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ATHENS, Greece, May 24, 2018 (GLOBE NEWSWIRE) -- STEALTHGAS INC. (NASDAQ: GASS), a ship-owning company primarily serving the liquefied petroleum gas (LPG) sector of the international shipping industry, announced today its unaudited financial and operating results for the first quarter ended March 31, 2018.
OPERATIONAL AND FINANCIAL HIGHLIGHTS
Operational utilization of 93.3% in Q1 18’ (97.3% in Q1 17’) due to increased presence in the spot market and the positioning of several vessels in new trading areas. About 73% of fleet days secured on period charters for the remainder of 2018, with a total of about $171 million in contracted revenues. Successful delivery of our last 22K semi ref new build vessel, the Eco Freeze in April 2018, with which we concluded our new building program of 26 new vessels since 2011. Sale and delivery of the Gas Enchanted (2006 built) and sale of another two vessels, the Gas Legacy (1998 built) and the Gas Evoluzione (1996 built), with expected deliveries in Q3 ’18 - all for an aggregate price of $17.5 million. Revenues of $39.7 million in Q1 ‘18, an increase of 4.2% compared to Q1 ‘17 Adjusted EBITDA of $13.7 million in Q1 ‘18 compared to $ 15.4 million in Q1 ‘17. Low gearing as debt to assets stands at about 43%. Cash on hand of approximately $52.7 million.
First Quarter 2018 Results:
Revenues for the three months ended March 31, 2018 amounted to $39.7 million, an increase of $1.6 million, or 4.2%, compared to revenues of $38.1 million for the three months ended March 31, 2017, mainly as a result of improved market conditions in the small LPG segment. Voyage expenses and vessels’ operating expenses for the three months ended March 31, 2018 were $5.6 million and $15.4 million respectively, compared to $3.6 million and $14.9 million respectively, for the three months ended March 31, 2017. The $2.0 million increase in voyage expenses was mainly attributed to a quarter on quarter increase of average bunker prices by 20% and the ballasting costs of three of our vessels amounting to approximately $0.6 million. The 3.4% increase in vessels’ operating expenses compared to the same period of 2017 was mostly due to the operation of the large LPG semi refrigerated vessels that were not in our fleet in the same period of last year. Drydocking costs for the three months ended March 31, 2018 and 2017 were $1.5 million and $0.7 million, respectively. The costs for the first quarter of 2018 corresponded to the drydocking of two LPG vessels and one product tanker, while in the same period of 2017 the Company completed the drydocking of two LPG vessels. Depreciation for the three months ended March 31, 2018 was $10.5 million, a $0.8 million increase from $9.7 million for the same period of last year due to the addition of the three new 22,000 cbm semi-refrigerated LPG vessels. Included in the first quarter 2018 results were net losses from interest rate derivative instruments of $0.05 million compared to net losses of $0.13 million in the same period of last year. Interest paid on interest rate derivative instruments amounted to $0.07 million compared to $0.14 million in the same period of last year. The Company recorded an impairment loss of $3.8 million for three of its vessels, one of which has been classified as held for sale, as of March 31, 2018. As a result of the above, for the three months ended March 31, 2018, the Company reported a net loss of $5.8 million, compared to a net income of $2.0 million for the three months ended March 31, 2017. The weighted average number of shares for the three months ended March 31, 2018 was 39.9 million compared to 39.8 million for the same period of 2017. Loss per share, basic and diluted, for the three months ended March 31, 2018 amounted to $0.14 compared to earnings per share of $0.05 for the same period of last year. Adjusted net loss was $2.0 million or $0.05 loss per share for the three months ended March 31, 2018 compared to adjusted net income of $2.0 million or $0.05 earnings per share for the same period of last year. EBITDA for the three months ended March 31, 2018 amounted to $9.9 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Loss are set forth below. An average of 51.7 vessels were owned by the Company during the three months ended March 31, 2018, compared to 53.0 vessels for the same period of 2017.
Fleet Update Since Previous Announcement
The Company announced the conclusion of the following chartering arrangements:
A one year time charter extension for its 2006 built LPG carrier the Gas Alice, to an oil company until August 2019. A one year time charter for its 2018 built LPG carrier the Eco Freeze, to an international LPG trader until April 2019. A one year time charter for one of our chartered in, 2010 built, LPG carrier the Astrid, to an international LPG trader until April 2019. A one year time charter for its 2001 built LPG carrier the Gas Nemesis II to an international LPG operator until April 2019. A one year bareboat charter for its 2010 aframax carrier the Stealth Berana to an international tanker operator until August 2019. A one year bareboat charter extension for its 2012 built LPG carrier the Gas Esco, to a state owned shipping company until June 2019. A three months’ time charter for its 2001 built LPG carrier the Gas Spirit, to an international trading house until August 2018. A one year time charter for its 2008 built product tanker the Magic Wand, to an international trading house until May 2019. A one month time charter extension for its 1996 built LPG Carrier the Gas Evoluzione, to an oil international chemical products trader until July 2018. A one month time charter for its 2008 built LPG Carrier the Gas Imperiale, to an international trading house until June 2018.
With these charters, the Company has contracted revenues of approximately $171 million. Total anticipated voyage days of our fleet is 73% covered for the remainder of 2018 and 34% for 2019.
Board Chairman Michael Jolliffe Commented
The first quarter of 2018 was a busy period for our Company in terms of sale and purchase activity. We agreed to the sale of three additional vessels, two older ones and one fairly modern, all at an aggregate price of $17.5 million. More evidence that values are firming even on older vessels was provided by these sales, as we sold the Gas Legacy (1998 built) at 5.6 times demolition value and the Gas Evoluzione (1996 built) at 4.2 times demolition value.
In addition to this and as announced a month ago, we took delivery of the last 22,000 cbm semi-refrigerated new build LPG thus concluding our newbuilding programme which counts the delivery of 26 vessels since 2011, most built in Japan.
Both our net revenue and profitability were affected this quarter by the rise in oil prices which increased our voyage costs and the increase in LIBOR rates which affected our finance costs. In addition we saw a slower spot market for our LPG carriers in February in the weeks around Chinese New Year. These factors coupled with the weak earnings from our tankers led to lower than anticipated margins.
This quarter company specific factors deemed as one off events had an impact on our revenue and profitability as well. In particular costs related to the delivery and commencement of trading for vessels Eco Arctic and Eco Ice, the second and third vessels in our series of four handy sized new buildings, and in addition significant ballasting costs on another vessel which changed trading region, burdened our voyage costs within this quarter with about $0.6 million.
We continue to observe that our core market’s fundamentals have improved as rates for small LPG carriers are still on the rise, and the forecast is that they will continue to do so at least for the next couple of years.
Taking this into account, our main focus is to take advantage of this positive market momentum to the fullest and calibrate our fleet management strategy so as to increase our profitability. We have so far in the second quarter of 2018 reduced our commercial idle days by about 90% compared to the first quarter of this year. With an asset base in excess of USD 1 billion, low leverage and ideal demand and supply conditions, combined with improving freight rates, gives reason for optimism for the future.
Conference Call details:
On May 24, 2018 at 11:00 am ET, the company’s management will host a conference call to discuss the results and the company’s operations and outlook.
Participants should dial into the call 10 minutes before the scheduled time using the following numbers:
888-224-1005 (US Toll Free Dial In) or 0800 279 7204 (UK Toll Free Dial In).
Access Code: 9762390.
In case of any problems with the above numbers, please dial +1 929-477-0448 (US Toll Dial In), +44 (0)330 336 9411 (Standard International Dial In).
Access Code: 9762390.
A telephonic replay of the conference call will be available until May 31, 2018 by dialing +1 719-457-0820 (US Local Dial In), +44 (0) 207 660 0134 (UK Local Dial In).
Access Code: 9762390.
Slides and audio webcast:
There will also be a live and then archived webcast of the conference call, through the STEALTHGAS INC. website ( www.stealthgas.com ). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.
About STEALTHGAS INC.
StealthGas Inc. is a ship-owning company primarily serving the liquefied petroleum gas (LPG) sector of the international shipping industry. StealthGas Inc. currently has a fleet of 55 vessels. The fleet comprises of 51 LPG carriers, including three chartered in LPG vessels, with a total capacity of 325,995 cubic meters (cbm) and three M.R. product tankers and one Aframax oil tanker with a total capacity of 255,804 deadweight tons (dwt). StealthGas Inc.’s shares are listed on the NASDAQ Global Select Market and trade under the symbol “GASS”.
Forward-Looking Statements
Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although STEALTHGAS INC. believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, STEALTHGAS INC. cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including changes in charter hire rates and vessel values, charter counterparty performance, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled drydockings, shipyard performance, changes in STEALTHGAS INC’s operating expenses, including bunker prices, drydocking and insurance costs, ability to obtain financing and comply with covenants in our financing arrangements, or actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, potential disruption of shipping routes due to accidents and political events or acts by terrorists.
Risks and uncertainties are further described in reports filed by STEALTHGAS INC. with the U.S. Securities and Exchange Commission.
Fleet List and Fleet Deployment
For information on our fleet and further information:
Visit our website at www.stealthgas.com
Company Contact:
Fenia Sakellaris
STEALTHGAS INC.
011-30-210-6250-001
E-mail: [email protected]
Fleet D ata:
The following key indicators highlight the Company’s operating performance during the quarters ended March 31, 2017 and March 31, 2018.
FLEET DATA Q1 2017 Q1 2018 Average number of vessels (1) 53.0 51.7 Period end number of owned vessels in fleet 53 52 Total calendar days for fleet (2) 4,950 4,839 Total voyage days for fleet (3) 4,893 4,787 Fleet utilization (4) 98.8% 98.9% Total charter days for fleet (5) 4,238 3,781 Total spot market days for fleet (6) 655 1,006 Fleet operational utilization (7) 97.3% 93.3% 1) Average number of vessels is the number of owned vessels that constituted our fleet for the relevant period, as measured by the sum of the number of days each vessel was a part of our fleet during the period divided by the number of calendar days in that period.
2) Total calendar days for fleet are the total days the vessels we operated were in our possession for the relevant period including off-hire days associated with major repairs, drydockings or special or intermediate surveys.
3) Total voyage days for fleet reflect the total days the vessels we operated were in our possession for the relevant period net of off-hire days associated with major repairs, drydockings or special or intermediate surveys.
4) Fleet utilization is the percentage of time that our vessels were available for revenue generating voyage days, and is determined by dividing voyage days by fleet calendar days for the relevant period.
5) Total charter days for fleet are the number of voyage days the vessels operated on time or bareboat charters for the relevant period.
6) Total spot market charter days for fleet are the number of voyage days the vessels operated on spot market charters for the relevant period.
7) Fleet operational utilization is the percentage of time that our vessels generated revenue, and is determined by dividing voyage days (excluding commercially idle days) by fleet calendar days for the relevant period.
Reconciliation of Adjusted Net Income/(Loss), EBITDA, adjusted EBITDA and adjusted EPS:
Adjusted net income/(loss) represents net income/(loss) before loss on derivatives excluding net swap interest paid, share based compensation and impairment. EBITDA represents net income/(loss) before interest and finance costs including net swap interest paid, interest income and other income/(expenses) and depreciation. Adjusted EBITDA represents EBITDA before share based compensation, loss on derivatives, excluding net swap interest paid and impairment loss. EBITDA, adjusted EBITDA, adjusted net income/(loss) and adjusted EPS are not recognized measurements under U.S. GAAP. Our calculation of EBITDA, adjusted EBITDA, adjusted net income/(loss) and adjusted EPS may not be comparable to that reported by other companies in the shipping or other industries. In evaluating Adjusted EBITDA and Adjusted net income/(loss), you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation.
EBITDA, adjusted EBITDA, adjusted net income/(loss) and adjusted EPS are included herein because they are a basis, upon which we assess our financial performance. They allow us to present our performance from period to period on a comparable basis and provide additional information on fleet operational results to investors. We also believe that EBITDA represents useful information for investors regarding a company's ability to service and/or incur indebtedness.
(Expressed in United States Dollars,
except for number of shares) Three Months Period Ended March 31st, 2017 2018 Net Income - Adjusted Net Income/Loss) Net income/(loss) 2,003,704 (5,773,237 ) Loss on derivatives 127,131 46,755 Less net swap interest paid (136,375 ) (65,268 ) Impairment loss -- 3,818,268 Share based compensation 35,902 -- Adjusted Net Income/(Loss) 2,030,362 (1,973,482 ) Net income/(loss) – EBITDA Net income/(loss) 2,003,704 (5,773,237 ) Plus interest and finance costs incl. net swap interest paid 3,747,868 5,204,835 Less interest income and other income (77,579 ) (99,396 ) Plus depreciation 9,704,454 10,530,359 EBITDA 15,378,447 9,862,561 Net income/(loss) - Adjusted EBITDA Net income/(loss) 2,003,704 (5,773,237 ) Loss on derivatives 127,131 46,755 Impairment loss -- 3,818,268 Share based compensation 35,902 -- Plus interest and finance costs 3,611,493 5,139,567 Less interest income and other income (77,579 ) (99,396 ) Plus depreciation 9,704,454 10,530,359 Adjusted EBITDA 15,405,105 13,662,316 EPS - Adjusted EPS Net income/(loss) 2,003,704 (5,773,237 ) Adjusted net income/(loss) 2,030,362 (1,973,482 ) Weighted average number of shares 39,802,885 39,860,563 EPS - Basic and Diluted 0.05 (0.14 ) Adjusted EPS 0.05 (0.05 )
StealthGas Inc.
Unaudited Consolidated Statements of Operations
(Expressed in United States Dollars, except for number of shares) For The Three Months Ended
March 31, 2017 * 2018 Revenues Revenues 37,052,341 39,695,482 Revenues - related party 1,011,750 -- Total revenues 38,064,091 39, 695 , 482 Expenses Voyage expenses 3,087,714 5,151,251 Voyage expenses - related party 475,133 483,899 Charter hire expenses 881,937 969,147 Vessels' operating expenses 14,520,106 15,358,413 Vessels' operating expenses - related party 401,431 27,000 Drydocking costs 691,745 1,503,080 Management fees - related party 1,809,450 1,743,600 General and administrative expenses 715,959 572,527 Depreciation 9,704,454 10,530,359 Impairment loss -- 3,818,268 Other operating costs 150,000 146,667 Total expenses 32,437,929 40 , 304 , 211 Income/( Loss ) from operations 5,626,162 ( 608 , 729 ) Other (expenses)/income Interest and finance costs (3,611,493 ) (5,139,567 ) Loss on derivatives (127,131 ) (46,755 ) Interest income and other income 77,579 99,396 Foreign exchange gain/(loss) 38,587 (77,582 ) Other expenses, net (3,622,458 ) (5,1 64 , 5 0 8 ) Net income/(loss) 2,003,704 (5, 773 , 237 ) Earnings /(Loss) per share - Basic and Diluted 0.05 (0.14 ) Weighted average number of shares - Basic and Diluted 39,802,885 39,860,563 *We adopted the Financial Accounting Standards Board's ("FASB") Accounting Standards Update ("ASU") 2014-09, "Revenue from Contracts with Customers" ("ASU 2014-09" or "ASC 606") as of January 1, 2018 utilizing the modified retrospective method of transition. As such, the comparative information has not been restated and continues to be reported under the accounting standards in effect for periods prior to January 1, 2018. Under the modified retrospective approach, the Company recognized the cumulative effect of adopting this standard as an adjustment amounting to $0.3 million to decrease the opening balance of Retained Earnings as of January 1, 2018 which consists of $0.6 million of voyage revenue representing performance obligations satisfied in 2018 partly offset by $0.3 million of deferred costs representing the costs such as bunker expenses and port expenses, incurred prior to commencement of loading that were recognized in 2018.
StealthGas Inc.
Unaudited Consolidated Balance Sheets
(Expressed in United States Dollars) December 31, March 31, 2017
2018
Assets Current assets Cash and cash equivalents 51,754,131 52,687,631 Trade and other receivables 3,853,992 4,797,046 Other current assets -- 351,409 Claims receivable 15,951 -- Inventories 2,762,299 3,766,323 Advances and prepayments 1,221,029 1,733,542 Restricted cash 3,231,323 3,403,331 Vessel held for sale -- 4,865,312 Total current assets 62,838,725 71,604,594 Non-current assets Advances for vessels under construction and acquisitions 61,577,818 22,577,512 Vessels, net 862,061,906 954,274,911 Other receivables 243,075 175,104 Restricted cash 7,917,738 9,482,891 Deferred finance charges 941,760 342,090 Fair value of derivatives 645,169 1,375,104 Total non-current assets 933,387,466 988,227,612 Total assets 996,226,191 1,0 59 , 832 , 206 Liabilities and Stockholders' Equity Current liabilities Payable to related party 14,209,624 11,397,074 Trade accounts payable 10,509,465 13,001,504 Accrued and other liabilities 5,880,479 6,201,871 Customer deposits 1,820,700 1,336,000 Deferred income 4,362,056 5,359,923 Current portion of long-term debt 41,966,607 48,104,373 Total current liabilities 78,748,931 85, 400 , 745 Non-current liabilities Fair value of derivatives 126,525 138,685 Customer deposits 736,000 -- Deferred gain on sale and leaseback of vessels 190,087 141,995 Deferred income 4,035 -- Long-term debt 342,941,841 406,090,165 Total non-current liabilities 343,998,488 406, 370 , 845 Total liabilities 422,747,419 491, 771 , 590 Commitments and contingencies Stockholders' equity Capital stock 442,850 442,850 Treasury stock (22,523,528 ) (22,523,528 ) Additional paid-in capital 501,471,768 501,471,768 Retained earnings 93,469,787 87,352,369 Accumulated other comprehensive 617,895 1,317,157 Total stockholders' equity 573,478,772 568, 060 , 616 Total liabilities and stockholders' equity 996,226,191 1,0 59 , 832 , 206
StealthGas Inc.
Unaudited Consolidated Statements of Cash Flows
(Expressed in United States Dollars) For The Three Months Ended
March 31, 2017 2018 Cash flows from operating activities Net income/(loss) for the period 2,003,704 (5,773,237 ) Adjustments to reconcile net income/(loss) to net cash provided by operating activities: Depreciation 9,704,454 10,530,359 Amortization of deferred finance charges 171,634 224,171 Amortization of deferred gain on sale and leaseback of vessels (48,092 ) (48,092 ) Share based compensation 35,902 -- Gain on interest rate swap agreements (9,244 ) (18,513 ) Impairment loss -- 3,818,268 Changes in operating assets and liabilities: (Increase)/decrease in Trade and other receivables (458,937 ) (1,442,928 ) Other current assets -- (57,745 ) Claims receivable -- 15,951 Inventories (273,705 ) (1,029,036 ) Advances and prepayments 102,582 (512,513 ) Increase/(decrease) in Balances with related parties 731,215 (3,410,105 ) Trade accounts payable 1,024,608 2,567,412 Accrued liabilities 61,088 321,392 Deferred income 82,478 923,832 Net cash provided by operating activities 13,127,687 6, 109,216 Cash flows from investing activities Vessels’ acquisitions and advances for vessels under construction (16,318,551 ) (71,879,444 ) Net cash used in investing activities (16,318,551 ) ( 71,879,444 ) Cash flows from financing activities Deferred finance charges (478,926 ) (444,330 ) Customer deposits paid -- (1,220,700 ) Loan repayments (9,897,581 ) (10,344,081 ) Proceeds from long-term debt -- 80,450,000 Net cash (used in)/ provided by financing activities (10,376,507 ) 68,440,889 Net (decrease)/increase in cash, cash equivalents and restricted cash (13,567,371 ) 2,670,661 Cash, cash equivalents and restricted cash at beginning of year 73,531,645 62,903,192 Cash, cash equivalents and restricted cash at end of period 59,964,274 65, 573 , 853 Cash breakdown Cash and cash equivalents 50,142,764 52,687,631 Restricted cash, current 4,636,085 3,403,331 Restricted cash, non-current 5,185,425 9,482,891 Total cash, cash equivalents and restricted cash shown in the statements of cash flows 59,964,274 65,573,853
Source:STEALTHGAS INC. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/globe-newswire-stealthgas-inc-reports-first-quarter-2018-financial-and-operating-results.html |
LONDON (Reuters) - Oilfield services provider Petrofac Ltd has hired investment banks Barclays and HSBC to help with the sale of its oil fields in Mexico, as it prepares to scale back its oil and gas production operations, several banking sources said.
Petrofac, which designs, builds, operates and maintains oil and gas facilities, expanded into oil and gas production projects during the oil price boom earlier this decade.
The strategy didn’t last and last year the company warned that the integrated energy services (IES) division would have lower than expected profits, hit by weaker oil prices, lower capital investment by clients in Mexico, and a delayed entry into the Greater Stella Area in the North Sea.
The company is now looking to refocus on core activities such as onshore engineering and construction.
Petrofac, Barclays and HSBC declined to comment.
Petrofac, the subject of a Serious Fraud Office (SFO) investigation in Britain in connection with a probe into Monaco-based Unaoil on suspected bribery, might also consider selling its Greater Stella assets in the UK North Sea, the sources said.
One of the sources said that Ithaca Energy, a company owned by Israeli Delek Group, would consider making an offer for these assets, because it already holds a 54.66 working interesting in the Greater Stella Area.
Ithaca Energy was not available to comment. Its parent company, Israel-based Delek Group did not reply to a request for comment.
In early 2012, Petrofac became the first foreign company for more than 70 years to operate state oil fields in Mexico, when it was awarded two integrated services contracts by Petróleos Mexicanos (PEMEX), Mexico’s National Oil Company.
Petrofac’s net debt was about $600 million at the end of 2017, below the $850 million it forecast. It reported a net loss of $29 million for the year.
Oilfield service companies had been hurt by weak demand as recent subdued oil prices forced explorers and producers to cut capital expenditure and defer or cancel contracts.
Alongside oil producers, companies that drill wells, haul water and provide other services to energy exploration firms had been hit by a slump in oil prices, with benchmark Brent tumbling to about $27 a barrel in 2016 from more than $100 in 2014. It is now trading at $77.
In recent months, oil firms have returned to profits due to higher oil prices and the benefits of deep cost cuts they made during the downturn. But their suppliers are still feeling the squeeze and trying to cope with low profitability.
This has led to a wave of consolidation in the sector, with the merger of France’s Technip and U.S. rival FMC Technologies and the acquisition of Baker Hughes by GE’s oil and gas equipment and services operations.
Reporting by Clara Denina and Ron Bousso; additional reporting by Shadia Nasralla; Editing by Keith Weir
| ashraq/financial-news-articles | https://www.reuters.com/article/us-petrofac-m-a-divestiture-exclusive/exclusive-petrofac-to-sell-mexico-oil-fields-seeks-upstream-exit-sources-idUSKBN1IC1OX |
May 26, 2018 / 12:55 AM / Updated 16 hours ago Golf-Rose takes halfway Colonial lead with 64, Koepka shoots 63 Reuters Staff 3 Min Read
May 25 (Reuters) - Justin Rose produced a near “flawless” performance to card a second-round six-under-par 64 and jump into the halfway lead at the Fort Worth Invitational in Texas on Friday.
After squandering good birdie opportunities at his first four holes, Rose sank a 10-footer at the next which, in his own words, “took the lid off the hole” at Colonial Country Club.
The Englishman posted a 10-under 130 halfway total to lead Argentine Emiliano Grillo (67) by a stroke, with American Brooks Koekpa (63) and Japan’s Satoshi Kodaira (67) a further two shots back on an international leaderboard.
“I did a lot of good things today. The end of my round got a little scrappy but until the last three holes it was pretty flawless ... about as good as I could play today,” Rose said.
Long regarded as one of the game’s premier drivers, Rose was rewarded for his aggression and precision off the tee with an abundance of birdie chances.
He converted seven, but a hotter putter could have made it a really special day.
“I was very comfortable off the tee. Hit a lot of fairways today. If you do that on this golf course you start to get looks (at birdies),” said the world number five, who took dead aim at the hole whenever he found himself in the fairway.
This is Rose’s first appearance at Colonial since 2010, a change to his schedule made with an eye towards the U.S. Open at Shinnecock Hills in New York next month.
He won the 2013 U.S. Open but has missed the cut in the last two years.
“I feel like if I didn’t play here it was going to be a little spotty going into the Open,” he said.
“I wanted to play enough golf where I’d have a read on my game going into Shinnecock. All aspects of my game are showing signs.”
Koepka fired the best round of the day and, following a closing 63 at the Players Championship two weeks ago, suggested he was ready to defend his U.S. Open title after an injury-interrupted start to the year.
The 28-year-old missed nearly three months, including the Masters, while recovering from a left wrist injury.
“I’m knocking on the door,” Koepka said. “I’m right where I was last year. I haven’t quite put four days together but I’m pretty damn close. It’s something that’s going to come soon.
“There’s nobody more excited than me to be out here right now. I feel like I’m peaking at the right time.” (Reporting by Andrew Both in Cary, North Carolina, editing by Nick Mulvenney) | ashraq/financial-news-articles | https://in.reuters.com/article/golf-ftworth/golf-rose-takes-halfway-colonial-lead-with-64-koepka-shoots-63-idINL3N1SX00I |
May 14, 2018 / 12:28 PM / Updated 3 minutes ago SoftBank, PIF in early funding talks with banks on huge solar project - sources Davide Barbuscia , Tom Arnold 3 Min Read
DUBAI (Reuters) - SoftBank Group Corp ( 9984.T ) and Saudi Arabia’s Public Investment Fund are in early talks with banks about potential funding for a multi-billion dollar solar power project planned in the kingdom, say sources familiar with the matter. FILE PHOTO: The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo, Japan, July 20, 2017. REUTERS/Issei Kato
The talks follow an agreement, signed and announced in March, between PIF and SoftBank to create the New Solar Energy Plan 2030, the world’s largest project of its type.
Saudi Arabia is embarking on a huge push to transform its economy and reduce its dependence on oil. One of the world’s biggest oil exporters, Saudi Arabia’s rulers view solar power as a way to cut the amount of crude it uses to generate power at home and raise its overseas shipments.
Nobody from SoftBank or PIF immediately responded to a Reuters request for comment.
The pair had started preliminary talks in the past few weeks with Saudi Arabian and some international banks to assess which financing tools would be available for a project of that size, one of the sources said. The other described the discussions as an unofficial sounding-out of banks.
At the time of the announcement in March, SoftBank Chief Executive Masayoshi Son said the project was expected to have the capacity to produce up to 200 gigawatts (GW) by 2030, adding to around 400 GW of globally installed solar power capacity.
The initial phase of the project, for 7.2 GW of solar capacity, will cost $5 billion, with $1 billion coming from SoftBank’s Vision Fund and the rest from project financing, Son said in March. The final investment total for the entire project will eventually total around $200 billion, Son said.
Last May, Softbank said it raised over $93 billion for the Vision Fund, the world’s largest private equity fund with backers including PIF and Apple Inc ( AAPL.O ).
Bankers say the size and scale of the project mean it might be given priority by the government ahead of other energy infrastructure plans.
Despite its sunny climate, Saudi Arabia produces most of its electricity from oil-fired power plants. Editing by Catherine Evans | ashraq/financial-news-articles | https://www.reuters.com/article/us-softbank-saudi-arabia-solar/softbank-pif-in-early-funding-talks-with-banks-on-huge-solar-project-sources-idUSKCN1IF1KR |
Takeda to takeover bigger rival Shire in $62bln deal 2:21pm BST - 01:46
Takeda Pharmaceutical agrees to buy London-listed Shire for 45.3 billion pounds ($61.50 billion) after the Japanese company raises the amount of cash in its offer to secure a recommendation. Silvia Antonioli reports.
Takeda Pharmaceutical agrees to buy London-listed Shire for 45.3 billion pounds ($61.50 billion) after the Japanese company raises the amount of cash in its offer to secure a recommendation. Silvia Antonioli reports. //reut.rs/2KKja9R | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/08/takeda-to-takeover-bigger-rival-shire-in?videoId=424956979 |
DUBLIN (Reuters) - Ryanair ( RYA.I ) has never made an approach for Norwegian Air ( NWC.OL ) and does not intend to, the Irish airline said on Thursday, disputing claims made by the chief executive of its rival budget carrier.
FILE PHOTO: A Norwegian Air Boeing 737-800 is seen during the presentation of Norwegian Air first low cost transatlantic flight service from Argentina at Ezeiza airport in Buenos Aires, Argentina, March 8, 2018. REUTERS/Marcos Brindicci Ryanair last year approached Norwegian Air with a proposal to take a stake of around 20 percent in the Oslo-listed carrier, a source with close knowledge of the discussion told Reuters on Thursday.
Norwegian Air Chief Executive Bjoern Kjos confirmed there had been contact between the companies and he brought it up with the board, but declined to discuss any details.
“There is no truth to these claims. We have not made an approach to Norwegian and we have no interest,” Ryanair said in an emailed statement.
Reporting by Padraic Halpin; Editing by Alexandra Hudson
| ashraq/financial-news-articles | https://www.reuters.com/article/us-norwegian-m-a-ryanair/ryanair-says-has-never-made-an-approach-for-norwegian-air-idUSKCN1IP24H |
BERLIN, May 25 (Reuters) - Daimler faces a recall order for more than 600,000 diesel-engine vehicles including C-Class and G-Class models because of suspected emissions manipulation, German magazine Der Spiegel reported on Friday.
Germany’s KBA vehicle authority is probing concrete suspicions that the affected cars were fitted with illicit defeat devices designed to manipulate emissions levels, the magazine said, without citing sources.
Daimler on Friday said it had not been formally summoned by the KBA in regard to a probe of its C-Class and G-class models. Daimler declined to comment in detail about the Spiegel report.
The Transport Ministry said it has asked the KBA to pursue any further leads related to emissions at Daimler’s Mercedes-Benz premium brand. The KBA declined comment.
The Spiegel report comes a day after the KBA ordered Daimler to recall the Mercedes Vito van model fitted with 1.6 litre Diesel Euro-6 engines because of engine control features to reduce exhaust emissions which KBA said breached regulations. Daimler said it is appealing the KBA findings and will go to court if necessary. (Reporting by Andreas Cremer and Markus Wacket in Berlin and Ilona Wissenbach in Frankfurt. Editing by Edward Taylor)
| ashraq/financial-news-articles | https://www.reuters.com/article/daimler-emissions/daimler-threatened-with-recall-of-over-600000-diesel-models-spiegel-idUSF9N1I601M |
May 12, 2018 / 4:15 PM / Updated 32 minutes ago Three killed when light aircraft crashes in Spain Reuters Staff 1 Min Read
BARCELONA (Reuters) - Three people were killed on Saturday when a light aircraft crashed in Spain, authorities said.
The nationality of the victims was not immediately known, though the plane began its journey in Cascais, Portugal, and was headed to Reus international airport in northwest Spain, they said.
The crash occurred in the department of Tarragona in Catalonia and did not affect traffic at Reus. Reporting by Sam Edwards, Editing by Angus MacSwan | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-spain-portugal-accident/three-killed-when-light-aircraft-crashes-in-spain-idUKKCN1ID0NB |
May 11, 2018 / 11:08 PM / Updated 7 hours ago Icehockey - 'The Peg' and Vegas all in for place in Stanley Cup Steve Keating 5 Min Read
(Reuters) - Winnipeg has Portage and Main and black flies, Las Vegas has the Strip and Black Jack but both cities have hockey teams that have defied the odds and will face off in a best-of-seven series that will see one advance to the Stanley Cup Finals. May 10, 2018; Nashville, TN, USA; Winnipeg Jets players celebrate after a win against the Nashville Predators in game seven of the second round of the 2018 Stanley Cup Playoffs at Bridgestone Arena. Mandatory Credit: Christopher Hanewinckel-USA TODAY Sports
It is ‘The Peg’ taking on Sin City in a fascinating Western Conference showdown that starts on Saturday featuring two teams, the Jets and Golden Knights, and two cities that are as different as opera and heavy metal rock.
The National Hockey League’s smallest market Winnipeg sits at what is recognised as the crossroads of Canada, Portage and Main often referred to as the hockey-mad nation’s coldest and windiest corner.
Las Vegas is the NHL’s newest glitzy addition, a first year expansion franchise that has set up shop in the world’s most famous gambling destination.
Winter-Peg and the city billed as the Entertainment Capital of the World, the contrast could not be more jarring than a Dustin Byfuglien hit or the storylines more compelling.
While the two teams and their fans have had plenty to celebrate, their seasons have also been linked by grief.
Just days before the Golden Knights official home opener, Las Vegas was the scene of the worst mass shooting in U.S. history when a gunman opened fire a short distance from their T-Mobile Arena home killing 58 people.
In the aftermath of the tragedy the Golden Knights retired number 58 to honour the victims.
For Canadian hockey fans, tragedy struck close to the heart when a bus carrying the Humboldt Broncos, a Saskatchewan junior hockey team, was involved in a horrific crash that left 16 dead.
The Prairie bonds are strong and that sorrow continues to hang heavily over Manitoba and Saskatchewan who share a provincial border. CANADA’S TEAM
Sitting at the centre of the country, Winnipeg has assumed the mantle of Canada’s team with fans from coast to coast rallying around the Jets and their quest to end a 25-year Stanley Cup drought for Canada. May 4, 2018; Las Vegas, NV, USA; Vegas Golden Knights players congratulate goaltender Marc-Andre Fleury (29) after defeating the San Jose Sharks 5-3 in game five of the second round of the 2018 Stanley Cup Playoffs at T-Mobile Arena. Mandatory Credit: Stephen R. Sylvanie-USA TODAY Sports
Not since the Montreal Canadiens lifted the last of their 24 Stanley Cups in 1993 has Lord Stanley’s famous mug been paraded through the streets of a Canadian city, humbling a nation that claims ownership of the game.
When the Jets beat the Nashville Predators in Game Seven on Thursday to reach the conference finals for the first time Winnipegers filled the streets around Bell MTS Place, breaking into a rousing rendition of the national anthem.
“We’re just so happy to allow our fanbase to have a celebration,” said Jets captain Blake Wheeler following their clinching win over the Predators. “I’m a sports fan too and when my teams go on runs it’s amazing, it’s a great feeling.
“Our fans have been with us, filled up our building for seven years and haven’t always had the most success but they’ve always been supportive all over the city I don’t think I have ever heard a negative comment in seven years.” ENDURANCE TEST
Winnipeg hockey fans have endured more than most.
Professional hockey arrived in the Manitoba capital in the form of a World Hockey Association franchise in 1971 and played there until the Jets were absorbed into the NHL in 1979.
For the next 17 seasons the Jets never reached the heights they had hoped for and in 1996 relocated to Phoenix and were renamed the Coyotes.
It was 15 years before the NHL returned to Winnipeg, Mark Chipman and Canada’s richest man, David Thomson, triggering a wave of national pride when they bought the struggling Atlanta Thrashers in 2011 and convinced the league they should return to The Peg.
Their opponents the Golden Knights, a group of castoffs considered expendable by other NHL teams, have been playing with house money and are now just eight wins away from hitting the Stanley Cup jackpot.
They could be about to make history as no expansion team in any of North America’s big four professional sports leagues has ever captured a championship in their first year.
(This story refiles to make clear Las Vegas is world’s most famous gambling destination in fourth para.) Editing by Ken Ferris | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-icehockey-nhl-wpg-vgk-cities/icehockey-the-peg-and-vegas-all-in-for-place-in-stanley-cup-idUKKBN1IC2PJ |
NEWPORT BEACH, CA, May 15, 2018 (GLOBE NEWSWIRE) -- DPW Holdings, Inc. (NYSE American: DPW) (" DPW " or the " Company "), a diversified holding company, hereby announces that it has raised $6M in new debt financing through the entry into a Securities Purchase Agreement with an institutional investor for the issuance of (i) a Senior Secured Convertible Promissory Note (“Note”) with a principal face amount of $6,000,000; (ii) a five-year warrant to purchase 1,111,111 shares of common stock at an exercise price of $1.35; (iii) a five-year warrant to purchase 1,724,138 shares of common stock at an exercise price of $0.87 per share, and (iv) 344,828 shares of common stock. The shares of common stock to be issued as well as the shares underlying the warrants will, subject to NYSE American approval, be registered pursuant to the Company’s current shelf registration statement on Form S-3 whereas the shares underlying the note will be registered on a new registration statement on Form S-3. The Note is only convertible by the lender upon default by the Company. In connection with this financing, the Company and certain of its subsidiaries granted the investor a security interest in their assets. These subsidiaries also agreed to guarantee repayment of the note.
The Company said the new funding will be used to fund the acquisition of Enertec Systems. “The Company continues to grow its assets through financing that seeks to minimize the issuance of equity and the cost of debt. We continue to pursue transactions that accretive to the Company’s balance sheet,” said Milton “Todd” Ault, III, the Company’s CEO and Chairman.
ABOUT DPW HOLDINGS, INC.
Headquartered in Newport Beach, CA, DPW Holdings, Inc., ( www.DPWHoldings.com ), is a diversified holding company a growth strategy of acquiring undervalued assets, disruptive technologies, sustainable solutions, and exciting ventures for incubation and development to their full potential for long-term growth and investor returns.
The Company through its wholly-owned subsidiary, Coolisys Technologies, Inc., is dedicated to providing world-class technology-based solutions where innovation is the main driver for mission-critical applications and lifesaving services. Coolisys serves the defense, aerospace, naval, homeland security, medical, telecom, datacom, and industrial markets. Coolisys’ growth strategy targets core markets that are characterized by “high barriers to entry” and require specialized products and services that are not likely to be commoditized. Coolisys through its portfolio companies develops and manufactures cutting-edge products and power solutions utilizing its customized digital power management and resonant topology to achieve the highest efficient and highest density power converters and inverters, specialized complex airborne high-frequency radio frequency (RF) and microwave detector-log video amplifiers (DVLA), very high-frequency filters and naval power conversion and distribution equipment. Coolisys manages four entities including Digital Power Corporation, www.DigiPwr.com , a leading manufacturer of power electronics and technology based in Northern California, 1-877-634-0982; Digital Power Limited dba Gresham Power Ltd., www.GreshamPower.com , a designer and manufacturer of power distribution systems primarily for Naval use based in Salisbury, UK.; Microphase Corporation, www.MicroPhase.com , a designer and manufacturer of microwave electronic technology with its headquarters based in Shelton, CT, 1-203-866-8000; and Power-Plus Technical Distributors, www.Power-Plus.com , a value-added wholesale distributor based in Sonora, CA, 1-800-963-0066.
Digital Power Lending, LLC, www.DigitalPowerLending.com , a wholly owned subsidiary of the Company, is based in Fremont, CA, and is a California private lending company operating under Financial Lender’s License ##60DBO-77905 dedicated to strategically providing capital to small and middle size businesses for an equity interest in addition to loan fees and interest. Super Crypto Mining, Inc. www.SuperCryptoMining.com is a wholly-owned subsidiary of the Company, is based in Fremont CA that leverages its engineering expertise and existing locations to create crypto currency mining facilities across the globe. Super Crypto Mining, Inc. operates the branded division, Super Crypto Power, www.SuperCryptoPower.com . Excelo, LLC, www.Excelo.com , a wholly-owned subsidiary of the Company, is a national search firm specializing in fulfilling strategic executive, professional and hi-tech placements for businesses delivering world-class services. DPW Holdings, Inc.’s headquarters is located at 201 Shipyard Way, Suite E, Newport Beach, CA 92663; 1-877-634-0982. For Investor inquiries: [email protected] or 1-888-753-2235.
Forward-Looking Statements
The foregoing release contains “forward looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the acquisition and the ability to consummate the acquisition. These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “believes,” “plans,” “anticipates,” “projects,” “estimates,” “expects,” “intends,” “strategy,” “future,” “opportunity,” “may,” “will,” “should,” “could,” “potential,” or similar expressions. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update any of them publicly in light of new information or future events. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors. More information, including potential risk factors, that could affect the Company’s business and financial results are included in the Company’s filings with the U.S. Securities and Exchange Commission, including, but not limited to, the Company’s Forms 10-K, 10-Q and 8-K. All filings are available at www.sec.gov and on the Company’s website at www.DPWHoldings.com .
Source:DPW Holdings, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/globe-newswire-dpw-holdings-raises-6m-in-new-debt-financing.html |
May 17 (Reuters) - Appulse Corp:
* REPORTING RESULTS FOR THE FIRST QUARTER OF 2018 * Q1 REVENUE C$2.389 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-appulse-corp-reports-q1-revenue-c2/brief-appulse-corp-reports-q1-revenue-c2-389-mln-idUSASC0A2VG |
CLEARWATER, Fla., May 31, 2018 /PRNewswire/ -- Tech Data (NASDAQ: TECD) (the "Company") today announced its financial results for the first quarter ended April 30, 2018.
First quarter ended April 30 ,
($ in millions,
except per share amounts)
2018
2017
Y/Y
Change
Net Sales
$8,548.3
$7,023.6
22%
Operating income (GAAP)
$70.5
$75.1
-6%
Operating margin (GAAP)
0.82%
1.07%
-25 bps
Operating income (Non-GAAP)
$124.1
$123.2
1%
Operating margin (Non-GAAP)
1.45%
1.75%
-30 bps
Net income (GAAP)
$33.7
$30.7
10%
Net income (Non-GAAP)
$70.8
$70.1
1%
EPS - diluted (GAAP)
$0.87
$0.82
6%
EPS - diluted (Non-GAAP)
$1.84
$1.87
-2%
Net sales and operating margin percentages for fiscal year 2018 have been adjusted to reflect the adoption on a full retrospective basis of the new revenue recognition standard ("ASC 606") that the Company adopted as of February 1, 2018.
A reconciliation of GAAP to non-GAAP financial measures is presented in the financial tables of this press release.
This information is also available on the Investor Relations section of Tech Data's website at www.techdata.com /investor.
Financial Highlights for the First Quarter Ended April 30, 2018:
Net sales were $8.5 billion, an increase of 22 percent compared to the prior-year quarter. The increase in net sales year-over-year is primarily attributed to changes in foreign currency exchange rates and an additional month of Technology Solutions' ("TS") sales. On a constant currency basis, net sales increased 13 percent.
Americas: Net sales were $3.6 billion (42 percent of worldwide net sales), an increase of 15 percent compared to the prior-year quarter. The increase in net sales is primarily attributed to an additional month of TS sales.
Europe: Net sales were $4.7 billion (55 percent of worldwide net sales), an increase of 26 percent compared to the prior-year quarter. The increase in net sales year-over-year is primarily attributed to changes in foreign currency exchange rates and an additional month of TS sales. On a constant currency basis, net sales increased 10 percent.
Asia Pacific: Net sales were $0.3 billion (3 percent of worldwide net sales), an increase of 48 percent compared to the prior-year quarter. The increase in net sales is primarily attributed to an additional month of TS sales. On a constant currency basis, net sales increased 46 percent.
Gross profit was $523.1 million, an increase of $66.0 million, or 14 percent compared to the prior-year quarter. The increase in gross profit is primarily attributed to an additional month of TS results and changes in foreign currency exchange rates. As a percentage of net sales, gross profit was 6.12 percent compared to 6.51 percent in the prior-year quarter.
Selling, general and administrative ("SG&A") expenses were $422.4 million, or 4.94 percent of net sales, compared to $352.6 million, or 5.02 percent of net sales in the prior-year quarter. Non-GAAP SG&A expenses were $399.1 million, an increase of $65.2 million, or 20 percent, compared to the prior-year quarter. As a percentage of net sales, non-GAAP SG&A expenses were 4.67 percent, compared to 4.75 percent in the prior-year quarter. The increase in dollars, on both a GAAP and non-GAAP basis, is primarily attributed to the additional month of TS results and changes in foreign currency exchange rates.
Worldwide operating income was $70.5 million, or 0.82 percent of net sales compared to $75.1 million or 1.07 percent of net sales in the prior-year quarter. Non-GAAP operating income was $124.1 million, an increase of $0.9 million, or 1 percent, compared to the prior-year quarter. As a percentage of net sales, non-GAAP operating income was 1.45 percent compared to 1.75 percent in the prior-year quarter.
Americas: Operating income was $61.3 million, or 1.70 percent of net sales, compared to $50.9 million, or 1.62 percent of net sales in the prior-year quarter. Non-GAAP operating income was $85.9 million, an increase of $7.4 million, or 9 percent, compared to the prior-year quarter. As a percentage of net sales, non-GAAP operating income was 2.38 percent compared to 2.50 percent in the prior-year quarter.
Europe: Operating income was $17.3 million, or 0.37 percent of net sales, compared to $24.8 million, or 0.67 percent of net sales in the prior-year quarter. Non-GAAP operating income was $43.6 million, a decrease of $0.5 million, or 1 percent, compared to the prior-year quarter. As a percentage of net sales, non-GAAP operating income was 0.94 percent compared to 1.19 percent in the prior-year quarter.
Asia Pacific: Operating loss was ($0.6) million, or (0.21) percent of net sales, compared to operating income of $4.3 million, or 2.37 percent of net sales in the prior-year quarter. Non-GAAP operating income was $1.1 million, a decrease of $4.1 million, or 79 percent, compared to the prior-year quarter. As a percentage of net sales, non-GAAP operating income was 0.40 percent compared to 2.87 percent in the prior-year quarter.
Stock-based compensation expense was $7.6 million, an increase of $2.7 million, compared to the prior-year quarter. This includes $1.0 million of acquisition and integration-related stock compensation expense. These expenses are excluded from the regional operating results and presented as a separate line item in the company's segment reporting (see the GAAP to non-GAAP reconciliation in the financial tables of this press release).
Net income was $33.7 million, compared to $30.7 million in the prior-year quarter. Non-GAAP net income was $70.8 million, an increase of $0.8 million, or 1 percent, compared to the prior-year quarter.
Earnings per share on a diluted basis ("EPS") were $0.87, compared to $0.82 in the prior year quarter. Non-GAAP EPS was $1.84, a decrease of $0.03, or 2 percent compared to the prior-year quarter.
Net cash used by operations during the quarter was $567 million.
Return on invested capital for the trailing twelve months was 4 percent, compared to 11 percent in the prior year. Adjusted return on invested capital for the trailing twelve months was 11 percent, compared to 13 percent in the prior year.
"During Q1, our teams capitalized on upside demand, prudently controlled costs and effectively managed through vendor program changes. The result was topline growth and operating results that exceeded our expectations. Our performance is a testament to the flexibility of our business model, our strong relationships with channel partners, and to our teams' ability to execute and deliver a solid performance," said Robert M. Dutkowsky, chairman and chief executive officer. "Our end-to-end solutions model has set the standard for IT distribution and we are prepared and excited to enter our next chapter as the IT Distributor of the Future. Tech Data's success story is built on our ability over the years to evolve and transform with the IT market. By following this path, we ensure that we strengthen our role as the vital link in the IT ecosystem for our channel partners and, in turn, create value for our shareholders."
Business Outlook
For the quarter ending July 31, 2018, the Company anticipates worldwide net sales to be in the range of $8.6 billion to $8.9 billion.
For the quarter ending July 31, 2018, the Company anticipates EPS to be in the range of $1.13 to $1.43 and non-GAAP EPS to be in the range of $1.95 to $2.25.
This guidance assumes an average U.S. dollar to euro exchange rate of $1.18 to €1.00.
This guidance assumes weighted average diluted shares outstanding of 38.8 million.
For the quarter ending July 31, 2018, and the fiscal year ending January 31, 2019, the Company anticipates its effective tax rate will be in the range of 25 percent to 27 percent.
Webcast Details
Tech Data will hold a conference call today at 9:00 a.m. (ET) to discuss its financial results for the first quarter ended April 30, 2018. A webcast of the call, including supplemental schedules, will be available to all interested parties and can be obtained at www.techdata.com/investor . The webcast will be available for replay for three months.
Non-GAAP Financial Information
The non-GAAP financial information contained in this release is included with the intention of providing investors a more complete understanding of the Company's operational results and trends, but should only be used in conjunction with results reported in accordance with Generally Accepted Accounting Principles ("GAAP"). Certain non-GAAP measures presented in this release or other releases, presentations and similar documents issued by the Company include sales, income or expense items as adjusted for the impact of changes in foreign currencies (referred to as "constant currency"), non-GAAP operating income, non-GAAP operating margin, non-GAAP net income, non-GAAP earnings per diluted share and Adjusted Return on Invested Capital. Certain non-GAAP measures also exclude acquisition-related intangible assets amortization expense, benefits associated with legal settlements, acquisition, integration and restructuring expenses, value-added tax assessments and related interest expense, tax indemnifications, acquisition-related financing expenses, changes in deferred tax valuation allowances and the impact of US tax reform. A detailed reconciliation of the adjustments between results calculated using GAAP and non-GAAP in this release is contained in the attached financial schedules. This information can also be obtained from the Company's Investor Relations website at www.techdata.com/investor .
Forward-Looking Statements
Certain statements in this communication may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements, including statements regarding Tech Data's plans, objectives, expectations and intentions, Tech Data's financial results and estimates and/or business prospects, involve a number of risks and uncertainties and actual results could differ materially from those projected. These forward looking statements are based on current expectations, estimates, forecasts, and projections about the operating environment, economies and markets in which Tech Data operates and the beliefs and assumptions of our management. Words such as "expects," "anticipates," "targets," "goals," "projects," "intends," "plans," "believes," "seeks," "estimates," variations of such words, and similar expressions are intended to identify such forward looking statements. In addition, any statements that refer to projections of Tech Data's future financial performance, our anticipated growth and trends in our businesses, and other characterizations of future events or circumstances, are forward looking statements. These forward looking statements are only predictions and are subject to risks, uncertainties, and assumptions. Therefore, actual results may differ materially and adversely from those expressed in any forward looking statements.
For additional information with respect to risks and other factors which could occur, see Tech Data's Annual Report on Form 10-K for the year ended January 31, 2018, including Part I, Item 1A, "Risk Factors" therein, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other securities filings with the Securities and Exchange Commission (the "SEC") that are available at the SEC's website at www.sec.gov and other securities regulators. Readers are cautioned not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Many of these factors are beyond Tech Data's control. Unless otherwise required by applicable securities laws, Tech Data disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Tech Data undertakes no duty to update any forward looking statements contained herein to reflect actual results or changes in Tech Data's expectations.
About Tech Data
Tech Data connects the world with the power of technology. Our end-to-end portfolio of products, services and solutions, highly specialized skills, and expertise in next-generation technologies enable channel partners to bring to market the products and solutions the world needs to connect, grow and advance. Tech Data is ranked No. 83 on the Fortune 500® and has been named one of Fortune's "World's Most Admired Companies" for nine straight years. To find out more, visit www.techdata.com or follow us on Twitter , LinkedIn , and Facebook .
Contacts:
Charles V. Dannewitz, Executive Vice President,Chief Financial Officer
727-532-8028 ( [email protected] )
Arleen Quiñones, Corporate Vice President, Investor Relations and Corporate Communications
727-532-8866 ( [email protected] )
TECH DATA CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
Three months ended
April 30,
2018
2017
(As Adjusted 1 )
Net sales
$ 8,548,319
$ 7,023,620
Cost of products sold
8,025,202
6,566,532
Gross profit
523,117
457,088
Operating expenses:
Selling, general and administrative expenses
422,361
352,632
Acquisition, integration and restructuring expenses
33,225
42,066
LCD settlements and other, net
(2,965)
(12,688)
452,621
382,010
Operating income
70,496
75,078
Interest expense
25,922
31,008
Other expense (income), net
1,917
(415)
Income before income taxes
42,657
44,485
Provision for income taxes
8,958
13,831
Net income
$ 33,699
$ 30,654
Earnings per share:
Basic
$ 0.88
$ 0.82
Diluted
$ 0.87
$ 0.82
Weighted average common shares outstanding:
Basic
38,281
37,251
Diluted
38,561
37,468
1 Amounts have been adjusted to reflect the adoption of Accounting Standards Update 2014-09, Revenue from Contracts with Customers (ASC 606) on a full retrospective basis.
TECH DATA CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(In thousands, except par value and share amounts)
April 30,
January 31,
2018
2018
ASSETS
(unaudited)
(As Adjusted 1 )
Current assets:
Cash and cash equivalents
$ 345,577
$ 955,628
Accounts receivable, net
5,250,159
6,035,716
Inventories
2,917,468
2,965,521
Prepaid expenses and other assets
418,179
403,548
Total current assets
8,931,383
10,360,413
Property and equipment, net
270,738
279,091
Goodwill
958,190
969,168
Intangible assets, net
1,051,408
1,086,772
Other assets, net
208,065
224,915
Total assets
$ 11,419,784
$ 12,920,359
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable
$ 5,701,778
$ 6,962,193
Accrued expenses and other liabilities
1,012,750
1,169,986
Revolving credit loans and current maturities of long-term debt, net
114,417
132,661
Total current liabilities
6,828,945
8,264,840
Long-term debt, less current maturities
1,505,174
1,505,248
Other long-term liabilities
216,953
228,779
Total liabilities
$ 8,551,072
$ 9,998,867
Shareholders' equity:
Common stock, par value $0.0015; 200,000,000 shares authorized; 59,245,585 shares issued at April 30, 2018 and January 31, 2018
$ 89
$ 89
Additional paid-in capital
822,117
827,301
Treasury stock, at cost (20,927,954 and 21,083,972 shares at April 30, 2018 and January 31, 2018)
(933,167)
(940,124)
Retained earnings
2,779,633
2,745,934
Accumulated other comprehensive income
200,040
288,292
Total shareholders' equity
2,868,712
2,921,492
Total liabilities and shareholders' equity
$ 11,419,784
$ 12,920,359
1 Amounts have been adjusted to reflect the adoption of Accounting Standards Update 2014-09, Revenue from Contracts with Customers (ASC 606) on a full retrospective basis.
TECH DATA CORPORATION AND SUBSIDIARIES
GAAP TO NON-GAAP RECONCILIATION
(In thousands)
Three months ended April 30, 2018
Americas (1)
Europe (1)
APAC (1)
Stock
Compensation
Expense
Consolidated
Net Sales
$ 3,618,206
$ 4,661,702
$ 268,411
$ 8,548,319
GAAP operating income (loss) (1)
$ 61,342
$ 17,318
$ (577)
$ (7,587)
$ 70,496
Acquisition, integration and restructuring expenses
13,916
17,988
321
1,000
33,225
Acquisition-related intangible assets amortization expense
13,643
8,329
1,332
23,304
LCD settlements and other, net
(2,965)
-
-
(2,965)
Total non-GAAP operating income adjustments
$ 24,594
$ 26,317
$ 1,653
$ 1,000
$ 53,564
Non-GAAP operating income
$ 85,936
$ 43,635
$ 1,076
$ (6,587)
$ 124,060
GAAP operating margin
1.70%
0.37%
-0.21%
0.82%
Non-GAAP operating margin
2.38%
0.94%
0.40%
1.45%
(1) GAAP operating income does not include stock compensation expense at the regional level.
Three months ended April 30, 2017
Americas (1)
Europe (1)
APAC (1)
Stock
Compensation
Expense
Consolidated
Net Sales
$ 3,135,322
$ 3,707,265
$ 181,033
$ 7,023,620
GAAP operating income (1)
$ 50,900
$ 24,799
$ 4,297
$ (4,918)
$ 75,078
Acquisition, integration and restructuring expenses
30,182
11,572
-
312
42,066
Acquisition-related intangible assets amortization expense
10,101
7,748
900
18,749
LCD settlements and other, net
(12,688)
-
-
(12,688)
Total non-GAAP operating income adjustments
$ 27,595
$ 19,320
$ 900
$ 312
$ 48,127
Non-GAAP operating income
$ 78,495
$ 44,119
$ 5,197
$ (4,606)
$ 123,205
GAAP operating margin
1.62%
0.67%
2.37%
1.07%
Non-GAAP operating margin
2.50%
1.19%
2.87%
1.75%
(1) GAAP operating income does not include stock compensation expense at the regional level.
TECH DATA CORPORATION AND SUBSIDIARIES
GAAP TO NON-GAAP RECONCILIATION
(In thousands)
Selling, general and administrative expenses ("SG&A")
Three months ended April 30,
2018
2017
Net Sales
$ 8,548,319
$ 7,023,620
GAAP SG&A
422,361
352,632
Acquisition-related intangible assets amortization expense
(23,304)
(18,749)
Non-GAAP SG&A
$ 399,057
$ 333,883
GAAP SG&A percentage of net sales
4.94%
5.02%
Non- GAAP SG&A percentage of net sales
4.67%
4.75%
Three months ended April 30,
2018
2017
Net Income
Diluted EPS
Net Income
Diluted EPS
GAAP Results
$33,699
$0.87
$30,654
$0.82
Acquisition, integration and restructuring expenses
33,225
0.86
42,066
1.12
Acquisition-related intangible assets amortization expense
23,304
0.61
18,749
0.50
LCD settlements and other, net
(2,965)
(0.08)
(12,688)
(0.34)
Acquisition-related financing expenses
-
-
8,807
0.24
Value added tax assessments and related interest expense
(928)
(0.02)
-
-
Income tax effect of adjustments above
(12,908)
(0.33)
(17,529)
(0.47)
Reversal of deferred tax valuation allowances
(2,600)
(0.07)
-
-
Non-GAAP results
$70,827
$1.84
$70,059
$1.87
Return on Invested Capital (ROIC)
Twelve months ended April 30,
TTM Net Operating Profit After Tax (NOPAT)*:
2018
2017
Operating income
$ 405,497
$ 314,422
Income taxes on operating income (1)
(242,229)
(75,583)
NOPAT
$ 163,268
$ 238,839
Average Invested Capital:
Short-term debt (5-qtr end average)
$ 262,413
$ 251,115
Long-term debt (5-qtr end average)
1,683,828
697,482
Shareholders' Equity (5-qtr end average)
2,745,501
2,197,319
Total average capital
4,691,742
3,145,916
Less: Cash (5-qtr end average)
(751,732)
(1,040,295)
Average invested capital less average cash
$ 3,940,010
$ 2,105,621
ROIC
4%
11%
* Trailing Twelve Months is abbreviated as TTM.
(1) Income taxes on operating income was calculated using the trailing 12 months effective tax rate during the respective periods.
Adjusted Return on Invested Capital (ROIC)
Twelve months ended April 30,
TTM Net Operating Profit After Tax (NOPAT), as adjusted *:
2018
2017
Non-GAAP operating income (1)
$ 603,559
$ 404,583
Income taxes on non-GAAP operating income (2)
(178,518)
(117,875)
NOPAT, as adjusted
$ 425,041
$ 286,708
Average Invested Capital, as adjusted:
Short-term debt (5-qtr end average)
$ 262,413
$ 251,115
Long-term debt (5-qtr end average)
1,683,828
697,482
Shareholders' Equity (5-qtr end average)
2,745,501
2,197,319
Tax effected impact of non-GAAP adjustments (3)
95,713
20,249
Total average capital, as adjusted
4,787,455
3,166,165
Less: Cash (5-qtr end average)
(751,732)
(1,040,295)
Average invested capital less average cash
$ 4,035,723
$ 2,125,870
Adjusted ROIC
11%
13%
* Trailing Twelve Months is abbreviated as TTM.
(1) Represents operating income as adjusted to exclude acquisition, integration and restructuring expenses, LCD settlements and other, net, value added tax assessments and acquisition-related intangible assets amortization expense
(2) Income taxes on non-GAAP operating income was calculated using the trailing 12 months effective tax rate adjusted for the impact of non-GAAP adjustments during the respective periods.
(3) Represents the 5 quarter average of the year-to-date impact of non-GAAP adjustments.
Guidance Reconciliation
Three months ending July 31, 2018
Low end of
guidance range
High end of
guidance range
Earnings per share - diluted
$1.13
$1.43
Acquisition, integration and restructuring expenses
0.49
0.49
Acquisition-related intangible assets amortization expense
0.60
0.60
Income tax effect of the above adjustments
(0.27)
(0.27)
Non-GAAP earnings per share - diluted
$1.95
$2.25
View original content with multimedia: http://www.prnewswire.com/news-releases/tech-data-corporation-reports-first-quarter-fiscal-year-2019-results-300656978.html
SOURCE Tech Data Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/31/pr-newswire-tech-data-corporation-reports-first-quarter-fiscal-year-2019-results.html |
'Optimistic' Sweden looking forward to World Cup 10:11am BST - 01:34
Sweden's coach says he has few injury problems to contend with and is feeling optimistic about the World Cup ▲ Hide Transcript ▶ View Transcript
Sweden's coach says he has few injury problems to contend with and is feeling optimistic about the World Cup Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2GK0DqZ | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/24/optimistic-sweden-looking-forward-to-wor?videoId=429653812 |
CINCINNATI, May 31, 2018 /PRNewswire/ -- Trinity Pension Consultants, Ohio's largest third-party administration (TPA) firm focusing exclusively on qualified retirement plans, announced the promotion of Thomas Carline to regional retirement plan consultant for all of its Cincinnati, Ohio, and Kentucky clientele.
Carline, CPC, QPA, QKA, has served as a Trinity retirement plan consultant since 2013, most recently as the lead consultant for the Kentucky market. Based in Louisville, Ky., he will continue to serve this territory while also spending time in Trinity's Mason, Ohio, sales office.
"Tom has provided key strategic recommendations on complex cases nationwide," said Kevin Bergdorf , Trinity principal and founder and author of "The Cash Balance Conversion." Bergdorf, who spearheaded the firm's expansion into Kentucky in 2014, added, "He is a creative problem-solver with experience in all aspects of the qualified retirement plan space. Tom will be a true asset to Cincinnati business owners and financial advisors alike."
Prior to Trinity, Carline worked as a financial advisor and an investment consultant at the Kemelgor Financial Group and PNC Investments respectively. He holds a B.S. in Finance from The Ohio State University and is a current member of the American Society of Pension Professionals & Actuaries.
An independent, non-producing TPA and actuarial firm, Trinity brings unparalleled expertise in advanced plan design. A key value add is Trinity's Lynx program, a unique training opportunity for financial advisors where the company demystifies the secrets of pension planning, as well as shares insight into prospecting and point of sale.
About Trinity Pension Consultants
Trinity Pension Consultants was established in 2006 by friends and colleagues Anthony Warren and Kevin Bergdorf. Having worked for third-party administration firms and in the corporate financial world, both realized there was a need for a TPA firm with a fresh perspective. Trinity values communicating clearly, building strong relationships and designing plans that put client needs first. The company employs 50 people and serves clients nationwide, partnering with mutual fund companies, insurance companies, brokerage firms, open-architecture arrangements and others. Learn more at www.TrinityPension.com .
View original content with multimedia: http://www.prnewswire.com/news-releases/trinity-pension-consultants-names-thomas-carline-lead-consultant-for-cincinnati-300657599.html
SOURCE Trinity Pension Consultants | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/31/pr-newswire-trinity-pension-consultants-names-thomas-carline-lead-consultant-for-cincinnati.html |
CAMPBELL, Calif. (AP) _ Vivus Inc. (VVUS) on Tuesday reported a loss of $10.7 million in its first quarter.
The Campbell, California-based company said it had a loss of 10 cents per share.
The biopharmaceutical company posted revenue of $11.9 million in the period.
In the final minutes of trading on Tuesday, the company's shares hit 48 cents. A year ago, they were trading at $1.03.
This story was generated by Automated Insights ( http://automatedinsights.com/ap ) using data from Zacks Investment Research. Access a Zacks stock report on VVUS at https://www.zacks.com/ap/VVUS | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/08/the-associated-press-vivus-1q-earnings-snapshot.html |
May 7 (Reuters) - WuXi AppTec Co Ltd
* SAYS SHARE TRADE TO DEBUT ON MAY 8 IN SHANGHAI Source text in Chinese: bit.ly/2jzykCn (Reporting by Hong Kong newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-wuxi-apptecs-share-trade-to-debut/brief-wuxi-apptecs-share-trade-to-debut-on-may-8-in-shanghai-idUSL3N1SE18K |
May 3, 2018 / 8:03 PM / Updated 16 minutes ago Twitter urges users to change passwords after computer glitch Reuters Staff 2 Min Read
(Reuters) - Twitter Inc urged its more than 330 million users to change their passwords after a glitch caused some of them to be stored in plain text on its internal computer system. FILE PHOTO: The Twitter application is seen on a phone screen August 3, 2017. REUTERS/Thomas White/File Photo
The social network said it had fixed the glitch and that an internal investigation had found no indication passwords were stolen or misused by insiders, but it urged all users to consider changing their passwords “out of an abundance of caution.”
The blog did not say how many passwords were affected. But a person familiar with the company’s response said the number was “substantial” and that they were exposed for “several months.”
Twitter discovered the bug a few weeks ago and has reported it to some regulators, said the person, who was not authorized to discuss the matter.
The disclosure comes as lawmakers and regulators around the world scrutinize the way that companies store and secure consumer data, after a string of security incidents that have come to light at firms including Equifax Inc, Facebook Inc and Uber.
The European Union is due to start enforcing a strict new privacy law, known as the General Data Protection Regulation, that includes steep fees for violating its terms.
The glitch was related to Twitter’s use of a technology known as “hashing” that masks passwords as a user enters them by replacing them with numbers and letters, according to the blog.
A bug caused the passwords to be written on an internal computer log before the hashing process was completed, the blog said.
“We are very sorry this happened,” the Twitter blog said.
Twitter’s share price was down 1 percent in extended trade at $30.35, after gaining 0.4 percent during the session.
The company advised users to take precautions to ensure that their accounts are safe, including changing passwords and enabling Twitter’s two-factor authentication service to help prevent accounts from being hijacked. Reporting by Jim Finkle in Toronto; Editing by Susan Thomas | ashraq/financial-news-articles | https://www.reuters.com/article/us-twitter-passwords/twitter-says-glitch-exposed-substantial-number-of-users-passwords-idUSKBN1I42JG |
Apple and Goldman Sachs planning a new joint credit card, says Dow Jones 7 Hours Ago CNBC's Josh Lipton reports that according to Dow Jones, Apple and Goldman Sachs are teaming up with a joint, Apple Pay-branded credit card. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/10/apple-and-goldman-sachs-planning-a-new-joint-credit-card-says-dow-jones.html |
May 21, 2018 / 2:03 PM / Updated 6 hours ago Aston Martin gears up for more growth ahead of possible flotation Costas Pitas 3 Min Read
LONDON (Reuters) - Luxury British carmaker Aston Martin remained in the black in the first quarter of 2018, although pretax profit fell due to a weaker dollar and investment on a series of model launches. Britain's Prime Minister Theresa May and Aston Martin's Chief Executive Andy Palmer stand next to a car in Barry, Wales March 29, 2018. Stefan Rousseau/Pool via Reuters
After six years of losses, James Bond’s favourite carmaker swung to a pretax profit in 2017, fuelling speculation of a potential stock market listing.
Finance chief Mark Wilson reiterated on Monday the decision would be a matter for its shareholders, mainly Italian private equity fund Investindustrial and a group of Kuwaiti investors.
“We continue to look at our options and we are continuing to execute on the plan and that gives our shareholders the most options available to them,” he told Reuters, when asked about a flotation that one source familiar with the matter has said could value the firm at 4 billion pounds. FILE PHOTO: An Aston Martin logo is pictured during the 88th Geneva International Motor Show in Geneva, Switzerland, March 6, 2018. REUTERS/Denis Balibouse/File Photo
Pretax profit fell by just over half to 2.8 million pounds in the first three months of the year due to the weaker dollar, as around a third of its demand comes from customers buying in dollars or a currency pegged to it.
At constant currencies, profit rose to 7.4 million pounds. FILE PHOTO: The Aston Martin Lagonda Vision Concept car is pictured during the 88th Geneva International Motor Show in Geneva, Switzerland, March 6, 2018. REUTERS/Denis Balibouse/File Photo
Aston Martin also boosted investment by nearly a half to 68 million pounds ahead of the launch of a series of new models as it underwent a changeover plan that saw sales fall by 20 percent to 963 vehicles in the quarter.
Like the rest of the automotive sector, the company is pushing ahead with plans for hybrid and electric models to meet more stringent emissions rules and an eventual ban on the sale of new petrol and diesel cars from 2040 in Britain.
The government has yet to clarify whether that will include hybrid vehicles, which comprise both a conventional combustion engine and electric propulsion, prompting Aston’s boss to criticise ministers on Twitter earlier this month.
Asked whether the inclusion of hybrids in the ban would be a blow and change the firm’s future thinking, Wilson said: “It wouldn’t significantly.”
“We have always said that we go from gasoline to BEV (battery electric vehicle) with only step along the way into hybrid so hybrid has always been a transitional technology.” Reporting by Costas Pitas; Editing by Mark Potter | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-astonmartin-results/aston-martin-gears-up-for-more-growth-ahead-of-possible-flotation-idUKKCN1IM1FW |
May 4 (Reuters) - NICOX SA:
* AS OF MARCH 31, 2018, THE GROUP HAD CASH AND CASH EQUIVALENTS OF €36.3 MILLION AS COMPARED WITH €41.4 MILLION AT DECEMBER 31, 2017
* ZERVIATE EXPECTED TO BE LAUNCHED IN U.S. BY EYEVANCE PHARMACEUTICALS FOR THE 2018 FALL ALLERGY SEASON
* NET REVENUE FOR THE FIRST QUARTER OF 2018 WAS €0.075 MILLION
* NCX 470 U.S. INVESTIGATIONAL NEW DRUG (IND) SUBMISSION ENABLING PHASE 2 CLINICAL STUDY IN GLAUCOMA PATIENTS PLANNED IN Q3 2018.
* NCX 4251 U.S. IND SUBMISSION ENABLING PHASE 2 CLINICAL STUDY IN BLEPHARITIS PATIENTS PLANNED IN Q1 2019 Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-nicox-q1-net-revenue-at-0075-milli/brief-nicox-q1-net-revenue-at-0-075-million-euros-idUSFWN1SA1J7 |
BERLIN, May 9 (Reuters) - Europe’s largest travel and tourism group TUI Group said it had approved construction of another cruise ship for its Hapag-Lloyd cruise business and that summer trading was good as it reported second quarter results.
The group reported a narrower operating loss of 125 million euros ($148 million) for the quarter, which is traditionally loss-making, and confirmed a target for full-year underlying earnings before interest, tax and amortisation (EBITA) to rise by at least 10 percent at constant currencies.
“Trading for Summer 2018 is very good and fully matches our expectations. Demand for Spain remains strong,” it said in a statement on Wednesday. ($1 = 0.8438 euros) (Reporting by Victoria Bryan Editing by Maria Sheahan)
| ashraq/financial-news-articles | https://www.reuters.com/article/tui-group-results/tui-confirms-fy-profit-target-approves-new-ship-for-hapag-lloyd-cruises-idUSB4N0ZH05B |
May 22, 2018 / 8:02 PM / Updated 7 hours ago Viacom's SpongeBob keeps rights to 'Krusty Krab' restaurant name Jonathan Stempel 3 Min Read
(Reuters) - Aye, aye, captain: the rights to The Krusty Krab, the greasy spoon featured in the popular children’s TV series “SpongeBob SquarePants,” belong to Viacom Inc and not to a Texas restaurateur hoping to open a seafood chain with that name. FILE PHOTO: The SpongeBob SquarePants balloon makes its way down 6th Ave during the 91st Macy's Thanksgiving Day Parade in the Manhattan borough of New York City, New York, U.S., November 23, 2017. REUTERS/Shannon Stapleton/File Photo
The 5th U.S. Circuit Court of Appeals ruled 3-0 on Tuesday that Viacom deserves trademark protection for The Krusty Krab, and that IJR Capital Investments LLC and its owner Javier Ramos cannot use it for their restaurants.
Circuit Judge Priscilla Owen wrote that Viacom proved that diners would likely be confused if IJR used the name The Krusty Krab, the restaurant located in the underwater city of Bikini Bottom where SpongeBob works as a fry cook.
She also said while Viacom had not registered “The Krusty Krab” with the U.S. Patent and Trademark Office, the name was important enough to the “SpongeBob” series to deserve trademark protection, despite not being the title.
Owen said The Krusty Krab has appeared in 166 of 203 SpongeBob episodes since its 1999 premiere on Viacom’s Nickelodeon network, as well as in two feature films.
She said that made it like the Daily Planet, the newspaper that employed Clark Kent in “Superman,” and the orange General Lee muscle car from “The Dukes of Hazzard,” both of which received trademark protection in earlier court rulings.
“In the minds of consumers, The Krusty Krab identifies the source of products, which is Viacom, the creator of the ‘SpongeBob SquarePants’ fictional universe and its inhabitants,” Owen wrote.
A lawyer for IJR and Ramos declined immediate comment.
Ramos claimed not to have heard of The Krusty Krab when he began fishing for a name, and chose it after checking Google and finding no restaurants using that name.
Viacom said it was pleased the court found that its rights in The Krusty Krab mark were “strong” and deserved protection.
The decision by the New Orleans-based appeals court upheld an April 2017 ruling by U.S. District Judge Gray Miller in Houston.
The case is Viacom International Inc v IJR Capital Investments LLC, 5th U.S. Circuit Court of Appeals, No. 17-20334. Reporting by Jonathan Stempel in New York; Editing by Tom Brown and Marguerita Choy | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-viacom-lawsuit-spongebob/viacoms-spongebob-keeps-rights-to-krusty-krab-restaurant-name-idUKKCN1IN2SS |
Malaysia's Anwar visits Indonesia in his first overseas trip since jail release 2:42pm BST - 01:24
The poltician paid a visit to the former President of Indonesia after being granted full pardon and freed from jail. Rough cut (no reporter narration).
The poltician paid a visit to the former President of Indonesia after being granted full pardon and freed from jail. Rough cut (no reporter narration). //uk.reuters.com/video/2018/05/20/malaysias-anwar-visits-indonesia-in-his?videoId=428735193&videoChannel=13422 | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/20/malaysias-anwar-visits-indonesia-in-his?videoId=428735193 |
May 9 (Reuters) - Torstar Corp:
* Q1 LOSS PER SHARE C$0.18 * RESTRUCTURING INITIATIVES UNDERTAKEN IN Q1 OF 2018 ARE EXPECTED TO RESULT IN ANNUALIZED NET SAVINGS OF $5.3 MILLION
* ANTICIPATE TO INCUR AN ESTIMATED $11 - $13 MILLION OF INCREMENTAL OPERATING EXPENSES RELATED TO TRANSFORMATION EFFORTS FOR FULL YEAR IN 2018
* TORSTAR - RESTRUCTURING INITIATIVES IN Q1 RESULTED IN REDUCTION OF ABOUT 100 POSITIONS WITH $4.9 MILLION SAVINGS EXPECTED TO BE REALIZED IN 2018
* CONTINUE TO ANTICIPATE THAT CAPITAL EXPENDITURES FOR FULL YEAR 2018 WILL BE IN RANGE OF $15 MILLION
* SUBSCRIBER REVENUES WERE STABLE IN Q1, HOWEVER, EXPECT THESE REVENUES WILL DECREASE MARGINALLY IN BALANCE OF 2018 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-torstar-reports-q1-loss-per-share/brief-torstar-reports-q1-loss-per-share-of-c0-18-idUSASC0A0VU |
MADRID (Reuters) - Hundreds of residents gathered in the southern Spanish town of Algeciras on Thursday to protest about the increasingly violent drugs trade in the underprivileged area which is an entry point for smugglers bringing hashish and cocaine into Spain.
People attend a protest against drug trade and insecurity in the Campo de Gibraltar area, in Algeciras, southern Spain, May 17, 2018. REUTERS/Jon Nazca Traffickers bring consignments of drugs onto the beach in the area, often in broad daylight, and police have been physically attacked. Police unions have asked for more resources to fight the illegal trade.
Residents, local politicians and police representatives gathered in the town holding a large banner reading ‘For your safety, for the safety of everyone’.
Slideshow (6 Images) Police have made huge drugs seizures in recent months in Algeciras, the Mediterranean’s largest port and a trans-shipment hub used by firms to unload cargo for redistribution in Europe or the Middle East.
Nearly 9 tonnes of cocaine was found hidden among boxes of bananas in April in what the customs office said was the largest ever stash found in a single shipping container in Europe.
Reporting By Sonya Dowsett; Editing by Catherine Evans
| ashraq/financial-news-articles | https://www.reuters.com/article/us-spain-drugs/hundreds-protest-drugs-trade-in-southern-spanish-town-idUSKCN1II2MX |
Democrat Stacey Abrams became the first black woman to win a major party nomination for governor in the U.S., after winning Georgia’s Democratic primary on Tuesday. Photo: Getty Images. | ashraq/financial-news-articles | http://live.wsj.com/video/stacey-abrams-wins-georgia-democratic-primary/237A4B46-0CB9-4EEB-9383-C1D61D817D9B.html |
May 21, 2018 / 11:26 AM / Updated 8 hours ago London underground drivers to hold two days of strike in June - union Reuters Staff 1 London commuters will face major disruption next month after the train divers’ union said on Monday it would stage two 24-hour strikes on the underground rail line which serves the Canary Wharf financial district. Giant electronic billboards display adverts for crypto currency investment companies as commuters arrive at Canary Wharf tube station in London, Britain April 6, 2018. REUTERS/Simon Walker
Drivers on the Jubilee Line will walk out on June 6 and 14 over the imposition of new timetables, the Rail, Maritime and Transport Workers (RMT) union said.
“Drivers are angry at the impact on work life balance and rightly see this move as the thin end of a very long wedge that could see processes and agreements unilaterally shredded by tube bosses,” said RMT General Secretary Mick Cash.
The Jubilee Line connects Canary Wharf with the capital’s political heart at Westminster, as well as Bond Street in London’s main shopping district. Reporting by Ana de Liz; editing by Michael Holden | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-railway-strike/london-underground-drivers-to-hold-two-days-of-strike-in-june-union-idUKKCN1IM12P |
May 2, 2018 / 5:11 AM / Updated 9 hours ago Nikola Motor sues Tesla alleging design patent violation Reuters Staff 2 Min Read
(Reuters) - Nikola Motor Co, which makes hydrogen-powered semi trucks, filed a lawsuit on Tuesday against electric automaker Tesla Inc alleging design patent infringements. A Tesla logo is seen in Los Angeles, California U.S. January 12, 2018. REUTERS/Lucy Nicholson
Tesla’s Semi, its first electric heavy duty truck, is “substantially” similar to Nikola’s design, Nikola Motor said in a court filing.
Salt Lake City, Utah-based Nikola claims it was issued six design patents by the U.S. Patent and Trademark Office between February and April 2018 for its wrap windshield, mid-entry door, fuselage, fender, side cladding and the overall design of the Nikola One.
“Nikola estimates its harm from Tesla’s infringement to be in excess of $2 billion,” it said in the filing.
A Tesla spokesman rejected the claims.
“It’s patently obvious there is no merit to this lawsuit,” a Tesla spokesman told Reuters in an email.
Tesla Chief Executive Elon Musk unveiled the Tesla Semi, its electric heavy duty truck, in November. The company has not given much details of the Semi, but has said that the truck would begin production in 2019. Reporting by Philip George in Bengaluru; Editing by Gopakumar Warrier | ashraq/financial-news-articles | https://in.reuters.com/article/tesla-lawsuit-nikola-motor/nikola-motor-sues-tesla-alleging-design-patent-violation-idINKBN1I30EU |
May 30, 2018 / 7:58 PM / Updated 11 hours ago Dollar recovery seen as an earnings risk on horizon Caroline Valetkevitch , Saqib Iqbal Ahmed 6 Min Read
NEW YORK (Reuters) - Late last month, the chief financial officer at Akamai Technologies Inc ( AKAM.O ) identified an emerging risk for the network technology company’s profit outlook: the U.S. dollar. FILE PHOTO: U.S. Dollar banknotes are seen in this photo illustration taken February 12, 2018. REUTERS/Jose Luis Gonzale/Illustration/File Photo
Specifically, the surprisingly strong American dollar.
“We do expect some currency headwinds from the recent strengthening of the U.S. dollar over the last couple of weeks,” Akamai CFO James Benson told analysts on an earnings conference call at the end of April.
Akamai, like hundreds of big U.S. companies, enjoyed a sales and profit boost from the dollar’s steep decline through last year and into the first quarter of 2018.
But the greenback’s downtrend abruptly reversed course in April as U.S. interest rates shot higher and European economic growth slowed. It now stands at the highest level in nearly seven months, meaning foreign currency earnings of U.S. multinationals can be worth less when translated back to dollars.
The dollar index .DXY, which measures the greenback against a basket of six currencies, has gained nearly 6 percent since April 17 but remains down about 2.7 percent year over year, as of Tuesday’s close.
“It’s too early to say we’re going to see that impact show up in this next quarter, but I think we’ll probably see it if it persists in the third quarter,” said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago, referring to U.S. quarterly results.
Against the euro, the greenback is down 3.2 percent year-over-year, compared with a year-over-year decline of 14 percent in mid April. It hit a 10-month high on Tuesday as investors balked at the prospect of repeat elections in Italy, which may become a de facto referendum on Italian membership of the currency bloc.
U.S. dollar vs euro - reut.rs/2LaY2cj
Analysts expect profit growth for S&P 500 companies to begin to slow, according to Thomson Reuters data, with first quarter’s 26.3 percent increase possibly representing a peak for the current earnings up trend. S&P 500 earnings have gained year-over-year since the third quarter of 2016.
They are forecasting profit growth of 22 percent for all of 2018 and 2019 growth to slow to 9.5 percent, based on the data.
The first-quarter jump in earnings - the biggest year-over-year increase since the fourth quarter of 2010 - was largely due to the corporate tax cuts that went into effect this year.
But Bank of America Merrill Lynch estimates currency moves in the first quarter provided a 2 percentage-point benefit to sales growth, the biggest boost from currency changes in six years.
The bank has estimated that in general a sustained 10 percent appreciation in the dollar results in a reduction in S&P 500 earnings per share of 3 to 4 percent.
Companies from many industries pointed to the dollar as a benefit to sales and earnings in the first quarter, including Apple Inc ( AAPL.O ), Bristol-Myers Squibb Co ( BMY.N ), Mattel Inc ( MAT.O ), PayPal Holdings Inc ( PYPL.O ), Tapestry Inc ( TPR.N ) and Intuitive Surgical Inc ( ISRG.O ).
In Akamai’s case, it added 5 percentage points to first-quarter profit and 2 points to its sales.
For Facebook Inc ( FB.O ), a weaker dollar in the first quarter added $536 million to its revenue, increasing the social media company’s top line by 49 percent, instead of 42 percent without the foreign exchange effect.
S&P 500 companies that generate 50 percent or more of their revenue outside the United States are on track for a first-quarter earnings increase of 30.5 percent, while companies that generate less than 50 percent of their revenue outside the United States are on track for a 24.8 percent earnings increase, based on Thomson Reuters data.
Analysts estimate that between 40 percent to 50 percent of S&P 500 sales come from abroad, with Asia and Europe accounting for the biggest portion.
“If the political situation in Italy worsens, the longer-term spillovers would be felt in the U.S. via a stronger dollar and lower European growth. This would act as a headwind, especially for some multinationals’ corporate profits,” said Mohamed El-Erian, chief economic adviser at Allianz in Newport Beach, California.
To be sure, many analysts are sceptical the dollar strength will persist.
Sameer Samana, global equity and technical strategist at Wells Fargo Investment Institute in St. Louis, said he expects the dollar to decline into the year end, citing pressure from the U.S. deficit.
Yet, at its current pace, the dollar index could turn positive on a year-over-year basis sometime later this quarter or early in the third quarter.
Karl Schamotta, director of global product and market strategy at Cambridge Global Payments, in Toronto, said he had seen an increase in hedging activity, particularly companies that are exposed to a falling euro and Canadian dollar.
“Both of these factors are driving a pretty pronounced increase in hedging activity using forwards and options,” said Schamotta, referring to companies’ use of derivatives to minimize foreign exchange risks.
Some equity strategists said next year could be the bigger problem if the dollar continues on its current path.
“If you measure on a year-over-year basis, the comps are going to look terrible,” said Robert Phipps, a director at Per Stirling Capital Management in Austin, Texas. Reporting by Caroline Valetkevitch and Saqib Iqbal Ahmed; additional reporting by Noel Randewich in San Francisco, and Lewis Krauskopf, Chuck Mikolajczak, Sinead Carew, April Joyner and Jennifer Ablan in New York; Editing by Alden Bentley and Susan Thomas | ashraq/financial-news-articles | https://www.reuters.com/article/uk-usa-results-dollar-analysis/dollar-recovery-seen-as-an-earnings-risk-on-horizon-idUSKCN1IV2NI |
- 12-Month Data Presented at American Academy of Neurology (AAN) Annual Meeting Demonstrated Eptinezumab Further Reduced Migraine Risk Following Third and Fourth Quarterly Infusions -
- Biologics License Application (BLA) Submission Expected in Q1 2019 -
- Key Clinical Data Milestones, CMC Studies and Commercial Preparedness Activities Remain on Track -
- Strengthened the Board of Directors and Management Team –
- Conference Call Today at 5 p.m. ET -
BOTHELL, Wash., May 08, 2018 (GLOBE NEWSWIRE) -- Alder BioPharmaceuticals, Inc. (NASDAQ:ALDR) (“Alder” or the “Company”), a biopharmaceutical company focused on developing novel therapeutic antibodies for the treatment of migraine, today provided a business update and reported its financial results for the first quarter ended March 31, 2018.
“During the first quarter of 2018, we continued to achieve key data milestones for eptinezumab that further reinforced the encouraging clinical profile demonstrated by our earlier data. At the AAN Annual Meeting in April, we presented new 12-month data from our PROMISE 1 Phase 3 clinical trial evaluating eptinezumab in prevention of episodic migraine. The data demonstrated that patients experienced even further long-term reductions in migraine following the third and fourth quarterly infusions. In addition, eptinezumab PROMISE 2 Phase 3 data in chronic migraine was selected by the AAN Science Committee as one of the most noteworthy clinical trial presentations, and was the only migraine presentation featured in the exclusive plenary session of the meeting. Further, we are encouraged by the positive feedback from the physician community regarding eptinezumab’s clinical profile and the consistency of data across clinical trials,” said Paul B. Cleveland, Alder’s Interim President and Chief Executive Officer.
Mr. Cleveland continued, “Our primary goal is the submission of a high-quality BLA that will meet the U.S. Food and Drug Administration’s (FDA) requirements for approval and ensure eptinezumab’s successful commercial launch. As we committed, we have completed an internal review of all activities related to our BLA and have concluded that we can achieve a high-quality BLA submission in the first quarter of 2019. To support these efforts, we have appointed Dr. Eric Carter as Interim Chief Medical Officer and have added additional outside resources to complement our team. Importantly, all key clinical and chemistry, manufacturing and controls (CMC) study milestones remain on track, and there are no new clinical or CMC data that change our confidence in our ability to pursue FDA approval of eptinezumab. We are continuing to position the Company for our next phase of growth by enhancing our management team and Board with Eric’s appointment and with the recent additions of Erin Lavelle as Chief Operating Officer and Jeremy Green as a Director.”
2018 Key Milestones and Company Highlights
On April 26, Jeremy Green, Founder and Portfolio Manager of Redmile Group, LLC, was appointed to the Company’s Board of Directors.
In April 2018, Alder delivered eight eptinezumab presentations at the 70th Annual AAN Annual Meeting in Los Angeles, California, which included new data from the PROMISE 1 Phase 3 clinical trial in episodic migraine patients that demonstrated the following:
Following one quarterly infusion, patients with a 75% or greater response experienced increased migraine-free intervals (median 32.5 days) and improved quality of life outcomes
Long-term and further reduction in migraine risk following the third and fourth quarterly infusions, with more than 50% of patients on average achieving a 75% reduction or greater of monthly migraine days from baseline
On April 23, 2018, Eric Carter was appointed as Interim Chief Medical Officer.
On April 16, 2018, Erin Lavelle was appointed to the newly created role of Chief Operating Officer.
On March 15, 2018, Alder Board member Paul B. Cleveland was appointed as Interim President and Chief Executive Officer. In February 2018, the Company received approximately $277.7 million in net proceeds from an underwritten public offering of 2.5% convertible senior notes due 2025 (including approximately $36.3 million from the exercise of an over-allotment option granted to the underwriters in the offering). On January 12, 2018, the Company received approximately $97.7 million in net proceeds from the sale of shares of convertible preferred stock in a committed equity financing with certain institutional and other accredited investors affiliated with or managed by Redmile Group, LLC. On January 8, 2018, the Company announced eptinezumab significantly reduced migraine risk and met primary and all key secondary endpoints in its pivotal PROMISE 2 Phase 3 clinical trial for chronic migraine prevention . On January 5, 2018, the Company entered into a European patent settlement and global license agreement with Teva Pharmaceuticals International GmbH, which clarified Alder’s freedom to develop, manufacture and commercialize eptinezumab in the United States and globally.
Upcoming Corporate Milestones
Planned 2018 Corporate Milestones for eptinezumab Timing PROMISE 2 six-month data (chronic migraine) June 2018 12-month open label safety study June 2018 Pharmacokinetic comparability study 2H 2018 BLA submission Q1 2019 First Quarter 2018 Financial Results
As of March 31, 2018, Alder had $587.0 million in cash, cash equivalents, short-term investments and restricted cash compared to $286.2 million as of December 31, 2017. Research and development expenses for the first quarter ended March 31, 2018 totaled $74.0 million, compared to $90.7 million for the same period in 2017. The decrease in expenses was primarily due to lower manufacturing costs driven by timing of expenses, which can fluctuate from quarter to quarter. Research and development expenses for 2018 included a one-time payment of $25 million under the settlement and global license agreement with Teva Pharmaceuticals International GmbH. General and administrative expenses for the first quarter ended March 31, 2018 totaled $11.7 million, compared to $10.0 million for the same period in 2017. The increase in spending was primarily due to headcount growth. Net loss applicable to common stockholders for the first quarter ended March 31, 2018 totaled $117.6 million, or $1.73 per share, compared to net loss of $100.3 million, or $1.99 per share on a fully-diluted basis, for the same period in 2017.
Financial Outlook
The Company believes its available cash, cash equivalents, short-term investments and restricted cash will be sufficient to meet the Company’s projected operating requirements into 2020.
Conference Call and Webcast
Alder will host a conference call today at 5:00 p.m. ET to discuss these financial results and recent corporate highlights. The live call may be accessed by dialing (877) 430-4657 for domestic callers or (484) 756-4339 for international callers, and providing conference ID number 1767109. The webcast will be broadcast live and can be accessed from the Events & Presentations page in the Investors section of Alder’s website at www.alderbio.com . The accompanying slides are available now at the Events & Presentations page in the Investors section of Alder’s website at www.alderbio.com . The webcast will be available for replay following the call for at least 30 days.
About Alder BioPharmaceuticals, Inc.
Alder BioPharmaceuticals is a clinical-stage biopharmaceutical company focused on transforming the migraine treatment paradigm through the discovery, development and commercialization of novel therapeutic antibodies. Alder’s lead product candidate, eptinezumab, is a monoclonal antibody (mAb) that inhibits calcitonin gene-related peptide (CGRP) and is currently in late-stage clinical development for the prevention of migraine. Unlike other CGRP inhibitors, eptinezumab was specifically designed as an infusion therapy to address significant patient need. Alder is also developing ALD1910, a preclinical mAb that inhibits pituitary adenylate cyclase-activating polypeptide-38 (PACAP-38) for migraine prevention. For more information, please visit www.alderbio.com .
Forward-Looking Statements
This press release contains , including, without limitation, statements relating to: the continued development and clinical, therapeutic and commercial potential of eptinezumab; the planned BLA submission with the FDA and the potential regulatory approval of eptinezumab; steps to position Alder for its next phase of growth; Alder’s belief that is has sufficient cash resources to meet projected operating requirements into 2020; and Alder’s focus on transforming the treatment paradigm for migraine prevention;. Words such as “expected,” “on track,” “demonstrate,” “encouraging,” “goal,” “will,” “can,” “position,” “upcoming,” “planned,” “milestones,” “believe,” “sufficient,” or other similar expressions, identify , but the absence of these words does not necessarily mean that a statement is not forward-looking. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are . The are based upon Alder's current plans, assumptions, beliefs, expectations, estimates and projections, and involve substantial risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in the due to these risks and uncertainties as well as other factors, which include, without limitation: risks related to the potential failure of eptinezumab to demonstrate safety and efficacy in clinical testing; Alder's ability to conduct clinical trials and studies of eptinezumab sufficient to achieve a positive completion; the availability of data at the expected times; the clinical, therapeutic and commercial value of eptinezumab; risks and uncertainties related to regulatory application, review and approval processes and Alder's compliance with applicable legal and regulatory requirements; risks and uncertainties relating to the manufacture of eptinezumab; Alder's ability to obtain and protect intellectual property rights, and operate without infringing on the intellectual property rights of others; the uncertain timing and level of expenses associated with Alder’s development and commercialization activities; the sufficiency of Alder's capital and other resources; market competition; changes in economic and business conditions; and other factors discussed under the caption "Risk Factors" in Alder's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2018, which was filed with the Securities and Exchange Commission (SEC) on May 8, 2018, and is available on the SEC's website at www.sec.gov . Additional information will also be set forth in Alder's other reports and filings it will make with the SEC from time to time. The made speak only as of the date of this press release. Alder expressly disclaims any duty, obligation or undertaking to release publicly any updates or revisions to any contained herein to reflect any change in Alder's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based.
Condensed Consolidated Balance Sheets (Unaudited) (Amounts in thousands) March 31, December 31, 2018 2017 Cash, cash equivalents, investments and restricted cash $ 587,047 $ 286,240 Prepaid expenses and other assets 12,366 16,896 Total assets $ 599,413 $ 303,136 Convertible notes, net of discount $ 173,197 $ — Other liabilities 26,108 23,861 Convertible preferred stock 97,710 — Total stockholders’ equity 302,398 279,275 Total liabilities, convertible preferred stock and stockholders’ equity $ 599,413 $ 303,136
Condensed Consolidated Statements of Operations (Unaudited) (Amounts in thousands, except share and per share data) Three Months Ended March 31, 2018 2017 Revenues Collaboration and license agreements $ — $ — Operating expenses Research and development 74,048 90,689 General and administrative 11,662 9,981 Total operating expenses 85,710 100,670 Loss from operations (85,710 ) (100,670 ) Other income (expense), net (1,321 ) 342 Net loss $ (87,031 ) $ (100,328 ) Accrued dividends on convertible preferred stock (1,083 ) Deemed dividend on convertible preferred stock related to accretion of beneficial conversion feature (29,460 ) - Net loss applicable to common stockholders $ (117,574 ) $ (100,328 ) Net loss per share applicable to common stockholders - basic and diluted $ (1.73 ) $ (1.99 ) Weighted average number of common shares used in net loss per share - basic and diluted 67,844,872 50,395,632 Investor Relations Contact:
Ashwin Agarwal
Vice President, Corporate Strategy
Alder Biopharmaceuticals, Inc.
425-408-8567
[email protected]
Michael Schaffzin
Stern Investor Relations, Inc.
212-362-1200
[email protected]
Media Contact:
Andy Brimmer / Trevor Gibbons / Aura Reinhard
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449
Source:Alder BioPharmaceuticals, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-alder-biopharmaceuticalsa-reports-first-quarter-2018-financial-and-operating-results.html |
May 23, 2018 / 1:11 PM / Updated 11 minutes ago 'There is no free lunch', Macron tells tech giant CEOs Reuters Staff 3 Min Read
PARIS (Reuters) - President Emmanuel Macron told executives from the world’s biggest technology firms on Wednesday that he wanted innovation to be a driving force for the French economy, but also that they needed to contribute more to society. French President Emmanuel Macron (C) poses for a family picture with Rwanda's President Paul Kagame, Facebook's founder and CEO Mark Zuckerberg and IMB's President and CEO Virginia Rometty as he hosts the "Tech for Good" summit over lunch with tech companies CEOs at the Elysee Palace in Paris, France, May 23, 2018. REUTERS/Charles Platiau/Pool
The French leader paints himself as a champion of France’s plugged-in youth and wants to transform France into a “startup nation” that draws higher investments into technology and artificial intelligence. He is also spearheading efforts in Europe to have digital companies pay more tax at source.
Macron’s guest-list included Facebook Inc Chief Executive Mark Zuckerberg, IBM’s Virginia Rometty, Intel Corp’s Brian Krzanich, Microsoft Corp’s Satya Nadella and a raft of other big hitters in the corporate world.
“There is no free lunch,” he quipped in English to the executives lined up on the steps of the Elysee Palace for a photo call at a lunch meeting. “So I want from you some commitments.” Facebook's CEO Mark Zuckerberg listens to French President Emmanuel Macron after a family picture with guests of the "Tech for Good Summit" at the Elysee Palace in Paris, France, May 23, 2018. REUTERS/Charles Platiau/Pool
As Macron spoke, IBM announced it would hire about 1,400 people in France over the next two years in the fields of blockchain and cloud computing.
Ride-hailing app Uber also said it planned to offer all its European drivers an upgraded version of the health insurance it already provides in France in a drive to attract independent workers and fend off criticism over their treatment. Uber CEO Dara Khosrowshahi shakes hands with French President Emmanuel Macron before a family picture with guests who attend the "Tech for Good" Summit at the Elysee Palace in Paris, France, May 23, 2018. REUTERS/Charles Platiau/Pool
Macron will hold one-on-one talks with Mark Zuckerberg on tax and data privacy on the sidelines of the Tech For Good summit - a day after the Facebook chief executive faced questions from European Union lawmakers.
Those talks will be frank, an Elysee official said ahead of the meeting. While Macron will be pitching France Inc, he will also push his case for a European Union tax on digital turnover and a tougher fight against both data piracy and fake news.
Zuckerberg on Tuesday sailed through a grilling from EU lawmakers about the social network’s data policies, apologising to leaders of the European Parliament for a massive data leak but dodging numerous questions.
Macron told the executives that business needed to do more in tackling issues such as inequality and climate change.
“It is not possible just to have free riding on one side, when you make a good business,” the French president said. Reporting by Richard Lough, Mathieu Rosemain and Gwenaelle Barzic; Editing by Mark Potter | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-france-tech/there-is-no-free-lunch-macron-tells-tech-giant-ceos-idUKKCN1IO1VF |
For nearly 40 years, Chemours Co. and DuPont have been releasing a chemical byproduct known as GenX into the Cape Fear River in North Carolina. | ashraq/financial-news-articles | http://fortune.com/2018/05/24/chemours-cape-fear-genx/?iid=recirc_f500landing-zone2 |
EditorsNote: Adds Capitals Quote: to finish
The Washington Capitals maintained their postseason momentum and trounced the Tampa Bay Lightning 4-2 in Game 1 of the Eastern Conference finals Friday night at Amalie Arena in Tampa, Fla.
Michal Kempny, Alex Ovechkin, Jay Beagle and Lars Eller scored for the Capitals, who played in their first conference finals game in 20 years. The Capitals have won five of their last six games and nine of 11.
Game 2 is Sunday night before the series shifts to Washington.
“We can’t use (the layoff between rounds) for an excuse,” said Lightning star Steven Stamkos postgame. “They were quicker. They were more disciplined in their structure. They were better on special teams.”
Two of Washington’s four goals came on power plays as the Capitals led 4-0 less than 27 minutes into the game.
Evgeny Kuznetsov and T.J. Oshie both had two assists, while Ovechkin logged a two-point night by also notching an assist.
Stamkos tallied just 3:45 into the third period to put the Lightning on the board. The power-play goal came with Stamkos knocking in the puck from the back side.
Still, Tampa Bay generated little on the offensive end. The Lightning registered only two shots across the first nine minutes of the third period.
Ondrej Palat scored with 6:57 to play for Tampa Bay’s other goal.
Washington goalie Braden Holtby made 19 saves, with nine of those coming in the third period.
Tampa Bay’s Andrei Vasilevskiy made 21 saves on 25 shots across two periods before Louis Domingue replaced him for the third period and made saves on all seven shots that came in his direction.
“For the most part that’s the best we played through the neutral zone,” said Capitals defenseman John Carlson. “I didn’t think we were going to have a hangover. I think this whole playoffs we went out there with an attack mentality. It’s paid dividends for us. And it did tonight.”
Kempny opened the scoring just 7:28 into the game for his first goal of the postseason.
The Capitals had eight of the game’s first 10 shots on goal.
Ovechkin tallied his ninth goal of the postseason with just over five seconds remaining in the first period. The Capitals won the draw in the Tampa Bay zone, and Ovechkin unleashed a wicked shot from high in the slot.
That tally came right after the Lightning were penalized for too many men on the ice.
Beagle and Eller scored slightly more than four minutes apart in the second period.
Tampa Bay also lost Game 1 in the last series to Boston before recovering to advance to the conference finals.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/icehockey-nhl-tbl-wsh-recap/surging-capitals-cruise-past-lightning-in-game-1-idUSMTZEE5CLHNYJR |
May 21, 2018 / 1:24 AM / Updated 2 hours ago WTA International, Nuremberg (Women) Women's Singles Results Reuters Staff 1 Min Read May 21 (OPTA) - Results from the WTA International, Nuremberg (Women) Women's Singles matches on Sunday .. 1st Round .. Madison Brengle (USA) beat Varvara Lepchenko (USA) 6-1 6-3 Christina McHale (USA) beat Saisai Zheng (CHN) 6-2 7-6(5) Lara Arruabarrena (ESP) beat Katharina Hobgarski (GER) 7-6(6) 6-1 | ashraq/financial-news-articles | https://uk.reuters.com/article/tennis-wta-results-womens-singles/wta-international-nuremberg-womens-singles-results-idUKMTZXEE5L211ILL |
LAS VEGAS--(BUSINESS WIRE)-- VICI Properties Inc. (NYSE:VICI) (“VICI Properties” or the “Company”), an experiential-asset focused real estate investment trust (REIT), today announced that it has filed a resale shelf registration statement on Form S-11 with the U.S. Securities and Exchange Commission ("SEC") relating to approximately 54.1 million shares of its common stock held by certain of its investors. This resale shelf registration statement, which may be used from time to time by these investors, has been filed pursuant to a registration rights agreement entered into by the Company in connection with its private placement completed in December 2017.
To the extent any sales of common stock are made under the resale shelf registration statement, the Company will not receive any proceeds. The resale shelf registration statement has been filed with the SEC but has not yet become effective.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any shares of the Company’s common stock, nor shall there be any sale of shares of the Company’s common stock in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such state or jurisdiction.
About VICI Properties
VICI Properties is an experiential real estate investment trust that owns one of the largest portfolios of market-leading gaming, hospitality and entertainment destinations, including the world-renowned Caesars Palace. VICI Properties’ national, geographically diverse portfolio consists of 20 gaming facilities comprising over 36 million square feet and features approximately 14,500 hotel rooms and more than 150 restaurants, bars and nightclubs. Its properties are leased to leading brands such as Caesars, Horseshoe, Harrah’s and Bally’s, which prioritize customer loyalty and value through great service, superior products and constant innovation. VICI Properties also owns four championship golf courses and 34 acres of undeveloped land adjacent to the Las Vegas Strip. VICI Properties’ strategy is to create the nation’s highest quality and most productive experiential real estate portfolio. For additional information, please visit www.viciproperties.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180511005123/en/
Investors:
VICI Properties
725-201-6415
[email protected]
or
ICR
Jacques Cornet
[email protected]
or
Media:
VICI Properties
725-201-6414
[email protected]
or
ICR
Phil Denning, 646-277-1258
[email protected]
or
Jason Chudoba, 646-277-1249
[email protected]
Source: VICI Properties Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/11/business-wire-vici-properties-inc-files-resale-shelf-registration-statement.html |
May 12, 2018 / 11:36 AM / Updated an hour ago Hartley crashes heavily in final Spanish practise Alan Baldwin 2 Min Read
BARCELONA (Reuters) - New Zealander Brendon Hartley crashed his Toro Rosso heavily in final practise for the Spanish Grand Prix on Saturday while world champion Lewis Hamilton lapped fastest for Mercedes. Formula One F1 - Spanish Grand Prix - Circuit de Barcelona-Catalunya, Barcelona, Spain - May 12, 2018 Toro Rosso's Brendon Hartley leaves the medical centre after a crash during practice REUTERS/Albert Gea
Hartley was taken to the Circuit de Catalunya medical centre for checks but was passed fit to continue even if his presence in later qualifying looked unlikely due to the extent of the damage.
The rear of his Honda-powered car almost broke away from the rest of the chassis when picked up by a crane to remove it from the barriers.
The accident, right at the end of the session and after Hartley had gone wide onto the grass run-off and lost control at the right-handed turn nine, brought out red flags to halt the action.
Hamilton topped the timesheets with a best lap of one minute 17.281 seconds, a mere 0.013 quicker than Finnish team mate Valtteri Bottas, on supersoft tyres and under overcast skies. Formula One F1 - Spanish Grand Prix - Circuit de Barcelona-Catalunya, Barcelona, Spain - May 10, 2018 Toro Rosso's Brendon Hartley during a press conference ahead of the Spanish Grand Prix REUTERS/Albert Gea
Ferrari’s Sebastian Vettel, who won the first two races of the season and will be chasing his fourth successive pole position, was third fastest but 0.269 slower than his title rival.
Hamilton leads the German by four points ahead of Sunday’s race, the first of the European season, with some rain forecast before qualifying.
Kimi Raikkonen, with a new engine in the back of his Ferrari, was fourth fastest ahead of Red Bull’s Daniel Ricciardo and the two Ferrari-powered Haas cars of Kevin Magnussen and Romain Grosjean.
Spain’s two drivers, Renault’s Carlos Sainz and McLaren’s Fernando Alonso, were eighth and ninth respectively.
The Williams nightmare continued, with Canadian Lance Stroll 19th and Russian Sergey Sirotkin 20th. Reporting by Alan Baldwin; Editing by Ken Ferris | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-motor-f1-spain-practice/hartley-crashes-heavily-in-final-spanish-practise-idUKKCN1ID0DA |
Patient Enrollment in FORWARD I Phase 3 Trial of Mirvetuximab Soravtansine Completed Ahead of Schedule; On Track for Top-Line Results in the First Half of 2019
Encouraging Data Reported from FORWARD II Assessment of Mirvetuximab with Keytruda ® ; Additional Combination Data to be Presented in 2018, including Mirvetuximab in Combination with Avastin ® at ASCO
IMGN779 and IMGN632 Advancing Through Dose-Finding Evaluations with Data Expected in the Fourth Quarter; FDA has Granted Orphan-drug Designation to IMGN779 for the Treatment of Acute Myeloid Leukemia
Conference Call to be Held at 8:00 a.m. ET Today
WALTHAM, Mass.--(BUSINESS WIRE)--
ImmunoGen, Inc. (Nasdaq: IMGN), a leader in the expanding field of antibody-drug conjugates (ADCs) for the treatment of cancer, today reviewed recent progress in the business and reported operating results for the quarter ended March 31, 2018.
“We have achieved a number of important milestones to start the year, led by the advancement of mirvetuximab soravtansine,” said Mark Enyedy, ImmunoGen’s president and chief executive officer. “Our FORWARD I registration trial continues as planned following the successful outcome of the pre-specified interim futility analysis and the completion of enrollment in the trial earlier than expected. This accelerated accrual reflects the significant interest expressed by the oncology community in mirvetuximab and the need for new treatments in platinum-resistant ovarian cancer. In addition, as we look to expand the eligible patient population for this program, we were also pleased to report encouraging data for mirvetuximab in combination with Keytruda from our FORWARD II trial at SGO in March and look forward to presenting additional data from FORWARD II during 2018, with a poster presentation at ASCO for the mirvetuximab and Avastin expansion cohort. Finally, with our continued evolution towards a commercial-stage company, we have strengthened our management team with the addition of Blaine McKee as Chief Business Officer.”
Recent Progress
Mirvetuximab Soravtansine
In April, ImmunoGen announced the completion of patient enrollment two months ahead of schedule in its Phase 3 FORWARD I trial. FORWARD I is designed to support full approval of mirvetuximab as a single-agent therapy for platinum-resistant ovarian cancer. In April, ImmunoGen successfully completed a pre-specified interim analysis for futility after 80 progression-free survival (PFS) events in FORWARD I. The study will continue as planned based on the recommendation of the Independent Data Monitoring Committee and the Company is on-track to report top-line results in first half of 2019. In March, ImmunoGen presented data from the dose-escalation FORWARD II cohort evaluating mirvetuximab in combination with Keytruda (pembrolizumab) at the Society of Gynecologic Oncology (SGO) Annual Meeting, demonstrating encouraging efficacy and favorable tolerability in patients with platinum-resistant ovarian cancer. Notably, in the subset of eight patients with medium or high levels of folate receptor alpha (FRα) expression, the confirmed overall response rate (ORR) was 63 percent (95% CI 25, 92), with a median PFS of 8.6 months (95% CI 1.6, upper bound not yet reached), and duration of response of 36.1 weeks. Based on these data, ImmunoGen is enrolling an additional 35 patients with medium or high FRα expression levels in an expansion cohort in the FORWARD II study and expects to present data from this cohort later this year.
Early-Stage Pipeline – Novel IGN Compounds
IMGN779 is a CD33-targeting ADC in a Phase 1 dose-finding study in relapsed/refractory acute myeloid leukemia (AML). Dose escalation is continuing with both biweekly and weekly dosing schedules. The Food and Drug Administration (FDA) has granted orphan-drug designation to IMGN779 for the treatment of AML. IMGN632 is a CD123-targeting ADC in a Phase 1 dose-finding study for AML and blastic plasmacytoid dendritic cell neoplasm (BPDCN).
Research and Innovation
In April, ImmunoGen presented three posters at the American Association for Cancer Research (AACR) Annual Meeting highlighting the Company’s ongoing innovation in ADCs, including advancements to payloads and targets for enhanced anti-tumor activity as well as insights into factors that determine the clinical efficacy of ADCs.
Anticipated Upcoming Events
Report updated data from the FORWARD II mirvetuximab plus Avastin (bevacizumab) combination expansion cohort in approximately 50 patients at the American Society of Clinical Oncology (ASCO) Annual Meeting; Anticipate partner Takeda to begin clinical testing of TAK-164 in 2Q 2018; Report initial findings from the FORWARD II mirvetuximab plus pembrolizumab combination expansion cohort in 35 patients in the second half of the year; Report additional data from IMGN779 Phase 1 dose finding study in 4Q 2018 and identify the recommended Phase 2 dose before the end of the year; Report initial data from IMGN632 Phase 1 dose finding study in 4Q 2018; and Advance ADAM9 program into IND-enabling activities before year-end.
Financial Results
Revenues for the quarter ended March 31, 2018 were $19.8 million, compared to $28.5 million for the quarter ended March 31, 2017. License and milestone fees of $11.5 million for the first quarter of 2018 included $10.9 million and $0.5 million of recognized upfront fees previously received from Takeda and Debiopharm, respectively, compared to recognition of $12.7 million of a non-cash fee related to the Company’s license agreement with CytomX and $6 million in partner milestone payments received in the first quarter of 2017. Revenues in the first quarter of 2018 included $7.2 million in non-cash royalty revenues, compared with $7.6 million for the same quarter in 2017, reflecting a change in accounting standards for recognizing royalty revenue. Revenues for the first quarter of 2018 also included $0.4 million of research and development (R&D) support fees and $0.7 million of clinical materials revenue, compared with $1.5 million and $0.7 million, respectively, for the same quarter in 2017.
Operating expenses, including R&D and G&A expenses, for the first quarter of 2018 were $56.6 million, compared to $41.4 million for the same quarter in 2017. R&D expenses for the first quarter of 2018 increased to $44.8 million, compared to $32.9 million for the first quarter of 2017, primarily due to increased clinical trial and drug supply costs driven largely by the accelerated timing of completing patient enrollment in the FORWARD I Phase 3 clinical trial. General and administrative expenses increased in the first quarter of 2018 to $10.0 million, compared to $8.1 million in the same quarter of 2017, primarily due to increased third-party service fees and stock-based compensation. Operating expenses for the first quarter of 2018 also included a $1.7 million restructuring charge due to the workforce reduction related to the decommissioning of our Norwood facility as previously announced by the Company, compared to a $0.4 million charge in the same quarter of 2017 related to losses recorded on leased office space in Waltham.
ImmunoGen reported a net loss of $38.6 million, or $0.30 per basic and diluted share, for the first quarter of 2018, compared to a net loss of $17.3 million, or $0.20 per basic and diluted share, for the same quarter last year.
ImmunoGen had $218.4 million in cash and cash equivalents as of March 31, 2018, compared with $267.1 million as of December 31, 2017, and had $2.1 million of convertible debt outstanding in each period. Cash used in operations was $50.0 million for the first quarter of 2018, compared with $33.0 million for the first quarter of 2017. Capital expenditures were $1.0 million and $0.4 million for the first quarter of 2018 and 2017, respectively.
Financial Guidance
ImmunoGen has updated its operating expenses guidance for 2018. ImmunoGen now expects:
operating expenses between $200 million and $205 million.
Guidance for revenues and cash remains unchanged:
revenues between $60 million and $65 million; and cash and cash equivalents at December 31, 2018 between $115 million and $120 million.
ImmunoGen expects that its current cash combined with the expected cash revenues from partners and collaborators will enable the Company to fund its operations into the fourth quarter of 2019.
Conference Call Information
ImmunoGen will hold a conference call today at 8:00 am ET to discuss these results. To access the live call by phone, dial 719-325-4799; the conference ID is 2070974. The call may also be accessed through the Investors section of the Company’s website, www.immunogen.com . Following the live webcast, a replay of the call will be available at the same location through May 18, 2018.
About ImmunoGen, Inc.
ImmunoGen is a clinical-stage biotechnology company that develops targeted cancer therapeutics using its proprietary ADC technology. The Company’s lead product candidate, mirvetuximab soravtansine, is in the Phase 3 FORWARD I trial for FRα-positive platinum-resistant ovarian cancer, and is in the Phase 1b/2 FORWARD II trial in combination regimens for earlier-stage disease. ImmunoGen has three additional clinical-stage product candidates, two of which are being developed in collaboration with Jazz Pharmaceuticals. ImmunoGen's ADC technology is also used in Roche's marketed product, Kadcyla ® , and in programs in development by Amgen, Bayer, Biotest, CytomX, Debiopharm, Lilly, Novartis, Sanofi and Takeda. More information about the Company can be found at www.immunogen.com .
Keytruda ® , Avastin ® , and Kadcyla ® are registered trademarks of their respective owners.
This press release includes forward-looking statements based on management's current expectations. These statements include, but are not limited to, ImmunoGen's expectations related to: the Company's revenues, operating expenses, net loss, cash used in operations and capital expenditures for the twelve months ending December 31, 2018; its cash and marketable securities as of December 31, 2018; the occurrence, timing and outcome of potential pre-clinical, clinical and regulatory events related to the Company's and its collaboration partners' product programs; and the presentation of preclinical and clinical data on the Company’s and collaboration partners’ product candidates. For these statements, ImmunoGen claims the protection of the safe harbor for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995. Various factors could cause ImmunoGen's actual results to differ materially from those discussed or implied in the forward-looking statements, and you are cautioned not to place undue reliance on these forward-looking statements, which are current only as of the date of this release. Factors that could cause future results to differ materially from such expectations include, but are not limited to: the timing and outcome of ImmunoGen's and the Company's collaboration partners' research and clinical development processes; the difficulties inherent in the development of novel pharmaceuticals, including uncertainties as to the timing, expense and results of preclinical studies, clinical trials and regulatory processes; ImmunoGen's ability to financially support its product programs; ImmunoGen's dependence on collaborative partners; industry merger and acquisition activity; and other factors more fully described in ImmunoGen’s Annual Report on Form 10-K for the year ended December 31, 2017 and other reports filed with the Securities and Exchange Commission.
Financials Follow
IMMUNOGEN, INC. SELECTED FINANCIAL INFORMATION (in thousands, except per share amounts) CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) March 31, December 31, 2018 2017 ASSETS Cash and cash equivalents $ 218,383 $ 267,107 Other assets 46,582 27,569 Total assets $ 264,965 $ 294,676 LIABILITIES AND SHAREHOLDERS' DEFICIT Current portion of deferred revenue $ 611 $ 1,405 Other current liabilities 65,616 54,365 Long-term portion of deferred revenue 81,522 93,752 Other long-term liabilities 153,527 163,049 Shareholders' deficit (36,311 ) (17,895 ) Total liabilities and shareholders' deficit $ 264,965 $ 294,676 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended March 31, 2018 2017 Revenues: License and milestone fees $ 11,540 $ 18,730 Non-cash royalty revenue 7,190 7,613 Research and development support 383 1,478 Clinical materials revenue 702 678 Total revenues 19,815 28,499 Expenses: Research and development 44,831 32,888 General and administrative 9,995 8,119 Restructuring charge 1,731 386 Total operating expenses 56,557 41,393 Loss from operations (36,742 ) (12,894 ) Non-cash interest expense on liability related to sale of future royalty & convertible bonds (3,046 ) (3,575 ) Interest expense on convertible bonds (24 ) (1,125 ) Other income, net 1,199 249 Net loss $ (38,613 ) $ (17,345 ) Net loss per common share, basic and diluted $ (0.30 ) $ (0.20 ) Weighted average common shares outstanding, basic and diluted 130,619 87,160
View source version on businesswire.com : https://www.businesswire.com/news/home/20180504005074/en/
ImmunoGen, Inc.
For Investors
Sarah Kiely, 781-895-0600
[email protected]
or
For Media
Courtney O’Konek, 781-895-0158
[email protected]
or
FTI Consulting, Inc.
Robert Stanislaro, 212-850-5657
[email protected]
Source: ImmunoGen, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/04/business-wire-immunogen-reports-recent-progress-and-first-quarter-2018-operating-results.html |
LUXEMBOURG--(BUSINESS WIRE)-- Pacific Drilling S.A. (OTC: PACDQ) today reported results for the first quarter of 2018. Net loss for the first-quarter 2018 was $96.1 million or $4.50 per diluted share, compared to net loss of $129.7 million or $6.08 per diluted share for the fourth-quarter 2017, and net loss of $99.8 million or $4.69 per diluted share for first-quarter 2017.
Pacific Drilling CEO Paul Reese commented, “During the quarter the Pacific Drilling team again delivered the industry-leading excellence our clients have come to expect. In the midst of a continually challenging market environment, we further reduced average daily expenses for operating rigs to $110 thousand per day while achieving strong safety performance and revenue efficiencies. Pacific Scirocco achieved 7 years without a lost time incident, a remarkable milestone in safety performance and a reflection of Pacific Drilling’s focus on safety and customer service. Pacific Santa Ana provided outstanding service to Petronas in Mauritania under a unique, integrated-services contract structure. Pacific Sharav also continued its stellar performance in some of the world’s most challenging well conditions by delivering 100 percent revenue efficiency for the quarter.
Mr. Reese continued, “We also successfully implemented our innovative, clustered smart-stacking process in Las Palmas, using one rig to feed power to three other vessels. We expect this approach to reduce our stacking costs by more than 50% while allowing us to maintain the condition of our rigs and thereby return to work without any material capital expenditure.
Mr. Reese concluded, “This operational performance is even more notable in light of our ongoing restructuring efforts. We continue to engage in active discussions with our stakeholders for the purpose of agreeing to the terms of a Chapter 11 plan of reorganization.”
Update on Financial Restructuring under the Protection of Chapter 11
On November 12, 2017 (the “Petition Date”), we and certain of our subsidiaries filed voluntary petitions (the “Bankruptcy Petitions”) for relief under Chapter 11 of Title 11 of the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”). This process aims to optimize Pacific Drilling’s capital structure pending recovery in the floating rig drilling industry.
We are currently operating our business as debtors-in-possession in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court. After we filed our Bankruptcy Petitions, we sought and obtained approval from the Bankruptcy Court for a variety of “first day” motions, including authority to maintain bank accounts and other customary relief. The relief granted in these motions allows us to continue to operate our business in the normal course.
Under the Bankruptcy Code, we had the exclusive right to file a plan of reorganization under Chapter 11 through March 12, 2018. On March 22, 2018, the Bankruptcy Court approved our request for an order under which we, our secured creditor groups and our majority shareholder would take part in mediation before the Honorable James R. Peck, retired Bankruptcy Court Judge for the Southern District of New York. The scope of the mediation is to facilitate discussions among us and our stakeholders for the purpose of agreeing to the terms of a binding term sheet or restructuring support agreement describing a Chapter 11 plan of reorganization. On May 16, 2018, the Bankruptcy Court approved our request for an agreed order under which we, our secured creditor groups and our majority shareholder agreed to extend the mediation and the exclusive filing period to June 4, 2018 without prejudice to seek further extensions of the exclusive period. We are currently in the midst of the mediation.
First-Quarter 2018 Operational and Financial Commentary
First-quarter 2018 contract drilling revenue was $82.1 million, which included $6.2 million of deferred revenue amortization. This compared to fourth-quarter 2017 contract drilling revenue of $65.0 million, which included $5.1 million of deferred revenue amortization. The increase in revenue resulted primarily from the Pacific Santa Ana operating for the full quarter under a contract with Petronas in Mauritania, as compared to only 12 days in the fourth-quarter 2017 when it started its contract on December 20, 2017.
During the first quarter, our operating fleet of drillships achieved an average rig-related revenue efficiency of 97.6%. Including unpaid downtime related to integrated services on the Pacific Santa Ana, our average revenue efficiency was 95.4% for the first quarter. Revenue efficiency is defined as the actual contractual dayrate revenue (excluding mobilization fees, upgrade reimbursements and other revenue sources) divided by the maximum amount of contractual dayrate revenue that could have been earned during such period.
Operating expenses were $64.4 million compared to $59.7 million in the fourth-quarter 2017. The increase in operating expenses was primarily the result of costs from the Pacific Santa Ana working for the full first quarter in 2018.
First-quarter 2018 general and administrative expenses were $17.2 million compared to $22.4 million for the fourth-quarter 2017. Certain legal and advisory expenses related to our debt restructuring efforts are classified as reorganization items subsequent to the Petition Date of November 12, 2017. Net of the legal costs associated with the arbitration proceeding, our corporate overhead (a) for the first-quarter 2018 was $11.6 million. This compares to $11.0 million for fourth-quarter 2017, which is net of legal costs associated with the arbitration proceeding and the restructuring.
Adjusted EBITDA (b) for the first-quarter 2018 was $1.1 million, compared to ($16.5) million in the fourth-quarter 2017.
Interest expense for the first-quarter 2018 was $14.9 million, as compared to $27.4 million for the fourth-quarter 2017, primarily due to interest expense that we have not accrued subsequent to the Petition Date for the 2017 Senior Secured Notes, the 2020 Senior Secured Notes and the Senior Secured Term Loan B, as we believe this interest is not probable of being treated as an allowable claim in the Chapter 11 proceedings.
Income tax expense for the first-quarter 2018 was $0.3 million, compared to $8.8 million for the fourth-quarter 2017, primarily as a result of the non-cash write-off of deferred tax assets in the fourth-quarter 2017.
For the first-quarter 2018, cash flow from operations was $(40.6) million. Cash balances, including $8.5 million in restricted cash, totaled $273.0 million as of March 31, 2018, and liabilities subject to compromise totaled approximately $3.1 billion.
Additional information about our financial results and the Chapter 11 proceedings can be found (i) in the Form 20-F containing our annual report for the period ended December 31, 2017 as filed with the SEC, (ii) on the Company’s website at www.pacificdrilling.com/investor-relations/sec-filings , and www.pacificdrilling.com/restructuring or (iii) via the Company’s restructuring information line at +1 866-396-3566 (Toll Free) or +1 646-795-6175 (International Number).
The Company intends to continue to file quarterly and annual reports with the SEC, which will also be available on the Company’s website. The Company will not hold an earnings conference call this quarter.
Footnotes
(a) Corporate overhead expenses is a non-GAAP (U.S. generally accepted accounting principles) financial measure. For a definition of corporate overhead expenses and a reconciliation to general and administrative expenses, please refer to the schedule included in this release.
(b) EBITDA and Adjusted EBITDA are non-GAAP financial measures. For a definition of EBITDA and Adjusted EBITDA and a reconciliation to net income, please refer to the schedule included in this release. Management uses this operational metric to track company results and believes that this measure provides additional information that highlights the impact of our operating efficiency as well as the operating and support costs incurred in achieving the revenue performance.
About Pacific Drilling
With its best-in-class drillships and highly experienced team, Pacific Drilling is committed to becoming the industry’s preferred high-specification, floating-rig drilling contractor. Pacific Drilling’s fleet of seven drillships represents one of the youngest and most technologically advanced fleets in the world.
Pacific Drilling has its principal offices in Luxembourg and Houston. For more information about Pacific Drilling, including our current Fleet Status, please visit our website at www.pacificdrilling.com .
Forward-Looking Statements
Certain statements and information contained in this first-quarter 2018 earnings press release, constitute “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, and are generally identifiable by the use of words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “intend,” “our ability to,” “plan,” “potential,” “projected,” “should,” “will,” “would,” or other similar words, which are generally not historical in nature. Our forward-looking statements express our current expectations or forecasts of possible future results or events, including future financial and operational performance; revenue efficiency levels; market outlook; forecasts of trends, future client contract opportunities, contract dayrates; our business strategies and plans and objectives of management; estimated duration of client contracts; backlog; expected capital expenditures; projected costs and savings; the potential impact of our Chapter 11 proceedings on our future operations and ability to finance our business; and our ability to emerge from our Chapter 11 proceedings and continue as a going concern. Although we believe that the assumptions and expectations reflected in our forward-looking statements are reasonable and made in good faith, these statements are not guarantees, and actual future results may differ materially due to a variety of factors. These statements are subject to a number of risks and uncertainties, many of which are beyond our control. Important factors that could cause actual results to differ materially from our expectations include: the global oil and gas market and its impact on demand for our services; the offshore drilling market, including reduced capital expenditures by our clients; changes in worldwide oil and gas supply and demand; rig availability and supply and demand for high-specification drillships and other drilling rigs competing with our fleet; costs related to stacking of rigs; our ability to enter into and negotiate favorable terms for new drilling contracts or extensions; our substantial level of indebtedness; possible cancellation, renegotiation, termination or suspension of drilling contracts as a result of mechanical difficulties, performance, market changes or other reasons; our ability to continue as a going concern in the long term, including our ability to confirm a plan of reorganization that restructures our debt obligations to address our liquidity issues and allows emergence from our Chapter 11 proceedings; our ability to obtain Bankruptcy Court approval with respect to motions or other requests made to the Bankruptcy Court in our Chapter 11 proceedings, including maintaining strategic control as debtor-in-possession; our ability to negotiate, develop, confirm and consummate a plan of reorganization; the effects of our Chapter 11 proceedings on our operations and agreements, including our relationships with employees, regulatory authorities, customers, suppliers, banks and other financing sources, insurance companies and other third parties; the effects of our Chapter 11 proceedings on our Company and on the interests of various constituents, including holders of our common shares and debt instruments; Bankruptcy Court rulings in our Chapter 11 proceedings as well as the outcome of all other pending litigation and arbitration matters and the outcome of our Chapter 11 proceedings in general; the length of time that we will operate under Chapter 11 protection and the continued availability of operating capital during the pendency of the proceedings; risks associated with third-party motions in our Chapter 11 proceedings, which may interfere with our ability to confirm and consummate a plan of reorganization and restructuring generally; increased advisory costs to execute a plan of reorganization; our ability to access adequate debtor-in-possession financing or use cash collateral; the potential adverse effects of our Chapter 11 proceedings on our liquidity, results of operations, or business prospects; increased administrative and legal costs related to our Chapter 11 proceedings and other litigation and the inherent risks involved in a bankruptcy process; the cost, availability and access to capital and financial markets, including the ability to secure new financing after emerging from our Chapter 11 proceedings; and the other risk factors described in our 2017 Annual Report on Form 20-F and our Current Reports on Form 6-K. These documents are available through our website at www.pacificdrilling.com or through the SEC’s website at www.sec.gov . Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.
PACIFIC DRILLING S.A. (DEBTOR IN POSSESSION) AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(in thousands, except per share information) (unaudited)
Three Months Ended March 31,
December 31, March 31, 2018 2017 2017 Revenues Contract drilling $ 82,069 $ 65,024 $ 105,509 Costs and expenses Operating expenses (64,354 ) (59,728 ) (60,448 ) General and administrative expenses (17,204 ) (22,448 ) (22,461 ) Depreciation expense (69,920 ) (69,894 ) (69,631 ) (151,478 ) (152,070 ) (152,540 ) Operating loss (69,409 ) (87,046 ) (47,031 ) Other income (expense) Interest expense (14,929 ) (27,438 ) (50,011 ) Reorganization items (12,032 ) (6,474 ) — Other income (expense) 593 (4 ) (729 ) Loss before income taxes (95,777 ) (120,962 ) (97,771 ) Income tax expense (274 ) (8,770 ) (2,076 ) Net loss $ (96,051 ) $ (129,732 ) $ (99,847 ) Loss per common share, basic $ (4.50 ) $ (6.08 ) $ (4.69 ) Weighted average number of common shares, basic 21,339 21,338 21,273 Loss per common share, diluted $ (4.50 ) $ (6.08 ) $ (4.69 ) Weighted average number of common shares, diluted 21,339 21,338 21,273 PACIFIC DRILLING S.A. (DEBTOR IN POSSESSION) AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands) (unaudited)
March 31, December 31, 2018 2017 Assets: Cash and cash equivalents $ 264,450 $ 308,948 Restricted cash 8,500 8,500 Accounts receivable, net 49,193 40,909 Materials and supplies 86,223 87,332 Deferred costs, current 12,789 14,892 Prepaid expenses and other current assets 11,964 14,774 Total current assets 433,119 475,355 Property and equipment, net 4,585,463 4,652,001 Long-term receivable 202,575 202,575 Other assets 30,380 33,030 Total assets $ 5,251,537 $ 5,362,961 Liabilities and shareholders’ equity: Accounts payable $ 14,600 $ 11,959 Accrued expenses 27,863 36,174 Accrued interest 5,774 6,088 Deferred revenue, current 20,946 23,966 Total current liabilities 69,183 78,187 Deferred revenue 8,308 12,973 Other long-term liabilities 30,963 32,323 Total liabilities not subject to compromise 108,454 123,483 Liabilities subject to compromise 3,086,417 3,087,677 Shareholders’ equity: Common shares 213 213 Additional paid-in capital 2,367,187 2,366,464 Accumulated other comprehensive loss (14,300 ) (14,493 ) Accumulated deficit (296,434 ) (200,383 ) Total shareholders’ equity 2,056,666 2,151,801 Total liabilities and shareholders’ equity $ 5,251,537 $ 5,362,961 PACIFIC DRILLING S. A. (DEBTOR IN POSSESSION) AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(in thousands) (unaudited)
Three Months Ended March 31, December 31, March 31, 2018 2017 2017 Cash flow from operating activities: Net loss $ (96,051 ) $ (129,732 ) $ (99,847 ) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation expense 69,920 69,894 69,631 Amortization of deferred revenue (6,150 ) (5,145 ) (31,079 ) Amortization of deferred costs 5,007 3,080 3,306 Amortization of deferred financing costs — — 8,091 Amortization of debt discount — — 305 Deferred income taxes (1,762 ) 7,497 908 Share-based compensation expense 723 781 2,215 Other-than-temporary impairment of available-for-sale securities — 682 — Reorganization items 4,707 5,315 — Changes in operating assets and liabilities: Accounts receivable (8,284 ) (4,548 ) 54,211 Materials and supplies 1,109 1,999 1,197 Prepaid expenses and other assets 4,329 (10,327 ) (1,495 ) Accounts payable and accrued expenses (12,745 ) 20,472 16,421 Deferred revenue (1,413 ) 3,056 4,848 Net cash provided by (used in) operating activities (40,610 ) (36,976 ) 28,712 Cash flow from investing activities: Capital expenditures (3,888 ) (3,883 ) (10,127 ) Net cash used in investing activities (3,888 ) (3,883 ) (10,127 ) Cash flow from financing activities: Payments for shares issued under share-based compensation plan — — (154 ) Payments on long-term debt — — (134,540 ) Payments for financing costs — — (2,664 ) Net cash used in financing activities — — (137,358 ) Net decrease in cash and cash equivalents (44,498 ) (40,859 ) (118,773 ) Cash, cash equivalents and restricted cash, beginning of period 317,448 358,307 626,168 Cash, cash equivalents and restricted cash, end of period $ 272,950 $ 317,448 $ 507,395 EBITDA and Adjusted EBITDA Reconciliation
EBITDA is defined as earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA is defined as earnings before interest, taxes, depreciation and amortization, other-than-temporary impairment of available-for-sale securities and reorganization items. EBITDA and Adjusted EBITDA do not represent and should not be considered an alternative to net income, operating income, cash flow from operations or any other measure of financial performance presented in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and our calculation of EBITDA and Adjusted EBITDA may not be comparable to that reported by other companies. EBITDA and Adjusted EBITDA are included herein because they are used by management to measure the Company’s operations. Management believes that EBITDA and Adjusted EBITDA present useful information to investors regarding the Company’s operating performance.
PACIFIC DRILLING S.A. AND SUBSIDIARIES
Supplementary Data—Reconciliation of Net Loss to Non-GAAP EBITDA and Adjusted EBITDA
(in thousands) (unaudited)
Three Months Ended March 31, December 31, March 31, 2018 2017 2017 Net loss $ (96,051 ) $ (129,732 ) $ (99,847 ) Add: Interest expense 14,929 27,438 50,011 Depreciation expense 69,920 69,894 69,631 Income tax expense 274 8,770 2,076 EBITDA $ (10,928 ) $ (23,630 ) $ 21,871 Add: Other-than-temporary impairment of available-for-sale securities — 682 — Reorganization items 12,032 6,474 — Adjusted EBITDA $ 1,104 $ (16,474 ) $ 21,871 Corporate Overhead Expenses Reconciliation
Corporate overhead expenses is a non-GAAP financial measure defined as general and administrative expenses less certain legal expenses related to the arbitration proceeding and patent litigation, as well as legal and financial advisory expenses related to debt restructuring efforts incurred prior to the Petition Date. We included corporate overhead herein because it is used by management to measure the Company's ongoing corporate overhead. Management believes that ongoing corporate overhead expenses present useful information to investors regarding the financial impact of Company's cost savings measures and optimization of overhead support structure during the periods presented below. Non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, financial measures prepared in accordance with GAAP.
PACIFIC DRILLING S.A. AND SUBSIDIARIES
Supplementary Data—Reconciliation of General and Administrative Expenses to Non-GAAP Corporate Overhead Expenses
(in thousands) (unaudited)
Three Months Ended March 31, December 31, March 31, 2018 2017 2017 General and administrative expenses $ 17,204 $ 22,448 $ 22,461 Subtract: Legal and advisory expenses (5,648 ) (11,439 ) (6,067 ) Corporate overhead expenses $ 11,556 $ 11,009 $ 16,394
View source version on businesswire.com : https://www.businesswire.com/news/home/20180523005154/en/
Pacific Drilling S.A.
Investor Contact:
Johannes (John) P. Boots, +352 26 84 57 81
[email protected]
or
Media Contact:
Amy L. Roddy, +713 334 6662
[email protected]
Source: Pacific Drilling S.A. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/business-wire-pacific-drilling-announces-first-quarter-2018-results.html |
EMI deal makes Sony world's biggest music publisher 2:54pm BST - 01:01
Sony has become the world's biggest music publisher after signing a deal to gain control of publishing giant EMI.
Sony has become the world's biggest music publisher after signing a deal to gain control of publishing giant EMI. //reut.rs/2IBYgfy | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/22/emi-deal-makes-sony-worlds-biggest-music?videoId=429325486 |
Singapore is 'an ideal location' for the Trump-Kim summit: Former US ambassador 7 Hours Ago Singapore is likely to act as "an honest broker" for the upcoming summit between U.S. President Donald Trump and North Korean leader Kim Jong Un, says David Adelman of Reed Smith. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/10/singapore-is-an-ideal-location-for-the-trump-kim-summit-former-us-ambassador.html |
May 20, 2018 / 11:19 AM / Updated 6 hours ago Support for repealing Irish abortion laws rises days from vote Reuters Staff 3 Min Read
DUBLIN (Reuters) - Irish voters who favor liberalizing the country’s abortion laws increased their lead in two opinion polls published on Sunday, reversing a trend that suggested the race had begun to tighten ahead of the final days of campaigning. FILE PHOTO: A woman walks past a Pro-Choice mural on the side of a building ahead of a 25th May referendum on abortion law, in Dun Laoghaire, Ireland, May 7, 2018. REUTERS/Clodagh Kilcoyne/File Photo
Voters will be asked on Friday if they wish to overhaul one of the world’s most restrictive regimes that has long divided a once deeply Catholic nation. A complete ban was only lifted five years ago for cases where the mother’s life is in danger.
Those backing a ‘Yes’ vote have held a commanding lead since the referendum was announced in January and while still poised for victory, recent polls showed the ‘No’ side gaining as a large cohort of undecided voters began to make up their minds.
However, the Sunday Business Post/Red C poll found that 56 percent of those surveyed between May 10 and May 16 would vote to change the laws, up three points on last month, with 27 percent against, a rise of one, and 14 percent still undecided.
The Sunday Times/Behaviour & Attitudes (B&A) poll showed a 10-point swing for the ‘Yes’ side compared with a month ago, with 52 percent in favor, 24 percent against and 19 percent undecided. That poll was conducted from May 3 to May 15.
“Overall we expect the Yes vote to be in and around 56 percent to 58 percent at this stage and, barring any major interventions in the campaign over the next week, that is the most likely result,” said Red C chief executive Richard Colwell, predicting most ‘Don’t Knows’ would vote ‘No’.
“Still enough for the Yes camp to win the referendum, but closer than top line vote intentions suggest.”
The B&A survey reported a surge in cities and larger towns in favor of repealing a 1983 amendment to the constitution that enshrined the equal right to life of the mother and her unborn child, the question that will be posed on the ballot paper.
If the referendum is carried, parliament will then be enabled to set the laws and Ireland’s minority government has proposed legislation that would introduce terminations with no restrictions up to 12 weeks into a pregnancy.
However, with politicians split on the issue, there is no guarantee the government’s proposal will prevail. Reporting by Padraic Halpin; Editing by Mark Potter | ashraq/financial-news-articles | https://www.reuters.com/article/us-ireland-abortion/support-for-repealing-irish-abortion-laws-rises-days-from-vote-idUSKCN1IL0DV |
ANKARA (Reuters) - Turkey’s main opposition Republican People’s Party (CHP) on Friday nominated one its most prominent and combative lawmakers to challenge President Tayyip Erdogan in June 24 snap presidential polls.
Muharrem Ince, Turkey's main opposition Republican People's Party (CHP) candidate for the upcoming snap presidential election, speaks during a party gathering in Ankara, Turkey, May 4, 2018. REUTERS/Umit Bektas The secularist CHP, which has never won an election against Erdogan in his decade and a half in power, nominated 53-year-old former high school physics teacher Muharrem Ince as its candidate.
“I will be everyone’s president, a non-partisan president. The depressing times will end on June 24th,” Ince told thousands of flag-waving supporters at a rally in Ankara, where he was introduced by party leader Kemal Kilicdaroglu.
Kilicdaroglu had previously said he would not run for president, saying the head of a party should not simultaneously serve as the head of state.
Ince is widely known as one of the most spirited speakers from the opposition in parliament. He has run as the sole challenger for party leadership against Kilicdaroglu in the last two CHP party elections, in 2014 and 2018.
He is seen as a candidate who can match the harsh rhetoric often used by Erdogan, while also receiving backing from the party’s own voter base, as well as conservative and right-wing voters.
However, Erdogan’s most credible challenge is seen as coming not from the CHP but from former Interior Minister Meral Aksener, who last year founded the Iyi (Good) Party after splitting with the nationalist MHP party, which is supporting Erdogan.
The CHP, the Iyi Party and two other parties are this week expected to agree on an election alliance, to create a broad coalition against Erdogan. This has lead to speculation the CHP could pull its candidate in the second round of voting and back Aksener.
Slideshow (3 Images) Additional reporting by Tuvan Gumrukcu, Ece Toksabay and Ezgi Erkoyun; Writing by Tuvan Gumrukcu; Editing by David Dolan
| ashraq/financial-news-articles | https://in.reuters.com/article/turkey-election/turkeys-main-opposition-nominates-combative-former-teacher-to-challenge-erdogan-idINKBN1I50V0 |
SANTA ANA, Calif., May 10, 2018 (GLOBE NEWSWIRE) -- Ducommun Incorporated (NYSE:DCO) (“Ducommun” or the “Company”) today reported results for its first quarter ended March 31, 2018.
First Quarter 2018 Highlights*
Revenue of $150.5 million Net income of $2.6 million, or $0.22 per diluted share Adjusted net income of $2.9 million, or $0.25 per diluted share Adjusted EBITDA of $14.5 million Backlog of $820 million Completed the acquisition of Certified Thermoplastics Co., LLC after quarter end
“I’m pleased to report that we had another good quarter of progress at Ducommun as we position the Company for greater growth and higher margins through the rest of this year,” said Stephen G. Oswald, chairman, president and chief executive officer. “We are seeing meaningful change in many areas of our operations and booked $2.2 million of restructuring charges during the period, primarily impacting our structures operations. Overall, we remain on track to reduce about 17% of our total footprint going forward. We also continued to reduce costs through a leaner organization and are confident of achieving approximately $14 million of annualized savings by the start of 2019. A visible highlight of our efforts is already being realized as the structures’ segment margins increased 100 basis points sequentially from the fourth quarter, on an adjusted basis, and I am expecting further gains as we drive excellence in that area along with the rest of the Company this year.
“Even while implementing major changes and significant cost-saving initiatives, our high level of dedication, service and teamwork has prevented any major customer or organizational disruptions. In fact, we again hit a record backlog this quarter -- now nearly $820 million -- reflecting growth across nearly all aspects of the Company’s markets and customer segments. We also generated over $10 million of operating cash flow and, in April, completed the acquisition of Certified Thermoplastics, a cutting-edge supplier of engineered resins, compounds and alloys. Due to the ongoing strong demand trends within the commercial aerospace industry and greater visibility in Washington with regard to defense spending, we are very confident that Ducommun is on the right path to higher financial performance.”
*All financial statements in this report (and henceforth) recognize the implementation of the FASB Accounting Standards Codification Topic 606 (“ASC 606”), covering policies on revenue recognition. In some instances herein a reference is made to the prior ASC, Topic 605 (“ASC 605”), for comparative purposes. Please see the non-GAAP measures starting on page 8 herein and the Company’s Annual Report on Form 10-K and Form 10-Q filings with Commission for further description of this change.
First Quarter Results
Net revenue for the first quarter of 2018 was $150.5 million compared to $136.3 million for the first quarter of 2017. The year-over-year increase was primarily due to the following:
$14.1 million higher revenue in the Company’s commercial aerospace end-use markets: $5.8 million of the increase was related to the adoption of ASC 606 with the remaining mainly due to increased build rates which favorably impacted the Company’s large aircraft platforms; and $2.9 million higher revenue in the Company’s military and space end-use markets: $6.5 million of the increase was related to the adoption of ASC 606 with the remaining decrease mainly due to shipment timing; partially offset by $2.8 million lower revenue in the Company’s industrial end-use markets: $0.4 million of the decrease was related to the adoption of ASC 606.
Net income for the first quarter of 2018 was $2.6 million, or $0.22 per diluted share, compared to $2.1 million, or $0.18 per diluted share, for the first quarter of 2017. The year-over-year increase was primarily due to the following:
$1.8 million of higher gross profit mainly due to higher revenue; $1.5 million of lower selling, general and administrative expenses; and $0.6 million of lower income tax expense; partially offset by $2.2 million of higher restructuring charges; and $1.2 million of higher interest expense.
Gross profit for the first quarter of 2018 was $26.8 million, or 17.8% of revenue compared to gross profit of $25.0 million, or 18.3% of revenue, for the first quarter of 2017 (0.2% of the decrease was due to the adoption of ASC 606). The remaining decrease in gross margin percentage year-over-year was primarily due to higher other manufacturing costs, partially offset by higher manufacturing volume.
Operating income for the first quarter of 2018 was $5.3 million, or 3.5% of revenue, compared to $4.3 million, or 3.1% of revenue, in the comparable period last year. The 23.6% year-over-year increase was primarily due to higher revenue, partially offset by restructuring charges.
Interest expense for the first quarter of 2018 was $2.9 million compared to $1.7 million in the comparable period of 2017. The year-over-year increase was primarily due to a higher outstanding balance on the revolving credit facility, mainly due to the acquisition of Lightning Diversion Systems, LLC during the third quarter of 2017 and higher interest rates.
Adjusted EBITDA for the first quarter of 2018 was $14.5 million, or 9.6% of revenue, compared to $11.9 million, or 8.7% of revenue, for the comparable period in 2017, an increase of 22.3%.
During the first quarter of 2018, the Company generated $10.3 million of cash flow from operations compared to $13.2 million during the first quarter of 2017.
The Company’s backlog as of March 31, 2018 was $820 million compared to $726 million as of December 31, 2017, an increase of 12.8%.
Electronic Systems
Electronic Systems segment net revenue for the current-year first quarter was $82.4 million, compared to $78.7 million for the first quarter of 2017. The year-over-year increase was primarily due to the following:
$5.6 million higher revenue within the Company’s military and space end-use markets: $6.1 million of the increase was related to the adoption of ASC 606 with the remaining decrease mainly due to shipment timing; and $0.9 million higher revenue within the Company’s commercial aerospace end-use markets: $0.8 million of the increase was related to the adoption of ASC 606; partially offset by $2.8 million lower revenue within the Company's Industrial end-use markets: $0.4 million of the decrease was related to the adoption of ASC 606.
Electronic Systems’ segment operating income was $5.7 million, or 7.0% of revenue, for the first quarter of 2018 compared to $7.1 million, or 9.0% of revenue, for the comparable quarter in 2017. The year-over-year decrease was primarily due to unfavorable product mix, restructuring charges, higher other manufacturing costs, partially offset by favorable manufacturing volume.
Structural Systems
Structural Systems segment net revenue for the current-year first quarter was $68.0 million, compared to $57.6 million for the first quarter of 2017. The year-over-year increase was primarily due to the following:
$13.2 million higher revenue within the Company’s commercial aerospace end-use markets: $5.8 million of the increase was related to the adoption of ASC 606 with the remaining mainly due to increased build rates which favorably impacted the Company’s large aircraft platforms; partially offset by $2.7 million lower revenue within the Company’s military and space end-use markets: $0.6 million increase was related to the adoption of ASC 606 with the remaining mainly due to shipment timing.
Structural Systems segment operating income for the current-year first quarter was $4.4 million, or 6.5% of revenue, compared to $2.8 million, or 4.8% of revenue, for the first quarter of 2017. The year-over-year increase of $1.6 million was primarily due to higher manufacturing volume, favorable product mix, and cost reductions, partially offset by restructuring charges.
Corporate General and Administrative (“CG&A”) Expenses
CG&A expenses for the first quarter of 2018 were $4.9 million, or 3.2% of total Company revenue, compared to $5.6 million, or 4.1% of total Company revenue, for the comparable quarter in the prior year, a 12.5% decrease. The year-over-year decrease was primarily due to lower compensation and benefit costs as a result of the restructuring activities of $1.4 million, partially offset by higher professional services fees of $0.5 million.
Conference Call
A teleconference hosted by Stephen G. Oswald, the Company’s chairman, president, and chief executive officer, and Douglas L. Groves, the Company’s vice president, chief financial officer and treasurer, will be held today, May 10, 2018 at 2:00 p.m. PT (5:00 p.m. ET) to review these financial results. To participate in the teleconference, please call 844-239-5278 (international 574-990-1017) approximately ten minutes prior to the conference time. The participant passcode is 1979663. Mr. Oswald and Mr. Groves will be speaking on behalf of the Company and anticipate the call (including Q&A) to last approximately 45 minutes.
This call is being webcast and can be accessed directly at the Ducommun website at www.ducommun.com . Conference call replay will be available after that time at the same link or by dialing 855-859-2056, passcode 1979663.
About Ducommun Incorporated
Ducommun Incorporated delivers value-added innovative manufacturing solutions to customers in the aerospace, defense and industrial markets. Founded in 1849, the Company specializes in two core areas - Electronic Systems and Structural Systems - to produce complex products and components for commercial aircraft platforms, mission-critical military and space programs, and sophisticated industrial applications. For more information, visit www.ducommun.com .
Forward Looking Statements
This press release and any attachments include “forward-looking statements,” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, in particular, earnings guidance, the Company’s restructuring plan and any statements about the Company’s plans, strategies and prospects. The Company generally uses the words “may,” “will,” “could,” “expect,” “anticipate,” “believe,” “estimate,” “plan,” “intend” and similar expressions in this press release and any attachments to identify forward-looking statements. The Company bases these forward-looking statements on its current views with respect to future events and financial performance. Actual results could differ materially from those projected in the forward-looking statements. These forward-looking statements are subject to risks, uncertainties and assumptions, including, among other things: whether the anticipated pre-tax restructuring charges will be sufficient to address all anticipated restructuring costs, including related to employee separation, facilities consolidation, inventory write-down and other asset impairments; whether the expected cost savings from the restructuring will ultimately be obtained in the amount and during the period anticipated; whether the restructuring in the affected areas will be sufficient to build a more cost efficient, focused, higher margin enterprise with higher returns for the Company's shareholders; the impact of the Company’s debt service obligations and restrictive debt covenants; the Company’s end-use markets are cyclical; the Company depends upon a selected base of industries and customers; a significant portion of the Company’s business depends upon U.S. Government defense spending; the Company is subject to extensive regulation and audit by the Defense Contract Audit Agency; contracts with some of the Company’s customers contain provisions which give the its customers a variety of rights that are unfavorable to the Company; further consolidation in the aerospace industry could adversely affect the Company’s business and financial results; the Company’s ability to successfully make acquisitions, including its ability to successfully integrate, operate or realize the projected benefits of such businesses; the Company relies on its suppliers to meet the quality and delivery expectations of its customers; the Company uses estimates when bidding on fixed-price contracts which estimates could change and result in adverse effects on its financial results; the impact of existing and future laws and regulations; the impact of existing and future accounting standards and tax rules and regulations; environmental liabilities could adversely affect the Company’s financial results; cyber security attacks, internal system or service failures may adversely impact the Company’s business and operations; and other risks and uncertainties, including those detailed from time to time in the Company’s periodic reports filed with Commission. You should not put undue reliance on any forward-looking statements. You should understand that many important factors, including those discussed herein, could cause the Company’s results to differ materially from those expressed or suggested in any forward-looking statement. Except as required by law, the Company does not undertake any obligation to update or revise these forward-looking statements to reflect new information or events or circumstances that occur after the date of this news release or to reflect the occurrence of unanticipated events or otherwise. Readers are advised to review the Company’s filings with Commission (which are available from the SEC’s EDGAR database at www.sec.gov , at various SEC reference facilities in the United States and through the Company’s website).
Note Regarding Non-GAAP Financial Information
This release contains non-GAAP financial measures, including Adjusted EBITDA (which excludes interest expense, income tax [benefit] expense, depreciation, amortization, stock-based compensation expense, and restructuring charges).
The Company believes the presentation of these non-GAAP measures provide important supplemental information to management and investors regarding financial and business trends relating to its financial condition and results of operations. The Company’s management uses these non-GAAP financial measures along with the most directly comparable GAAP financial measures in evaluating the Company’s actual and forecasted operating performance, capital resources and cash flow. The non-GAAP financial information presented herein should be considered supplemental to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. The Company discloses different non-GAAP financial measures in order to provide greater transparency and to help the Company’s investors to more meaningfully evaluate and compare Ducommun’s results to its previously reported results. The non-GAAP financial measures that the Company uses may not be comparable to similarly titled financial measures used by other companies. We define backlog as potential revenue and is based on customer placed purchase orders and long-term agreements (“LTAs”) with firm fixed price and firm delivery dates of 24 months or less. The majority of the LTAs do not meet the definition of a contract under ASC 606 and thus, the backlog amount disclosed herein is greater than the backlog amount disclosed under ASC 606. Backlog is subject to delivery delays or program cancellations, which are beyond our control. Backlog is affected by timing differences in the placement of customer orders and tends to be concentrated in several programs to a greater extent than our net revenues. Backlog in industrial markets tends to be of a shorter duration and is generally fulfilled within a three month period. As a result of these factors, trends in our overall level of backlog may not be indicative of trends in our future net revenues.
CONTACTS:
Douglas L. Groves, Vice President, Chief Financial Officer and Treasurer, 657.335.3665 Chris Witty, Investor Relations, 646.438.9385, [email protected] [Financial Tables Follow]
DUCOMMUN INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands) March 31,
2018 December 31,
2017 Assets Current Assets Cash and cash equivalents $ 1,797 $ 2,150 Accounts receivable, net 64,915 74,064 Contract assets 78,163 — Inventories 85,932 122,161 Production cost of contracts 11,181 11,204 Other current assets 12,503 11,435 Total Current Assets 254,491 221,014 Property and equipment, Net 110,031 110,252 Goodwill 117,435 117,435 Intangibles, net 112,154 114,693 Non-current deferred income taxes 147 261 Other assets 3,311 3,098 Total Assets $ 597,569 $ 566,753 Liabilities and Shareholders’ Equity Current Liabilities Accounts payable $ 65,042 $ 51,907 Contract liabilities 15,723 — Accrued liabilities 22,469 28,329 Total Current Liabilities 103,234 80,236 Long-term debt, less current portion 209,710 216,055 Non-current deferred income taxes 15,775 15,981 Other long-term liabilities 21,543 18,898 Total Liabilities 350,262 331,170 Commitments and contingencies Shareholders’ Equity Common stock 114 113 Additional paid-in capital 80,523 80,223 Retained earnings 173,652 161,364 Accumulated other comprehensive loss (6,982 ) (6,117 ) Total Shareholders’ Equity 247,307 235,583 Total Liabilities and Shareholders’ Equity $ 597,569 $ 566,753
DUCOMMUN INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In thousands, except per share amounts) Three Months Ended March 31,
2018 April 1,
2017 Net Revenues $ 150,455 $ 136,297 Cost of Sales 123,700 111,292 Gross Profit 26,755 25,005 Selling, General and Administrative Expenses 19,326 20,753 Restructuring Charges 2,173 — Operating Income 5,256 4,252 Interest Expense (2,899 ) (1,745 ) Income Before Taxes 2,357 2,507 Income Tax (Benefit) Expense (243 ) 392 Net Income $ 2,600 $ 2,115 Earnings Per Share Basic earnings per share $ 0.23 $ 0.19 Diluted earnings per share $ 0.22 $ 0.18 Weighted-Average Number of Common Shares Outstanding Basic 11,346 11,208 Diluted 11,613 11,495 Gross Profit % 17.8 % 18.3 % SG&A % 12.8 % 15.2 % Operating Income % 3.5 % 3.1 % Net Income % 1.7 % 1.6 % Effective Tax (Benefit) Rate (10.3 )% 15.6 %
DUCOMMUN INCORPORATED AND SUBSIDIARIES
BUSINESS SEGMENT PERFORMANCE
(Unaudited)
(In thousands) Three Months Ended %
Change March 31,
2018 April 1,
2017 %
of Net Revenues
2018 %
of Net Revenues
2017 Net Revenues Structural Systems 18.2 % $ 68,046 $ 57,575 45.2 % 42.2 % Electronic Systems 4.7 % 82,409 78,722 54.8 % 57.8 % Total Net Revenues 10.4 % $ 150,455 $ 136,297 100.0 % 100.0 % Segment Operating Income Structural Systems $ 4,391 $ 2,784 6.5 % 4.8 % Electronic Systems 5,744 7,104 7.0 % 9.0 % 10,135 9,888 Corporate General and Administrative Expenses (1) (4,879 ) (5,636 ) (3.2 )% (4.1 )% Total Operating Income $ 5,256 $ 4,252 3.5 % 3.1 % Adjusted EBITDA Structural Systems Operating Income $ 4,391 $ 2,784 Depreciation and Amortization 2,316 2,352 Restructuring Charges 1,526 — 8,233 5,136 12.1 % 8.9 % Electronic Systems Operating Income 5,744 7,104 Depreciation and Amortization 3,632 3,423 Restructuring Charges 520 — 9,896 10,527 12.0 % 13.4 % Corporate General and Administrative Expenses (1) Operating loss (4,879 ) (5,636 ) Depreciation and Amortization 33 7 Stock-Based Compensation Expense 1,090 1,822 Restructuring Charges 127 — (3,629 ) (3,807 ) Adjusted EBITDA $ 14,500 $ 11,856 9.6 % 8.7 % Capital Expenditures Structural Systems $ 1,529 $ 5,188 Electronic Systems 2,734 1,433 Corporate Administration — — Total Capital Expenditures $ 4,263 $ 6,621 (1) Includes costs not allocated to either the Structural Systems or Electronic Systems operating segments.
DUCOMMUN INCORPORATED AND SUBSIDIARIES
GAAP TO NON-GAAP REVENUE AND OPERATING INCOME RECONCILIATION
(Unaudited)
(In thousands) Three Months Ended GAAP To Non-GAAP Net Revenues March 31,
2018 April 1,
2017 Total Ducommun Net Revenues $ 150,455 $ 136,297 Effect of Adoption of ASC 606 (11,997 ) — Adjusted Total Ducommun Net Revenues $ 138,458 $ 136,297 Structural Systems Net Revenues $ 68,046 $ 57,575 Effect of Adoption of ASC 606 (5,560 ) — Adjusted Structural Systems Net Revenues $ 62,486 $ 57,575 Electronic Systems Net Revenues $ 82,409 $ 78,722 Effect of Adoption of ASC 606 (6,437 ) — Adjusted Electronic Systems Net Revenues $ 75,972 $ 78,722
Three Months Ended GAAP To Non-GAAP Operating Income March 31,
2018 April 1,
2017 %
of Net Revenues
2018 %
of Net Revenues
2017 GAAP Operating income $ 5,256 $ 4,252 GAAP Operating income - Structural Systems $ 4,391 $ 2,784 Adjustments: Effect of Adoption of ASC 606 (2,298 ) — Restructuring charges 1,526 — Adjusted operating income - Structural Systems 3,619 2,784 5.8% 4.8% GAAP Operating income - Electronic Systems 5,744 7,104 Adjustments: Effect of Adoption of ASC 606 504 — Restructuring charges 520 — Adjusted operating income - Electronic Systems 6,768 7,104 8.9% 9.0% GAAP Operating loss - Corporate (4,879 ) (5,636 ) Adjustment: Restructuring charges 127 — Adjusted operating loss - Corporate (4,752 ) (5,636 ) Total adjustments $ 379 $ — Adjusted operating income $ 5,635 $ 4,252 4.1% 3.1%
DUCOMMUN INCORPORATED AND SUBSIDIARIES
GAAP TO NON-GAAP EARNINGS AND EARNINGS PER SHARE RECONCILIATION
(Unaudited)
(In thousands, except per share amounts) Three Months Ended GAAP To Non-GAAP Earnings March 31,
2018 April 1,
2017 GAAP Net income $ 2,600 $ 2,115 Adjustments: Effect of Adoption of ASC 606 (1)(2) (1,489 ) — Restructuring charges (2) 1,804 — Total adjustments 315 — Adjusted net income $ 2,915 $ 2,115 Three Months Ended GAAP Earnings Per Share To Non-GAAP Earnings Per Share March 31,
2018 April 1,
2017 GAAP Diluted Earnings Per Share (“EPS”) $ 0.22 $ 0.18 Adjustments: Effect of Adoption of ASC 606 (1)(2) (0.13 ) — Restructuring charges (2) 0.16 — Total adjustments 0.03 — Adjusted Diluted EPS $ 0.25 $ 0.18 Shares used for adjusted diluted EPS 11,613 11,495 (1) Net impact of Adoption of ASC 606.
(2) Includes effective tax rate of 17.0% for 2018 adjustments.
DUCOMMUN INCORPORATED AND SUBSIDIARIES
NON-GAAP BACKLOG BY REPORTING SEGMENT
(Unaudited)
(In thousands) (In thousands) March 31,
2018 December 31,
2017 Consolidated Ducommun Military and space Defense electronics $ 245,773 $ 216,508 Defense structures 73,183 60,921 Commercial aerospace 469,630 417,981 Industrial 31,177 31,068 Total $ 819,763 $ 726,478 Structural Systems Military and space (defense structures) $ 73,183 $ 60,921 Commercial aerospace 408,526 361,586 Total $ 481,709 $ 422,507 Electronic Systems Military and space (defense electronics) $ 245,773 $ 216,508 Commercial aerospace 61,104 56,395 Industrial 31,177 31,068 Total $ 338,054 $ 303,971
Source:Ducommun Incorporated | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/globe-newswire-ducommun-reports-results-for-theafirst-quarter-ended-marcha31-2018.html |
BEIJING (Reuters) - As a U.S. trade delegation arrived in Beijing for talks on Thursday, U.S. President Donald Trump said in a Twitter message, “Our great financial team is in China trying to negotiate a level playing field on trade.”
FILE PHOTO - U.S. President Donald Trump attends the National Teacher of the Year awards ceremony at the East Room of the White House in Washington, U.S., May 2, 2018. REUTERS/Carlos Barria He added, “I look forward to being with President Xi in the not too distant future. We will always have a good (great) relationship!”
Reporting by Ben Blanchard; Editing by Clarence Fernandez
Our | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trade-china-trump/trump-tweets-about-trade-delegation-in-china-idUSKBN1I407L |
ST. LOUIS, May 14, 2018 /PRNewswire/ -- Edgewell Personal Care Company (NYSE: EPC) today announced the appointment of Marisa Iasenza as chief legal officer (CLO). Iasenza joins Edgewell from Harman International Industries, Incorporated where she served as senior vice president, general counsel and secretary. Beginning on June 4, 2018, Iasenza will be based in the company's Shelton, Conn. office reporting to David Hatfield, chief executive officer, president and chairman of the board of directors.
"Marisa is a pragmatic, results-oriented General Counsel and I am excited that she will be joining our team," said Hatfield. "During this transformational time at Edgewell, I look forward to having Marisa as a trusted advisor and key member of my leadership team while partnering with her on legal and strategic initiatives moving forward."
Most recently, as senior vice president, general counsel and secretary at Harman, Iasenza was responsible for all legal matters related to mergers and acquisitions, including negotiating and drafting agreements and managing the diligence team; financings; contracts; regulatory filings with the SEC and NYSE; compliance; executive compensation; employee benefit programs; and employment matters. She was with the company for 10 years, maintaining roles of increasing levels of responsibility throughout her tenure.
Prior to that, she served as Assistant General Counsel with United Agri Products, Inc. where she acted as lead attorney for all mergers and acquisitions activity, including drafting and negotiating agreements, and supervised and managed outside counsel relating to acquisition and litigation activity, among other responsibilities.
Iasenza holds a Master of Laws from the University of Miami, and a Bachelor of Laws and Bachelor of Civil Laws from the University of Ottawa.
About Edgewell Personal Care
Edgewell (NYSE: EPC) is a leading pure-play consumer products company with an attractive, diversified portfolio of established brand names such as Schick® and Wilkinson Sword® men's and women's shaving systems and disposable razors; Edge® and Skintimate® shave preparations; Playtex®, Stayfree®, Carefree® and o.b.® feminine care products; Banana Boat® and Hawaiian Tropic® sun care products; Playtex® infant feeding, Diaper Genie®; Bull Dog® and Jack Black® male skin care and grooming products; and Wet Ones® moist wipes. The Company has a broad global footprint and operates in more than 50 markets, including the U.S., Canada, Mexico, Germany, Japan and Australia, with approximately 6,000 employees worldwide.
View original content with multimedia: http://www.prnewswire.com/news-releases/edgewell-personal-care-announces-the-appointment-of-marisa-iasenza-as-chief-legal-officer-300647050.html
SOURCE Edgewell Personal Care Company | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/pr-newswire-edgewell-personal-care-announces-the-appointment-of-marisa-iasenza-as-chief-legal-officer.html |
May 15, 2018 / 7:19 AM / Updated an hour ago EXPLAINER-From $11 bln trading titan to penny stock: Noble Group faces crunch as creditors, investors circle Reuters Staff
* Noble seeks $3.4 bln debt restructuring to survive
* Dissident shareholder files lawsuit to prevent deal
* Market value falls from more than $11 bln to just $80 mln
By Anshuman Daga and Henning Gloystein
SINGAPORE, May 15 (Reuters) - Just seven years ago, Noble Group was a $11 billion-plus Asian commodity powerhouse, trading everything from soybeans to oil. As it readies its latest earnings report, it’s worth barely $80 million, rooted among Singapore’s penny stocks.
Due later on Tuesday, Noble’s first-quarter results will shed light on whether it can stem huge losses provoked by a lack of trade financing and market calls that went sour - while whittling down a debt mountain. They also precede shareholder meetings and legal rulings that will decide whether it survives.
Amid accusations of false accounting levelled in 2015, and a legal spat this year, a long slide in investor confidence has seen most of Noble’s market value wiped out. Noble has defended its accounting and is now trying to clinch a last-ditch deal with creditors and shareholders from which - if it succeeds - it will emerge a transformed company.
Noble is seeking approval to halve its $3.4 billion debt in return for handing over 70 percent of equity to senior creditors, mostly a group of hedge funds which calls itself the “Ad Hoc Group”. Under that plan, its headquarters will be in London, not Asia, no longer controlled by founder Richard Elman.
“Noble’s restructuring...remains critical to averting bankruptcy,” Singapore’s KGI Securities said ahead of the Noble results.
The deal would leave existing shareholders with just 15 percent equity in a company that has seen its share price fall from a peak of S$17.6 Singapore dollar ($13.18) in 2011 to below S$0.1.
Despite its woes, Noble has so far defied talk of its demise. But to keep going, Noble needs a majority of its shareholders to approve the restructuring - a vote on the proposal is expected in June. GOLDILOCKS, BEARS
Scared by the prospect of total loss and lack of any alternate plan, the proposal could get enough support, company sources say.
Founder Elman, still Noble’s biggest shareholder with a stake of nearly 18 percent, would be given a board seat in the new firm.
Noble chairman Paul Brough, a restructuring and liquidation expert, has urged shareholders to support the deal, threatening a failure would result in insolvency and bankruptcy.
But leading the resistance is Abu Dhabi-based Goldilocks Investment Co. Ltd, which holds 8.1 percent in Noble. Goldilocks has filed complaints and lawsuits against the restructuring plans, arguing they protect creditors at the expense of shareholders.
Goldilocks is Noble’s third-biggest shareholder after Elman and China Investment Corp, which has a 9.5 percent stake.
It’s not just shareholders who are unhappy, though.
One of Noble’s business partners, Indonesian coal miner PT Atlas Resources, has also filed lawsuit against Noble and its chief executive William James Randall, alleging it was given false information related to asset sales.
Shipping Indonesian coal to buyers in Asia is the biggest remaining business at Noble, which has said it plans to resist any and all allegations or claims made against it. ‘NIMBLE AND MOTIVATED’
In its glory days, Noble employed hundreds of traders, with ambitions to rival global rivals like Glencore.
But with its market value a shadow of what it once was, and billions in debt, Noble has struggled to remain active. Instead of trading itself out of trouble, it was forced to sell off its core businesses, including oil and gas, to competitors Vitol and Mercuria.
This, as well as some bad trading calls, meant Noble booked a whopping $5 billion loss in 2017 - despite a broad commodity market recovery.
As a result, Noble was unable to join a share-price rally enjoyed by rival miners and traders like Glencore or Whitehaven Coal.
For now, Noble fights on, seeking to make the best of its new look.
Earlier in May, its gave a market presentation at a major coal trading event in Bali at which it described itself as “small, but nimble and motivated”. ($1 = 1.3352 Singapore dollars) Reporting by Anshuman Daga and Henning Gloystein Editing by Kenneth Maxwell | ashraq/financial-news-articles | https://www.reuters.com/article/noble-group-debt/explainer-from-11-bln-trading-titan-to-penny-stock-noble-group-faces-crunch-as-creditors-investors-circle-idUSL5N1SM063 |
LOS ANGELES--(BUSINESS WIRE)-- Catasys, Inc. (NASDAQ:CATS), a leading AI and technology-enabled healthcare company, announced that the Company will be releasing financial results for its first quarter ended March 31, 2018, after the closing of the stock market on Tuesday, May 15, 2018.
The Company will also host a conference call/webcast that same day at 4:30 pm ET/1:30 pm PT.
Investors, analysts, employees and the general public are invited to listen to the conference call via:
Conference Call: 877-705-2969 (domestic) or 201-689-8868 (international) Webcast: http://catasys.equisolvewebcast.com/q1-2018
Those who are unable to attend the conference call live can use the following information to hear a replay version:
Conference ID#: 13672721 Conference Call Replay: 877-660-6853 (domestic) or 201-612-7415 (international) Expiration Date: 5/22/2018 About Catasys, Inc.
Catasys, Inc. harnesses proprietary big data predictive analytics, artificial intelligence and telehealth, combined with human intervention, to deliver improved member health and cost savings to health plans through integrated technology enabled treatment solutions. It is our mission to provide access to affordable and effective care, thereby improving health and reducing cost of care for people who suffer from the medical consequences of behavioral health conditions; helping these people and their families achieve and maintain better lives.
Catasys' OnTrak solution--contracted with a growing number of national and regional health plans--is designed to treat members with behavioral conditions that cause or exacerbate co-existing medical conditions. Catasys has a unique ability to engage these members, who do not otherwise seek behavioral healthcare, leveraging proprietary enrollment capabilities built on deep insights into the drivers of care avoidance matched with data driven motivational and consumer engagement technologies.
OnTrak integrates evidence-based medical and psychosocial interventions along with care coaching in a 52-week outpatient solution. The program is currently improving member health and, at the same time, is demonstrating reduced inpatient and emergency room utilization, driving a more than 50 percent reduction in total health insurers' costs for enrolled members. OnTrak is available to members of several leading health plans in Connecticut, Florida, Georgia, Illinois, Kansas, Kentucky, Louisiana, Massachusetts, Missouri, New Jersey, North Carolina, Oklahoma, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, West Virginia and Wisconsin.
Forward-Looking Statements
Except for statements of historical fact, the matters discussed in this press release are forward-looking and made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These reflect numerous assumptions and involve a variety of risks and uncertainties, many of which are beyond our control, which may cause actual results to stated expectations. These risk factors include, among others, changes in regulations or issuance of new regulations or interpretations, limited operating history, our inability to execute our business plan, increase our revenue and achieve profitability, lower than anticipated eligible members under our contracts, our inability to recognize revenue, lack of outcomes and statistically significant formal research studies, difficulty enrolling new members and maintaining existing members in our programs, the risk that treatment programs might not be effective, difficulty in developing, exploiting and protecting proprietary technologies, intense competition and substantial regulation in the health care industry, the risks associated with the adequacy of our existing cash resources and our ability to continue as a going concern, our ability to raise additional capital when needed and our liquidity. You are urged to consider statements that include the words "may," "will," "would," "could," "should," "believes," "estimates," "projects," "potential," "expects," "plan," "anticipates," "intends," "continues," "forecast," "designed," "goal," or the negative of those words or other comparable words to be uncertain and forward-looking. For a further list and description of the risks and uncertainties we face, please refer to our most recent Commission filings which are available on its website at http://www.sec.gov . Such are current only as of the date they are made, and we assume no obligation to update any , whether as a result of new information, future events or otherwise, except as required by law.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180514005213/en/
Catasys, Inc.
Marianne Acosta, 310-444-4346
Source: Catasys, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/business-wire-catasys-to-announce-first-quarter-2018-results-and-host-conference-call-on-may-15-2018.html |
May 9, 2018 / 11:22 AM / Updated 10 minutes ago BRIEF-Acelrx Resubmits New Drug Application For Dsuvia Reuters Staff
May 9 (Reuters) - AcelRx Pharmaceuticals Inc: * ACELRX RESUBMITS NEW DRUG APPLICATION FOR DSUVIA
* ACELRX PHARMACEUTICALS INC - EXPECTS A SIX-MONTH REVIEW BY FDA WITH A PROJECTED PDUFA DATE IN Q4 2018
* ACELRX PHARMACEUTICALS INC - ANTICIPATES THAT FDA WILL ACKNOWLEDGE ACCEPTANCE OF NDA WITHIN 30 CALENDAR DAYS OF RESUBMISSION DATE
* ACELRX PHARMACEUTICALS INC - POTENTIAL MARKETING AUTHORIZATION FROM EMA IS EXPECTED IN Q3 OF 2018 FOR DSUVIA | ashraq/financial-news-articles | https://www.reuters.com/article/brief-acelrx-resubmits-new-drug-applicat/brief-acelrx-resubmits-new-drug-application-for-dsuvia-idUSFWN1SG0QY |
April 30 (Reuters) - S i2i Ltd:
* ANTICIPATES THAT ED & GROUP CEO WILL BE APPOINTED AS CHAIRMAN FOR PURPOSES OF GENERAL MEETINGS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-s-i2i-ltd-anticipates-ed-group-ceo/brief-s-i2i-ltd-anticipates-ed-group-ceo-to-be-appointed-as-chairman-for-purposes-of-general-meetings-idUSFWN1S606Q |
CNBC.com Photo by Bloomberg Mark Zuckerberg speaking at the Viva Technology conference in Paris, France, on Thursday, May 24, 2018.
Mark Zuckerberg and Elon Musk have a testy history of disagreeing about the potential for artificial intelligence, with Zuckerberg as the optimist and Musk as the prophet of doom.
But on Thursday in Paris at the Viva Technology conference, Zuckerberg ducked an opportunity to disagree with the Tesla and SpaceX boss, instead focusing on an area where the two tech titans have similar perspectives.
"I actually think that recently, I have heard Elon making a lot of the same points on this that I have been trying to make for a long time," says Zuckerberg , responding to a question about Musk's vocal skepticism about the future of AI.
"He has had a number of real incidents around car accidents. And he has had to deal with this issue, where you have a lot of AI critics who come out and say, 'Hey, is this too dangerous?'" says Zuckerberg.
"And I think he is making a point that I really agree with on this, which is that, look, over the long term, if we can get to a state where we have good self-driving cars — you know, one of the leading causes of people dying is car accidents — and if we can get to a state where we have good self-driving cars, then that is going to potentially massively reduce one of the leading causes of death and is a very important humanitarian thing that needs to done," Zuckerberg says.
Indeed, in May, the driver of a Tesla Model S had the car's semi-autonomous Autopilot mode engaged when she slammed in to the back of a fire truck in suburban Salt Lake City. The driver broke her foot. And in March, a Tesla Model X that was involved in a fatal car accident near Mountain View, Calif., had its Autopilot system activated. In fact Tuesday, days after Zuckerberg commented, a Tesla sedan in Autopilot mode crashed into a parked police cruiser in Laguna Beach, California. The Tesla driver "suffered minor injuries," according to a report from the Associated Press .
And May 2018 report from the U.S. Department of Transportation National Highway Traffic Safety Administration projects that 37,150 people died in traffic crashes in 2017. (This projection is set to be revised as data continues to become available, the NHTSA says .)
Facebook chief Zuckerberg did not specify which of Musk's comments he was referring to, but Musk recently tweeted his frustration with the media coverage of the Salt Lake City accident . What's actually amazing about this accident is that a Model S hit a fire truck at 60mph and the driver only broke an ankle. An impact at that speed usually results in severe injury or death.
Musk acknowledged his Autopilot system needs to be improved, but he said using the system was safer than not. It certainly needs to be better & we work to improve it every day, but perfect is enemy of good. A system that, on balance, saves lives & reduces injuries should be released.
It seemed to be that sentiment Zuckerberg was defending in Paris.
"Now, are there going to be issues along the way? Of course there are. No technology comes out fully formed and we need the pioneers to be able to go work on this and take the issue seriously in order to be able to make forward progress and get to the state that we want," says Zuckerberg. "But the point that I have heard him make recently, which I really agree with and I have been trying to make for a while, is that we need to make sure that we don't get too negative on this stuff, because it is too easy for people to point to an individual failure of technology and try to use that as an argument to slow down progress."
Zuckerberg says those who protest the implementation of artificial intelligence because of individual incidents during the developmental phase are getting in the way of important advancements.
"Fundamentally, I just think AI is going to unlock so much good around helping to cure diseases, to keep people safe, to keep our communities safe. And I do think that if you want to be out there saying that we need to slow down progress on this, then I think if you are doing that, you need to own some of the responsibility that every day that goes by that we don't have cures for those diseases, or safer self-driving cars, you know, I don't know that that is necessarily doing the world a service," says Zuckerberg. "That's my own personal stance. I am very optimistic on this, but we need to take the issue seriously which I do think the industry is and make sure that we move forward towards this greater good."
Zuckerberg's careful move to find common ground with Musk contrasts sharply with his language about Musk last summer.
In July 2017, Zuckerberg hosted a Facebook live one Sunday afternoon while he was smoking meat in his backyard in Palo Alto, California. A user submitted a question, which Zuckerberg read out loud: "I watched a recent interview with Elon Musk and his largest fear for future was AI. What are your thoughts on AI and how it could affect the world?"
Musk, earlier that month, had said that AI will cause massive job disruption, that robots "will be able to do everything better than us." He also said: "I have exposure to the most cutting edge AI, and I think people should be really concerned by it. AI is a fundamental risk to the existence of human civilization."
To that negative perspective, Zuckerberg had harsh words.
"I have pretty strong opinions on this. I am optimistic," says Zuckerberg. "I think you can build things and the world gets better. But with AI especially, I am really optimistic.
"And I think people who are naysayers and try to drum up these doomsday scenarios — I just, I don't understand it. It's really negative and in some ways I actually think it is pretty irresponsible," Zuckerberg said at the time.
At the time, Musk clapped back , undercutting the Facebook chief's understanding of the full potential of artificial intelligence.
"I've talked to Mark about this. His understanding of the subject is limited," Musk tweeted at the time.
See also: | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/30/facebook-ceo-mark-zuckerberg-defends-teslas-elon-musk-on-car-tech.html |
May 11, 2018 / 7:50 AM / Updated 29 minutes ago China commercial banks' NPL ratio edges up to 1.75 pct at end-Q1 - regulator Reuters Staff 1 Min Read
BEIJING, May 11 (Reuters) - Chinese commercial banks’ non-performing loan (NPL) ratio was 1.75 percent at the end of first quarter of 2018, up from 1.74 percent at end-2017, the banking and insurance regulator said on Friday.
Total non-performing loans hit 1.77 trillion yuan ($278.94 billion) at end-March, while core tier 1 capital adequacy ratio was 10.72 percent, the regulator said. $1 = 6.3455 Chinese yuan renminbi Reporting by Beijing Monitoring Desk; Editing by Kim Coghill | ashraq/financial-news-articles | https://www.reuters.com/article/china-banks/china-commercial-banks-npl-ratio-edges-up-to-1-75-pct-at-end-q1-regulator-idUSB9N1S002C |
Nancy Pelosi just delighted Republicans.
On Tuesday, the House Democratic leader told The Boston Globe that she plans to run for House speaker if her party takes a majority in the chamber in November's elections.
Her statement will excite the GOP, which targets the California Democrat on the campaign trail and uses the prospect of her speakership as a tool to motivate voters.
"We will win. I will run for speaker. I feel confident about it. And my members do, too," Pelosi told the newspaper while in Boston attending a fundraiser. show chapters 11:50 AM ET Tue, 24 April 2018 | 01:49
Pelosi, 78, became speaker of the House in 2007 and has led the minority House Democrats since 2011. She was House minority leader from 2003 to 2007. Certain members of her caucus have pushed for fresh leadership, and some Democratic candidates in key House elections have declined to support her as the party's leader.
But Pelosi has shown no willingness to step away from leadership. That excites Republicans, who have already attacked Pelosi frequently and tied special election and midterm candidates to her . Republicans have repeatedly hit the Democrat for her criticism of the GOP tax law passed in December and warned a Democratic majority may lead to efforts to impeach President Donald Trump .
Republicans appear willing to seize on Pelosi's plan to run for speaker. Matt Gorman, communications director for House Republicans' campaign arm, signaled her statement would find its way into GOP television ads. Gorman tweet
In February, Trump himself called Pelosi the "secret weapon" for Republicans in their push to hold on to a House majority in November. Democrats need to win 23 GOP-held seats to take the House majority. They appear confident about their prospects amid enthusiasm from Democratic voters, strong results in recent special elections, and poor approval ratings for the GOP tax and health-care plans.
Pelosi is unpopular nationwide. But it is not clear whether attacks related to the Democratic leader will work in House elections, especially if more Democratic candidates decline to support her as leader.
In March's House special election in Pennsylvania, national Republicans repeatedly tried to tie Democratic Rep. Conor Lamb to Pelosi . Lamb, who refused to back Pelosi, won the election in a recently red district as the GOP attacks appeared to fall flat.
Pelosi has shown fundraising prowess, announcing this week that she raised $16.1 million for Democrats in the first quarter of 2018. Last year, she brushed off concerns about dragging her party down in the midterms.
"I think I'm worth the trouble," she said. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/02/nancy-pelosi-says-she-will-run-for-speaker-if-democrats-win-house.html |
Matthew Boyd pitched six strong innings, Leonys Martin doubled in the go-ahead run and the Detroit Tigers squeaked past the Tampa Bay Rays 2-1 on Tuesday night.
Boyd (1-2) had previously delivered three quality outings but didn’t notch his first win of the season until his six-inning performance. He gave up one run on seven hits while walking just one and striking out seven.
A trio of relievers followed, including Shane Greene, who recorded his fifth save. Greene gave up three ninth-inning runs to the Rays in a 3-2 loss on Monday.
Martin had two hits, as did Jeimer Candelario, who scored a run. Nicholas Castellanos added Detroit’s other RBI.
Chris Archer (2-2) was the hard-luck loser. He also lasted six innings, allowing two runs on six hits with a walk and six strikeouts.
Matt Duffy drove in the only run for the Rays, who had won nine of their last 10.
Detroit first baseman Miguel Cabrera sat out for the second straight game with a left bicep injury.
The Tigers broke through with a run in the third. Candelario reached on a two-out, infield single. Castellanos then ripped a double to left to bring in Candelario but was thrown out trying to advance to third.
The Rays threatend in the fourth with a pair of two-out singles. Boyd then finished the inning just like the previous three, recording a swinging strikeout, victimizing Mallex Smith on this occasion.
Tampa Bay tied it in the fourth. Adeiny Hechavarria smacked a one-out single and advanced to third on C.J. Cron’s soft single. Duffy recorded the RBI on a fielder’s choice grounder.
The Tigers came right back with a run in the bottom of the inning to take a 2-1 lead. James McCann led off with a single and advanced on Dixon Machado’s one-out single. Martin followed with a double to bring home McCann.
Detroit left two runners stranded in scoring position in the eighth. It didn’t matter, as Greene retired the side in order in the ninth, including a pair of strikeouts.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-det-tb-recap/boyd-pitches-tigers-past-rays-2-1-idUSMTZEE522WDP5V |
(Reuters) - A student armed with two handguns shot a teacher and a fellow student at a middle school in Indiana on Friday, police said, the latest in a series of shootings at U.S. schools and colleges fueling debate about how to keep campuses safe.
The teacher who was shot swatted the guns away from the student and wrestled him to the ground, protecting other students in his science class, witnesses told local media.
The suspect had excused himself from class at Noblesville West Middle School and came back armed with the pistols and opened fire. Police apprehended him in the classroom.
They did not provide further details on the incident or release the names of anyone who was involved.
“We do know the situation resolved extremely quickly,” Noblesville Police Chief Kevin Jowitt told reporters about the shooting at the school, which has about 1,350 students.
The incident occurred a week after a 17-year-old high school student in Santa Fe, Texas, near Houston shot and killed eight classmates and two teachers.
Local media said the Noblesville student who was shot was a 13-year-old girl.
The teacher was identified as Jason Seaman by the Indianapolis Star and other local media. Seaman’s mother said on Facebook her son was shot through the abdomen, in the hip and in the forearm, and was undergoing surgery.
“Please pray for my son Jason,” Kristi Seaman wrote.
Police is seen near Noblesville West Middle School in Noblesville, Indiana, U.S., May 25, 2018 in this still image obtained from social media video. COURTESY CHRISTOPHER REILY/via REUTERS The shooting occurred shortly after 9 a.m. EDT (1300 GMT) at the school about 25 miles (40 km) northeast of Indianapolis, and authorities said the school was placed on lockdown.
Student Austin Duncan said in an interview with local broadcaster WTTV that occupants of his classroom barricaded a door and huddled together in a panic during the shooting incident while a teacher grabbed a baseball bat for protection.
“All of us were crying, texting our loved ones, texting our friends,” Duncan said.
Indiana Governor Eric Holcomb, flying back from Europe, said in a statement that he was monitoring the situation.
“Our thoughts are with all those affected by this horrible situation,” he said, adding that about 100 State Police officers had been made available to work with local responders.
After last week’s Texas high school shooting, elected officials and survivors there have voiced support for gun rights.
The reaction contrasted with the response to a February shooting at Florida’s Marjory Stoneman Douglas High School. The killing of 17 teens and educators there sparked a youth-led movement calling for new restrictions on gun ownership.
Police is seen near Noblesville West Middle School in Noblesville, Indiana, U.S., May 25, 2018 in this still image obtained from social media video. COURTESY CHRISTOPHER REILY/via REUTERS After Friday’s shooting, Carly Novel, a Marjory Stoneman student, tweeted: “Noblesville Middle School students I am so sorry. You are too young. We all are.”
Reporting by Jon Herskovitz in Austin, Texas, Ben Klayman in Detroit and Suzannah Gonzales in Chicago; additional reporting by Peter Szekely in New York; editing by Tom Brown and Jonathan Oatis
| ashraq/financial-news-articles | https://www.reuters.com/article/us-indiana-shooting/active-shooter-reported-at-indiana-school-suspect-in-custody-fire-department-idUSKCN1IQ1Z7 |
BAUDETTE, Minn., May 8, 2018 /PRNewswire/ --
For the first quarter 2018:
Net revenues of $46.5 million, an increase of 27% as compared to the same period in 2017 GAAP net income of $2.3 million and diluted GAAP earnings per share of $0.19 Adjusted non-GAAP EBITDA of $21.8 million Adjusted non-GAAP diluted earnings per share of $1.32
ANI Pharmaceuticals, Inc. ("ANI") (NASDAQ: ANIP) today reported its financial results for the three months ended March 31, 2018 and reaffirmed its 2018 financial guidance. The Company will host its earnings conference call this morning, May 8, 2018, at 10:30 AM ET. Investors and other interested parties can join the call by dialing (866) 776-8875. The conference ID is 2059819.
Financial Summary
(in thousands, except per share data)
Q1 2018
Q1 2017
Net revenues
$ 46,483
$ 36,628
Net income
$ 2,250
$ 1,152
GAAP earnings per diluted share
$ 0.19
$ 0.10
Adjusted non-GAAP EBITDA (a)
$ 21,754
$ 14,729
Adjusted non-GAAP diluted earnings per share (b)
$ 1.32
$ 0.74
(a) See Table 3 for U.S. GAAP reconciliation.
(b) See Table 4 for U.S. GAAP reconciliation.
Arthur S. Przybyl, President and CEO, stated,
"The first quarter of 2018 was a strong quarter, with increases in net revenues, Adjusted non-GAAP EBITDA, and Adjusted non-GAAP diluted earnings per share of 27%, 48%, and 78%, respectively, as compared with the first quarter of 2017. As expected, 2018 has been an active year for business development efforts at ANI. In the first five months, we have successfully strengthened our generic product portfolio via the acquisition of 23 generic products from IDT, by executing a new license and supply agreement for a generic product that will be filed in the coming months, and, most recently, adding seven products, including three commercial products, to our generic portfolio from an acquisition related to the Amneal/Impax combination. In addition, we are pleased with the initial results of our four-product brand acquisition that was completed in December of last year. We expect to complete the tech transfer of these four brands to our Baudette manufacturing facility and launch under the ANI label in 2018; this will serve to further increase our branded product portfolio."
ANI Reaffirms Guidance for the Full Year 2018
ANI's estimates are based upon actual results for the three months ending March 31, 2018 and projected results for the remaining nine months of the year. ANI's full year 2018 guidance reflects management's current assumptions regarding customer relationships, product pricing, prescription trends, competition, inventory levels, cost of sales, operating costs, timing of research and development spend, taxes, and the anticipated timing of future product launches, integration and contribution of recent acquisitions and other key events. For the twelve months ending December 31, 2018, ANI is providing guidance on net revenue, adjusted non-GAAP EBITDA and adjusted non-GAAP diluted earnings per share.
The following table summarizes 2018 guidance:
(in millions, except per share data and percentages)
2018 Guidance
Net revenues
$212 to $228
Adjusted non-GAAP EBITDA
$90 to $100
Adjusted non-GAAP diluted earnings per share
$5.43 to $6.08
Cortrophin® Gel Re-commercialization Update
In the first quarter of 2018, ANI has continued to advance the manufacture of Corticotropin active pharmaceutical ingredient ("API"). ANI has ordered and is in the process of installing and qualifying the capital equipment necessary for commercial scale API manufacturing. We plan to initiate commercial-scale API manufacturing in the second quarter of 2018 and are still on track to initiate API process validation and registration batch manufacturing by the end of 2018. ANI has also continued to manufacture batches of Cortrophin® gel drug product and is still on track to manufacture commercial scale drug product batches before the end of 2018.
ANI requested a Type C meeting with the FDA in the fourth quarter of 2017 to provide the regulatory plan for re-commercialization of Cortrophin® gel. The FDA granted the Type C meeting and provided an initial response in March 2018, with further communications expected during the second quarter of 2018.
For further details, please see ANI's Cortrophin® Gel Re-commercialization Milestone Update in Table 5.
Vancocin® Oral Solution Update
ANI is currently advancing a commercialization effort for Vancocin® oral solution. Following completion of ongoing formulation and manufacturing optimization, ANI intends to file a prior approval supplement ("PAS") in the second half of 2018. This product will be manufactured at ANI's site in Baudette, MN and will compete in a market that currently exceeds $450 million annually.
First Quarter Results
Net Revenues
(in thousands)
Three Months Ended
March 31,
2018
2017
Change
% Change
Generic pharmaceutical products
$
23,227
$
26,572
$
(3,345)
(13)%
Branded pharmaceutical products
16,595
8,039
8,556
106%
Royalty and other income
5,716
224
5,492
NM (1)
Contract manufacturing
945
1,793
(848)
(47)%
Total net revenues
$
46,483
$
36,628
$
9,855
27%
(1) Not Meaningful
For the three months ended March 31, 2018, ANI reported net revenues of $46.5 million, an increase of 27% from $36.6 million in the prior year period, driven by the following factors:
Revenues from sales of branded pharmaceuticals increased 106%, to $16.6 million from $8.0 million in the prior period, primarily due to sales of Inderal® XL and InnoPran XL®, both of which were acquired in Q1 2017 and re-launched in ANI's own label in Q1 2018, as well as increased sales of Inderal® LA. Royalty and other income increased to $5.7 million from $0.2 million, primarily due to the royalties received on sales of Atacand®, Atacand HCT®, Arimidex®, and Casodex®. Revenues from sales of generic pharmaceuticals decreased 13% to $23.2 million from $26.6 million in the prior period, primarily due to volume decreases for Fenofibrate and sales decreases for Propranolol ER driven by price, tempered by the impact of the second quarter 2017 launch of Diphenoxylate Hydrochloride and Atropine Sulfate. Contract manufacturing revenue decreased by 47% to $0.9 million from $1.8 million in the prior year period, primarily as a result of the timing and volume of customer orders.
Operating expenses increased to $39.9 million for the three months ended March 31, 2018, from $32.0 million in the prior year period. The increase was primarily due to a $4.3 million increase in cost of sales as compared with the prior period, and $5.6 million of costs of sales related to the inventory step up on Inderal® XL and InnoPran XL® inventory and the write-off of remaining inventory acquired as part of the acquisition when ANI launched the products under its own label during the quarter. In addition, selling, general, and administrative expense increased by $1.7 million due to increased personnel costs, and depreciation and amortization increased by $1.5 million due to the amortization of the product rights for Atacand®, Atacand HCT®, Arimidex®, and Casodex®, which were acquired in December 2017.
Excluding the $5.6 million of net inventory step-up related to the sales and write off Inderal® XL and InnoPran XL® in the first quarter of 2018 and $1.5 million of net inventory step-up related to sales of Inderal ® LA, Inderal® XL, and InnoPran XL® in the first quarter of 2017, cost of sales decreased to 32% from 41% of net revenues driven by the significant increase in royalty income.
Net income was $2.3 million for the three months ended March 31, 2018, as compared to net income of $1.2 million in the prior year period. The effective tax rate for the three months ended March 31, 2018 was 21% as compared to 31% in the prior year period.
Diluted earnings per share for the three months ended March 31, 2018 was $0.19, based on 11,706 thousand diluted shares outstanding, as compared to diluted earnings per share of $0.10 in the prior year period. Adjusted non-GAAP diluted earnings per share was $1.32, as compared to adjusted non-GAAP diluted earnings per share of $0.74 in the prior year period. For a reconciliation of adjusted non-GAAP diluted earnings per share to the most directly comparable GAAP financial measure, please see Table 4.
Selected Balance Sheet Data
(in thousands)
March 31, 2018
December 31, 2017
Cash and cash equivalents
$ 51,970
$ 31,144
Accounts receivable, net
$ 54,801
$ 58,788
Inventory, net
$ 34,294
$ 37,727
Current assets
$ 143,394
$ 131,605
Current liabilities
$ 39,650
$ 39,228
Non-current debt
$ 198,725
$ 198,154
ANI generated $22.9 million of cash flow from operations in the three months ended March 31, 2018. In December 2017, ANI entered into a credit agreement with Citizens Bank, N.A. that included a $75 million term loan and a $50 million line of credit. The $75 million term loan was used to pay down ANI's former $25.0 million line of credit and to purchase from AstraZeneca AB and AstraZeneca UK Limited the right, title, and interest in the NDAs and the U.S. rights to market Atacand®, Atacand HCT®, Arimidex®, and Casodex®, for $46.5 million in cash. The $50 million line of credit currently remains undrawn.
ANI Product Development Pipeline
ANI's pipeline consists of 76 products, addressing a total annual market size of $4.7 billion, based on data from IMS Health. Of these 76 products, 71 were acquired and of these acquired products, ANI expects that 54 can be commercialized based on either CBE-30s or prior approval supplements filed with the FDA.
Non-GAAP Financial Measures
The Company's fiscal 2018 guidance for adjusted non-GAAP EBITDA and adjusted non-GAAP diluted earnings per share is not reconciled to the most comparable GAAP measure. This is due to the inherent difficulty of forecasting the timing or amount of items that would be included in a reconciliation to the most directly comparable forward-looking GAAP financial measures. Because a reconciliation is not available without unreasonable effort, it is not included in this release.
Adjusted non-GAAP EBITDA
ANI's management considers adjusted non-GAAP EBITDA to be an important financial indicator of ANI's operating performance, providing investors and analysts with a useful measure of operating results unaffected by non-cash stock-based compensation and differences in capital structures, tax structures, capital investment cycles, ages of related assets, and compensation structures among otherwise comparable companies. Management uses adjusted non-GAAP EBITDA when analyzing Company performance.
Adjusted non-GAAP EBITDA is defined as net income/(loss), excluding tax expense, interest expense, depreciation, amortization, the excess of fair value over cost of acquired inventory, stock-based compensation expense, costs related to major transactions not consummated, and other income / expense. Adjusted non-GAAP EBITDA should be considered in addition to, but not in lieu of, net income or loss reported under GAAP. A reconciliation of adjusted non-GAAP EBITDA to the most directly comparable GAAP financial measure is provided in Table 3.
Adjusted non-GAAP Net Income
ANI's management considers adjusted non-GAAP net income to be an important financial indicator of ANI's operating performance, providing investors and analysts with a useful measure of operating results unaffected by purchase accounting adjustments, non-cash stock-based compensation, non-cash interest expense, depreciation and amortization, and non-cash impairment charges. Management uses adjusted non-GAAP net income when analyzing Company performance.
Adjusted non-GAAP net income is defined as net income/(loss), plus the excess of fair value over cost of acquired inventory, stock-based compensation expense, costs related to major transactions not consummated, non-cash interest expense, depreciation and amortization expense, and non-cash impairment charges, less the tax impact of these adjustments calculated using an estimated statutory tax rate. Management will continually analyze this metric and may include additional adjustments in the calculation in order to provide further understanding of ANI's results. Adjusted non-GAAP net income should be considered in addition to, but not in lieu of, net income reported under GAAP. A reconciliation of adjusted non-GAAP net income to the most directly comparable GAAP financial measure is provided in Table 4.
Adjusted non-GAAP Diluted Earnings per Share
ANI's management considers adjusted non-GAAP diluted earnings per share to be an important financial indicator of ANI's operating performance, providing investors and analysts with a useful measure of operating results unaffected by purchase accounting adjustments, non-cash stock-based compensation, non-cash interest expense, depreciation and amortization, and non-cash impairment charges.
Management uses adjusted non-GAAP diluted earnings per share when analyzing Company performance.
Adjusted non-GAAP diluted earnings per share is defined as adjusted non-GAAP net income, as defined above, divided by the diluted weighted average shares outstanding during the period. Management will continually analyze this metric and may include additional adjustments in the calculation in order to provide further understanding of ANI's results. Adjusted non-GAAP diluted earnings per share should be considered in addition to, but not in lieu of, diluted earnings or loss per share reported under GAAP. A reconciliation of adjusted non-GAAP diluted earnings per share to the most directly comparable GAAP financial measure is provided in Table 4.
About ANI
ANI Pharmaceuticals, Inc. (the "Company" or "ANI") is an integrated specialty pharmaceutical company developing, manufacturing, and marketing high quality branded and generic prescription pharmaceuticals. The Company's targeted areas of product development currently include controlled substances, oncolytics (anti-cancers), hormones and steroids, and complex formulations involving extended release and combination products. For more information, please visit the Company's website www.anipharmaceuticals.com .
Forward-Looking Statements
To the extent any statements made in this release deal with information that is not historical, these are within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements to, statements about price increases, the Company's future operations, products financial position, operating results and prospects, the Company's pipeline or potential markets therefor, and other statements that are not historical in nature, particularly those that utilize terminology such as "anticipates," "will," "expects," "plans," "potential," "future," "believes," "intends," "continue," other words of similar meaning, derivations of such words and the use of future dates.
Uncertainties and risks may cause the Company's actual results to be materially different than those expressed in or implied by such . Uncertainties and risks to, the risk that the Company may face with respect to importing raw materials; increased competition; acquisitions; contract manufacturing arrangements; delays or failure in obtaining product approvals from the U.S. Food and Drug Administration; general business and economic conditions; market trends; regulatory environment; products development; regulatory and other approvals; and marketing.
More detailed information on these and additional factors that could affect the Company's actual results are described in the Company's filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and quarterly reports on Form 10-Q, as well as its proxy statement. All in this news release speak only as of the date of this news release and are based on the Company's current beliefs, assumptions, and expectations. The Company undertakes no obligation to update statement, otherwise.
For more information about ANI, please contact:
Investor Relations
[email protected]
ANI Pharmaceuticals, Inc. and Subsidiary
Table 1: US GAAP Income Statement
(unaudited, in thousands, except per share amounts)
Three Months Ended March 31,
2018
2017
Net Revenues
$46,483
$36,628
Operating Expenses
Cost of sales (excl. depreciation and amortization)
20,693
16,386
Research and development
2,102
1,618
Selling, general, and administrative
8,956
7,293
Depreciation and amortization
8,195
6,706
Total Operating Expenses
39,946
32,003
Operating Income
6,537
4,625
Other Expense, Net
Interest expense, net
(3,634)
(2,932)
Other expense, net
(61)
(18)
Income Before Provision for Income Taxes
2,842
1,675
Provision for Income Taxes
(592)
(523)
Net Income
$ 2,250
$ 1,152
Earnings Per Share
Basic Earnings Per Share
$ 0.19
$ 0.10
Diluted Earnings Per Share
$ 0.19
$ 0.10
Basic Weighted-Average Shares Outstanding
11,589
11,527
Diluted Weighted-Average Shares Outstanding
11,706
11,653
ANI Pharmaceuticals, Inc. and Subsidiary
Table 2: US GAAP Balance Sheets
(in thousands)
March 31,
2018
December 31,
2017
Current Assets
Cash and cash equivalents
$ 51,970
$ 31,144
Accounts receivable, net
54,801
58,788
Inventories, net
34,294
37,727
Prepaid income taxes, net
62
1,162
Prepaid expenses and other current assets
2,267
2,784
Total Current Assets
143,394
131,605
Property and equipment, net
21,882
20,403
Restricted cash
5,002
5,006
Deferred tax asset, net of valuation allowance
23,163
22,667
Intangible assets, net
221,917
229,790
Goodwill
1,838
1,838
Other long-term assets
823
829
Total Assets
$418,019
$ 412,138
Current Liabilities
Accounts payable
$ 4,886
$ 3,630
Accrued expenses and other
2,612
1,571
Accrued royalties
11,361
12,164
Accrued compensation and related expenses
1,495
2,306
Accrued government rebates
6,471
7,930
Returned goods reserve
9,020
8,274
Current component of long-term borrowing, net of deferred financing costs
3,805
3,353
Total Current Liabilities
39,650
39,228
Long-term borrowing, net of deferred financing costs and current borrowing component
68,569
69,946
Convertible notes, net of discount and deferred financing costs
130,156
128,208
Total Liabilities
238,375
237,382
Stockholders' Equity
Common stock
1
1
Treasury stock
(250)
(259)
Additional paid-in capital
181,649
179,020
Accumulated deficit
(1,756)
(4,006)
Total Stockholders' Equity
179,644
174,756
Total Liabilities and Stockholders' Equity
$418,019
$ 412,138
ANI Pharmaceuticals, Inc. and Subsidiary
Table 3: Adjusted non-GAAP EBITDA Calculation and US GAAP to Non-GAAP Reconciliation
(unaudited, in thousands)
Three Months Ended March 31,
2018
2017
Net Income
$ 2,250
$ 1,152
Add back
Interest expense, net
3,634
2,932
Other expense, net
61
18
Provision for income taxes
592
523
Depreciation and amortization
8,195
6,706
Add back
Stock-based compensation
1,377
1,386
Excess of fair value over cost of acquired inventory
5,645
1,535
Expenses related to transaction not consummated
-
477
Adjusted non-GAAP EBITDA
$21,754
$14,729
ANI Pharmaceuticals, Inc. and Subsidiary
Table 4: Adjusted non-GAAP Net Income and Adjusted non-GAAP Diluted Earnings per Share Reconciliation
(unaudited, in thousands, except per share amounts)
Three Months Ended March 31,
2018
2017
Net Income
$ 2,250
$1,152
Add back
Excess of fair value over cost of acquired inventory
5,645
1,535
Non-cash interest expense
1,914
1,792
Stock-based compensation
1,377
1,386
Depreciation and amortization expense
8,195
6,706
Expenses related to transaction not consummated
-
477
Less
Tax impact of adjustments
(3,940)
(4,402)
Adjusted non-GAAP Net Income
$15,441
$8,646
Diluted Weighted-Average
Shares Outstanding
11,706
11,653
Adjusted non-GAAP
Diluted Earnings per Share
$ 1.32
$ 0.74
ANI Pharmaceuticals, Inc. and Subsidiary
Table 5: Cortrophin® Gel Re-Commercialization Milestone Update
Step
Duration
Status
Additional Details
Manufacture small-scale batch of corticotropin API
4 mos.
Complete
• Initial batch yields similar to historical yields
• Analytical method development and testing ongoing
Select drug product CMO
6 mos.
Complete
• Drug product CMO has been selected
Manufacture intermediate-scale batches of corticotropin API
4-6 mos.
Complete
• Three intermediate-scale batches successfully completed
• Further refined/modernized analytical methods and process
• Demonstrated lot-to-lot consistency
Type C meeting with FDA
Communications with FDA on-going
• Meeting Request submitted 4Q17; FDA granted as Type C Meeting
• Information provided on ANI's regulatory plan for re-commercialization
• Initial FDA response received March 2018 with additional communications expected 2nd Quarter 2018
Manufacture demo batches of Cortrophin® Gel
TBD
Target Q3 2018
• Initiate formulation / fill / finish of drug product
Manufacture commercial-scale batches of corticotropin API
2-3 mos. per batch
Target 1H 2018
• Scale-up manufacturing process 5x
• Manufacture API under cGMPs
• Finalize API manufacturing process in preparation for process validation/registration batches
Manufacture registration batches of Cortrophin® Gel
2-3 mos. per batch
Target end 2018
• Process validation
• Registration / Commercial batches
• Initiate registration-enabling ICH stability studies
Initiate registration stability for sNDA
6 mos.
TBD
• Six months of accelerated stability from drug substance and drug product batches at time of submission
sNDA submission
TBD
TBD
• PAS filing - four month PDUFA date
View original content: http://www.prnewswire.com/news-releases/ani-pharmaceuticals-reports-first-quarter-2018-results-and-reaffirms-guidance-300643871.html
SOURCE ANI Pharmaceuticals, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/pr-newswire-ani-pharmaceuticals-reports-first-quarter-2018-results-and-reaffirms-guidance.html |
May 17, 2018 / 12:01 PM / Updated an hour ago Atletico charged by UEFA over 'racist behaviour', fireworks Reuters Staff 2 Min Read
(Reuters) - Europa League winners Atletico Madrid have been charged with “racist behaviour” by UEFA for a banner displayed by fans during their 3-0 win over Olympique de Marseille in the final on Wednesday. Soccer Football - Europa League Final - Olympique de Marseille vs Atletico Madrid - Groupama Stadium, Lyon, France - May 16, 2018 Atletico Madrid players and staff celebrate in front of the fans after winning the Europa League REUTERS/Peter Cziborra
European soccer’s governing body said in a statement on Thursday that it had opened proceedings against the Spanish side under Article 14 of its disciplinary regulations.
Marseille and Atletico also face punishment for setting off fireworks during the match.
The French team’s famously passionate fans unleashed a whirlwind of flares and firecrackers moments before kickoff and the game began under a thick cloud of smoke.
Atletico set off a small number of flares in their end after each of Antoine Griezmann’s two goals while the French supporters engulfed the air with another display of flares, some of which were thrown onto the pitch, near the end of the game.
Marseille fans also caused “acts of damage” at the Groupama Stadium, the home of rivals Olympique Lyonnais and the French club were charged by UEFA after their players returned late to start the second half.
UEFA’s Control, Ethics and Disciplinary Body will deal with the case on May 31. Reporting by Hardik Vyas in Bengaluru and Richard Martin; Editing by Toby Davis | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-europa-final-uefa/atletico-charged-by-uefa-over-racist-behaviour-fireworks-idUKKCN1II1N5 |
TORONTO, May 30, 2018 (GLOBE NEWSWIRE) -- Blockchain Power Trust (“ Blockchain Power ” or the “ Trust ”) (TSXV:BPWR.UN) today released its financial results for the three months ended March 31, 2018. All amounts in this release are expressed in Canadian dollars unless otherwise indicated.
Highlights
Revenue of $5.1 million for the first quarter, an increase of 82% from the first quarter of 2017.
Produced 45,354 MWh of energy for the first quarter generating revenue of $2.4 million from the sale of electricity and $2.7 million from green certificates, a production increase of 132% from the first quarter of 2017.
Earned operating margin (revenue less cost of sales excluding depreciation) of $2.9 million for the quarter, an increase of 46% over the operating margin of $2.0 million for the first quarter of 2017 (see reconciliation of operating margin under “Non-GAAP Measures”).
Recorded a loss of $5.4 million during the quarter (2017 - loss of $3.8 million) with basic and diluted loss of $0.03 per unit in the capital of the Trust (“Unit”) (2017 - loss of $0.08 per Unit).
Adjusted EBITDA of $0.02 (1) per Unit (see reconciliation of adjusted EBITDA under “non-GAAP Measures).
Acquired crypto-currency mining equipment with aggregate computing power of 27.5 PH/s. Subsequent to quarter end, Installed and operating 16.5 PH/s of equipment with the remaining 11 PH/s of capacity expected to be online in June 2018.
J. Colter Eadie, Chief Executive Officer of Blockchain Power commented “We are very pleased with our progress in the first quarter of 2018. With the addition of the OMV wind project at the end of 2017 and the completion of our financing in January, we have approximately doubled our power generation capacity and at the same time materially reduced our indebtedness thereby strengthening our balance sheet, and putting us in a position to service all remaining obligations and fund additional growth in our business.”
For further information please contact:
Ravi Sood
Chairman
+1 647-987-7663
[email protected] J. Colter Eadie
Chief Executive Officer
+351 938 810 979
[email protected] Betty Soares
Chief Financial Officer
+1 416-803-6760
[email protected] About Blockchain Power Trust
The Trust, through its direct and indirect subsidiaries in Canada, the Netherlands and Romania, acquires interests in renewable energy, blockchain and cryptocurrency related assets in Romania, other countries in Europe and abroad that can provide stable cash flow to the Trust and a suitable risk-adjusted return on investment. The Trust seeks to provide investors with long-term, stable value creation, while preserving the capital value of its investment portfolio through investment in a range of operational green energy, blockchain and cryptocurrency related assets. The Trust intends to qualify as a “mutual fund trust” under the Income Tax Act (Canada) (the “ Tax Act ”). The Trust will not be a “SIFT trust” (as defined in the Tax Act), provided that the Trust complies at all times with its investment restriction which precludes the Trust from holding any “non-portfolio property” (as defined in the Tax Act). All material information about the Trust may be found under the Trust’s issuer profile at www.sedar.com .
Forward-Looking Statements
Statements in this press release contain forward-looking information. Such forward-looking information may be identified by words such as “anticipates”, “plans”, “proposes”, “estimates”, “intends”, “expects”, “believes”, “may” and “will”. The are founded on the basis of expectations and assumptions made by the Trust. Details of the risk factors relating to Blockchain Power and its business are discussed under the heading “Business Risks and Uncertainties” in Blockchain Power’s annual management’s discussion & analysis dated May 15, 2018, a copy of which is available on Blockchain Power’s SEDAR profile at www.sedar.com . Most of these factors are outside the control of the Trust. Investors are cautioned not to put undue reliance on forward-looking information. These statements speak only as of the date of this press release. Except as otherwise required by applicable securities statutes or regulation, Blockchain Power expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.
Neither the TSXV nor its regulation services provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
NON-GAAP MEASURES
The Trust has included certain non-GAAP measures to supplement its consolidated financial statements, which are presented in accordance with IFRS, including operating margin, adjusted earnings before interest, taxes and depreciation (“EBITDA”) and adjusted earnings before interest, taxes and depreciation per Unit.
Operating margin is calculated as cost of sales from revenues as follows:
Three months ended March 31, 2018
$ March 31, 2017
$ Total revenue 5,059,499 2,779,970 Less:
2,137,173
778,565 Cost of sales excluding depreciation Operating margin 2,922,326 2,001,405 Adjusted EBITDA is calculated as follows:
Three months ended
March 31, 2018
$ March 31, 2017
$ (Loss) for the period
(5,441,309
)
(3,833,821
)
Add-back:
Interest and finance charges
2,922,326 2,029,536 Income tax recovery
(35,278
) (123,132 )
Depreciation
1,693,263 981,788
Fair value gain on debentures and conversion features
Loss on settlement of debt
(1,184,249)
13,737,250 -
320,254 Warrant revaluation
(7,529,160
) 2,072,830 Adjusted EBITDA
3.218,552 1,447,455 Adjusted EBITDA per Unit
0.02 0.03 The Trust believes that operating margin and adjusted EBITDA, together with measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Trust. Non-GAAP financial measures do not have any standardized meaning prescribed under IFRS, and therefore they may not be comparable to similar measures employed by other entities. The data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Management's determination of the components of non-GAAP and additional measures are evaluated on a periodic basis influenced by new items and transactions, a review of investor uses and new regulations as applicable. Any changes to the measures are duly noted and retrospectively applied as applicable.
Source:Blockchain Power Trust | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/globe-newswire-blockchain-power-trust-reports-first-quarter-2018-results.html |
May 10, 2018 / 7:26 PM / Updated 6 hours ago Golf-Johnson finds putting touch to share first-round lead at Players Andrew Both 3 Min Read
PONTE VEDRA BEACH, Fla., May 10 (Reuters) - Dustin Johnson, his world number one ranking under siege, took advantage of perfect morning playing conditions to charge into a share of the first-round lead at the Players Championship on Thursday.
Johnson notched six birdies at TPC Sawgrass to join fellow American Webb Simpson and Swede Alex Noren as clubhouse leaders on six-under-par 66.
Defending champion Kim Si-woo, of South Korea, was among a group one stroke behind on a morning of low scoring, but not all of the big names thrived.
Three-times major champion Jordan Spieth hit three balls into the water on his outward nine — the back nine — to post a three-over 75 that leaves him in danger of missing his fourth consecutive cut in the event.
Johnson, on the other hand, stayed out of trouble and used a hot putter to more than make amends for what he said was pedestrian iron play.
He has never finished better than 12th at the Players, due to mediocre putting, but you would not have known it from the way he rolled the ball on Thursday.
“I’ve struggled on the greens here. I feel like they’re tough to read but today I felt like I did a very good job reading the greens,” Johnson said.
“I haven’t the best record here but it’s a golf course that I like and I feel I should play well here.”
Johnson has been ranked number one for more than a year, but has four players nipping at his heels, and has to win on Sunday to be certain of retaining his ranking.
Justin Thomas, Jon Rahm, Jordan Spieth and Justin Rose all have a mathematical chance of going to number one, something Johnson shrugs off as nothing more than noise.
“I don’t care what people are talking about,” he said. “It doesn’t bother me.”
Kim, meanwhile, reached seven-under after 16 holes, but ran up two straight bogeys as he got a late case of the hooks.
“The last three holes I missed it a little but I know that miss and I’m going to fix it better for tomorrow,” he said.
After barely a breath of wind in the morning, a light breeze sprang up just after noon — not enough to be a huge bother to the afternoon starters, but probably enough to prevent anyone from going really low.
Tiger Woods, Phil Mickelson, Jason Day and U.S. Masters champion Patrick Reed were among the late starters. (Reporting by Andrew Both, Editing by Neville Dalton) | ashraq/financial-news-articles | https://in.reuters.com/article/golf-players/golf-johnson-finds-putting-touch-to-share-first-round-lead-at-players-idINL1N1SH1VL |
May 18 (Reuters) - Royce Value Trust Inc:
* ROYCE VALUE TRUST, INC. ANNOUNCES TERMS FOR ITS COMMON STOCK RIGHTS OFFERING
* ROYCE VALUE TRUST- FIXED CLOSE OF BUSINESS MAY 30 AS RECORD DATE FOR DETERMINATION OF STOCKHOLDERS ENTITLED TO PARTICIPATE IN STOCK RIGHTS OFFERING Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-royce-value-trust-announces-terms/brief-royce-value-trust-announces-terms-for-its-common-stock-rights-offering-idUSASC0A2YP |
PHOENIX--(BUSINESS WIRE)-- On May 14, 2018, Cole Office & Industrial REIT (CCIT III), Inc. (“CCIT III” or the “Company”), a publicly registered non-listed real estate investment trust (“REIT”) that primarily owns and operates net-lease commercial real estate across the office and industrial sectors, filed its Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission (“SEC”) for the first quarter of 2018. CCIT III is sponsored by an affiliate of CIM Group, LLC (“CIM”), a real asset owner, operator and lender with in-house expertise and capabilities.
As of April 30, 2018, CCIT III’s portfolio consisted of two properties encompassing approximately 391,000 gross rentable square feet of commercial space across two states with a total purchase price of approximately $49.3 million. As of March 31, 2018, portfolio tenants represented two concepts and one industry sector.
Results and Accomplishments for the First Quarter 2018
CCIT III’s weighted average remaining lease term was approximately 10.4 years with 100% of properties leased. Total revenue for the quarter ended March 31, 2018 was approximately $1.1 million, representing year-over-year growth of 48.0% from the same period in 2017.
Events Subsequent to March 31, 2018
Subsequent to March 31, 2018, the Company repaid $2.2 million on the amount outstanding under a subordinate loan. As a result of this repayment, the Company had $29.5 million and $1.0 million outstanding under a credit facility and the subordinate loan, respectively.
About Cole Office & Industrial REIT (CCIT III)
CCIT III is a public, non-listed REIT formed in 2016 that primarily owns and operates income-producing, single-tenant necessity retail and corporate office and industrial properties subject to long-term net leases with national or regional creditworthy tenants. CCIT III seeks to provide access to high-quality commercial real estate assets, providing current income, reduced overall portfolio volatility and the potential for capital appreciation for its shareholders. CCIT III is sponsored by an affiliate of CIM.
About CIM Group®
Established in 1994, CIM is a vertically-integrated owner and operator of real assets for its own account, and on behalf of its partners and co-investors seeking to invest in urban real assets, net-lease assets, and associated credit strategies, with a principal focus on North America. CIM’s real assets include urban residential, commercial, retail, hospitality, debt and infrastructure investments as well as U.S.-based retail, office and industrial net lease assets. CIM’s broad expertise includes in-house research, acquisition, investment, development, credit analysis, finance, leasing and asset management capabilities. For more information, please visit www.cimgroup.com .
Forward-Looking Statements
Certain statements contained in this press release, other than historical facts, may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect CCIT III’s expectations regarding future events. The forward-looking statements involve a number of assumptions, risks, uncertainties and other factors that could cause actual results to differ materially from those contained in the forward-looking statements. Generally, the words “expects,” “anticipates,” “assumes,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” variations of such words and similar expressions identify forward-looking statements. Such forward-looking statements are subject to various risks and uncertainties, including those described under the section entitled “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017, filed with the SEC. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in the Company’s filings with the SEC. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180515006433/en/
Cole Office & Industrial REIT (CCIT III), Inc.
Shareholder Relations:
866-907-2653
or
Media Relations:
Bill Mendel, 212-397-1030
[email protected]
Source: Cole Office & Industrial REIT (CCIT III), Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/business-wire-cim-group-announces-first-quarter-2018-results-for-cole-office-industrial-reit-ccit-iii.html |
KUALA LUMPUR (Reuters) - Malaysia’s Mahathir Mohamad has never lost an election campaign. He maintained that record and created another one on Thursday when, at 92, he was set to be sworn in as the world’s oldest elected leader.
Mahathir Mohamad, former Malaysian prime minister and opposition candidate for Pakatan Harapan (Alliance of Hope) reacts during a news conference after general election, in Petaling Jaya, Malaysia, May 10, 2018. REUTERS/Lai Seng Sin “Yes, yes, I am still alive,” a sprightly looking Mahathir said at a 3 a.m. news conference in which he claimed victory over the Barisan Nasional (BN) coalition that has ruled the Southeast Asian nation since independence six decades ago.
Mahathir led the coalition as Malaysia’s prime minister for 22 years, starting in 1981. As one of the country’s most eminent leaders, he was pugnacious, uncompromising and intolerant of dissent, but turned Malaysia from a sleepy backwater into one of the world’s modern industrialized nations.
He was never far from the headlines in retirement, and two years ago he came back to active politics, this time in the ranks of the opposition, vowing to oust his protege Najib Razak from the prime minister’s chair over a financial scandal at the state investment fund 1Malaysia Development Berhad (1MDB).
In his crusade, Mahathir eventually quit the ruling United Malay National Organisation (UMNO) party, which he had helped build, and ceded all his government advisory roles.
“During his time, I was a strong opponent of Mahathir,” said Joseph Paul, 70, a retired social worker who joined thousands of people in the capital Kuala Lumpur to celebrate Mahathir’s win.
“Well, politics they say is the art of the possible, so if he comes in to get rid of another evil, why not?”
Official results early on Thursday showed that Mahathir’s Pakatan Harapan (Alliance of Hope) had won 113 of parliament’s 222 seats, clinching the simple majority required to rule in the country’s most stunning election result. The nonagenarian is scheduled to be sworn in as prime minister later in the day.
In his earlier stint as prime minister, Mahathir’s aggressive diplomacy needled countries like Britain and the United States, with comments such as one, on the eve of his retirement, that Jews ruled the world by proxy.
He was once described as a “menace to his country” by financier George Soros, whom Mahathir famously derided as a “moron” in an attack on foreign currency traders during the Asian financial crisis of 1998.
He also spent years squabbling with his old rival and another towering figure in Asian politics, the late Singapore leader Lee Kuan Yew.
MODERNIZATION Mahathir grew up in the rural heartland of Malaysia, then a British colony, witnessing severe food shortages during the 1930s Great Depression.
Mahathir was a medical doctor before becoming Malaysia’s fourth prime minister in 1981 and kicking off a mission of modernization.
Bridges and six-lane highways crisscrossed Malaysia in his development blitz, capped off with a lavish new administrative capital, and the world’s tallest structure when it was built, the 88-storey Petronas twin towers in the capital, Kuala Lumpur.
The activity helped win Mahathir the title “Father of Modern Malaysia,” but he was known for his strongarm rule, although he fell short of some southeast Asian peers in ruthlessness.
Mahathir used security laws to put his political opponents behind bars. His critics say he restricted free speech and persecuted political opponents - none more so than his former deputy, Anwar Ibrahim, who remains in jail on charges of sodomy and corruption.
Mahathir has joined hands with Anwar in this campaign and has promised to seek a royal pardon for him. He has vowed to then step aside and let Anwar be prime minister.
Mahathir was masterly in playing to the feelings of the mainly Muslim ethnic Malay majority. His 1970 book, “The Malay Dilemma”, argued that ethnic Malays, whom he called the nation’s rightful owners, were being eclipsed economically by ethnic Chinese.
Faced with a leadership challenge after just five years in office, Mahathir detained more than 100 opposition politicians, academics and social activists without trial, under internal security laws.
During the 1998 Asian financial crisis, he took a huge gamble in tackling twin economic and political crises by sacking Anwar and then going against the advice of the International Monetary Fund to impose capital and currency controls that saved the economy.
Anwar took on Mahathir, turning overnight into an opposition politician, bringing tens of thousands of people onto the streets, shouting “Reformasi”.
Anwar was later charged with sodomy and corruption, but Mahathir denied orchestrating the charges. After his release, he was jailed again during Najib’s rule on the same charges.
Mahathir continued to wield power in UMNO even after he handed over in 2003. He backed Najib, the son of Malaysia’s second prime minister, as the premier in 2009.
But in 2015 he urged Najib to step down over the corruption scandal at state fund 1MDB.
In an interview in March, he said he would keep up the battle against Najib even if he lost this election.
“I will be in my late 90s and physically not as strong,” he said. “But if I am well enough, I will continue the struggle.”
He also seems to have accepted he made mistakes in rule, writing in a blog post in January that people and the media never failed to point out he presided over an authoritarian government for 22 years.
“Looking back now, I realize why, as Prime Minister of Malaysia I was described as a dictator,” Mahathir wrote. “There were many things I did which were typically dictatorial.”
Additional reporting by Liz Lee; editing by Raju Gopalakrishnan
| ashraq/financial-news-articles | https://www.reuters.com/article/us-malaysia-election-mahathir-newsmaker/at-92-former-strongman-mahathir-is-malaysias-comeback-kid-idUSKBN1IB05J |
(fixes typo in dateline)
* Pullout would stoke Middle East strains
* Iranians fear fresh U.S. sanctions, rial slumps
* Critics say Trump pullout would hit N.Korea talks
* End of deal would remove tough nuclear inspection regime
By Steve Holland and John Irish
WASHINGTON/PARIS, May 8 (Reuters) - U.S. President Donald Trump is expected to announce on Tuesday that he is pulling out of the Iran nuclear deal, European officials said, after they struggled to persuade him that the accord has halted Iran’s nuclear ambitions.
One senior European official closely involved in Iran diplomacy said U.S. officials had indicated late on Monday that Trump would withdraw from the deal but it remained unclear on what terms, and whether sanctions would be reimposed.
A senior Western diplomat said France, Britain and Germany - which were also party to the agreement - were working on the assumption of a hard U.S. exit after a call last week between U.S. Secretary of State Mike Pompeo and European officials at which he made clear talks on rescuing the deal would not go further.
“He let it be known that it was over,” the diplomat said.
European officials understood this to mean that Trump would not renew sanctions waivers, a move which would in effect kill the deal.
Trump planned to discuss his decision in a phone call on Tuesday with French President Emmanuel Macron, a senior White House official said.
Trump has consistently threatened to pull out of the 2015 agreement because it does not address Iran’s ballistic missile program or its role in wars in Syria and Yemen, and does not permanently prevent Tehran from developing nuclear weapons.
European leaders have warned that a U.S. withdrawal would undo years of work that has kept nuclear weapons out of Iran’s hands.
In Washington, the Republican chairman of the U.S. House of Representatives Foreign Affairs Committee said the United States should continue to fix flaws in accord and “enforce the hell” out of it, but not withdraw.
Speaking hours before Trump was due to announce his decision, Ed Royce said tearing up the deal would not recover cash sent to Iran’s government or “galvanize” allies into addressing Iran’s dangerous activities.
“I fear a withdrawal would actually set back those efforts,” he said in a statement.
“NEGATIVE DECISION” A senior French official doubted Trump had taken heed of European concerns.
“I think in Washington it was quite clear the president was convinced that Trump was heading to a negative decision so we have been preparing more aggressively the hypotheses of a partial or total pullout”, the French official said.
Several European officials stressed they had no concrete information and Trump could still change his mind.
Such a move could ratchet up tensions in a region riven with interrelated wars, including the multi-layered conflict in Syria where Iran’s presence has brought it into conflict with Israel.
Reflecting those strains, Iran’s Armed Forces Chief Major General Mohammad Bagheri said Iran’s military power would defuse any threat to Tehran, while Israeli Prime Minister Benjamin Netanyahu accused Iran of deploying “very dangerous weapons” in Syria to threaten Israel.
A decision to quit the deal could also rattle oil markets due to Iran’s role as a major exporter, and critics say it could also harm Trump’s efforts to reach a deal in nuclear talks with North Korea, a prospect he has dismissed.
“This deal ... is a factor of peace and stabilisation in a very eruptive region,” French Defence Minister Florence Parly told RTL radio.
Trump said he will make the announcement at 2 p.m. (1800 GMT).
Iran suggested its economy would not be hurt whatever happened, but its rial was near record lows against the dollar in the free market as Iranians tried to buy hard currency, fearing financial turmoil if Trump quits the deal.
“We are prepared for all scenarios. If America pulls out of the deal, our economy will not be impacted,” central bank chief Valiollah Seif said on state television.
‘STAND ON OUR OWN FEET’ “One man in one country might create some problems for us for a few months, but we will overcome those problems,” President Hassan Rouhani said. “If we are under sanctions or not, we should stand on our own feet.”
It would be a severe mistake for Iran to stay in the nuclear deal if the United States leaves it, said senior hardline official Mohammad Javad Larijani, head of the Iranian Judiciary’s Human Rights Council, Tasnim news agency reported.
Even before the latest standoff, a raft of business deals including plane purchases have been delayed amid bankers’ concerns that the nuclear deal could unravel or that they could fall foul of U.S. financial controls.
Whatever Trump’s decision, those concerns are unlikely to ease any time soon as the fallout from weeks of uncertainty and the appointment of a more hawkish U.S. foreign policy team expose underlying obstacles, bankers said.
The deal, negotiated during the administration of Trump’s Democratic predecessor Barack Obama eased economic sanctions on Iran in exchange for Tehran limiting its nuclear program.
Trump has called it the “worst deal ever negotiated” and he wants Britain, France and Germany - which also signed the pact along with Russia and China - to toughen up the terms.
Under the deal, known as the Joint Comprehensive Plan of Action (JCPOA), the United States committed to ease a series of U.S. sanctions on Iran and it has done so under “waivers” that effectively suspend them.
WAIVERS International Atomic Energy Agency chief Yukiya Amano has said in Iran his agency had the world’s most robust nuclear verification regime. If the deal failed it would be “a great loss”.
Rouhani suggested on Monday that Iran might remain in the nuclear deal even if Trump abandons it and imposes sanctions. But he also warned that Tehran would fiercely resist U.S. efforts to limit its influence in the Middle East.
The Kremlin said on Tuesday a U.S. withdrawal from the nuclear deal would have harmful consequences.
Israel is widely believed to be the only nuclear-armed state in the Middle East, although it neither confirms nor denies possessing atomic weapons.
Financial markets are watching Trump’s decision closely. On Tuesday, oil retreated from 3-1/2 year highs as investors waited for Trump’s statement.
Additional reporting by Arshad Mohammed in Washington, Sybille de La Hamaide, John Irish and Tim Hepher in Paris, Parisa Hafezi in Ankara, Bozorgmehr Sharafedin in London, Andrew Torchia in Dubai, Writing by William Maclean, Editing by Janet Lawrence
| ashraq/financial-news-articles | https://www.reuters.com/article/iran-nuclear/wrapup-1-trump-to-announce-decision-on-iran-nuclear-deal-european-allies-on-edge-idUSL1N1SE23D |
May 16, 2018 / 12:01 PM / Updated 20 minutes ago Saudi bank merger helps RBS to shed assets, boost capital Reuters Staff
* RBS owns stake 15 pct stake in Alawwal
* RBS been trying to exit for years
* Deal reduces stake, frees up capital
* Remaining stake could be easier to sell
A merger of two Saudi banks, announced on Wednesday, will free Royal Bank of Scotland of 4.9 billion pounds in assets it has been trying to shed for years and boost its core capital, a source familiar with the matter said.
RBS has been trying to reduce its stake in Saudi Arabia’s Alawwal Bank as part of efforts to shrink its balance sheet following its state bailout during the 2008 financial crisis.
The 18.6 billion riyal ($4.96 billion) deal between Alawwal and larger rival Saudi British Bank (SABB) will reduce RBS’s stake in the merged group to around 5 percent, compared to a stake of around 15 percent in Alawwal, the source said.
RBS should be able to reduce the capital it holds against the stake, hopefully later this year, the source said, freeing up enough funds to add around 40 basis points to RBS’s tier one capital, a measure of a bank’s financial strength.
Two other sources close to the merger also said it could be easier for RBS to find a buyer for the smaller stake it will hold after the deal.
The boards of SABB and Alawwal agreed to the takeover on Wednesday in Saudi Arabia’s first major banking tie-up for around 20 years.
The source said it also marked a milestone for RBS, bringing the bank’s decade-long effort to rid its balance sheet of trillions of dollars in unwanted assets closer to a conclusion.
RBS acquired a stake in Alawwal via its ill-fated takeover of Dutch bank ABN Amro in 2007, which played a big part in RBS’s near-collapse and subsequent 45.5 billion pound rescue by the British taxpayer in 2008.
The bank bought ABN Amro as part of a consortium that included Banco Santander and Belgian bank Fortis.
RBS’s interest in the consortium was around 38 percent, leaving it with a stake of around 15 percent in Alawwal, the source said.
This amounted to around 5.9 billion pounds ($7.95 billion) in related risk-weighted assets on the bank’s balance sheet, which can now be reduced to 1 billion pounds.
RBS remains more than 70 percent owned by the British government. ($1 = 3.7502 riyals) ($1 = 0.7418 pounds) (Reporting by Emma Rumney. Editing by Silvia Aloisi and Jane Merriman) | ashraq/financial-news-articles | https://www.reuters.com/article/alawwal-bank-ma-rbs/saudi-bank-merger-helps-rbs-to-shed-assets-boost-capital-idUSL5N1SN3PR |
WINNIPEG, Manitoba, May 01, 2018 (GLOBE NEWSWIRE) -- Empire Industries Ltd. (TSX-V:EIL) (“Empire”, “EIL” or the “Company”) today reported its audited consolidated financial results for the year ended December 31, 2017. The audited consolidated financial statements and MD&A have been filed on SEDAR and can be viewed at www.sedar.com or at www.empind.com .
Summary of 2017 consolidated annual results
Revenues increased to $123.6 million, up 4.7% from $118.0 million in 2016. Net loss of $11.6 million versus prior year profit of $4.0 million. Virtually all of this loss was caused by three, “first-generation” design/build ride contracts. A provision of $14.0 million was accrued in Q4 2017 because management increased its estimated cost to complete on these three challenging contracts. This increased provision caused the operating profit of $8.4 million at Q3 2017 swing to an operating loss of $1.8 million for the year ended 2017. Per Share Net Loss was $0.17 in 2017, down from Net Income of $0.02 in 2016. Excluding these three first-generation projects but including the remaining 14 active projects, Normalized Revenue in 2017 was $115.1 million and Normalized EBITDA in 2017 was $10.8 million (9.4% EBITDA Margin). Cash from operating activities was positive $3.3 million versus negative $6.3 million the prior year Contract Backlog at the end of 2017 was $230 million down $5 million from $235 million at the end of the Company’s third quarter 2017. Bank Indebtedness at year end decreased $4.7 million to $2.2 million from $6.9 million the prior year. The Company’s financial performance tripped banking covenants with its senior lender; however, the Company received a waiver from its senior lender subsequent to year end. Shareholders’ Equity as of December 31, 2017 was $20.8 million compared to $20.1 million the prior year end. The 2017 Net loss was largely offset by equity raises completed in 2017 The $31 million coventure financing announced on August 28, 2017 is proceeding according to plan. The Company raised $8.5 million of equity in 2017 for the co-venture initiative and our co-venture strategic partner remains committed to funding $16.5 million of equity. The Company remains committed to funding the remaining $6 million as planned. Total Assets at year-end were $86.4 million versus $78.7 million the prior year.
“In 2017, Empire Industries aggressively positioned itself to capture a greater share of the rapidly growing global attractions market,” states Guy Nelson, Empire’s Executive Chairman and CEO. “However, I am disappointed to announce that the Company decided to take a $14.0 million provision in the final quarter of the fiscal year to allow for higher estimated costs to complete its three, first-generation projects actively in factory and site acceptance stages of execution.”
“The simultaneous designing and building of three first-generation ride systems was the principal reason for the $11.6 million loss in 2017 because it stretched our human resources and resulted in schedule delays which all led to material cost over-runs. We have vigorously scrutinized what led to the cost overruns, learned and improved our processes, and strengthened our leadership team. Moving forward, we have restricted first-generation ride development to funded programs with customer sponsorship which is a better way to mitigate the risk of continuing to develop industry leading iconic rides,” explains Mr. Nelson. “A detailed operations plan addressing the challenges has been prepared by Hao Wang, the new President and COO, of Dynamic Attractions, and is being implemented. We are confident that the issues that led to the $14.0 million provision have been contained to 2017’s fourth quarter.”
Notwithstanding the disappointment arising from these three first-generation contracts, it was a landmark year for sales. This has continued into 2018, as the Company announced today that it has just signed a strategic alliance agreement with a major theme park developer in Asia, locking up Dynamic’s commitment to supply three of our proprietary ride systems for a total of USD $93 million within 24 months of executing each of the theme park-level supply contracts. The first two such theme park-level agreements are in the process of being finalized and the third such agreement is expected before year end. When the supply agreements are executed, the contracts will be added to backlog.
“The sale of our iconic media-based attraction rides, together with our reduced indirect and overhead expenditures, will improve our EBITDA margins to acceptable levels.” states Nelson. “Our strengthened operational leadership under our newly-appointed President and COO is aligning our vision, reorganizing our delivery, improving our manufacturing and procurement processes and reducing our overhead. These combined actions are to return us to profitability in 2018 and beyond, which is the primary focus of our strategy going forward.”
In 2017, Empire launched its Co-Venture initiative, that is focused on taking its world class Flying Theater to selected major tourist destinations and to co-own and operate the Company’s Flying Theater with the local owner and operator. Efforts to secure locations in North America and China are underway. The $31 million coventure financing announced on August 28, 2017 is proceeding according to plan. The Company raised $8.5 million of equity in 2017 for the co-venture initiative and our co-venture strategic partner remains committed to funding $16.5 million of equity. The Company remains committed to funding the remaining $6.0 million as planned. “Co-Ventures may be our most exciting initiative ever,” states Mr. Nelson. “It leverages Empire’s strengths as a supplier of iconic attractions, expands the Company’s reach in a new part of the market, and prepares us for a stream of recurring revenue and profits.” The Company expects to announce its first Co-Venture site in 2018 with an opening in 2019.”
Summary of 2017 Consolidated Financial Results
For the quarter and year ended December 31 ($ millions) Fiscal 2017 Fiscal
2016 Q4
2017 Q4
2016 Revenue 123.6 118.0 17.8 27.5 Adjusted EBITDA ($) 1 (1.8 ) 5.6 (10.2 ) 1.2 Adjusted EBIT ($) 1 (9.3 ) 0.5 (12.1 ) (0.6 ) Net income from all operations (11.6 ) 4.0 (14.0 ) (2.6 )
Financial Position (at December 31 ) Total assets 86.4 78.7 86.4 78.7 Shareholders’ equity 20.8 20.1 20.8 20.1
Per Share Information (Basic & Diluted) Income per share – continuing operations (0.17 ) 0.02 (0.20 ) (0.04 ) Income per share – discontinued operations - 0.04 - - Income per share – all operations (0.17 ) 0.06 (0.20 ) (0.04 ) 1 Adjusted earnings (loss) before interest, tax, depreciation and amortization (Adjusted EBITDA) is not defined by IFRS. The definition of Adjusted EBITDA does not take into account the Company’s share of profit of an associate investment, gains and losses on the disposal of assets, fair value changes in foreign currency forward contracts and non-cash components of stock based compensation. Adjusted EBIT is the result of the Company’s Adjusted EBITDA less depreciation and amortization expenses. While not IFRS measures, Adjusted EBITDA and Adjusted EBIT are used by management, creditors, analysts, investors and other financial stakeholders to assess the Company’s performance and management from a financial and operational perspective.
Conference Call Information
Empire’s management team will be holding an investor/analyst conference call to discuss the 2017 results and the outlook for the company. The call-in details are as follows:
Time/Date: Tuesday, May 1, 2018 at 11:00AM Eastern Time
Dial-in Number: 1-800-319-4610 (Canada/USA toll-free)
1-416-915-3239 (Toronto)
Callers should dial in 5 – 10 minutes prior to the scheduled start time and ask to join the Empire Industries 2017 Results Conference Call.
About Empire Industries Ltd.
Empire focuses on designing, supplying, and installing iconic media-based attractions and ride systems for the global theme park industry. Empire also uses these same turn-key integration services for special projects such as large optical telescopes and enclosures. Empire also has commenced an initiative to leverage its world class
flying theater and attraction development capability on a co-venture ownership basis. Empire’s common shares
are listed on the TSX Venture Exchange under the symbol EIL. Empire’s common shares are listed on the TSX Venture Exchange under the symbol EIL.
For more information about the Company, visit www.empind.com or contact:
Guy Nelson
Chief Executive Officer
Phone: (416) 366-7977
Email: [email protected] Allan Francis
Vice President – Corporate Affairs and Administration
Phone: (204) 589-9301
Email: [email protected] Reader Advisory
This news release contains , applicable securities legislation, concerning Empire’s business and affairs. In certain cases, can be identified by the use of words such as ‘‘plans’’, ‘‘expects’’ or ‘‘does not expect’’, ‘‘budget’’, ‘‘scheduled’’, ‘‘estimates’’, “forecasts’’, ‘‘intends’’, ‘‘anticipates’’, “believes” or variations of such words and phrases or state that certain actions, events or results ‘‘may’’, ‘‘could’’, ‘‘would’’, ‘‘might’’ or ‘‘will be taken’’, ‘‘occur’’ or ‘‘be achieved’’. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such . Although Empire believes these statements to be reasonable, no assurance can be given that these expectations will prove to be correct and such included in this news release should not be unduly relied upon. Such statements include statements with respect to the expected execution of the theme park agreements and the shipping dates of the three rides. Actual results could differ materially from those anticipated in these as a result of prevailing economic conditions, and other factors, many of which are beyond the control of Empire. The contained in this news release represent Empire’s expectations as of the date hereof, and are subject to change after such date. Empire disclaims any intention or obligation to update or revise any whether as a result of new information, future events or otherwise, except as may be required by applicable securities regulations.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Source: Empire Industries | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/globe-newswire-empire-industries-reports-2017-results.html |
Royal obsessed 'When Meghan met Harry' podcast 1:47am EDT - 02:03
These podcasters record every week from across the Atlantic to obsess over every detail about the upcoming royal wedding between Meghan Markle and Prince Harry.
These podcasters record every week from across the Atlantic to obsess over every detail about the upcoming royal wedding between Meghan Markle and Prince Harry. //reut.rs/2KL5f3m | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/08/royal-obsessed-when-meghan-met-harry-pod?videoId=424871447 |
BRENTWOOD, Tenn.--(BUSINESS WIRE)-- Quorum Health Corporation (NYSE: QHC) (the “Company”) today announced its financial and operating results .
First Quarter 2018 Financial and Operating Results
The Company’s financial and operating results reflect the following:
Net operating revenues decreased $40.8 million to $486.8 million, compared to $527.6 million for the same period in 2017. Net income (loss) was $(98.5) million compared to $(27.2) million for the same period in 2017. Net loss attributable to Quorum Health Corporation was $(99.0) million, or $(3.48) per share, compared to $(27.6) million, or $(0.99) per share, for the same period in 2017. On a same-facility basis, as defined in footnote (i), admissions increased 0.4%, adjusted admissions increased 1.1% and net operating revenues per adjusted admission increased 3.4% compared to the same period in 2017. Adjusted EBITDA was $18.4 million compared to $26.1 million for the same period in 2017. Adjusted EBITDA, Adjusted for Divestitures, which is further adjusted to exclude the effect of EBITDA of hospitals either sold or closed as of March 31, 2018, was $26.8 million compared to $30.9 for the same period in 2017.
The following items impacted the Company’s financial and operating results :
The $40.8 million decline in the net operating revenues for the quarter was primarily attributable to a $60.6 million decrease from the ten hospitals sold or closed since the spin-off from Community Health Systems, Inc. (“CHS”) in April 2016 (collectively, “the divested hospitals”), partially offset by a $7.9 million increase related to revenues from the California Hospital Quality Assurance Fee (“HQAF”) program, of which there were no comparable revenues in the same 2017 period. Excluding the divested hospitals of $60.6 million and the California HQAF revenues of $7.9 million, net operating revenues increased $11.9 million in the three months ended March 31, 2018 compared to the same period in 2017, primarily due to an increase in both admission volume and acuity. The net loss was impacted by $39.8 million of impairment of long-lived assets, $13.7 million of costs related to the closure of one hospital and $7.8 million of net losses on the sale of two hospitals. The operating results from the divested hospitals negatively impacted EBITDA by $8.4 million and $4.8 million and 2017, respectively. For the three months ended March 31, 2018, approximately $5 million of the $8.4 million in losses related to our closure of one hospital, as the Company saw a significant deterioration in losses upon announcing the closure in early January.
Divestiture Program
The Company also provided an update on its divestiture program. To date, the Company has received $84.8 million in total net proceeds from divestitures, which includes $8.0 million of proceeds held in escrow, and used $74.9 million to the pay down the Company’s term loan under its Senior Credit Facility. The Company remains focused on completing an additional $165 million to $215 million in proceeds from divestitures by the end of 2019. As of May 9, 2018, the Company has signed letters of intent (“LOIs”) to divest seven facilities. Although these LOIs are not definitive and no assurance can be provided as to the likelihood or timing of these turning into completed transactions, these signed LOIs represent potential net cash proceeds to the Company in excess of $100 million.
Margin Improvement Program
Although the Company has seen same-facility volume improvements for the past four quarters, primarily as a result of physician recruiting efforts in specialty areas, certain markets have experienced cost growth exceeding revenue growth, which has compressed Company margins. As a result, the Company is undertaking a comprehensive margin improvement program, which focuses in several key areas including a strategic review of underperforming service lines, supply cost management, staff productivity and volume enhancement. At the request of the Company’s board of directors, management is in the process of engaging a firm to support the development and implementation of the Company’s margin improvement plan and other plans to improve the Company’s operational and financial performance. The Company is in negotiations with Alvarez & Marsal to undertake these assignments, and expects that work will begin shortly.
Update on TSA Transition
On March 19, 2018, the Company received notice from CHS that CHS was seeking to terminate, effective September 30, 2018, the Shared Services Transition Services Agreement (the “SSC TSA”) and the Computer and Data Processing Transition Services Agreement (the “IT TSA”). The notice from CHS also provided an indication of CHS’s preference to terminate the remaining TSAs as well. The effectiveness of the September 30, 2018 deadline for terminating the IT TSA will be litigated during the course of the arbitration. The Company continues to believe that termination of all the TSAs is in its best long-term interests, and is working to ensure that the transitions are undertaken in a manner that minimizes the associated risks inherent in such a termination.
Financial Outlook
The Company has updated its financial outlook for the year ending December 31, 2018 as discussed below. These projections are based on the Company’s historical operating performance, current economic, demographic and regulatory trends and other assumptions that the Company believes are reasonable at this time. The 2018 guidance should be considered in conjunction with the assumptions included herein. Due to the impact of operating results at divested and closed hospitals, as well as the potential impact from divestitures that could occur prior to the end of the fiscal year 2018, the Company is no longer providing guidance on Adjusted EBITDA and is presenting Adjusted EBITDA, Adjusted for Divestitures to only include hospitals divested and closed through March 31, 2018. See “Forward-Looking Statements” below for a list of factors that could affect the future results of the Company or the healthcare industry generally.
The Company expects net operating revenues for the year ending December 31, 2018 to range from $1.925 billion to $1.975 billion. The Company expects Adjusted EBITDA, Adjusted for Divestitures to range from $145 million to $165 million. The guidance for Adjusted EBITDA, Adjusted for Divestitures is adjusted: (i) to include approximately $23 million of California HQAF revenues, net of provider taxes, (ii) to give effect to the reduction of approximately $3 million in electronic health records incentives earned in 2018 compared to 2017, (iii) to include approximately $10 million to $12 million of non-cash stock-based compensation and other non-cash benefits expense and approximately $20 million to $25 million of non-cash insurance expense, (iv) to provide no estimate for the effects of any changes to the Affordable Care Act, its interpretation or its implementation, and (v) to exclude the negative (positive) EBITDA of hospitals divested or closed through March 31, 2018, but includes the negative (positive) EBITDA of potential divestitures that may occur during the remainder of 2018. The Company will update its guidance for any divestitures that are completed during the remainder of 2018.
A reconciliation of the Company’s projected 2018 Adjusted EBITDA, Adjusted for Divestitures, a forward-looking non-GAAP financial measure, to net income (loss), the most directly comparable U.S. GAAP financial measure, is omitted from this press release because the Company is unable to provide such reconciliation without unreasonable effort. This inability results from the inherent difficulty in forecasting generally and in quantifying certain projected amounts that are necessary for such reconciliation. In particular, sufficient information is not available to calculate certain items required for such reconciliation without unreasonable effort, including interest expense, provision for (benefit from) income taxes and other adjustments that would be necessary to prepare a forward-looking statement of net income (loss) in accordance with U.S. GAAP. For the same reasons, the Company is unable to address the probable significance of the unavailable information.
About Quorum Health Corporation
The principal business of Quorum Health Corporation is to provide hospital and outpatient healthcare services in its markets across the United States. As of March 31, 2018, the Company owned or leased 28 hospitals in rural and mid-sized markets located across 14 states and licensed for 2,675 beds. Through Quorum Health Resources LLC, a wholly-owned subsidiary, the Company provides hospital management advisory and healthcare consulting services to non-affiliated hospitals across the country. Over 95% of the Company’s net operating revenues are attributable to its hospital operations business.
The Company’s headquarters are located in Brentwood, Tennessee, a suburb south of Nashville. Shares in Quorum Health Corporation are traded on the NYSE under the symbol “QHC.” More information about the Company can be found on its website at www.quorumhealth.com .
Quorum Health Corporation will hold a conference call on Thursday, May 10, 2018, at 10:00 a.m. Central time, 11:00 a.m. Eastern, to review operating and financial results . Investors will have the opportunity to listen to a live internet broadcast of the conference call by clicking on the Investor Relations link of the Company’s website at www.quorumhealth.com . To listen to the live call, please go to the website at least 15 minutes early to register, download and install any necessary audio software. For those who cannot listen to the live broadcast, a replay will be available shortly after the call and will continue to be available for approximately 30 days. Copies of this press release and the Company’s Current Report on Form 8-K (including this press release) are available on the Company’s website at www.quorumhealth.com .
QUORUM HEALTH CORPORATION
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(In Thousands, Except Earnings per Share and Shares)
Three Months Ended March 31, 2018 2017 % of % of $ Amount Revenues $ Amount Revenues Operating revenues (a) $ 587,945 Provision for bad debts (b) 60,305 Net operating revenues $ 486,820 100.0 % 527,640 100.0 % Operating costs and expenses: Salaries and benefits 247,000 50.7 % 264,602 50.1 % Supplies 58,886 12.1 % 63,822 12.1 % Other operating expenses (a) 152,738 31.3 % 163,424 31.1 % Depreciation and amortization 18,261 3.8 % 22,120 4.2 % Rent 12,532 2.6 % 12,102 2.3 % Electronic health records incentives earned (141 ) 0.0 % (2,452 ) (0.5 )% Legal, professional and settlement costs 3,413 0.7 % 535 0.1 % Impairment of long-lived assets and goodwill 39,760 8.2 % 3,300 0.6 % Loss (gain) on sale of hospitals, net 7,815 1.6 % (870 ) (0.2 )% Loss on closure of hospitals, net 13,746 2.8 % — — % Transaction costs related to the Spin-off — — % 31 0.0 % Total operating costs and expenses 554,010 113.8 % 526,614 99.8 % Income (loss) from operations (67,190 ) (13.8 )% 1,026 0.2 % Interest expense, net 30,931 6.4 % 27,530 5.2 % Income (loss) before income taxes (98,121 ) (20.2 )% (26,504 ) (5.0 )% Provision for (benefit from) income taxes 366 — % 701 0.2 % Net income (loss) (c) (98,487 ) (20.2 )% (27,205 ) (5.2 )% Less: Net income (loss) attributable to noncontrolling interests 481 0.1 % 356 0.0 % Net income (loss) attributable to Quorum Health Corporation $ (98,968 ) (20.3 )% $ (27,561 ) (5.2 )% Earnings (loss) per share attributable to Quorum Health Corporation stockholders: Basic and diluted (d) $ (3.48 ) $ (0.99 ) Weighted-average shares outstanding: Basic and diluted 28,454,336 27,800,597 For footnotes, see pages 8-10.
QUORUM HEALTH CORPORATION
UNAUDITED CONSOLIDATED SELECTED OPERATING DATA
Three Months Ended March 31, 2018 2017 Variance % Variance Consolidated: Number of licensed beds at end of period (e) 2,675 3,399 (724 ) (21.3 )% Admissions (f) 20,549 23,656 (3,107 ) (13.1 )% Adjusted admissions (g) 49,226 56,860 (7,634 ) (13.4 )% Total surgeries (h) 20,587 25,948 (5,361 ) (20.7 )% Emergency room visits (i) 153,797 172,939 (19,142 ) (11.1 )% Medicare case mix index (j) 1.44 1.39 0.05 3.6 % Same-facility: (k) Number of licensed beds at end of period (e) 2,675 2,675 — — % Admissions (f) 19,432 19,359 73 0.4 % Adjusted admissions (g) 46,354 45,871 483 1.1 % Total surgeries (h) 18,656 18,631 25 0.1 % Emergency room visits (i) 140,881 137,697 3,184 2.3 % Medicare case mix index (j) 1.43 1.39 0.04 2.9 % For footnotes, see pages 8-10.
QUORUM HEALTH CORPORATION
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In Thousands, Except Par Value per Share and Shares)
2018 2017 ASSETS Current assets: Cash and cash equivalents $ 32,491 $ 5,617 Patient accounts receivable, net of allowance for doubtful accounts of $352,509 at December 31, 2017 347,124 343,145 Inventories 49,425 53,459 Prepaid expenses 20,387 21,167 Due from third-party payors 92,831 97,202 Current assets of hospitals held for sale — 8,112 Other current assets 47,253 47,440 Total current assets 589,511 576,142 Property and equipment, at cost 1,362,086 1,405,184 Less: Accumulated depreciation and amortization (755,474 ) (729,905 ) Total property and equipment, net 606,612 675,279 Goodwill 401,443 409,229 Intangible assets, net 56,926 64,850 Long-term assets of hospitals held for sale — 7,734 Other long-term assets 96,763 95,607 Total assets $ 1,751,255 $ 1,828,841 LIABILITIES AND EQUITY Current liabilities: Current maturities of long-term debt $ 1,771 $ 1,855 Accounts payable 162,502 171,250 Accrued liabilities: Accrued salaries and benefits 83,865 77,803 Accrued interest 22,051 10,466 Due to third-party payors 44,551 47,705 Current liabilities of hospitals held for sale — 2,577 Other current liabilities 44,024 43,687 Total current liabilities 358,764 355,343 Long-term debt 1,229,342 1,212,035 Deferred income tax liabilities, net 8,310 7,774 Other long-term liabilities 136,450 137,954 Total liabilities 1,732,866 1,713,106 Redeemable noncontrolling interests 2,316 2,325 Equity: Quorum Health Corporation stockholders' equity: Preferred stock, $0.0001 par value per share, 100,000,000 shares authorized, none issued — — Common stock, $0.0001 par value per share, 300,000,000 shares authorized; 31,162,491 shares issued and outstanding at March 31, 2018, and 30,294,895 shares issued and outstanding at December 31, 2017 3 3 Additional paid-in capital 551,266 549,610 Accumulated other comprehensive income (loss) (1,842 ) (1,956 ) Accumulated deficit (547,184 ) (448,216 ) Total Quorum Health Corporation stockholders' equity 2,243 99,441 Nonredeemable noncontrolling interests 13,830 13,969 Total equity 16,073 113,410 Total liabilities and equity $ 1,751,255 $ 1,828,841 For footnotes, see pages 8-10.
QUORUM HEALTH CORPORATION
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
Three Months Ended March 31, 2018 2017 Cash flows from operating activities: Net income (loss) $ (98,487 ) $ (27,205 ) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 18,261 22,120 Non-cash interest expense, net 1,811 730 Provision for (benefit from) deferred income taxes 536 601 Stock-based compensation expense 2,464 2,797 Impairment of long-lived assets and goodwill 39,760 3,300 Loss (gain) on sale of hospitals, net 7,815 (870 ) Non-cash portion of loss on hospital closures 5,305 — Changes in reserves for self-insurance claims, net of payments 6,025 4,212 Changes in reserves for legal, professional and settlement costs, net of payments — (3,651 ) Other non-cash expense (income), net (49 ) (42 ) Changes in operating assets and liabilities, net of acquisitions and divestitures: Patient accounts receivable, net 1,429 (17,163 ) Due from and due to third-party payors, net 1,217 11,041 Inventories, prepaid expenses and other current assets 1,290 (16,674 ) Accounts payable and accrued liabilities 9,587 38,065 Long-term assets and liabilities, net 443 1,265 Net cash provided by (used in) operating activities (2,593 ) 18,526 Cash flows from investing activities: Capital expenditures for property and equipment (14,528 ) (23,217 ) Capital expenditures for software (513 ) (1,506 ) Acquisitions, net of cash acquired (32 ) — Proceeds from the sale of hospitals 38,663 4,282 Other investing activities, net 197 — Net cash provided by (used in) investing activities 23,787 (20,441 ) Cash flows from financing activities: Borrowings under revolving credit facilities 132,000 172,000 Repayments under revolving credit facilities (114,000 ) (94,000 ) Borrowings of long-term debt 12 — Repayments of long-term debt (627 ) (7,109 ) Payments of debt issuance costs (2,268 ) (47 ) Cancellation of restricted stock awards for payroll tax withholdings on vested shares (634 ) (1,028 ) Cash distributions to noncontrolling investors (803 ) (3,814 ) Net cash provided by (used in) financing activities 13,680 66,002 Net change in cash, cash equivalents and restricted cash 34,874 64,087 Cash, cash equivalents and restricted cash at beginning of period 5,617 25,455 Cash, cash equivalents and restricted cash at end of period $ 40,491 $ 89,542 For footnotes, see pages 8-10.
FOOTNOTES TO UNAUDITED FINANCIAL STATEMENTS AND SELECTED OPERATING DATA
(a) The California Department of Health Care Services administers the HQAF program, imposing a fee on certain general and acute care California hospitals. Revenues generated from these fees provide funding for the non-federal supplemental payments to California hospitals that serve California’s Medicaid (“Medi-Cal”) and uninsured patients. Under Phase V of the program, the Company recognized $7.9 million of net operating revenues less $2.1 million of provider taxes with no corresponding amounts in the three months ended March 31, 2017. The revenues and fees paid for the full year 2017 were recognized in the fourth quarter of 2017 when CMS approved the program. (b) On January 1, 2018, the Company adopted ASC Topic 606 “Revenue from Contracts with Customers” using the modified retrospective method as of January 1, 2018. Results for reporting periods beginning after January 1, 2018 are presented under Topic 606, while prior period amounts are not adjusted and continue to be reported in accordance with the Company’s historic accounting under Topic 605. Prior to the adoption of ASC Topic 606, a significant portion of the Company’s allowance for doubtful accounts related to self-pay patients, as well as co-pays and deductibles owed to the Company by patients with insurance. Under ASC 606, the estimated allowance for these patients are generally considered a direct reduction to net operating revenues rather than as a provision for bad debts. (c) EBITDA is a non-GAAP financial measure that consists of net income (loss) before interest, income taxes, depreciation and amortization. Adjusted EBITDA, also a non-GAAP financial measure, is EBITDA adjusted to add back the effect of certain legal, professional and settlement costs, impairment of long-lived assets and goodwill, net loss (gain) on sale of hospitals, net loss on closure of hospitals, transition of transition services agreements (“TSAs”), post-spin headcount reductions and executive severance. Transition of TSAs includes one-time transition costs, as well as duplicative costs as the Company exits certain of the TSAs. The Company uses Adjusted EBITDA as a measure of financial performance. Adjusted EBITDA is a key measure used by the Company’s management to assess the operating performance of its hospital operations business and to make decisions on the allocation of resources. Additionally, management utilizes Adjusted EBITDA in assessing the Company’s results of operations and in comparing the Company’s results of operations between periods. Adjusted EBITDA, Adjusted for Divestitures, also a non-GAAP financial measure, is further adjusted to exclude the effect of EBITDA of hospitals divested as of March 31, 2018. The Company has presented Adjusted EBITDA and Adjusted EBITDA, Adjusted for Divestitures in this press release because it believes these measures provide investors and other users of the Company’s financial statements with additional information about how the Company’s management assesses its results of operations. Adjusted EBITDA and Adjusted EBITDA, Adjusted for Divestitures are not measurements of financial performance under U.S. GAAP. These calculations should not be considered in isolation or as a substitute for net income, operating income or any other measure calculated in accordance with U.S. GAAP. The items excluded from Adjusted EBITDA and Adjusted EBITDA, Adjusted for Divestitures are significant components in understanding and evaluating the Company’s financial performance. The Company believes such adjustments are appropriate, as the magnitude and frequency of such items can vary significantly and are not related to the assessment of the Company’s normal operating performance. Additionally, the Company’s calculation of Adjusted EBITDA and Adjusted EBITDA, Adjusted for Divestitures may not be comparable to similarly titled measures reported by other companies. FOOTNOTES TO UNAUDITED FINANCIAL STATEMENTS AND SELECTED OPERATING DATA
(Continued)
The following table reconciles Adjusted EBITDA and Adjusted EBITDA, Adjusted for Divestitures, each as defined above, to net income (loss), the most directly comparable U.S. GAAP financial measure, as derived directly from the Company’s consolidated statements of income for the respective periods (in thousands): Three Months Ended March 31, 2018 2017 Net income (loss) $(98,487) $(27,205) Interest expense, net 30,931 27,530 Provision for (benefit from) income taxes 366 701 Depreciation and amortization 18,261 22,120 EBITDA (48,929) 23,146 Legal, professional and settlement costs 3,413 535 Impairment of long-lived assets and goodwill 39,760 3,300 Loss (gain) on sale of hospitals, net 7,815 (870) Loss on closure of hospitals, net 13,746 — Transition of transition service agreements 717 — Transaction costs related to the Spin-off — 31 Post-spin headcount reductions and executive severance 1,898 — Adjusted EBITDA 18,420 26,142 Negative EBITDA of divested hospitals 8,377 4,769 Adjusted EBITDA, Adjusted for Divestitures $26,797 $30,911 (d) The following table reconciles net income (loss) attributable to Quorum Health Corporation, as reported and on a per share basis, with the adjustments described herein: Three Months Ended March 31, 2018 2017 (per share - basic and diluted) Earnings (loss) per share attributable to Quorum Health Corporation stockholders, as reported $ (3.48 ) $ (0.99 ) Adjustments: Legal, professional and settlement costs 0.12 0.02 Impairment of long-lived assets and goodwill 1.40 0.12 Loss (gain) on sale of hospitals, net 0.28 (0.03 ) Loss on closure of hospitals, net 0.48 — Transition of transition service agreements 0.03 — Transaction costs related to the Spin-off — — Post-spin headcount reductions and executive severance 0.07 — Net operating losses of divested hospitals 0.30 0.18 Earnings (loss) per share attributable to Quorum Health Corporation stockholders, excluding adjustments $ (0.80 ) $ (0.70 ) FOOTNOTES TO UNAUDITED FINANCIAL STATEMENTS AND SELECTED OPERATING DATA
(Continued)
(e) Licensed beds are the number of beds for which the appropriate state agency licenses a hospital, regardless of whether the beds are actually available for patient use. (f) Admissions represent the number of patients admitted for inpatient services. (g) Adjusted admissions are computed by multiplying admissions by gross patient revenues and then dividing that number by gross inpatient revenues. (h) Total surgeries represent the number of inpatient and outpatient surgeries. (i) Emergency room visits represent the number of patients registered and treated in the Company’s emergency rooms. (j) Medicare case mix index is a relative value assigned to a diagnosis-related group of patients that is used in determining the allocation of resources necessary to treat the patients in that group. Medicare case mix index is calculated as the average case mix index for all Medicare admissions during the period. (k) Same-facility financial and operating data excludes hospitals that were sold prior to and as of the end of the current reporting period. Same-facility operating results have been adjusted to exclude the operating results of Sandhills Regional Medical Center, Barrow Regional Medical Center, Cherokee Medical Center, Trinity Hospital of Augusta, Lock Haven Hospital, Sunbury Community Hospital, L.V. Stabler Memorial Hospital, Affinity Medical Center, Vista Medical Center West and Clearview Regional Medical Center which were sold or closed on December 1, 2016, December 31, 2016, March 31, 2017, June 30, 2017, September 30, 2017, September 30, 2017, October 31, 2017, February 11, 2018, March 1, 2018 and March 31, 2018, respectively. Forward-Looking Statements
This press release contains forward-looking statements Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995 that involve risk and uncertainties. All statements in this press release other than statements of historical fact, including statements regarding projections, expected operating results, and other events that depend upon or refer to future events or conditions or that include words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,” “thinks,” and similar expressions, are forward-looking statements. Although the Company believes that these forward-looking statements are based on reasonable assumptions, these assumptions are inherently subject to significant economic and competitive uncertainties and contingencies, which are difficult or impossible to predict accurately and may be beyond the control of the Company. Accordingly, the Company cannot give any assurance that its expectations will in fact occur and cautions that actual results may differ materially from those in the forward-looking statements. A number of factors could affect the future results of the Company or the healthcare industry generally and could cause the Company’s expected results those expressed in this press release.
These factors include, but are not limited to, the following:
general economic and business conditions, both nationally and in the regions in which the Company operates; risks associated with the Company’s substantial indebtedness, leverage and debt service obligations, including its ability to comply with its debt covenants, including its senior credit facility, as amended; the Company’s ability to successfully make acquisitions or complete divestitures and the timing thereof, its ability to complete any such acquisitions or divestitures on desired terms or at all, and its ability to realize the intended benefits from any such acquisitions or divestitures; changes in reimbursement methodologies and rates paid by federal or state healthcare programs, including Medicare and Medicaid, or commercial payors, and the timeliness of reimbursement payments, including delays in certain states in which the Company operates; the extent to which regulatory and economic changes occur in Illinois, where a material portion of the Company’s revenues are concentrated; demographic changes; the impact of changes made to the Affordable Care Act, the potential for repeal or additional changes to the Affordable Care Act, its implementation or its interpretation, as well as changes in other federal, state or local laws or regulations affecting the healthcare industry; increases in the amount and risk of collectability of patient accounts receivable, including lower collectability levels which may result from, among other things, self-pay growth and difficulties in collecting payments for which patients are responsible, including co-pays and deductibles; competition; changes in medical or other technology; any potential impairments in the carrying values of long-lived assets and goodwill or the shortening of the useful lives of long-lived assets; the costs associated with terminating the transition services agreements with Community Health Systems, Inc., including the related arbitration proceeding, as well as the additional costs and risks associated with any operational problems, delays in collections from payors, and errors and control issues during the termination and transition process; the impact of certain outsourcing functions, and the ability of CHS, as provider of the Company’s billing and collection services pursuant to the transition services agreements, to timely and appropriately bill and collect; the Company’s ability to manage effectively its arrangements with third-party vendors for key non-clinical business functions and services; the ability to achieve operating and financial targets and to control the costs of providing services if patient volumes are lower than expected; the effects related to outbreaks of infectious diseases; the Company’s ability to attract and retain, at reasonable employment costs, qualified personnel, key management, physicians, nurses and other healthcare workers; increases in wages as a result of inflation or competition for highly technical positions and rising medical supply and drug costs due to market pressure from pharmaceutical companies and new product releases; the impact of seasonal or severe weather conditions or earthquakes; the Company’s ongoing ability to demonstrate meaningful use of certified EHR technology, including meeting interoperability objectives, and avoid related penalties and recognize income for the related Medicare or Medicaid incentive payments, to the extent such payments have not expired; the efforts of healthcare insurers, providers, large employer groups and others to contain healthcare costs, including the trend toward treatment of patients in less acute or specialty healthcare settings and the increased emphasis on value-based purchasing; the failure to comply with governmental regulations; the Company’s ability, where appropriate, to enter into, maintain and comply with provider arrangements with payors and the terms of these arrangements, which may be impacted by the increasing consolidation of health insurers and managed care companies and vertical integration efforts involving payors and healthcare providers; the potential adverse impact of known and unknown government investigations, internal investigations, audits, and federal and state false claims act litigation and other legal proceedings, including the shareholder and creditor litigations against the Company and certain of its officers and threats of litigation, as well as the significant costs and attention from management required to address such matters; liabilities and other claims asserted against the Company, including self-insured malpractice claims; the impact of cyber-attacks or security breaches, including, but not limited to, the compromise of the Company’s facilities and confidential patient data, potential harm to patients, remediation and other expenses, potential liability under HIPAA and consumer protection laws, federal and state governmental inquiries, and damage to the Company’s reputation; the Company’s ability to utilize its income tax loss carryforwards and risks associated with the Tax Cuts and Jobs Act of 2017; the Company’s ability to maintain certain accreditations at its existing facilities and any future facilities it may acquire; the success and long-term viability of healthcare insurance exchanges and potential changes to the beneficiary enrollment process; the extent to which states support or implement changes to Medicaid programs, utilize healthcare insurance exchanges or alter the provision of healthcare to state residents through regulation or otherwise; the timing and amount of cash flows related to the California HQAF Program, as well as the potential for retroactive adjustments for prior year payments; the effects related to the continued implementation of the sequestration spending reductions and the potential for future deficit reduction legislation; changes in U.S. generally accepted accounting principles, including the impacts of adopting newly issued accounting standards; the availability and terms of capital to fund acquisitions, replacement facilities or other capital expenditures; the Company’s ability to obtain adequate levels of professional and general liability and workers’ compensation liability insurance; and the other risk factors set forth in the Company’s other public filings with the Securities and Exchange Commission.
Although the Company believes that these forward-looking statements are based on reasonable assumptions, these assumptions are inherently subject to significant regulatory, economic and competitive uncertainties and contingencies, which are difficult or impossible to predict accurately and may be beyond its control. Accordingly, the Company cannot give any assurance that its expectations will in fact occur and cautions that actual results may differ materially from those in the forward-looking statements. Given these uncertainties, prospective investors are cautioned not to place undue reliance on these forward-looking statements. These forward-looking statements are made as of the date of this filing. The Company undertakes no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180509006585/en/
Quorum Health Corporation
Alfred Lumsdaine, 615-221-4936
Executive Vice President and Chief Financial Officer
Source: Quorum Health Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/business-wire-quorum-health-corporation-announces-first-quarter-2018-financial-and-operating-results.html |
May 3(Reuters) - Tatwah Smartech Co Ltd
* Says it appoints Liu Tieying as new CFO of the company, to replace Chen Kaiyuan, who resigned from CFO
Source text in Chinese: goo.gl/6XWxjH
Further company coverage: (Beijing Headline News)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-tatwah-smartech-says-change-of-cfo/brief-tatwah-smartech-says-change-of-cfo-idUSL3N1SA1RA |
May 31, 2018 / 5:36 PM / Updated 3 hours ago Waymo to get more than 60,000 cars from Fiat Chrysler for robotaxis Reuters Staff 2 Min Read
(Reuters) - Fiat Chrysler Automobiles NV will add up to 62,000 more cars to Alphabet Inc’s autonomous driving unit Waymo, the companies said on Thursday, as part of Waymo’s plan to roll out a robotaxi service in the U.S. later this year. FILE PHOTO: The Waymo logo is displayed during the company's unveiling of a self-driving Chrysler Pacifica minivan during the North American International Auto Show in Detroit, Michigan, U.S., January 8, 2017. REUTERS/Brendan McDermid/File Picture
The announcement comes on the day when Japan’s SoftBank Group Corp said it would invest $2.25 billion in General Motors Co’s self-driving unit.
Large tech companies, established automakers and well-funded startups including Uber Technologies Inc and Tesla Inc are all stepping up efforts to gain pole position in the self-driving cars market, which is expected to carry the automobiles industry into the next era.
“We’re excited to deepen our relationship with FCA that will support the launch of our driverless service and explore future products that support Waymo’s mission,” Waymo Chief Executive Officer John Krafcik said in a statement.
Fiat Chrysler (FCA), which already has a partnership with Waymo, will add Chrysler Pacifica Hybrid minivans to Waymo’s existing fleet, the companies said on Thursday. Delivery of the cars is expected to begin in late 2018.
The companies are also in early discussions about using Waymo’s technology in FCA cars to be sold in retail.
Alphabet’s self-driving unit said in March it will also add up to 20,000 Jaguar Land Rover Automotive Plc electric vehicles to its upcoming autonomous fleet.
Waymo, which says it has self-driven 6 million miles on public roads, said on Thursday it was on track to launch the world’s first self-driving transportation service later this year, which will allow passengers to use Waymo’s app to request a vehicle.
The company has plans to roll out a ride service for the public in the Phoenix, Arizona area in coming months, with plans to later launch it more widely.
FCA, which has delivered 600 Pacifica Hybrid minivans to Waymo till date, first announced its partnership with the company in May 2016. Reporting by Sonam Rai in Bengaluru and Paul Lienert in Detroit; Editing by Shounak Dasgupta | ashraq/financial-news-articles | https://in.reuters.com/article/fiat-chrysler-waymo/waymo-to-get-more-than-60000-cars-from-fiat-chrysler-for-robotaxis-idINKCN1IW2L9 |
April 30, 2018 / 11:19 AM / Updated an hour ago Banks push back Bank of England rate forecasts after growth data shock Tom Finn , Saikat Chatterjee 4 Min Read
LONDON (Reuters) - Banks have pushed out their predictions for when the Bank of England will raise interest rates after data last week showed a sharp and unexpected slowdown in Britain’s economic growth. The Governor of the Bank of England, Mark Carney, listens from the audience at an event at the Bank of England in the City of London, London, Britain April 27, 2018. REUTERS/Toby Melville
Expectations the British central bank would raise borrowing costs in May had already weakened after Governor Mark Carney highlighted “mixed” economic data and noted there were also “other meetings” this year in an April 19 interview.
Economists now forecast the BoE will not act until August and may even wait until 2019. Before Friday’s GDP data most economists had expected the central bank to tighten monetary policy next month.
The changed expectations have hurt the pound, which has fallen sharply in value since the GDP release.
HSBC became the latest bank to erase its solitary rate hike call for 2018, saying on Monday that likely downward revisions to the BoE’s growth forecasts in May would make it harder to justify a rate hike.
“Our view of no rate rises beyond May remains intact: we’ve gone from ‘May and done’ to just ‘done’,” Simon Wells and Elizabeth Martins, analysts at the bank, wrote in a note.
The BoE raised interest rates for the first time in a decade last November, by 25 basis points to 0.5 percent.
Market expectations of a rate hike in May, as measured by swap markets, have fallen following the GDP data to less than 20 percent from around 50 percent. Friday’s figures showed Britain’s economy expanded by just 0.1 percent between January and March, the weakest quarter since 2012.
Earlier this month the market was pricing in as much as a 90 percent chance of a May rate rise.
The change in banks’ forecasts signals a much weaker outlook for the pound, which has been among the best performing major currencies in 2018. For the year, it is now up less than 2 percent against the dollar after having been up more than 6 percent two weeks ago. FILE PHOTO: The Bank of England is seen in London, Britain, April 9, 2018. REUTERS/Hannah McKay/File Photo
Expectations of higher rates lifted sterling to its highest since the Brexit referendum in June 2016 at $1.4377 (1.05 pounds) on April 17 but it has tanked nearly 5 percent since then, to $1.3715 on Monday.
The likelihood that the BoE will not hike next month also means bond prices could rally further and presents a more volatile backdrop for the UK stock market.
UBS scrapped its estimate of a single rate rise in 2018 after the weaker-than-expected growth figures while Nomura, which has long been hawkish on UK interest rates, now sees a first hike in August.
John Wraith, a UBS economist, said inflation could fall back to the central bank’s target of 2 percent later this year and that concerns about talks between Britain and the European Union over the terms of their divorce could resurface. FINELY BALANCED
Bank of America Merrill Lynch and Natwest Markets strategists pushed back their May rate hike calls to November.
“We view the (economic) slowdown as more serious, and see no prospect of hikes in 2018,” said UBS, the world’s largest wealth manager, in a note.
The market is now also forecasting no more than one 25 basis point rate hike over the remainder of 2018, from a near-certain two rate rises expected a fortnight ago.
But some analysts such as Sam Hill, a senior UK economist at RBC Europe still believes a rate hike is on the cards unless a raft of survey data this week tanks sharply.
“We are still holding on to a May hike call though we think it is a more finely balanced decision now than earlier as we believe,” RBC’s Hill said. Reporting by Tom Finn and Saikat Chatterjee; Editing by Catherine Evans | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-economy-markets/banks-push-back-bank-of-england-rate-forecasts-after-growth-data-shock-idUKKBN1I10ZP |
MCKINNEY, Texas, May 2, 2018 /PRNewswire/ -- Strategic Storage Growth Trust, Inc., a public non-traded real estate investment trust sponsored by SmartStop Asset Management, LLC, announced today its purchase of a 730-unit self storage facility in the Dallas-Fort Worth Metroplex.
"This property is located directly in the population growth path of McKinney and Far North Dallas," said Wayne Johnson, chief investment officer. "There are numerous mixed-use and planned developments surrounding the facility, bringing thousands of new single-family homes and major retailers to the area. It fits well with our acquisition strategy to strategically acquire properties with the potential for revenue growth and add value through active management."
Located at 2280 N. Custer Road in McKinney, Texas, the self storage property is comprised of 10 single-story buildings with approximately 230 drive-up units and 500 first-floor units that are climate controlled. Constructed in 2015 on 4.1 acres of land, the approximately 95,000-square-foot property features security cameras, gated entry and electronic-access buildings.
About Strategic Storage Growth Trust, Inc. (SSGT)
SSGT is a public non-traded REIT that focuses on the acquisition, development, redevelopment and lease-up of self storage properties. The SSGT portfolio currently consists of 26 operating self storage facilities located in 10 states comprising approximately 17,300 self storage units and approximately 1.9 million net rentable square feet of storage space. Additionally, SSGT owns two development properties in the Greater Toronto Area which will be comprised of approximately 1,700 self storage units and 170,000 net rentable square feet of storage space once completed.
About SmartStop Asset Management, LLC (SmartStop)
SmartStop is a diversified real estate company focused on self storage, student housing and senior housing assets. The company has approximately $1.5 billion of real estate assets under management, including 115 self storage facilities located throughout the United States and Toronto, Canada, comprised of approximately 73,000 units and 8.4 million rentable square feet. SmartStop's real estate portfolio also includes five student housing communities with approximately 2,800 beds and 1.1 million square feet of space, as well as three senior housing communities with approximately 350 beds and 250,000 rentable square feet of space. SmartStop is the sponsor of four public non-traded REITs: Strategic Storage Trust IV, Inc., Strategic Storage Trust II, Inc., and Strategic Storage Growth Trust, Inc., all focused on self storage assets, and Strategic Student & Senior Housing Trust, Inc., focused on student and senior housing assets. SmartStop is also a national sponsor of Section 1031 exchange offerings using the Delaware statutory trust structure. Additional information regarding SmartStop is available at www.SAM.com and more information regarding SmartStop® Self Storage in the United States and Canada is available at www.smartstopselfstorage.com .
This press release may contain certain within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such can generally be identified by our use of forward-looking terminology such as "may," "will," "expect," "intend," "anticipate," "estimate," "believe," "continue," or other similar words. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from the expectations, intentions, beliefs, plans or predictions of the future expressed or implied by such . These risks, uncertainties and contingencies include, but are not limited to: uncertainties relating to changes in general economic and real estate conditions; uncertainties relating to the implementation of our real estate investment strategy; uncertainties relating to financing availability and capital proceeds; uncertainties relating to the closing of property acquisitions; uncertainties related to the timing and availability of distributions; and other risk factors as outlined in SSGT's annual report. This is neither an offer nor a solicitation to purchase securities.
Contacts
Julie Leber
Lauren Burgos
Spotlight Marketing Communications
Spotlight Marketing Communications
949.427.5172 ext. 703
949.427.5172 ext. 704
[email protected]
[email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/strategic-storage-growth-trust-inc-acquires-730-unit-self-storage-facility-in-the-dallas-fort-worth-metroplex-300641550.html
SOURCE Strategic Storage Growth Trust, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/pr-newswire-strategic-storage-growth-trust-inc-acquires-730-unit-self-storage-facility-in-the-dallas-fort-worth-metroplex.html |
(Reuters) - Russia’s biggest airline Aeroflot reported a first-quarter net loss of 11.54 billion rubles ($184.49 million) on Wednesday as fuel and staff costs outweighed revenue growth.
In its first ever publication of quarterly results, Aeroflot said the net loss more than doubled from the 5.34 billion rubles reported a year ago.
Aeroflot’s fuel costs surged 24.1 percent due to rising crude oil prices. Staff costs climbed 15.1 percent, contributing to a 14.3 percent increase in operating costs to 123.54 billion rubles.
“An increase in leasing expenses due to significant fleet expansion, as well as our initiatives to improve working conditions and increase salaries for cabin crew, led to a decrease in the overall financial result compared to the same period last year,” Aeroflot’s Deputy CEO for Commerce and Finance Shamil Kurmashov said.
Aeroflot (AFLT) has been buying its fuel at spot prices, after poor hedging in 2015 when it reported a hedging loss of 23.75 billion rubles.
“The unhedged oil (AFLT admits that is too late to hedge this at current levels) is a clear drag and here AFLT fares worse than its peers who customarily hedge 50 percent or more of their oil exposure,” Renaissance Capital analysts said in a note last week.
Aeroflot’s shares, though, were up 5 percent to 138.40 roubles as of 0906 GMT, after the company recommended on Tuesday a larger than expected dividend for 2017.
They are still well below a high of 225 rubles in mid-2017, having lost 41 percent since.
“Aeroflot’s results were expectedly weak and priced in by the market before the publication and now the primary focus is on the news flow, dividend recommendation, new strategy and the share buyback”, VTB Capital analyst Olga Boltrukevich said.
The 95-year-old carrier said on Tuesday it would set “more ambitious strategic goals”, having achieved its long-term 2025 targets to become a top-20 airline globally and top-5 European airline ahead of schedule.
Aeroflot sees transit passengers between Europe and Asia, as well as its low-cost subsidiary Pobeda, as key growth drivers.
Reporting by Anna Pruchnicka; Editing by Mark Potter
| ashraq/financial-news-articles | https://www.reuters.com/article/us-aeroflot-results/russias-aeroflot-first-quarter-loss-more-than-doubles-as-costs-surge-idUSKCN1IV142 |
HOUSTON, May 2, 2018 /PRNewswire/ -- Main Street Capital Corporation (NYSE: MAIN) ("Main Street") is pleased to announce that its Board of Directors declared regular monthly cash dividends of $0.19 per share for each of July, August and September 2018. These monthly dividends, which will be payable pursuant to the table below, total $0.57 per share for the third quarter of 2018, which is consistent with the regular monthly dividends declared for the second quarter of 2018 and represents a 2.7% increase from the regular monthly dividends paid for the third quarter of 2017. Since its October 2007 initial public offering, Main Street has periodically increased the amount of its regular monthly dividends paid per share, and has never reduced its regular monthly dividend amount per share. Including all dividends declared to date, Main Street will have paid $23.375 per share in cumulative cash dividends since its October 2007 initial public offering at $15.00 per share.
Summary of Third Quarter 2018 Regular Monthly Dividends
Declared
Ex-Dividend
Date
Record Date
Payment Date
Amount Per
Share
5/1/2018
6/28/2018
6/29/2018
7/16/2018
$0.19
5/1/2018
7/19/2018
7/20/2018
8/15/2018
$0.19
5/1/2018
8/20/2018
8/21/2018
9/14/2018
$0.19
Total for Third Quarter 2018:
$0.57
The final determination of the tax attributes for dividends each year are made after the close of the tax year. The final tax attributes for 2018 dividends are currently expected to include ordinary taxable income, capital gains and qualified dividends.
Main Street maintains a dividend reinvestment plan ("DRIP") that provides for the reinvestment of dividends on behalf of its registered stockholders who hold their shares with Main Street's transfer agent and registrar, American Stock Transfer and Trust Company, or certain brokerage firms that have elected to participate in the DRIP. Under the DRIP, if Main Street declares a dividend, registered stockholders (and stockholders holding shares through participating brokerage firms) who have not "opted out" of the DRIP by the dividend record date will have their dividend automatically reinvested into additional shares of Main Street common stock.
ABOUT MAIN STREET CAPITAL CORPORATION
Main Street ( www.mainstcapital.com ) is a principal investment firm that primarily provides long-term debt and equity capital to lower middle market companies and debt capital to middle market companies. Main Street's portfolio investments are typically made to support management buyouts, recapitalizations, growth financings, refinancings and acquisitions of companies that operate in diverse industry sectors. Main Street seeks to partner with entrepreneurs, business owners and management teams and generally provides "one stop" financing alternatives within its lower middle market portfolio. Main Street's lower middle market companies generally have annual revenues between $10 million and $150 million. Main Street's middle market debt investments are made in businesses that are generally larger in size than its lower middle market portfolio companies.
FORWARD-LOOKING STATEMENTS
This press release may contain certain forward-looking statements, including but not limited to the potential tax attributes for 2018 dividends. Any such statements other than statements of historical fact are likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under Main Street's control, and that Main Street may or may not have considered; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual performance and results could vary materially from these estimates and projections of the future. Such statements speak only as of the time when made and are based on information available to Main Street as of the date hereof and are qualified in their entirety by this cautionary statement. Main Street assumes no obligation to revise or update any such statement now or in the future.
Contacts:
Main Street Capital Corporation
Dwayne L. Hyzak, President & COO, [email protected]
Brent D. Smith, CFO, [email protected]
713-350-6000
Dennard Lascar Investor Relations
Ken Dennard | [email protected]
Mark Roberson | [email protected]
713-529-6600
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SOURCE Main Street Capital Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/pr-newswire-main-street-announces-third-quarter-2018-regular-monthly-dividends.html |
May 13, 2018 / 11:18 AM / Updated 15 minutes ago County Championship Div1 Standings Reuters Staff 1 Min Read May 13 (OPTA) - Standings of the County Championship Div1 on Sunday P W L T Ded RR PTS Nottinghamshire 5 3 2 0 0 70 Lancashire 5 1 2 2 0 51 Somerset 3 2 0 1 0 50 Yorkshire 4 2 1 1 0 48 Hampshire 4 1 2 1 0 39 Surrey 3 1 0 2 0 37 Essex 4 1 1 2 0 37 Worcestershire 4 0 3 1 0 21 Note: Ded-Deductions; RR-Net Run Rate | ashraq/financial-news-articles | https://in.reuters.com/article/cricket-england-standings/county-championship-div1-standings-idINMTZXEE5DNZ9FFC |
Parker Drilling Co:
* Q1 LOSS PER SHARE $0.21 INCLUDING ITEMS * Q1 REVENUE $109.7 MILLION VERSUS I/B/E/S VIEW $110.5 MILLION
* Q1 EARNINGS PER SHARE VIEW $-0.22 — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-parker-drilling-q1-loss-per-share/brief-parker-drilling-q1-loss-per-share-0-21-including-items-idUSASC09YTB |
May 25 (Reuters - Australian shares are poised to decline on Friday, mirroring weakness on Wall Street, which closed lower after U.S. President Donald Trump called off a planned summit with North Korea's Kim Jong Un. Australian energy stocks will likely take a hit as oil prices fell on worries that the Organization of the Petroleum Exporting Countries may wind down output cuts in place since the start of 2017. The local share price index futures fell 0.45 percent or 27 points to 6,016, a 21.1-point discount to the underlying S&P/ASX 200 index close. The benchmark gained 0.1 percent on Thursday. New Zealand's benchmark S&P/NZX 50 index rose slightly to 0.04 percent at 2205 GMT (Reporting by Shanima A in Bengaluru; Editing by Peter Cooney)
| ashraq/financial-news-articles | https://www.reuters.com/article/australia-stocks-morning/australia-shares-set-to-end-week-lower-new-zealand-flat-idUSL3N1SV6BS |
Bond markets will have a bad case of 'indigestion' as Fed preps for more hikes 13 Hours Ago The Fed meeting kicks off. Will the Fed spook the markets? With Bryce Doty, SIT investment Associates, CNBC's Jackie DeAngelis and the Futures Now traders. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/01/bond-markets-will-have-a-bad-case-of-indigestion-as-fed-preps-for-more-hikes.html |
SAN FRANCISCO (Reuters) - Two U.S. consumer advocacy groups urged the Federal Trade Commission on Wednesday to investigate what they called Tesla Inc’s “deceptive and misleading” use of the name Autopilot for its assisted-driving technology.
An advertisement promotes Tesla Autopilot at a showroom of U.S. car manufacturer Tesla in Zurich, Switzerland March 28, 2018. REUTERS/Arnd Wiegmann/Files The Center for Auto Safety and Consumer Watchdog, both non-profit groups, sent a letter to the FTC saying that consumers could be misled into thinking, based on Tesla’s marketing and advertising, that Autopilot makes a Tesla vehicle self-driving.
Autopilot, released in 2015, is an enhanced cruise-control system that partially automates steering and braking. Tesla states in its owner’s manual and in disclaimers that when the system is engaged, a driver must keep hands on the wheel at all times while using Autopilot.
“The feedback that we get from our customers shows that they have a very clear understanding of what Autopilot is, how to properly use it, and what features it consists of,” a Tesla spokesperson said.
But in the letter, the groups said that a series of ads and press releases from Tesla as well as statements by the company’s chief executive, Elon Musk, “mislead and deceive customers into believing that Autopilot is safer and more capable than it is known to be.”
“Tesla is the only automaker to market its Level 2 vehicles as ‘self-driving’, and the name of its driver assistance suite of features, Autopilot, connotes full autonomy,” the letter read.
“The burden now falls on the FTC to investigate Tesla’s unfair and deceptive practices so that consumers have accurate information, understand the limitations of Autopilot, and conduct themselves appropriately and safely,” it read.
Tesla has also faced criticism from an influential magazine, Consumer Reports, over braking flaws in its Model 3 sedan, which is seen as key to the company’s profitability. Musk has promised a quick fix.
Meanwhile, the popularity of the Model 3 has led to more registrations in California for the first quarter than class rivals BMW 3-Series and Mercedes C-Class, according to the California New Car Dealers Association (CNCDA).
California is a key market for global luxury vehicle brands not just because of its size, but because other markets often follow trends set by wealthy consumers in the state.
Several crashes and fire incidents involving a Tesla car this year has been a constant headache for Musk, who boasts that his company’s cars are among the safest in the industry.
Two U.S. Tesla drivers have died in crashes in which Autopilot was engaged. The most recent crash, in March, is being investigated by safety regulators.
Tesla has said the use of Autopilot results in 40 percent fewer crashes, a claim the U.S. National Highway Traffic Safety Administration repeated in a 2017 report on the first fatality, which occurred in May 2016. Earlier this month, however, the agency said regulators had not assessed the effectiveness of the technology.
Last month, another group, Consumers Union, the advocacy division of Consumer Reports, called on Tesla to improve the safety of its Autopilot system.
Shares of Tesla rose 0.5 percent to $276.40 on Wednesday.
Tesla Motors' mass-market Model 3 electric cars are seen in this handout picture from Tesla Motors on March 31, 2016. REUTERS/Tesla Motors/Handout via Reuters/Files Additional reporting by Sonam Rai in Bengaluru; Editing by Leslie Adler, Bernard Orr
| ashraq/financial-news-articles | https://in.reuters.com/article/tesla-autopilot/consumer-groups-ask-u-s-agency-to-probe-tesla-autopilot-ads-idINKCN1IO2DG |
- Teleconference to be held at 8:00 A.M. ET/8:00 P.M. Beijing Time -
ZHANGZHOU, China, May 10, 2018 /PRNewswire/ -- China Zenix Auto International Limited ( NYSE: ZX ) ("Zenix Auto" or "the Company"), the largest commercial vehicle wheel manufacturer in China in both the aftermarket and OEM market by sales volume, today announced that it plans to release its unaudited financial results for the first quarter ended March 31, 2018 on Thursday, May 17, 2018 before the market opens.
To participate, please call the following numbers 5 minutes before the call start time and ask to be connected to the "China Zenix Auto" conference call:
Phone Number: + 1-877-407-0782 (North America)
Phone Number: + 1-201-689-8567 (International)
A telephone replay of the call will be available after the conclusion of the conference call through 8:00 A.M. ET on June 17, 2018. The dial-in details for the replay are: U.S. Toll Free Number + 1-877-481-4010 , International dial-in number +1-919-882-2331 using Conference ID "29037" to access the replay.
About China Zenix Auto International Limited
China Zenix Auto International Limited is the largest commercial vehicle wheel manufacturer in China in both the aftermarket and OEM market by sales volume. The Company offers more than 798 series of aluminum wheels, tubed steel wheels, tubeless steel wheels, and off-road steel wheels in the aftermarket and OEM markets in China and internationally. The Company's customers include large PRC commercial vehicle manufacturers, and it also exports products to over 80 distributors in more than 28 countries worldwide. With six large, strategically located manufacturing facilities in multiple regions across China, the Company has a designed annual production capacity of approximately 15.5 million units of steel and aluminum wheels as of September 30, 2017. For more information, please visit: www.zenixauto.com/en .
Safe Harbor
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. 1995. can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. The Company may make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement. Further information regarding these risks is included in our filings with the SEC. The Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law. All information provided in this press release is as of the date of the press release, and the Company undertakes no duty to update such information, except as required under applicable law.
For further information, please contact:
Investor Relations
212-521-4050
[email protected]
View original content: http://www.prnewswire.com/news-releases/china-zenix-auto-international-schedules-2018-first-quarter-press-release-and-conference-call-for-may-17-2018-300646024.html
SOURCE China Zenix Auto International Limited | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/pr-newswire-china-zenix-auto-international-schedules-2018-first-quarter-press-release-and-conference-call-for-may-17-2018.html |
First-Quarter 2018 Worldwide Sales Were $10.0 Billion, an Increase of 6 Percent, Including a 3 Percent Positive Impact from Foreign Exchange First-Quarter 2018 GAAP EPS was $0.27, Reflecting a $1.4 Billion Aggregate Charge Related to the Formation of a Collaboration with Eisai; First-Quarter Non-GAAP EPS was $1.05 Company Narrows and Raises 2018 Full-Year Revenue Range to be Between $41.8 Billion and $43.0 Billion, Including an Approximately 2 Percent Positive Impact from Foreign Exchange Company Lowers 2018 GAAP EPS Range to be Between $2.45 and $2.57; Narrows and Raises 2018 Full-Year Non-GAAP EPS Range to be Between $4.16 and $4.28, Including an Approximately 1 Percent Positive Impact from Foreign Exchange Results from Phase 3 KEYNOTE-189 Study Presented at AACR 2018 and Published in The New England Journal of Medicine Showed KEYTRUDA in Combination with Pemetrexed and Platinum Chemotherapy Reduced the Risk of Death by Half Compared with Chemotherapy Alone as a First-Line Treatment for Advanced Nonsquamous NSCLC Data from KEYNOTE-189 is Now Under Review by Regulatory Authorities in the United States, Europe and Japan
KENILWORTH, N.J.--(BUSINESS WIRE)-- Merck (NYSE: MRK), known as MSD outside the United States and Canada, today announced financial results for the first quarter of 2018.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180501005733/en/
“Merck had a strong start to the year driven by KEYTRUDA, GARDASIL, BRIDION and Animal Health,” said Kenneth C. Frazier, Merck Chairman and CEO. “This provides good momentum as we continue to execute on our pillars of growth and look to deliver innovative medicines and vaccines that address unmet needs for patients around the world.”
Financial Summary
First Quarter $ in millions, except EPS amounts 2018 2017 Sales $ 10,037 $ 9,434 GAAP net income 1
736 1,551 Non-GAAP net income that excludes items listed below 1,2 2,844 2,437 GAAP EPS 0.27 0.56 Non-GAAP EPS that excludes items listed below 2
1.05 0.88 Worldwide sales were $10.0 billion for the first quarter of 2018, an increase of 6 percent compared with the first quarter of 2017, including a 3 percent positive impact from foreign exchange.
GAAP (generally accepted accounting principles) earnings per share assuming dilution (EPS) were $0.27 for the first quarter of 2018, which reflects a $1.4 billion aggregate charge related to the formation of a collaboration with Eisai Co., Ltd. (Eisai). Non-GAAP EPS of $1.05 for the first quarter of 2018 excludes acquisition- and divestiture-related costs, restructuring costs, the charge related to the Eisai collaboration referenced above and certain other items.
Oncology Pipeline Highlights
Merck expanded its focus in oncology by further advancing the development program for KEYTRUDA (pembrolizumab), the company’s anti-PD-1 therapy, and Lynparza (olaparib), a PARP inhibitor being co-developed and co-commercialized with AstraZeneca. The company recently presented pivotal Phase 3 data for KEYTRUDA at the American Association for Cancer Research (AACR) Annual Meeting. Additionally, Merck and Eisai entered into a strategic collaboration for the worldwide co-development and co-commercialization of Lenvima (lenvatinib mesylate), an orally available tyrosine kinase inhibitor discovered by Eisai. Eisai and Merck will develop and commercialize Lenvima jointly, both as a monotherapy and in combination with KEYTRUDA.
Merck announced results from KEYNOTE-189, a Phase 3 trial evaluating KEYTRUDA in combination with pemetrexed and cisplatin or carboplatin for the first-line treatment of metastatic nonsquamous non-small cell lung cancer (NSCLC). Findings showed that the combination significantly improved overall survival (OS), reducing the risk of death by half compared with chemotherapy alone. In pre-specified exploratory analyses, an OS benefit was observed regardless of PD-L1 expression in the three PD-L1 categories that were evaluated. These results were presented in a plenary session at the AACR Annual Meeting with simultaneous publication in The New England Journal of Medicine (NEJM). Based on the KEYNOTE-189 data, the U.S. Food and Drug Administration (FDA) granted Priority Review for the supplemental Biologics License Application (sBLA) for KEYTRUDA in combination with pemetrexed and platinum chemotherapy for the first-line treatment of patients with metastatic nonsquamous NSCLC with a PDUFA date of Sept. 23, 2018. Additionally, Merck announced that following validation by the European Medicines Agency (EMA), the centralized review process has begun for the company’s Type II Variation, which seeks approval for KEYTRUDA in combination with pemetrexed and platinum cisplatin or carboplatin for the first-line treatment of patients with metastatic nonsquamous NSCLC. The application was accepted for review based on OS and progression-free survival (PFS) data from the Phase 3 KEYNOTE-189 trial. Merck announced the Phase 3 KEYNOTE-042 trial evaluating KEYTRUDA as monotherapy for the first-line treatment of locally advanced or metastatic NSCLC, including nonsquamous or squamous histologies, met its primary endpoint of OS. An interim analysis conducted by the independent Data Monitoring Committee demonstrated that treatment with KEYTRUDA resulted in significantly longer OS than platinum-based chemotherapy (carboplatin plus paclitaxel or carboplatin plus pemetrexed) in patients with a PD-L1 tumor proportion score (TPS) of ≥1 percent. The FDA accepted for review a new sBLA for KEYTRUDA as a treatment in previously treated patients with recurrent or metastatic head and neck squamous cell carcinoma based on data from the Phase 3 KEYNOTE-040 trial. The FDA has set a PDUFA date of Dec. 28, 2018. Merck and the European Organisation for Research and Treatment of Cancer (EORTC), announced findings from the Phase 3 EORTC1325/KEYNOTE-054 trial investigating KEYTRUDA as adjuvant therapy in resected, high-risk stage III melanoma. The results of the study showed KEYTRUDA significantly prolonged recurrence-free survival, reducing the risk of disease recurrence or death by 43 percent compared to placebo in the overall study population. The results were presented in the opening plenary session at the AACR Annual Meeting with simultaneous publication in NEJM. Merck and Incyte Corporation announced that an external Data Monitoring Committee (eDMC) review of the pivotal Phase 3 ECHO-301/KEYNOTE-252 study results evaluating Incyte’s epacadostat in combination with KEYTRUDA in patients with unresectable or metastatic melanoma determined that the study did not meet the primary endpoint of improving PFS in the overall population compared to KEYTRUDA monotherapy. The study’s second primary endpoint of OS also is not expected to reach statistical significance. Based on these results, and at the recommendation of the eDMC, the study will be stopped. The safety profile observed in ECHO-301/KEYNOTE-252 was consistent with that observed in previously reported studies of epacadostat in combination with KEYTRUDA. The FDA accepted a new sBLA and granted Priority Review for KEYTRUDA as a treatment for patients with advanced cervical cancer with disease progression on or after chemotherapy. The FDA has set a PDUFA date of June 28, 2018. The sBLA for KEYTRUDA for the treatment of adult and pediatric patients with refractory primary mediastinal B-cell lymphoma, or who have relapsed after two or more prior lines of therapy, remains under review with the FDA. The FDA has extended the PDUFA date by 90 days to July 3, 2018 due to additional data and analyses submitted by Merck. The Committee for Medicinal Products for Human Use of the EMA adopted a positive opinion, recommending a marketing authorization of Lynparza for use as a maintenance therapy for patients with platinum-sensitive relapsed high grade, epithelial ovarian, fallopian tube, or primary peritoneal cancer who are in complete response or partial response to platinum-based chemotherapy. The EMA validated for review the Marketing Authorization Application for Lynparza for use in patients with deleterious or suspected deleterious BRCA-mutated, human epidermal growth factor receptor 2 (HER2)-negative metastatic breast cancer who have been previously treated with chemotherapy in the neoadjuvant, adjuvant or metastatic setting. This is the first regulatory submission for a PARP inhibitor in breast cancer in Europe. In January 2018, Lynparza was approved by the FDA for use in the treatment of BRCA-mutated HER2-negative metastatic breast cancer, becoming the first PARP inhibitor to be approved beyond ovarian cancer. The FDA granted Orphan Drug Designation for selumetinib, a MEK 1/2 inhibitor being co-developed with AstraZeneca, for the treatment of neurofibromatosis type 1. Merck and Viralytics Limited signed a definitive agreement under which it is proposed that Merck will acquire Viralytics, an Australian publicly traded company focused on oncolytic immunotherapy treatments for a range of cancers. Upon completion of the transaction, Merck will gain full rights to Cavatak (CVA21), Viralytics’s investigational oncolytic immunotherapy.
Other Pipeline Highlights
The company also continued to advance its vaccines, HIV and infectious diseases pipelines.
Merck announced the beginning of two Phase 3 studies of V114, an investigational polyvalent conjugate vaccine for the prevention of pneumococcal disease. The first study will evaluate the safety, tolerability and immunogenicity of V114 followed by Pneumococcal Vaccine Polyvalent one year later in healthy adult subjects 50 years of age or older. The second study will evaluate the safety, tolerability and immunogenicity of V114 followed by Pneumococcal Vaccine Polyvalent administered eight weeks later in adults infected with HIV. Results from Phase 1 and Phase 2 studies were presented at the International Society on Pneumococci and Pneumococcal Diseases. Merck presented data from its robust HIV pipeline, including doravirine, a late-stage investigational non-nucleoside reverse transcriptase inhibitor, and MK-8591, an investigational nucleoside reverse transcriptase translocation inhibitor, at the Conference on Retroviruses and Opportunistic Infections. Doravirine is currently under review with the EMA and FDA with a PDUFA date of Oct. 23, 2018 in the United States. Merck announced that a pivotal Phase 3 study of relebactam, the company’s investigational beta-lactamase inhibitor, in combination with imipenem/cilastatin, demonstrated a favorable overall response in the treatment of certain imipenem–non-susceptible bacterial infections, the primary endpoint, with lower treatment-emergent nephrotoxicity (kidney toxicity), a secondary endpoint, compared to a Colistin (colistimethate sodium) plus imipenem regimen. Based on these results, the company plans to submit a New Drug Application to the FDA.
First-Quarter Revenue Performance
The following table reflects sales of the company’s top pharmaceutical products, as well as sales of Animal Health products.
$ in millions First Quarter 2018 2017 Change Change Ex-Exchange
Total Sales $ 10,037 $ 9,434 6 % 3 % Pharmaceutical 8,919 8,185 9 % 4 % KEYTRUDA 1,464 584 151 % 142 % JANUVIA / JANUMET 1,424 1,335 7 % 2 % GARDASIL / GARDASIL 9 660 532 24 % 20 % ZETIA / VYTORIN 471 575 -18 % -26 % PROQUAD, M-M-R II and VARIVAX
392 355 10 % 9 % ISENTRESS / ISENTRESS HD 281 305 -8 % -12 % SIMPONI 231 184 26 % 11 % NUVARING 216 160 36 % 32 % BRIDION 204 148 38 % 31 % Animal Health 1,065 939 13 % 7 % Livestock 652 578 13 % 6 % Companion Animals 413 361 14 % 9 % Other Revenues 53 310 -83 % -19 % Pharmaceutical Revenue
First-quarter pharmaceutical sales increased 9 percent to $8.9 billion, including a 5 percent positive impact from foreign exchange. The increase was primarily driven by growth in oncology, hospital acute care and diabetes, partially offset by lower sales in virology and the ongoing impacts of the loss of market exclusivity for several products.
Growth in oncology was driven by a significant increase in sales of KEYTRUDA, reflecting the company’s continued launches with new indications globally and the strong momentum for the treatment of patients with NSCLC, as KEYTRUDA is the only anti-PD-1 approved in the first-line setting. Additionally, oncology sales reflect alliance revenue of $33 million related to Lynparza.
Growth in hospital acute care reflects strong global demand of BRIDION (sugammadex) Injection 100 mg/mL, a medicine for the reversal of neuromuscular blockade induced by rocuronium bromide or vecuronium bromide in adults undergoing surgery.
Growth in diabetes was driven by JANUVIA (sitagliptin) and JANUMET (sitagliptin and metformin HCI), medicines that help lower blood sugar in adults with type 2 diabetes, reflecting growth in international markets driven by higher demand, partially offset by pricing pressure. Sales declines in the United States reflect continued pricing pressure that was partially offset by volume growth, as well as a favorable adjustment to rebate reserves.
Performance in vaccines was primarily driven by higher sales of GARDASIL [Human Papillomavirus Quadrivalent (Types 6, 11, 16 and 18) Vaccine, Recombinant] and GARDASIL 9 (Human Papillomavirus 9-valent Vaccine, Recombinant), vaccines to prevent certain cancers and other diseases caused by HPV, reflecting growth in Asia Pacific, primarily due to the commercial launch in China, and growth in Europe, partially offset by lower sales in the United States. The decrease in GARDASIL/GARDASIL 9 sales in the United States was driven by declining volumes due to the continued transition to the two-dose regimen. Vaccines performance was negatively affected by a significant decrease in sales of ZOSTAVAX (zoster vaccine live), a vaccine for the prevention of herpes zoster, primarily due to the approval of a competitor product that received a preferential recommendation from the U.S. Advisory Committee on Immunization Practices in October 2017. The company anticipates that future sales of ZOSTAVAX will continue to be unfavorably affected by this competition.
Pharmaceutical sales growth in the quarter was partially offset by lower sales in virology, largely reflecting a significant decline in ZEPATIER (elbasvir and grazoprevir), a medicine for the treatment of chronic hepatitis C virus genotypes 1 or 4 infection, due to increasing competition and declining patient volumes, which the company expects to continue.
Pharmaceutical sales growth for the quarter was also partially offset by the ongoing impacts from the loss of United States market exclusivity for ZETIA (ezetimibe) in late 2016 and VYTORIN (ezetimibe/simvastatin) in April 2017, medicines for lowering LDL cholesterol; biosimilar competition for REMICADE (infliximab), a treatment for inflammatory diseases, in the company’s marketing territories in Europe; and the 2017 loss of exclusivity for CANCIDAS (caspofungin acetate for injection), an antifungal, in Europe.
Animal Health
Animal Health sales totaled $1.1 billion for the first quarter of 2018, an increase of 13 percent compared with the first quarter of 2017, including a 6 percent positive impact from foreign exchange. Growth was driven by higher sales of livestock products, primarily ruminants and poultry products, as well as higher sales of companion animal products.
In the first quarter of 2018, Animal Health became a reportable segment, resulting in additional disclosure requirements under U.S. GAAP related to segment performance, including segment profits. Animal Health segment profits were $413 million in the first quarter of 2018, a decrease of 1 percent compared with $417 million in the first quarter of 2017. 3
First-Quarter Expense, EPS and Related Information
The table below presents selected expense information.
$ in millions First-Quarter 2018
GAAP
Acquisition- and
Divestiture-
Related Costs 4
Restructuring
Costs
Certain Other
Items
Non-GAAP 2
Materials and production $ 3,184
$734
$6
$--
$2,444
Marketing and administrative 2,508 8 1 -- 2,499 Research and development 3,196 1 2 1,400 1,793 Restructuring costs 95 -- 95 -- -- Other (income) expense, net (291 ) (10 ) -- (22 ) (259 ) First-Quarter 2017 5
Materials and production $ 3,049
$855
$63
$--
$2,131
Marketing and administrative 2,472 20 1 -- 2,451 Research and development 1,830 11 -- -- 1,819 Restructuring costs 151 -- 151 -- -- Other (income) expense, net (71 ) (3 ) -- (9
) (59 ) GAAP Expense, EPS and Related Information
Gross margin was 68.3 percent for the first quarter of 2018 compared to 67.7 percent for the first quarter of 2017. The increase in gross margin for the first quarter of 2018 was primarily driven by a lower net impact of acquisition- and divestiture-related costs and restructuring costs which reduced gross margin by 7.4 percentage points in the first quarter of 2018 compared with 9.7 percentage points in the first quarter of 2017. The increase was partially offset by the amortization of unfavorable manufacturing variances, in part resulting from the June 2017 cyber-attack, as well as the unfavorable effects of foreign exchange.
Marketing and administrative expenses were $2.5 billion in the first quarter of 2018, a 1 percent increase compared to the first quarter of 2017. The increase primarily reflects the unfavorable effects of foreign exchange and higher administrative costs, reflecting the prioritization of investment in growth products.
Research and development (R&D) expenses were $3.2 billion in the first quarter of 2018 compared with $1.8 billion in the first quarter of 2017. The increase was driven primarily by a $1.4 billion aggregate charge related to the formation of the collaboration with Eisai, the unfavorable effects of foreign exchange, increased clinical development spending and investment in early drug development, partially offset by lower licensing costs.
Other (income) expense, net, was $291 million of income in the first quarter of 2018 compared to $71 million of income in the first quarter of 2017. Other (income) expense, net, in the first quarter of 2018 reflects a gain from a legal settlement and the recognition of unrealized gains on securities as a result of the adoption of a new accounting standard for equity investments.
The effective income tax rate of 44.9 percent for the first quarter of 2018 reflects the unfavorable impact of the $1.4 billion aggregate charge related to the formation of the Eisai collaboration for which no tax benefit has been recognized.
GAAP EPS was $0.27 for the first quarter of 2018 compared with $0.56 for the first quarter of 2017.
Non-GAAP Expense, EPS and Related Information
The non-GAAP gross margin was 75.7 percent for the first quarter of 2018 compared to 77.4 percent for the first quarter of 2017. The decrease in non-GAAP gross margin was predominately due to the amortization of unfavorable manufacturing variances, in part resulting from the June 2017 cyber-attack, as well as the unfavorable effects of foreign exchange.
Non-GAAP marketing and administrative expenses were $2.5 billion in the first quarter of 2018, an increase of 2 percent compared to the first quarter of 2017. The increase in non-GAAP marketing and administrative expenses was driven primarily by the unfavorable effects of foreign exchange and higher administrative costs, reflecting the prioritization of investment in growth products.
Non-GAAP R&D expenses were $1.8 billion in the first quarter of 2018, a 1 percent decrease compared to the first quarter of 2017. The decrease primarily reflects lower licensing costs partially offset by the unfavorable effects of foreign exchange, increased clinical development spending and investment in early drug development.
Non-GAAP other (income) expense, net, was $259 million of income in the first quarter of 2018 compared to $59 million of income in the first quarter of 2017. Non-GAAP other (income) expense, net, in the first quarter of 2018 reflects a gain from a legal settlement and the recognition of unrealized gains on securities as a result of the adoption of a new accounting standard for equity investments.
Non-GAAP EPS was $1.05 for the first quarter of 2018 compared with $0.88 for the first quarter of 2017.
A reconciliation of GAAP to non-GAAP net income and EPS is provided in the table that follows.
$ in millions, except EPS amounts First Quarter 2018 2017 EPS GAAP EPS $0.27 $0.56 Difference 6
0.78 0.32 Non-GAAP EPS that excludes items listed below 2
$1.05 $0.88 Net Income GAAP net income 1 $736 $1,551 Difference 2,108 886 Non-GAAP net income that excludes items listed below 1,2 $2,844 $2,437 Decrease (Increase) in Net Income Due to Excluded Items: Acquisition- and divestiture-related costs 4 $733 $883 Restructuring costs 104 215 Aggregate charge related to the formation of a collaboration with Eisai 1,400 -- Other (22)
(9)
Net decrease (increase) in income before taxes 2,215 1,089 Estimated income tax (benefit) expense (107)
(203)
Decrease (increase) in net income $2,108 $886 Financial Outlook
Merck has narrowed and raised its full-year 2018 revenue range to be between $41.8 billion and $43.0 billion, including an approximately 2 percent positive impact from foreign exchange at current exchange rates.
Merck has lowered its full-year 2018 GAAP EPS range to be between $2.45 and $2.57. The change in the GAAP EPS range reflects the inclusion of the charge related to the collaboration with Eisai. Merck narrowed and raised its full-year 2018 non-GAAP EPS range to be between $4.16 and $4.28, including an approximately 1 percent positive impact from foreign exchange at current exchange rates. The non-GAAP range excludes acquisition- and divestiture-related costs, costs related to restructuring programs, a charge related to the formation of the collaboration with Eisai and certain other items.
The following table summarizes the company’s 2018 financial guidance.
GAAP Non-GAAP 2 Revenue $41.8 to $43.0 billion $41.8 to $43.0 billion** Operating expenses Lower than 2017 by a low-single digit rate Higher than 2017 by a low- to mid-single digit rate Effective tax rate 24.5% to 25.5% 19.0% to 20.0% EPS $2.45 to $2.57 $4.16 to $4.28 **The company does not have any non-GAAP adjustments to revenue.
A reconciliation of anticipated 2018 GAAP EPS to non-GAAP EPS and the items excluded from non-GAAP EPS are provided in the table below.
$ in millions, except EPS amounts
Full-Year 2018 GAAP EPS $2.45 to $2.57 Difference 6 1.71 Non-GAAP EPS that excludes items listed below 2 $4.16 to $4.28 Acquisition- and divestiture-related costs 4
$3,200 Restructuring costs 500 Aggregate charge related to the formation of a collaboration with Eisai
1,400 Net decrease (increase) in income before taxes 5,100 Estimated income tax (benefit) expense (515) Decrease (increase) in net income $4,585 The expected full-year 2018 GAAP effective tax rate of 24.5 to 25.5 percent reflects an unfavorable impact of approximately 5.5 percentage points from the above items.
Earnings Conference Call
Investors, journalists and the general public may access a live audio webcast of the call today at 8:00 a.m. EDT on Merck’s website at http://investors.merck.com/events-and-presentations/default.aspx . Institutional investors and analysts can participate in the call by dialing (706) 758-9927 or (877) 381-5782 and using ID code number 9499465. Members of the media are invited to monitor the call by dialing (706) 758-9928 or (800) 399-7917 and using ID code number 9499465. Journalists who wish to ask questions are requested to contact a member of Merck’s Media Relations team at the conclusion of the call.
About Merck
For more than a century, Merck, a leading global biopharmaceutical company known as MSD outside of the United States and Canada, has been inventing for life, bringing forward medicines and vaccines for many of the world’s most challenging diseases. Through our prescription medicines, vaccines, biologic therapies and animal health products, we work with customers and operate in more than 140 countries to deliver innovative health solutions. We also demonstrate our commitment to increasing access to health care through far-reaching policies, programs and partnerships. Today, Merck continues to be at the forefront of research to advance the prevention and treatment of diseases that threaten people and communities around the world - including cancer, cardio-metabolic diseases, emerging animal diseases, Alzheimer’s disease and infectious diseases including HIV and Ebola. For more information, visit www.merck.com and connect with us on Twitter , Facebook , Instagram , YouTube and LinkedIn .
Forward-Looking Statement of Merck & Co., Inc., Kenilworth, N.J., USA
This news release of Merck & Co., Inc., Kenilworth, N.J., USA (the “company”) includes “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements are based upon the current beliefs and expectations of the company’s management and are subject to significant risks and uncertainties. There can be no guarantees with respect to pipeline products that the products will receive the necessary regulatory approvals or that they will prove to be commercially successful. If underlying assumptions prove inaccurate or risks or uncertainties materialize, actual results may differ materially from those set forth in the forward-looking statements.
Risks and uncertainties include but are not limited to, general industry conditions and competition; general economic factors, including interest rate and currency exchange rate fluctuations; the impact of pharmaceutical industry regulation and health care legislation in the United States and internationally; global trends toward health care cost containment; technological advances, new products and patents attained by competitors; challenges inherent in new product development, including obtaining regulatory approval; the company’s ability to accurately predict future market conditions; manufacturing difficulties or delays; financial instability of international economies and sovereign risk; dependence on the effectiveness of the company’s patents and other protections for innovative products; and the exposure to litigation, including patent litigation, and/or regulatory actions.
The company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. Additional factors that could cause those described in the forward-looking statements can be found in the company’s 2017 Annual Report on Form 10-K and the company’s other filings with the Securities and Exchange Commission (SEC) available at the SEC’s Internet site ( www.sec.gov ).
###
1 Net income attributable to Merck & Co., Inc.
2 Merck is providing certain 2018 and 2017 non-GAAP information that excludes certain items because of the nature of these items and the impact they have on the analysis of underlying business performance and trends. Management believes that providing this information enhances investors’ understanding of the company’s results as it permits investors to understand how management assesses performance. Management uses these measures internally for planning and forecasting purposes and to measure the performance of the company along with other metrics. Senior management’s annual compensation is derived in part using non-GAAP income and non-GAAP EPS. This information should be considered in addition to, but not as a substitute for or superior to, information prepared in accordance with GAAP. For a description of the items, see Table 2a attached to this release.
3 Animal Health segment profits are comprised of segment sales, less all materials and production costs, as well as marketing and administrative expenses and research and development costs directly incurred by the segment. For internal management reporting, Merck does not allocate general and administrative expenses not directly incurred by the segment, nor the cost of financing these activities. Separate divisions maintain responsibility for monitoring and managing these costs, including depreciation related to fixed assets utilized by these divisions and, therefore, they are not included in segment profits.
4 Includes expenses for the amortization of intangible assets and purchase accounting adjustments to inventories recognized as a result of acquisitions, intangible asset impairment charges and expense or income related to changes in the estimated fair value measurement of contingent consideration. Also includes integration, transaction and certain other costs related to business acquisitions and divestitures.
5 On Jan. 1, 2018, the company adopted a new accounting standard related to defined benefit plans. Upon adoption, net periodic benefit cost/credit other than service cost was reclassified to Other (income) expense, net from the previous classifications within Materials and production costs, Marketing and administrative expenses and Research and development costs. Previously reported amounts have been reclassified to conform to the new presentation.
6 Represents the difference between calculated GAAP EPS and calculated non-GAAP EPS, which may be different than the amount calculated by dividing the impact of the excluded items by the weighted-average shares for the period.
MERCK & CO., INC. CONSOLIDATED STATEMENT OF INCOME - GAAP (AMOUNTS IN MILLIONS, EXCEPT PER SHARE FIGURES) (UNAUDITED) Table 1
GAAP %
Change
1Q18 1Q17 Sales $ 10,037 $ 9,434 6% Costs, Expenses and Other Materials and production (1) 3,184 3,049 4% Marketing and administrative (1) 2,508 2,472 1% Research and development (1) (2) 3,196 1,830 75% Restructuring costs (3) 95 151 -37% Other (income) expense, net (1) (291 ) (71 ) * Income Before Taxes 1,345 2,003 -33% Taxes on Income (1) 604 447 Net Income 741 1,556 -52% Less: Net Income Attributable to Noncontrolling Interests 5 5 Net Income Attributable to Merck & Co., Inc. $ 736 $ 1,551 -53% Earnings per Common Share Assuming Dilution $ 0.27 $ 0.56 -52% Average Shares Outstanding Assuming Dilution 2,710 2,766 Tax Rate (4) 44.9 % 22.3 % * 100% or greater (1) Amounts include the impact of acquisition and divestiture-related costs, restructuring costs and certain other items. See accompanying tables for details. (2) Research and development expenses in the first quarter of 2018 include a $1.4 billion aggregate charge related to the formation of a collaboration with Eisai Co., Ltd (Eisai). (3) Represents separation and other related costs associated with restructuring activities under the company's formal restructuring programs. (4) The effective income tax rate for the first quarter of 2018 reflects the unfavorable impact of a $1.4 billion aggregate pretax charge related to the formation of a collaboration with Eisai for which no tax benefit was recognized. MERCK & CO., INC. GAAP TO NON-GAAP RECONCILIATION FIRST QUARTER 2018 (AMOUNTS IN MILLIONS, EXCEPT PER SHARE FIGURES) (UNAUDITED) Table 2a GAAP Acquisition and
Divestiture-Related
Costs (1)
Restructuring
Costs (2)
Certain Other
Items (3)
Adjustment
Subtotal
Non-GAAP Materials and production $ 3,184 734 6 740 $ 2,444 Marketing and administrative 2,508 8 1 9 2,499 Research and development 3,196 1 2 1,400 1,403 1,793 Restructuring costs 95 95 95 - Other (income) expense, net (291 ) (10 ) (22 ) (32 ) (259 ) Income Before Taxes 1,345 (733 ) (104 ) (1,378 ) (2,215 ) 3,560 Income Tax Provision (Benefit) 604 (91 ) (4)
(21 ) (4)
5 (4)
(107 ) 711 Net Income 741 (642 ) (83 ) (1,383 ) (2,108 ) 2,849 Net Income Attributable to Merck & Co., Inc. 736 (642 ) (83 ) (1,383 ) (2,108 ) 2,844 Earnings per Common Share Assuming Dilution $ 0.27 (0.24 ) (0.03 ) (0.51 ) (0.78 ) $ 1.05 Tax Rate 44.9 % 20.0 % Only the line items that are affected by non-GAAP adjustments are shown. Merck is providing certain non-GAAP information that excludes certain items because of the nature of these items and the impact they have on the analysis of underlying business performance and trends. Management believes that providing this information enhances investors’ understanding of the company’s results as it permits investors to understand how management assesses performance. Management uses these measures internally for planning and forecasting purposes and to measure the performance of the company along with other metrics. Senior management’s annual compensation is derived in part using non-GAAP income and non-GAAP EPS. This information should be considered in addition to, but not as a substitute for or superior to, information prepared in accordance with GAAP. (1) Amounts included in materials and production costs reflect expenses for the amortization of intangible assets recognized as a result of business acquisitions. Amounts included in marketing and administrative expenses reflect integration, transaction and certain other costs related to business acquisitions and divestitures. Amounts included in research and development expenses reflect increases in the estimated fair value measurement of liabilities for contingent consideration. Amounts included in other (income) expense, net reflect royalty income, partially offset by an increase in the estimated fair value measurement of liabilities for contingent consideration. (2) Amounts primarily include employee separation costs and accelerated depreciation associated with facilities to be closed or divested related to activities under the company's formal restructuring programs. (3) Amount included in research and development expenses represents an aggregate charge related to the formation of a collaboration with Eisai Co., Ltd. (4) Represents the estimated tax impact on the reconciling items based on applying the statutory rate of the originating territory of the non-GAAP adjustments. MERCK & CO., INC. FRANCHISE / KEY PRODUCT SALES (AMOUNTS IN MILLIONS) Table 3 2018 2017 1Q 1Q 1Q 2Q 3Q 4Q Full Year Nom % Ex-Exch % TOTAL SALES (1) $ 10,037 $ 9,434 $ 9,930 $ 10,325 $ 10,433 $ 40,122 6 3 PHARMACEUTICAL 8,919 8,185 8,759 9,156 9,290 35,390 9 4 Oncology Keytruda 1,464 584 881 1,047 1,297 3,809 151 142 Emend 125 133 143 137 143 556 -5 -9 Temodar 57 66 65 68 73 271 -13 -18 Alliance Revenue – Lynparza 33 5 16 20 Vaccines (2) Gardasil / Gardasil 9 660 532 469 675 633 2,308 24 20 ProQuad / M-M-R II / Varivax 392 355 399 519 403 1,676 10 9 RotaTeq 193 224 123 179 160 686 -14 -15 Pneumovax 23 179 163 166 229 263 821 9 7 Zostavax 65 154 160 234 121 668 -58 -60 Hospital Acute Care Bridion 204 148 163 185 209 704 38 31 Noxafil 176 141 155 162 179 636 24 17 Invanz 151 136 150 159 157 602 11 8 Cubicin 98 96 103 91 92 382 2 -2 Cancidas 91 121 112 94 95 422 -25 -31 Primaxin 72 62 71 73 74 280 15 9 Immunology Simponi 231 184 199 219 217 819 26 11 Remicade 167 229 208 214 186 837 -27 -35 Neuroscience Belsomra 54 42 52 56 60 210 31 27 Virology Isentress / Isentress HD 281 305 282 310 308 1,204 -8 -12 Zepatier 131 378 517 468 296 1,660 -65 -69 Cardiovascular Zetia 305 334 367 320 323 1,344 -9 -17 Vytorin 167 241 182 142 186 751 -31 -38 Atozet 73 49 63 59 54 225 47 30 Adempas 68 84 67 70 79 300 -19 -25 Diabetes (3) Januvia 880 839 948 1,012 938 3,737 5 1 Janumet 544 496 563 513 586 2,158 10 4 Women's Health NuvaRing 216 160 199 214 188 761 36 32 Implanon / Nexplanon 174 170 178 155 183 686 2 1 Diversified Brands Singulair 175 186 203 161 182 732 -6 -12 Nasonex 122 139 85 42 120 387 -12 -17 Cozaar / Hyzaar 120 112 119 128 125 484 7 0 Arcoxia 83 103 89 80 91 363 -20 -25 Follistim AQ 67 81 79 72 66 298 -17 -22 Dulera 57 82 69 59 77 287 -31 -31 Fosamax 55 61 66 53 62 241 -9 -17 Other Pharmaceutical (4) 989 995 1,064 952 1,048 4,065 -1 -6 ANIMAL HEALTH 1,065 939 955 1,000 981 3,875 13 7 Livestock 652 578 591 647 668 2,484 13 6 Companion Animals 413 361 364 353 313 1,391 14 9 Other Revenues (5) 53 310 216 169 162 857 -83 -19 Sum of quarterly amounts may not equal year-to-date amounts due to rounding. (1) Only select products are shown.
(2) Total Vaccines sales were $1,561 million in the first quarter of 2018 and $1,516 million, $1,404 million, $1,924 million and $1,704 million for the first, second, third and fourth quarters of 2017, respectively. (3) Total Diabetes sales were $1,433 million in the first quarter of 2018 and $1,338 million, $1,520 million, $1,531 million and $1,533 million for the first, second, third and fourth quarters of 2017, respectively. (4) Includes Pharmaceutical products not individually shown above. (5) Other Revenues are comprised primarily of Healthcare Services segment revenues, third-party manufacturing sales and miscellaneous corporate revenues, including revenue hedging activities.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180501005733/en/
Merck
Media:
Tracy Ogden, (908) 740-1747
Claire Gillespie, (267) 305-0932
or
Investor:
Teri Loxam, (908) 740-1986
Michael DeCarbo, (908) 740-1807
Source: Merck | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/business-wire-merck-announces-first-quarter-2018-financial-results.html |
May 1, 2018 / 6:32 AM / Updated 16 minutes ago Johnston Press CEO Highfield resigns, shares rise Justin George Varghese 4 Min Read
(Reuters) - The chief executive of Johnston Press Plc ( JPR.L ) Ashley Highfield has resigned after nearly seven years at the helm and CFO David King will replace him, the publisher of The Scotsman and The Yorkshire Post newspapers said on Tuesday.
Highfield’s departure comes weeks after the company signalled the need for more cost cuts through restructuring, property disposals and capex reductions, as it faces continued pressure on revenue.
Britain’s newspaper industry has struggled in the past few years as advertisers shifted to online platforms, forcing several print publishers including Trinity Mirror ( TNI.L ) and Daily Mail and General Trust ( DMGOa.L ) to cut costs.
Johnston Press has also been reviewing its finances and said earlier this month that it was in talks with bondholders to refinance 220 million pounds in bonds due on June 1, 2019. Without a deal, Johnston Press said it would have to explore alternative refinancing and restructuring options.
Highfield, who previously worked at BBC, resigned citing family reasons and Johnson Press said he agreed not to put himself up for re-election at the company’s AGM.
King, also a former BBC executive who joined the group in 2013 as CFO, takes the reins as the company looks to expand its online audience to combat pressure on local print advertising and newspaper sales.
“David has worked closely with the Board on our strategic review of financing options... his transition to the CEO role provides stability to the business at this important time,” Chairman Camilla Rhodes said.
Johnston Press shares were more than 9 percent higher by 1036 GMT.
Liberum analysts said King would be regarded as a safe pair of hands who understands the company.
During Highfield’s tenure, Johnston Press shares lost about a third of their value, while the company’s revenue fell about 46 percent, according to the company’s financial statements and Thomson Reuters data.
“I have been privileged to lead Johnston Press during a period of unprecedented turbulence in our industry,” Highfield said. The acquisition of the i newspaper has been a particular highlight, he said.
The 250-year-old company, which has more than 200 titles, acquired “i”, the cut-price sister paper of The Independent, for 24 million pounds in 2016 to tap into its growing circulation revenue and advertising base.
Activist investor Custos Group, which has around a 20 percent holding in Johnston Press, has been trying to oust Rhodes and Michael Butterworth as directors. It said in November it would push for the appointment of Scotland’s former nationalist first minister, Alex Salmond, as the publisher’s chairman.
Custos Group was not immediately available to comment on Tuesday.
Johnston Press said Highfield had previously decided to defer his 249,000 pound bonus, granted to him for achieving 2017 targets.
A company spokesman said Highfield would not receive any payments from June 5 when he stands down and also said he would receive the deferred bonus payment only after the company’s restructuring.
King will formerly takes over as CEO at the AGM on June 5 and his replacement will be appointed in due course, Johnston Press said. Reporting by Justin George Varghese in Bengaluru; editing by Tenzin Pema, Jason Neely and Jane Merriman | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-johnston-press-ceo/johnston-press-says-ceo-highfield-resigns-idUKKBN1I22XJ |
April 30, 2018 / 10:33 PM / Updated 11 minutes ago Alibaba cannot block cryptocurrency firm from using similar name - U.S. judge Jonathan Stempel 2 Min Read
NEW YORK (Reuters) - A U.S. judge on Monday rejected Alibaba Group Holdings Ltd’s bid for a preliminary injunction to block the Dubai cryptocurrency firm Alibabacoin Foundation from using the Alibaba name. FILE PHOTO: A sign of Alibaba Group is seen during the fourth World Internet Conference in Wuzhen, Zhejiang province, China, December 3, 2017. REUTERS/Aly Song/File Photo
U.S. District Judge Paul Oetken in Manhattan said Alibaba did not show he had jurisdiction, having failed to establish a “reasonable probability” that Alibabacoin’s interactive websites were used to transact business with customers in New York.
The judge said it did not matter that Alibabacoin might eventually list its cryptocurrency on U.S. exchanges or that a New York company hosted one of its websites.
He also said any injury Alibaba might have suffered to its business, goodwill and reputation from alleged trademark infringement likely occurred in China, where the e-commerce retailer is based.
The Chinese company had alleged Alibabacoin hurt its business in the United States, causing actual confusion among customers there, in violation of federal and state laws.
A U.S.-based lawyer for Alibaba declined to comment. Lawyers for Alibabacoin did not immediately respond to requests for comment.
Oetken dissolved a temporary restraining order issued on April 2 by another judge against Alibabacoin.
He also said Alibaba deserved another chance to show why the case belongs in Manhattan.
Alibabacoin, which is also known as ABBC Foundation, has argued that it was not trying to piggyback off the Alibaba name.
It has also said China’s ban on initial coin offerings in September eliminated a key source of potential confusion among consumers about its lack of ties to Alibaba.
The case is Alibaba Group Holdings Ltd v. Alibabacoin Foundation et al, U.S. District Court, Southern District of New York, No. 18-02897. Reporting by Jonathan Stempel in New York; Editing by Cynthia Osterman | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-alibaba-lawsuit/alibaba-cannot-block-cryptocurrency-firm-from-using-similar-name-u-s-judge-idUKKBN1I12CV |
President Donald Trump on Friday said the date and location have been set for a meeting with North Korean leader Kim Jong Un , which would be announced soon, and hinted at progress in winning the release of three Americans held in North Korea .
The White House has said the first meeting between sitting U.S. and North Korean leaders could take place in the coming weeks. Trump is expected to push for North Korea to give up its nuclear weapons.
"We're having very substantive talks with North Korea and a lot of things have already happened with respect to the (U.S.) hostages. I think you're going to see very good things," Trump told reporters.
The U.S. government is looking into reports that three Americans arrested in recent years in North Korea had recently been relocated from a labor camp to a hotel near Pyongyang, as expectations grow that they will be released before the summit.
Trump said this week that the demilitarized zone, or DMZ, between North and South Korea would be an excellent venue for the planned summit, but that Singapore was also a possible site.
The Peace House at the DMZ was the venue for a meeting last month between Kim and South Korean President Moon Jae-in.
Trump also told reporters on Friday that he was not considering reducing the U.S. military's presence in South Korea as part of the negotiations.
"Troops are not on the table," he said before a flight to Dallas, Texas, where he will address the National Rifle Association. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/04/trump-says-date-and-place-for-north-korea-meeting-are-set.html |
May 20, 2018 / 1:45 PM / Updated 6 hours ago Socialist Britain will not be 'ripped off any more' under Labour - McDonnell Reuters Staff 2 Min Read
LONDON (Reuters) - Britain’s main opposition Labour Party wants to radically transform the economy, forming a Socialist society where “we’re not going to get ripped off any more”, its finance policy chief, John McDonnell, said on Sunday. John McDonnell, Shadow Chancellor, appears on the BBC's Andrew Marr Show in London, Britain May 6, 2018. Jeff Overs/BBC/ Handout via REUTERS
With Labour almost neck-and-neck in the polls with the governing Conservatives, who lost their majority in last year’s election, its leader Jeremy Corbyn and others are setting out their stall ahead of a new election not due until 2022.
McDonnell told the BBC that he had been talking to business leaders to offer them clarity on Labour’s policies.
“Some of them you will like and some of them you won’t like, I accept that, but there is nothing up my sleeve,” he said of his message, adding: “You’ll get a fair rate of return but we’re not going to be ripped off any more, simple as that.”
Asked about his entry in the Who’s Who directory of influential people which lists his passion for “generally fomenting the overthrow of capitalism”, he said it was a joke about beer-making.
But he added: “It’s (about) transforming our economy.”
“I don’t think there is (a difference with overthrowing capitalism) ... because I think at the end of the day I want a Socialist society and that means transforming in a way which radically challenges the system as it now is.”
He also said Venezuela, which is reeling from hyperinflation and shortages, was not a Socialist country.
“I think it took a wrong turn when (late leader Hugo) Chavez went, and I think unfortunately since then I don’t think they have been following the Socialist policies that Chavez was developing.” Reporting by Elizabeth Piper, Editing by William Maclean | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-politics-labour/socialist-britain-will-not-be-ripped-off-any-more-under-labour-mcdonnell-idUKKCN1IL0IO |
PITTSBURGH--(BUSINESS WIRE)-- The Board of Directors of TriState Capital Holdings, Inc. (NASDAQ: TSC) declared a quarterly cash dividend on the company’s Series A Non-Cumulative Perpetual Preferred Stock (NASDAQ: TSCAP) of $0.4734375 per depositary share. The preferred stock dividend is payable on July 2, 2018 to holders of record as of June 15, 2018.
ABOUT TRISTATE CAPITAL
TriState Capital Holdings, Inc. (NASDAQ: TSC) is a bank holding company headquartered in Pittsburgh, Pa., providing commercial banking, private banking and investment management services to middle-market companies, institutional clients and high-net-worth individuals. Its TriState Capital Bank subsidiary had $4.8 billion in assets, as of March 31, 2018, and serves middle-market commercial customers through regional representative offices in Pittsburgh, Philadelphia, Cleveland, Edison, N.J., and New York City, as well as high-net-worth individuals nationwide through its national referral network of financial intermediaries. Its Chartwell Investment Partners subsidiary has more than $9 billion in assets under management, and serves as the advisor to The Berwyn Funds and Chartwell Mutual Funds. For more information, please visit http://investors.tristatecapitalbank.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180430006330/en/
TriState Capital Holdings, Inc.
MEDIA CONTACT
Hornercom
Jack Horner
267-932-8760, ext. 302
412-600-2295 (mobile)
[email protected]
or
INVESTOR CONTACTS
Casteel Schoenborn
Jeff Schoenborn and Kate Croft
888-609-8351
[email protected]
Source: TriState Capital Holdings, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/04/30/business-wire-tristate-capital-declares-quarterly-dividend-on-perpetual-preferred-stock.html |
May 21, 2018 / 6:40 AM / Updated 8 hours ago Oil Minister Dharmendra Pradhan says considering steps to keep fuel prices in check Reuters Staff 2 Min Read
NEW DELHI (Reuters) - India is looking at ways to keep rising fuel prices in check, its oil minister said on Monday, with retail rates for diesel and petrol touching record highs in capital city New Delhi and financial hub Mumbai. FILE PHOTO: Oil Minister Dharmendra Pradhan speaks during an interview with Reuters in New Delhi, June 12, 2015. REUTERS/Anindito Mukherjee/File Photo
Prices at the pump have surged on the back of rallying international markets for crude oil, which last week hit their strongest since late-2014 amid ongoing production cuts led by the Organization of the Petroleum Exporting Countries (OPEC).
“Various alternatives are being looked at,” Dharmendra Pradhan said in a televised speech, adding that he would “work out something soon”. He did not give details.
Opposition leaders have criticised the government for failing to rein in rising fuel prices, a politically-sensitive issue in one of the world’s biggest economies.
India is particularly at risk from stronger global prices for crude oil as it is the No.3 importer of the commodity, buying about 80 percent of its oil needs.
On Monday, industry lobby group FICCI called for an immediate cut in the excise duty on oil imports.
The cost of the growing thirst for oil around Asia will surpass $1 trillion this year, about twice as much as in 2015 and 2016, as oil prices touch $80 per barrel and continental demand hits a record. Reporting by Sudarshan Varadhan; Editing by Mayank Bhardwaj and Joseph Radford | ashraq/financial-news-articles | https://in.reuters.com/article/india-fuel/oil-minister-dharmendra-pradhan-says-considering-steps-to-keep-fuel-prices-in-check-idINKCN1IM0I6 |
PRAGUE, May 16 (Reuters) - The Czech economy should expand by 3.7 percent in 2018, a faster pace than earlier expected, before growth slows to 3.2 percent in 2019, the International Monetary Fund said on Wednesday.
The IMF said there were no major imbalances in the economy and the central European country’s fiscal position was sound.
But it said the government should be careful future spending and tax changes did not pressure the economy and the central bank should be given more powers to oversee hot real estate and mortgage markets. (Reporting by Robert Muller Editing by Jason Hovet)
| ashraq/financial-news-articles | https://www.reuters.com/article/imf-czech/imf-sees-czech-growth-at-3-7-pct-in-2018-before-slowing-idUSP7N1PC00G |
May 9, 2018 / 8:43 AM / Updated 33 minutes ago Daily Briefing: France's Macron to speak with Iran's Rouhani Mark John , Mike Dolan 8 Min Read
LONDON (Reuters) - France's Emmanuel Macron is scheduled to speak by telephone with Iranian President Hassan Rouhani later today as part of international efforts to salvage the 2015 Iranian nuclear deal after the U.S. withdrawal. A combination of file photos showing French President Emmanuel Macron and Iranian President Hassan Rouhani
The European countries that negotiated the accord all insist it is not dead and Rouhani - whose own career is now on the line - has also said Iran will stay in it . Separately, both China and Russia have also criticised the U.S. move. The critical question is whether the Western investments and deals on which Rouhani had been banking to help fire up his country's economy can now go ahead, given multinationals' unwillingness to fall foul of U.S. sanctions. Those European capitals who lobbied hard for the U.S. to stay in the deal see the move by Donald Trump as a disavowal of the transatlantic alliance that could have wider consequences down the line .
In a major reversal of expectations from barely a few weeks ago, economists polled by Reuters now believe the Bank of England will wait until August before raising interest rates rather than cracking ahead at tomorrow's meeting. What's more, just under a third of them expect no change in August either. The first trigger was some pointedly dovish comments a while back from Bank of England Governor Mark Carney, followed by a spate of data suggesting Britain's economy is barely growing . The broader picture is that, with an uncertain Brexit looming, Britain's economy has fallen from top to bottom of the list of G7 countries in terms of growth rate.
MARKETS
However you view the reaction of world markets to the U.S. exit from the Iran nuclear deal, this is no flight to safety. Nearly all the traditional financial havens in times of geopolitical stress have actually weakened over the past two days – U.S. Treasury bonds, gold, the Swiss franc and Japanese yen. Instead, the prospect of renewed U.S. sanctions on Iran is being played primarily through the higher oil price and any disruption to world supplies from a country that produces some 4 percent of global crude.
The Brent crude price has jumped to a new 3-1/2 year high of $76.75 early on Wednesday and is now up more than 50 percent year-on-year. The additional spur that higher energy prices give to inflation has lifted 10-year U.S. Treasury yields back close to the psychologically important milestone of 3 percent and this has, in turn, supercharged the resurgent U.S. dollar in a week where Fed watchers have their eyes trained on the April U.S. inflation reports. U.S. President Donald Trump holds up a proclamation declaring his intention to withdraw from the Iran nuclear agreement after signing it at the White House in Washington, May 8, 2018
U.S. producer price inflation is out later today and consumer price numbers are out tomorrow. The contrast between the U.S. monetary policy stance and Europe remains stark, however, and the Fed looks to be the last man standing in attempts to tighten credit.
Financial markets now only see a 70 percent chance of a European Central Bank interest rate rise by June next year, whereas that had been fully priced only two weeks ago. Spluttering euro zone economic numbers, such as news on Wednesday of an unexpected drop in French industrial production in March, only underline that.
The euro/dollar exchange rate fell to a new 2018 low of $1.1826 first thing on Wednesday and is now down almost 6 percent from February’s peak. Any thought of a Bank of England interest rate rise tomorrow has been wiped off the table by a series of poor UK economic soundings , meantime, and sterling continues to weaken against the dollar as a result.
The dollar surge was most amplified against emerging market currencies, where steep losses for the likes of the Argentine peso , Turkish lira and Indonesian rupiah continue to accelerate and threaten a wider capital flight from developing economies at large amid concerns over climbing dollar funding costs internationally. The peso continued to weaker on Tuesday despite last week’s central bank interest rate hike to as high 40 percent, forcing Argentine President Macri to seek a financing deal with the International Monetary Fund. Turkey’s lira, in part jarred by regional security fears after the U.S. withdrawal from the Iran deal, fell to yet another record low against the dollar early Wednesday.
European markets will also keep a close eye on prospects of a snap Italian election after both Italian stocks and sovereign debt took fright at the prospect on Tuesday as talks on forming a new government broke down over the weekend. A decision by the President is expected by Thursday.
European shares are set to open slightly higher as investors digest a flurry of earning update, however, after Wall St stocks closed flat on Tuesday . Asia bourses were steady to slightly lower overnight.
— A look at the day ahead from European Economics and Politics Editor Mark John and EMEA markets editor Mike Dolan. The views expressed are their own. — | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-europe-view-wednesday/daily-briefing-europeans-seek-to-salvage-iran-deal-idUKKBN1IA0ZP |
ST. LOUIS, May 8, 2018 /PRNewswire/ -- Fourthstone LLC ("Fourthstone"), a St Louis-based investment manager, today confirmed that Jason Oetting and Grant Burtch have joined the firm as Senior Investment Analysts. The two hires will support the firm's growth, which has been driven by its appearance as a top-performing hedge fund manager in both the Prequin and BarclayHedge 2017 annual rankings.
Oetting was most recently a Vice President of Equity Research and publishing analyst on the U.S. Mid- and Small-Cap Banks team at J.P. Morgan. The team was ranked #1 by Institutional Investor annually from 2011 – 2017. Prior to J.P. Morgan, Oetting served as Assistant Vice President on the insurance equity research team at FBR Capital Markets covering 25 companies. He earned a B.S. in Managerial Economics from Washington University in St. Louis and a Master of Science in Accounting and Finance from the London School of Economics.
Burtch was previously the Head Research Associate at Raymond James & Associates' Chicago office responsible for covering more than 80 banks during the course of his tenure there. During his nine-year career at Raymond James, Burtch conducted research on small- to large-cap bank names located in the Midwest, Pacific Northwest, Southwest and West Coast. He holds a Bachelors in Economics from the University of Michigan.
"We're excited to welcome Jason and Grant to the Fourthstone team," said Phil Stone, Fourthstone's Managing Partner. "They each contribute a unique perspective on the financial sector and we look forward to leveraging their insights on behalf of our investors."
About Fourthstone LLC
Fourthstone ( www.4thstone.com ) is a St Louis-based investment firm that utilizes a long/short equity investment strategy focused on banks, thrifts and other select investments.
View original content: http://www.prnewswire.com/news-releases/two-veteran-sell-side-bank-analysts-join-fourthstone-llc-300644937.html
SOURCE Fourthstone LLC | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/pr-newswire-two-veteran-sell-side-bank-analysts-join-fourthstone-llc.html |
May 7, 2018 / 6:25 PM / Updated 40 minutes ago Egypt to share footage with Italy next week as part of probe of student's death Reuters Staff 2 Min Read
CAIRO (Reuters) - Egypt’s state prosecutor said on Monday a team of Italian experts would go to Cairo next week to take part in the retrieval of CCTV recordings as part of the investigation into the 2016 killing of Italian student Giulio Regeni. FILE PHOTO: A man holds a placard during a vigil to commemorate Giulio Regeni, who was found murdered in Cairo a year ago, in downtown Rome, Italy January 25, 2017. REUTERS/Alessandro Bianchi
Regeni had been doing postgraduate research into Egyptian trade unions before his death in 2016. His body, showing signs of torture, was found in a ditch on the outskirts of Cairo.
The Egyptian public prosecutor Nabil Sadek said in a statement he had invited Rome’s chief prosecutor Giuseppe Pignatone in a telephone call on Sunday to send a delegation to attend the retrieval of the Cairo metro CCTV recordings on May 15.
Sadek said Cairo had agreed to give the Italian delegation a copy of the recordings.
“The Rome chief prosecutor has decided to send a delegation headed by his assistant, Sergio Colaiocco, and comprising Italian technical experts to attend the retrieval process, on which both sides pin high hopes to reach the truth about the incident and to uncover its perpetrators,” the statement said.
“They agreed that the Rome prosecution will obtain a copy of what is retrieved at the end of the process.”
Egypt agreed last year to allow experts from Italy and a German company that specializes in salvaging CCTV footage to examine cameras in Cairo, but the timing of the trip was not known.
Egyptian officials have repeatedly denied any involvement in Regeni’s death.
The case has strained ties between Egypt and Italy, which recalled its ambassador over the case. Relations were restored in August last year when Rome said it would return its envoy to Cairo and continue to search for Regeni’s killers.[nL8N1L04K8] Editing by Andrew Roche | ashraq/financial-news-articles | https://www.reuters.com/article/us-italy-egypt-regeni/egypt-to-share-footage-with-italy-next-week-as-part-of-probe-of-students-death-idUSKBN1I823J |
May 14, 2018 / 5:02 PM / in an hour 'Superman' actress Margot Kidder dies at age 69 Reuters Staff 2 Min Read
LOS ANGELES (Reuters) - Actress Margot Kidder, best known for playing Lois Lane in the “Superman” films in the 1970s and 1980s, has died at the age of 69, a funeral home in Montana said on Monday. FILE PHOTO: Actress Margot Kidder, appears at the Superman movie reunion at the Warner Bros. museum in Burbank, California, U.S., May 1, 2001. Kidder portrayed Lois Lane in the film which also starred Christopher Reeve as Superman. REUTERS/Fred Prouser/File Photo
The Franzen-Davis Funeral Home in Livingston, Montana said on its website that Kidder passed away on Sunday at her home in the town. The cause of death was not given and her manager did not return a request for comment.
Canadian-born Kidder appeared in more than 70 movies and TV shows, including “The Great Waldo Pepper,”“The Amityville Horror” and the 2014 children’s TV series “R.L. Stine’s The Haunting Hour,” for which she won an Emmy award. Actress Margot Kidder (C) is shown in scene from the 1978 movie "Superman" with Christopher Reeve (L) and Jackie Cooper (R). REUTERS/Handout
Kidder began her acting career in her 20s and shot to international fame playing the intrepid reporter Lois Lane in 1978’s “Superman,” opposite Christopher Reeve. She reprised the role again in “Superman II” (1980), “Superman III” (1983) and “Superman IV: The Quest for Peace” (1987). FILE PHOTO: Actress Margot Kidder, appears at the Superman movie reunion at the Warner Bros. museum in Burbank, California, U.S., May 1, 2001. Kidder portrayed Lois Lane in the film which also starred Christopher Reeve as Superman. REUTERS/Fred Prouser/File Photo
She was unable to work for two years after serious car crash in 1990, and eventually became bankrupt. Six year later, she suffered a mental health breakdown and in a highly publicized episode she disappeared for four days and spent time as a homeless person. She was later diagnosed with bipolar disorder.
After her breakdown, acting work dried up for several years, but Kidder later re-emerged with a guest starring role in TV shows like “Smallville” and “The L Word” and on stage including a 2002 Broadway production of “The Vagina Monologues.”
She also was a prominent political activist, campaigning against the Gulf War, energy fracking and in support of Democrat Bernie Sanders in the 2016 U.S. presidential election.
Kidder became an American citizen in 2005.
She was married three times, including a six-day union in 1979 with actor John Heard. Reporting by Jill Serjeant; Editing by Cynthia Osterman and David Gregorio | ashraq/financial-news-articles | https://www.reuters.com/article/us-people-margot-kidder/superman-actress-margot-kidder-dead-at-age-69-montana-funeral-home-idUSKCN1IF2F2 |
TORONTO, May 29, 2018 (GLOBE NEWSWIRE) -- YANGAROO Inc. (TSX-V:YOO) (OTC:YOOIF), the leading secure digital media management and distribution company, today announced its results for the first quarter ended March 31 st , 2018.
Revenue for Q1 was $1,949,090, 12% higher than in the same period in 2017 and 2% higher than Q4 2017. Normalized EBITDA for Q1 of $179,566 increased by 49% over the same period in 2017 and increased by 19% over the previous quarter. Net income in Q1 was $84,971, 159% improvement over Q1 2017 and 4% decrease over Q4 2017.
Advertising revenue of $1,229,455 in Q1, marked a 20% increase over the same period in 2017 and 4% increase over the previous quarter. The increase in revenue was a result of continuous growth in new customers and increased sales volumes with existing customers.
Entertainment revenue remains flat. Revenue in Q1 2018 was $719,635, up 1% over Q1 2017 and down 1% over previous quarter. Higher awards management revenue was recorded in the quarter but offset by a general decline in volume of video delivery and subscription fees.
“Starting in the second quarter of last year, the Company initiated a change of leadership and rebuilding of the sales team in the Advertising business,” said Gary Moss, President and CEO of YANGAROO. “Additionally, the mandate of the team was adjusted to focus on larger customer opportunities and during the last half of 2017, the team started to build a pipeline of target deals. Closing sales to larger customers is a more lengthy process. During the first quarter, this new pipeline started to deliver meaningful new customer wins. The Company is confident that the flow of new customer wins from the team will continue into the future and will support the growth of Advertising revenues especially in the last half of 2018.”
Total operating expenses for the quarter ended March 31, 2018 was $1,901,097, 14% higher than the previous year and 5% higher than the previous quarter. Income from operations in Q1 was $47,993, 28% lower than the previous year and 53% lower than the previous quarter. The changes were primarily due to higher value of stock options granted and salary adjustments taken place in Q1 2018. Excluding the impact of non-cash and non-operating costs, the first quarter of 2018 had a normalized cash flow of $179,566.
Summary of operating results for first quarter ended March 31, 2018:
First Quarter $CDN 2018 2017 Revenue 1,949,090 1,740,066 EBITDA 131,066 74,189 Normalized EBITDA 179,566 120,513 Net income for the period 84,971 32,849 Income per share (basic & diluted) 0.001 0.001 Please note, all currency in this press release is denoted in Canadian dollars.
The full text of the financial statements and Management Discussion & Analysis is available at www.yangaroo.com and at www.sedar.com .
About YANGAROO:
YANGAROO is a company dedicated to digital media management. YANGAROO’s patented Digital Media Distribution System (DMDS) is a leading secure B2B digital cloud-based solution focused on the music and advertising industries. The DMDS solution provides more accountable, effective, and far less costly digital management of broadcast quality media via the Internet. It replaces the physical, satellite and closed network distribution and management of audio and video content, for music, music videos, and advertising to television, radio, media, retailers, and other authorized recipients. The YANGAROO Awards platform is now the industry standard and powers most of North America’s major awards shows.
YANGAROO has offices in Toronto, New York, and Los Angeles. YANGAROO trades on the TSX Venture Exchange (TSX-V) under the symbol YOO and in the U.S. under OTCBB: YOOIF. For further information, please contact Gary Moss at 416-534-0607 ext.111 or visit www.yangaroo.com .
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
Cautionary Note Regarding Forward-looking Statements
This news release contains certain forward-looking statements and forward-looking information (collectively referred to herein as "forward-looking statements") within the meaning of applicable Canadian securities laws. All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "achieve", "could", "believe", "plan", "intend", "objective", "continuous", "ongoing", "estimate", "outlook", "expect", "may", "will", "project", "should" or similar words, including negatives thereof, suggesting future outcomes.
Forward looking statements are subject to both known and unknown risks, uncertainties and other factors, many of which are beyond the control of YANGAROO, that may cause the actual results, level of activity, performance or achievements of YANGAROO to be materially different from those expressed or implied by such forward looking statements, including but not limited to: the use of proceeds of the offering, receipt of all necessary approvals of the offering, general business, economic, competitive, political and social uncertainties; negotiation uncertainties and other risks of the technology industry. Although YANGAROO has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.
Forward-looking statements are not a guarantee of future performance and involve a number of risks and uncertainties, some of which are described herein. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause YANGAROO’s actual performance and results to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Any forward-looking statements are made as of the date hereof and, except as required by law, neither YANGAROO assumes no obligation to publicly update or revise such statements to reflect new information, subsequent or otherwise.
Source:YANGAROO Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/29/globe-newswire-yangaroo-reports-first-quarter-results.html |
Check out the companies making headlines before the bell:
Best Buy – The electronics retailer earned an adjusted 82 cents per share for the first quarter , 8 cents a share above estimates, with revenue also exceeding forecasts. Best Buy reported a comparable store sales increase of 7.1 percent, well above the consensus Thomson Reuters forecast of a 3.0 percent increase.
Medtronic – The medical device maker's quarterly numbers came in 3 cents above estimates at an adjusted $1.42 per share, with revenue also above Street forecasts. Medtronic benefited from higher demand for its heart-related devices.
Hormel – The food producer fell a penny a share shy of estimates, with quarterly earnings of 44 cents per share. Revenue was slightly shy of forecasts, as well. Hormel noted higher freight and commodity costs as factors during the quarter, but adds that the quarter did see record profit and that it is maintaining its full-year forecast.
McKesson – The drug distributor fell 7 cents a share short of estimates, with adjusted quarterly profit of $3.49 per share. Revenue exceeded forecasts, however, and McKesson's board authorized an additional $4 billion stock buyback.
Diageo – Diageo has begun an auction of its U.S.-focused spirit brands, according to Sky News. Those brands include Myers's Rum and Goldschlager.
21st Century Fox – Fox is being urged by activist investor Chris Hohn to engage with Comcast , if the NBCUniversal and CNBC parent does make a formal offer for Fox assets that is superior to the deal Fox struck to sell those assets to Walt Disney . Hohn disclosed a 7.4 percent stake in Fox and expressed his view in a letter to Rupert Murdoch that was seen by the Wall Street Journal.
Ford , General Motors – U.S. auto stocks could get a boost after the Trump administration launched a national security probe into car and truck imports. The probe could lead to new tariffs on imported vehicles.
L Brands – L Brands reported quarterly profit of 17 cents per share, beating estimates by a penny a share. The Victoria's Secret parent's revenue also beat forecasts, however the company issued weaker-than-expected current-quarter earnings guidance.
Williams-Sonoma – Williams-Sonoma b eat estimates by 9 cents a share, with quarterly profit of 67 cents per share, with revenue above forecasts, as well. The home furnishings retailer also raised its full-year outlook.
Procter & Gamble – The consumer products company said it would continue investing in Russian plants in the coming years, despite increasing risks due to deteriorating U.S.-Russian relations.
Deutsche Bank – Deutsche Bank will cut more than 7,000 jobs worldwide , as the bank's new CEO seeks to cut expenses and restore profitability at Germany's largest bank.
Johnson & Johnson – J&J and its suppliers were hit with a $21.7 million verdict in a case involving a woman who said she developed cancer after being exposed to asbestos in J&J's baby powder product. J&J was assessed 67 percent of the total compensatory damages, with the possible punitive damages still to be determined by the jury.
KKR – The private-equity firm is in talks to buy privately held BMC Software for about $10 billion, according to the New York Post. Private-equity firms Bain Capital and Golden Gate Capital took BMC private for $6.9 billion in 2013. The paper also said KKR continues to work with hospital operator HCA to bid more than $10 billion for Envision Healthcare .
Kroger – Kroger is buying Home Chef, the largest privately held provider of meal kits in the U.S. The supermarket chain will pay $200 million up front, and up to $700 million depending on certain performance targets.
NetApp – NetApp beat estimates by 4 cents a share, with quarterly profit of $1.05 per share. The cloud data company's revenue also topped forecasts.
Darden Restaurants – Oppenheimer added the parent of Olive Garden, Bahama Breeze, and other restaurant chains to its "Top Picks" list, noting an attractive valuation and the potential for a sizable earnings beat for fiscal 2019. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/24/stocks-making-the-biggest-moves-premarket-bby-mdt-hrl-mck-deo-foxa-f-gm-more.html |
Stars pose on red carpet at Billboard Awards 3:21pm BST - 01:21
Music stars show off their styles on the red carpet ahead of the Billboard Awards. Red carpet (no reporter narration). ▲ Hide Transcript ▶ View Transcript
Music stars show off their styles on the red carpet ahead of the Billboard Awards. Red carpet (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/2LihWmp | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/21/stars-pose-on-red-carpet-at-billboard-aw?videoId=429042766 |
BEIJING (Reuters) - China’s aluminum exports inched higher and steel shipments jumped in April, customs data showed on Tuesday, as U.S. import tariffs failed to dent overseas shipments from the world’s biggest producer of the two metals.
FILE PHOTO: Workers ride on an motor rickshaw through an aluminium ingots depot in Wuxi, Jiangsu province in this September 26, 2012 file picture. REUTERS/Aly Song/File Photo The United States imposed a 25 percent duty on steel imports and a 10 percent tariff on aluminum imports, effective from March 23 as U.S. President Donald Trump sought to protect U.S. metal makers.
The impact of the tariffs on aluminum was offset by U.S. sanctions on giant Russian producer Rusal that caused a spike in international prices, prompting Chinese firms to send more metal abroad, analysts said.
“Exports are still happening, which suggests the tariff is not really having a material impact at this point,” said Lachlan Shaw, a metals analyst at UBS in Melbourne.
“Certainly anecdotal reporting from within the U.S. aluminum products manufacturing sector suggests that some fabricators are just paying the tariffs to secure the required imports. So it appears that trade is holding up for now,” he added.
China’s unwrought aluminum and aluminum product exports came in at 451,000 tonnes last month, up 0.2 percent from a revised 450,000 tonnes in March and up 4.9 percent from 430,000 tonnes in April 2017, the General Administration of Customs said.
Steel exports jumped 14.7 percent from March to 6.48 million tonnes, their highest level since August last year, and steady with a year ago.
April has one less day than March, so the latest increases are greater on a daily basis.
The United States accounts for around 14 percent of China’s aluminum exports, but only 1 percent of its steel exports.
Washington imposed sanctions on Rusal, the world’s second-biggest aluminum producer, on April 6, causing London Metal Exchange aluminum prices to climb 12.5 percent last month on fears of a supply shortage.
Shanghai aluminum prices rose only 4.8 percent in April in a well supplied Chinese market, with the wider price arbitrage making Chinese exports more profitable.
The jump in steel exports came despite the tariffs and a 7.6 percent jump in Shanghai rebar prices in April, making Chinese steel more expensive.
“Exports went up while the steel price rallied and there was firm demand in China, which would mean steel output in China really went up a lot,” said Xu Bo, an analyst at Haitong Futures.
April was the first full month after the end of winter restrictions on industrial output in northern China, including on steel and aluminum, although some key steel cities still have curbs in place.
Reporting by Tom Daly and Muyu Xu; additional reporting by Melanie Burton in MELBOURNE; editing by Richard Pullin
| ashraq/financial-news-articles | https://www.reuters.com/article/us-china-economy-trade-aluminium/china-april-aluminum-steel-exports-rise-defying-u-s-tariffs-idUSKBN1I90C4 |
BEIJING (Reuters) - China is handling customs processes as normal for imports of Australian wines, the Chinese Foreign Ministry said on Wednesday, after Australia’s Treasury Wine Estates Ltd, said it faced delays getting some products into the country.
Treasury Wine, the world’s biggest listed winemaker, disclosed the issue last week as Australian Trade Minister Steve Ciobo began a China visit aimed at repairing ties with his country’s largest trading partner after a recent souring in relations.
Speaking at a daily news briefing, Chinese Foreign Ministry spokesman Lu Kang referred specific questions on Treasury Wine to the customs administration.
But he added: “According to what we know of the situation, it can be said that the Chinese customs and relevant import inspection and quarantine departments are handling the relevant entry applications according to normal procedures”.
China and Australia have all along been in communication about this matter, Lu added, without providing further details.
China’s customs authorities have yet to comment on the matter.
Relations between the two countries have cooled since late 2017 when Turnbull’s government proposed a bill to limit foreign influence in Australia, including political donations. Beijing saw the move as “anti-China”.
The diplomatic rift spilled into the trade arena last week with the wine issue, raising fears among other Australian exporters that depend on access to China.
This week the Chinese government’s top diplomat Wang Yi told his Australian counterpart Canberra should remove its “colored glasses” to get relations back on track with its major trading partner.
On Wednesday, the nationalist-leaning, state-run Chinese tabloid the Global Times said China should let Australia suffer for a while, rather than soothe ties too quickly.
“China does not have to throw away Sino-Australia relations. China just needs to slow their relationship for a period,” the newspaper said in an editorial.
“For example, it will not be necessary for the Australian Prime Minister to visit China this year. In fact, he could visit a few years later,” the paper said.
Turnbull, according to Australian media, is planning to travel to China later this year to smooth over bumpy diplomatic ties between the two countries.
“China’s ministerial officials, other than those with the economic and trade departments, could postpone interactions with Australia,” the Global Times added.
China should also switch to buying U.S. products rather than Australian ones, like iron ore, wine and beef, the paper said.
“Last year, Australia exported $76.45 billion in goods to China. Lowering Aussie exports by $6.45 billion would send cold chills up and down the spine of Australia,” the editorial said.
“Of course, it would be an even greater shock if the import reductions totaled $10 billion,” it added.
The widely-read Global Times is published by the ruling Communist Party’s official People’s Daily but its editorials do not reflect government policy.
Foreign Ministry spokesman Lu declined to comment on the editorial.
Reporting by Ben Blanchard; Editing by Darren Schuettler
| ashraq/financial-news-articles | https://www.reuters.com/article/us-china-australia/chinese-newspaper-suggests-cut-imports-downgrade-ties-with-australia-idUSKCN1IO0HX |
Management to Host Earnings Conference Call Today At 5:00 p.m. Eastern Daylight Time
LEWIS CENTER, Ohio, May 21, 2018 (GLOBE NEWSWIRE) -- Midwest Energy Emissions Corp. (OTCQB:MEEC) ("ME 2 C" or the "Company"), a global leader in mercury emissions control for the power industry, has provided its financial results for the first quarter ended March 31, 2018.
Recent Company Highlights:
Secured another order from its previously announced Canadian customer to install ME 2 C’s proprietary Sorbent Enhancement Additive (SEA™) Technology at another one of their large power plants in Alberta, Canada. The agreement calls for one boiler at this new location, and if successful, may expand to up to three EGUs at this new location. Entered into a multi‐year European licensing agreement with Cabot Corporation, a global specialty chemicals and performance materials company. Received the Nexus Small Business Award from one of their clients, Vistra Energy, in recognition of ME 2 C’s supply chain diversity success.
Management Commentary
“The beginning of 2018 was highlighted by advancements made in our expansion outside of the United States,” said Richard MacPherson, President and CEO of ME 2 C. “We believe our recently announced exclusive licensing agreement in Europe with Cabot Corporation—a multi-national player in the coal industry with an extremely established footprint and immense sales network throughout Europe and Asia—reaffirms the strength of our technology and positions us favorably to make inroads in the European market.
“The contract with Cabot entails the use of our proven two‐part mercury capture technology, as well as our proprietary scrubber additive technology—both of which are expected to provide meaningful additions to the extensive Cabot Corporation product line, especially given the pending mercury capture legislation that is expected to be in effect by 2020 throughout Europe. Assisting our expansion efforts throughout Europe, our Senior VP and Chief Technology Officer, John Pavlish, presented today at the MEC 13 Workshop in Krakow, Poland alongside Cabot Corporation’s Commercial Director, and will be on-site at several EGUs throughout Europe this week.
“We also continue to gain traction in North America, as evidenced by our recent order from our previously announced Canadian customer to install our technology at another one of their large power plants in Alberta, Canada. Although we are starting with one additional boiler at this location, we have the opportunity to contract with another three EGUs if successful.
“With a robust portfolio of patented technologies, multi-national leaders in the space as partners, and several regulatory tailwinds at our back, I am confident that we remain on track for significant traction in the U.S. Canada, and abroad, as well as expansion into other key international markets, such as Asia. We look forward to continuing our journey in establishing a much more mature, global organization, ultimately focused on increasing shareholder value over the long-term.”
Corporate Highlights
In the first quarter of 2018, ME 2 C received the Nexus Small Business Award from one of their clients, Vistra Energy, which is presented to Small Business Enterprises which provide excellent service, have demonstrated a strong and positive commitment to their community, and support the utilization of a diverse workforce and supply chain including other small businesses.
In April 2018, ME 2 C entered into a multi‐year European licensing agreement with Cabot Corporation, a global specialty chemicals and performance materials company. Under the licensing agreement, Cabot Corporation has exclusive access to ME 2 C’s extensive patented technologies for the developing markets across Europe, which is expected to result in accelerated growth for both entities. In addition to ME 2 C’s proven two‐part mercury capture technology, Cabot Corporation will also utilize ME 2 C’s proprietary scrubber additive technology, which provides a new addition to the extensive Cabot Corporation product line. As the European Union (EU) prepares for mercury capture legislation that is expected to be in effect by 2020, the Companies will begin initial demonstrations at several plants in summer 2018. Europe’s coal market includes a total of 1,384 coal‐fired electric generating units (EGUs), with 914 of those located in Eastern Europe—over two times the operating units throughout the U.S. today.
Also, in April, ME 2 C secured another order from its previously announced Canadian customer to install its proprietary SEA™ Technology at another one of their large power plants in Alberta, Canada. Installation operations are expected to begin in May of 2018. This new international order follows the successful installation and operation of the Company’s SEA™ Technology on the front end of four electric generating units (EGUs), also in Alberta, Canada, in late 2017. ME 2 C will begin by installing their proprietary technology on one boiler at this new location, and if successful, may install their SEA technology on up to three EGUs at this new location. ME 2 C has worked with this Canadian customer since 2011 across multiple projects in both the United States and Canada.
On May 21, 2018, ME 2 C presented at the MEC 13 Workshop in Krakow, Poland, which is a gathering of international emission control experts specializing in the reduction of mercury. John Pavlish, Senior VP and Chief Technology Officer of ME 2 C, a widely recognized mercury capture expert, was a featured speaker at the event, and presented the application of ME 2 C’s proprietary mercury capture technology with low-rank coals, Europe’s primary coal source, on May 21 at 5:00 p.m. GMT+2. In addition, Mr. Pavlish will jointly introduce the recently announced ME 2 C-Cabot licensing arrangement in the EU with Jamie Fessenden, Cabot Corporation’s Commercial Director. Fessenden is scheduled to present under “Session 4: Sorbents” on May 22, 2018 at 4:00 p.m. GMT+2.
First Quarter 2018 Financial Results
Total revenue in the first quarter of 2018 was $2.1 million, compared to $5.4 million in the same year-ago quarter.
Costs and expenses were $3.5 million and $6.5 million during the three months ended March 31, 2018 and 2017, respectively. The decrease is primarily associated with the significant decrease in revenues over the same quarter 2017.
Operating loss in the first quarter of 2018 was $1.4 million, compared to operating loss of $1.1 million in the first quarter of 2017.
Net loss in the first quarter of 2018 was $1.9 million, or $(0.03) per diluted share, compared to net loss of $1.7 million, or ($0.02) per diluted share, in the first quarter of 2017.
On March 31, 2018, ME 2 C had cash and cash equivalents of $0.6 million compared to $2.4 million on December 31, 2017.
Adjusted EBITDA in the first quarter of 2018 was negative $0.8 million compared to $0.1 million in the same year-ago quarter.
Conference Call and Webcast
Management will host a conference call today, May 21, 2018 at 5:00 p.m. Eastern time to discuss ME 2 C's first quarter 2018 results, provide a corporate update, and conclude with a Q&A from participants. To participate, please use the following information:
Q1 2018 Conference Call and Webcast
Date: Monday, May 21, 2018
Time: 5:00 p.m. Eastern time
U.S. Dial-in: 1-888-394-8218
International Dial-in: 1-323-701-0225
Conference ID: 9714385
Webcast: http://public.viavid.com/index.php?id=129563
Please dial in at least 10 minutes before the start of the call to ensure timely participation.
A playback of the call will be available through June 21st, 2018. To listen, call 1-844-512-2921 within the United States or 1-412-317-6671 when calling internationally. Please use the replay pin number 9714385.
About Midwest Energy Emissions Corp. (ME 2 C)
Midwest Energy Emissions Corp. (OTCQB:MEEC) delivers patented and proprietary solutions to the global coal-power industry to remove mercury from power plant emissions, providing performance guarantees, and leading-edge emissions services. ME 2 C has developed patented technology and proprietary products that have been shown to achieve mercury removal at a significantly lower cost and with less operational impact than currently used methods, while preserving the marketability of fly-ash for beneficial use. For more information, please visit www.midwestemissions.com .
Use of Non-GAAP Financial Measures
To provide investors with additional information regarding our financial results, this press release includes references to Adjusted EBITDA, a Non-GAAP financial measure. We view Adjusted EBITDA as an operating performance measure and, as such, we believe that the GAAP financial measure most directly comparable to it is net income (loss). We define Adjusted EBITDA as net income adjusted for interest and financing fees, income taxes, depreciation, amortization, stock based compensation, and other non-cash income and expenses. We believe that Adjusted EBITDA provides us an important measure of operating performance. Our use of Adjusted EBITDA has limitations as an analytical tool, and this measure should not be considered in isolation or as a substitute for an analysis of our results as reported under GAAP, as the excluded items may have significant effects on our operating results and financial condition. Additionally, our measure of Adjusted EBITDA may differ from other companies' measure of Adjusted EBITDA. When evaluating our performance, Adjusted EBITDA should be considered with other financial performance measures, including various cash flow metrics, net income and other GAAP results. In the future, we may disclose different non-GAAP financial measures in order to help our investors and others more meaningfully evaluate and compare our future results of operations to our previously reported results of operations.
Safe Harbor Statement
With the exception of historical information contained in this press release, content herein may contain " " that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identified by using words such as "anticipate," "believe," "plan," "expect," "intend," "will," and similar expressions, but these words are not the exclusive means of identifying . These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Investors are cautioned that involve risks and uncertainties that could cause actual results to differ materially from the statements made. Matters that may cause actual results in the include, among other factors, the gain or loss of a major customer, change in environmental regulations, disruption in supply of materials, capacity factor fluctuations of power plant operations and power demands, a significant change in general economic conditions in any of the regions where our customer utilities might experience significant changes in electric demand, a significant disruption in the supply of coal to our customer units, the loss of key management personnel, availability of capital and any major litigation regarding the Company. In addition, this release contains time-sensitive information that reflects management's best analysis only as of the date of this release. The Company does not undertake any obligation to publicly update or revise any to reflect future events, information or circumstances that arise after the date of this release. Further information concerning issues that could materially affect financial performance related to contained in this release can be found in the Company's periodic filings with the Securities and Exchange Commission.
Company Contact:
Richard MacPherson
Chief Executive Officer
Midwest Energy Emissions Corp.
Main: 614-505-6115
[email protected]
Investor Relations Contact:
Greg Falesnik
Managing Director
MZ Group - MZ North America
Main: 949-385-6449
[email protected]
www.mzgroup.us
MIDWEST ENERGY EMISSIONS CORP AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS MARCH 31, 2018 AND DECEMBER 31, 2017 (UNAUDITED) March 31, 2018
(Unaudited) December 31,
2017 ASSETS Current assets Cash and cash equivalents $ 629,583 $ 2,418,427 Accounts receivable 841,066 2,931,353 Inventory 618,763 659,579 Prepaid expenses and other assets 169,663 210,535 Total current assets 2,259,075 6,219,894 Property and equipment, net 2,679,178 2,728,993 Intellectual property, net 2,884,562 2,934,862 Customer acquisition costs, net 137,867 172,333 Total assets $ 7,960,682 $ 12,056,082 LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities Accounts payable and accrued expenses $ 285,136 $ 1,795,703 Current portion of notes payable 2,625,000 2,500,000 Convertible notes payable, net of discount and issuance costs 1,499,031 1,461,417 Current portion of equipment notes payable 61,240 61,177 Customer credits 167,000 167,000 Accrued interest 38,750 77,500 Deferred revenue - 517,060 Total current liabilities 4,676,157 6,579,857 Notes payable, net of discount and issuance costs 9,167,773 9,733,361 Equipment notes payable 152,070 167,650 Total liabilities 13,996,000 16,480,868 Stockholders' deficit Preferred stock, $.001 par value: 2,000,000 shares authorized - - Common stock; $.001 par value; 150,000,000 shares authorized; 76,246,113 shares issued and outstanding as of March 31, 2018 76,246,113 shares issued and outstanding as of December 31, 2017 76,246 76,246 Additional paid-in capital 42,466,160 42,165,620 Accumulated deficit (48,577,724 ) (46,666,652 ) Total stockholders' deficit (6,035,318 ) (4,424,786 ) Total liabilities and stockholders' deficit $ 7,960,682 $ 12,056,082 The accompanying notes are an integral part of these condensed consolidated financial statements.
MIDWEST ENERGY EMISSIONS CORP AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 2018 AND 2017 (UNAUDITED) For the Three
Months Ended
March 31, 2018 For the Three
Months Ended
March 31, 2017 Revenues Product sales $ 2,059,819 $ 5,284,234 Equipment sales 9,146 7,160 Demonstrations and consulting services 52,147 136,000 Total revenues 2,121,112 5,427,394 Costs and expenses Cost of sales 1,708,315 3,785,922 Selling, general and administrative expenses 1,781,368 2,694,282 Total costs and expenses 3,489,683 6,480,204 Operating loss (1,368,571 ) (1,052,810 ) Other expenses Interest expense (513,501 ) (540,475 ) Letter of credit fees (29,000 ) (60,000 ) Total other expenses (542,501 ) (600,475 ) Net loss before taxes (1,911,072 ) (1,653,285 ) Income tax expense - - Net loss $ (1,911,072 ) $ (1,653,285 ) Net loss per common share - basic and diluted: $ (0.03 ) $ (0.02 ) Weighted average common shares outstanding 76,246,113 73,585,727 The accompanying notes are an integral part of these condensed consolidated financial statements.
MIDWEST ENERGY EMISSIONS CORP AND SUBSIDIARIES
RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA
FOR THREE MONTHS ENDED MARCH 31, 2018 AND 2017
(UNAUDITED) Quarter Ended March 31, 2018 2017 (In thousands) Net loss $ (1,911 ) $ (1,653 ) Non-GAAP adjustments: Depreciation and amortization 249 300 Interest 514 540 State income taxes - 10 Stock based compensation 301 955 Adjusted EBITDA $ (847 ) $ 152
Source:Midwest Energy Emissions Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/globe-newswire-midwest-energy-emissions-corp-reports-first-quarter-2018-financial-results.html |
CNBC.com Pat Greenhouse/The Boston Globe via Getty Images
Graduation season is upon us which means listening to long speeches, taking dozens of ceremonial photos and shopping for congratulatory gifts.
Recent college grads have a lot of needs. You may not be able to pay off their student loans, land them a high-paying job or find them affordable housing — but a thoughtful gift can help ease the transition into independent adulthood.
Here are 10 considerate and practical gifts for the recent college graduate in your life: An alarm clock | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/18/10-helpful-gifts-for-college-grads.html |
April 30 (Reuters) - INTERNATIONAL ARABIAN DEVELOPMENT AND INVESTMENT TRADING COMPANY:
* Q1 NET LOSS 30,639 DINARS VERSUS LOSS OF 41,981 DINARS YEAR AGO Source: ( bit.ly/2rg728v ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-jordans-international-arabian-deve/brief-jordans-international-arabian-development-q1-loss-narrows-idUSFWN1S70YJ |
Teladoc Inc:
* SEES Q2 2018 REVENUE $86 MILLION TO $87 MILLION * Q1 REVENUE $89.6 MILLION VERSUS I/B/E/S VIEW $86.8 MILLION
* Q1 EARNINGS PER SHARE VIEW $-0.43 — THOMSON REUTERS I/B/E/S
* SEES Q2 EBITDA IS EXPECTED TO BE IN RANGE OF A LOSS OF $8 MILLION TO A LOSS OF $9 MILLION
* SEES Q2 ADJUSTED EBITDA IS EXPECTED TO BE IN RANGE OF $1.5 MILLION TO $2.5 MILLION
* SEES Q2 NET LOSS PER SHARE IS EXPECTED TO BE BETWEEN $0.35 AND $0.37
* SEES FULL YEAR 2018 NET LOSS PER SHARE IS EXPECTED TO BE BETWEEN $1.36 AND $1.41
* Q2 EARNINGS PER SHARE VIEW $-0.35, REVENUE VIEW $84.4 MILLION — THOMSON REUTERS I/B/E/S
* FY2018 EARNINGS PER SHARE VIEW $-1.37, REVENUE VIEW $356.1 MILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-teladoc-q1-loss-per-share-039/brief-teladoc-q1-loss-per-share-0-39-idUSASC09YPO |
May 13, 2018 / 6:53 PM / Updated an hour ago Rusty Wawrinka suffers early exit in Rome
(Reuters) - Former world number three Stan Wawrinka’s French Open preparation suffered a setback after the Swiss was beaten 6-4 6-4 by American Steve Johnson in the opening round of the Italian Open on Sunday.
Wawrinka, who was making his first appearance since February after recovering from a persistent knee injury, committed 30 unforced errors as he struggled to rediscover his rhythm on his return to clay.
World number 55 Johnson, brimming with confidence on the back of his title defence in Houston, converted his two break point opportunities to wrap up the match in an hour and 21 minutes.
Wawrinka curtailed his season in August last year after battling injury through the grasscourt campaign, which ended with opening round exits at Queen’s Club and Wimbledon.
The three-times grand slam winner returned to action at the Australian Open in January but hobbled to a second round exit.
Wawrinka reached the semi-finals of the Sofia Open in February but followed that with early exits at Rotterdam and Marseille, the second through an injury retirement.
The 33-year-old said he will need to be more patient on his latest return from the sidelines, having only started practicing 12 days ago.
“I had a lot of hesitation with my game and it obviously makes a big difference in the way I move and the way I play,” Wawrinka, who finished runner-up at French Open last year, said.
“I think when I came back in Australia it was quite clear I wasn’t ready at all. But for me it’s important to play matches to test myself playing against the top guys.
“It’s positive to see that the knee was doing okay, but now I need a lot of time to work on my fitness. Today was tough but I’m really happy to see where I am right now.” Reporting by Hardik Vyas in Bengaluru; | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-tennis-rome-men/rusty-wawrinka-suffers-early-exit-in-rome-idUKKCN1IE0Z0 |
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