6 ) (1.2 ) Operating income (loss) 9.8 12.7 Other income (expense), net (0.7 ) 8.2 Income (loss) before income taxes $ 9.1 $ 20.9 Add/(less): Special items, net (2) 5.6 1.2 Acquisition and integration related costs (3) 0.1 — Other non-core items (4) — (8.1 ) Non-GAAP: Underlying pretax income (loss) $ 14.8 $ 14.0 Add: Depreciation and amortization 36.0 30.8 Adjustments to arrive at underlying EBITDA (5) (6.1 ) (1.2 ) Non-GAAP: Underlying EBITDA $ 44.7 $ 43.6 (1) Includes gross inter-segment sales, purchases, and volumes, which are eliminated in the consolidated totals. (2) See Part I—Item 1. Financial Statements, Note 6, "Special Items" of the Form 10-Q for detailed discussion of special items. Special items for the three months ended March 31, 2018, and March 31, 2017, includes accelerated depreciation in excess of normal depreciation of $1.0 million and $1.2 million, respectively, related to the planned closure of the Vancouver brewery. Also incurred in the three months ended March 31, 2018, are accelerated depreciation charges in excess of normal depreciation of $5.1 million related to the planned closure of our existing Montreal brewery. These accelerated depreciation charges in excess of normal depreciation are included in our adjustments to arrive at underlying EBITDA. (3) For the three months ended March 31, 2018, $0.1 million of integration related costs were incurred in cost of goods sold. (4) For the three months ended March 31, 2017, a gain of $8.1 million was recorded in other income (expense), net resulting from a purchase price adjustment related to the historical sale of Molson Inc.’s ownership interest in the Montreal Canadiens. (5) Represents adjustments to remove amounts related to interest, depreciation and amortization included in the adjustments to non-GAAP underlying income above, as these items are added back as adjustments to net income attributable to MCBC.
Molson Coors Brewing Company and Subsidiaries
Europe Results of Operations
(In millions) (Unaudited) Three Months Ended March 31, 2018 March 31, 2017 Financial volume in hectoliters (1)(2) 4.404 4.359 Sales (2) $ 598.5 $ 514.4 Excise taxes (224.2 ) (132.8 ) Net sales (2) 374.3 381.6 Cost of goods sold (267.7 ) (226.1 ) Gross profit 106.6 155.5 Marketing, general and administrative expenses (130.4 ) (126.8 ) Special items, net (3) (5.1 ) (2.6 ) Operating income (loss) (28.9 ) 26.1 Interest income (expense), net (0.7 ) 1.0 Other income (expense), net (0.3 ) (0.1 ) Income (loss) before income taxes $ (29.9 ) $ 27.0 Add/(less): Special items, net (3) 5.1 2.6 Acquisition and integration related costs (4) 0.2 0.2 Non-GAAP: Underlying pretax income (loss) $ (24.6 ) $ 29.8 Add: Interest expense (income), net 0.7 (1.0 ) Add: Depreciation and amortization 49.4 43.8 Adjustments to arrive at underlying EBITDA (5) (1.0 ) (2.2 ) Non-GAAP: Underlying EBITDA $ 24.5 $ 70.4 (1) Excludes royalty volume of 0.306 million hectoliters for the three months ended March 31, 2018, and excludes royalty volume of 0.325 million hectoliters for the three months ended March 31, 2017, respectively. (2) Includes gross inter-segment sales and volumes, which are eliminated in the consolidated totals. (3) See Part I—Item 1. Financial Statements, Note 6, "Special Items" of the Form 10-Q for detailed discussion of special items. Special items for the three months ended March 31, 2018, and March 31, 2017, includes accelerated depreciation in excess of normal depreciation of $1.0 million and $2.2 million, respectively, related to the closure of our Burton South brewery in the U.K., which was completed in the first quarter of 2018. These accelerated depreciation charges in excess of normal depreciation are included in our adjustments to arrive at underlying EBITDA. (4) For both the three months ended March 31, 2018, and March 31, 2017, $0.2 million of acquisition and integration related costs were incurred in cost of goods sold. (5) Represents adjustments to remove amounts related to interest, depreciation and amortization included in the adjustments to non-GAAP underlying income above, as these items are added back as adjustments to net income attributable to MCBC.
Molson Coors Brewing Company and Subsidiaries
International Results of Operations
(In millions) (Unaudited) Three Months Ended March 31, 2018 March 31, 2017 Financial volume in hectoliters (1) 0.520 0.528 Sales $ 64.8 $ 66.3 Excise taxes (7.3 ) (4.5 ) Net sales 57.5 61.8 Cost of goods sold (2) (37.8 ) (39.0 ) Gross profit 19.7 22.8 Marketing, general and administrative expenses (15.1 ) (21.0 ) Special items, net (3) (1.0 ) (0.3 ) Operating income (loss) 3.6 1.5 Other income (expense), net 0.1 — Income (loss) before income taxes $ 3.7 $ 1.5 Add/(less): Special items, net (3) 1.0 0.3 Acquisition and integration related costs (4) — 0.9 Non-GAAP: Underlying pretax income (loss) $ 4.7 $ 2.7 Add: Depreciation and amortization 2.4 2.3 Non-GAAP: Underlying EBITDA $ 7.1 $ 5.0 (1) Excludes royalty volume of 0.410 million hectoliters for the three months ended March 31, 2018, and excludes royalty volume of 0.473 million hectoliters for the three months ended March 31, 2017. (2) Includes gross inter-segment purchases, which are eliminated in the consolidated totals. (3) See Part I—Item 1. Financial Statements, Note 6, "Special Items" of the Form 10-Q for detailed discussion of special items. (4) For the three months ended March 31, 2017, integration costs of $0.9 million were incurred in marketing, general & administrative expenses.
Molson Coors Brewing Company and Subsidiaries
Corporate Results of Operations
(In millions) (Unaudited) Three Months Ended March 31, 2018 March 31, 2017 Financial volume in hectoliters — — Sales $ 0.2 $ 0.3 Excise taxes — — Net sales 0.2 0.3 Cost of goods sold (84.8 ) 63.0 Gross profit (84.6 ) 63.3 Marketing, general and administrative expenses (61.5 ) (55.7 ) Special items, net (1) 328.0 (0.1 ) Operating income (loss) 181.9 7.5 Interest expense, net (81.3 ) (97.6 ) Other pension and postretirement benefits (costs), net 10.0 13.3 Other income (expense), net 2.2 (8.3 ) Income (loss) before income taxes $ 112.8 $ (85.1 ) Add/(less): Special items, net (1) (328.0 ) 0.1 Acquisition and integration related costs (2) 8.8 13.4 Unrealized mark-to-market (gains) and losses (3) 84.7 (63.1 ) Non-core other pension and postretirement benefits (costs), net (4) 0.1 (2.9 ) Non-GAAP: Underlying pretax income (loss) $ (121.6 ) $ (137.6 ) Add: Interest expense (income), net 81.3 97.6 Add: Depreciation and amortization 1.1 0.9 Non-GAAP: Underlying EBITDA $ (39.2 ) $ (39.1 ) (1) See Part I—Item 1. Financial Statements, Note 6, "Special Items" of the Form 10-Q for detailed discussion of special items. (2) In connection with the acquisition, for the three months ended March 31, 2018, and March 31, 2017, we have recorded $8.8 million and $13.4 million, respectively, of integration costs within marketing, general & administrative expenses. (3) The unrealized changes in fair value on our commodity swaps, which are economic hedges, are recorded as cost of goods sold within our Corporate business activities. As the exposure we are managing is realized, we reclassify the gain or loss to the segment in which the underlying exposure resides, allowing our segments to realize the economic effects of the derivative without the resulting unrealized mark-to-market volatility. (4) For the three months ended March 31, 2017, includes the retrospective impact of the FASB's new guidance and moving the non-service cost component of net periodic pension and other postretirement benefits to the Corporate segment. See Part I—Item 1. Financial Statements, Note 2, "New Accounting Pronouncements" of the Form 10-Q for detailed discussion.
Balance Sheet
Condensed Consolidated Balance Sheets
(In millions, except par value) (Unaudited) As of March 31, 2018 December 31, 2017 Assets Current assets: Cash and cash equivalents $ 197.9 $ 418.6 Accounts receivable, net 779.3 733.8 Other receivables, net 168.0 168.2 Inventories, net 665.6 591.5 Other current assets, net 326.2 277.6 Total current assets 2,137.0 2,189.7 Properties, net 4,680.8 4,673.7 Goodwill 8,442.7 8,405.5 Other intangibles, net 14,237.6 14,296.5 Other assets 686.4 681.5 Total assets $ 30,184.5 $ 30,246.9 Liabilities and equity Current liabilities: Accounts payable and other current liabilities $ 2,537.1 $ 2,684.5 Current portion of long-term debt and short-term borrowings 1,591.3 714.8 Total current liabilities 4,128.4 3,399.3 Long-term debt 9,527.0 10,598.7 Pension and postretirement benefits 838.0 848.5 Deferred tax liabilities 1,688.7 1,648.6 Other liabilities 338.9 316.8 Total liabilities 16,521.0 16,811.9 Molson Coors Brewing Company stockholders' equity Capital stock: Preferred stock, $0.01 par value (authorized: 25.0 shares; none issued) — — Class A common stock, $0.01 par value per share (authorized: 500.0 shares; issued and
outstanding: 2.6 shares and 2.6 shares, respectively)
— — Class B common stock, $0.01 par value per share (authorized: 500.0 shares; issued: 205.1
shares and 204.7 shares, respectively)
2.0 2.0 Class A exchangeable shares, no par value (issued and outstanding: 2.9
shares and 2.9 shares, respectively)
107.7 107.7 Class B exchangeable shares, no par value (issued and outstanding: 14.7 shares and 14.7
shares, respectively)
553.2 553.2 Paid-in capital 6,697.4 6,688.5 Retained earnings 7,367.9 7,206.1 Accumulated other comprehensive income (loss) (810.9 ) (860.0 ) Class B common stock held in treasury at cost (9.5 shares and 9.5 shares, respectively) (471.4 ) (471.4 ) Total Molson Coors Brewing Company stockholders' equity 13,445.9 13,226.1 Noncontrolling interests 217.6 208.9 Total equity 13,663.5 13,435.0 Total liabilities and equity $ 30,184.5 $ 30,246.9
Cash Flow Statement
Condensed Consolidated Statements of Cash Flows
($ in millions) (Unaudited) Three Months Ended March 31, 2018 March 31, 2017 Cash flows from operating activities: Net income (loss) including noncontrolling interests $ 282.5 $ 215.0 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization 213.7 197.1 Amortization of debt issuance costs and discounts 4.1 6.5 Share-based compensation 14.8 15.5 (Gain) loss on sale or impairment of properties and other assets, net 0.7 (4.4 ) Unrealized (gain) loss on foreign currency fluctuations and derivative instruments, net 83.5 (62.4 ) Income tax (benefit) expense 74.9 65.9 Income tax (paid) received (8.9 ) (10.9 ) Interest expense, excluding interest amortization 79.3 91.7 Interest paid (115.2 ) (120.7 ) Pension expense (benefit) (14.9 ) (16.3 ) Pension contributions paid (2.5 ) (36.0 ) Change in current assets and liabilities and other (296.8 ) (459.3 ) Net cash provided by (used in) operating activities 315.2 (118.3 ) Cash flows from investing activities: Additions to properties (208.3 ) (180.0 ) Proceeds from sales of properties and other assets 1.6 42.0 Other (45.4 ) 5.9 Net cash provided by (used in) investing activities (252.1 ) (132.1 ) Cash flows from financing activities: Exercise of stock options under equity compensation plans 6.1 0.3 Dividends paid (88.5 ) (88.3 ) Debt issuance costs — (3.7 ) Payments on debt and borrowings (0.8 ) (1,501.1 ) Proceeds on debt and borrowings — 1,536.0 Net proceeds from (payments on) revolving credit facilities and commercial paper (248.7 ) 131.0 Change in overdraft balances and other 42.0 6.1 Net cash provided by (used in) financing activities (289.9 ) 80.3 Cash and cash equivalents: Net increase (decrease) in cash and cash equivalents (226.8 ) (170.1 ) Effect of foreign exchange rate changes on cash and cash equivalents 6.1 4.2 Balance at beginning of year 418.6 560.9 Balance at end of period $ 197.9 $ 395.0
Reconciliations to Nearest U.S. GAAP Measures by Line Item
First Quarter 2018 Three Months Ended March 31, 2018 (In millions) (Unaudited) Net sales Cost of goods
sold (1)
Gross profit Marketing,
general and
administrative
expenses (2)
Special items,
net (3)
Operating
income (loss)
Reported (U.S. GAAP) $ 2,331.5 $ (1,535.7 ) $ 795.8 $ (681.1 ) $ 314.8 $ 429.5 Adjustments to arrive at underlying: Special items, net Employee-related charges — — — — 3.9 3.9 Impairments or asset abandonment charges — — — — 9.3 9.3 Termination fees and other (gains) losses — — — — (328.0 ) (328.0 ) Non-Core items Integration related costs — 1.4 1.4 8.8 — 10.2 Unrealized mark-to-market (gains) losses — 84.7 84.7 — — 84.7 Tax effects on special and non-GAAP items — — — — — — Underlying (Non-GAAP) $ 2,331.5 $ (1,449.6 ) $ 881.9 $ (672.3 ) $ — $ 209.6 First Quarter 2018 Three Months Ended March 31, 2018 (In millions, except per share data)
(Unaudited)
Interest
income
(expense),
net
Other pension
and
postretirement
benefits
(costs), net (4)
Other
income
(expense),
net
Income
(loss)
before
income
taxes
Income
tax
benefit
(expense)
Net income
(loss)
attributable
to MCBC
Net income
(loss)
attributable to
MCBC per
diluted share
Reported (U.S. GAAP) $ (83.2 ) $ 10.0 $ 1.1 $ 357.4 $ (74.9 ) $ 278.1 $ 1.28 Adjustments to arrive at underlying: Special items, net Employee-related charges — — — 3.9 — 3.9 0.02 Impairments or asset abandonment charges — — — 9.3 — 9.3 0.04 Termination fees and other (gains) losses — — — (328.0 ) — (328.0 ) (1.51 ) Non-Core items Integration related costs — — — 10.2 — 10.2 0.05 Unrealized mark-to-market (gains) losses — — — 84.7 — 84.7 0.39 Non-core other pension and postretirement
benefits (costs), net
— 0.1 — 0.1 — 0.1 — Tax effects on special and non-GAAP items — — — — 46.0 46.0 0.21 Underlying (Non-GAAP) $ (83.2 ) $ 10.1 $ 1.1 $ 137.6 $ (28.9 ) $ 104.3 $ 0.48 (1) Adjustments relate to the following segments: U.S. segment $1.1 million, Canada segment $0.1 million, Europe segment $0.2 million, Corporate segment $84.7 million. (2) Adjustments relate to the following segment: Corporate segment $8.8 million. (3) Adjustments relate to the following segments: U.S. segment $1.5 million, Canada segment $5.6 million, Europe segment $5.1 million, International segment $1.0 million, Corporate segment $(328.0) million. (4) Adjustments relate to the following segment: Corporate segment $0.1 million.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180502005219/en/
Molson Coors
News Media
Colin Wheeler, 303-927-2443
or
Investor Relations
Dave Dunnewald, 303-927-2334
or
Kevin Kim, 303-927-2515
Source: Molson Coors | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/business-wire-molson-coors-reports-2018-first-quarter-results.html |
May 5, 2018 / 4:16 PM / in 18 minutes Left-wing protestors say 'enough' to Macron's French reforms Reuters Staff 3 Min Read
PARIS (Reuters) - Tens of thousands of demonstrators took to the streets in Paris on Saturday to protest against the stream of economic reforms brought in by French president Emmanuel Macron since coming to power a year ago.
Protestors bearing “Stop Macron” banners and chanting “one year is enough” were cheered on by drummers and marching bands in an anti-celebration of Macron’s time in office organised by a member of the hard-left France Unbowed movement.
The carnivalesque atmosphere follows a tense May Day rally in Paris, when hundreds of masked and hooded anarchists torched cars and hurled rocks at police on Tuesday, hijacking a demonstration called by labour unions.
Saturday’s demonstration, under a large police presence, comes almost a year to the day since 40-year-old Macron won the presidential race on a centrist platform and with a pledge to shake-up rigid institutions and revitalise the economy.
A wave of reforms soon followed, including an overhaul of labour laws that has made it easier for companies to hire and fire, earning Macron the tag of “president of the rich” among detractors and sparking discontent from labour unions.
With a political opposition in tatters, Macron has vowed to press on with his bid to reboot the economy, even as he faces one of his sternest tests to date with a rolling strike by rail workers protesting a shake-up at state-owned train company SNCF.
Members of France Unbowed, headed by Jean-Luc Melenchon who also stood for the presidency last year, have sought to fire up a backlash against Macron’s policies by getting backers onto the streets. Demonstrators march during an anti-Macron "festive" protest called by far-left opposition "France Insoumise" (France Unbowed) political party two days ahead of the first anniversary of his election as President, in Paris, France, May 5, 2018. REUTERS/Charles Platiau
The party estimated 160,000 people took part in Saturday’s protest - the Paris prefect’s office put the tally at 40,000 - and France Unbowed is pushing to hold a much larger rally with unions and other forces on May 26.
“The issue here are the endless gifts being made to the rich while the French people are struggling,” Melenchon told TF1 television ahead of the march, which drew a diverse crowd, from hospital workers and parent groups to communist supporters.
There were a few isolated scuffles at the march and at least four people had been arrested, while one policeman was injured, the police prefect’s office said.
Yet despite simmering protest movements, on the 50th anniversary of the May 1968 student riots that brought France to its knees, unions have lost clout and the mood is far from revolutionary.
Some 45 percent of French people gave Macron’s first year in office the thumbs up, according to a poll of more than 13,500 by Ipsos-Sopra Steria published on Saturday in Le Monde, with the planned overhaul of the SNCF proving the most popular reform. Slideshow (4 Images)
But when asked about the government’s reform methods, 55 percent of people taking part in the survey said they thought they were too authoritarian. Reporting by Sarah White and Elizabeth Pineau; Editing by Clelia Oziel | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-france-reform-macron/left-wing-protestors-say-enough-to-macrons-french-reforms-idUKKBN1I60MO |
CAIRO—Egyptian President Abdel Fattah Al Sisi has opened his country’s border crossing with the Gaza Strip for a month, in a goodwill gesture toward Palestinians after Israeli forces killed dozens of protesters in the enclave.
In a tweet late Thursday, Mr. Sisi said he was opening the Rafah crossing point for the entirety of the Muslim holy month of Ramadan, which began this week, to “ease the burdens on the brothers in the Gaza Strip.”
... | ashraq/financial-news-articles | https://www.wsj.com/articles/in-goodwill-gesture-toward-gaza-following-violence-egypt-opens-border-crossing-1526642292 |
The real-estate arm of Brookfield Asset Management is in advanced talks with Kushner Cos. to purchase roughly a 50% stake in 666 Fifth Ave. and invest hundreds of millions of dollars in the Manhattan office tower, which has been at the center of a controversy over possible conflicts of interest involving President Donald Trump’s son-in-law and top adviser, Jared Kushner.
A deal could be reached this spring, according to people familiar with the matter.
... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/kushner-cos-brookfield-near-a-deal-for-stake-in-666-fifth-ave-1526597420 |
ROANOKE, Va.--(BUSINESS WIRE)-- Advance Auto Parts, Inc. (NYSE: AAP), a leading automotive aftermarket parts provider in North America that serves both professional installer and do-it-yourself customers, will report its first quarter 2018 results before the market opens on Tuesday, May 22, 2018. Interested parties can listen to the event via a webcast scheduled to begin at 8:00 a.m. Eastern Time on Tuesday, May 22, 2018. The webcast will be accessible via the Investor Relations page of the company’s website ( www.AdvanceAutoParts.com ).
For individuals unable to access the webcast, the event will be available by dialing (844) 877-5989 and referencing conference identification number 1967709. A replay of the conference call will be available on the Advance website for one year.
About Advance Auto Parts
Advance Auto Parts, Inc. is a leading automotive aftermarket parts provider that serves both professional installer and do-it-yourself customers. As of December 30, 2017, Advance operated 5,054 stores and 129 Worldpac branches and employed approximately 71,000 Team Members in the United States, Canada, Puerto Rico and the U.S. Virgin Islands. The company also serves 1,218 independently owned Carquest branded stores across these locations in addition to Mexico and the Bahamas, Turks and Caicos, British Virgin Islands and Pacific Islands. Additional information about the company, including employment opportunities, customer services, and online shopping for parts, accessories and other offerings can be found at www.AdvanceAutoParts.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180508006471/en/
Advance Auto Parts, Inc.
Media Contact
Kevin Nash
866-463-4512
[email protected]
or
Investor Relations Contact
Elisabeth Eisleben
919-227-5466
[email protected]
Source: Advance Auto Parts, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/business-wire-advance-auto-parts-to-report-first-quarter-2018-results-on-may-22-2018.html |
CNBC Markets Now: May 17, 2018 1 Hour Ago 03:25 03:25 | 2 Hrs Ago 01:27 01:27 | 9:57 AM ET Sun, 13 May 2018 02:54 02:54 | 10:32 AM ET Mon, 14 May 2018 00:44 00:44 | 11:48 AM ET Fri, 11 May 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/17/cnbc-markets-now-may-17-2018.html |
NEW YORK--(BUSINESS WIRE)-- Viacom Inc. (NASDAQ: VIAB and VIA) today announced that its Board of Directors has declared a quarterly cash dividend of $0.20 per share on both its Class A and Class B common stock. The dividend will be payable on July 2, 2018, to stockholders of record at the close of business on June 15, 2018.
About Viacom
Viacom is home to premier global media brands that create compelling entertainment content - including television programs, motion pictures, short-form content, games, consumer products, podcasts, live events and social media experiences - for audiences in 183 countries. Viacom's media networks, including Nickelodeon, Nick Jr., MTV, BET, Comedy Central, Paramount Network, VH1, TV Land, CMT, Logo, Channel 5 (UK), Telefe (Argentina), Colors (India) and Paramount Channel, reach approximately 4.3 billion cumulative television subscribers worldwide. Paramount Pictures is a major global producer and distributor of filmed entertainment. Paramount Television develops, finances and produces original programming for television and digital platforms.
For more information about Viacom and its businesses, visit www.viacom.com . Keep up with Viacom news by following Viacom's blog at blog.viacom.com and Twitter feed at www.twitter.com/viacom .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180521006084/en/
Viacom Inc.
Media:
Alex Rindler, 212-846-4337
Senior Manager, Corporate Communications
[email protected]
Investors:
James Bombassei, 212-258-6377
Senior Vice President, Investor Relations
[email protected]
or
Kareem Chin, 212-846-6305
Vice President, Investor Relations
[email protected]
Source: Viacom Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/business-wire-viacom-declares-quarterly-cash-dividend.html |
April 30 (Reuters) - Cathay Financial Holding Co Ltd
* Says its unit Cathay Life Insurance Co. Ltd., disposes 13,187 units in Brevan Howard Fund Limited, with the average price of $135.27 per share, for $1.8 million in total
Source text in Chinese: goo.gl/NmyjUs
Further company coverage: (Beijing Headline News)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-cathay-financial-holding-unit-disp/brief-cathay-financial-holding-unit-disposes-stake-in-brevan-howard-fund-idUSL3N1S740H |
May 3 (Reuters) - Jason Industries Inc:
* QTRLY LOSS EARNINGS PER SHARE $0.09 * FOR FULL YEAR 2018 JASON REAFFIRMS GUIDANCE OF NET SALES, ADJUSTED EBITDA AND FREE CASH FLOW Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-jason-industries-reports-q1-adjust/brief-jason-industries-reports-q1-adjusted-earnings-per-share-0-02-idUSASC09ZGK |
May 22 (Reuters) - Constellation Brands Inc:
* CONSTELLATION BRANDS PROMOTES JIM SABIA TO NEWLY CREATED ROLE OF CHIEF MARKETING OFFICER Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-constellation-brands-promotes-jim/brief-constellation-brands-promotes-jim-sabia-to-chief-marketing-officer-idUSASC0A3AJ |
BEIRUT, May 28 (Reuters) - Lebanese Parliament Speaker Nabih Berri expects a new coalition government to be formed within a month because nobody has an interest in a delay, the newspaper al-Mustaqbal reported on Monday.
Saad al-Hariri, who was designated prime minister last week, is due to hold consultations with newly elected members of parliament on Monday about the new government, which is expected to include all Lebanon’s main parties.
“Nobody has an interest in delaying the birth of the government or putting complications in its way,” Berri told people who had visited him, the Hariri-owned Al-Mustaqbal said.
Hariri, who will be prime minister for the third time, said last week all parties agreed that economic risks at home and growing dangers in the region meant a national unity government must be formed as quickly as possible.
The Iran-backed Shi’ite group Hezbollah aims to secure a bigger say in this coalition government than it had in the last one, after the group and its allies made significant gains in a May 6 parliamentary election.
Hezbollah, along with groups and individuals that support its possession of arms, won at least 70 of parliament’s 128 seats in the election, a reversal of Lebanon’s last legislative election, which returned an anti-Hezbollah majority.
Hariri remains Lebanon’s leading Sunni politician despite losing more than a third of his MPs in the election. The staunchly anti-Hezbollah Lebanese Forces party is seeking a bigger slice of government portfolios after nearly doubling its number of MPs in parliament. It now has 15 MPs.
Reporting by Tom Perry, editing by Larry King
| ashraq/financial-news-articles | https://www.reuters.com/article/lebanon-politics/lebanons-berri-expects-cabinet-within-a-month-newspaper-reports-idUSL5N1SZ18B |
May 11, 2018 / 5:17 PM / Updated 3 hours ago Apple is almost a $1 trillion company, but watch out for Amazon Noel Randewich 5 Min Read
SAN FRANCISCO (Reuters) - Apple is on the verge of becoming the first $1 trillion publicly listed U.S. company, but even if it gets there, it could soon be overtaken as Amazon.com surges from behind.
Started in the garage of co-founder Steve Jobs in 1976, the iPhone maker’s annual revenue has ballooned to $229 billion, greater than the gross domestic product of countries including Portugal and New Zealand.
(Big Tech Rev vs Countries' GDP: reut.rs/2ry9qr6 )
Apple’s market capitalization on Thursday topped a record $934 billion, following its unveiling last week of a $100 billion buyback budget and news that Warren Buffett’s Berkshire Hathaway dramatically increased its stake in the company.
Thanks to a 12 percent rally since its quarterly report last Tuesday, the Cupertino, California company is just 8 percent short of hitting the $1 trillion valuation mark.
Pointing to Apple’s recent 31 percent jump in service revenue, including music streaming and online storage, CFRA analyst Angelo Zino on Wednesday upped his target price for the stock from $195 to $210, which would put Apple’s market capitalization at $1.03 trillion. Zino joins at least 12 other analysts with price targets putting Apple’s stock market value at 13 digits.
But Apple is in danger of being beaten to the $1 trillion mark - or passed soon after - by Amazon.com, the second largest listed U.S. company by market value, at $780 billion.
Saudi Arabian authorities, meanwhile, have said they expect a planned international initial public offering of Saudi Aramco that would value the national oil producer at about $2 trillion.
While $148 billion smaller than Apple on Friday, Amazon of late has expanded its stock price, and its sales, much more quickly than Apple. Amazon’s stock is red hot, trading recently at over 100 times expected earnings, compared to more-profitable - but slower growing - Apple’s valuation of 15 times earnings.
(Big Tech PEs: reut.rs/2wsd0YU )
Apple’s stock has risen 24 percent over the past year, fueled by optimism about the iPhone X, the company’s latest smartphone. But demand for the $1,000 device has underwhelmed investors, and bulls are now focused on Apple’s plan to return more cash to shareholders.
By comparison, Amazon’s stock has surged 70 percent over the past 12 months, bolstered by 31 percent revenue growth as more shopping moves online and businesses shift their IT departments to the cloud, where Amazon Web Services leads the market.
Amazon is also competing more with Apple and Google owner Alphabet as it sells music and video content, its Fire TV device and its Alexa smart home gadget.
(Big Tech Revenue: reut.rs/2wyZaE4 )
At $765 billion, Alphabet has the third largest market capitalization on Wall Street, with Microsoft close behind at $749 billion. Amazon breezed past both them both in February.
(Long-Term Market Cap: reut.rs/2rzCGxD )
Including Facebook, the five largest listed U.S. companies now account for 15 percent of the S&P 500’s $24 trillion market capitalization.
(Big Tech's Outsized Weight in S&P 500: reut.rs/2rwBTOc )
To be sure, past stock gains are not a reliable predictor of future performance, and the surge in Apple’s and Amazon’s shares in recent years has been exceptional by most standards.
But if Apple’s stock were to keep growing at the pace seen over the past year, the company’s market capitalization would hit $1 trillion in September. Amazon would reach $1 trillion around October if its stock price continued to rise at the same rate as the past year, and overtake Apple soon after.
Extending forward their own one-year performances, Microsoft would not reach $1 trillion until early 2019, and Alphabet would take until 2020.
(Race to $1 Trillion Market Cap: reut.rs/2rz4WAJ )
Most Wall Street analysts are less optimistic. The mean analyst price target puts Apple’s stock 6 percent above current levels at $200 within the next 12 months, which would elevate its market capitalization to $983 billion, according to Thomson Reuters data.
The mean price target of analysts covering Amazon is $1,850, a 15 percent premium over its current price, which would give it a market value of $898 billion. Analysts target Microsoft to rise 12 percent to reach $845 billion, and for Alphabet’s market value to increase 16 percent to $884 billion.
(Big Tech Analyst Price Targets: reut.rs/2wv224H ) FILE PHOTO - Tim Cook, CEO, speaks about Amazon during Apple's annual world wide developer conference (WWDC) in San Jose, California, U.S. June 5, 2017. REUTERS/Stephen Lam/File Photo Reporting by Noel Randewich, Editing by Rosalba O'Brien | ashraq/financial-news-articles | https://uk.reuters.com/article/us-apple-stock-trillion-race/apple-is-almost-a-1-trillion-company-but-watch-out-for-amazon-idUKKBN1IC257 |
A day after being fired by the Toronto Raptors, Dwane Casey wrote a letter to the city of Toronto and Raptors fans thanking them for their support during his seven-year tenure.
May 7, 2018; Cleveland, OH, USA; Toronto Raptors head coach Dwane Casey reacts in the third quarter against the Cleveland Cavaliers in game four of the second round of the 2018 NBA Playoffs at Quicken Loans Arena. Mandatory Credit: David Richard-USA TODAY Sports Published in the Toronto Sun, the letter reads, in part:
“Dear Toronto,
“Thank you.
“Thank you to basketball fans across this city and the country of Canada who supported the Raptors and welcomed my family with open arms during our seven years here. Thank you to all the fans who cheered us on at the Air Canada Centre while we built this program into a playoff contender, packed Jurassic Park even in the cold and rain, watched the games from home and offered their undying support as we traveled this road to relevancy together.
“Thank you for teaching our all-American family the Canadian way. That being polite and considerate to one another is always the best way. That diversity is something to be embraced and celebrated. That taking the time to learn about each other’s cultures is the surest way to find common ground and understanding. Thank you for making our children feel safe, valued, and comfortable in their own skin. We cannot express how important it has been to build the foundations of who our children are as human beings in a country that shows through its words, actions and laws that all people deserve basic human rights, and a chance to reach their goals through education and hard work.”
Casey went on to thank many members of the Raptors organization, from the front office to the coaching staff and players, to support and security staff.
He finished by writing:
“Coaches know that this is an industry built on change, and we willingly accept that reality. They say that ‘Home is not a place ... it’s a feeling;’ so thank you Toronto for making us feel at home here. Thank you for supporting our family, for offering us your friendship and for teaching us the Canadian way.
Farewell,
Dwane, Brenda, Justine & Zachary Casey”
Casey, who turned 61 last month, was dismissed by general manager Masai Ujiri on Friday. Ujiri called Casey “an unbelievable human being” and said the decision was “the hardest thing I’ve done in my life.”
On Wednesday, Casey was named the NBA’s Coach of the Year by his peers after guiding the Raptors to a franchise-record 59 wins in the regular season. Toronto was swept in the second round of the playoffs by the Cleveland Cavaliers.
Casey leaves as the winningest coach in franchise history, with the team going 320-238 under his watch.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/us-basketball-nba-tor-casey-letter/fired-raps-coach-casey-thanks-toronto-in-letter-idUSKCN1IE03Q |
(Adds details, forecast, recasts first paragraph)
May 14 (Reuters) - Spanish oil and gas engineering company Tecnicas Reunidas now expects its 2018 profit margin will be at the lower end of its official guidance due to project delays and cancellations, its CEO said.
Tecnicas Reunidas reported on Monday that its margin on earnings before interest and tax (EBIT) was just 0.4 percent in the first quarter, compared with guidance of 1.5-2.5 percent for the full year.
The news sent shares in the company down nearly 4 percent.
If no new projects are awarded, EBIT margin for the year would be at the lower end of the outlook range, though reaching a 4 percent target for 2019 was “doable” as the company worked through the backlog, Chief Executive Juan Llado said in a conference call.
The company’s first-quarter backlog fell to 9.7 billion euros ($11.6 billion) after two consecutive quarters of growth.
Tecnicas Reunidas saw less activity in 2017 with a gap between project completions and new project awards.
The company issued a profit warning in November as it witnessed a sharp contraction of margins with an increase in idle costs and some cost overruns. ($1 = 0.8344 euros) (Reporting by Nadiia Karpina in Gdynia Editing by David Goodman and Susan Fenton)
| ashraq/financial-news-articles | https://www.reuters.com/article/tecnicas-results/update-1-spains-tecnicas-reunidas-sees-2018-profit-margin-at-low-end-of-guidance-idUSL5N1SL4IV |
May 18 (Reuters) - Patrick Industries Inc:
* PATRICK INDUSTRIES, INC. ANNOUNCES INCREASED SHARE REPURCHASE AUTHORIZATION
* PATRICK INDUSTRIES - BOARD APPROVED INCREASE IN AMOUNT OF STOCK THAT MAY BE ACQUIRED OVER NEXT 24 MONTHS UNDER CURRENT REPURCHASE PROGRAM TO $50 MILLION
* PATRICK INDUSTRIES INC - INCREASED SHARE REPURCHASE AUTHORIZATION INCLUDES AMOUNT REMAINING UNDER PREVIOUS AUTHORIZATION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-patrick-industries-announces-incre/brief-patrick-industries-announces-increased-share-repurchase-authorization-idUSASC0A2XB |
NEW YORK, May 23, 2018 /PRNewswire/ -- Weber Shandwick, one of the world's leading global communications and engagement firms, today announced the launch of CultureShift, a consultative offering that helps organizations connect business strategy to corporate culture. CultureShift will help businesses realize their goals when undertaking mergers and acquisitions, restructurings or the adoption of new operating models. It can also be deployed proactively, fortifying organizations against market, generational and societal changes by anchoring employees around a shared purpose, values and set of behaviors.
"Beyond financial performance, companies today are increasingly judged by the values they stand for and the contributions they make to society. A values-driven business with a clearly defined culture is the key to navigating complexity, weathering turbulent times and succeeding in the war for talent," said Micho Spring, chair, Global Corporate practice, Weber Shandwick.
Kate Bullinger, executive vice president and global head of Employee Engagement & Change Management, will lead the offering alongside a team of consultants with expertise in business strategy, business transformation and culture. This includes Alison Quirk, who joins Weber Shandwick as a senior advisor. A longtime coach and advisor to C-suite executives, Quirk was most recently State Street's Chief Human Resources and Citizenship Officer, and a member of the Management Committee, the company's senior-most strategy and policy making group. With extensive merger and integration (M&I) experience, Quirk will join fellow senior advisors Gary Sheffer and Don Spetner in counseling organizations as they address their most important business transformation challenges.
"Alison is one of the upmost experts on how organizations can successfully navigate change," Spring said. "Her expertise on integrations, talent management and linking culture to business success will be invaluable to our corporate clients in today's environment. We're thrilled to have her on board."
For CultureShift, Weber Shandwick will bring together several of its disciplines to instigate change in how employees work with each other and with customers. The move supports the firm's continued investment in its management consulting capabilities, which began with the acquisition of United Minds, a business strategy consulting unit within Prime, based in Stockholm, Sweden. CultureShift is the first of a suite of new consultative offerings aimed at solving the pressing needs of C-suite clients in this era of rapid and dramatic business, social and cultural transformation.
"From the analytics and strategic insights capabilities within KRC Research and United Minds, to the leadership counsel provided by our corporate and change management experts, to our award-winning creative campaigns that inspire behavior change, Weber Shandwick is able to engage stakeholders at every level of an organization – from the C-suite to the plant floor – to embrace and deliver on shared values, vision and strategy," Spring said.
Bullinger added: "You can put all the right people, tools and processes in place to advance a business strategy but without attention to how work gets done and the behaviors that are valued and rewarded, you'll fall short of your goal. A market expansion strategy in a company that doesn't value collaboration, or a new product development strategy that isn't backed by a plan to drive innovation are fruitless endeavors. CultureShift helps executives understand how aligned their current culture is to the goals of their business strategy so that they can take action to accelerate new ways of working and ultimately transform their organizations for the better."
About Weber Shandwick
Weber Shandwick is a leading global communications and engagement firm in 78 cities with a network extending to 128 cities around the world. The firm's diverse team of strategists, analysts, producers, designers, developers and campaign activators has won the most prestigious awards in the world for innovative, creative approaches and impactful work. Weber Shandwick was the only public relations agency included on the Advertising Age Agency A-list in 2014 and 2015 and the only PR firm designated an A-List Agency Standout in 2017 and 2018. Weber Shandwick was honored as PRWeek's Global Agency of the Year in 2015, 2016, 2017 and 2018, The Holmes Report's Global Agency of the Year in 2010, 2012, 2014, 2015 and 2017, and The Holmes Report's Global Digital Agency of the Year in 2016. The firm deploys deep expertise across sectors and specialty areas, including consumer marketing, corporate reputation, healthcare, technology, public affairs, financial services, employee engagement, social impact, financial communications and crisis management, using proprietary social, digital and analytics methodologies. Weber Shandwick is part of the Interpublic Group (NYSE: IPG). http://www.webershandwick.com .
Contact: Kimberly Dixon
Company: Weber Shandwick
Phone: 212-546-7876
Email: [email protected]
View original content: http://www.prnewswire.com/news-releases/weber-shandwick-launches-cultureshift-to-help-companies-build--define-corporate-cultures-in-times-of-change-300653605.html
SOURCE Weber Shandwick | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/pr-newswire-weber-shandwick-launches-cultureshift-to-help-companies-build-define-corporate-cultures-in-times-of-change.html |
TEL AVIV, Israel, May 22, 2018 /PRNewswire/ -- BioLineRx Ltd. (NASDAQ: BLRX) (TASE: BLRX), a clinical-stage biopharmaceutical company focused on oncology and immunology, today reports its financial results for the first quarter ended March 31, 2018.
Highlights and achievements during the first quarter 2018 and to date:
Steady progress made on multiple clinical trials for the Company's lead oncology program, BL-8040:
Partial monotherapy results from Phase 2a COMBAT study, investigating the combination of BL-8040 and Merck's PD-1 inhibitor, Keytruda ® (pembrolizumab), in pancreatic cancer, showed significantly increased infiltration of T cells into liver metastases in almost half of the pancreatic cancer patients who underwent a biopsy, as well as an increase in the number of total immune cells in the peripheral blood, alongside a decrease in the frequency of peripheral blood regulatory T cells (Tregs) – all of which support the mechanism of action proposed by pre-clinical studies. Study enrollment has been completed, with top-line results expected in H2 2018; Results from Phase 2 study for BL-8040 as novel stem cell mobilization treatment for allogeneic bone-marrow transplantation support BL-8040 as a one-day dosing regimen for rapid mobilization of stem cells; primary endpoint of collection of ≥2 million CD34 cells/kg recipient weight after up to 2 leukapheresis (LP) sessions was reached in over 90% of patients (100% of patients at optimal BL-8040 dose of 1.25 mg/kg); all 19 transplanted recipients were successfully engrafted with BL-8040-mobilized grafts, and preliminary graft-versus-host disease (GVHD) data are in line with current standard-of-care incidence rates; Overall long-term survival results in Phase 2a trial in relapsed/refractory AML demonstrated that the combination of BL-8040 with high-dose Ara-C (HiDAC) significantly improved overall survival, compared with historical data of HiDAC monotherapy. In the BL-8040 dose selected for expansion (1.5 mg/kg), the overall response rate was 39% (N=23) and median overall survival for this cohort was 9.2 months with 1-year and 2-year survival rates of 31.6% and 21.1%, respectively; Grant of European patent covering use of BL-8040 with Cytarabine for treating AML; valid through March 2034 with up to five years' patent term extension, thus providing significant additional patent protection in AML, one of BL-8040's key indications.
The Company also announced advancements made in its second immuno-oncology compound, AGI-134:
Pre-clinical data presented at ASCO-SITC showed direct regression of established primary tumors after injection with AGI-134 in the majority of mice treated, and that this regression is associated with activation of the innate immune system; Notice of Allowance issued by the United States Patent and Trademark Office (USPTO) for a patent application claiming the use of AGI-134 for the treatment of solid cancer tumors; this patent, when issued, will be valid until May 2035 with a possibility of up to five years patent term extension. Additional corresponding patent applications for AGI-134 are pending in Europe, Japan, China, Canada, Australia and Israel.
Expected significant upcoming milestones for 2018:
Results from the lead-in part of the Phase 3 GENESIS study in stem-cell mobilization for autologous transplantation are due mid-year 2018; Top-line results in immuno-oncology Phase 2a COMBAT study in pancreatic cancer for BL-8040 in combination with KEYTRUDA, under collaboration with Merck, expected in H2 2018; Initiation of Phase 1/2a immuno-oncology study for AGI-134 in several solid tumor indications expected in mid-2018; Additional overall long-term survival data from Phase 2a trial in relapsed/refractory AML to be presented at EHA in June 2018; Full top-line results of Phase 2 study for BL-8040 in stem-cell mobilization for allogeneic transplantation to be presented at the 23 rd Congress of European Hematology Association (EHA) in June 2018.
Philip A. Serlin, Chief Executive Officer of BioLineRx, stated, "We continue to strongly focus on clinical execution of our oncology programs. Since the beginning of 2018, we have made significant progress with BL-8040, our lead clinical asset, with clinical results from our Phase 2a COMBAT study in pancreatic cancer showing robust mobilization and increased infiltration of anti-tumor-specific T cells into the tumor microenvironment; positive results from our Phase 2 study in allogeneic bone marrow transplantation; very encouraging overall survival data from our proof-of-concept Phase 2a study in relapsed/refractory AML; as well as significant strengthening of our patent protection for BL-8040 in the AML space. In addition, we also reported very encouraging pre-clinical data on our near-clinical second oncology asset, AGI-134, demonstrating induced regression of primary tumors following intra-tumoral injection.
"Over the next three to nine months, we look forward to reporting on key milestones. This includes the results from the lead-in part of our Phase 3 GENESIS trial in autologous stem cell mobilization, data read-outs from our Phase 2a COMBAT study in pancreatic cancer, and initiation of a Phase 1/2a study in multiple solid tumor indications for AGI-134," concluded Mr. Serlin.
Financial Results for the First Quarter Ended March 31, 2018
Research and development expenses for the three months ended March 31, 2018 were $5.1 million, an increase of $1.5 million, or 41.2%, compared to $3.6 million for the three months ended March 31, 2017. The increase resulted primarily from higher expenses associated with new BL-8040 clinical studies commenced during 2017, spending on our new AGI-134 near-clinical project, and higher expenses related to our BL-1230 project.
Sales and marketing expenses for the three months ended March 31, 2018 were $0.5 million, a decrease of $0.2 million, or 28.9%, compared to $0.7 million for the three months ended March 31, 2017. The decrease resulted primarily from one-time legal fees related to AGI-134 incurred in the 2017 period.
General and administrative expenses for the three months ended March 31, 2018 were $1.1 million, similar to the comparable period in 2017.
The Company's operating loss for the quarter ended March 31, 2018 amounted to $6.6 million, compared with an operating loss of $5.3 million for the quarter ended March 31, 2017.
Non-operating income (expenses) for both periods primarily relate to fair-value adjustments of warrant liabilities. These fair-value adjustments were highly influenced by the Company's share price at each period end (revaluation date).
The Company recorded an immaterial amount of net financial expenses for the three months ended March 31, 2018 compared to net financial income of $0.5 million for the three months ended March 31, 2017. Net financial expenses for the 2018 period primarily relate to investment income earned on bank deposits, offset by losses recorded on foreign currency hedging transactions. Net financial income for the 2017 period relates primarily to gains recorded on foreign currency hedging transactions and investment income earned on bank deposits.
The Company's net loss for the three months ended March 31, 2018 amounted to $6.2 million, compared with a net loss of $4.9 million for the corresponding period.
The Company held $44.2 million in cash, cash equivalents and short-term bank deposits as of March 31, 2018.
Net cash used in operating activities was $6.8 million for the three months ended March 31, 2018, compared with net cash used in operating activities of $3.8 million for the three months ended March 31, 2017. The $3.0 million increase in net cash used in operating activities during the three-month period in 2018, compared to the three-month period in 2017, was the result of increased research and development expenses in the 2018 period, as well as a decrease in accounts payable.
Net cash provided by investing activities was $8.1 million for the three months ended March 31, 2018, compared to net cash provided by investing activities of $1.4 million for the three months ended March 31, 2017. The changes in cash flows from investing activities relate primarily to investments in, and maturities of, short-term bank deposits, as well as the investment in Agalimmune in 2017 period.
Net cash provided by financing activities was $1.4 million for the three months ended March 31, 2018, compared to net cash provided by financing activities of $2.1 million for the three months ended March 31, 2017. The cash flows from financing activities result primarily from funding under an ATM facility in the 2018 period and a share purchase agreement with Lincoln Park Capital in the 2017 period.
Conference Call and Webcast Information
BioLineRx will hold a conference call today, May 22, 2018 at 10:00 a.m. EDT. To access the conference call, please dial +1-888-281-1167 from the U.S. or +972-3-918-0685 internationally. The call will also be available via webcast and can be accessed through the Investor Relations page of BioLineRx's website. Please allow extra time prior to the call to visit the site and download any necessary software to listen to the live broadcast.
A replay of the conference call will be available approximately two hours after completion of the live conference call on the Investor Relations page of BioLineRx's website. A dial-in replay of the call will be available until May 25, 2018; please dial +1-877-456-0009 from the U.S. or +972-3-925-5942 internationally.
(Tables follow)
About BioLineRx
BioLineRx is a clinical-stage biopharmaceutical company focused on oncology and immunology. The Company in-licenses novel compounds, develops them through pre-clinical and/or clinical stages, and then partners with pharmaceutical companies for advanced clinical development and/or commercialization.
BioLineRx's leading therapeutic candidates are: BL-8040, a cancer therapy platform, which has successfully completed a Phase 2a study for relapsed/refractory AML, is in the midst of a Phase 2b study as an AML consolidation treatment and has initiated a Phase 3 study in stem cell mobilization for autologous transplantation; and AGI-134, an immunotherapy treatment in development for multiple solid tumors, which is expected to initiate a first-in-man study in mid-2018. In addition, BioLineRx has a strategic collaboration with Novartis for the co-development of selected Israeli-sourced novel drug candidates; a collaboration agreement with MSD (known as Merck in the US and Canada), on the basis of which the Company has initiated a Phase 2a study in pancreatic cancer using the combination of BL-8040 and Merck's KEYTRUDA ® ; and a collaboration agreement with Genentech, a member of the Roche Group, to investigate the combination of BL-8040 and Genentech's atezolizumab in several Phase 1b/2 studies for multiple solid tumor indications and AML.
For additional information on BioLineRx, please visit the Company's website at www.biolinerx.com , where you can review the Company's SEC filings, press releases, announcements and events. BioLineRx industry updates are also regularly updated on Facebook , Twitter , and LinkedIn .
Various statements in this release concerning BioLineRx's future expectations constitute " " within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include words such as "may," "expects," "anticipates," "believes," and "intends," and describe opinions about future events. These involve known and unknown that may cause the actual results, performance or achievements of BioLineRx to be materially different from any future results, performance or achievements expressed or implied by such . Some of these risks are: changes in relationships with collaborators; the impact of competitive products and technological changes; risks relating to the development of new products; and the ability to implement technological improvements. These and other factors are more fully discussed in the "Risk Factors" section of BioLineRx's most recent annual report on Form 20-F filed Commission on March 6, 2018. In addition, any represent BioLineRx's views only as of the date of this release and should not be relied upon as representing its views as of any subsequent date. BioLineRx does not assume any obligation to update any unless required by law.
BioLineRx Ltd.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION
(UNAUDITED)
December 31,
March 31,
2017
2018
in USD thousands
Assets
CURRENT ASSETS
Cash and cash equivalents
5,110
7,810
Short-term bank deposits
44,373
36,388
Prepaid expenses
307
564
Other receivables
586
782
Total current assets
50,376
45,544
NON-CURRENT ASSETS
Long-term prepaid expenses
61
60
Long-term investment
1,000
1,000
Property and equipment, net
2,505
2,432
Intangible assets, net
7,023
7,039
Total non-current assets
10,589
10,531
Total assets
60,965
56,075
Liabilities and equity
CURRENT LIABILITIES
Current maturities of long-term bank loan
93
93
Accounts payable and accruals:
Trade
5,516
4,941
Other
1,113
1,146
Total current liabilities
6,722
6,180
NON-CURRENT LIABILITIES
Long-term bank loan, net of current maturities
157
133
Warrants
1,205
740
Total non-current liabilities
1,362
873
COMMITMENTS AND CONTINGENT LIABILITIES
Total liabilities
8,084
7,053
EQUITY
Ordinary shares
2,836
2,874
Share premium
240,682
242,177
Capital reserve
10,337
11,143
Other comprehensive loss
(1,416)
(1,416)
Accumulated deficit
(199,558)
(205,756)
Total equity
52,881
49,022
Total liabilities and equity
60,965
56,075
BioLineRx Ltd.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE LOSS
(UNAUDITED)
Three months ended March 31,
2017
2018
in USD thousands
RESEARCH AND DEVELOPMENT EXPENSES
(3,590)
(5,070)
SALES AND MARKETING EXPENSES
(681)
(484)
GENERAL AND ADMINISTRATIVE EXPENSES
(1,030)
(1,075)
OPERATING LOSS
(5,301)
(6,629)
NON-OPERATING INCOME (EXPENSES), NET
(5)
462
FINANCIAL INCOME
457
175
FINANCIAL EXPENSES
(6)
(206)
NET LOSS AND COMPREHENSIVE LOSS
(4,855)
(6,198)
LOSS PER ORDINARY SHARE - BASIC AND DILUTED
(0.08)
(0.06)
WEIGHTED AVERAGE NUMBER OF SHARES USED IN
CALCULATION OF LOSS PER ORDINARY SHARE
58,620,094
106,169,273
BioLineRx Ltd.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY
(UNAUDITED)
Ordinary
shares
Share
premium
Capital
Reserve
Other
comprehensive
loss
Accumulated
deficit
Total
in USD thousands
BALANCE AT JANUARY 1, 2017
1,513
199,567
10,569
(1,416)
(175,206)
35,027
CHANGES FOR THREE MONTHS ENDED MARCH 31, 2017:
Issuance of share capital, net
128
4,944
-
-
-
5,072
Employee stock options exercised
1
296
(297)
-
-
-
Employee stock options forfeited and expired
-
1,085
(1,085)
-
-
-
Share-based compensation
-
-
472
-
-
472
Comprehensive loss for the period
-
-
-
-
(4,855)
(4,855)
BALANCE AT MARCH 31, 2017
1,642
205,892
9,659
(1,416)
(180,061)
35,716
Ordinary
shares
Share
premium
Capital
Reserve
Other
comprehensive
loss
Accumulated
deficit
Total
in USD thousands
BALANCE AT JANUARY 1, 2018
2,836
240,682
10,337
(1,416)
(199,558)
52,881
CHANGES FOR THREE MONTHS ENDED MARCH 31, 2018:
Issuance of share capital, net
37
1,386
-
-
-
1,423
Employee stock options exercised
1
29
(30)
-
-
-
Employee stock options forfeited and expired
-
80
(80)
-
-
-
Share-based compensation
-
-
916
-
-
916
Comprehensive loss for the period
-
-
-
-
(6,198)
(6,198)
BALANCE AT MARCH 31, 2018
2,874
242,177
11,143
(1,416)
(205,756)
49,022
BioLineRx Ltd.
CONDENSED CONSOLIDATED INTERIM CASH FLOW STATEMENTS
(UNAUDITED)
Three months ended
March 31,
2017
2018
in USD thousands
CASH FLOWS - OPERATING ACTIVITIES
Comprehensive loss for the period
(4,855)
(6,198)
Adjustments required to reflect net cash used in operating activities
(see appendix below)
1,062
(609)
Net cash used in operating activities
(3,793)
(6,807)
CASH FLOWS - INVESTING ACTIVITIES
Investments in short-term deposits
(7,013)
(4,000)
Maturities of short-term deposits
12,143
12,167
Purchase of property and equipment
(45)
(54)
Purchase of intangible assets
(3,718)
(29)
Net cash provided by investing activities
1,367
8,084
CASH FLOWS - FINANCING ACTIVITIES
Issuance of share capital, net of issuance costs
2,087
1,423
Repayments of bank loan
(23)
(23)
Net cash provided by financing activities
2,064
1,400
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
(362)
2,677
CASH AND CASH EQUIVALENTS – BEGINNING
OF PERIOD
2,469
5,110
EXCHANGE DIFFERENCES ON CASH AND CASH EQUIVALENTS
94
23
CASH AND CASH EQUIVALENTS - END OF PERIOD
2,201
7,810
BioLineRx Ltd.
APPENDIX TO CONDENSED CONSOLIDATED INTERIM CASH FLOW STATEMENTS
(UNAUDITED)
Three months ended
March 31,
2017
2018
in USD thousands
Adjustments required to reflect net cash used in operating activities:
Income and expenses not involving cash flows:
Depreciation and amortization
119
140
Long-term prepaid expenses
(3)
1
Exchange differences on cash and cash equivalents
(94)
(23)
Gain on adjustment of warrants to fair value
-
(465)
Share-based compensation
472
916
Interest and exchange differences on short-term deposits
(143)
(182)
Interest and linkage differences on bank loan
-
(1)
351
386
Changes in operating asset and liability items:
Increase in prepaid expenses and other receivables
(802)
(453)
Increase (decrease) in accounts payable and accruals
1,513
(542)
711
(995)
1,062
(609)
Supplementary information on interest received in cash
137
167
Contact:
PCG Advisory
Vivian Cervantes
Investor Relations
+1-646-863-6274
[email protected]
or
Tsipi Haitovsky
Public Relations
+972-52-598-9892
[email protected]
View original content: http://www.prnewswire.com/news-releases/biolinerx-reports-first-quarter-2018-financial-results-300652583.html
SOURCE BioLineRx Ltd | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/pr-newswire-biolinerx-reports-first-quarter-2018-financial-results.html |
May 29, 2018 / 12:17 PM / a day ago Commentary: Oil prices tumble as hedge funds quit crude John Kemp 5 Min Read
LONDON (Reuters) - Hedge fund managers were busy reducing bullish positions in petroleum well before OPEC and its allies indicated in the middle of last week that they would consider relaxing output curbs. A general view of the Ceylon Petroleum Corporation's (CPS) Sapugaskanda Oil Refinery in Colombo, Sri Lanka May 11, 2018. REUTERS/Dinuka Liyanawatte
Hedge funds and other money managers reduced their net long position in the six major petroleum futures and options contracts in each of the five weeks to May 22 by a total of 108 million barrels.
The reduction has been concentrated in crude, where net long positions in Brent and WTI were cut by 169 million barrels over those five weeks.
(For a chartbook, click here: tmsnrt.rs/2LBbW8l )
Liquidation was heaviest in Brent (-131 million barrels over six weeks) rather than NYMEX and ICE WTI (-51 million barrels over four weeks).
It was partly offset by increased net length in fuels, especially U.S. gasoline (34 million barrels), with smaller increases in U.S. heating oil (+26 million barrels) and European gasoil (+2 million barrels).
Liquidation hit near-term Brent futures prices particularly hard, since most hedge fund positions are held in contracts just a few months from expiry, which has helped push near-term contract prices into contango.
Portfolio managers cut their net long position in Brent by almost 50 million barrels in the week to May 22, the largest one-week reduction since before the rally started in June 2017.
Hedge funds have continued to add bullish positions in fuels, especially gasoline, in a bet consumption will remain relatively strong.
But the decision to pare positions in crude points to deeper unease about the sustainability of the rally in oil prices over the last 10 months.
Hedge funds started to reduce their net long position in petroleum around the time U.S. President Donald Trump used Twitter on April 20 to blame OPEC for pushing up oil prices. FOLLOW THE MONEY
For all the bullish commentary around oil prices in recent weeks, hedge fund managers have used rising prices to realise some profits rather than increase their positions.
Hedge fund positioning in the petroleum complex had become exceptionally stretched, with long positions outnumbering short ones by a record ratio of 14:1 by April 17.
Positioning was even more lopsided in Brent, where portfolio managers held more than 20 long positions for every short one, according to exchange and regulatory data.
Since then, however, fund managers have cut long positions across the petroleum complex by 52 million barrels and boosted shorts by 57 million barrels.
The number of shorts has risen from just 109 million barrels to 166 million barrels, the highest for five months since the middle of December.
Positioning is still stretched, but much less so than before, with long positions now outnumbering shorts by 9:1 in petroleum and 7:1 in Brent.
Large concentrations of hedge fund positions have normally preceded a sharp reversal in the price trend over the last four years.
Recent sharp falls in oil prices, especially Brent, are therefore not surprising, given that fund managers have been steadily liquidating long positions and adding shorts for more than a month.
Comments from senior OPEC and non-OPEC officials suggesting they would consider raising output to compensate for lost production from Venezuela and sanctions on Iran catalysed a sharp fall in oil prices.
But the market had been primed for a sharp correction given steady hedge fund selling over the last five weeks.
John Kemp is a Reuters market analyst. The views expressed are his own.
Related columns: | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-oil-prices/commentary-oil-prices-tumble-as-hedge-funds-quit-crude-idUKKCN1IU1F5 |
10:32 AM EDT
NASA successfully launched its InSight lander Saturday, setting off its mission to Mars .
The InSight lander – short for Interior Exploration using Seismic Investigations, Geodesy and Heat Transport – is set to arrive on Mars in November 2018. It was launched attached to the Atlas V rocket from the Space Launch Complex 3 at Vandenberg Air Force Base in California before it later detached to make its way over to the Red Planet. LIFTOFF! Humanity’s next mission to Mars has left the pad! @NASAInSight heads into space for a ~6 month journey to Mars where it will take the planet’s vital signs and help us understand how rocky planets formed. Watch: https://t.co/SA1B0Dglms pic.twitter.com/wBqFc47L5p
— NASA (@NASA) May 5, 2018
The successful launch also marks NASA’s first interplanetary mission to take off from the West Coast, according to the Associated Press. InSight will explore more of Mars than has ever been studied before. InSight will dig close to 16 feet into the surface of Mars to study the planet’s temperature. It will also take the first measurements of marsquakes. The Atlas V rocket also brought on two mini satellites that will follow the InSight on its mission. NASA's InSight lander just hitched a ride to Mars on an Atlas V rocket; the first interplanetary mission to leave from California. This is a long-exposure shot of the rocket seen from about 85 miles away from the launch site #NASA #InSight #Mars #ULA #AtlasV pic.twitter.com/nARSRDo1D2
— Aaron Collier (@aaroncollier96) May 5, 2018 Tower rollback is complete and I’m ready to go to #Mars . Check out my ride. It's lit! Don’t forget to set your clocks and tune in to @NASA TV starting at 3:30 a.m. PT tomorrow, May 5. https://t.co/DZ8GsDTfGc pic.twitter.com/tSg65rWUgj
— NASAInSight (@NASAInSight) May 5, 2018 I can’t think of a better way to start my day! @NASA is making history during today’s launch of @NASAInSight – the first spacecraft to launch to another planet from the West Coast. We’re going to Mars! Watch live: https://t.co/zJwTTpQNwp . pic.twitter.com/zGRoYBNFcL
— Jim Bridenstine (@JimBridenstine) May 5, 2018
If the InSight does make it to Mars, it will be the first spacecraft landed on the planet since the Mars rover the Curiosity back in 2012. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/05/nasa-just-launched-a-mars-lander-that-will-dig-deep-into-the-red-planet/ |
May 2, 2018 / 11:38 AM / Updated 4 minutes ago BRIEF-Otonomy To Report First Quarter 2018 Financial Results And Provide Corporate Update Reuters Staff 1 Min Read
May 2 (Reuters) - Otonomy Inc:
* OTONOMY TO REPORT FIRST QUARTER 2018 FINANCIAL RESULTS AND PROVIDE CORPORATE UPDATE Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-otonomy-to-report-first-quarter-20/brief-otonomy-to-report-first-quarter-2018-financial-results-and-provide-corporate-update-idUSASC09YYG |
May 10 (Reuters) - Nuvo Pharmaceuticals Inc:
* ™ ANNOUNCES 2018 FIRST QUARTER RESULTS * TOTAL REVENUE WAS $4.4 MILLION FOR THREE MONTHS ENDED MARCH 31, 2018 COMPARED TO $7.0 MILLION FOR THREE MONTHS ENDED MARCH 31, 2017
* NET LOSS WAS $0.2 MILLION FOR THREE MONTHS ENDED MARCH 31, 2018 COMPARED TO NET INCOME OF $2.2 MILLION FOR THREE MONTHS ENDED MARCH 31, 2017 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-nuvo-pharmaceuticals-says-total-re/brief-nuvo-pharmaceuticals-says-total-revenue-was-4-4-mln-for-three-months-ended-march-31-2018-compared-to-7-0-mln-idUSFWN1SH0SM |
May 3 (Reuters) - United Bank of India:
* TO CONSIDER RAISING CAPITAL NOT EXCEEDING 15 BILLION RUPEES IN ONE OR MORE TRANCHES BY QIP, PUBLIC ISSUE OR RIGHTS ISSUE Source text - bit.ly/2rgLrfa
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-united-bank-of-india-to-consider-r/brief-united-bank-of-india-to-consider-raising-capital-not-exceeding-15-bln-rupees-idUSFWN1SA0Z5 |
(Katherine Zoepf is a Commentary editor at Reuters, an adjunct professor of journalism at New York University and the author of “Excellent Daughters: The Secret Lives of Young Women Who are Transforming the Arab World.” The opinions expressed are her own.)
By Katherine Zoepf
May 17 (Reuters) - (Advisory: Strong language in paragraph 8 may be offensive to some readers.) Novelist Zoë Heller isn’t interested in watching the marriage of Prince Harry to actress Meghan Markle. “The most interesting stuff about weddings for me is always the anthropological detail, the chance to watch how people are behaving at the reception afterward,” says Heller, author of books that include “The Believers” and “Notes on a Scandal.” “But you’re not going to get any of that.” Of more interest to Heller: how a worldly woman like Markle will cope with the “drear” of royal life. Heller spoke to Katherine Zoepf about the fantasy of marrying a prince – and why Markle will be useful to Britain’s monarchy. Zoepf: What do you think it is about the idea of marrying a prince, and about royal weddings in general, that remains so compelling? Heller: It’s never been a fantasy of mine, but I suspect that if you’re somebody who thinks of your wedding day as being the apotheosis of your career as a woman – the ultimate affirmation of your femininity – then the royal version is the ultimate. It’s not just being queen for a day, it’s becoming queen – or something near to it – forever. It’s as Walter Bagehot said, a royal wedding is a brilliant edition of a universal fact. Zoepf: Some veteran royal reporters have claimed – and even President Obama once suggested – that the British royal family is more popular in the United States than it is at home in the UK. Whether or not that’s strictly true, why do you think Americans are so obsessed with the royal family? Is the royal family covered differently in American and British media? Heller: The American view is rosier, hazier, I think. They know less of the baroque detail about the characters involved and the internecine family feuds. It’s the difference between my knowledge of the Kardashians and my children’s. I am infinitely less attuned to the nuances of the family relationships than they are. The British attitude towards the royal family is an odd combination of old-school grovel and tabloid cruelty. On one hand they’re given exorbitant praise for common or garden acts of decency, or the very palest glimmers of wit. You know, a princess bends down to say something to someone in a wheelchair and they’re a marvel of compassion and humanity. And at the same time, they’re subject to the same kind of vehement nastiness that is meted out to any other celebrity written up in the Daily Mail. Meghan Markle has yet to fully experience the shitty end of that. But there’s already been tabloid commentary suggesting that she’s a little too slick and actress-y. In that first engagement interview, everyone was delighted by how poised and bright and articulate she was, at least by royal standards. The royals set a pretty low bar when it comes to social skills. But I think her poise has already begun to give rise to a certain amount of skepticism, a suspicion that she’s a girl on the make. People expect a commoner coming into the royal family to have a certain amount of star-struck gaucheness and humbleness. So her self-possession is regarded as a bit suspect. Zoepf: Do you think that, as a former actress, Meghan Markle may be better prepared for this role than, say, Kate Middleton was when she married Prince William? Heller: can probably make a better speech. She can certainly speak extemporaneously better than any of the other royals. But I think the fact that she’s been in the world, that she’s pursued a career, that she’s had a full life and is accustomed to doing as she pleases, will make the business of adapting to the royal family and to all of the attendant restrictions much more difficult. Zoepf: Is Markle, in some sense, the modern-day equivalent of one of Edith Wharton’s “buccaneers,” giving a titled Old World family an infusion of showbiz cool (instead of cash from a New World industrial fortune)? Heller: I don’t think it’s the showbiz part that she brings that’s useful to them as a corporation. It’s the patina of modernity and progressive politics. The old Walter Bagehot thing about not letting daylight in upon the magic, the idea that the royal family had to portion out access to itself in order to preserve their mystique has changed quite drastically over the last 40 years. They’ve suffered various PR debacles – the toe-sucking incident [photos of Prince Andrew’s former wife Sarah Ferguson with the financial adviser], messy divorces, Harry’s naked cavortings in Las Vegas – and I think what they’ve discovered in the process of all that is that not only can the monarchy survive quite a lot of toe-sucking, but that it has to give a lot more “we’re just like you” entertainment in order to survive. Hence you have Brian May playing electric guitar on top of Buckingham Palace to celebrate the Golden Jubilee. You have the younger royals out talking about mental health, showing that they’re groovy, in-touch young British people. As part of that, Meghan’s fantastically useful. I’ve been taken aback at how many of my thoughtful, anti-monarchy, republican-with-a-small-“r” friends have been charmed by, have welcomed her as a sign of the royal family changing. It’s the equivalent of, I don’t know, Gucci using an African-American model. A power structure is able to co-opt all kinds of ideas and people, but it doesn’t mean that anything’s changing in any significant sense. It’s the cosmetic application of identity politics to an ancient social hierarchy. And if one objects to the ancient social hierarchy, one oughtn’t to be placated by the fact that somebody with a different complexion has been recently imported. I’m sure you saw the Times piece about the little girl somewhere in south London, how it’s the summer of Meghan for her. She’s happy to see herself represented. I get that. But it’s a folly to imagine that the royal family is now the vanguard of social progress. Zoepf: Based on your observations of the folkways of the English upper class, could you give us some sense of what Markle may have gotten herself into? Heller: She is a 21st century Californian going into a fusty old aristocratic family. Germaine Greer, I’m very amused to see, has set herself up as somewhere between the town gossip and Cassandra, and has been all over the papers saying, “It’ll never last! She’s a girl on the make. She’s going to bolt when she discovers how dull it is.” I wouldn’t hazard that kind of prediction, but she has a point. Whatever that girlhood fantasy about marrying a prince is, I think the reality is a combination of great luxe – they’re bloody rich – and an enormous amount of drear. It’s a lot of opening the municipal swimming baths in Folkestone, and taking a train to Blackpool to meet people in an old age home. It’s hard to imagine that someone who has led the kind of life that Meghan Markle has led – i.e. an interesting one, a liberated one – would continue to be stimulated by this for any length of time. The crucial thing is that the royal family has to stay politically neutral. It’s fine for them to give interviews about mental health, or to talk about how one ought not to be nasty to gay people, but they have to be apolitical. Meghan can head up philanthropic efforts and so on, as long as they’re innocuous, we-are-the-world type endeavors, but she won’t be allowed to say anything remotely controversial or interesting. (By Katherine Zoepf)
| ashraq/financial-news-articles | https://www.reuters.com/article/zoepf-wedding/column-five-questions-zo-heller-on-the-harry-meghan-royal-wedding-idUSL2N1SO21Y |
May 23, 2018 / 4:03 AM / Updated 12 hours ago Public sector investor assets surge 7.3 percent to $36 trillion, biggest jump in five years Claire Milhench 4 Min Read
LONDON (Reuters) - Public sector investor assets surged $2.5 trillion or 7.3 percent in 2017 to $36.2 trillion, the biggest jump in five years, an annual report showed on Wednesday, helped by stellar equity market gains and a gold price rise.
The Official Monetary and Financial Institutions Forum (OMFIF) tracks the assets of 750 institutional investors such as central banks, sovereign wealth funds (SWFs) and public sector pension funds and ranks them by size in its Global Public Investor report.
In this year’s report, OMFIF noted that one-fifth of the $2.5 trillion rise was concentrated in four institutions - Norges Bank Investment Management, the People’s Bank of China (PBOC), the Swiss National Bank and Japan’s Government Pension Investment Fund.
The PBOC retained its position at the top of the ranking, with assets up 4 percent to $3.231 trillion.
In total, pension fund assets rose 8.1 percent or $1.1 trillion, central bank assets 7.8 percent or $959 billion, and SWF assets 5.1 percent or $397 billion.
“Assets were boosted by the continued global economic recovery, particularly across advanced economies,” OMFIF said in the report, adding that Europe had enjoyed the largest increase of 11.8 percent to $7.6 trillion, led by central bank reserves.
A rise in the gold price XAU= helped, with central banks globally adding 371 tonnes of gold in 2017, bringing total holdings to almost 31,800 tonnes, the highest level since the 1990s.
The global stock market rally, which led to gains of over 20 percent in 2017, also leant support, with equities making up around 36-40 percent of SWF and pension fund portfolios.
Only Middle Eastern central banks experienced a decline in assets, of $32 billion, as their economies struggled with weak oil prices, geopolitical instability and the associated pressures on their exchange rates, OMFIF noted.
The Saudi Arabian Monetary Authority’s assets fell by $51 billion to $496 billion. And the Qatar central bank suffered a 53 percent loss in reserves due to large capital outflows following the imposition of sanctions by other Arab states.
The Kuwait Investment Authority, a sovereign wealth fund, lost its top 10 position, falling one place to 11th, with assets down 11 percent or $68 billion. It was replaced in the top 10 by South Korea’s National Pension Service, which enjoyed asset growth of 16 percent.
Asia remained the largest region for assets, holding $13.8 trillion or 38 percent of the total, with year-on-year growth of $948 billion or 7 percent.
The Hong Kong Monetary Authority topped the table of biggest risers, with assets up $73.3 billion or 19 percent.
Infrastructure and real estate remained in favour, with a respective 70 percent and 45 percent of investors surveyed planning to increase their holdings in these segments.
The shift to real assets by long-term investors is a multi-year trend reflecting a search for higher yields against a backdrop of depressed global bond yields.
The growing importance of China’s renminbi in international financial transactions was also reflected in the survey, with 18 percent of poll participants planning to increase their renminbi exposure over the next 12-24 months, the highest response for all currencies. Reporting by Claire Milhench; Editing by Alexandra Hudson | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-global-swf-assets/public-sector-investor-assets-surge-7-3-percent-to-36-trillion-biggest-jump-in-five-years-idUKKCN1IO0DI |
May 11 (Reuters) - Questerre Energy Corp:
* QUESTERRE REPORTS FIRST QUARTER 2018 RESULTS * QUESTERRE ENERGY CORP - AVERAGE DAILY PRODUCTION OVER 2,000 BOE/D FOR QUARTER
* QUESTERRE ENERGY CORP - QTRLY ADJUSTED FUNDS FLOW FROM OPERATIONS MORE THAN DOUBLED TO $4.7 MILLION
* QUESTERRE ENERGY CORP - NET INCOME OF $0.06 MILLION FOR CURRENT QUARTER COMPARED TO A LOSS OF $0.52 MILLION FOR Q1 LAST YEAR Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-questerre-average-daily-production/brief-questerre-average-daily-production-over-2000-boe-d-for-quarter-idUSASC0A1UC |
Leerink Partners takes an innovative approach to expanding the Therapeutics team
BOSTON--(BUSINESS WIRE)-- Leerink Partners, a leading healthcare investment bank, announced today that Pasha Sarraf, M.D., Ph.D. has joined the Therapeutics Research team as a Senior Research Analyst based in the firm’s New York office. Dr. Sarraf will cover biopharmaceutical companies developing and marketing products for inflammatory and immunological diseases and will also lead the firm’s research efforts in other therapeutic areas.
Dr. Sarraf joins Leerink Partners from McKinsey & Company where he was a Partner and co-leader in the Global Pharmaceuticals practice as well as a leader of the McKinsey Center for Asset Optimization. In addition to his 10 year career at McKinsey, Pasha spent seventeen years as a Physician-Scientist where he trained at Harvard Medical School, Massachusetts General Hospital (MGH) and the National Institutes of Health (NIH). Dr. Sarraf completed his residency in internal medicine at MGH, and then completed fellowships in rheumatology at MGH and in rare diseases at NIH. Dr. Sarraf earned a M.D. and Ph.D. in cell and molecular biology from Harvard University and a B.S.E. magna com laude in biomedical engineering from Duke University.
In addition to Dr. Sarraf’s extensive personal, industry and professional experience, he has had a successful research career, having published over 40 articles and chapters in journals and textbooks, including articles in Nature Medicine, Molecular Cell and Science as well as in standard medical texts.
Leerink Partners has a demonstrated history of delivering unique and valuable insights to investors across every sector of healthcare. These insights come from expertise and talent from all parts of the industry, not solely traditional Wall Street voices and sources.
“We are excited to have Pasha join the firm as we continue our pursuit to build the best healthcare research team in the industry,” stated Jeff Leerink, Chairman and CEO of Leerink Partners. “We aim to provide the deepest and most comprehensive research available for our corporate and investor clients.”
John Sullivan, Director of Research and Healthcare Investment Strategist at Leerink Partners stated, “Rooted in our commitment to build a preeminent Equity Research team is our belief that depth and breadth don’t just come from career analysts, but from bringing together a group of talented individuals with a mixture of skills and backgrounds. Pasha’s extensive experience working with senior biopharma management teams will add a unique voice to equity research regarding the industry.”
Geoffrey Porges, Director of Therapeutics at Leerink Partners added, “The biopharmaceutical industry is becoming more complex and more dynamic every day. Therapeutics equity research must keep up with these changes and, with Pasha’s industry, clinical and scientific expertise, we are confident we can bring the very best and most insightful research around developments in important disease areas to our clients.”
“I am honored and delighted to join Leerink Partners. The firm has a built an outstanding team of professionals who bring distinctive insights to clients and are elevating the thinking in healthcare investing and research,” stated Dr. Sarraf. “Together, with the entire research team, I look forward to serving the many investors and clients who are enabling the current wave of innovation in therapeutics.”
About Leerink Partners
Leerink Partners LLC is a leading investment bank, specializing in healthcare. Our knowledge, experience and focus enable us to help our clients define and achieve their strategic, capital markets and investment objectives. We partner with companies that develop and commercialize innovative products and services that are defining the future of healthcare. Leerink Partners LLC is a member of FINRA/SIPC. For more information, please visit: www.leerink.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180509005033/en/
Leerink Partners
Diane Vieira, 617-918-4097
or
Weber Shandwick
617-520-7088
Source: Leerink Partners | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/business-wire-pasha-sarraf-m-d-ph-d-joins-leerink-partners-equity-research-team.html |
KUALA LUMPUR (Reuters) - Malaysian police are searching five locations linked to ousted Prime Minister Najib Razak, police director Amar Singh told Reuters on Thursday.
Singh, the head of the commercial crime department, did not provide any other details.
At least a dozen armed policemen entered Najib’s home late on Wednesday after he returned from prayers at a mosque, Reuters witnesses said. They seized handbags and few other personal items, a lawyer for Najib said.
The search there was continuing into the morning.
Other than Najib’s private residence, police are also searching the prime minister’s office and the official residence, The Star newspaper reported. Two places at a condominium where Najib’s family is believed to own property were also searched, it said.
Reporting by A. Ananthalakshmi; Editing by Raju Gopalakrishnan
| ashraq/financial-news-articles | https://www.reuters.com/article/us-malaysia-politics-search/malaysian-police-say-searching-five-properties-linked-to-ousted-pm-najib-idUSKCN1II072 |
(Adds details on partial bids)
May 1 (Reuters) - Private equity firm Lantern Capital is nearing a deal to acquire the Weinstein Company, the TV and film studio that filed for bankruptcy after its co-founder Harvey Weinstein was accused of sexual assault, with a $310 million offer, people familiar with the matter said.
The Weinstein Company filed for bankruptcy in March with the offer from Lantern Capital in hand as a so-called stalking horse bidder. It had hoped to get better offers from other suitors, but no higher bid for the entire company emerged by a deadline set in a bankruptcy auction for Monday, the sources said.
There were some offers for parts of the company that were not accepted, one of the sources added.
The sources asked not to be identified ahead of an official announcement. The Weinstein Company declined to comment, while Lantern did not respond to a request for comment.
Hollywood trade publication Deadline Hollywood first reported earlier on Monday that Lantern was the winning bidder for the Weinstein Company.
The deal, which is subject to approval by a U.S. bankruptcy judge, would be the culmination of efforts by the Weinstein Company over several months to find a buyer.
When the allegations against Harvey Weinstein became public in October, the company's board fired him, and Hollywood heavyweights distanced themselves from the studio. Combined with lawsuits filed by Harvey Weinstein's victims, the company was an unappealing acquisition target.
An offer for the studio from a group of investors led by former Obama administration official Maria Contreras-Sweet failed to produce a deal earlier this year, after New York Attorney General Eric Schneiderman filed a civil lawsuit against the company and demanded more compensation for Harvey Weinstein's victims.
Following Schneiderman's intervention, Contreras-Sweet's offer was tweaked to include an $80 million to $90 million compensation fund that would supplement any insurance payouts victims would receive.
Harvey Weinstein, once one of Hollywood's most influential men, has been accused of sexual misconduct including rape by more than 70 women. He has denied having non-consensual sex with anyone. It is unclear how much money his alleged victims will receive should the deal with Lantern go through.
Co-founded with Bob Weinstein, Harveys brother, the Weinstein Company produced and distributed critically acclaimed hits including The Kings Speech and Silver Linings Playbook, as well as TVs fashion reality competition Project Runway.
With its bankruptcy filing, the Weinstein Company said it released anyone "who suffered or witnessed any form of sexual misconduct by Harvey Weinstein" from nondisclosure agreements, contracts that prevented victims from speaking out.
As part of the deal, Lantern will acquire Weinstein's prized asset, its library of 277 feature films that have generated over $2 billion in aggregate box office receipts worldwide.
Based in Dallas, Texas, Lantern is a buyout firm founded by Andy Mitchell, the former head of Ally Financials global special assets group. (Reporting by Jessica DiNapoli in New York Additional reporting by Tom Hals in Wilmington, Delaware Editing by Paul Simao) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/01/reuters-america-update-1-weinstein-company-set-to-be-bought-by-lantern-capital-sources.html |
WASHINGTON (Reuters) - The United States on Wednesday condemned Syria’s decision to recognize two breakaway regions in Georgia and create diplomatic ties, saying it fully backed Georgia’s independence and reiterating its call for Russia to withdraw from the area.
“The United States strongly condemns the Syrian regime’s intention to establish diplomatic relations with the Russian-occupied Georgian regions of Abkhazia and South Ossetia,” U.S. State Department spokeswoman Heather Nauert said in a statement.
“These regions are part of Georgia. The United States’ position on Abkhazia and South Ossetia is unwavering,” the statement said.
The U.S. statement came one day after Georgia said it would sever diplomatic relations with Syria after Damascus moved to recognize the two regions as independent states.
Russia, Nicaragua, Venezuela and Nauru previously recognized the independence of Abkhazia and South Ossetia, both of which broke away from Georgia following the collapse of the Soviet Union.
Following that fight in the early 1990s, Georgia and Russia fought a war over the regions in August 2008.
The United States and European Union have backed Georgia in calling the Russian operation a naked land grab.
Last week, U.S. Secretary of State Mike Pompeo pledged deeper security and economic support for Georgia.
He also called on Russia to withdraw its forces from Abkhazia and South Ossetia under the ceasefire agreement that followed the 2008 war. The department echoed that request on Wednesday.
“We fully support Georgia’s sovereignty, independence, and territorial integrity within its internationally recognized borders, and call on all states to ... do the same,” Nauert said.
Reporting by Susan Heavey and Makini Brice; Editing by Steve Orlofsky
| ashraq/financial-news-articles | https://in.reuters.com/article/georgia-syria-usa/u-s-condemns-syrian-recognition-of-georgias-breakaway-regions-idINKCN1IV1MK |
May 10 (Reuters) - TMAC Resources Inc:
* TMAC REPORTS IMPROVING OPERATING AND FINANCIAL RESULTS FOR FIRST QUARTER OF 2018
* QTRLY NET LOSS PER SHARE $0.16 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-tmac-qtrly-net-loss-per-share-016/brief-tmac-qtrly-net-loss-per-share-0-16-idUSASC0A1Q2 |
TOKYO (Reuters) - Japan is considering tariffs on U.S. exports worth $409 million in retaliation against steel and aluminum import tariffs imposed by President Donald Trump, media reported on Thursday.
Such a move would signal Tokyo is ready to go beyond backdoor talks and pleas for exemptions from the U.S. duties.
It would also add to a growing rift that Trump’s “America First” trade policies is creating among major economies, which threatens to slow global trade and business activity.
Japan is the only major U.S. ally that did not receive exemptions from Trump’s tariff decision. But it has refrained from following in the footsteps of China and the European Union, which responded to the U.S. decision with reciprocal threats.
That may change as months of negotiations have failed to convince Washington to add Japan to a list of countries exempted from the U.S. tariffs, analysts say.
Tokyo’s planned retaliatory tariffs on U.S. exports would be the equivalent value to duties imposed by Washington via its tariffs, public broadcaster NHK said on Thursday.
The government is preparing to notify the World Trade Organization of the plan this week, a necessary procedure under global trade rules, according to NHK.
Analysts see such a threat as more of a negotiating tactic to improve the chances of getting a U.S. exemption, though it would be a notable shift from Tokyo’s fairly subdued tone.
Related Coverage Japan buys 3 vessels of sorghum amid China-U.S. trade spat: sources “This would be a half-step forward since up till now, Japan was just making requests to the United States for an exemption,” said Junichi Sugawara, an analyst at Mizuho Research Institute.
“But there’s still some distance from actually slapping penalties,” he said.
Japan’s top government spokesman Yoshihide Suga conceded the government was considering taking “necessary” steps based on WTO rules. But he said no final decision has been made on whether to take retaliatory steps.
Trump decided in March to impose import duties of 25 percent on steel and 10 percent on aluminum, drawing criticism from other countries for heightening the risk of a global trade war.
The European Commission has insisted the European Union be granted a permanent exemption without conditions. It has threatened to respond with its own duties on U.S. goods and will notify the WTO of its potential plans this week.
China has increased tariffs by up to 25 percent on 128 U.S. products, escalating a dispute between the world’s biggest economies.
FILE PHOTO: A worker walks near a container area at a port in Tokyo, February 19, 2015. REUTERS/Toru Hanai Japanese policymakers have so far taken a more conciliatory tone, though some have not ruled out the possibility of raising a trade dispute against the U.S. move to the WTO.
Editing by Chang-Ran Kim and Kim Coghill
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trade-japan/japan-plans-retaliatory-tariffs-against-united-states-nhk-idUSKCN1II07I |
The 10-year Treasury yield can get to 3.5 percent with "no trouble at all" for stocks, strategist Samantha Azzarello told CNBC on Tuesday.
The benchmark U.S. 10-year Treasury yield, which moves inversely to its price, hit 3.09 percent on Tuesday , its highest read since 2011.
"You get up to 4 percent and we think that starts to be punitive for stocks," Azzarello, global market strategist at J.P. Morgan Asset Management, said on " Closing Bell ."
Equities dropped sharply on Tuesday , with the Dow Jones industrial average falling 193 points to close at 24,706.41.
Michael Yoshikami, founder and CEO of Destination Wealth Management, also isn't too concerned about the 10-year Treasury yield's move higher because it hasn't been a steep rise.
"If you look at history, if rates go up we're OK as long as we have economic growth, which we do right now," he told "Closing Bell."
"It's all about how steep that increase is. At this point it's nothing to be concerned about, but certainly something to monitor."
show chapters Stay with financials in rising rate environment: Pro 19 Hours Ago | 05:41 The 10-year yield is especially important to investors given its role as a barometer for mortgage rates and other financial instruments.
The two-year yield hit a high of 2.589 percent, its highest level since Aug. 11, 2008.
In this environment, Yoshikami likes financials, which he said tend to do well in a rising rate environment, and technology, which will benefit from lower tax rates.
And while everyone is "bashing" fixed income, he sees an opportunity.
"If you're going to get 3 percent on a 10-year Treasury with essentially no equity risk, it actually starts to have some appeal," Yoshikami said.
Same goes for the two-year note, he added, which has "zero volatility" as long as investors hold it for those two years.
— CNBC's Fred Imbert and Thomas Franck | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/15/10-year-treasury-can-get-to-4-percent-before-it-punishes-stocks-j-p-morgan.html |
IRVINE, Calif.--(BUSINESS WIRE)-- HireRight , a leading provider of global employment background checks, drug testing, education verification, and electronic Form I-9 and E-Verify solutions, today announced that Dr. Todd Simo, M.D. has been appointed to the position of managing director of transportation and drug & health screening (DHS).
Dr. Simo served as HireRight’s medical director starting in 2009 and was promoted to chief medical officer in 2015. An established thought-leader in the industry, he now takes the reigns in leading HireRight’s transportation and drug and health screening groups, reinforcing HireRight’s market-leading transportation services. Dr. Simo will continue in his role as chief medical officer leading HireRight’s DHS service offerings across all industries.
“For nearly a decade, our customers have sought Dr. Simo’s expertise when developing drug testing programs, setting workplace policies and navigating issues such as the opioid epidemic and changing marijuana laws,” said Jurgen Leijdekker , CEO at HireRight. “As companies in the transportation industry face these challenges, along with a driver shortage and the goal of maintaining and building a workforce of safe drivers, Dr. Simo’s knowledge and passion for the field will help ensure our portfolio of transportation services remains unmatched in the screening industry.”
HireRight’s comprehensive screening solutions are designed specifically for employers regulated by the Department of Transportation, serving more than 12,000 active customers in the trucking, transit, aviation, rail and pipeline segments. HireRight supplies customers with multiple transportation specific screening options, many available as ‘express’ products that provide completed reports to customers in less than one minute. HireRight also addresses the need for easily accessible DHS screening locations by working with the largest network of more than 20,000 US collection sites for client and candidate convenience.
As a member of the Drug and Alcohol Testing Industry Association (DATIA) and the Substance Abuse Professionals Administrators Association (SAPAA), HireRight complies with the most stringent standards for drug and health screening quality.
“Drug and health screening is a crucial step in the vetting and hiring process, especially in the transportation industry, and one that must be performed on a regular basis to maintain a safe and healthy workforce,” said Dr. Simo. “The Department of Transportation holds these companies to the highest standards when they send their drivers on the road. HireRight’s customers trust us to help them adhere to those standards, ultimately making our roads safer. I look forward to working alongside our transportation team to expand our industry leading programs.”
For more information about HireRight’s transportation services, visit our website ; and to learn more about Dr. Todd Simo, you can read his posts on our blog .
About HireRight
HireRight delivers global background checks, employment verifications, drug and health screening, and electronic Form I-9 and E-Verify solutions that help employers automate, manage, and control background screening. More than 12,000 transportation companies trust HireRight because the company delivers customer-focused solutions that provide greater efficiency and faster results. HireRight also provides pre-integrated background screening services through many leading applicant tracking systems. For more information, visit the company’s web site at www.hireright.com/transportation .
HireRight is headquartered in Irvine, CA, with offices around the globe. Learn more at www.HireRight.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180507005273/en/
Infinite Global
Kelsey Eidbo, 415.732.7804
[email protected]
Source: HireRight | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/business-wire-hireright-appoints-dr-todd-simo-to-managing-director-of-transportation-and-drug-health-screening.html |
May 7 (Reuters) - Telaria Inc:
* Q1 REVENUE ROSE 56 PERCENT TO $9.6 MILLION * QTRLY NET LOSS FROM CONTINUING OPERATIONS, NET OF INCOME TAXES PER SHARE $0.12
* TELARIA - SEES 2018 REVENUE $58.0 MILLION-$62.0 MILLION
* SEES Q2 REVENUE $11.5 - $13.5 MILLION
* TELARIA - SEES 2018 ADJUSTED EBITDA $5.0 MILLION-$8.0 MILLION
* SEES Q2 ADJUSTED EBITDA BETWEEN LOSS OF $2.0 MILLION AND BREAK EVEN Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-telaria-says-q1-revenue-rose-56-pe/brief-telaria-says-q1-revenue-rose-56-percent-to-9-6-million-idUSASC0A01B |
CNBC Tech Check Morning Edition: May 16, 2018 43 Mins Ago CNBC’s Tech Check brings you the latest in tech news from CNBC’s 1 Market in the heart of San Francisco. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/16/cnbc-tech-check-morning-edition-may-16-2018.html |
MONTREAL, May 01, 2018 (GLOBE NEWSWIRE) -- MOBI724 Global Solutions Inc. (“MOBI724” or the “Company”) (TSX-V:MOS) (OTCQB:MOBIF), a Fintech leader offering all in one fully integrated EMV payment, Card-Linked Offers, Digital Marketing and Business Intelligence Solutions, today reported its financial results for FY 2017 ending December 31, 2017.
FY 2017 was a significant year for MOBI724 in many areas including the start of commercialization of the important Visa partnership, new sales contracts and a substantial increase in the sales pipeline.
MOBI724 announced that sales increased 29% in Q4 2017 vs. Q3 2017: $814.7K in revenues for the 3 months ended December 31, 2017 compared with $630.9K for Q3 2017. For the twelve months ended December 31, 2017 revenues increased 13% to $2.87 million from $2.55 million in the same period last year. In the important card linked offers vertical, revenue grew 51% to $729K. Card Linked Offers is our line of business where we expect significant growth, as the Visa Offers partnership began commercial rollout in late-2017 and is anticipated to start recording material transactional revenue by mid-year 2018.
In addition, sales and markets are growing:
Shortening of the sales cycle from 15 months to approximately 12 months due to substantial investment in advancing sales relationships; Entered new markets in Colombia and the Philippines, and expanded in Argentina; Expanding cards under management.
The Company incurred an operating loss of $7.7 million for the 12 months ended December 31, 2017 vs. a loss of $3.7 million in 2016. Of this loss, approximately $2.7 million are non-cash charges relating mainly to amortization and share-based compensation. Though revenues increased period over period, this increase was more than offset by increased operating expenses related to higher labour costs, and increased costs for business development, travel and marketing activities.
The higher net loss at $10.8 million for 2017 vs. $4.9 million in 2016 is related to the increase in the operating loss and higher non-cash accounting charges of $4.6 million primarily associated with the increase in fair value adjustment on liability for the acquisition of Mobi724 Solutions Inc.
The Company continues to seek opportunities to enhance efficiencies to reduce costs and improve cash flow going forward.
The Company ended 2017 with $3.7 million of cash. This amount does not include cash of $930K from the April 2018 Warrant Incentive Program.
Marcel Vienneau, MOBI724’s CEO, said, “In 2017, MOBI724 made strategic decisions that will promote success for years to come. We invested considerable resources in terms of time, staffing and capital that will demonstrate accelerating returns in 2018. With the increasing activity generated by our Visa partnership and other important relationships, we characterize 2018 as our first year of full commercialization.”
The Company also announces that on April 26 th , 2018, it granted 60,000 stock options under its stock option plan (the “Plan”) to two employees and 180,000 stock options to the CFO. All stock options will vest gradually over a period of three years (the first 1/3 vesting on the granting date, 1/3 twelve months after the granting date and the balance, twenty-four months from the granting date), and will allow the holder of the stock option to acquire one common share of the Company per option granted at a price of $0.35 until April 26 th , 2021. The Company has reserved the aggregate total of 240,000 common shares for issuance in connection with the grant of stock options under the Plan.
About Mobi724 Global Solutions Inc.
“We enable smart transactions anywhere”
MOBI724, a global Fintech company, offers a fully integrated suite of multiple Payment Card-linked, Digital Marketing and Business Intelligence Solutions, which work with any payment card, on any mobile device and at any Point of Sale; and a mobile EMV compliant payment platform. MOBI724 provides turn-key solutions for card associations, card issuers, banks, retailers, manufacturers, offer providers, to create, manage, deliver and track and measure incentive campaigns worldwide in real time. The company captures value from big data to deliver seamless and personalized user experiences for the benefits of all parties in the ecosystem. MOBI724 headquarters are in Montreal, Canada, and the company presently has operations in North and Latin America, the Caribbean and Asia Pacific.
Legal Disclaimer
Certain statements in this document, including those which express management’s expectations or estimations with regard to the Company’s future performance, constitute “forward-looking statements” as understood by applicable securities laws. Forward-looking statements are, of necessity, based on a certain number of estimates and hypotheses; while management considers these to be accurate at the time they are expressed, they are inherently subject to significant uncertainties and risks on the commercial, economic and competitive levels. We advise readers that these forward-looking statements are subject to risks, uncertainties, and other known and unknown factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied in these forward-looking statements. Investors are advised to not rely unduly on the forward-looking statements. This advisory applies to all forward-looking statements, whether expressed orally or in writing, attributed to the Company or to any individual expressing them in the name of the Company. Unless required by law, the Company is under no obligation to publicly update these forward-looking statements, whether to reflect new information, future events, or other circumstances.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release does not constitute a solicitation to buy or sell any securities in the United States.
For further information, please visit www.MOBI724.com or contact:
Investor Relations :
Mr. Andreas Curkovic
Proconsul Capital Ltd.
T: 416-577-9927; E: [email protected]
Mr. Derek Lindsay
MOBI724 Global Solutions Inc.
Chief Financial Officer
T: 514-394-5200; E: [email protected]
Source:Solutions Globale Mobi724 inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/globe-newswire-mobi724-global-solutions-announces-q4-and-fiscal-year-2017-results--increase-in-revenues-in-2017-with-revenues-up-51.html |
May 15 (Reuters) - Biophytis SA:
* BIOPHYTIS RECEIVES ORPHAN DRUG DESIGNATION IN THE UNITED STATES FOR SARCONEOS IN DUCHENNE MUSCULAR DYSTROPHY (DMD)
* BIOPHYTIS SA - HAS ALSO FILED AN APPLICATION FOR AN ORPHAN DRUG DESIGNATION FOR SARCONEOS IN DUCHENNE MYOPATHY WITH EMA Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-biophytis-receives-orphan-drug-des/brief-biophytis-receives-orphan-drug-designation-in-u-s-for-sarconeos-in-dmd-idUSFWN1SM1BJ |
SoftBank Vision Fund will invest $2.25 billion in General Motors Co.’s driverless-car unit, as the auto maker battles technology companies and startups in a race to commercialize autonomous vehicles.
GM said Thursday the technology-investment fund, an affiliate of Japan’s SoftBank Group Corp., will take a 19.6% stake in GM Cruise Holdings LLC, a newly formed entity primarily made up of Cruise Automation, the driverless-car developer that GM acquired in early 2016 for around $1 billion, including undisclosed milestone payments.... | ashraq/financial-news-articles | https://www.wsj.com/articles/softbank-vision-fund-to-invest-2-25-billion-in-gm-cruise-1527767846 |
May 21 (Reuters) - (Official)-Sativa Investments Plc :
* SATIVA INVESTMENTS COMMITS TO C$0.2 MILLION INVESTMENT IN CANADIAN-BASED VERITAS PHARMA
* SATIVA INVESTMENTS SUBSCRIBED FOR 500,000 NEW SHARES AT C$0.40 PER SHARE, AT COST OF C$0.2 MILLION CASH IN VERITAS PHARMA INC Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-sativa-investments-commits-to-c02/brief-sativa-investments-commits-to-c0-2-million-investment-in-canadian-based-veritas-pharma-idUSL5N1SS1IG |
ELYRIA, Ohio--(BUSINESS WIRE)-- Invacare Corporation (NYSE: IVC) today announced the appointment of Petra Danielsohn-Weil, PhD, to its Board of Directors, effective May 17, 2018. From 2014 until her retirement in August 2017, Ms. Danielsohn-Weil was the Regional President for Pfizer Essential Health - Europe, a leader in non-viral anti-infectives, biosimilars and sterile injectable medicines and a unit of Pfizer Inc. (NYSE:PFE), a research-based, global biopharmaceutical company.
With more than 30 years of experience in the medical and pharmaceutical fields in Europe, Ms. Danielsohn-Weil offers deep industry and international expertise. After the Board’s extensive search conducted by an internationally recognized executive search firm, Ms. Danielsohn-Weil was unanimously appointed by the current members of the Board. Her appointment brings the number of Invacare directors to a total of eight, seven of whom are considered independent directors.
“We are pleased to welcome Petra to the Invacare Board of Directors. Petra has a wealth of experience in the European market in commercial development, business integration, R&D, sales, digital marketing, and implementing long-term strategic plans in a complex environment. With our significant operations in Europe, her background and unique experience in emerging markets in the European biotech space will be invaluable as we continue our journey,” said Matthew E. Monaghan, chairman, president and chief executive officer. “Petra will be a great addition to our already strong board, which has considerable healthcare and business experience. Our Board continues to evolve into a more diverse, yet focused team with strong leaders to guide us for the future.”
“I look forward to joining the Invacare Board of Directors and working with Matt Monaghan, Dr. Martin Harris, lead director, and my colleagues on the Board, as we continue through the company’s transformation,” said Ms. Danielsohn-Weil.
Ms. Danielsohn-Weil had served in various general management, regional and global business unit executive roles in Europe and the United States for Pfizer from 2000 until her retirement. Prior to that, she served in various commercial and strategic leadership roles in Europe and the US for Warner-Lambert from 1988 until its acquisition by Pfizer in 2000. She serves as a board member of NovaMedica LLP, a pharmaceutical company and a portfolio company of Rusnano JSC Corporation. Ms. Danielsohn-Weil holds an undergraduate degree in Educational Psychology, a Master’s Degree in Chemistry and Biology and a PhD in Biology from the University of Munster in Germany.
About Invacare Corporation
Invacare Corporation (NYSE: IVC) is a leading manufacturer and distributor in its markets for medical equipment used in non-acute care settings. At its core, the company designs, manufactures and distributes medical devices that help people to move, breathe, rest and perform essential hygiene. The company provides clinically complex medical device solutions for congenital (e.g., cerebral palsy, muscular dystrophy, spina bifida), acquired (e.g., stroke, spinal cord injury, traumatic brain injury, post-acute recovery, pressure ulcers) and degenerative (e.g., ALS, multiple sclerosis, chronic obstructive pulmonary disease (COPD), elderly, bariatric) ailments. The company's products are important parts of care for people with a wide range of challenges, from those who are active and involved in work or school each day and may need additional mobility or respiratory support, to those who are cared for in residential care settings, at home and in rehabilitation centers. The company sells its products principally to home medical equipment providers with retail and e-commerce channels, residential care operators, distributors and government health services in North America, Europe and Asia/Pacific. For more information about the company and its products, visit Invacare's website at www.invacare.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180517006406/en/
Invacare Corporation
Lois Lee, 440-329-6435
[email protected]
Source: Invacare Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/business-wire-invacare-corporation-appoints-petra-danielsohn-weil-phd-to-board-of-directors.html |
Spanish Prime Minister Mariano Rajoy will face a vote of confidence in his leadership on Friday as corruption convictions handed down to dozens of people linked to his center-right People's Party (PP) threatened his six-year rule.
Spain's parliament agreed on Monday that the debate and vote would take place on Thursday and Friday, although the opposition Socialists who proposed the vote may struggle to garner enough support in the fragmented legislature to unseat Rajoy.
Opposition parties are taking advantage of Rajoy's weakness after 29 people linked to the PP were convicted last Thursday of crimes including influence-peddling and falsifying accounts, in the culmination of a long-running corruption trial.
The PP has closed ranks behind Rajoy, who said on Friday he intended to serve out his four-year term and that the corruption convictions did not affect a single member of his government. The 63-year-old survived a no-confidence vote last June.
show chapters Spain's economic growth providing lot of confidence: Economy minister 12:13 PM ET Thu, 24 May 2018 | 01:20 Ciudadanos (Citizens), a liberal party ahead in opinion surveys and the most likely to win a snap election, urged Rajoy on Monday to call an early poll.
Rajoy's government is weak and tainted by the corruption convictions, Ciudadanos leader Albert Rivera said in an interview with El Mundo newspaper.
"The only democratic and dignified way out is to give voice to the Spanish people so that they choose a new government and parliament," he said.
Ciudadanos said on Saturday it would be willing to work with the Socialists to support a neutral candidate to oust Rajoy, whose minority government has been damaged by a crisis sparked by a Catalan independence vote.
However, it is not clear whether the Socialists and Ciudadanos will team up to topple the Rajoy government. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/28/spanish-prime-minister-to-face-confidence-vote-on-friday.html |
LOS ANGELES (Reuters) - With a choreographed dance routine and plenty of British and American flags, students at the Los Angeles school attended by American actress Meghan Markle saluted their most famous alumna on Tuesday, days before she is to wed Britain’s Prince Harry.
Students at Meghan Markle's former Los Angeles high school stage a 'Here's to Meghan!' celebration ahead of her marriage to Prince Harry, as they celebrate at Immaculate Heart High School in Los Angeles, California, U.S., May 15, 2018. REUTERS/Mike Blake Students at the private all-girls Catholic Immaculate Heart High School and Middle School gathered in a grassy courtyard in the shadow of the famed white Hollywood sign to toast Markle with glasses of sparkling lemonade and roar with approval.
Many students said they were inspired by Markle, who has described herself as an activist, humanitarian and feminist.
Students wear their hair up like hats at Meghan Markle's former Los Angeles high school as they stage a 'Here's to Meghan!' celebration ahead of her marriage to Prince Harry, as they celebrate at Immaculate Heart High School in Los Angeles, California, U.S., May 15, 2018. REUTERS/Mike Blake “Just the fact that she’s done so many great things in our world and that now she’s marrying Prince Harry - marrying a prince from a different country, and she’s not royal, it’s, like, such an honor to do that,” said Ashley Stoneburner, 12, in the sixth grade.
Slideshow (3 Images) Markle, 36, graduated from Immaculate Heart in 1999. The independent school of about 670 total high school and middle school students was founded in 1906, and boasts actress Mary Tyler Moore and supermodel Tyra Banks as graduates.
Harry, 33, Queen Elizabeth’s grandson and the sixth-in-line to the British throne, and Markle will marry on Saturday at St George’s Chapel in Windsor Castle.
“To know that I would have a fellow sister who’s going in to the Royal Family, who’s an advocate for women’s rights, it really shows that what we learn here really does carry out into the real world, and so I’m really happy about that,” said Amber Creasey, an 18-year-old in the twelfth grade originally from London.
Although the school’s hillside setting of neatly kept grounds, green lawns and an open air pool could be seen as an emblematic Southern California idyll, students had more pragmatic thoughts on whether they could become a princess, too.
“I know that I’m not going to marry a prince, although all the princes are too young, but it makes me feel like, as a woman, I can do anything and I can be empowered by Meghan,” said seventh grader Amina Brenlini, 13.
“She’s, right now, my biggest inspiration because she started from, like, she started from low and worked her way up, and now she’s marrying a prince of England,” Brenlini added.
Additional reporting by Jill Serjeant; Writing by Eric Kelsey; Editing by Michael Perry
| ashraq/financial-news-articles | https://www.reuters.com/article/us-britain-royals-la-school/meghan-markles-los-angeles-school-toasts-its-most-famous-alumna-idUSKCN1IH0AY |
KKR & Co. has agreed to buy BMC Software from an investor group led by private-equity firms for an undisclosed amount.
KKR said Tuesday it is buying the Houston-based software company from a group that includes Bain Capital Private Equity and Golden Gate Capital along with Insight Venture Partners, hedge fund Elliott Management Corp. and GIC.
BMC,... | ashraq/financial-news-articles | https://www.wsj.com/articles/kkr-to-buy-bmc-software-from-private-equity-led-group-1527593762 |
May 18, 2018 / 7:39 AM / Updated an hour ago Japan's FSA tells regional banks to curb investment losses -sources Reuters Staff 2 Min Read
TOKYO, May 18 (Reuters) - Japan’s financial watchdog has instructed regional banks to curb potential losses on their foreign bonds and other securities, including by selling some of those investments, two people with direct knowledge of the situation said, in the regulator’s strongest step to shore up smaller lenders’ financial health.
The Financial Services Agency has recently asked the banks to limit the unrealised losses on their securities to within the amount of the profits on their core lending business or equity capital, the sources told Reuters.
Japanese banks are currently not required to book losses on their securities investments until they are realised. The rare move by regulators underscores a desire to discourage smaller lenders from making risky investments, which could further hurt their already-weak financial health.
A spokesman for the FSA declined to comment. An official for the Regional Banks Association of Japan declined to comment on member banks’ investment strategies. (Reporting by Taro Fuse and Takahiko Wada, Writing by Junko Fujita Editing by William Mallard) | ashraq/financial-news-articles | https://www.reuters.com/article/japan-fsa-regional-banks/japans-fsa-tells-regional-banks-to-curb-investment-losses-sources-idUSL3N1SP26W |
Trader rebuts Buffett's bitcoin comments 1 Hour Ago 03:00 03:00 | 8 Hrs Ago 01:40 01:40 | 11:30 AM ET Thu, 26 April 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/07/trader-rebuts-buffetts-bitcoin-comments.html |
May 21, 2018 / 10:07 AM / Updated 10 minutes ago Spain's PM says Catalonia needs a government that obeys the law Reuters Staff 1 Min Read
MADRID (Reuters) - Spain’s Prime Minister Mariano Rajoy on Monday said he still hoped Catalonia would soon form a viable government, capable of serious dialogue, that obeys the law in order to return to institutional, economic and social normality. FILE PHOTO: Spain's Prime Minister Mariano Rajoy speaks during a news conference with Bulgaria's Prime Minister Boyko Borissov (not pictured) in Sofia, Bulgaria, May 15, 2018. REUTERS/Stoyan Nenov
The Spanish government on Monday recognized the powers of newly-elected Catalan leader Quim Torra but failed to ratify his chosen administration, official documents showed, meaning Madrid will continue to impose direct rule on the northeastern region.
Fervent separatist Torra, who has said he wants to recreate the administration that declared independence from Spain in October, put forward on Saturday four men as councillors who are either being held in custody or living in self-imposed exile. Reporting By Paul Day; writing by Jesús Aguado | ashraq/financial-news-articles | https://www.reuters.com/article/us-spain-politics-catalonia/spains-pm-says-catalonia-needs-a-government-that-obeys-the-law-idUSKCN1IM0W7 |
MELVILLE, N.Y., May 03, 2018 (GLOBE NEWSWIRE) -- Park Electrochemical Corp. (NYSE:PKE) announced that it plans to release its financial results for its 2018 fiscal year fourth quarter and for its full fiscal year ended February 25, 2018 before the New York Stock Exchange opens on Monday, May 7, 2018. The Company will conduct a conference call to discuss such results at 11:00 a.m. EDT on the same day. Forward-looking and other material information may be discussed in this conference call. The conference call dial-in number is 844-466-4114 in the United States and Canada and 765-507-2654 in other countries and the required passcode is 2474705.
For those unable to listen to the call live, a conference call replay will be available from approximately 2:00 p.m. EDT on Monday, May 7, 2018 through 11:59 p.m. EDT on Sunday, May 13, 2018. The conference call replay can be accessed by dialing 855-859-2056 in the United States and Canada and 404-537-3406 in other countries and entering passcode 2474705 and will be available on the Company’s web site at www.parkelectro.com/investor/investor.html .
Any additional material financial or statistical data disclosed in the conference call will also be available at the time of the conference call on the Company’s web site at www.parkelectro.com/investor/investor.html .
Park Electrochemical Corp. is a global advanced materials company which develops and manufactures advanced composite materials, primary and secondary structures and assemblies and low-volume tooling for the aerospace markets and high-technology digital and RF/microwave printed circuit materials principally for the telecommunications and internet infrastructure, enterprise and military markets. The Company’s manufacturing facilities are located in Kansas, Singapore, France, Arizona and California. The Company also maintains R&D facilities in Arizona, Kansas and Singapore.
Additional corporate information is available on the Company’s web site at www.parkelectro.com .
Martina Bar Kochva
48 South Service Road
Melville, NY 11747
(631) 465-3600
Source:Park Electrochemical Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/globe-newswire-park-electrochemical-corp-announces-date-of-fiscal-year-earnings-release-and-conference-call.html |
May 15, 2018 / 6:09 AM / Updated 14 hours ago Major League Baseball roundup: Tigers rookie Goodrum homers twice Reuters Staff 6 Min Read
Niko Goodrum hit two homers and drove in five runs, carrying the host Detroit Tigers to a 6-3 victory over the Cleveland Indians on Monday night. May 14, 2018; Detroit, MI, USA; Detroit Tigers right fielder Niko Goodrum (28) hits a three run home run in the eighth inning against the Cleveland Indians at Comerica Park. Mandatory Credit: Rick Osentoski-USA TODAY Sports
Goodrum, a rookie utility player, hit a two-run shot off Cleveland starter Carlos Carrasco and added a three-run blast. Goodrum doubled his homer total for the season.
Jose Iglesias had two hits and a run, and John Hicks scored twice for Detroit, which has won three of its past four. The Tigers had lost their past 11 games to their division rival.
Mike Fiers (4-2) held the Indians to one run on three hits with five strikeouts in six innings.
Mariners 1, Twins 0
Dee Gordon scored the lone run and Jean Segura rapped two hits as Seattle notched a victory over Minnesota in Minneapolis.
An eighth-inning throwing error by Twins first baseman Logan Morrison on Segura’s sacrifice bunt allowed Gordon to score the decisive run.
Four Seattle pitchers combined on a four-hitter to send Minnesota to its second straight setback.
Rays 2, Royals 1
Matt Duffy provided the offense, and Ryan Yarbrough, with support from the bullpen, delivered on the mound as Tampa Bay opened a three-game series with a win at Kansas City.
Duffy had a pair of RBI singles, driving home C.J. Cron in the first inning and bringing home Adeiny Hechavarria for the go-ahead run in the sixth inning.
Yarbrough allowed one run on five hits and three walks with four strikeouts in five innings. Chaz Roe, Jonny Venters, Sergio Romo, Jose Alvarado and Alex Colome combined to throw four scoreless innings in relief. May 14, 2018; Minneapolis, MN, USA; Seattle Mariners center fielder Dee Gordon (9) hits a double against the Minnesota Twins in the eighth inning at Target Field. Mandatory Credit: Bruce Kluckhohn-USA TODAY Sports
A’s 6, Red Sox 5
Sean Manaea gave up four runs (three earned) while striking out four over six innings to help Oakland snap a two-game skid with a win at Boston.
Manaea (5-4) pitched the first no-hitter against the Red Sox in 25 years in his last start against them at home on April 21, striking out 10 batters in a 3-0 victory.
Matt Joyce (2-for-4), Matt Olson (2-for-4) and Khris Davis (2-for-4) each slugged solo homers, and Jonathan Lucroy drove in two runs for Oakland. The Athletics had dropped five of their previous six games. The Red Sox had their two-game winning streak snapped.
Braves 6, Cubs 5
Ozzie Albies had three hits, including one of Atlanta’s three home runs, to help the Braves earn the victory at Chicago, extending their winning streak to four games.
Albies went 3-for-5 to pace a nine-hit Atlanta attack and help the Braves win for the 11th time in their last 12 road games. He led off the game with a solo homer, his 13th, and added a single and a double.
Atlanta’s other home runs came from Tyler Flowers, a two-run shot in the third, and Jose Bautista, a two-run homer in the fifth.
Brewers 7, Diamondbacks 2
Late lineup addition Jonathan Villar contributed a homer, two singles and three runs, Tyler Saladino had an inside-the-park homer, and Christian Yelich hit a tiebreaking single in the seventh inning of Milwaukee’s victory over Arizona in Phoenix. Slideshow (6 Images)
Villar, added when Ryan Braun was scratched due to right mid-back tightness, homered in the ninth inning after singling and scoring in the second and seventh innings. He helped the Brewers win for the fourth time in five games and the fifth time in seven.
Saladino homered with one out in the ninth inning, a play on which Arizona center fielder A.J. Pollock dived for the ball but could not get it as it rolled to the fence. Pollock, who ranks second in the NL with 33 RBIs, left the game with an apparent wrist injury.
Angels 2, Astros 1
Andrew Heaney allowed one run in eight innings of four-hit pitching, and Justin Upton singled in the game-winner in the sixth inning as Los Angeles outlasted Houston in Anaheim, Calif.
Heaney (2-2) allowed one run, struck out 10 and walked just one while throwing 100 pitches. He posted four three-up, three-down innings.
Justin Anderson, who inherited the closer role for Los Angeles when Keynan Middleton hurt his right elbow, gave up two singles in the ninth inning sandwiched around a double play to earn his first major league save.
Rockies 6, Padres 4
Gerardo Parra broke a 3-3 tie with a three-run homer off submarining Japanese reliever Kazuhisa Makita (0-1) in the sixth inning, leading Colorado to a victory at San Diego.
Makita, who returned from Triple-A El Paso two days ago, gave up back-to-back line-drive singles to Ian Desmond and Chris Iannetta with one out, followed by Parra’s second homer of the season — a 363-foot drive pulled into the right field stands.
The blast made a winner of left-handed starter Tyler Anderson (3-1), who allowed the Padres four runs (three earned) on seven hits and a walk with three strikeouts in 5 2/3 innings. Wade Davis earned his 15th save.
Giants 10, Reds 7
Brandon Belt contributed a single, a double and a home run to a 14-hit attack that sent San Francisco to a victory over Cincinnati, snapping the Reds’ six-game winning streak.
Belt singled to open a two-run third, smacked a two-RBI double in a three-run sixth and capped the Giants’ big offensive night with his seventh home run of the season, a solo shot, in the eighth inning.
Giants starter Chris Stratton (4-3), who worked five innings, benefitted from the offensive assault. He allowed four runs and nine hits, including home runs by Tucker Barnhart, his third, and Scott Schebler, his fifth.
—Field Level Media | ashraq/financial-news-articles | https://www.reuters.com/article/us-baseball-mlb/major-league-baseball-roundup-tigers-rookie-goodrum-homers-twice-idUSKCN1IG0MC |
PHOENIX, May 23, 2018 /PRNewswire/ -- Bollente Companies, Inc. (OTCQB: BOLC) released its earnings report for Q1 2018, touting a company record 268% year-over-year increase in sales and a fourth consecutive quarter of increasing gross margins. These gains are attributable to accelerated demand for its trutankless line of smart water heaters, meteoric growth in channel sales, a continued focus on customer experience and the company's recently improved cost structure.
"2018 is proving itself to be a breakout year for trutankless," said Michael Stebbins, president of trutankless. "Our record first quarter results continue the trends of prior quarters, we're still gaining momentum, and we're on pace to increase production three-fold over the next twelve months."
"In the past, electric tankless water heaters didn't work well and didn't last; the technology wasn't there," commented Troy Koopman, General Manager of Horizon Plumbing in Arlington, Texas. "It wasn't really an option for us, but now it is with the trutankless products."
As a testament to the company's focus on service, Houzz.com awarded trutankless its fourth consecutive "Best of Houzz" designation for achieving the highest level of client satisfaction in January 2018.
"Our sales team strives for exceptional service with every customer, from the first contact through installation and beyond," said Stebbins. "Our perfect reviews on Houzz.com are well-earned."
Bollente Companies launched its trutankless water heater line in 2014. It was named "Best Home Technology Product" and received the Governor's Award of Merit for Energy and Technology Innovation at Arizona Forward's Environmental Excellence Awards. Since then, the product has garnered a multitude of accolades for its smart home technology and energy efficiency, as well as being featured as a water saving device in Consumer Reports' Top 5 Remodeling Trends for 2016 write-up. To learn more about the company's products or to find a dealer near you, visit trutankless.com .
Connect on social media:
www.houzz.com/pro/trutankless
www.facebook.com/trutankless
www.twitter.com/trutankless
www.youtube.com/trutankless
About trutankless:
Founded in 2010, trutankless, a division of Bollente Companies, Inc. (OTCQB: BOLC), was brought to life through the combined insight, ingenuity, and drive of industry professionals and engineers to create a line of electric tankless water heaters that far surpasses traditional tank water heaters in energy efficiency, output, dependability and environmental sustainability while overcoming the frustrating drawbacks of other tankless units on the market.
The trutankless mission is to efficiently provide hot water on demand by combining smart engineering with forward-thinking technologies that save owners money, energy, and space. For more information, please visit www.trutankless.com or call 855-TO-BUY-TRU.
Forward-Looking Statement: The statements in this press release regarding any implied or perceived benefits from the release by trutankless of its line of electric tankless water heaters or added key strategic sales and distribution partners are forward-looking statements. Such statements involve risks and uncertainties, including, but not limited to, risks of the key strategic sales and distribution partners ability to sell our product, and effects of legal and administrative proceedings and governmental regulation, especially in a foreign country, future financial and operational results, competition, general economic conditions, and the ability to manage and continue growth.
Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated. Important factors that could cause actual results to differ materially from the forward-looking statements we make in this news release include the introduction of new technology, market conditions, and those set forth in reports or documents we file from time to time with the SEC. We undertake no obligation to revise or update such statements to reflect current events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
View original content: http://www.prnewswire.com/news-releases/bollente-companies-sets-sales-record-in-first-quarter-of-2018-300653345.html
SOURCE Bollente Companies, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/pr-newswire-bollente-companies-sets-sales-record-in-first-quarter-of-2018.html |
Westchester County officials are putting the brakes on a plan to privatize the county airport.
George Latimer, the Democratic county executive who took office in January and has been critical of the airport deal, said the county would re-evaluate the previous administration’s proposal that would hand over operations to a private company.
“What... | ashraq/financial-news-articles | https://www.wsj.com/articles/westchester-rethinks-plan-to-privatize-airport-1526498722 |
(Recasts, adds analyst comment, updates shares)
May 23 (Reuters) - Comcast Corp confirmed for the first time on Wednesday it was preparing a higher, all-cash offer for the businesses that Twenty-First Century Fox has agreed to sell to Walt Disney Co.
While the U.S. cable operator said it was still considering its position, it said it was in advanced stages of readying an offer that would be "superior" and "at a premium" to Disney's all stock offer.
"While no final decision has been made, at this point the work to finance the all-cash offer and make the key regulatory filings is well advanced," Comcast said.
Sources familiar with the deal told Reuters at the start of May that Comcast was preparing bridge financing for a cash offer for the Fox assets, but Wednesday's statement is the first formal confirmation by the company it is ready to move.
The same sources said Comcast Chief Executive Brian Roberts will only proceed with a bid if a federal judge next month allows AT&T Inc's planned $85 billion acquisition of Time Warner Inc to proceed.
Disney in December offered stock then worth $52.4 billion to buy Fox's film, television and international businesses as it bids to beef up its offering against streaming rivals Netflix Inc and Amazon.com Inc.
Disney shares have fallen nearly 3.3 percent since, reducing the value of the offer to just over $50 billion.
"It all depends on the AT&T and Time Warner deal," said Brian Weiser, analyst at Pivotal Research. "If that goes through it is highly possible there will more than one bid for Fox."
Fox and Disney were not immediately available for comment.
Comcast, owner of NBC and Universal Pictures, has also made a 22 billion pound ($30 billion) offer to acquire the 61 percent stake in European pay-TV group Sky Plc that Fox does not already own. In doing so, it topped an earlier offer for the entirety of Sky by Fox.
A regulatory filing in April showed Comcast offered to acquire most of Fox's assets in an all-stock deal valued at $34.41 per share, or $64 billion last November - just before Disney's offer was agreed.
After a sale, Fox's remaining assets will include Fox News, Fox Business Network and sports cable networks.
Comcast shares were down 2 percent at $31.83 while Disney was down 0.7 percent at $103.26 in premarket trading.
"I think Fox, or its controlling shareholder and Board of Directors, has already expressed their preference - Disney, even though Comcast allegedly offered a higher consideration already," said Jeffrey Logsdon, an analyst with JBL Advisors in California.
"Comcast does seem intent on winning this one (and) rivalry can frequently drive prices to un-economic levels." (Additional reporting by Laharee Chatterjee in Bengaluru; Editing by Patrick Graham and Sriraj Kalluvila) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/23/reuters-america-update-2-comcast-prepares-to-top-disneys-50-bln-offer-for-fox.html |
Closing Bell Exchange: Small caps good trade war insurance 1 Hour Ago Keith Bliss, Drivewealth LLC; Rob Morgan, Sethi; and CNBC's Rick Santelli discuss what drove the markets today as well as areas they're looking to for investment. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/18/small-caps-good-trade-war-insurance.html |
LONDON (Thomson Reuters Foundation) - More than 3,000 businesses in Australia would be forced to disclose how they tackle the threat of modern slavery under a proposed law hailed by politicians and campaigners on Thursday as stronger than Britain’s landmark anti-slavery legislation.
The Australian government said it would introduce its Modern Slavery Act to parliament by mid-2018, and outlined on Thursday its requirements which will compel large companies to publish an annual public statement on their actions to address slavery.
Compared to Britain’s 2015 law, Australia’s legislation would be stricter on the content of the statements, while the government would publish a list of entities required to comply - those with a turnover of at least A$100 million ($75 million).
“This ... takes the Australian Modern Slavery Act beyond its precursor in the UK, which is currently the gold standard for modern slavery reporting, by including a central repository of statements,” said Jenn Morris, head of the Walk Free Foundation.
“It will strengthen the effectiveness of reporting laws by monitoring companies’ compliance and progress,” added Morris of Walk Free - a major global anti-trafficking charity.
Australia has committed A$3.6 million to establish a business unit which would manage the repository and advise companies on modern slavery risks in their supply chains.
While The Business Council of Australia - a forum of company leaders - backed the announcement of the reporting requirements, opposition lawmakers and trade unions questioned the lack of penalties and called for an independent anti-slavery tsar.
“(The state’s) primary concern is - as always - protecting big business,” said shadow justice minister Clare O’Neil.
“We also urgently need a ... commissioner to assist victims – not just an engagement unit for big business,” she added.
Failing to punish companies that do not disclose and rectify incidents of slavery will blunt the law, according to a spokesman for the Australian Council of Trade Unions (ACTU).
“The failure to impose such penalties is a reason why the UK’s own Modern Slavery Act has not been effective,” he said.
The British law introduced life sentences for human traffickers, compelled firms to address the risk of forced labor and established a role of independent anti-slavery commissioner.
Yet Britain has been criticized by anti-slavery activists for a lack of support for victims, and failing to use the law fully to secure convictions and drive firms to take action.
Australia is home to an estimated 4,300 victims of modern slavery - from forced labor and sexual exploitation to domestic servitude - the 2016 Global Slavery Index by Walk Free found.
Reporting By Kieran Guilbert, Editing by Katy Migiro. Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters, that covers humanitarian news, women's rights, trafficking, property rights, climate change and resilience. Visit news.trust.org
| ashraq/financial-news-articles | https://www.reuters.com/article/us-australia-slavery-lawmaking/thousands-of-companies-to-take-action-under-australias-anti-slavery-law-idUSKBN1IB2D8 |
SEOUL (Reuters) - General Motors will stay in South Korea for at least 10 years and set up its Asia-Pacific headquarters in the country, government officials said on Thursday, revealing terms of a deal aimed at rescuing the U.S. automaker’s struggling GM Korea unit.
FILE PHOTO: The logo of GM Korea is seen at its Bupyeong plant in Incheon, South Korea March 29, 2018. REUTERS/Kim Hong-Ji/File Photo The U.S. car maker’s Korean unit averted a bankruptcy filing with a wage deal clinched last month, but analysts and customers, as well as the South Korean government, have had doubts about GM’s commitment and about how long the loss-making company will remain in business.
The terms of the binding deal to be signed on May 11 seek to assuage some of those concerns.
As per the agreement, GM can’t sell any of its 77 percent stake in GM Korea over the next five years and can’t let it fall below 35 percent thereafter until 2028, South Korean Finance Minister Kim Dong-yeon told a press conference.
The restriction on the stake sale was one of tools that will prevent GM from leaving the South Korean market, Kim said.
He also said the deal package “paved the way for GM to operate continuously beyond 10 years”, referring to concerns that GM may leave after 10 years.
The Detroit car maker and state-run Korea Development Bank (KDB) already have a preliminary deal on $7.15 billion of investments, including $2 billion of capital spending by GM and a $2.8 billion debt-for-equity swap for existing loans GM Korea owes to its parent, to rescue the unit.
As a sign of its long-term commitment, GM plans to set up a new Asia-Pacific headquarters in South Korea, although that excludes China, the government said on Thursday.
GM will also buy more parts from South Korean suppliers for its overseas operations, boosting procurement from about 2 trillion won ($1.85 billion) a year at present, it said.
In return, South Korea will provide funding to local suppliers of GM and other South Korean automakers for the development of parts for electric and self-driving cars, and other key automotive parts.
“It was a very difficult and a critical decision,” chairman of the financial watchdog Financial Service Commission Choi Jong-ku said at the briefing, adding the government had to consider the risk to 156,000 jobs at GM Korea and its suppliers, the eco-system of South Korea’s car industry, as well as exports and local economies.
Barry Engle, President of GM International, said on Thursday that the automaker’s commitment to South Korea was long-term and sincere, adding that although there was still a lot of work to do, he sees a bright future in the country.
FILE PHOTO: An employee works at an assembly line of GM Korea's Bupyeong plant in Incheon, South Korea March 29, 2018. REUTERS/Kim Hong-Ji/File Photo Reporting by Hyunjoo Jin, Writing by Ju-min Park; Editing by Muralikumar Anantharaman
| ashraq/financial-news-articles | https://in.reuters.com/article/gm-southkorea/gm-cant-sell-stake-in-south-korea-unit-over-next-5-years-under-rescue-deal-south-korea-idINKBN1IB0J9 |
dating@ (Updates shares, adds loss of market value)
May 1 (Reuters) - Like an old flame wrecking a first date, Facebook Inc burst in on the matchmaking scene on Tuesday and sent investors in rival apps on a panicked rush for the door.
Shares of Match Group Inc and its parent IAC plunged, wiping some $5 billion off their combined market values, after Facebook Chief Executive Mark Zuckerberg said his social media platform would develop its own dating app to rival Tinder, Match and others.
Tinder became known for users swiping right on their cellphones to indicate interest for a potential match and swiping left to reject someone.
Match fell 22 percent its largest one-day drop ever and IAC, which owns more than a fifth of Match, fell nearly 18 percent in its biggest daily loss in about 13 years.
Spark Networks, owner of JDate and Christian Mingle, also closed 4 percent lower.
Although analysts said Facebook's initial foray would not likely be a threat to established dating sites - some of which are highly specialized to cater to specific groups - its heft and deep pockets makes it a concern over the long term to the smaller companies.
Atlantic Equities analyst James Cordwell said there was "significant potential for Facebook to be a big problem for Match," but one that was dependent on execution over the long term.
Facebook brings to the dating table a treasure trove of data on its active users, which are over 2 billion strong. That could potentially allow it to match people more effectively than rival sites with less data at their fingertips. But privacy concerns surrounding the technology behemoth could discourage some from embracing such a service, some analysts said.
Daniel Kurnos, an analyst at the Benchmark Company, also cited the difficulty of creating a popular dating site, cautioning that it was not an overnight project and one that requires much more than sheer machine learning.
"I think the reaction is a combination of the Facebook news along with concerns that Match was getting toppy," or expensive, Kurnos told Reuters. "I can't see Facebook supplanting Match any time soon too big a moat."
Facebook connects friends and acquaintances but until now, has not delved into the domain of match-making, where a host of competitors offer services, from privately held eHarmony to IAC-owned OkCupid and PlentyOfFish.
One problem for Tinder is that their users can log in to their accounts using Facebook.
That has been one way Tinder has assured that their users are real people, noted Morningstar analyst Ali Mogharabi.
"When you're a Facebook user, and over time you became aware of a comparable service, then it's less likely that you will go on to Tinder," Mogharabi noted.
On the other hand, the lower average age of Tinder users could be a competitive advantage for the Match company, he added.
Data from research firm eMarketer shows that approximately 27 percent of smartphone users are single, a number expected to grow to 35 percent in the next five years.
(Reporting by Arjun Panchadar and Munsif Vengattil in Bengaluru; Writing by Alexandria Sage; Editing by Sai Sachin Ravikumar and Lisa Shumaker) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/01/reuters-america-update-3-market-swipes-left-on-match-tinder-as-facebook-swipes-right-on-dating.html |
May 2, 2018 / 8:03 PM / Updated 10 minutes ago BRIEF-Community Financial Corp Reports Q1 Earnings Per Share $0.22 Reuters Staff
May 2 (Reuters) - Community Financial Corp:
* THE COMMUNITY FINANCIAL CORPORATION REPORTS OPERATING RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 2018 * Q1 EARNINGS PER SHARE $0.22
* NET INTEREST INCOME TOTALED $12.9 MILLION IN Q1 2018, A 20.8 PERCENT INCREASE FROM $10.7 MILLION IN Q1 2017 Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-community-financial-corp-reports-q/brief-community-financial-corp-reports-q1-earnings-per-share-0-22-idUSASC09Z2H |
Europe's Trump woes loom as Macron visits Putin 1:39am EDT - 01:40
French President Emmanuel Macron is visiting Russian President Vladimir Putin. But with the Euro-American alliance souring, the Frenchman may be left with little leverage. ▲ Hide Transcript ▶ View Transcript
French President Emmanuel Macron is visiting Russian President Vladimir Putin. But with the Euro-American alliance souring, the Frenchman may be left with little leverage. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2IJQnF7 | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/23/europes-trump-woes-loom-as-macron-visits?videoId=429786494 |
BOSTON, May 01, 2018 (GLOBE NEWSWIRE) -- The New America High Income Fund, Inc. (the “Fund”) (NYSE:HYB) announced today that it will pay a dividend of $.055 per share on the company’s common stock on May 31, 2018 to common shareholders of record as of the close of business on May 17, 2018. The ex-dividend date will be May 16th.
The Fund has released updated portfolio data which can be found on the Fund’s website at www.newamerica-hyb.com .
The New America High Income Fund, Inc. is a diversified, closed-end management investment company with a leveraged capital structure. The Fund’s investment adviser is T. Rowe Price Associates, Inc. (“T. Rowe Price”). As of March 31, 2018, T. Rowe Price and its affiliates managed approximately $1.0 trillion of assets, including approximately $18.4 billion of “high yield” investments. T. Rowe Price has provided investment advisory services to investment companies since 1937.
Contact:
Ellen E. Terry, President
Telephone: 617-263-6400
www.newamerica-hyb.com
Source:The New America High Income Fund, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/globe-newswire-the-new-america-high-income-fund-inc-declares-dividend.html |
NEW YORK, May 25, 2018 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Solid Biosciences Inc. ("Solid Biosciences" or the "Company") (NASDAQ: SLDB) of the May 29, 2018 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Solid Biosciences stock or options Pursuant to the Company's Initial Public Offering on January 25, 2018 and/or between January 25, 2018, and March 14, 2018 and would like to discuss your legal rights, click here: www.faruqilaw.com/SLDB .
There is no cost or obligation to you. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to [email protected] .
CONTACT:
FARUQI & FARUQI, LLP
685 Third Avenue, 26 th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
[email protected]
Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the District of Massachusetts on behalf of all those who acquired common stock of Solid Biosciences pursuant to the Company's IPO on January 25, 2018 and/or between January 25, 2018, and March 14, 2018 (the "Class Period"). The case, Watkins v. Solid Biosciences, Inc. et al, No. 1:18-cv-10587 was filed on March 27, 2018 and has been assigned to Judge Mark Lawrence Wolf.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose: (1) that Solid Biosciences' lead drug candidate SGT-001 had a high likelihood of causing adverse events in patients; (2) that Solid Biosciences misled investors regarding the toxicity of SGT-001; and (3) that, as a result of the foregoing, the Company's statements in the Registration Statement regarding its business, operations, and prospects, were materially false and/or misleading.
On January 30, 2018, an article was published by various medical experts highlighting the risks of studies using high doses of gene therapies using adeno-associated virus (AAV).
Following this publication, Solid Biosciences' share price fell from $23.70 per share on January 29, 2018 to a closing price of $22.50 on January 30, 2018 —a $1.20 or a 5.06% drop.
On March 14, 2018, after the close of trading, the Company published a press release announcing that the U.S. Food and Drug Administration ("FDA") had placed a clinical hold on the SGT-001 Phase I/II clinical trial, IGNITE DMD.
After the announcement, Solid Biosciences' share price fell from $26.31 per share on March 14, 2018 to a closing price of $9.32 on March 15, 2018 —a $16.99 or a 64.58% drop.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Synacor's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP ( www.faruqilaw.com ). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
View original content with multimedia: http://www.prnewswire.com/news-releases/solid-biosciences-lead-plaintiff-alert-faruqi--faruqi-llp-encourages-investors-who-suffered-losses-exceeding-50-000-in-solid-biosciences-inc-to-contact-the-firm-300655194.html
SOURCE Faruqi & Faruqi, LLP | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/25/pr-newswire-solid-biosciences-lead-plaintiff-alert-faruqi-faruqi-llp-encourages-investors-who-suffered-losses-exceeding-50000-in-solid.html |
May 9, 2018 / 12:07 PM / Updated 37 minutes ago Britain says world should hold Trump to his word on finding new Iran solution Reuters Staff 1 Min Read
LONDON, May 9 (Reuters) - British Foreign Secretary Boris Johnson said the world should hold U.S. President Donald Trump to his stated aim of finding a new solution to the Iranian nuclear threat.
Johnson, speaking to the British parliament, said it was now up to the United States to come forward with concrete proposals on Iran. (Reporting by Estelle Shirbon; editing by Guy Faulconbridge) | ashraq/financial-news-articles | https://www.reuters.com/article/iran-nuclear-britain-johnson-statement/britain-says-world-should-hold-trump-to-his-word-on-finding-new-iran-solution-idUSS8N1ME02G |
London's Metropolitan Police force has been accused of racial discrimination over its use of a "gangs database" that an advocacy group has claimed breaches human rights.
Amnesty International said Wednesday that the Met's "Gang Violence Matrix," a database holding information of approximately 3,800 people, listed a disproportionate amount of minorities.
Seventy-eight percent of those listed were black, compared to 27 percent of serious youth offenders in London identified as black British.
The database was introduced in 2011 after a series of riots across the U.K. that centred in the capital. Its contents list past criminal records, social media accounts and personal information used to identify so-called gang members.
The police database even lists the type of music and videos watched online. Those listed are given a "violence ranking" in green, amber or red.
Amnesty said that the "deeply flawed" database, frequently shared with local governing bodies, violated young people's privacy rights.
The human rights watchdog said police had been known to use fake online profiles to "covertly befriend" people in a bid to monitor what they did online.
"It is clear that many people are being profiled based on factors that have nothing to do with serious offending, but rather on indicators of youth culture. This is nothing less than a reckless and counter-productive approach to policing," the report said.
show chapters A racism problem for Airbnb? 5:22 PM ET Fri, 20 May 2016 | 05:08 Speaking to the BBC, community campaigner Stafford Scott said that he had found that in the north London borough of Haringey, 99 out of 100 people listed were young black men.
"Some young people identified as part of a gang may not yet have been drawn into gang violence," the Metropolitan Police said in a statement. "These individuals will be offered support to divert them away from activity that may result in either violent offending or them becoming a victim."
It added that the type of music someone listens to "has no bearing on whether someone is placed on the matrix… However, evidence that someone is glorifying gang violence in a music video posted on social media can be used as an intelligence source." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/09/london-police-force-holds-intrinsically-racist-gang-database-says-amnesty-international.html |
LONDON (Reuters) - Iran seeks constructive relations with the world but will continue domestic development despite possible sanctions, President Hassan Rouhani said on Tuesday, hours before U.S. President Donald Trump announces a decision on Iran’s nuclear deal.
Iranian President Hassan Rouhani attends a meeting with Muslim leaders and scholars in Hyderabad, India, February 15, 2018. REUTERS/Danish Siddiqui Trump has repeatedly threatened to withdraw from the deal, which lifted economic sanctions on Iran in exchange for Tehran limiting its nuclear ambitions, unless European allies who also signed the deal fix what he has called its shortcomings.
Trump will announce his final decision on Tuesday 1800 GMT.
“The foundation of our foreign policy is constructive relations with the world,” Rouhani said in a speech broadcast live on state television.
“If we are under sanctions or not, we should stand on our own feet. This is very important for the development of our country,” Rouhani said in a meeting with oil managers in Tehran.
Iran said on Monday that its oil industry would continue to develop even if the United States re-imposed sanctions on Tehran.
Sanctions imposed on Iran in early 2012 by the United States and European Union over its nuclear program cut Iran’s crude exports from a peak of 2.5 million barrels per day (bpd) before the sanctions to a little more than one million bpd.
But Iran re-emerged as a major oil exporter in January 2016 when international sanctions were suspended.
Reporting by Bozorgmehr Sharafedin, Editing by William Maclean
| ashraq/financial-news-articles | https://www.reuters.com/article/us-iran-nuclear-rouhani/ahead-of-trump-decision-iran-says-seeks-constructive-relations-with-the-world-idUSKBN1I90OJ |
NEW YORK--(BUSINESS WIRE)--
Today, BlackRock Resources & Commodities Strategy Trust (NYSE: BCX), BlackRock Enhanced Equity Dividend Trust (NYSE: BDJ), BlackRock Energy and Resources Trust (NYSE: BGR), BlackRock Enhanced International Dividend Trust (NYSE: BGY), BlackRock Health Sciences Trust (NYSE: BME), BlackRock Enhanced Global Dividend Trust (NYSE: BOE), BlackRock Utilities, Infrastructure & Power Opportunities Trust (NYSE: BUI), BlackRock Enhanced Capital and Income Fund, Inc. (NYSE: CII), BlackRock Science and Technology Trust (NYSE: BST), and BlackRock Enhanced Government Fund, Inc. (NYSE: EGF) (collectively, the “Funds”) paid the following distributions per share:
Fund Pay Date Per Share BCX April 30, 2018 $0.051600 BDJ April 30, 2018
$0.046700 BGR April 30, 2018 $0.077600 BGY April 30, 2018 $0.038000 BME April 30, 2018 $0.2 BOE April 30, 2018 $0.078000 BUI April 30, 2018 $0.121000 CII April 30, 2018 $0.082800 BST April 30, 2018 $0.130000 EGF April 30, 2018 $0.041000 Each of the Funds has adopted a level distribution plan (the “Plan”) and employs a managed distribution and/or an option over-write policy to support a level distribution of income, capital gains and/or return of capital. The fixed amounts distributed per share are subject to change at the discretion of each Fund’s Board of Directors/Trustees. Under its Plan, each Fund will distribute all available investment income to its shareholders, consistent with its primary investment objectives and as required by the Internal Revenue Code of 1986, as amended. If sufficient investment income is not available on a monthly basis, the Funds will distribute long-term capital gains and/or return capital to their shareholders in order to maintain a level distribution.
The Funds’ estimated sources of the distributions paid this month and for their current fiscal year are as follows:
Estimated Allocations as of April 30, 2018 Fund Distribution Net Investment
Income
Net Realized Short-
Term Gains
Net Realized
Long-Term Gains
Return of Capital BCX 1 $0.051600 $0.007300 (14%) $0 (0%) $0 (0%) $0.044300 (86%) BDJ $0.046700 $0.008139 (17%) $0.007119 (15%) $0.031442 (68%) $0 (0%) BGR 1 $0.077600 $0 (0%) $0 (0%) $0 (0%) $0.077600 (100%) BGY $0.038000 $0.022370 (59%) $0.015630 (41%) $0 (0%) $0 (0%) BME 1 $0.2 $0.010930 (5%) $0.043591 (22%) $0.145479 (73%) $0 (0%) BOE 1 $0.078000 $0.032329 (41%) $0.045671 (59%) $0 (0%) $0 (0%) BUI 1 $0.121000 $0.018126 (15%) $0 (0%) $0 (0%) $0.102874 (85%) CII 1 $0.082800 $0.005757 (7%) $0 (0%) $0 (0%) $0.077043 (93%) BST $0.130000 $0 (0%) $0 (0%) $0.130000 (100%) $0 (0%) EGF 1 $0.041000 $0.024551 (60%) $0 (0%) $0 (0%) $0.016449 (40%) Estimated Allocations for the Fiscal Year through April 30, 2018 Fund Distribution Net Investment
Income
Net Realized Short-
Term Gains
Net Realized
Long-Term Gains
Return of Capital BCX 1 $0.206400 $0.058557 (28%) $0 (0%) $0 (0%) $0.147843 (72%) BDJ $0.186800 $0.047582 (25%) $0.007118 (4%) $0.132100 (71%) $0 (0%) BGR 1 $0.310400 $0.062775 (20%) $0 (0%) $0 (0%) $0.247625 (80%) BGY $0.152000
$0.065542 (43%) $0.086458 (57%) $0 (0%) $0 (0%) BME 1 $0.8 $0.041696 (5%) $0.043591 (5%) $0.589084 (74%) $0.125629 (16%) BOE 1 $0.312000 $0.106610 (34%) $0.157852 (51%) $0.035763 (11%) $0.011775 (4%) BUI 1 $0.484000 $0.111420 (23%) $0.055747 (12%) $0 (0%) $0.316833 (65%) CII 1 $0.331200 $0.048052 (15%) $0 (0%) $0 (0%) $0.283148 (85%) BST $0.520000 $0 (0%) $0 (0%) $0.520000 (100%) $0 (0%) EGF 1 $0.123000 $0.083417 (68%) $0 (0%) $0 (0%) $0.039583 (32%) 1 The Fund estimates that it has distributed more than its income and net-realized capital gains in the current fiscal year; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment is paid back to the shareholder. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with ‘yield’ or ‘income’. When distributions exceed total return performance, the difference will reduce the Fund’s net asset value per share.
The amounts and sources of distributions reported are only estimates and are not provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon each Fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.
Fund Performance and Distribution Rate Information: Fund Average annual
total return (in
relation to NAV) for
the 5-year period
ending on
3/31/2018
Annualized current
distribution rate expressed
as a percentage of NAV
as of 3/31/2018
Cumulative total
return (in relation
to NAV) for the
fiscal year through
3/31/2018
Cumulative fiscal
year distributions as
a percentage of
NAV as of
3/31/2018
BCX 1.20% 6.14% (5.86)% 1.53% BDJ 9.38% 5.81% (2.71)% 1.45% BGR (2.92)% 6.08% (6.13)% 1.52% BGY 3.70% 6.80% (3.51)% 1.70% BME 13.88% 6.83% (0.01)% 1.71% BOE 6.00% 7.50% (4.04)% 1.88% BUI 7.34% 7.17% (2.33)% 1.79% CII 11.57% 5.95% (1.92)% 1.49% BST* 20.88% 5.27% 7.99% 1.32% EGF 1.36% 3.59% (0.88)% 0.90% * Portfolio launched within the past 5 years; the performance and distribution rate information presented for this Fund reflects data from inception to 3/31/2018.
Shareholders should not draw any conclusions about a Fund’s investment performance from the amount of the Fund’s current distributions or from the terms of the Fund’s Plan.
About BlackRock
BlackRock helps investors build better financial futures. As a fiduciary to our clients, we provide the investment and technology solutions they need when planning for their most important goals. As of March 31, 2018, the firm managed approximately $6.317 trillion in assets on behalf of investors worldwide. For additional information on BlackRock, please visit www.blackrock.com | Twitter: @blackrock | Blog: www.blackrockblog.com | LinkedIn: www.linkedin.com/company/blackrock .
Availability of Fund Updates
BlackRock will update performance and certain other data for the Funds on a monthly basis on its website in the “Closed-end Funds” section of www.blackrock.com as well as certain other material information as necessary from time to time. Investors and others are advised to check the website for updated performance information and the release of other material information about the Funds. This reference to BlackRock’s website is intended to allow investors public access to information regarding the Funds and does not, and is not intended to, incorporate BlackRock’s website in this release.
Forward-Looking Statements
This press release, and other statements that BlackRock or a Fund may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to a Fund’s or BlackRock’s future financial or business performance, strategies or expectations. Forward-looking statements are typically identified by words or phrases such as “trend,” “potential,” “opportunity,” “pipeline,” “believe,” “comfortable,” “expect,” “anticipate,” “current,” “intention,” “estimate,” “position,” “assume,” “outlook,” “continue,” “remain,” “maintain,” “sustain,” “seek,” “achieve,” and similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “may” or similar expressions.
BlackRock cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made, and BlackRock assumes no duty to and does not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance.
With respect to the Funds, the following factors, among others, could cause actual events to differ materially from forward-looking statements or historical performance: (1) changes and volatility in political, economic or industry conditions, the interest rate environment, foreign exchange rates or financial and capital markets, which could result in changes in demand for the Funds or in a Fund’s net asset value; (2) the relative and absolute investment performance of a Fund and its investments; (3) the impact of increased competition; (4) the unfavorable resolution of any legal proceedings; (5) the extent and timing of any distributions or share repurchases; (6) the impact, extent and timing of technological changes; (7) the impact of legislative and regulatory actions and reforms, including the Dodd-Frank Wall Street Reform and Consumer Protection Act, and regulatory, supervisory or enforcement actions of government agencies relating to a Fund or BlackRock, as applicable; (8) terrorist activities, international hostilities and natural disasters, which may adversely affect the general economy, domestic and local financial and capital markets, specific industries or BlackRock; (9) BlackRock’s ability to attract and retain highly talented professionals; (10) the impact of BlackRock electing to provide support to its products from time to time; and (11) the impact of problems at other financial institutions or the failure or negative performance of products at other financial institutions.
Annual and Semi-Annual Reports and other regulatory filings of the Funds with the Securities and Exchange Commission (“SEC”) are accessible on the SEC's website at www.sec.gov and on BlackRock’s website at www.blackrock.com , and may discuss these or other factors that affect the Funds. The information contained on BlackRock’s website is not a part of this press release.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180430006395/en/
BlackRock Closed-End Funds
1-800-882-0052
Source: BlackRock Closed-End Funds | ashraq/financial-news-articles | http://www.cnbc.com/2018/04/30/business-wire-certain-blackrock-closed-end-funds-announce-estimated-sources-of-distributions.html |
May 11 (Reuters) - AGT Food and Ingredients Inc:
* Q1 ADJUSTED EARNINGS PER SHARE C$0.18 * Q1 EARNINGS PER SHARE VIEW C$0.04 — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-agt-food-and-ingredients-q1-adjust/brief-agt-food-and-ingredients-q1-adjusted-earnings-per-share-c0-18-idUSASC0A1UH |
Bill Gates has used his $91.8 billion net worth to invest in all sorts of moonshots and technologies , from a start-up that streams video of Earth to a company growing meat in labs .
But there's one tech darling Gates isn't planning to back: Bitcoin.
The Microsoft co-founder revealed Monday on CNBC's "Squawk Box" that he doesn't own any cryptocurrency, but held some briefly after it was given to him as a gift.
"Somebody gave me some for my birthday," Gates laughs during an interview with Berkshire Hathaway CEO Warren Buffett and Vice Chairman Charlie Munger. "A few years later, I thought, 'Hey I'm going to sell that.'"
Last year, bitcoin's price shot from below $1,000 at the beginning of 2017 to over $19,000 in December , before falling in early 2018 to trade around $9,100 Tuesday, according to CoinDesk .
show chapters Bill Gates and Charlie Munger on bitcoin 5 Hours Ago | 03:10 Bitcoin is "one of the crazier speculative things," Gates says. And, he's willing to bet against its success, adding, " I would short it if there was an easy way to do it ."
Gates explained that one reason he has a negative forecast for cryptocurrency is because he sees the digital tokens as lacking intrinsic value .
"As an asset class, you're not producing anything and so you shouldn't expect it to go up," Gates says on "Squawk Box." "It's kind of a pure ' greater fool theory ' type of investment."
Buffett explained that theory in an interview with Yahoo Finance like this : "You're just hoping the next guy pays more. And you only feel you'll find the next guy to pay more if he thinks he's going to find someone that's going to pay more."
In addition to bitcoin's value, Gates raised other concerns about digital currencies , which operate on a decentralized network without governance from a central authority, in an "Ask Me Anything" post on Reddit earlier this year. Namely, Gates took issue with the technology's anonymity.
"The government's ability to find money laundering and tax evasion and terrorist funding is a good thing," Gates wrote. "Right now, cryptocurrencies are used for buying fentanyl and other drugs, so it is a rare technology that has caused deaths in a fairly direct way."
Gates once had a brighter outlook on Bitcoin. In 2014, Gates said cryptocurrencies had benefits for transacting efficiently. "Bitcoin is better than currency in that you don't have to be physically in the same place and, of course, for large transactions, currency can get pretty inconvenient," he told Bloomberg that year .
But despite his current concerns with cryptocurrencies, Gates remains interested in the blockchain technology behind bitcoin, the digital ledger where transactions are confirmed and recorded.
"There's some really good technology in terms of sharing databases and verifying transactions that is talked about as blockchain, that is a good thing," Gates tells CNBC. In fact, the Bill & Melinda Gates Foundation gave a $100,000 grant to blockchain company Bitsoko in 2015. Last year, the foundation also partnered with Ripple , creator of the cryptocurrency XRP , to develop mobile payment technologies for the poor.
Gates isn't the only billionaire who's been gifted bitcoin. In February, Elon Musk tweeted that someone gave him a fraction of a bitcoin years ago, and its the only amount of the digital currency he owns.
"I literally own zero cryptocurrency, apart from .25 BTC that a friend sent me many years ago," Musk tweeted.
Don't miss: Here's what can happen if you don't pay taxes on bitcoin
Like this story? Like CNBC Make It on Facebook !
show chapters If you own bitcoin, here's how much you owe in taxes 11:31 AM ET Wed, 21 Feb 2018 | 02:00 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/08/what-happened-when-bill-gates-got-bitcoin-as-a-birthday-present.html |
May 21 (Reuters) - Alta Mesa Resources Inc:
* ALTA MESA REPORTS FIRST QUARTER 2018 RESULTS * ALTA MESA RESOURCES INC - TOTAL PRODUCTION FOR Q1 2018 WAS 2,163 MBOE, OR AN AVERAGE OF 24.0 MBOE PER DAY
* ALTA MESA RESOURCES INC - NET LOSS FOR CLASS A COMMON STOCKHOLDERS DURING SUCCESSOR PERIOD WAS $0.08 PER BASIC AND DILUTED SHARE Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-alta-mesa-q1-total-production-2163/brief-alta-mesa-q1-total-production-2163-mboe-idUSASC0A35A |
May 22 (Reuters) - British pork and poultry supplier Cranswick Plc said on Tuesday its full-year adjusted pretax profit rose 22.4 percent, on growth across all product categories and higher exports.
Cranswick, founded by Yorkshire pig farmers in the 1970s to make pig feed, said total revenue rose to 1.46 billion pounds ($1.96 billion) for the year ended March 31 from 1.24 billion pounds a year ago.
Adjusted pretax profit rose to 92.4 million pounds from 75.5 million pounds a year earlier. ($1 = 0.7449 pounds) (Reporting by Sangameswaran S and Abinaya Vijayaraghavan in Bengaluru;)
| ashraq/financial-news-articles | https://www.reuters.com/article/cranswick-results/meat-supplier-cranswicks-fy-profit-rises-22-4-pct-idUSL3N1ST28F |
Pfizer falls to session low 1 Hour Ago CNBC's Meg Tirrell reports on Pfizer stock lower during the company earnings conference call and comments from the Pfizer CEO. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/01/pfizer-falls-to-session-low.html |
May 2, 2018 / 10:13 AM / Updated 40 minutes ago BRIEF-Ravenquest Provides Corporate Update
May 2 (Reuters) - Ravenquest Biomed Inc:
* RAVENQUEST PROVIDES CORPORATE UPDATE Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-ravenquest-provides-corporate-upda/brief-ravenquest-provides-corporate-update-idUSASC09YVX |
May 7, 2018 / 10:06 AM / Updated 9 hours ago Bangladesh signs deal with China to set up coal-based power plant Reuters Staff 2 Min Read
DHAKA (Reuters) - The state-run Bangladesh Power Development Board (BPDB) and China Huadian Hongkong Company Limited (CHDHK) have signed an agreement to form a joint venture company to set up a coal-based power plant with a capacity of 1,320 megawatts, a senior BPDB official said on Monday.
“These two firms signed the deal on Sunday to set up the plant at Moheshkhali island in Cox’s Bazar district, 415 kilometres (260 miles) south east from Dhaka,” said Mohammad Saiful Islam, a director of the BPDB.
The joint venture, equally owned by both the companies, will take four years to start production, the official said.
Another official, who is directly involved with the project, said that as per the initial plan it might cost about $2 billion to implement the project.
Bangladesh plans to provide electricity to all of its more than 160 million citizen by 2021, the year in which it aims to enter the league of middle-income countries.
At present, 20 percent of its people do not have electricity while the country is facing a shortage of between 1,000 and 1,500 megawatt electricity a day which goes up to 2,000 during peak season of summer.
Bangladesh at present produces up to 9,500 of electricity a day with a capacity of 12,000 megawatts, but owing to the shortage of primary fuel the country has not been able to utilise its full capacity. Reporting By Serajul Quadir | ashraq/financial-news-articles | https://in.reuters.com/article/china-bangladesh-power/bangladesh-signs-deal-with-china-to-set-up-coal-based-power-plant-idINKBN1I80WF |
May 4, 2018 / 12:46 PM / Updated 23 minutes ago BRIEF-The Safariland Group Appoints Blaine Browers As CFO Reuters Staff 1 Min Read
May 4 (Reuters) - IDEX Corp:
* THE SAFARILAND GROUP, A GLOBAL PROVIDER OF A RANGE OF SAFETY & SURVIVABILITY PRODUCTS, SAYS APPOINTED BLAINE BROWERS AS CFO, EFFECTIVE APRIL 23
* THE SAFARILAND GROUP SAYS BROWERS JOINS SAFARILAND FROM IDEX CORPORATION Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-the-safariland-group-appoints-blai/brief-the-safariland-group-appoints-blaine-browers-as-cfo-idUSFWN1SB0QJ |
* Developing market tech stocks hit highest in 18 days
* Currencies weaken, Turkey’s lira eases for seventh straight day
* Emerging market borrowing costs rise to highest since Feb 2017
By Karin Strohecker
LONDON, May 8 (Reuters) - Strong gains in tech stocks adding to upbeat prospects and solid data for Chinese trade lifted emerging equities on Tuesday though currencies continued their slide as markets braced for U.S. President Donald Trump’s verdict on the Iran nuclear deal.
MSCI’s emerging markets benchmark index rose 0.4 percent to extend gains for a second day, with tech stocks jumping 1.4 percent, taking their cue from gains across major stock markets where upbeat earnings soothed concerns over weakness in global smartphone demand.
Stocks in Hong Kong and mainland China also chalked up healthy gains, helped by data showing that Chinese exports bounced back more than expected despite the trade brawl between Beijing and Washington. Domestic demand remained resilient.
Adding to the chipper mood was an announcement from the White House that China’s top economic official will visit Washington next week to resume trade talks with the Trump administration.
But there was little cheer for emerging market currencies, which had come out of a brutal week to suffer more falls against a stronger dollar
South Africa’s rand and Russia’s rouble weakened 0.5 percent against the dollar. But it was once again Turkey’s lira that looked the most vulnerable, weakening 0.8 percent in its seventh straight day of losses.
“We continue to see a pretty bad period,” said Cristian Maggio, head of emerging markets strategy at TD Securities, saying the dollar and higher U.S. yields were still taking their toll on emerging market currencies.
“For a few months this year we saw the dollar fall and that was a strong driver...Now that the tide has turned things look different, and I don’t know when that is going to change.”
Emerging market borrowing costs continued to rise, with average yield spreads of hard-currency bonds over safe-haven U.S. Treasuries widening to 332 basis points - their highest level in 15 months.
Markets were also cautiously awaiting a decision from Trump on whether Washington would withdraw from the Iran nuclear deal, a move that could disrupt global oil supply.
Trump has repeatedly threatened to withdraw from the deal, which eased economic sanctions on Iran in exchange for Tehran limiting its nuclear program, unless France, Germany and Britain - which also signed the deal, along with Russia and China - fix what he has called its flaws.
For GRAPHIC on emerging market FX performance 2018, see tmsnrt.rs/2e7eoml For GRAPHIC on MSCI emerging index performance 2018, see tmsnrt.rs/2dZbdP5
For TOP NEWS across emerging markets
For CENTRAL EUROPE market report, see
For TURKISH market report, see
For RUSSIAN market report, see) (Reporting by Karin Strohecker; Editing by Angus MacSwan)
| ashraq/financial-news-articles | https://www.reuters.com/article/emerging-markets/emerging-markets-emerging-stocks-sail-higher-on-tech-gains-china-trade-idUSL8N1SF31S |
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