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May 10, 2018 / 10:08 AM / Updated 6 minutes ago BRIEF-Natural Gas Services Group Reports Q1 Earnings Per Share Of $0.02 Reuters Staff
May 10 (Reuters) - Natural Gas Services Group Inc:
* REG-NATURAL GAS SERVICES GROUP, INC. REPORTS FIRST QUARTER 2018 FINANCIAL AND OPERATING RESULTS * Q1 EARNINGS PER SHARE $0.02
* Q1 EARNINGS PER SHARE VIEW $0.02 — THOMSON REUTERS I/B/E/S
* Q1 REVENUE $14.7 MILLION VERSUS I/B/E/S VIEW $16.6 MILLION Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-natural-gas-services-group-reports/brief-natural-gas-services-group-reports-q1-earnings-per-share-of-0-02-idUSASC0A1B8 |
PARIS (Reuters) - French carmaker PSA Group ( PEUP.PA ) said on Wednesday it will move production of the Opel Grandland X model from France to Germany under a deal with Opel unions, drawing immediate criticism from domestic workers’ representatives.
FILE PHOTO: People walk to the Opel plant in Eisenach, Germany April 24, 2018. REUTERS/Kai Pfaffenbach/File Photo PSA, which bought Opel and sister brand Vauxhall from General Motors ( GM.N ) last year, agreed to build the SUV in Eisenach under a broader deal with Opel workers.
On Wednesday it confirmed that Grandland assembly would end in Sochaux, eastern France, but said new overflow production of the Peugeot 5008 model would make up for some lost volume.
France’s moderate CFTC union decried the move as “bad news for the plant” and demanded more information from management on the distribution of work between PSA and Opel plants.
“As long as we don’t have a clear picture of 5008 volumes, the Grandland’s departure will be a concern,” said Christelle Toillon, an official with the CFE-CGC, another centrist union.
PSA had been locked in a standoff with Germany’s IG Metall union until the deal was struck on Tuesday, .
Tensions among national unions were already in evidence during the protracted talks, which saw German workers hold out for a 4.3 percent pay rise even as group sites in the UK, Spain and several other countries matched earlier French labor concessions including wage restraint.
Under the Opel deal, which includes new production investments at other German sites, workers received five-year job guarantees in return for postponing the nationally negotiated pay hike until 2020. The agreement also validated 3,700 voluntary job cuts already underway at Opel.
Reporting by Laurence Frost and Gilles Guillaume; Editing by Alexandra Hudson
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/us-psa-opel-unions/psa-production-move-wins-deal-with-german-unions-angers-french-idUSKCN1IV1JM |
Coinbase launches new products for retail & institutional crypto investors 5 Hours Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/23/coinbase-launches-new-products-for-retail-institutional-crypto-investors.html |
May 2, 2018 / 12:18 PM / Updated 7 hours ago PRECIOUS-Gold near 4-month low, under pressure from dollar, weak demand Reuters Staff 4 Min Read * Dollar hit a 3-1/2 month high on Tuesday * ETF holdings down 10 percent since mid-2016 * Platinum near December lows (Recasts, adds comment, changes dateline from Bengaluru) By Pratima Desai LONDON, May 2 (Reuters) - Gold steadied on Wednesday near 4-month lows as the dollar's uptrend paused, but prices of the precious metal are expected to remain under pressure from a significantly stronger U.S. currency and weak investment demand. Spot gold was up 0.4 percent at $1,309.34 an ounce at 1302 GMT. It touched $1,301.51 on Tuesday, its lowest since Dec. 29. U.S. gold futures rose 0.2 percent to $1,309.9 an ounce. The U.S. currency hit a 3-1/2 month high on Tuesday. Its gains makes gold priced in dollars more expensive for holders of other currencies, which could potentially subdue demand; a relationship used by funds to generate buy and sell signals from numerical models. "The dollar's rebound has put pressure on gold and that is likely to persist," said Julius Baer analyst Carsten Menke. "The other problem is a lack of investment demand, which is surprising given the headwinds to global trade from protectionism. You can see it in the physically backed gold products, a primary indicator of safe-haven demand." At around 28 million ounces, holdings of the largest gold-backed exchange-traded-fund (ETF), New York's SPDR Gold Trust , are down more than 10 percent since the middle of 2016. Protectionism is a reference to U.S. plans to levy taxes on aluminium and steel imports, which could mean retaliation from places such as China and the European Union. "Rising inflation expectations, an overall bullish commodity trend (late-cycle preference for commodities), geopolitical and financial risks are being offset by a rising dollar and rising real-rates," Saxo Bank analysts said in a note. Investors often use gold as a hedge against inflation, which erodes wealth. Higher interest rates make gold, which earns nothing and costs money to store and insure, unattractive. The U.S. Federal Reserve concludes a two-day meeting on Wednesday. It is likely to keep interest rates steady, but encourage expectations of higher rates in June. The Fed is due to announce its decision at 1800 GMT. On the technical front, support kicks in around $1,305 where the 200-day moving average sits and resistance at $1,321 near the 100-day moving average. Elsewhere spot silver rose 1.4 percent to $16.34 per ounce and palladium climbed 0.7 percent to $955. Platinum was up 0.6 percent at $895 an ounce after hitting $888.50 on Tuesday, its lowest since December. Platinum is used in autocatalysts, mainly for diesel cars, where demand has been sliding after the Volkswagen emissions scandal. "Sales of diesel cars in Europe's five biggest markets - Germany, UK, France, Italy and Spain - accounted for 37 percent of the total in April," Menke said. "This is down eight percentage points year-on-year." (Editing by Mark Potter) | ashraq/financial-news-articles | https://www.reuters.com/article/global-precious/precious-gold-near-4-month-low-under-pressure-from-dollar-weak-demand-idUSL3N1S9326 |
May 23 (Reuters) - U.S. home improvement retailer Lowe’s Companies Inc missed analysts’ forecasts for quarterly same-store sales on Wednesday as an uncharacteristically long winter hit demand.
Sales at Lowe’s stores open at least a year rose 0.6 percent in the first quarter ended May 4, while analysts on average had expected a 3.06 percent increase, according to Thomson Reuters I/B/E/S.
On Tuesday, the company said current J.C. Penney CEO Marvin Ellison would be taking over at Lowe’s, replacing longtime Chief Executive Officer Robert Niblock. (Reporting by Aishwarya Venugopal in Bengaluru; Editing by Sai Sachin Ravikumar)
| ashraq/financial-news-articles | https://www.reuters.com/article/lowes-results/lowes-same-store-sales-miss-estimates-idUSL3N1SU3ZK |
May 9 (Reuters) - VolitionRX Ltd:
* VOLITIONRX SIGNS A GLOBAL SALES AND DISTRIBUTION AGREEMENT WITH ACTIVE MOTIF FOR ITS NEW RUO KITS Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-volitionrx-signs-a-global-sales-an/brief-volitionrx-signs-a-global-sales-and-distribution-agreement-with-active-motif-for-its-new-ruo-kits-idUSFWN1SG185 |
WASHINGTON—A gauge of U.S. consumer sentiment held steady in early May.
The University of Michigan said Friday its index of consumer sentiment was 98.8 in May, unchanged from April.
Economists surveyed by The Wall Street Journal had expected a preliminary May figure of 98.0. A final May reading will be released May 25.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/u-s-consumer-sentiment-held-steady-in-early-may-1526047861 |
Who’s next? The fear of contagion is stalking emerging markets again, but Argentina and Turkey have put themselves in the firing line while others have distanced themselves from it.
The shakeout in emerging markets sparked by the “taper tantrum” of 2013 put the spotlight on countries with relatively wide current-account deficits. The turmoil that has hit some vulnerable countries as U.S. rates have risen again has started with similar weak links, but times have changed: there are fewer immediately obvious follow-on targets.
... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/in-emerging-turmoil-what-links-argentina-and-turkey-1526466307 |
BERLIN, May 7 (Reuters) - German industrial orders fell unexpectedly in March, posting the third consecutive monthly drop, data showed on Monday, in a sign that factories in Europe’s largest economy will shift into a lower gear in the coming months.
Contracts for ‘Made in Germany’ goods decreased by 0.9 percent after a downwardly revised drop of 0.2 percent in the previous month, data from the Federal Statistics Office showed.
The reading undershot a Reuters poll of analysts who had predicted a 0.5 percent rise.
The economy ministry said that the sector had lost some momentum in the first quarter after an unusually strong performance in the second half of last year .
But despite the overall decline in the first three months of the year, the overall trend in industrial orders is pointing upwards, the ministry added. (Reporting by Michael Nienaber, Editing by Joseph Nasr)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/germany-economy-orders/german-industrial-orders-fall-unexpectedly-in-march-idUSL8N1SE0O0 |
SEATTLE, May 3, 2018 /PRNewswire/ -- CTI BioPharma Corp. (NASDAQ:CTIC) ended March 31, 2018.
In March 2018, results from the Phase 3 PERSIST-2 clinical trial of pacritinib were published online in JAMA Oncology. The randomized, international, multicenter study compared the efficacy and safety of pacritinib at two dose levels, compared with best available therapy, which included ruxolitinib (a JAK1/JAK2 inhibitor), in patients with myelofibrosis and thrombocytopenia (defined as platelet counts ≤100 x 109/L).
Upcoming Milestones
In the second quarter of 2018, the interim analysis of the PAC203 study of pacritinib in patients with myelofibrosis will be conducted by an Independent Data Monitoring Committee. Full top-line data from the study is expected in the first quarter of 2019. The Company expects to submit responses to the Day 120 List of Questions to the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMA) in May 2018. Top-line results of the PIX306 Phase 3 trial of PIXUVRI in patients with aggressive B-cell or grade 3 follicular Non-Hodgkins Lymphoma are event-driven and are expected in the third quarter of 2018.
"We look forward to several important milestones over the next months, as we continue to make progress in the clinical development of pacritinib and PIXUVRI," said Adam R. Craig, M.D., Ph.D., President and Chief Executive Officer of CTI BioPharma. "We also significantly strengthened our cash position during the first quarter of 2018, which will carry us through key clinical and regulatory milestones into 2020."
First Quarter Financial Results
Total revenues for the first quarter ended March 31, 2018 were $10.5 million compared to $0.8 million for the same period in 2017. The increase in total revenues was primarily due to recognition of $10.0 million in milestone revenue from Teva Pharmaceutical Industries Ltd. related to the achievement of a milestone for FDA approval of TRISENOX for first line treatment of acute promyelocytic leukemia. We had no net product revenues of PIXUVRI for the first quarter of 2018 compared to $0.6 million for the same period in 2017. The decrease in net product sales for the period in 2018 compared to 2017, was primarily related to the April 2017 expansion of the PIXUVRI agreement with Servier under which they have rights in all markets except the United States.
GAAP operating loss for the first quarter of 2018 was $4.3 million compared to $19.3 million for the same period in 2017. Non-GAAP operating loss, which excludes non-cash share-based compensation expense, for the first quarter of 2018, was $3.0 million compared to $17.5 million for the same period in 2017. Non-cash share-based compensation expense for the first quarter of 2018 was $1.3 million compared to $1.8 million for the same period in 2017. The decrease in operating loss for the first quarter of 2018 was primarily due to a $10.0 million milestone revenue from Teva Pharmaceutical Industries Ltd. as well as a decrease in selling, general and administrative expenses related to personnel costs and legal fees. For information on CTI BioPharma's use of non-GAAP operating loss and a reconciliation of such measure to GAAP operating loss, see the section below titled "Non-GAAP Financial Measures."
Net loss attributable to common stockholders for the first quarter of 2018 was $4.1 million, or ($0.08) per share, compared to $19.8 million, or ($0.71) per share, for the same period in 2017.
As of March 31, 2018, cash and cash equivalents totaled $104.6 million, compared to $43.2 million as of December 31, 2017.
Conference Call Information
CTI BioPharma management will host a conference call to review its first quarter 2018 financial results and provide an update on business activities. The event will be held today at 1:30 p.m. PT / 4:30 p.m. ET. Participants can access the call at 1-866-548-4713 (domestic) or +1 323-794-2093 (international). To access the live audio webcast or the subsequent archived recording, visit www.ctibiopharma.com . Webcast and telephone replays of the conference call will be available approximately two hours after completion of the call. Callers can access the replay by dialing 1-888-203-1112 (domestic) or +1 719-457-0820 (international). The access code for the replay is 9956153. The telephone replay will be available until Thursday, May 10, 2018.
About CTI BioPharma Corp.
CTI BioPharma Corp. is a biopharmaceutical company focused on the acquisition, development and commercialization of novel targeted therapies covering a spectrum of blood-related cancers that offer a unique benefit to patients and healthcare providers. CTI BioPharma has a late-stage development pipeline, including pacritinib for the treatment of patients with myelofibrosis. CTI BioPharma is headquartered in Seattle, Washington.
Non-GAAP Financial Measures
CTI BioPharma has provided in this press release the historical non-GAAP financial measure of operating loss, excluding non-cash share-based compensation expense, for the first quarter ended March 31, 2018 and 2017. Due to varying available valuation methodologies, subjective assumptions and the different GAAP accounting treatment of different award types that companies can use under ASC Topic 718, CTI BioPharma's management believes that providing a non-GAAP financial measure that excludes non-cash share-based compensation expense can enhance management's and investors' comparison of CTI BioPharma's operating results over different periods of time as compared to the operating results of other companies.
CTI BioPharma's use of a non-GAAP financial measure has limitations and should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. One limitation is that CTI BioPharma's reported non-GAAP operating loss in 2018 results in the exclusion of a recurring expense, since CTI BioPharma expects that share-based compensation will continue to be a significant recurring expense in CTI BioPharma's business. A second limitation is that CTI BioPharma's methodology for calculating non-GAAP operating loss, which only excludes the component of share-based compensation, may differ from the methodology CTI BioPharma's peer companies utilize to the extent they report non-GAAP operating income or similarly titled measures. Accordingly, CTI BioPharma's non-GAAP operating loss may not necessarily be comparable to similarly titled measures of other companies. Investors are urged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures. A reconciliation of CTI BioPharma's non-GAAP financial measures to the most directly comparable GAAP measures has been provided in the financial statement tables included below in this press release.
Forward-Looking Statements
This press release contains within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and the Private Act of 1995. These not based on historical fact, and include statements regarding our expectations regarding the sufficiency of our cash to carry us through key clinical and regulatory milestones into 2020, the timing of and results from clinical trials and pre-clinical development activities, including those related to pacritinib, PIXUVRI and our other product candidates, the plans of our collaboration partners, the potential efficacy, safety profile, future development plans, addressable market, regulatory success and commercial potential of pacritinib, PIXUVRI and our other product candidates, the anticipated timing of IND and other regulatory submissions , the efficacy of our clinical trial designs, our ability to successfully develop and achieve milestones in the pacritinib, PIXUVRI and other development programs, the anticipated benefits of pacritinib and PIXVURI, the design of our clinical trials and anticipated enrollment, and the progress and potential of our other ongoing development programs. These based on current assumptions that involve risks, uncertainties and other factors that may cause the actual results, events or developments to be materially different from those expressed or implied by such These risks and uncertainties, many of which are beyond our control, include, but are not limited to: clinical trials may not demonstrate safety and efficacy of any of our or our collaborators' product candidates; our assumptions regarding our planned expenditures and sufficiency of our cash to fund operations may be incorrect; our efforts to advance our pipeline may not be successful; any of our or our collaborators' product candidates may fail in development, may not receive required regulatory approvals, or may be delayed to a point where they are not commercially viable; we may not achieve additional milestones in our proprietary or partnered programs; the impact of competition; the impact of expanded product development and clinical activities on operating expenses; adverse conditions in the general domestic and global economic markets; as well as the other risks identified in our filings with the Securities and Exchange Commission. These speak only as of the date hereof and we assume no obligation to update these , and readers are cautioned not to place undue reliance on such
"CTI BioPharma," the CTI BioPharma logo and "PIXUVRI" are registered trademarks or trademarks of CTI BioPharma Corp. in various jurisdictions. All other trademarks belong to their respective owner.
CTI BioPharma Investor Contacts:
Tricia Truehart
+1 646 378 2953
[email protected]
CTI BioPharma Corp.
Condensed Consolidated Statements of Operations
(In amounts)
(unaudited)
Three Months Ended
March 31,
2018
2017
Revenues:
Product sales, net
$
—
$
626
License and contract revenue
10,477
128
Total revenues
10,477
754
Operating costs and expenses:
Cost of product sold
90
133
Research and development
9,685
9,253
Selling, general and administrative
5,409
10,688
Other operating income
(371)
—
Total operating costs and expenses, net
14,813
20,074
Loss from operations
(4,336)
(19,320)
Non-operating income (expense):
Interest expense
(288)
(534)
Amortization of debt discount and issuance costs
(134)
(38)
Foreign exchange gain (loss)
723
(43)
Net loss before noncontrolling interest
(4,035)
(19,935)
Noncontrolling interest
14
107
Net loss
(4,021)
(19,828)
Deemed dividends on preferred stock
(80)
—
Net loss attributable to common stockholders
$
(4,101)
$
(19,828)
Basic and diluted net loss per common share
$
(0.08)
$
(0.71)
Shares used in calculation of basic and diluted net loss per common share:
50,312
28,045
Balance Sheet Data (unaudited):
(amounts in thousands)
March 31,
December 31,
2018
2017
Cash, cash equivalents and restricted cash
$
104,633
$
43,218
Working capital
87,515
27,666
Total assets
115,722
54,886
Current portion of long-term debt
1,258
444
Long-term debt, less current portion
12,880
13,575
Total stockholders' equity
77,047
16,090
Non-GAAP Reconciliations
(In thousands)
(unaudited)
Three Months Ended
March 31,
2018
2017
As reported - loss from operations (GAAP)
$
(4,336)
$
(19,320)
As reported - share-based compensation expense (GAAP)
1,336
1,799
As adjusted - loss from operations (Non-GAAP)
$
(3,000)
$
(17,521)
View original content with multimedia: http://www.prnewswire.com/news-releases/cti-biopharma-reports-first-quarter-2018-financial-results-300642314.html
SOURCE CTI BioPharma Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/pr-newswire-cti-biopharma-reports-first-quarter-2018-financial-results.html |
May 15 (Reuters) - MFC Bancorp Ltd:
* GERARDO CORTINA RETIRES FROM THE BOARD OF DIRECTORS OF MFC BANCORP LTD. Source text for Eikon: Further company coverage: ([email protected])
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-gerardo-cortina-retires-from-the-b/brief-gerardo-cortina-retires-from-the-board-of-directors-of-mfc-bancorp-ltd-idUSASC0A277 |
PHILADELPHIA--(BUSINESS WIRE)-- Comcast Corporation (NASDAQ: CMCSA), a leading cable, entertainment and communications company, announced that its Board of Directors declared a quarterly dividend of $0.19 a share on the company’s common stock. The quarterly dividend is payable on July 25, 2018 to shareholders of record as of the close of business on July 3, 2018.
To automatically receive Comcast financial news by e-mail, please visit www.cmcsa.com and subscribe to E-mail Alerts.
About Comcast Corporation
Comcast Corporation (NASDAQ: CMCSA) is a global media and technology company with two primary businesses, Comcast Cable and NBCUniversal. Comcast Cable is one of the nation’s largest video, high-speed Internet, and phone providers to residential customers under the XFINITY brand, and also provides these services to businesses. It also provides wireless and security and automation services to residential customers under the XFINITY brand. NBCUniversal operates news, entertainment and sports cable networks, the NBC and Telemundo broadcast networks, television production operations, television station groups, Universal Pictures and Universal Parks and Resorts. Visit www.comcastcorporation.com for more information.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180509006207/en/
Comcast Corporation
Investor Contacts:
Jason Armstrong, 215-286-7972
Jane Kearns, 215-286-4794
Source: Comcast Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/business-wire-comcast-declares-quarterly-dividend.html |
MOSCOW, May 23 (Reuters) - Shares in Russian car maker GAZ rose in early trade on Wednesday after Washington gave American customers more time to comply with sanctions against the Russian company.
At the market opening, shares in GAZ briefly rose to 428 roubles ($6.96) per piece, their highest since May 3. As of 0707 GMT, GAZ shares were up 2.9 percent, outperforming the broader MOEX stock index, which inched 0.5 percent lower. ($1 = 61.4800 roubles) (Reporting by Andrey Ostroukh; Writing by Polina Ivanova; Editing by Andrey Ostroukh)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-russia-sanctions-gaz/shares-in-russias-gaz-up-after-u-s-extends-sanctions-deadline-idUSL5N1SU1D3 |
LISLE, Ill., May 18, 2018 (GLOBE NEWSWIRE) -- CTS Corporation (NYSE:CTS) announced the retirement of Walter Catlow yesterday at its Annual Shareholders Meeting. Kieran O’Sullivan, Chairman and CEO, and Bob Profusek, CTS’ Lead Independent Director, expressed their sincere gratitude to Mr. Catlow for his many years of outstanding service.
Mr. Catlow served on the Board as a director over his nearly 19-year tenure, and at times as a member of the Audit Committee, Compensation Committee and of the Technology and Transactions Committee.
Mr. O’Sullivan stated “on behalf of the entire Company and our Board, I wish Walt a happy and healthy retirement.”
About CTS
CTS (NYSE:CTS) is a leading designer and manufacturer of products that Sense, Connect, and Move. The company manufactures sensors, actuators, and electronic components in North America, Europe, and Asia, and provides engineered products to customers in the aerospace/defense, industrial, medical, telecommunications/IT, and transportation markets.
For more information, visit www.ctscorp.com .
Contact
Ashish Agrawal
Vice President and Chief Financial Officer
CTS Corporation
4925 Indiana Avenue
Lisle, IL 60532
USA
Telephone: +1 (630) 577-8800
Email: [email protected]
Source:CTS Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/18/globe-newswire-cts-corporation-announces-retirement-of-director-walter-catlow.html |
May 3 (Reuters) - Shenzhen Stock Exchange
* SAYS ITS CONSORTIUM WITH SHANGHAI STOCK EXCHANGE WINS BID FOR 25 PERCENT STAKE IN DHAKA STOCK EXCHANGE OF BANGLADESH
* SAYS THE PROPOSAL FOR THE DEAL HAS BEEN APPROVED BY REGULATORS OF BOTH COUNTRIES (Reporting by Hong Kong newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-shenzhen-stock-exchange-and-shangh/brief-shenzhen-stock-exchange-and-shanghai-stock-exchange-win-bid-for-25-pct-stake-in-dhaka-stock-exchange-idUSH9N1S502H |
IRVINE, Calif., May 09, 2018 (GLOBE NEWSWIRE) -- MRI Interventions, Inc. (OTCQB:MRIC) announced that it will release financial results for its 2018 first quarter, which ended March 31, 2018, on Tuesday, May 15, 2018 after the market close. The company will subsequently conduct a conference call and webcast to review its results at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time).
Investors and analysts who would like to participate in the conference call may do so via telephone at (877) 407-9034, or at (201) 493-6737 if calling from outside the U.S. or Canada. Callers should dial in at least 5 minutes prior to the call start time.
A live and archived webcast may be accessed by visiting the company's website at www.mriinterventions.com , by selecting “Investors” / “News” / “IR Calendar.” The conference call may also be accessed at https://78449.themediaframe.com/dataconf/productusers/ mric/mediaframe/24549/indexl.html . A replay of the conference call will be available shortly after completion of the call until May 29, 2018 by calling (877) 660-6853, or (201) 612-7415 if calling from outside the U.S. or Canada, and then entering conference ID number 413671.
About MRI Interventions, Inc.:
Building on the imaging power of magnetic resonance imaging (“MRI”), MRI Interventions is creating innovative platforms for performing the next generation of minimally invasive surgical procedures in the brain. The ClearPoint Neuro Navigation System, which has received 510(k) clearance and is CE marked, utilizes a hospital’s existing diagnostic or intraoperative MRI suite to enable a range of minimally invasive procedures in the brain. For more information, please visit www.mriinterventions.com .
Forward-Looking Statements
Statements herein concerning the company’s plans, growth and strategies may include forward-looking statements within the context of the federal securities laws. Statements regarding the company's future events, developments and future performance, as well as management's expectations, beliefs, plans, estimates or projections relating to the future, are forward-looking statements within the meaning of these laws. Uncertainties and risks may cause the company's actual results to differ materially from those expressed in or implied by forward-looking statements. Particular uncertainties and risks include those relating to: the Company’s ability to obtain additional financing; estimates regarding the sufficiency of the Company’s cash resources; future revenues from sales of the company’s ClearPoint Neuro Navigation System products; the company’s ability to market, commercialize and achieve broader market acceptance for the company’s ClearPoint Neuro Navigation System products; and. More detailed information on these and additional factors that could affect the company’s actual results are described in the “Risk Factors” section of the company’s Annual Report on Form 10-K for the year ended December 31, 2017, which has been filed with the Securities and Exchange Commission, and the Company’s Quarterly Report on Form 10-Q for the three months ended March 31, 2018, which the company expects to file with the Securities and Exchange Commission on or before May 15, 2018.
Contact:
Harold A. Hurwitz, Chief Financial Officer
(949) 900-6833
Matt Kreps
Darrow Associates Investor Relations
(214) 597-8200
[email protected]
Source:MRI Interventions, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/globe-newswire-mri-interventions-inc-to-announce-first-quarter-2018-results-on-may-15.html |
PONTE VEDRA BEACH, Fla. (Reuters) - Kiradech Aphibarnrat wanted to “quit” after dunking two balls into the water at the famous island-green 17th hole at the Players Championship on Sunday.
May 10, 2018; Ponte Vedra Beach, FL, USA; |Kiradech Aphibarnrat plays his shot from the sixth tee during the first round of The Players Championship golf tournament at TPC Sawgrass - Stadium Course. Mandatory Credit: Jasen Vinlove-USA TODAY Sports After vaulting onto the leaderboard, on the verge of clinching his coveted PGA Tour card for next year, it all unraveled at the penultimate hole at TPC Sawgrass.
He mis-hit his first shot with a wedge from 137 yards which came up short at the par-three hole before reloading and doing the same thing again.
“I mis-hit it ... and mis-hit it again,” the Thai player said.
A poor drive at the final hole only compounded his anger.
“If I can walk away, I just want to quit,” he said.
“I know it’s not a good thing but to be honest I little bit lost my mind.”
He eventually made a 27-foot birdie from the fringe, but that was hardly consolation.
“It doesn’t matter what happened on the last hole, I have to tell you,” he said. “Two balls in the water, that got the tour card away from me and it’s just a pain.”
Aphibarnrat shot 67 to finish equal 30th on eight-under 280.
Three shots better and he would have tied for 11th.
He picked up enough points to earn temporary membership of the PGA Tour, which allows him to accept unlimited invitations for the remainder of the season.
However, a tie for 11th would have guaranteed his full exempt status for next season.
Instead he still has some work to do to finish this season ranked inside the top 125 and punch his ticket to the big league.
Reporting by Andrew Both; Editing by Ian Ransom
| ashraq/financial-news-articles | https://www.reuters.com/article/us-golf-players-aphibarnrat/late-quadruple-bogey-makes-aphibarnrat-want-to-quit-idUSKCN1IF00F |
Berkshire Hathaway Chairman and CEO Warren Buffett said Monday the trend towards autonomous driving cars will hurt the auto insurance industry.
"Net it will be bad for the auto insurance industry over time if autonomous cars become a big part of the fleet," Buffett said on CNBC's " Squawk Box ." "It's very hard to tell who the winner will be" in autonomous driving.
Buffett appeared from Omaha, where his Berkshire Hathaway conglomerate held a weekend of events around Saturday's annual shareholder meeting.
The billoinaire investor noted he doesn't know the timing of when autonomous driving technology will become pervasive.
David A. Grogan | CNBC Warren Buffett Buffett and his longtime investing partner and vice chairman, Charlie Munger , spoke to the tens of thousands attendees on a wide range of topics from their massive stake in Apple to missing out Google and Amazon to bashing bitcoin as "rat poison."
With Berkshire's 2018 annual meeting in the books, users can revisit the highlights in CNBC's Warren Buffett Archive , which houses searchable video from 25 full annual meetings, going back to 1994, synchronized to 2600 pages of transcripts. The Warren Buffett Archive also includes 500 shorter-form videos arranged by topic, CNBC interviews, a Buffett Timeline, and a Berkshire Portfolio Tracker. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/07/warren-buffett-autonomous-driving-cars-will-be-bad-for-insurance-industry.html |
With $6.3 Million in Revenues for Q1 of 2018, and Steps Taken to Reduce Debt, Company on Clear Track to Outperform 2017
FORT LAUDERDALE, Fla., May 08, 2018 (GLOBE NEWSWIRE) -- PotNetwork Holdings, Inc. (OTC Pink:POTN) is pleased to announce a debt retirement of $1.2 million. With less than $1.7 million in debt still outstanding in Q2, the Company is positioned to meet and exceed growth expectations for 2018.
During the first quarter, the Company reached an agreement with a debt holder exchanging a $1.2 million convertible promissory note for common stock purchase warrants at $.25 per share, effectuating a shift in debt to equity. With now less than $1.7 million in overall notes payable, the Company has taken a significant step forward toward improving its ratio of assets to liabilities, reducing its debt service, and improving its overall financial metrics.
The company recently announced record breaking sales performance results for March 2018. With over $2.2 million in sales revenue recorded across the month, the company has posted a 152% year over year increase when compared with March of 2017.
With over $6.3 million in revenues recorded for Q1 of 2018, PotNetwork Holdings, Inc. is well on track to exceed its performance from 2017. The company recently announced the release of audited consolidated financial statements reporting 2017 sales of $14.5 million.
About PotNetwork Holding, Inc: PotNetwork Holding, Inc. (OTC Pink:POTN) is a publicly traded company that acts as a holding company for its subsidiaries, First Capital Venture Co., the owner of Diamond CBD, Inc., the maker of Diamond CBD oils.
Safe Harbor Act: Forward-Looking Statements are included within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding our expected future financial position, results of operations, cash flows, financing plans, business strategy, products and services, competitive positions, growth opportunities, plans and objectives of management for future operations, including words such as "anticipate," "if," "believe," "plan," "estimate," "expect," "intend," "may," "could," "should," "will," and similar expressions are forward-looking statements and involve risks, uncertainties and contingencies, many of which are beyond our control, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. We are under no obligation to (and expressly disclaim any such obligation to) update or alter forward-looking statements, whether as a result of new information, future events or otherwise.
Contact:
PotNetwork Holding Inc.
Investor Relations:
Marisol Elwell, 1-800-915-3060
[email protected]
Source:PotNetwork Holding, Inc | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-potnetwork-holdings-inc-announces-partial-debt-retirement-of-1-point-2-million.html |
Tyler Winklevoss tells Bill Gates how to short bitcoin 3 Hours Ago Early bitcoin investor Tyler Winklevoss tweeted back at Bill Gates to explain how to bet against the cryptocurrency. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/08/tyler-winklevoss-tells-bill-gates-how-to-short-bitcoin.html |
ATLANTA, May 2, 2018 /PRNewswire/ --
First Quarter and Recent Business Highlights:
Total revenues increased 37 percent to $61.9 million in the first quarter of 2018 compared to the first quarter of 2017 Non-GAAP revenues increased 9 percent in the first quarter of 2018 compared to the first quarter of 2017; Non-GAAP revenues increased 5 percent on a constant currency basis On-X ® revenues increased 16 percent in the first quarter of 2018 compared to the first quarter of 2017 JOTEC ® revenues were $14.5 million in the first quarter of 2018 Non-GAAP JOTEC revenues increased 20 percent in the first quarter of 2018 compared to first quarter of 2017 GAAP net loss of ($3.9) million, or ($0.11) per fully diluted common share; Non-GAAP net income of $793,000, or $0.02 per fully diluted common share
CryoLife, Inc. (NYSE: CRY) , a leading cardiac and vascular surgery company focused on aortic disease, announced today its financial results for the first 2018.
Pat Mackin, Chairman, President, and Chief Executive Officer, said, "Our solid first quarter results established a strong start to the year with revenue growth across all four of our major product lines, and strong revenue growth in our On-X and JOTEC product lines. In the first quarter, On-X posted revenue growth of 16 percent and JOTEC posted non-GAAP revenue growth of 20 percent. We believe that this growth confirms that our strategy of focusing on highly differentiated products in aortic repair, through a highly trained direct sales force, is working. Importantly, the JOTEC integration remains on track and we expect incremental margin benefit from our direct sales strategy."
Mr. Mackin added, "We remain excited about the R&D pipeline from JOTEC, as we continue advancing the clinical development of BioGlue ® China and PerClot ® . When we combine these initiatives, we have the potential to increase our current addressable market by approximately $1 billion above and beyond the $2 billion market opportunity we have following the JOTEC acquisition. Given our strong momentum, we are optimistic that 2018 will prove to be another successful year as we believe we will be able to accomplish our key operational goals and achieve our full year guidance."
Revenues for the first quarter of 2018 increased 37 percent to $61.9 million, compared to $45.1 million for the first quarter of 2017. The increase was primarily driven by $14.5 million in revenues from JOTEC and revenue growth in On-X, and to a lesser extent, tissue processing and BioGlue. Non-GAAP revenues for the first quarter of 2018 increased 9 percent compared to the first quarter of 2017, and increased 5 percent on a constant currency basis. A reconciliation of GAAP to non-GAAP financial metrics is included as part of this press release.
Net loss for the first quarter of 2018 was ($3.9) million, or ($0.11) per fully diluted common share, compared to net income of $2.2 million, or $0.06 per fully diluted common share for the first quarter of 2017. Non-GAAP net income for the first quarter of 2018 was $793,000, or $0.02 per fully diluted common share, compared to non-GAAP net income of $3.9 million, or $0.11 per fully diluted common share for the first quarter of 2017.
The Company is reiterating its full year 2018 financial guidance, as summarized below, and expects revenues in the second quarter of 2018 to be between $63.0 million and $65 million.
Total Revenues
$250.0 million - $256.0 million
Gross Margins
65.5% - 66.5%
(includes $3.5 million non-cash charges related to acquired JOTEC inventory and distributor inventory buy backs)
R&D Expenses
$23.0 million - $25.0 million
Non-GAAP Tax Rate
Mid 20%
(excludes effect of nondeductible transaction costs and the tax effect of stock compensation expenses)
Non-GAAP EPS
$0.29 - $0.32
(assumes approximately 37.5 million fully diluted shares outstanding and 25% effective tax rate)
All numbers are presented on a GAAP basis except where expressly referenced as non-GAAP. The Company does not provide GAAP income per common share on a forward-looking basis because the Company is unable to predict with reasonable certainty business development and acquisition-related expenses, purchase accounting fair value adjustments, and any unusual gains and losses without unreasonable effort. These items are uncertain, depend on various factors, and could be material to results computed in accordance with GAAP.
The Company's financial guidance for 2018 is subject to the risks identified below.
Non-GAAP Financial Measures
This press release contains non-GAAP financial measures. Investors should consider this non-GAAP information in addition to, and not as a substitute for, financial measures prepared in accordance with U.S. GAAP. In addition, this non-GAAP financial information may not be the same as similar measures presented by other companies. The Company's non-GAAP revenues include JOTEC revenues for the period in 2017 prior to the closing of the acquisition of JOTEC on December 1, 2017. The Company's other non-GAAP results exclude (as applicable) business development and integration expenses; gain on sale of business components; amortization expenses; and inventory basis step-up expense. The Company believes that these non-GAAP presentations provide useful information to investors regarding unusual non-operating transactions and the operating expense structure of the Company's existing and recently acquired operations, without regard to its on-going efforts to acquire additional complementary products and businesses and the transaction and integration expenses incurred in connection with recently acquired and divested product lines. The Company believes it is useful to exclude certain expenses because such amounts in any specific period may not directly correlate to the underlying performance of its business operations or can vary significantly between periods as a result of factors such as acquisitions, or non-cash expense related to amortization of previously acquired tangible and intangible assets. The Company does, however, expect to incur similar types of expenses in the future, and this non-GAAP financial information should not be viewed as a statement or indication that these types of expenses will not recur.
Webcast and Conference Call Information
The Company will hold a teleconference call and live webcast tomorrow, May 3, 2018 at 8:00 a.m. ET to discuss the results followed by a question and answer session hosted by Mr. Mackin.
To listen to the live teleconference, please dial 201-689-8261 a few minutes prior to 8:00 a.m. ET. A replay of the teleconference will be available through May 10, and can be accessed by calling (toll free) 877-660-6853 or 201-612-7415. The conference number for the replay is 13678913.
The live webcast and replay can be accessed by going to the Investor Relations section of the CryoLife website at www.cryolife.com and selecting the heading Webcasts & Presentations.
About CryoLife, Inc.
Headquartered in suburban Atlanta, Georgia, CryoLife is a leader in the manufacturing, processing, and distribution of medical devices and implantable tissues used in cardiac and vascular surgical procedures focused on aortic repair. CryoLife markets and sells products in more than 90 countries worldwide. For additional information about CryoLife, visit our website, www.cryolife.com .
Statements made in this press release that look forward in time or that express management's beliefs, expectations, or hopes are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements reflect the views of management at the time such statements are made. These statements include our forecasted revenues, gross margins, R&D expenses, income tax rate and non-GAAP earnings per share; our forecasted integration and related expenses, depreciation expense, amortization expense and interest expense for 2018; our belief that our revenue growth confirms that our strategy of focusing on highly differentiated products in aortic repair, through a highly trained direct sales force, is working; our belief that the JOTEC integration remains on track; our expectation that we will have incremental margin benefit from our direct sales strategy; our belief that we have the potential to increase our current addressable market by approximately $1 billion above and beyond the $2 billion market opportunity we have following the JOTEC acquisition; and our beliefs that 2018 will prove to be another successful year and that we will be able to accomplish our key operational goals and achieve our full year guidance for 2018; our belief that our BioGlue China clinical trial is on track for potential regulatory approval in the second half of 2019 and our PerClot FDA clinical trial is on track for potential regulatory approval between the second half of 2019 and first half of 2020; These forward-looking statements are subject to a number of risks, uncertainties, estimates, and assumptions that may cause actual results to differ materially from current expectations. These risks and uncertainties include the risk factors detailed in our Securities and Exchange Commission filings, including our Form 10-K for year ended December 31, 2017. These risks and uncertainties also include that our beliefs regarding the benefits of the On-X and JOTEC acquisitions, including that these acquisitions provide us with product portfolios that are technologically and clinically differentiated and offer strong competitive advantages, substantially enhance our growth potential and ability to drive profitable growth, strengthen our direct sales force, significantly accelerate our going direct strategy, increase our cross-selling opportunities, and significantly enhance our R&D capabilities and pipeline may be incorrect; our projections of markets sizes and revenue growth rates for our four product lines, clinical trial timelines and clearance or approval times for new products or new indications may be incorrect or may change over time. As with most acquisitions, the successful integration of JOTEC's business with ours may take longer and prove more costly than expected, and we may experience currently unforeseen difficulties related to the JOTEC products and our combined sales forces' ability to successfully market them. If we experience problems that slow the integration of JOTEC's business with CryoLife's business, we may not be able to secure the anticipated financial and operational benefits of the acquisition as soon as anticipated, or at all. We may also inherit unforeseen risks and uncertainties related to JOTEC's business, particularly if the information received by CryoLife during the due diligence phase of this transaction was incomplete or inaccurate. Our plans with respect to the transaction's financing could change based on currently unforeseen circumstances. CryoLife does not undertake to update its forward-looking statements, whether as a result of new information, future events, or otherwise.
CRYOLIFE, INC. AND SUBSIDIARIES
Financial Highlights
(In thousands, except per share data)
(Unaudited)
Three Months Ended
March 31,
2018
2017
Revenues:
Products
$
43,598
$
27,396
Preservation services
18,350
17,663
Total revenues
61,948
45,059
Cost of products and preservation services:
Products
14,157
8,017
Preservation services
8,563
7,530
Total cost of products and preservation services
22,720
15,547
Gross margin
39,228
29,512
Operating expenses:
General, administrative, and marketing
37,348
22,871
Research and development
5,370
4,093
Total operating expenses
42,718
26,964
Operating (loss) income
(3,490)
2,548
Interest expense
3,656
801
Interest income
(59)
(40)
Other (income) expense, net
(181)
43
(Loss) income before income taxes
(6,906)
1,744
Income tax benefit
(3,051)
(479)
Net (loss) income
$
(3,855)
$
2,223
(Loss) income per common share:
Basic
$
(0.11)
$
0.07
Diluted
$
(0.11)
$
0.06
Weighted-average common shares outstanding:
Basic
36,146
32,439
Diluted
36,146
33,604
CRYOLIFE, INC. AND SUBSIDIARIES
Financial Highlights
(In thousands)
(Unaudited)
Three Months Ended
March 31,
2018
2017
Products:
BioGlue and BioFoam
$
15,970
$
15,681
JOTEC
14,460
-
On-X
10,309
8,860
CardioGenesis cardiac laser therapy
1,346
1,585
PerClot
972
819
PhotoFix
541
451
Total Products
43,598
27,396
Preservation services:
Cardiac tissue
8,103
7,502
Vascular tissue
10,247
10,161
Total preservation services
18,350
17,663
Total revenues
$
61,948
$
45,059
Revenues:
U.S.
$
34,888
$
33,534
International
27,060
11,525
Total revenues
$
61,948
$
45,059
(Unaudited)
March 31,
December 31,
2018
2017
Cash, cash equivalents, and restricted securities
$
27,392
$
40,753
Total current assets
165,093
179,280
Total assets
583,175
589,693
Total current liabilities
32,888
42,940
Total liabilities
302,187
312,635
Shareholders' equity
280,988
277,058
CRYOLIFE, INC. AND SUBSIDIARIES
Reconciliation of GAAP to Non-GAAP
Net (Loss) Income and Diluted (Loss) Income Per Common Share
(In thousands, except per share data)
(Unaudited)
Three Months Ended
March 31,
2018
2017
GAAP:
(Loss) income before income taxes
$
(6,906)
$
1,744
Income tax benefit
(3,051)
(479)
Net (loss) income
$
(3,855)
$
2,223
Diluted (loss) income per common share:
$
(0.11)
$
0.06
Reconciliation of income before income taxes,
GAAP to adjusted net income, non-GAAP:
(Loss) income before income taxes, GAAP
$
(6,906)
$
1,744
Adjustments:
Business development and integration expenses
3,722
288
Amortization expense
2,735
1,142
Inventory basis step-up expense
1,506
2,049
Adjusted income before income taxes,
non-GAAP
1,057
5,223
Income tax expense calculated at a
pro forma tax rate of 25%
264
1,306
Adjusted net income, non-GAAP
$
793
$
3,917
Reconciliation of diluted (loss) income per common
share, GAAP to adjusted diluted (loss) income per
common share, non-GAAP:
Diluted (loss) income per common share – GAAP
$
(0.11)
$
0.06
Adjustments:
Business development and integration expenses
0.10
0.01
Amortization expense
0.07
0.03
Inventory basis step-up expense
0.04
0.06
Tax effect of non-GAAP adjustments
(0.05)
(0.02)
Effect of 25% pro forma tax rate
(0.03)
(0.03)
Adjusted diluted income per common share,
non-GAAP:
$
0.02
$
0.11
Diluted weighted-average common
shares outstanding:
36,985
33,604
CRYOLIFE, INC. AND SUBSIDIARIES
Reconciliation of GAAP to Non-GAAP
Revenues; Gross Margin; General, Administrative, and Marketing
Adjusted EBITDA
(In thousands, except per share data)
(Unaudited)
Three Months Ended
March 31,
2018
2017
Growth
Rate
Reconciliation of total revenues, GAAP to
total revenues, non-GAAP:
Total revenues, GAAP
$
61,948
$
45,059
37%
Plus: JOTEC pre-acquisition revenues
--
12,006
Total revenues, non-GAAP
61,948
57,065
9%
Impact of changes in currency exchange
--
2,193
Total constant currency revenues, non-GAAP
$
61,948
$
59,258
5%
(Unaudited)
Three Months Ended
March 31,
2018
2017
Reconciliation of gross margin %, GAAP to
gross margin %, non-GAAP:
Total revenues, GAAP
$
61,948
$
45,059
Gross margin, GAAP
$
39,228
$
29,512
Gross margin %, GAAP
63%
65%
Gross margin, GAAP
$
39,228
$
29,512
Plus: Inventory basis step-up expense
1,506
2,049
Gross margin, non-GAAP
$
40,734
$
31,561
Gross margin %, non-GAAP
66%
70%
(Unaudited)
Three Months Ended
March 31,
2018
2017
Reconciliation of general, administrative, and marketing, GAAP
to general, administrative, and marketing, non-GAAP:
General, administrative, and marketing, GAAP
$
37,348
$
22,871
Less: Business development and integration expenses
(3,722)
(288)
General, administrative, and marketing, non-GAAP
$
33,626
$
22,583
(Unaudited)
Three Months Ended
March 31,
2018
2017
Reconciliation of net (loss) income, GAAP
to adjusted EBITDA, non-GAAP:
Net (loss) income, GAAP
$
(3,855)
$
2,223
Adjustments:
Depreciation and amortization expense
4,376
2,168
Income tax benefit
(3,051)
(479)
Interest income
(59)
(40)
Interest expense
3,656
801
Inventory basis step-up expense
1,506
2,049
Business development and integration expenses
3,722
288
Stock-based compensation expense
1,248
1,796
Adjusted EBITDA, non-GAAP
$
7,543
$
8,806
Contacts:
CryoLife
D. Ashley Lee
Executive Vice President, Chief Financial Officer
and Chief Operating Officer
Phone: 770-419-3355
The Ruth Group
Tram Bui / Emma Poalillo
646-536-7035 / 7024
[email protected]
[email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/cryolife-reports-first-quarter-2018-results-300641486.html
SOURCE CryoLife, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/pr-newswire-cryolife-reports-first-quarter-2018-results.html |
May 1, 2018 / 8:39 PM / Updated 2 hours ago Flexible ICU visiting hours tied to less delirium and anxiety Lisa Rapaport 4 Min Read
(Reuters Health) - When intensive care units (ICUs) have flexible visiting hours that allow families to spend more time at the bedside, patients may be less likely to suffer delirium or severe anxiety, a research review suggests.
Most ICUs have restrictive visiting policies, often driven by a concern that families lingering in patient rooms might increase the risk of infections, disorganized care, or longer hospital stays, researchers note in Critical Care Medicine.
But data pooled from seven previous studies of ICU patients show no connection between flexible visitor policies and patients’ risk of death, infections, or longer hospital stays, the researchers found.
Plus, patients in ICUs with flexible visiting policies were 61 percent less likely to develop delirium and also less likely to experience severe anxiety.
“ICU admission is a very stressful event for patients, and it is associated with anxiety symptoms, and acute clinical conditions and the ICU environment predispose patients to delirium,” said study leader Antonio Paulo Nassar Jr., of the Camargo Cancer Center in Sao Paulo, Brazil.
Previous research has found that simple measures to help maintain hospital patients’ sense of orientation and make them comfortable in their surroundings, such as the presence of a family member, may reduce the risk of delirium. But it’s not clear whether this also holds true in the ICU, where delirium is much more common.
“Our review suggests these measures are also associated with decreased rates of delirium in ICU,” Nassar said by email.
In one respect, however, concerns about liberal visitor policies may be justified, the results suggest.
One study in the analysis, for example, found that nurse burnout increased after families were permitted to spend more time visiting ICU patients.
“The presence of a family member for longer periods may increase healthcare professionals’ workload, families may bring additional demands and frequent questions, and family members can also be very anxious which can compromise nurses and doctors’ work in ICU,” Nassar said.
“Healthcare professionals’ burnout is associated with lower levels of care for patients,” Nassar added. “These problems can be even worse in lower staffing units such as those in developing countries.”
Visitor policies should be implemented to ensure that nursing staff can still provide optimal care even when families have more time at the bedside, said Elizabeth Scruth, a clinical practice consultant at Kaiser Foundation Hospitals in Oakland, California, who wasn’t involved in the study.
“The take-home message here is for patients and families to advocate for liberal visiting hours and to always ask the ICU . . . what types of visiting hours are in place,” Scruth said by email.
“Also, place pictures and other mementos in the room of the patient to make it more home-like,” Scruth said. “The use of ICU diaries can also aid the patient and family to leave messages, provide a daily update of what is going on and how the patient is progressing, and both families, nurses and other medical personnel can write in them.”
SOURCE: bit.ly/2FxIYSO Critical Care Medicine, online April 10, 2018. | ashraq/financial-news-articles | https://uk.reuters.com/article/us-health-icu-visiting/flexible-icu-visiting-hours-tied-to-less-delirium-and-anxiety-idUKKBN1I24DB |
Trade-led rally makes sense 8 Hours Ago Jim Cramer unpacks the market's response to the U.S.-China trade truce that sent the major averages higher on Monday. 01:27 01:27 | 9:57 AM ET Sun, 13 May 2018 02:54 02:54 | 10:32 AM ET Mon, 14 May 2018 00:44 00:44 | 11:48 AM ET Fri, 11 May 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/21/trade-led-rally-makes-sense.html |
DUBLIN, May 9 (Reuters) - Irish house prices grew 12.7 percent in the year to March, the highest annual growth rate since early 2015, data showed on Wednesday.
On the month, house prices rose by 0.7 percent, after a 0.8 percent rise in February, the Central Statistics Office said. (Reporting by Graham Fahy; Editing by Conor Humphries)
| ashraq/financial-news-articles | https://www.reuters.com/article/ireland-economy-houseprices/irish-house-prices-post-fastest-annual-growth-in-almost-3-years-idUSS8N1PY00R |
Key Highlights:
Net revenue increased 5% sequentially from the fourth quarter of 2017 as Blue Apron methodically reaccelerated its marketing efforts. Net loss improvement of $7.5 million or 19% quarter-over-quarter; adjusted EBITDA improvement of $2.5 million or 13% quarter-over-quarter driven by strong focus on expense management and operational efficiencies. Subsequent to the first quarter, Blue Apron launched its multi-channel strategy with first retail expansion.
NEW YORK--(BUSINESS WIRE)-- Blue Apron Holdings, Inc. (NYSE: APRN) announced today financial results for the quarter ended March 31, 2018.
“We are pleased with the progress we achieved this quarter, including significant improvement in operational efficiencies as reflected by our margin performance, which was the strongest we have seen since the second quarter of 2016,” said Brad Dickerson, Chief Executive Officer, Blue Apron Holdings Inc. “We also improved our customer metrics as we began to methodically reaccelerate marketing late last year, with a specific focus on attracting new customers with high affinity as well as deepening our engagement with current customers.”
“We look forward to building on this momentum as we continue to optimize our direct-to-consumer business, create new products that complement our core offering, and leverage new distribution channels––including our newly launched pilot program with Costco––to expand the reach of our strong brand to more households across the country.”
First Quarter 2018 Financial Results
Net revenue decreased 20% year-over-year to $196.7 million in the first quarter of 2018 compared to the first quarter of 2017, driven primarily by a decrease in Customers and Orders following the deliberate pull back in marketing spend in the second half of 2017, as Blue Apron builds toward momentum in the business in 2018. Net revenue increased 5% quarter-over-quarter reflecting Blue Apron’s methodical reacceleration of its marketing efforts and advanced product merchandising capabilities in the first quarter of 2018. Cost of goods sold, excluding depreciation and amortization (COGS), as a percentage of net revenue, improved 310 basis points year-over-year from 68.8% to 65.8% and improved 430 basis points from the fourth quarter of 2017. This progress is mainly due to the benefits realized through enhanced planning and process-driven strategies in fulfillment center operations, led by Blue Apron’s Linden, New Jersey fulfillment center. Marketing expense was $39.3 million, or 20.0% as a percentage of net revenue, in the first quarter of 2018, compared to $60.6 million, or 24.8% as a percentage of net revenue, in the first quarter of 2017. Blue Apron methodically reaccelerated marketing efforts in the first quarter of 2018 with a focus on building efficient and sustainable growth. Product, technology, general, and administrative (PTGA) costs decreased 22% year-over-year from $63.2 million in the first quarter of 2017 to $49.5 million in the first quarter of 2018 primarily due to continued focus on expense management. Net loss was $(31.7) million and diluted loss per share was $(0.17) in the first quarter of 2018 based on 191.5 million weighted average common shares outstanding, compared to net loss of $(52.2) million and diluted loss per share of $(0.78) in the first quarter of 2017 based on 67.1 million weighted average common shares outstanding. Sequentially, net loss improved $7.5 million quarter-over-quarter from a net loss of $(39.1) million in the fourth quarter of 2017. Adjusted EBITDA was a loss of $(17.2) million in the first quarter 2018, compared to a loss of $(46.3) million in the first quarter of 2017 reflecting improved expense management and operational efficiencies. Sequentially, adjusted EBITDA improved $2.5 million quarter-over-quarter from a loss of $(19.7) million in the fourth quarter of 2017.
Key Customer Metrics
Customers decreased 24% year-over-year and increased 5% quarter-over-quarter following the deliberate pullback in marketing spend in the second half of 2017, as the Company builds toward momentum in the business in 2018. Average Revenue per Customer was $250 in the first quarter of 2018 compared to $236 in the first quarter of 2017, and $248 in the fourth quarter of 2017. Key customer metrics included in the chart below reflect trends of the business and seasonality as well as strategic actions by the company.
Three Months Ended, March 31, December 31, March 31, 2017 2017 2018 Orders (in thousands) 4,273 3,196 3,474 Customers (in thousands) 1,036 746 786 Average Order Value $57.23 $57.99 $56.58 Orders per Customer 4.1 4.3 4.4 Average Revenue per Customer $236 $248 $250 For a description of how Blue Apron defines and uses these key customer metrics, please see “Use of Key Customer Metrics” below.
Liquidity and Capital Resources
Cash and cash equivalents was $203.5 million as of March 31, 2018. Capital expenditures, including amounts in accounts payable, totaled $4.8 million for the first quarter of 2018, largely from investments in automation equipment as Blue Apron continued to strategically invest to further drive operational improvements. This represents a reduction in capital expenditures from prior year levels following the substantial completion of the Linden fulfillment center
Conference Call and Webcast
Blue Apron will hold a call and webcast today at 8:30 a.m., Eastern Time to discuss its first quarter 2018 results and business outlook. The conference call can be accessed by dialing (877) 883-0383 or (412) 902-6506, utilizing the conference ID 5915531. Alternatively, participants may access the live webcast on Blue Apron’s Investor Relations website at investors.blueapron.com .
A recording of the webcast will also be available on Blue Apron’s Investor Relations website at investors.blueapron.com following the conference call. Additionally, a replay of the conference call can be accessed until Thursday, May 10, 2018 by dialing (877) 344-7529 or (412) 317-0088, utilizing the conference ID 10118403.
About Blue Apron
Blue Apron’s mission is to make incredible home cooking accessible to everyone. Launched in 2012, Blue Apron is reimagining the way that food is produced, distributed, and consumed, and as a result, building a better food system that benefits consumers, food producers, and the planet. The Company has developed an integrated ecosystem that enables the Company to work in a direct, coordinated manner with farmers and artisans to deliver high-quality products to customers nationwide at compelling values.
Forward Looking Statements
This press release includes statements concerning Blue Apron Holdings, Inc. and its future expectations, plans and prospects that constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. For this purpose, any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "may," "should," "expects," "plans," "anticipates," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential," or "continue," or the negative of these terms or other similar expressions. Blue Apron has based these forward-looking statements largely on its current expectations and projections about future events and financial trends that it believes may affect its business, financial condition and results of operations. These forward-looking statements speak only as of the date of this press release and are subject to a number of risks, uncertainties and assumptions including, without limitation, the Company’s anticipated growth strategies; risks associated with its ability to achieve the benefits of the realignment; its ability to achieve future revenue growth and manage future growth effectively; its expectations regarding competition and its ability to effectively compete; its ability to successfully build out and operate its fulfillment centers; its ability to expand its product offerings; its ability to cost-effectively attract new customers, retain existing customers and increase the number of customers it serves; seasonal trends in customer behavior; its expectations regarding, and the stability of, its supply chain; the size and growth of the markets for its product offerings and its ability to serve those markets; federal and state legal and regulatory developments; other anticipated trends and challenges in its business; and other risks described in the Company’s public reports filed with the U.S. Securities and Exchange Commission (the “SEC”), including under the caption “Risk Factors” in the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2018 to be filed with the SEC and in other filings that Blue Apron may make with the SEC in the future. Blue Apron assumes no obligation to update any forward-looking statements contained in this press release as a result of new information, future events or otherwise.
Use of Non-GAAP Financial Information
This press release includes adjusted EBITDA, a non-GAAP financial measure, that is not prepared in accordance with, nor an alternative to, financial measures prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). In addition, adjusted EBITDA is not based on any standardized methodology prescribed by GAAP and is not necessarily comparable to similarly-titled measures presented by other companies.
The Company defines adjusted EBITDA as net earnings (loss) before interest income (expense), net, other operating expense, other income (expense), net, benefit (provision) for income taxes and depreciation and amortization, adjusted to eliminate share-based compensation expense. The Company presents adjusted EBITDA because it is a key measure used by the Company’s management and board of directors to understand and evaluate the Company’s operating performance, generate future operating plans and make strategic decisions regarding the allocation of capital. In particular, the Company believes that the exclusion of certain items in calculating adjusted EBITDA can produce a useful measure for period-to-period comparisons of the Company’s business. Further, Blue Apron uses adjusted EBITDA to evaluate its operating performance and trends and make planning decisions, and it believes that adjusted EBITDA helps identify underlying trends in its business that could otherwise be masked by the effect of the items that Company excludes. Accordingly, Blue Apron believes that adjusted EBITDA provide useful information to investors and others in understanding and evaluating its operating results, enhancing the overall understanding of the Company’s past performance and future prospects, and allowing for greater transparency with respect to key financial metrics used by its management in its financial and operational decision-making.
There are a number of limitations related to the use of adjusted EBITDA rather than net income (loss), which is the most directly comparable GAAP equivalent. Some of these limitations are:
adjusted EBITDA excludes share-based compensation expense, as share-based compensation expense has recently been, and will continue to be for the foreseeable future, a significant recurring expense for the Company’s business and an important part of its compensation strategy; adjusted EBITDA excludes depreciation and amortization expense and, although these are non-cash expenses, the assets being depreciated may have to be replaced in the future; adjusted EBITDA excludes other operating expense, as other operating expense represents impairment losses and charges related to the personnel realignment; adjusted EBITDA does not reflect interest expense, or the cash requirements necessary to service interest, which reduces cash available to us; adjusted EBITDA does not reflect income tax payments that reduce cash available to us; and other companies, including companies in the Company’s industry, may calculate adjusted EBITDA differently, which reduces its usefulness as a comparative measure.
Because of these limitations, adjusted EBITDA should be considered together with other operating and financial performance measures presented in accordance with GAAP. A reconciliation of adjusted EBITDA to net income (loss), the most directly comparable measure calculated in accordance with GAAP, is set forth below under the heading “Reconciliation of Non-GAAP Financial Measures”.
In addition, the Company will be presenting certain guidance regarding future operating results, including forward-looking non-GAAP measures, on today’s call and webcast. Reconciliations of these forward-looking non-GAAP measures to the most directly comparable measures calculated in accordance with GAAP will be posted on the Company’s investor relations section of its website, located at investors.blueapron.com under “Events and Presentations”.
Use of Key Customer Metrics
This press release includes various key customer metrics that we use to evaluate our business and operations, measure our performance, identify trends affecting our business, project our future performance, and make strategic decisions. You should read these metrics in conjunction with our financial statements. We define and determine our key customer metrics as follows:
Orders
We define Orders as the number of paid orders by our Customers across our meal, wine and market products sold on our e-commerce platforms in any reporting period, inclusive of orders that may have eventually been refunded or credited to customers.
Customers
We determine our number of Customers by counting the total number of individual customers who have paid for at least one Order from Blue Apron across our meal, wine or market products sold on our e-commerce platforms in a given reporting period.
Average Order Value
We define Average Order Value as our net revenue from our meal, wine and market products sold on our e-commerce platforms in a given reporting period divided by the number of Orders in that period.
Orders per Customer
We define Orders per Customer as the number of Orders in a given reporting period divided by the number of Customers in that period.
Average Revenue per Customer
We define Average Revenue per Customer as our net revenue from our meal, wine and market products sold on our e-commerce platforms in a given reporting period divided by the number of Customers in that period.
BLUE APRON HOLDINGS, INC.
Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited)
March 31, December 31, 2018 2017 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 203,517 $ 228,514 Accounts receivable 1,832 1,945 Inventories, net 39,745 41,927 Prepaid expenses and other current assets 10,672 7,824 Other receivables 1,163 2,539 Total current assets 256,929 282,749 Restricted cash 1,967 2,371 Property and equipment, net 227,110 230,828 Other noncurrent assets 1,664 1,761 TOTAL ASSETS $ 487,670 $ 517,709 LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) CURRENT LIABILITIES: Accounts payable $ 27,680 $ 30,448 Accrued expenses and other current liabilities 37,589 32,615 Deferred revenue 22,883 27,646 Total current liabilities 88,152 90,709 Long-term debt
124,734 124,687 Facility financing obligation 70,945 70,347 Other noncurrent liabilities 7,013 8,116 TOTAL LIABILITIES 290,844 293,859 TOTAL STOCKHOLDERS’ EQUITY (DEFICIT) 196,826 223,850 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) $ 487,670 $ 517,709 BLUE APRON HOLDINGS, INC.
Condensed Consolidated Statement of Operations
(In thousands, except share and per-share data)
(Unaudited)
Three Months Ended March 31, 2018 2017 Net revenue $ 196,690 $ 244,843 Operating expenses: Cost of goods sold, excluding depreciation and amortization 129,332 168,531 Marketing 39,329 60,605 Product, technology, general, and administrative 49,488 63,210 Depreciation and amortization 8,404 4,180 Total operating expenses 226,553 296,526 Income (loss) from operations (29,863) (51,683) Interest income (expense), net (1,777) (470) Income (loss) before income taxes (31,640) (52,153) Benefit (provision) for income taxes (25) (41) Net income (loss) $ $ (31,665) $ (52,194) Net income (loss) per share – basic $ (0.17) $ (0.78) Net income (loss) per share – diluted $ (0.17) $ (0.78) Weighted average shares outstanding – basic 191,494,036 67,090,001 Weighted average shares outstanding – diluted 191,494,036 67,090,001 BLUE APRON HOLDINGS, INC.
Condensed Consolidated Statement of Cash Flows
(In thousands)
(Unaudited)
Three Months Ended March 31, 2018 2017 CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ (31,665) $ (52,194) Adjustments to reconcile net income (loss) to net cash used in operating
activities:
Depreciation and amortization of property and equipment 8,404 4,180 Loss (gain) on disposal of property and equipment 514 23 Changes in reserves and allowances (581) 411 Share-based compensation 4,215 1,238 Non-cash interest expense 645 44 Changes in operating assets and liabilities (1,992) 27,259 Net cash from (used in) operating activities (20,460) (19,039) CASH FLOWS FROM INVESTING ACTIVITIES: Decrease (increase) in restricted cash 125 — Cash paid for acquisition — (1,177) Purchases of property and equipment (5,077) (55,086) Proceeds from sale of fixed assets 430 — Net cash from (used in) investing activities (4,522) (56,263) CASH FLOWS FROM FINANCING ACTIVITIES: Net proceeds from debt issuances — 55,000 Proceeds from the exercise of stock options 46 78 Principal payments on capital lease obligations (61) (77) Net cash from (used in) financing activities (15) 55,001 NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (24,997) (20,301) CASH AND CASH EQUIVALENTS — Beginning of period 228,514 81,468 CASH AND CASH EQUIVALENTS — End of period $ 203,517 $ 61,167 BLUE APRON HOLDINGS, INC.
Reconciliation of Non-GAAP Financial Measures
(In thousands)
(Unaudited)
Three Months Ended March 31, December 31, March 31, 2018 2017 2017 Reconciliation of net income (loss) to adjusted EBITDA
Net income (loss) $ (31,665) $ (39,120) $ (52,194) Share-based compensation 4,215 2,518 1,238 Depreciation and amortization 8,404 8,501 4,180 Other operating expense — 6,779 — Interest (income) expense, net 1,777 1,581 470 Provision (benefit) for income taxes 25 2 41 Adjusted EBITDA $ (17,244) $ (19,739) $ (46,265)
View source version on businesswire.com : https://www.businesswire.com/news/home/20180503005277/en/
Blue Apron
Investors:
Felise Glantz Kissell
[email protected]
or
Media:
Nisha Devarajan
[email protected]
Source: Blue Apron Holdings, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/business-wire-blue-apronaholdings-inc-areports-first-quarter-2018-results.html |
April 30 (Reuters) - JORDAN EXPRESS TOURIST TRANSPORT COMPANY:
* Q1 PROFIT ATTRIBUTABLE TO SHAREHOLDERS 536,732 DINARS VERSUS 578,289 DINARS YEAR AGO
* Q1 REVENUE 6.9 MILLION DINARS VERSUS 6.1 MILLION DINARS YEAR AGO Source: ( bit.ly/2jiYNUK ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-jordan-express-tourist-transport-q/brief-jordan-express-tourist-transport-q1-profit-falls-idUSFWN1S714W |
May 14 (Reuters) - MeiraGTx Holdings Plc:
* MEIRAGTX HOLDINGS PLC FILES FOR IPO OF UP TO $86.25 MILLION - SEC FILING
* MEIRAGTX HOLDINGS PLC SAYS EXPECT THAT ORDINARY SHARES WILL TRADE ON NASDAQ GLOBAL MARKET UNDER SYMBOL “MGTX”
* MEIRAGTX HOLDINGS PLC SAYS BOFA MERRILL LYNCH, BARCLAYS, EVERCORE ISI AND CHARDAN ARE AMONG THE UNDERWRITERS TO THE IPO
* MEIRAGTX HOLDINGS PLC - PROPOSED IPO PRICE IS AN ESTIMATE SOLELY FOR CALCULATING SEC REGISTRATION FEE Source bit.ly/2jTXtI2 Further company coverage: [ ]
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-meiragtx-holdings-plc-files-for-ip/brief-meiragtx-holdings-plc-files-for-ipo-of-up-to-86-25-million-idUSFWN1SL150 |
May 23 (Reuters) - Bunge Ltd:
* SETS QTRLY CASH DIVIDEND OF $1.21875 PER 4.875 PERCENT CUMULATIVE CONVERTIBLE PERPETUAL PREFERENCE SHARE
* INCREASES QUARTERLY DIVIDEND ON COMMON SHARES AND DECLARES DIVIDENDS ON PREFERENCE SHARES
* APPROVED AN INCREASE IN COMPANY’S REGULAR QUARTERLY COMMON SHARE CASH DIVIDEND, FROM $0.46 TO $0.50 PER SHARE Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-bunge-increases-quarterly-dividend/brief-bunge-increases-quarterly-dividend-on-common-shares-idUSL5N1SU6SO |
A jump in Italy’s borrowing costs in response to the political crisis unfolding in Rome is a wake-up call for eurozone governments that have been dragging their feet over economic reforms, the Organization for Economic Cooperation and Development said Wednesday.
In its quarterly assessment of the economic outlook, the research body also said governments have taken over from central banks as the chief providers of economic stimulus, but some risk overheating their economies, leading to higher inflation and interest rates.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/italy-crisis-highlights-need-for-urgent-eurozone-reform-says-oecd-1527669058 |
MENLO PARK, Calif. (AP) _ Dermira Inc. (DERM) on Thursday reported a loss of $59.3 million in its first quarter.
On a per-share basis, the Menlo Park, California-based company said it had a loss of $1.42. Losses, adjusted for asset impairment costs, were $1.39 per share.
The skin condition drug developer posted revenue of $299,000 in the period.
Dermira shares have dropped 67 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $9.15, a decline of 72 percent in the last 12 months.
This story was generated by Automated Insights ( http://automatedinsights.com/ap ) using data from Zacks Investment Research. Access a Zacks stock report on DERM at https://www.zacks.com/ap/DERM | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/03/the-associated-press-dermira-1q-earnings-snapshot.html |
Canadian PM Justin Trudeau: White House has made a decision ‘we deplore’ 1 Hour Ago Canadian Prime Minister Justin Trudeau discusses President Trump’s decision to impose tariffs on allies such as Canada. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/31/justin-trudeau-white-house-trump-trade.html |
NEW YORK, May 01, 2018 (GLOBE NEWSWIRE) -- Virtu Financial, Inc. (Nasdaq:VIRT), a technology enabled global market maker, has announced it hired Pete Candler to help develop and grow its execution services business. Virtu, an electronic market maker and execution service provider, offers its execution technology and transparent post trade analytics to buy-side and sell-side clients.
Candler is a seasoned professional with 20 years of trading and market structure expertise, leading both high touch and low touch execution desks servicing international clients trading into the US markets from abroad.
Candler’s arrival follows Virtu’s acquisition of KCG Holdings in July last year and its continued integration of the combined firm. As of February 2018, Virtu reported that it had reduced the overall, combined headcount from approximately 1200 to 560 and Candler is one of approximately 30 new hires Virtu has made since the acquisition as it focuses on growing its client franchise.
“We are excited to have Pete join the Virtu execution services team as we continue to build our institutional offering, which is wholly focused on clients, transparency, and great execution through state-of –the art technology. His arrival further demonstrates our commitment to enhancing our offering and expanding our client relationships,” said Stephen Cavoli, Executive Vice President, Markets of Virtu Financial.
Candler joins Virtu from Evercore ISI where he was a Managing Director. Prior to Evercore ISI, Candler was at Deutsche Bank and at Credit Suisse. Candler has an MBA from NYU’s Stern School of Business.
About Virtu Financial, Inc.
Virtu is a leading financial firm that leverages cutting edge technology to deliver liquidity to the global markets and innovative, transparent trading solutions to our clients. As a market maker, Virtu provides deep liquidity that helps to create more efficient markets around the world. Our market structure expertise, broad diversification, and execution technology enables us to provide competitive bids and offers in over 19,000 securities, at over 235 venues, in 36 countries worldwide.
CONTACT
Investor Relations
Andrew Smith
Virtu Financial, Inc.
(212) 418-0195
[email protected]
Media Relations
[email protected]
Source:Virtu Financial, LLC | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/globe-newswire-virtu-hires-pete-candler-to-execution-services-team.html |
When it comes to tolerating offensive speech, American colleges and universities often hold themselves to a lower standard than the rest of society. Kentucky State University, for instance, includes “embarrassment” on its list of sanctionable “offenses against persons.” Dickinson College promises to sic its Bias Education & Response Team on those whose speech is deemed “offensive or inflammatory to some”—even if no rule has been violated.
In “Speak Freely: Why Universities Must Defend Free Speech,” Keith Whittington argues... | ashraq/financial-news-articles | https://www.wsj.com/articles/speak-freely-and-hate-reviews-teaching-tolerance-1526511306 |
May 17, 2018 / 12:51 AM / Updated 11 minutes ago Oil hits $80, highest since November 2014, on Iran concerns Ron Bousso 3 Min Read
LONDON (Reuters) - Oil prices hit $80 a barrel on Thursday for the first time since November 2014 on concerns that Iranian exports could fall because of renewed U.S. sanctions, reducing supply in an already tightening market.
Brent crude futures reached an intraday high of $80.18 a barrel before receding to $79.67 at 1326 GMT.
U.S. West Texas Intermediate (WTI) crude futures were up 41 cents at $71.90 after also hitting their highest since November 2014, at $72.30 a barrel.
U.S. President Donald Trump’s decision this month to withdraw from an international nuclear deal with Iran and revive sanctions that could limit crude exports from OPEC’s third-largest producer has boosted oil prices.
France’s Total on Wednesday warned that it might abandon a multibillion-dollar gas project in Iran if it could not secure a waiver from U.S. sanctions, casting further doubt on European-led efforts to salvage the nuclear deal. VENEZUELA DROP
A rapid decline in Venezuela’s crude production has further roiled markets in recent months.
“The geopolitical noise and escalation fears are here to stay,” said Norbert Rücker, head of macro and commodity research at Swiss bank Julius Baer. “Supply concerns are top of mind after the United States left the Iran nuclear deal.”
Global inventories of crude oil and refined products dropped sharply in recent months owing to robust demand and OPEC-led production cuts.
Oil stocks were expected to drop further as the peak summer driving season nears, offsetting increases in U.S. shale output, Bernstein analysts said.
Several banks have in recent days raised their oil price forecasts, citing tighter supplies and strong demand.
Further supporting prices, Shell on Thursday said it was halting crude exports from a major Nigerian pipeline. EVERYTHING BULLISH?
On the flip-side, however, high oil prices could hit consumption, the International Energy Agency warned on Wednesday as it lowered its global oil demand growth forecast for 2018 to 1.4 million barrels per day (bpd) from 1.5 million bpd.
The IEA said global oil demand would average 99.2 million bpd in 2018, although U.S. bank Goldman Sachs said consumption would cross 100 million bpd “this summer”.
Leading production increases is the United States, where crude output has soared by 27 percent in the last two years to a record 10.72 million bpd, putting it within reach of top producer Russia’s 11 million bpd. An employee works at the Ceylon Petroleum Corporation's (CPC) Sapugaskanda Oil Refinery in Colombo, Sri Lanka May 11, 2018. REUTERS/ Dinuka Liyanawatte Additional reporting by Henning Gloystein in Singapore; Editing by Dale Hudson and David Goodman | ashraq/financial-news-articles | https://in.reuters.com/article/global-oil/oil-markets-firm-as-brent-edges-ever-closer-to-80-per-barrel-on-tight-market-idINKCN1II03E |
May 8 (Reuters) - First Hawaiian Inc:
* FIRST HAWAIIAN INC FILES FOR POTENTIAL STOCK SHELF, SIZE NOT DISCLOSED - SEC FILING Source text: ( bit.ly/2wswJrm ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-first-hawaiian-inc-files-for-poten/brief-first-hawaiian-inc-files-for-potential-stock-shelf-idUSFWN1SF1AF |
Burberry bags profit rise ahead of Tisci design era 8:29pm IST - 01:12
Burberry has beat profit forecasts as a strategy to re-energise its luxury brand showed early promise ahead of the arrival of its new designer Riccardo Tisci. Lea Jakobiak reports.
Burberry has beat profit forecasts as a strategy to re-energise its luxury brand showed early promise ahead of the arrival of its new designer Riccardo Tisci. Lea Jakobiak reports. //reut.rs/2rMkjoJ | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/16/burberry-bags-profit-rise-ahead-of-tisci?videoId=427421605 |
Ted Thai | Getty Images CIRCA 1982: Steve Jobs of Apple Computer.
Today, Steve Jobs is regarded as the brilliant mind behind Apple, the most valuable company in the world .
But in 1976, when Jobs was in his early 20s, he made a much different impression: He seemed to be "flaky," and a "joker."
That's according to letters written by Mike Rose , a Silicon Valley advertising executive whom Jobs contacted to print the operating manual for Apple's first personal computer, the Apple 1.
Rose was suspicious of Jobs, who was unknown at the time, and he took notes on the conversation. He then passed them along to his business partner, "Bob" in a letter dated June 23, 1976.
"[Rose] writes about how there are two young guys in a garage," Leslie Berlin, the historian for the Stanford University Silicon Valley Archives says on an episode of " Recode Decode ," adding that Rose said "sounds fishy. Watch out."
Courtesy of the Department of Special Collections, Stanford University Libraries.
The letter, which is preserved in the Department of Special Collections at Stanford University, starts off:"Bob - This joker (attached) is going to be calling you," Rose wrote of Jobs.
"Somebody at Regis McKenna recommended us (you). They are 2 guys — they build kits —operate out of a garage — want our catalog sheets. Wants it for nothing. Wouldn't trust me. Told him we'd like to see what they've got — we'd estimate — then decide. Sounds flaky. Watch it!"
Courtesy of the Department of Special Collections, Stanford University Libraries.
At the time, Rose had reason to be suspicious.
"In the '70s, the notion of going off and trying to do your own thing was still very new," Berlin explains. "Entrepreneurs were basically the washouts who couldn't make it in a real, decent company. "
Courtesy of the Department of Special Collections, Stanford University Libraries.
Jobs and Wozniak officially launched Apple Computer on April Fool's Day, 1976 , only a few months before Rose wrote the letter. The first Apple 1 computers were made in Jobs' parents' garage and sold for $666.66.
"The Apple 1 was a relatively bare-bones product by today's standards," the Wall Street Journal reports. "It consisted only of a motherboard; no case was included, and buyers were expected to provide their own keyboard and monitor. Installing the BASIC programming language required a cassette recorder and a special card."
Rose's 1976 notes also include information on the Apple 1's schematics.
Courtesy of the Department of Special Collections, Stanford University Libraries.
While only about 200 Apple 1s were created, the company went on to revolutionize personal computing in coming decades and introduce technologies like the iPhone. Today, the company's market cap is over $916 billion . | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/17/1976-letter-from-silicon-valley-exec-calls-steve-jobs-flaky-joker.html |
Low Income Shortens Lives, Putting Social Security in a Bind Pushing back Social Security benefits isn't as simple an idea as it sounds. Mark Miller | May 03, 2018
CHICAGO, May 3 (Reuters) - Americans are all living longer, so it only makes sense to push back the eligibility age for Social Security—right?
Pushing back the age when workers can claim their full benefit may sound like the fair thing to do in a era of rising longevity—and it would help fix Social Security’s long-range financial imbalance.
But this easy-sounding fix masks two crucial problems. It makes a higher retirement age sound painless—when it actually would cut everyone’s benefits by moving back the goal posts on when you can claim full benefits. Just as important, a higher retirement age would be especially unfair to lower-income workers.
Average longevity has been rising in the United States, but all of the gains have been experienced in higher-income households. A number of studies have reached this conclusion in recent years—but now comes a report from the horse’s mouth, so to speak—the actuaries at the Social Security Administration.
By using mortality and earnings data from the agency’s massive database on American workers, this report confirms that lifetime earnings have a profound impact on longevity. The findings should help put the brakes on any proposal to solve Social Security’s long-range financial imbalance by lifting retirement ages.
The study examines five income segments (quintiles) using Average Indexed Monthly Earnings (AIME), a Social Security measure that averages your top 35 years of earnings when you reach age 60, indexed to reflect average wage growth in the economy. The SSA actuaries compared mortality (death rates) by sex and age. They found lower mortality (death rates) for retired worker beneficiaries with higher-than-average AIME levels, and higher death rates for retired-worker beneficiaries with lower-than-average AIME levels.
The differences are expressed as mortality ratios. An AIME mortality of 1.00 means death rates for a given group were equal to the group as a whole; ratios lower than that number indicate lower mortality, while higher numbers indicate - well, earlier curtains.
Just one example of how this plays out: in 2015, retired men age 62-64 in the highest income quintile had a ratio of 0.52, while those in the lowest income quintile had a ratio of 1.77. The comparable figures for women were not much different - 0.73 for the highest income quintile, and 1.54 for the lowest.
A Benefit Cut—No Matter When You Retire
Yet rising longevity is cited routinely as a justification for raising the Social Security full retirement age (FRA). Consider, for example, the Republican-sponsored Social Security Reform Act of 2016. It repeatedly references rising longevity, and a cornerstone element would gradually raise the FRA to 69.
Two years might not sound like much - but recall that we already have raised the FRA as part of the last set of Social Security reforms, enacted in 1983. At the time, Social Security faced a real crisis, with the program due to run out of funds within 18 months. The 1983 reforms gradually raised the FRA from 65 to 67 for workers born in 1960 or later.
Make no mistake - a higher FRA is a benefit cut, no matter when you retire. To understand how that occurs, it is helpful to take a quick refresher on how the timing of your claim affects benefits.
To determine your benefit amount, the SSA starts by translating your AIME into something called the primary insurance amount (PIA). This is a weighted formula that gives a higher benefit relative to career earnings for a lower earner than for a high earner - a bit like income tax brackets. You receive 90 percent of AIME for the first segment (up to $895 for 2018), 32 percent for the second bracket (up to $5,397) and 15 percent for any amount of remaining AIME.
If you wait until the full retirement age (currently 66), you would receive 100 percent of PIA. If you start at 62 (the earliest opportunity), you will receive a reduced benefit for the rest of your life - 25 percent lower. By waiting until after full retirement age (66), you would get the delayed retirement credit, which is 8 percent for each 12-month period that you delay. The credits are available until age 70.
But raising the FRA reduces benefits no matter when you claim. How does this play out? A 2015 report by a group of policy experts for the National Academy of Sciences (NAS) expresses it simply: If we raised the FRA from 67 to 70, a worker claiming benefits at age 67 would receive 100 percent of PIA before the reform, but 80 percent afterward - in other words, it is a 20 percent benefit cut.
How about workers with higher mortality rates?
The NAS study examined the impact of the changing gap in life expectancy by income over time, comparing workers born in 1930 and 1960. The researchers found that raising the FRA to 70 would fall disproportionately on lower-income workers. For men born in 1930, lifetime benefits would fall by 25 percent ($31,000) for the lowest-income workers, and 22 percent for the highest-income group ($50,000).
One solution is to revise the Social Security bend points to restore lost benefits to lower-income workers. But whatever solutions are considered should push beyond all the loose talk about averages. (Editing by Matthew Lewis) | ashraq/financial-news-articles | https://www.reuters.com/article/column-miller-socialsecurity/column-low-income-shortens-lives-putting-social-security-in-a-bind-idUSL1N1S90YW?feedType=RSS&virtualBrandChannel=11563 |
May 1, 2018 / 10:46 AM / Updated 16 minutes ago METALS-Copper slips to 4-week low as China concerns and dollar weigh Reuters Staff
* GRAPHIC-2018 asset returns: tmsnrt.rs/2jvdmXl (Adds closing prices)
By Pratima Desai
LONDON, May 1 (Reuters) - Copper prices hit their lowest in nearly four weeks on Tuesday due to worries about demand from top consumer China and a stronger dollar ahead of a monetary policy decision from the U.S. Federal Reserve.
Benchmark copper on the London Metal Exchange ended down 0.9 percent at $6,745 a tonne from an earlier $6,710, its lowest since April 4.
Chinese demand for industrial metals typically picks up in the second quarter ahead of construction activity over the summer months.
“We think construction activity is going to be more subdued this year because of the curbs on lending by the Chinese government to control the property market bubble,” Capital Economics analyst Caroline Bain said.
DOLLAR: A rising U.S. currency makes dollar-denominated commodities such as copper more expensive for non-U.S. companies, which could potentially subdue demand. The Fed’s monetary policy decision is due on Wednesday.
CHINA: Data from Chinese banks suggest that the campaign to clamp down on riskier lending practices and shadow banking without stunting economic growth may be succeeding.
Profit growth at Chinese industrial firms slowed to its weakest pace in more than a year in March, as policy makers navigate debt risks and a heated trade row with the United States.
DEMAND: China accounts for nearly half of global copper demand estimated at around 24 million tonnes this year.
TECHNICALS: Traders say the break below the 200-day moving average at around $6,800, if sustained, could see copper prices head towards the March low at $6,532.
NEGOTIATIONS: Nervousness about supply disruptions due to talks over labour contracts in Chile are expected to support prices of the metal used widely in the power and construction industries.
“Supply disruption concerns for 2018 have appeared overblown – with a growing list of Chilean labour contracts settled without incident,” Morgan Stanley analysts said in a note.
“(But) attempts to reach an early settlement at Escondida have failed; a short stoppage has been threatened at Lomas Bayas; and labour unions at Chuquicamata have expressed concern over the impact of the mine’s transition underground on the workforce.”
ALUMINIUM: Prices hit a seven-year peak of $2,718 on April 19 after the U.S. imposed sanctions on Rusal, one of the world’s largest aluminium producers.
An extension of the deadline to Oct. 23 from June 5 to wind down business with Rusal have since seen aluminium prices drop more than 15 percent.
PRICES: Aluminium rose 0.4 percent to $2,260 a tonne, zinc fell 2.4 percent to $3,052, lead down 1.2 percent to $2,293, tin added 0.2 percent to $21,210 and nickel slipped 0.1 percent to $13,655. Editing by Alexander Smith, Louise Heavens and Jane Merriman | ashraq/financial-news-articles | https://www.reuters.com/article/global-metals/metals-copper-slips-to-3-week-lows-as-china-concerns-and-dollar-weigh-idUSL8N1S8152 |
May 8, 2018 / 1:45 PM / Updated 41 minutes ago Former Brazil chief justice Barbosa says he will not run for president Reuters Staff 1 Min Read
BRASILIA (Reuters) - A former Brazilian Supreme Court chief justice said on Twitter Tuesday that he would not be running in October’s presidential election, after he spent weeks negotiating whether to do so and made a strong first appearance in a poll. FILE PHOTO: Joaquim Barbosa, former Chief Justice in Brazil, is seen before a meeting with PSB Election Commission in Brasilia, Brazil April 19, 2018. REUTERS/Ueslei Marcelino
Joaquim Barbosa, the first and only black member of Brazil’s high court, was considered a strong center-left contender. He wrote on his verified Twitter account that the decision was “strictly personal.” Last month, top members of the Brazilian Socialist Party, which Barbosa joined, gushed about the prospect of his running. Reporting by Ricardo Brito; Editing by Chizu Nomiyama | ashraq/financial-news-articles | https://www.reuters.com/article/us-brazil-politics-barbosa/former-brazil-chief-justice-barbosa-says-he-will-not-run-for-president-idUSKBN1I91SC |
DULUTH, Minn.--(BUSINESS WIRE)-- ALLETE, Inc. (NYSE: ALE) today reported first quarter 2018 earnings of 99 cents per share on net income of $51.0 million and operating revenue of $358.2 million. Last year’s results were 97 cents per share on net income of $49.0 million and operating revenue of $365.6 million.
“Our multifaceted growth strategy is evidenced in our financial results for the quarter, and overall the results are in-line with our expectations; our full-year earnings guidance range and expected contribution ranges from our Regulated Operations segment, and Energy Infrastructure and Related Services businesses and Corporate and Other operations remain unchanged. ALLETE has delivered on growth initiatives this quarter” said ALLETE Chairman, President and CEO Al Hodnik. “And we are well positioned with ALLETE’s family of businesses to answer the call for cleaner energy forms and water conservation, while creating additional value for our shareholders.”
ALLETE’s Regulated Operations segment, which includes Minnesota Power, Superior Water, Light and Power (SWL&P) and the Company’s investment in the American Transmission Co. (ATC), recorded net income of $43.9 million, compared to $43.5 million in the first quarter a year ago. Earnings reflect lower net income at Minnesota Power resulting from reserves for an interim rate refund, discounts provided to Energy-Intensive Trade-Exposed customers, lower transmission revenue and higher property taxes. These declines were offset by lower depreciation expense due to timing of the Minnesota Public Utilities Commission’s decision to modify the Boswell Units 3 and 4 and common facilities depreciable lives, lower operating and maintenance expense, higher sales to industrial customers due to the start-up of Keewatin Taconite in March 2017, and higher sales to residential customers due to colder weather. Minnesota Power and the Minnesota Department of Commerce separately requested reconsideration on rate case decision points that, if granted, will impact 2018 revenue and expense. Net income at SWL&P increased over last year due to the implementation of new rates effective in August 2017 and higher sales attributable to colder weather, while equity earnings from ATC were similar to last year.
ALLETE’s Energy Infrastructure and Related Services businesses, which include ALLETE Clean Energy and U.S. Water Services, recorded net income of $8.1 million and a net loss of $1.4 million in 2018, respectively. Earnings at ALLETE Clean Energy increased $1.4 million, or 21 percent, from 2017 primarily due to a lower federal income tax rate and production tax credits generated by its ongoing wind turbine refurbishment strategy. The net loss at U.S. Water Services increased $1.1 million due to higher operating expenses, which were partially offset by increased equipment revenue. Revenue increased 19 percent primarily due to the September 2017 acquisition of Tonka Water; however, revenue was negatively impacted by lower than expected equipment sales due to timing of shipments, as well as colder weather which reduced chemical sales. Earnings at U.S. Water Services reflect results from selling certain products that are seasonal in nature, with higher demand typically realized in warmer months.
Corporate and Other, which includes BNI Energy and ALLETE Properties, recorded net income of $0.4 million for the quarter, compared to a net loss of $0.9 million in 2017. The increase in 2018 reflects higher land sales at ALLETE Properties and lower interest expense.
Earnings per share for the quarter was diluted by 2 cents due to additional shares of common stock outstanding as of March 31, 2018.
ALLETE and webcast at 10 a.m. Eastern Time this morning to discuss details of its financial performance. Interested parties may listen live by calling (877) 303-5852, or by accessing the webcast at www.allete.com . A replay of the call will be available through May 6, 2018 by calling (855) 859-2056, pass code 2193327. The webcast will be accessible for one year at www.allete.com .
ALLETE is an energy company headquartered in Duluth, Minn. In addition to its electric utilities, Minnesota Power and Superior Water, Light and Power of Wisconsin, ALLETE owns ALLETE Clean Energy, based in Duluth, BNI Energy in Bismarck, N.D., U.S. Water Services headquartered in St. Michael, Minn., and has an eight percent equity interest in the American Transmission Co. More information about ALLETE is available at www.allete.com . ALE-CORP
The statements contained in this release and statements that ALLETE may make orally in connection with this release that are not historical facts, are . Actual results may those projected in the . These involve risks and uncertainties and investors are directed to the risks discussed in documents filed by ALLETE with the Securities and Exchange Commission.
ALLETE's press releases and other communications may include certain non-Generally Accepted Accounting Principles (GAAP) financial measures. A “non-GAAP financial measure” is defined as a numerical measure of a company's financial performance, financial position or cash flows that excludes (or includes) amounts that are included in (or excluded from) the most directly comparable measure calculated and presented in accordance with GAAP in the company's financial statements.
Non-GAAP financial measures utilized by the Company include presentations of earnings (loss) per share. ALLETE's management believes that these non-GAAP financial measures provide useful information to investors by removing the effect of variances in GAAP reported results of operations that are not indicative of changes in the fundamental earnings power of the Company's operations. Management believes that the presentation of the non-GAAP financial measures is appropriate and enables investors and analysts to more accurately compare the company's ongoing financial performance over the periods presented.
ALLETE, Inc.
Consolidated Statement of Income
Millions Except Per Share Amounts - Unaudited
Three Months Ended March 31, 2018 2017 Operating Revenue Contracts with Customers – Utility $270.2 $281.6 Contracts with Customers – Non-utility 82.0 78.1 Other – Non-utility 6.0 5.9 Total Operating Revenue 358.2 365.6 Operating Expenses Fuel, Purchased Power and Gas – Utility 100.9 96.6 Transmission Services – Utility 18.4 16.6 Cost of Sales – Non-utility 32.9 31.5 Operating and Maintenance 86.5 84.4 Depreciation and Amortization 45.8 50.5 Taxes Other than Income Taxes 16.3 14.4 Total Operating Expenses 300.8 294.0 Operating Income 57.4 71.6 Other Income (Expense) Interest Expense (16.9 ) (17.2 ) Equity Earnings in ATC 4.7 6.1 Other 2.1 1.6 Total Other Expense (10.1 ) (9.5 ) Income Before Income Taxes 47.3 62.1 Income Tax Expense (Benefit) (3.7 ) 13.1 Net Income $51.0 $49.0 Average Shares of Common Stock Basic 51.2 50.2 Diluted 51.4 50.4 Basic Earnings Per Share of Common Stock $1.00 $0.97 Diluted Earnings Per Share of Common Stock $0.99 $0.97 Dividends Per Share of Common Stock $0.56 $0.535 Consolidated Balance Sheet
Millions - Unaudited
Mar. 31, Dec. 31, Mar. 31, Dec. 31, 2018 2017 2018 2017 Assets Liabilities and Shareholders’ Equity Cash and Cash Equivalents $98.5 $98.9 Current Liabilities $399.6 $351.2 Other Current Assets 305.1 268.6 Long-Term Debt 1,396.5 1,439.2 Property, Plant and Equipment – Net 3,786.1 3,822.4 Deferred Income Taxes 229.7 230.5 Regulatory Assets 376.0 384.7 Regulatory Liabilities 516.0 532.0 Investment in ATC 120.1 118.7 Defined Benefit Pension and Other Postretirement Benefit Plans 175.2 191.8 Other Investments 52.8 53.1 Other Non-Current Liabilities 257.8 267.1 Goodwill and Intangibles – Net 224.5 225.9 Shareholders’ Equity 2,097.3 2,068.2 Other Non-Current Assets 109.0 107.7 Total Assets $5,072.1 $5,080.0 Total Liabilities and Shareholders’ Equity $5,072.1 $5,080.0 Three Months Ended ALLETE, Inc. March 31, Income (Loss) 2018 2017 Millions Regulated Operations $43.9 $43.5 Energy Infrastructure and Related Services ALLETE Clean Energy 8.1 6.7 U.S. Water Services (1.4 ) (0.3 ) Corporate and Other 0.4 (0.9 ) Net Income Attributable to ALLETE $51.0 $49.0 Diluted Earnings Per Share $0.99 $0.97 Statistical Data Corporate Common Stock High $74.42 $68.38 Low $66.64 $61.64 Close $72.25 $67.71 Book Value $40.91 $39.34 Kilowatt-hours Sold Millions Regulated Utility Retail and Municipal Residential 342 323 Commercial 367 369 Industrial 1,843 1,762 Municipal 219 215 Total Retail and Municipal 2,771 2,669 Other Power Suppliers 1,003 1,041 Total Regulated Utility Kilowatt-hours Sold 3,774 3,710 Regulated Utility Revenue Millions Regulated Utility Revenue Retail and Municipal Electric Revenue Residential $35.5 $34.7 Commercial 34.0 36.0 Industrial 113.3 120.5 Municipal 14.0 18.2 Total Retail and Municipal Electric Revenue 196.8 209.4 Other Power Suppliers 43.7 41.2 Other (Includes Water and Gas Revenue) 29.7 31.0 Total Regulated Utility Revenue $270.2 $281.6
View source version on businesswire.com : https://www.businesswire.com/news/home/20180502005268/en/
ALLETE, Inc.
Investor Contact:
Vince Meyer, 218-723-3952
[email protected]
Source: ALLETE, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/business-wire-allete-inc-reports-first-quarter-2018-earnings-of-99-cents-per-share.html |
0 COMMENTS Gold prices moved between small gains and losses on Wednesday, steadying after carving a new low for 2018 this week.
The combination of a stronger U.S. dollar, higher Treasury yields and concern about rising interest rates prompted a selloff in the bullion market Tuesday, with prices seeing the largest single-day drop since 2016.
Some of those pressures eased Wednesday, with the dollar turning lower and bond yields flattening after recent gains. That brought some buying interest back to the gold market, though observers said chart patterns suggested that prices hadn’t bottomed yet.
“It doesn’t look very good,” said Edward Meir at INTL FCStone Inc. INTL 0.37% “The market is really just buckling because of the strength in the dollar, the strength in the interest-rate picture.”
Front-month gold futures for May delivery rose 0.1% to $1,290.20 a troy ounce, after falling earlier to a new low for the year. Some analysts suggested traders were searching for a bottom closer to the $1,280 mark, with others hoping to see prices return above $1,300.
Lower prices could spark some physical gold demand from investors and others for coins and jewelry, Mr. Meir said, which could help to limit losses going forward.
The WSJ Dollar Index, which measures the dollar against a basket of currencies, drifted both higher and lower on Wednesday morning before eventually falling 0.2% to 86.79. It is up nearly 4% in the past month. The yield on 10-year U.S. Treasury note was little changed from Tuesday. Yields move inversely to prices.
A stronger greenback makes gold more expensive for foreign buyers. The metal pays no interest, so it also looks less attractive against yield-bearing assets like bonds when rates rise.
The Federal Reserve is expected to raise interest rates at least two more times this year.
“We still see the U.S. rate cycle and U.S. dollar in the driving seat for gold,” Carsten Menke, commodities research analyst at Julius Baer, wrote in a note to clients.
Mr. Menke, however, expects gold’s prospects to improve later in the year as the “short-term rate cycle headwinds fade as the year progresses, opening up medium- to longer-term buying opportunities.”
Market observers also pointed to an uptick in geopolitical tension as a potential boon for gold. North Korea this week suspended a meeting with South Korea and suggested that it could abandon coming talks with the U.S. , objecting to military exercises between the two countries and pressure from Washington to push rapid disarmament.
Observers said those uncertainties could help stoke demand for gold as a haven asset, which investors typically buy at times of heightened instability.
“The impact of rising bond yields has severely diminished the strength of the precious metal though fundamental support levels will be expected to materialize amidst existing geopolitical issues,” Benjamin Lu, analyst at Phillip Futures, wrote in a note to clients.
Immediate price reaction to North Korea’s harsher tone was muted, puzzling some investors. Gold overnight rose to a peak of a little over $1,296 before giving back much of that gain.
Copper prices were mixed before turning higher. May-dated contracts rose 0.5% to $3.0585 a pound. The bulk of the gains came after the dollar turned lower.
Write to Benjamin Parkin at [email protected] and Georgi Kantchev at [email protected] | ashraq/financial-news-articles | https://www.wsj.com/articles/gold-extends-losses-after-reaching-2018-low-1526488369 |
"Next thing you know we hear 'Boom!'": TX student Friday, May 18, 2018 - 01:17
Parents and students describe the moments when it became clear a shooting was taking place in high school in Santa Fe, Texas, where multiple people were killed. With sophomore Dakota Shrader saying her friend was shot in the leg. Rough Cut (no reporter narration)
Parents and students describe the moments when it became clear a shooting was taking place in high school in Santa Fe, Texas, where multiple people were killed. With sophomore Dakota Shrader saying her friend was shot in the leg. Rough Cut (no reporter narration) //reut.rs/2LcwyUr | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/18/next-thing-you-know-we-hear-boom-tx-stud?videoId=428140899 |
May 21, 2018 / 10:39 AM / in 37 minutes Fifth Third Bancorp to buy MB Financial for about $4.7 bln Reuters Staff 1 Min Read
May 21 (Reuters) - U.S. regional bank Fifth Third Bancorp on Monday said it would buy MB Financial Inc in a deal valued at about $4.7 billion.
About 90 percent of the consideration will be in stock with the rest in cash, the company said. (Reporting by Nikhil Subba in Bengaluru; Editing by Shailesh Kuber) | ashraq/financial-news-articles | https://www.reuters.com/article/mb-financial-ma-fifth-third-bancorp/fifth-third-bancorp-to-buy-mb-financial-for-about-4-7-bln-idUSL3N1SS3PF |
SHENZHEN, China, May 10, 2018 /PRNewswire/ -- 500.com Limited (NYSE: WBAI) ("500.com" or the "Company"), a leading online sports lottery service provider in China, today reported its unaudited the first quarter .
Suspension Suspension of Online Sports Lottery Sales in China
Since March 2015, all provincial sports lottery administration centers to which the Company provides sports lottery sales services have suspended accepting online purchase orders for lottery products in response to the Notice related to Self-Inspection and Self-Remedy of Unauthorized Online Lottery Sales, (the "Self-Inspection Notice"), which was jointly promulgated by the Ministry of Finance, the Ministry of Civil Affairs and the General Administration of Sports of the People's Republic of China on January 15, 2015.
On February 24, 2015, the Company was informed by certain provincial sports lottery administration centers that, as part of their respective self-inspection processes, such provincial sports lottery administration centers planned to suspend accepting online purchase orders for lottery products starting from February 25, 2015. On March 2, 2015, the Company was further informed by the remaining provincial sports lottery administration centers to which it provides sports lottery sales services that they also planned to temporarily suspend accepting online purchase orders for lottery products, in response to the Self-Inspection Notice.
In response to the Self-Inspection Notice, on April 4, 2015, the Company decided to voluntarily suspend all online lottery sales services.
As a result of the provincial sport lottery administration centers' decision to suspend accepting online lottery orders and the Company's voluntary suspension of all online sports lottery sales services in China, the Company has not generated any revenue from these services since April 2015.
On March 6, 2018, the Company entered into a framework agreement with the China Sports Lottery Administration Center ("CSLA"), under which, both parties plan to cooperate to develop physical channels to sell sports lottery tickets.
On May 2, 2018, the Company entered into a framework agreement with Loto Interactive Information Technology (Shenzhen) Limited ("Loto Shenzhen" and together with the Company, the "Purchasers"), a wholly-owned subsidiary of Loto Interactive Limited and Shenzhen General Lottery Technology Co., Ltd. ("Shenzhen GenLot"), under which, Shenzhen GenLot will supply sports lottery terminals ("Lottery Terminals") approved by the CSLA to the Purchasers for onward sales and distribution in the PRC; and Shenzhen GenLot shall provide maintenance services for the Lottery Terminals supplied during warranty period.
Disposal of Qufan Cayman and Shenzhen Qufan
On February 9, 2018, the Company entered into a share disposal agreement with the founding shareholder of Qufan and disposed its of 51% equity interest in Qufan Internet Technology Inc. ("Qufan Cayman"), and Shenzhen Qufan Network Technology Co., Ltd, ("Shenzhen Qufan") for a total consideration of RMB127.5 million and recognized a disposal gain of RMB10.2 million (US$1.6 million), including the foreign exchange loss. As of April 3, 2018, the Company has received the payment of the total consideration in full, or RMB127.5 million (approximately US$19.4 million). The condensed consolidated statements of comprehensive loss for the three months , December 31, 2017 and March 31, 2017 have been reclassified to reflect the disposal of Qufan Cayman and Shenzhen Qufan business segment as a discontinued operation.
First Quarter 201 8 Highlights for continuing operations
Net revenues were RMB38.4 million (US$6.1 million), compared with RMB34.9 million for the fourth quarter of 2017, and RMB3.5 million for the first quarter of 2017. Operating loss was RMB76.7 million (US$12.2 million), compared with operating loss of RMB143.2 million for the fourth quarter of 2017, and operating loss of RMB71.4 million for the first quarter of 2017. Non-GAAP 1 operating loss was RMB55.3 million (US$8.8 million), compared with non-GAAP operating loss of RMB120.0 million for the fourth quarter of 2017, and non-GAAP operating loss of RMB42.7 million for the first quarter of 2017. Net loss attributable to 500.com was RMB58.6 million (US$9.3 million), compared with net loss attributable to 500.com of RMB129.9 million for the fourth quarter of 2017, and net loss attributable to 500.com of RMB62.3 million for the first quarter of 2017. Non-GAAP net loss attributable to 500.com was RMB37.2 million (US$5.9 million), compared with non-GAAP net loss attributable to 500.com of RMB106.8 million for the fourth quarter of 2017, and non-GAAP net loss attributable to 500.com of RMB33.6 million for the first quarter of 2017. Basic and diluted losses per ADS were RMB1.73 (US$0.33). Non-GAAP basic and diluted losses per ADS were RMB1.20 (US$0.15).
1 Non-GAAP financial measures exclude the impact of share-based compensation expenses. Reconciliations of non-GAAP financial measures to U.S. GAAP financial measures are set forth in the table at the end of this release.
Mr. Zhengming Pan, the CEO of 500.com, stated, "We voluntarily suspended our online lottery sales operations in response to the promulgation of the Self-Inspection Notice. Such voluntary suspension materially and adversely impacted our the first quarter of 2018. We want to re-emphasize that we are one of the two entities approved by the Ministry of Finance in 2012 to provide online lottery sales services on behalf of the China Sports Lottery Administration Center. In particular, such approval mandated that the China Sports Lottery Administration Center use its best effort to develop an online lottery sales management system as part of a pilot program for online lottery sales in China, and once such a management system is finished, the China Sports Lottery Administration Center should apply again for approval from the Ministry of Finance for official reinstatement of online lottery sales in China. The Company has been working and will continue to work with the China Sports Lottery Administration Center to develop the management system. To the best of the Company's knowledge, the approval by the Ministry of Finance for the Company to provide online lottery sales services on behalf of the China Sports Lottery Administration Center is valid and has not been revoked or amended as of the date of this earnings release." In addition, on March 6, 2018, we entered into a framework agreement with CSLA, under which, both parties plan to cooperate to develop physical channels to sell sports lottery tickets.
First Quarter 201 8 Financial Results for continuing operations
Net Revenues
The Company has assessed the impact of the guidance by reviewing its existing customer contracts and current accounting policies and practices to identify differences that will result from applying the new requirements, including the evaluation of its performance obligations, transaction price, customer payments, transfer of control and principal versus agent considerations. Based on the assessment, the Company concluded that there was no change to the timing and pattern of revenue recognition for its current revenue streams in scope of Topic 606 and therefore there was no material changes to the Company's consolidated financial statements upon adoption of ASC 606.
Net revenues were RMB38.4 million (US$6.1 million), representing a significant increase of RMB 34.9 million or 997.1% increase from RMB3.5 million for the first quarter of 2017 and an increase of RMB3.5 million or 10.0% increase from RMB34.9 million for the fourth quarter of 2017. The year-over-year increase in net revenues was primarily due to RMB32.6 million (EUR4.2 million) in revenue contribution from online lottery betting and online casino in Europe through TMG, which accounted for 84.9% of total net revenues. Net revenues generated from mobile gaming and sports information services were RMB5.8 million, accounting for 15.1% of total net revenues during the first quarter of 2018. Net revenues increased sequentially was mainly attributable to the increase in revenues from TMG.
The Company acquired the TMG in July 2017, on a pro forma basis, had the TMG acquisition been completed on January 1, 2017, it would have contributed a total net revenue of RMB19.4 million (EUR2.5 million) to the Company for the three months ended March 31, 2017, which would bring the total net revenue of the Company to RMB22.9 million for the first quarter of 2017. The year-over-year increase in net revenue on pro forma basis would have been only RMB15.5 million or 67.7%.
Operating Expenses
Operating expenses were RMB115.7 million (US$18.4 million), representing an increase of RMB40.3 million or 53.4% increase from RMB75.4 million for the first quarter of 2017, and a decrease of RMB34.4 million or 22.9% decrease from RMB150.1 million for the fourth quarter of 2017. The year-over-year increase was mainly due to the consolidation of TMG's operating expenses of RMB33.4 million (EUR4.3 million) for the first quarter of 2018; an increase in amortization associated with acquired intangible assets of RMB7.9 million; an increase in depreciation and amortization associated with leasehold improvements for the Company's new office of RMB3.8 million, and an increase in rental expense for the Company's new office of RMB2.0 million, which were partially offset by a decrease in share-based compensation expenses associated with share options granted to the Company's directors and employees of RMB7.4 million. The sequential decrease was mainly due to an impairment provision of RMB28.8 million provided for long-term investment recognized during the fourth quarter of 2017, there was no impairment provision recognized during the first quarter of 2018; a decrease in salary expenses of RMB7.6 million for the bonus accrued at the end of the year 2017, and a decrease in share-based compensation expenses associated with share options granted to the Company's directors and employees of RMB1.8 million, which were partially offset by an increase in business insurance costs for TMG associated with online lottery betting of RMB3.5 million.
Cost of services was RMB21.5 million (US$3.4 million), representing an increase of RMB19.0 million or 760.0% increase from RMB2.5 million for the first quarter of 2017, and an increase of RMB3.8 million or 21.5% increase from RMB17.7 million for the fourth quarter of 2017. The year-over-year increase was mainly attributable to an increase in amortization associated with acquired intangible assets of RMB7.9 million; an increase in business insurance costs for TMG associated with online lottery betting of RMB7.2 million; an increase in platform service fees for TMG associated with online casino platforms of RMB2.6 million, and an increase in account handling expenses relating to TMG's website and mobile distribution channels of RMB1.6 million. The sequential increase was mainly attributable to an increase in business insurance costs for TMG associated with online lottery betting of RMB 3.5 million.
Sales and marketing expenses were RMB21.5 million (US$3.4 million), representing an increase of RMB12.7 million or 144.3% increase from RMB8.8 million for the first quarter of 2017, and a decrease of RMB2.2 million or 9.3% decrease from RMB23.7 million for the fourth quarter of 2017. The year-over-year increase was mainly attributable to an increase in marketing and promotional expenses for TMG associated with online lottery betting and online casino platforms of RMB12.2 million. The sequential decrease was mainly due to a decrease in salary expenses of RMB1.7 million for the bonus accrued at the end of the year 2017 and a decrease in marketing and promotional expenses relating to mobile gaming of RMB0.5 million as a result of the ceased operation of Quiz.
General and administrative expenses were RMB57.9 million (US$9.2 million), representing an increase of RMB7.3 million or 14.4% increase from RMB50.6 million for the first quarter of 2017, and a decrease of RMB32.8 million or 36.2% decrease from RMB90.7 million for the fourth quarter of 2017. The year-over-year increase was mainly attributable to an increase in salary expenses of RMB 6.7 million as a result of TMG's business consolidation; an increase in depreciation and amortization associated with leasehold improvements for the Company's new office of RMB3.9 million, and an increase in consulting expenses of RMB2.6 million, which were partially offset by a decrease in share-based compensation expenses associated with share options granted to the Company's employees and directors of RMB6.2 million. The sequential decrease was mainly due to an impairment provision of RMB28.8 million provided for long-term investment recognized during the fourth quarter of 2017, there was no impairment provision recognized during the first quarter of 2018; a decrease in travelling expenses of RMB2.2 million, and a decrease in salary expenses of RMB1.8 million for the bonus accrued at the end of the year 2017.
Service development expenses were RMB14.7 million (US$2.3 million), representing a slight increase of RMB1.2 million or 8.9% increase from RMB13.5 million for the first quarter of 2017, and a decrease of RMB3.3 million or 18.3% decrease from RMB18.0 million for the fourth quarter of 2017. The year-over-year increase was mainly attributable to an increase in rental expense for the Company's new office of RMB2.4 million, which was partially offset by a decrease in salary expenses of RMB0.9 million for the bonus accrued at the end of the year 2017. The sequential decrease was mainly due to a decrease in salary expenses of RMB4.1 million for the bonus accrued at the end of the year 2017; a decrease in share-based compensation expenses associated with share options granted to the Company's employees and directors of RMB0.7 million and a decrease in technical fee of RMB0.3 million, which were partially offset by an increase in rental expense for the Company's new office of RMB1.9 million.
Operating Loss
Operating loss was RMB76.7 million (US$12.2 million), compared with operating loss of RMB71.4 million for the first quarter of 2017, and operating loss of RMB143.2 million for the fourth quarter of 2017, respectively.
Non-GAAP operating loss was RMB55.3 million (US$8.8 million), compared with non-GAAP operating loss of RMB42.7 million for the first quarter of 2017, and non-GAAP operating loss of RMB120.0 million for the fourth quarter of 2017, respectively.
Net Loss Attributable to 500.com
Net loss attributable to 500.com was RMB58.6 million (US$9.3million), compared with net loss attributable to 500.com of RMB62.3 million for the first quarter of 2017, and net loss attributable to 500.com of RMB129.9 million for the fourth quarter of 2017, respectively. The significant sequential decrease was mainly due to a combination of factors including a one-time donation of RMB 30.0 million made during the fourth quarter of 2017, an impairment provision of RMB28.8 million provided for long-term investment recognized during the fourth quarter of 2017, there were no such donations and impairments made in the first quarter of 2018, and a gain from the disposal of Qufan of RMB10.2 million recognized during the first quarter of 2018.
Non-GAAP net loss attributable to 500.com was RMB37.2 million (US$5.9 million), compared with non-GAAP net loss attributable to 500.com of RMB33.6 million for the first quarter of 2017, and non-GAAP net loss attributable to 500.com of RMB106.8 million for the fourth quarter of 2017, respectively. The significant sequential decrease in non-GAAP net loss was for the same reason as described above.
First Quarter 2018 Financial Results for discontinued operations
Net income (loss) from discontinued operations, net of taxes
Net income from discontinued operations, net of taxes was RMB12.3 million (US$2.0 million) for the three months and net income from discontinued operations, net of taxes was RMB6.2 million for the three months ended March 31, 2017, which results an increase of RMB10.2 million disposal gain from discontinued operations, net of taxes. The Company disposed of Qufan Cayman and Shenzhen Qufan on February 9, 2018 for a total consideration of RMB127.5 million and recognized a disposal gain of RMB10.2 million (US$1.6 million), including the foreign exchange loss. The comparative financial information for the three months ended December 31, 2017 and March 31, 2017 have been reclassified to reflect the disposal of Qufan Cayman and Shenzhen Qufan business segment as a discontinued operation.
Cash and Cash Equivalents , Restricted Cash, Time Deposits and Short-term Investments
As of March 31, 2018, the Company had cash and cash equivalents of RMB492.2 million (US$78.5 million), restricted cash 2 of RMB1.2 million (US$0.2 million) and short-term investments of RMB100.0 million (US$15.9 million), compared with cash and cash equivalents of RMB529.1 million, restricted cash of RMB1.2 million and short-term investments of RMB120.0 million as of December 31, 2017.
Prepayments and Other Current Assets
As of March 31, 2018, the balance of prepayment and other current assets was RMB89.5 million (US$14.3 million), compared with RMB74.0 million as of December 31, 2017. The balance as of March 31, 2018 mainly included: (i) the current portion of deferred expenses of RMB13.5 million (US$2.2 million); (ii) deposit receivables of RMB18.5 million (US$2.9 million); (iii) receivables of consideration from disposal of subsidiaries and long-term investment of RMB14.5 million (US$2.3 million); (iv) receivables from third party payment service providers of RMB0.4 million (US$0.1 million); (v) deductible value added input tax of RMB15.2 million (US$2.4 million); and (vi) other receivables of RMB27.4 million (US$4.4 million).
2 Restricted cash represents government grants received but pending for final clearance.
Business Outlook
The Company will not make earnings forecast until it receives clear instruction on the resumption date of online sports lottery sales from the Ministry of Finance.
Currency Convenience Translation
This announcement contains translations of certain Renminbi amounts into U.S. dollars at specified rates solely for the convenience of readers. Unless otherwise noted, all translations from Renminbi to U.S. dollars were made at the exchange rate of RMB6.2726 to US$1.00, as set forth in the H.10 statistical release of the Federal Reserve Board on March 30, 2018 and all translations from Renminbi to EUR were made at the average of the month-end exchange rate of RMB7.7762 to EUR1.00, as set forth in the statistical release of State Administration of Foreign Exchange at the end of each month in 2018.
About 500.com Limited
500.com Limited (NYSE:WBAI) is a leading online sports lottery service provider in China. The Company offers a comprehensive and integrated suite of online lottery services, information, user tools and virtual community venues to its users. 500.com was among the first companies to provide online lottery services in China, and is one of two entities that have been approved by the Ministry of Finance to provide online lottery sales services on behalf of the China Sports Lottery Administration Center, which is the government authority that is in charge of the issuance and sale of sports lottery products in China.
Safe Harbor Statements
This news release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target," "going forward," "outlook" and similar statements. Such statements are based upon management's current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company's control, which may cause the Company's actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.
About Non-GAAP Financial Measures
To supplement the Company's financial results presented in accordance with U.S. GAAP, the Company uses non-GAAP financial measures, which are adjusted from results based on U.S. GAAP to exclude share-based compensation expenses in our consolidated affiliated entities. Reconciliations of non-GAAP financial measures to U.S. GAAP financial measures are set forth in table at the end of this release, which provide more details on the non-GAAP financial measures.
Non-GAAP financial information is provided as additional information to help investors compare business trends among different reporting periods on a consistent basis and to enhance investors' overall understanding of the historical and current financial performance of the Company's continuing operations and prospects for the future. Non-GAAP financial information should not be considered a substitute for or superior to U.S. GAAP results. In addition, calculations of this non-GAAP financial information may be different from calculations used by other companies, and therefore comparability may be limited.
For more information, please contact:
500.com Limited
[email protected]
Christensen
In China
Mr. Christian Arnell
Phone: +86-10-5900-1548
E-mail: [email protected]
In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: [email protected]
500.com Limited
Condensed Consolidated Balance Sheets
(Amounts in thousands of Renminbi ("RMB") and U.S. dollars ("US$"), except for number of shares)
December 31,
2017
March 31,
2018
March 31,
2018
RMB
RMB
US$
Audited
Unaudited
Unaudited
ASSETS
Current assets:
Cash and cash equivalents
529,124
492,230
78,473
Restricted cash
1,238
1,242
198
Short-term investments
120,000
100,000
15,942
Prepayments and other current assets
74,049
89,512
14,270
Other current assets
12,611
-
-
Total current assets
737,022
682,984
108,883
Non-current assets:
Property and equipment, net
106,991
107,968
17,213
Intangible assets, net
291,086
236,153
37,648
Deposits
5,764
5,718
912
Long-term investments
347,073
336,200
53,598
Other non-current assets
6,257
2,514
401
Goodwill
260,366
129,752
20,686
Total non-current assets
1,017,537
818,305
130,458
TOTAL ASSETS
1,754,559
1,501,289
239,341
LIABILITIES AND SHAREHOLDERS'
EQUITY
Current liabilities:
Accrued payroll and welfare payable
16,683
5,507
878
Accrued expenses and other current
liabilities
152,337
88,019
14,032
Income tax payable
6,917
2,704
431
Total current liabilities
175,937
96,230
15,341
Non-current liabilities:
Long-term payables
27,785
26,028
4,149
Deferred tax liabilities
19,475
5,167
824
Total non-current liabilities
47,260
31,195
4,973
TOTAL LIABILITIES
223,197
127,425
20,314
Redeemable noncontrolling interest
22,052
22,174
3,535
Shareholders' Equity:
Class A ordinary shares, par value
US$0.00005 per share, 700,000,000
shares authorized as of December 31,
2017 and March 31, 2018; 333,787,552
and 340,447,602 shares issued and
outstanding as of December 31, 2017
and March 31, 2018, respectively
115
118
17
Class B ordinary shares, par value
US$0.00005 per share; 300,000,000
shares authorized as of December 31,
2017 and March 31, 2018; 74,400,299
and 74,400,299 shares issued and
outstanding as of December 31, 2017
and March 31, 2018, respectively
28
28
4
Additional paid-in capital
2,295,111
2,330,508
371,541
Treasury shares
(143,780)
(143,780)
(22,922)
Accumulated deficit
(857,751)
(916,303)
(146,080)
Accumulated other comprehensive
income
116,051
90,033
14,353
Total 500.com Limited shareholders'
equity
1,409,774
1,360,604
216,913
Noncontrolling interests
99,536
(8,914)
(1,421)
Total shareholders' equity
1,509,310
1,351,690
215,492
TOTAL LIABILITIES,
NONCONTROLLING INTEREST AND
SHAREHOLDERS' EQUITY
1,754,559
1,501,289
239,341
500.com Limited
Condensed Consolidated Statements of Comprehensive Loss
(Amounts in thousands of Renminbi ("RMB") and U.S. dollars ("US$"),
except for number of shares, per share (or ADS) data)
March 31,
2017
December 31,
2017
March 31,
2018
March 31,
2018
RMB
RMB
RMB
US$
Unaudited
Unaudited
Unaudited
Unaudited
Net Revenues
3,487
34,856
38,426
6,126
Operating costs and expenses:
Cost of services
(2,497)
(17,719)
(21,534)
(3,433)
Sales and marketing
(8,840)
(23,674)
(21,507)
(3,429)
General and administrative
(50,577)
(90,699)
(57,942)
(9,237)
Service development expenses
(13,474)
(17,980)
(14,670)
(2,339)
Total operating expenses
(75,388)
(150,072)
(115,653)
(18,438)
Other operating income
49
597
662
106
Government grant
934
1,565
990
158
Other operating expenses
(517)
(30,112)
(1,080)
(172)
Operating loss from continuing operations
(71,435)
(143,166)
(76,655)
(12,220)
Others, net
302
5,262
(109)
(17)
Interest income
6,784
4,072
3,614
576
Loss from equity method investments
(130)
(1,288)
(1,583)
(252)
Gain from disposal of a subsidiary
-
5,477
1,842
294
Changes in fair value of contingent considerations
(467)
(655)
-
-
Loss before income tax
(64,946)
(130,298)
(72,891)
(11,619)
Income tax (expense) benefit
(1,327)
(1,633)
1,113
177
Net loss from continuing operations
(66,273)
(131,931)
(71,778)
(11,442)
Income (loss) from discontinued operations , net of applicable income taxes
6,233
(2,489)
2,183
346
Gain on disposal of discontinued operations, net of applicable income taxes
-
-
10,160
1,620
Net income (loss) from discontinued operations, net of applicable
income taxes
6,233
(2,489)
12,343
1,966
Net loss
(60,040)
(134,420)
(59,435)
(9,476)
Net loss attributable to noncontrolling interest from continuing operations
(777)
(3,101)
(1,980)
(316)
Net income (loss) attributable to noncontrolling interest from discontinued operations
3,055
(1,395)
1,099
176
Net income (loss) attributable to the noncontrolling interests
2,278
(4,496)
(881)
(140)
Net loss attributable to 500.com Limited
(62,318)
(129,924)
(58,554)
(9,336)
Other comprehensive loss
Foreign currency translation loss
(7,108)
(10,580)
(26,018)
(4,148)
Change in fair value of available for sale investment
1,946
21
-
-
Other comprehensive loss, net of tax
(5,162)
(10,559)
(26,018)
(4,148)
Comprehensive loss
(65,202)
(144,979)
(85,453)
(13,624)
Less: Comprehensive (loss) income attributable to noncontrolling interests
(1,946)
(4,289)
993
158
Comprehensive loss attributable to 500.com Limited
(63,256)
(140,690)
(86,446)
(13,782)
Weighted average number of Class A and Class B ordinary shares
outstanding:
Basic
409,325,173
408,112,036
409,815,414
409,815,414
Diluted
409,325,173
408,112,036
409,815,414
409,815,414
Losses per share attributable to 500.com Limited-Basic and Diluted
Net loss from continuing operations
(0.17)
(0.31)
(0.17)
(0.03)
Net income (loss) from discontinued operations
0.02
(0.01)
0.03
0.01
Net loss
(0.15)
(0.32)
(0.14)
(0.02)
Losses per ADS* attributable to 500.com Limited-Basic and Diluted
Net loss from continuing operations
(1.67)
(3.12)
(1.73)
(0.33)
Net income (loss) from discontinued operations
0.15
(0.06)
0.30
0.10
Net loss
(1.52)
(3.18)
(1.43)
(0.23)
* American Depositary Shares, which are traded on the NYSE. Each ADS represents ten Class A ordinary shares of the Company.
500.com Limited
Reconciliation of non-GAAP results of operations measures to the nearest comparable GAAP measures
(Amounts in thousands of Renminbi ("RMB") and U.S. dollars ("US$"),
except for number of shares, per share (or ADS) data)
March 31,
2017
December 31,
2017
March 31,
2018
March 31,
2018
RMB
RMB
RMB
US$
Unaudited
Unaudited
Unaudited
Unaudited
Operating loss from continuing operations
(71,435)
(143,166)
(76,655)
(12,220)
Adjustment for share-based compensation expenses
28,729
23,168
21,367
3,406
Adjusted operating loss from continuing operations
(non-GAAP)
(42,706)
(119,998)
(55,288)
(8,814)
Net loss attributable to 500.com Limited
(62,318)
(129,924)
(58,554)
(9,336)
Net loss attributable to 500.com Limited from continuing
operations
(68,551)
(127,435)
(70,897)
(11,302)
Net income (loss) attributable to 500.com Limited from
discontinued operations
6,233
(2,489)
12,343
1,966
Adjustment for share-based compensation expenses
28,729
23,168
21,367
3,406
Adjusted net income (loss) attributable to 500.com
Limited (non-GAAP)
(33,589)
(106,756)
(37,187)
(5,930)
Adjusted net loss attributable to 500.com Limited from
continuing operations (non-GAAP)
(39,822)
(104,267)
(49,530)
(7,896)
Adjusted net income (loss) attributable to 500.com
Limited from discontinued operations (non-GAAP)
6,233
(2,489)
12,343
1,966
Losses per share attributable to 500.com Limited
(non-GAAP)-Basic and diluted
Net loss from continuing operations (non-GAAP)
(0.10)
(0.25)
(0.12)
(0.02)
Net income (loss) from discontinued operations (non-GAAP)
0.02
(0.01)
0.03
0.01
Net loss (non-GAAP)
(0.08)
(0.26)
(0.09)
(0.01)
Losses per ADS* attributable to 500.com Limited
(non-GAAP)-Basic and diluted
Net loss from continuing operations (non-GAAP)
(1.00)
(2.50)
(1.20)
(0.15)
Net income (loss) from discontinued operations (non-GAAP)
0.20
(0.10)
0.30
0.05
Net loss (non-GAAP)
(0.80)
(2.60)
(0.90)
(0.10)
Basic
409,325,173
408,112,036
409,815,414
409,815,414
Diluted
409,325,173
408,112,036
409,815,414
409,815,414
* American Depositary Shares, which are traded on the NYSE. Each ADS represents ten Class A ordinary shares of the Company.
View original content: http://www.prnewswire.com/news-releases/500com-limited-announces-unaudited-financial-results-for-the-first-quarter-of-2018-300646584.html
SOURCE 500.com Limited | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/pr-newswire-500-com-limited-announces-unaudited-financial-results-for-the-first-quarter-of-2018.html |
DOES ANY IMAGE evoke summer more than a canoe drifting across a crystalline lake edged with pines? Just the smell of bristlecone brings back memories of splintery wooden docks, mint cool waters and the endearingly gloppy porridge served at sleep-away camp. At the Migis Lodge on the northwestern banks of Maine’s Sebago Lake, the Porta family has been re-creating that footloose feeling for adults and their own children—with make-your-own ice cream sundae socials and Bingo nights—since 1968.
Migis [pronounced M-eye-Gus] is... | ashraq/financial-news-articles | https://www.wsj.com/articles/a-summer-camp-for-grown-ups-in-maine-1526484779 |
Seasoned Entrepreneur and Industry Veteran to advise OurPet's Management and Board
FAIRPORT HARBOR, Ohio, May 14, 2018 (GLOBE NEWSWIRE) -- OurPet’s Company (OTCQX:OPCO) ( www.ourpets.com ), (the “Company” or “OurPet’s”), a leading proprietary pet supply company, today announced that it has appointed Kevin Freese, Chairman & Chief Executive Officer of Sugar Memories LLC, and Chairman & Chief Executive Officer of Affordable Living Spaces, Ltd., to the OurPet’s Board of Advisors.
OurPet’s CEO Dr. Steve Tsengas commented, “Kevin brings extensive experience and insights from years of working with complex companies on optimization, strategic growth planning, and implementation. His specific record of accomplishment in the retail and e-commerce space, as evident by the success of Sugar Memories LLC, will be invaluable as we continue to adapt our business. Kevin’s knowledge as a customer for OurPet’s products sold on www.groovycandies.com will also allow him to provide firsthand insight. We all look forward to working closely with Kevin.”
Mr. Freese has years of broad and diverse entrepreneurial and professional experience. Prior to his current roles, he served as President and Chief Operating Officer of Raydon Corporation, and Vice President of Worldwide Government Programs for TUG Technologies Corporation, among other accomplishments. Mr. Freese is also a Veteran USAF Officer with 12 years of active duty military service. During his service, he was appointed to the Secretary of Defense’s task force to improve the efficiency and effectiveness of the Air Force’s acquisition process. Mr. Freese also serves as Vice Chairman of the Board of Directors of the Schwebel Baking Company.
Mr. Freese holds a Bachelor of Science in Mechanical Engineering from Ohio Northern University, a Master of Science in Industrial Engineering from the University of Tennessee, and is a graduate of the prestigious Defense Systems Management College Program Management Course in Fort Belvoir, VA. Mr. Freese is involved in various philanthropic activities and advisory boards committed to the advancement of healthcare and education in the community. He has been a Trustee for Lake Health Foundation in Lake County, Ohio for more than 15 years, and is also a Trustee for the Cleveland Masonic Library and Museum in Cleveland, Ohio.
About The OurPet’s Company:
OurPet’s Company designs, produces, and markets a broad line of innovative, high-quality accessory and consumable pet products in the U.S. and overseas. Investors and customers may visit www.ourpets.com for more information about our company and its products. OurPet’s websites include www.petzonebrand.com and www.ourpets.com .
Investor Contact:
Chris Donovan or Steve Calk
Alpha IR Group
(312) 445-2870
[email protected]
OurPet’s Company:
Dr. Steven Tsengas, CEO
(440) 354-6500 x111
Source:OurPet's Company | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/globe-newswire-ourpetas-appoints-kevin-d-freese-as-board-advisor.html |
Verizon Communications shares should rise this year as a healthy dividend yield lures investors ahead of clarity on its path for 5G wireless, according to J.P. Morgan.
The firm raised its rating on the company's shares to overweight from neutral, foreseeing a better competitive climate over the next 12 months.
"Verizon seems to be the one carrier that is heads down, executing on the business, and could see its share improve commensurately," analyst Philip Cusick wrote Friday. "We have an increased level of confidence that revenue can stabilize and potentially start to grow. Given the potential issues and distractions of its wireless competitors, we are less negative on the overall wireless industry."
The J.P. Morgan team – which recently held a meeting with Verizon chief executive Lowell McAdam – said the company could introduce a number of mobile 5G handsets in 2019. The long-term goal focuses on developing industrial applications, such as smart cities, connected cars and Internet of Things.
The 5 percent dividend yield on Verizon shares should also attract investors, the analyst said, despite the 10-year Treasury note yield's recent move toward 3 percent.
"If rates continue higher, Verizon with a 5 percent yield could struggle. We would balance this though with the defensive nature of the business, its 66 percent payout ratio and high dividend yield, and declining leverage," Cusick wrote. "We believe that from this price, when including the dividend, Verizon shares should outperform in a flat to falling market."
The analyst held his 12-month price target steady at $58, implying 22 percent upside over the next year. Verizon's stock is down 10 percent since January, though shares were up nearly 1.5 percent in premarket trading Friday.
He also noted CEO McAdam's lukewarm attitude toward buying or merging with media companies, saying that Verizon has no plan to establish its own video streaming platform but that it plans to announce a partnership with an existing provider later this month.
"The company also downplayed interest in buying cable or large spectrum assets, though commenting that each could make sense at the right price," Cusick added. "Management is comfortable with the company's asset portfolio, making us less worried about the potential distraction of a big media, cable, or spectrum deal."
Wall Street has long speculated on a Verizon deal, theorizing that a tie-up with a large media conglomerate like Comcast could be financially sound given rampant consolidation in the media and telecommunications industries.
Other analysts, like Citigroup's Jason Bazinet, have encouraged such a merger , arguing that the tip-up could boost revenue at the combined company.
Telecom giant AT&T and media giant Time Warner are waiting on regulatory approval for their $85 billion combination, which would marry video content with delivery on mobile devices.
Disclosure: Comcast is the owner of NBCUniversal, the parent company of CNBC and CNBC.com.
—CNBC's Michael Bloom contributed to this report.
Disclaimer | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/11/jp-morgan-upgrades-verizon-on-solid-dividend-5g-outlook.html |
BASEL (Reuters) - A 104-year-old Australian scientist killed himself in Switzerland on Thursday by lethal injection in an assisted suicide he hoped would trigger more lenient euthanasia laws in his home country.
British-born David Goodall, who was not terminally ill, personally triggered a lethal dose of a barbiturate and died at 1030 GMT in a clinic near Basel, the assisted suicide group Exit International said.
Goodall, a member of the Order of Australia for work as a botanist that included publications on arid shrublands, said he had unsuccessfully tried to kill himself in Australia after his faculties including his hearing deteriorated.
He came to Switzerland for its laws that have made assisted suicide legal since the 1940s, a legal curiosity that has made the country what some call a “death tourism” magnet.
“My life has been rather poor for the past year or so, and I am very happy to end it,” Goodall told reporters on Thursday, shortly before his death. “All the publicity that this has been receiving can only, I think, help the cause of euthanasia for the elderly, which I want.”
Physician-assisted suicide or euthanasia remains illegal in many countries, including Australia, though the state of Victoria became the first to pass a euthanasia bill last November to allow terminally ill patients to end their lives. It takes effect in June 2019.
Several family members were with Goodall until his death, which was preceded by formal paperwork that visibly frustrated Goodall, who said “What are we waiting for?”
His last meal was fish and chips, and Exit International director Philip Nitschke helped organize Beethoven’s 9th Symphony to be played at his death, a spontaneous request by Goodall prompted by a reporter’s question at a news conference on Wednesday.
“The infusion started to drip as he activated the process — he had to do that himself — after answering questions which said he knew who he was, where he was and what he was about to do, and he answered these questions with great clarity,” Nitschke told Reuters after Goodall’s death.
“In fact his last words were ‘This is taking an awfully long time!’ “ Nitschke said.
Goodall, a 20-year member of Exit International, was born in London in 1914 and moved to Australia in 1948, where he was a lecturer at the University of Melbourne. He also worked in Britain and held academic posts at U.S. universities, including at Utah State University in Logan.
‘I DID MY BEST’ There, news of his death prompted debate over his legacy, with some former colleagues suggesting his public suicide fit a personality that did not shy the limelight.
Others called Goodall a fine scholar who was well-liked.
“If I had been asked to provide my own comments on David Goodall, I would have said he is perceptive, brilliant and inventive,” said Robert Russon, a 30-year professor at the Logan school in a letter to the Herald Journal newspaper.
Before his death, Goodall said there were things he would have changed, had he to do it all over again.
“I’m not satisfied with what I have done, by any means,” he said. “But I did my best.”
David Goodall, 104, reacts during a news conference a day before he intends to take his own life in assisted suicide, in Basel, Switzerland May 9, 2018. REUTERS/Stefan Wermuth Additional reporting by John Miller in Zurich, Editing by Richard Balmforth, William Maclean
| ashraq/financial-news-articles | https://www.reuters.com/article/us-swiss-euthanasia-goodall/this-is-taking-an-awfully-long-time-says-scientist-before-assisted-suicide-idUSKBN1IB2A7 |
OMAHA, Neb. (Reuters) - Billionaire Warren Buffett on Saturday said it is unlikely that the United States and China will come to loggerheads on trade, and the countries would avoid doing “something extremely foolish.”
Warren Buffett, CEO of Berkshire Hathaway Inc, talks to a reporter in the exhibit hall at the company's annual meeting in Omaha, Nebraska, U.S., May 5, 2018. REUTERS/Rick Wilking “The United States and China are going to be the two superpowers of the world, economically and in other ways, for a long, long, long time,” Buffett said at Berkshire Hathaway Inc’s ( BRKa.N ) annual shareholder meeting, and that any tensions should not jeopardize the win-win benefits from trade.
“It is just too big and too obvious ... that the benefits are huge and the world is dependent on it in a major way for its progress, that two intelligent countries (would) do something extremely foolish,” he said. “We both may do things that are mildly foolish from time to time. There is some give and take.”
The Trump administration has drawn a hard line in trade talks with China, demanding a $200-billion cut in the Chinese trade surplus with the United States, sharply lower tariffs and advanced technology subsidies, people familiar with the talks said on Friday.
Buffett, 87, and his longtime partner and fellow billionaire Charlie Munger, 94, also took pointed questions on Wells Fargo & Co ( WFC.N ), politics, guns, healthcare and their investment choices from shareholders, journalists and analysts at the Berkshire meeting in Omaha, Nebraska.
Buffett defended Wells Fargo and its chief executive, Tim Sloan, in response to a question asking when Berkshire would ditch the bank, one of its largest common stock holdings. Many shareholders applauded the question.
He said the bank committed the “cardinal sin” of incentivizing employees into “kind of crazy conduct,” for which U.S. regulators imposed $1 billion of fines last month over lending abuses.
“Wells Fargo is a company that proved the efficacy of incentives, and it’s just that they just had the wrong incentives,” said Buffett.
But he maintained that the bank is not “inferior” as an investment or morally to its main banking rivals.
Berkshire owned $25.2 billion of Wells Fargo stock as of March 31, down 14 percent from year end as a series of scandals weighed on the bank’s reputation.
Related Coverage Buffett targets CEO for Berkshire-Amazon-JPMorgan healthcare venture soon Highlights: 'Oracle of Omaha' Buffett comments on China, healthcare, deals Wells Fargo investors last week gave strong backing to the bank’s directors and executives on Tuesday, indicating confidence in its overhauled leadership to rebound.
Buffett addressed his alliance with another banker, JPMorgan Chase & Co’s ( JPM.N ) Jamie Dimon, and Amazon.com Inc’s ( AMZN.O ) Jeff Bezos to tackle healthcare. Buffett said U.S. healthcare costs are a tapeworm on the economy, and he said they expect to name a chief executive for that venture within a couple months.
The questions also elicited views on politics from the “Oracle of Omaha” and Munger.
Buffett, for instance, suggested U.S. President Donald Trump should be an “educator-in-chief” on the invisible benefits of trade.
Munger, meanwhile, answered a question on steel tariffs imposed by the White House by acknowledging that U.S. producers are hurting.
“Even Donald Trump can be right on some of this stuff,” he said.
Asked a pointed question why Buffett is willing to do business with gun makers, Buffett sharply retorted, “I do not believe in imposing my political opinions on the activities of our businesses.”
Slideshow (2 Images) CASH STOCKPILE Buffett faces a challenge investing Berkshire’s more than $108 billion of cash and equivalents, including for acquisitions, saying his “phone is not ringing off the hook with good deals.”
Shortly before the meeting, Berkshire ended its more than year-long stretch of falling operating profit, while a new accounting rule caused the conglomerate chaired by Warren Buffett to suffer an overall net loss. Buffett said the net results are not representative of the business.
The accounting change required Berkshire to report unrealized losses in its equity portfolio, which totaled $170.5 billion at year end, regardless of whether it planned to sell those stocks.
Berkshire’s net loss was $1.14 billion, compared with profit of $4.06 billion a year earlier.
But operating profit, which excludes investment and derivative gains and losses, rose 49 percent to a record $5.29 billion, or about $3,215 per Class A share, higher than the $3,116 per share analysts had expected, according to Thomson Reuters I/B/E/S.
Shareholders have been enthusiastic about Berkshire, which sent out slightly more tickets to this year’s extravaganza than in 2015, when an estimated 42,000 celebrated Buffett’s 50th year at the helm. Far more people are likely watching online via Yahoo Finance.
Outside the convention center, Berkshire shareholders lined up for prime seats in the middle of the night.
William Robertson, a Scotland native who now fights fires and does forestry work in Switzerland, said he lined up at 11:30 p.m. Friday, 7-1/2 hours before doors opened. This year’s meeting is his third.
“It gets me first place in the queue, I think when people go to so much effort it shows Warren how important he is for us,” Robertson said.
Once inside, shareholders in an exhibit hall snapped selfies with Buffett caricatures, ate ice cream and crawled through an aircraft on exhibit.
As Buffett gazed over a BNSF model railroad, a wall of media and shareholders, some holding Buffett figurines, crowded around him as he inched along.
“This is me moving at top speed,” he said, to laughter.
“Thank you for everything, Warren,” yelled one well-wisher.
Reporting by Trevor Hunnicutt and Jonathan Stempel in Omaha; Editing by Jennifer Ablan and Nick Zieminski
| ashraq/financial-news-articles | https://in.reuters.com/article/us-berkshire-buffett/buffett-says-u-s-and-china-will-avoid-something-extremely-foolish-on-trade-idINKBN1I60MF |
TORONTO, May 18, 2018 (GLOBE NEWSWIRE) -- Fairfax Financial Holdings Limited (“Fairfax”) (TSX:FFH) (TSX:FFH.U) has completed its previously announced offering of an additional €150 million of its 2.75% Senior Notes due 2028 (the “Notes”). Together with the previously issued €600 million aggregate principal amount of notes of this series (the “Original Notes”), there is €750 million aggregate principal amount of notes of this series outstanding.
The Notes have the same ISIN and Common Code numbers as, and will trade together with, the Original Notes, except that the Notes sold pursuant to Regulation S under the Securities Act of 1933, as amended (the “Securities Act”), have temporary ISIN and Common Code numbers during the 40-day distribution compliance period, as defined under Regulation S. Thereafter, such Notes will trade under the same ISIN and Common Code numbers as the Original Notes that were issued pursuant to Regulation S.
Fairfax intends to use the net proceeds from this offering to refinance or repay outstanding debt or other corporate obligations of Fairfax and its subsidiaries and for general corporate purposes. This may include the redemption or repurchase of certain of Fairfax’s previously issued senior unsecured notes. As of the date of this press release, Fairfax has not made any determination as to the specific debt or other obligations to be repaid, nor the amount, timing or method of repayment. Any repurchase of senior notes will be subject to market conditions, and there can be no assurance that senior notes will be available for repurchase on terms acceptable to Fairfax. Any proceeds not used to refinance or repay debt or other corporate obligations will be used to augment Fairfax’s cash position, to increase short-term investments and marketable securities held at the holding company level and/or for other general corporate purposes.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities (including the Notes) in any jurisdiction to any person to whom it is unlawful to make such offer or solicitation in such jurisdiction. Offers of the Notes have been made only by means of a private offering memorandum.
The Notes were offered primarily in Europe to non-retail investors in accordance with applicable laws as described further below.
The Notes have not been and will not be qualified for sale under the securities laws of any province or territory of Canada and may not be offered or sold directly or indirectly in Canada or to or for the benefit of any resident of Canada except pursuant to applicable prospectus exemptions.
In the United States, the offering was solely by means of a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act, and outside the United States pursuant to Regulation S under the Securities Act. The Notes have not been and will not be registered under the Securities Act and the Notes may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act.
Fairfax is a holding company which, through its subsidiaries, is engaged in property and casualty insurance and reinsurance and investment management.
For further information, contact: John Varnell, Vice President, Corporate Development, at (416) 367-4941 Notice To Prospective Investors In The European Economic Area
MIFID II product governance/Professional investors and ECPs only target market – Solely for the purposes of each manufacturer’s product approval process, the target market assessment in respect of the Notes has led to the conclusion that: (i) the target market for the Notes is eligible counterparties and professional clients only, each as defined in Directive 2014/65/EU (as amended, “MiFID II”); and (ii) all channels for distribution of the Notes to eligible counterparties and professional clients are appropriate. Any person subsequently offering, selling or recommending the Notes (a “distributor”) should take into consideration the manufacturer’s target market assessment; however, a distributor subject to MiFID II is responsible for undertaking its own target market assessment in respect of the Notes (by either adopting or refining the manufacturers’ target market assessment) and determining appropriate distribution channels.
PRIIPs Regulation/Prohibition of sales to EEA retail investors – The Notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the European Economic Area (“EEA”). For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of MiFID II; or (ii) a customer within the meaning of Directive 2002/92/EC (as amended, the “Insurance Mediation Directive”), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in Directive 2003/71/EC (as amended, the “Prospectus Directive”). No key information document required by Regulation (EU) No 1286/2014 (as amended, the “PRIIPs Regulation”) for offering or selling packaged retail and insurance based investment products or otherwise making them available to retail investors in the EEA has been prepared and therefore offering or selling the Notes or otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPS Regulation.
Notice to United Kingdom residents – In the United Kingdom, this press release is only directed at non-retail investors (for these purposes being persons who are not retail investors as described above) who are also (i) persons having professional experience in matters relating to investments who fall within the definition of “investment professionals” in article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (ii) high net worth bodies corporate, unincorporated associations and partnerships and trustees of high value trusts as described in article 49(2) of the Order (all such persons together being referred to as “relevant persons”). In the United Kingdom, any investment or investment activity to which this press release relates is only available to, and will be engaged in only with, relevant persons. Any person in the United Kingdom who is not a relevant person should not act or rely on this press release or any of its contents.
Forward-looking information
Certain statements contained herein may constitute “forward-looking information” within the meaning of Canadian securities laws and “forward-looking statements” within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, Section 21E of the U.S. Securities Exchange Act of 1934, as amended, “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and in any applicable Canadian securities regulations. Such forward-looking information may include, among other things, the expected use of net proceeds from the offering of Notes. Such forward-looking statements are subject to known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Fairfax to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, but are not limited to: the failure to successfully complete the offering; our ability to refinance and/or repay certain of our outstanding debt or other corporate obligations with the proceeds of the offering on terms acceptable to us; a reduction in net earnings if our loss reserves are insufficient; underwriting losses on the risks we insure that are higher or lower than expected; the occurrence of catastrophic events with a frequency or severity exceeding our estimates; changes in market variables, including interest rates, foreign exchange rates, equity prices and credit spreads, which could negatively affect our investment portfolio; the cycles of the insurance market and general economic conditions, which can substantially influence our and our competitors’ premium rates and capacity to write new business; insufficient reserves for asbestos, environmental and other latent claims; exposure to credit risk in the event our reinsurers fail to make payments to us under our reinsurance arrangements; exposure to credit risk in the event our insureds, insurance producers or reinsurance intermediaries fail to remit premiums that are owed to us or failure by our insureds to reimburse us for deductibles that are paid by us on their behalf; our inability to maintain our long term debt ratings, the inability of our subsidiaries to maintain financial or claims paying ability ratings and the impact of a downgrade of such ratings on derivative transactions that we and our subsidiaries have entered into; risks associated with implementing our business strategies; the timing of claims payments being sooner or the receipt of reinsurance recoverables being later than anticipated by us; risks associated with any use we may make of derivative instruments; the failure of any hedging methods we may employ to achieve their desired risk management objective; a decrease in the level of demand for insurance or reinsurance products, or increased competition in the insurance industry; the impact of emerging claim and coverage issues or the failure of any of the loss limitation methods we employ; our inability to access cash of our subsidiaries; our inability to obtain required levels of capital on favourable terms, if at all; the loss of key employees; our inability to obtain reinsurance coverage in sufficient amounts, at reasonable prices or on terms that adequately protect us; the passage of legislation subjecting our businesses to additional supervision or regulation, including additional tax regulation, in the United States, Canada or other jurisdictions in which we operate; risks associated with applicable laws and regulations relating to sanctions and corrupt practices in foreign jurisdictions in which we operate; risks associated with government investigations of, and litigation and negative publicity related to, insurance industry practice or any other conduct; risks associated with political and other developments in foreign jurisdictions in which we operate; risks associated with legal or regulatory proceedings or significant litigation; failures or security breaches of our computer and data processing systems; the influence exercisable by our significant shareholder; adverse fluctuations in foreign currency exchange rates; our dependence on independent brokers over whom we exercise little control; an impairment in the carrying value of our goodwill and indefinite-lived intangible assets; our failure to realize deferred income tax assets; technological or other change which adversely impacts demand, or the premiums payable, for the insurance coverages we offer; disruptions of our information technology systems; and assessments and shared market mechanisms which may adversely affect our insurance subsidiaries. Additional risks and uncertainties are described in our most recently issued Annual Report which is available at www.fairfax.ca . Fairfax disclaims any intention or obligation to update or revise any forward-looking statements.
Source: Fairfax Financial Holdings | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/18/globe-newswire-fairfax-completes-a150-million-re-opening-of-2-point-75-percent-senior-notes-due-2028.html |
May 24, 2018 / 8:33 AM / Updated 42 minutes ago RPT-Deutsche Bank's chairman defends abrupt change in CEO Reuters Staff 1 Min Read
(Repeats to additional subscribers, no changes to text)
FRANKFURT, May 24 (Reuters) - Deutsche Bank chairman Paul Achleitner on Thursday defended his decision to abruptly change top management last month.
“We had to act - even though it wasn’t originally our intention to make our change so swiftly,” he told shareholders.
“Personally I had hoped that the reshuffle at the top of our bank would be made in a constructive spirit at today’s annual general meeting.” (Reporting by Tom Sims Editing by Victoria Bryan) | ashraq/financial-news-articles | https://www.reuters.com/article/deutsche-bank-agm-chairman/rpt-deutsche-banks-chairman-defends-abrupt-change-in-ceo-idUSL5N1SV2F1 |
0 COMMENTS An employee checks temperatures at a hot oil pump at the Covestro chemical park in Dormagen, Germany, May 9, 2018. Photo: Bloomberg News
Thomas Toepfer is a finance chief in search of an acquisition target.
The chief financial officer of Covestro AG says the German chemicals maker’s low debt and rising cash positions make it an ideal time to scout for potential deals.
The company, spun off from Bayer AG in the fall of 2015, hasn’t struck an acquisition since its inception. “We need to become capable of doing mergers and acquisitions,” Mr. Toepfer said.
Mr. Toepfer says Covestro’s net debt — at 0.4 times earnings before interest, depreciation and amortization — is too low given the low financing costs available in the market. The global average of this leverage metric for the specialty chemicals industry is a higher multiple of 1.9 as of March, according to FactSet. Without an acquisition, the company expects its free cash flow will rise to €5 billion ($5.9 billion) within three years.
“Over the long haul, this isn’t an efficient way of managing a balance sheet,” Mr. Toepfer said in an interview with CFO Journal. “If you are doing equity finance only, that’s very expensive,” he said.
Mr. Toepfer said the company needs to find a suitable acquisition target to justify increasing its leverage. Management “could imagine” raising Covestro’s net-debt to ebitda ratio to 1.5 times, taking advantage of relatively low financing costs in Europe, he said.
The CFO is searching for potential takeover targets, preferably in its coatings, adhesives and specialties segment, he added.
Covestro already is a market leader in the polyurethanes and the polycarbonates business and expects to encounter antitrust issues, should it attempt a large transaction in either of the two segments.
This limits the company’s scope to bolt-on acquisitions, the CFO said. He declined to say how much the company will spend on an acquisition.
The company had €283 million in net debt on its books at the end of 2017, down more than 80% from €1.49 billion a year earlier. Its free cash flow–defined as cash flow from operations less capital expenditures–totalled €364 million in the first quarter, up 72.5% from the same period of 2017. Covestro expects it to grow significantly faster this year than its three-year average expansion pace.
Mr. Toepfer took over a well-managed finance and treasury function, said Michael Schaefer, an analyst at Commerzbank AG. “He does not have huge refinancing or other tasks awaiting him,” Mr. Schaefer said. “He will focus on steering Covestro’s capital allocation,” he added.
Covestro is spending some of its excess cash on a €1.5 billion share buyback and higher dividends. The company’s current dividend yield is 2.8%, according to S&P Capital IQ.
Covestro also pledged to invest €650 million in 2018 to ramp up capacity at its existing production sites. The management will decide on a new production site over the next 12 to 18 months, and that is expected to cost €1 billion to €2 billion, Mr. Toepfer said.
Share this: DEBT MERGERS AND ACQUISITIONS Previous CFO Moves: Houzz, MetLife, SEC Content from our sponsor Deloitte CFO insight and analysis written and compiled by Deloitte Digital Transformation: Bringing the Risk and Compliance Function to the Table As digital technologies take on a larger role in the way organizations conduct their business, the compliance and internal audit functions should be proactive in joining the transformation. Understand how organizations can identify the barriers that compliance and internal audit often face regarding digital transformation, and how to potentially overcome these challenges to help the functions share in the operational benefits of technology innovation.
Please note: The Wall Street Journal News Department was not involved in the creation of the content above. More from Deloitte → | ashraq/financial-news-articles | https://blogs.wsj.com/cfo/2018/05/17/covestro-wants-to-make-a-deal-but-lacks-an-obvious-target/ |
May 3 (Reuters) - Chalkis Health Industry Co Ltd :
* SAYS SHARE TRADE TO HALT FROM MAY 4 PENDING ANNOUNCEMENT RELATED TO ASSET RESTRUCTURING Source text in Chinese: bit.ly/2rd7J2f (Reporting by Hong Kong newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-chalkis-healths-share-trade-to-hal/brief-chalkis-healths-share-trade-to-halt-from-may-4-pending-announcement-idUSH9N1S5028 |
April 30(Reuters) - JiangSu Bicon Pharmaceutical Listed Co
* Says it issues 2018 first tranche non-public corporate bonds worth 700 million yuan, with term of three years and coupon rate of 7.5 percent
Source text in Chinese: goo.gl/pL7VAR
Further company coverage: (Beijing Headline News)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-jiangsu-bicon-pharmaceutical-liste/brief-jiangsu-bicon-pharmaceutical-listed-issues-2018-first-tranche-non-public-corporate-bonds-worth-700-mln-yuan-idUSL3N1S73QH |
Emerging markets stocks have been under pressure as the U.S. dollar has gained ground, and one portfolio manager is expecting more pain for the group.
Last week, U.S.-based emerging market equity funds posted their first weekly outflows of the year, according to Reuters, citing Lipper data . The EEM emerging markets ETF fell nearly 2 percent in that time, and 3 percent in the last month.
Chad Morganlander, portfolio manager at Washington Crossing Advisors, explained to CNBC's " Trading Nation " his reasons for selling emerging market stocks. Here's why:
• Emerging markets logged a banner year in 2017, with the EEM rallying nearly 35 percent for its best year since 2009, as global growth ramped up and the U.S. dollar fell substantially. This year won't be so rosy.
• The U.S. dollar just posted three straight weeks of gains, depressing emerging market stocks in that time, which will likely continue as a headwind going forward.
• The eventual deceleration in China's credit growth, too, will pose a headwind. At this point, however, the U.S. trade policy with China and recent turmoil in the space is not a major factor in emerging markets' performance.
Bottom line: Emerging markets have weakened recently, and will likely see further downside from here, according to Chad Morganlander.
Vote Vote to see results Total Votes: Not a Scientific Survey. Results may not total 100% due to rounding. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/07/investors-are-fleeing-emerging-markets-and-more-pain-could-be-ahead.html |
OSLO, May 28 (Reuters) - The volume of salmon in cages at Norwegian fish farms, as measured by weight, rose by 5 percent year-on-year in April, industry lobby group Seafood Norway said in a statement.
Also known under the term biomass, the quantity was estimated at 635,000 tonnes of salmon, down from 654,000 the previous month, it added.
Seafood Norway represents about 500 Norwegian seafood companies.
Big Norwegian salmon producers include Marine Harvest , Leroey, Salmar, Grieg Seafood and Norway Royal Salmon.
Norway is the world’s top salmon producer, followed by Chile.
In March, salmon biomass was up 4 percent year-on-year and in February year-on-year growth was 3 percent. (Reporting by Ole Petter Skonnord, editing by Terje Solsvik)
| ashraq/financial-news-articles | https://www.reuters.com/article/norway-salmon/norways-salmon-biomass-rose-5-pct-yr-yr-in-april-seafood-norway-idUSL5N1SZ0HL |
TULSA, Okla., SemGroup® Corporation (NYSE:SEMG) today announced that its Board of Directors has declared a quarterly cash dividend to common shareholders. A dividend in the amount of $0.4725 per share, or $1.89 per share annualized, will be paid on May 25, 2018 to all common shareholders of record on May 16, 2018.
The Board of Directors also declared a dividend to holders of its 7% Series A Cumulative Perpetual Convertible Preferred Stock, which were outstanding for a portion of the first quarter 2018. The company elected, pursuant to the terms of the convertible preferred shares, to have the aggregate amount of $4.8 million that would have been payable in cash as a dividend added to the liquidation preference of such shares as a payment in kind. The record date for the payment in kind on the shares of convertible preferred stock is May 16, 2018 and the payment date is May 25, 2018.
As previously announced, SemGroup plans to release first quarter 2018 results after the market closes on Tuesday, May 8, 2018. A conference call for investors will be held at 11 a.m. Eastern on Wednesday, May 9, 2018 to discuss SemGroup’s first quarter results. A presentation of the results will be posted prior to the conference call on SemGroup’s Investor Relations website at www.semgroupcorp.com .
What: SemGroup Corporation first quarter 2018 earnings conference call When: 11 a.m. Eastern, Wednesday, May 9, 2018 Where: 1) Phone conference call • U.S. callers – 1-855-239-1101 • International callers – 1-412-542-4117 2) Register for the live webcast here . If you are unavailable to participate in the conference call or webcast, a replay will be available on the company’s website following the call.
About SemGroup
Based in Tulsa, Okla., SemGroup ® Corporation (NYSE:SEMG) is a publicly traded midstream service company providing the energy industry the means to move products from the wellhead to the wholesale marketplace. SemGroup provides diversified services for end-users and consumers of crude oil, natural gas, natural gas liquids, refined products, residual fuel oil and asphalt. Services include purchasing, selling, processing, transporting, terminalling and storing energy.
SemGroup uses its Investor Relations website and social media outlets as channels of distribution of material company information. Such information is routinely posted and accessible on our Investor Relations website at www.semgroupcorp.com , our Twitter account and LinkedIn account.
Forward-Looking Statements
Certain matters contained in this Press Release 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. We make these forward-looking statements in reliance on the safe harbor protections provided under the Private Securities Litigation Reform Act of 1995.
All statements, other than statements of historical fact, included in this Press Release may constitute forward-looking statements. Although we believe that the expectations reflected in these forward-looking statements are reasonable, we cannot assure you that these expectations will prove to be correct. These forward-looking statements are subject to certain known and unknown risks and uncertainties, as well as assumptions that could cause actual results to differ materially from those reflected in these forward-looking statements. Factors that might cause actual results to differ include the risk factors discussed from time to time in each of our documents and reports filed with the SEC.
Readers are cautioned not to place undue reliance on any forward-looking statements contained in this Press Release, which reflect management’s opinions only as of the date hereof. Except as required by law, we undertake no obligation to revise or publicly release the results of any revision to any forward-looking statements.
Investor Relations:
Alisa Perkins
918-524-8081
[email protected]
Media:
Tom Droege
918-524-8560
[email protected]
Source:SemGroup Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/globe-newswire-semgroup-declares-quarterly-dividend.html |
FDA decision on glycopyrronium tosylate New Drug Application expected by June 30, 2018
Lebrikizumab Phase 2b study enrolling patients, data expected in first half of 2019
MENLO PARK, Calif., May 03, 2018 (GLOBE NEWSWIRE) -- Dermira, Inc. (NASDAQ:DERM), a biopharmaceutical company dedicated to bringing biotech ingenuity to medical dermatology by delivering differentiated, new therapies to the millions of patients living with chronic skin conditions, today reported financial results for the quarter ended March 31, 2018 and provided an update on its clinical development programs.
“For the past eight years, Dermira has been working towards its goal of offering new therapies for the millions of patients living with chronic skin conditions, and 2018 promises to be an exciting year as we expect to complete our journey from a development stage to a commercial stage company,” said Tom Wiggans, chairman and chief executive officer of Dermira. “The second half of 2018 holds great potential for the company as we await a decision on our new drug application for glycopyrronium tosylate as a potential treatment option for the millions of people suffering from axillary hyperhidrosis and aim to complete the enrollment of our lebrikizumab Phase 2b trial.”
Operational Highlights and Clinical Pipeline Update
In April 2018, Dermira announced the appointment of Christopher Horan as Chief Technical Operations Officer. In this newly created role, Chris will oversee pharmaceutical sciences, procurement, supply chain, including contract manufacturing, and quality as Dermira prepares to commercialize glycopyrronium tosylate (formerly DRM04).
In March 2018, Dermira announced that the investigational treatment olumacostat glasaretil (formerly DRM01) did not meet the co-primary endpoints in its two Phase 3 pivotal trials (CLAREOS-1 and CLAREOS-2) in patients ages nine years and older with moderate-to-severe acne vulgaris, and the company expects to discontinue the program.
In February 2018, Dermira presented new findings from its glycopyrronium tosylate Phase 3 clinical program. The data showed that when applied topically, the investigational therapy improved disease severity, reduced sweat production and was associated with improved quality of life outcomes for pediatric patients (ages 9 to 16) with primary axillary hyperhidrosis (excessive underarm sweating), compared to vehicle-treated patients.
In January 2018, Dermira announced the initiation of a Phase 2b dose-ranging study evaluating lebrikizumab in adult patients with moderate-to-severe atopic dermatitis, the most common form of eczema. The randomized, double-blind, placebo-controlled, parallel-group Phase 2b study is designed to evaluate the safety and efficacy of lebrikizumab as a monotherapy compared with placebo and to establish the dosing regimen for a potential Phase 3 program. Lebrikizumab is a novel, humanized monoclonal antibody designed to bind to IL-13 with high affinity, specifically preventing formation of the IL-13 receptor/IL-4 receptor complex and subsequent signaling. IL-13 plays a central role in type 2 inflammation and is an important pathogenic mediator in atopic dermatitis. The study is expected to enroll approximately 275 patients. Topline results are expected in the first half of 2019.
Financial Highlights
First Quarter 2018 Financial Results
For the quarter ended March 31, 2018, Dermira reported a net loss of $59.3 million, compared with a net loss of $29.5 million for the same period in 2017.
Total operating expenses for the quarter ended March 31, 2018 were $57.2 million, compared to $31.2 million for the first quarter of 2017. This increase was primarily driven by higher personnel-related and commercial readiness expenses.
expenses for the first quarter of 2018 were $25.6 million, compared to $19.9 million for the comparable prior-year period. This increase was primarily driven by clinical trial activities for the lebrikizumab and olumacostat glasaretil product candidates and higher personnel-related expenses, offset by a decrease in clinical trial activities for the Cimzia program.
expenses for the first quarter of 2018 were $30.5 million, compared to $11.3 million for the comparable prior-year period. This increase was primarily driven by higher personnel-related and commercial readiness expenses.
As of March 31, 2018, Dermira had cash and investments of $495.8 million, and 41.8 million common shares outstanding.
Key Milestones and Expectations
Hold the company’s inaugural analyst and investor day on May 24, 2018 to review the company’s commercial activities for glycopyrronium tosylate and its pipeline and issue financial guidance.
Initiate the second phase of the hyperhidrosis disease state awareness campaign in the second quarter of 2018.
If approved by the U.S. Food and Drug Administration (FDA), launch glycopyrronium tosylate for the treatment of axillary hyperhidrosis in the second half of 2018.
About Dermira
Dermira is a biopharmaceutical company dedicated to bringing biotech ingenuity to medical dermatology by delivering differentiated, new therapies to the millions of patients living with chronic skin conditions. Dermira is committed to understanding the needs of both patients and physicians and using its insight to identify and develop leading-edge medical dermatology programs. Dermira’s pipeline includes two late-stage product candidates that could have a profound impact on the lives of patients: glycopyrronium tosylate (formerly DRM04), for which a New Drug Application is under review by the U.S. Food and Drug Administration for the treatment of primary axillary hyperhidrosis (excessive underarm sweating beyond what is needed for normal body temperature regulation), and lebrikizumab, in Phase 2b development for the treatment of moderate-to-severe atopic dermatitis. Dermira is headquartered in Menlo Park, Calif. For more information, please visit http://www.dermira.com . Follow Dermira on Twitter and LinkedIn .
In addition to filings with the Securities (SEC), press releases, public conference calls and webcasts, Dermira uses its website ( www.dermira.com ), LinkedIn page ( https://www.linkedin.com/company/dermira-inc- ) and corporate Twitter account (@DermiraInc) as channels of distribution of information about its company, product candidates, planned financial and other announcements, attendance at upcoming investor and industry conferences and other matters. Such information may be deemed material information and Dermira may use these channels to comply with its disclosure obligations under Regulation FD. Therefore, investors should monitor Dermira’s website, LinkedIn page and Twitter account in addition to following its SEC filings, news releases, public conference calls and webcasts.
Forward-Looking Statements (update)
The information in this news release contains and information Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the “safe harbor” created by those sections. This news release contains that involve substantial risks and uncertainties, including statements with respect to: Dermira’s goal of bringing biotech ingenuity to medical dermatology by delivering differentiated, new therapies to the millions of patients living with chronic skin conditions; potential FDA approval of glycopyrronium tosylate for the treatment of primary axillary hyperhidrosis and the anticipated timing of such approval; the description of and enrollment expectations for Dermira’s Phase 2b dose-ranging study of lebrikizumab for moderate-to-severe atopic dermatitis; the successful completion of, and timing expectations for the receipt and announcement of topline data from the Phase 2b dose-ranging study of lebrikizumab for moderate-to-severe atopic dermatitis; expectations that Dermira will complete its journey from a development stage to a commercial stage company in 2018 and that the second half of 2018 holds great potential for Dermira; the expected discontinuation of Dermira’s olumacostat glasaretil development program; Dermira’s plan to hold an inaugural analyst and investor day on May 24, 2018 to review the company’s commercial activities for glycopyrronium tosylate, its pipeline and issue financial guidance; expectations regarding Dermira’s launch of the second phase of its hyperhidrosis disease state awareness campaign in the second quarter of 2018; and the anticipated commercial launch of glycopyrronium tosylate for the treatment of axillary hyperhidrosis in the second half of 2018. These statements deal with future events and involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from the information expressed or implied by these . Factors that could cause actual results to differ materially include risks and uncertainties such as those relating to the outcomes of Dermira’s future meetings and communications with regulatory agencies; the design, implementation and outcomes of Dermira’s clinical trials; Dermira’s dependence on third-party clinical research organizations, manufacturers and suppliers; Dermira’s ability to attract and retain key employees; Dermira’s ability to obtain necessary additional capital; and Dermira’s ability to continue to stay in compliance with applicable laws and regulations. You should refer to the section entitled “Risk Factors” set forth in Dermira’s Annual Report on Form 10-K, Dermira’s Quarterly Reports on Form 10-Q and other filings Dermira makes with the SEC from time to time for a discussion of important factors that may cause actual results to differ materially from those expressed or implied by Dermira’s . Furthermore, such speak only as of the date of this news release. Dermira undertake no obligation to publicly update any or reasons why actual results might differ, whether as a result of new information, future events or otherwise, except as required by law.
Contacts:
Media:
Erica Jefferson
Vice President, Corporate Communications
650-421-7216
[email protected]
Investors:
Ian Clements, Ph.D.
Vice President, Investor Relations
650-422-7753
[email protected]
Robert H. Uhl
Westwicke Partners
Managing Director
858-356-5932
[email protected]
FINAL 02-MAY-2018 Dermira, Inc. Selected Consolidated Statements of Operations Data (in thousands, except per share amounts) Three Months Ended March 31, 2018 2017 Collaboration and license revenue $ 299 $ 1,066 Operating expenses: (1) 25,591 19,860 (1) 30,510 11,326 Impairment of intangible assets 1,126 - Total operating expenses 57,227 31,186 Loss from operations (56,928 ) (30,120 ) Interest and other income, net 1,734 611 Interest expense (4,254 ) - Loss before taxes (59,448 ) (29,509 ) Benefit for income taxes (194 ) - Net loss $ (59,254 ) $ (29,509 ) Net loss per share, basic and diluted $ (1.42 ) $ (0.79 ) Weighted-average common shares used to compute net loss per share, basic and diluted 41,827 37,290 (1 ) Amounts include stock-based compensation expense as follows: $ 2,853 $ 1,796 4,661 2,819 Total stock-based compensation expense $ 7,514 $ 4,615 Dermira, Inc. Selected Consolidated Balance Sheets Data (in thousands) March 31, December 31, 2018 2017 Cash and investments $ 495,793 $ 550,993 Working capital 405,009 451,256 Total assets 505,857 560,794 Accrued payments related to acquired in-process research and development 51,802 50,161 Convertible notes, net 279,847 279,389 Accumulated deficit (582,752 ) (553,393 ) Total stockholders' equity 127,873 149,649
Source:Dermira, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/globe-newswire-dermira-reports-first-quarter-2018-financial-results-and-provides-corporate-updatea.html |
May 29, 2018 / 6:19 AM / Updated an hour ago Dixons Carphone profit to be hit by shopping shake-up Sarah Young 4 Min Read
LONDON (Reuters) - Dixons Carphone ( DC.L ) warned on profits and said it would have to close shops on Tuesday, wiping more than 500 million pounds off the value of Britain’s biggest electricals chain in the latest blow to traditional retailers.
Online shopping and cash-strapped consumers are taking a toll on firms like Dixons Carphone, which sells a range of electrical goods from iPhones to hoovers at 1,100 Currys PC World and Carphone Warehouse stores, forcing rapid cuts.
“Though there’s plenty to fix, it’s all fixable,” Chief Executive Alex Baldock, who joined Dixons Carphone two months ago from online retailer Shop Direct, said after the results, which some described as “kitchen-sinking” by the new CEO.
Baldock said he will close 92 Carphone Warehouse mobile phone stores this year, and added that the group as a whole was suffering as a result of previous under-investment and rising staff costs. Analysts said more store closures could follow.
Dixons Carphone joins Marks & Spencer ( MKS.L ), New Look, Mothercare ( MTC.L ), Carpetright ( CPRC.L ) and House of Fraser in shutting stores, although it said no jobs would be lost as staff would be redeployed to its other shops.
Shares in the group were down 20 percent to 185.9 pence at 1015 GMT, despite the new CEO pledging to improve margins and better integrate Dixons with Carphone Warehouse, which merged in 2014, and saying that he will flesh out his plans in December. Signs display the logo of Dixons Carphone at the company headquarters in London, Britain August 1, 2017. REUTERS/Neil Hall UGLY PROFIT WARNING
The retailer said it expected the UK electricals market to shrink this year, with people spending less on computers and more on less-profitable white goods such as washing machines.
Customers are also upgrading mobile phones less often and turning away from long-term contracts, which Hargreaves Lansdown analyst George Salmon said was pressuring margins, while delivery and installation of white goods was proving a burden.
“These problems aren’t new, but with recent UK economic data starting to look slightly better, investors would’ve hoped last summer’s ugly profit warning wouldn’t be repeated,” Salmon said, referring to a cut to forecasts that caused a 30 percent plunge in its share price last August.
Dixons Carphone expects headline pretax profit for 2018/19 to be around 300 million pounds, which is 21 percent below the 382 million pounds it is forecasting for the year to April 28, 2018, and short of analysts’ forecast of 387 million pounds for 2018/19, according to Thomson Reuters data.
The UK market accounts for about 60 percent of Dixons Carphone revenues. The company was more optimistic about its international markets, where it trades in the Nordics, Spain and Greece, saying it expected continued growth in profits.
The fast-changing landscape means that European consumer electronics is seen as ripe for consolidation, with Germany’s Ceconomy ( CECG.DE ) saying this month it will keep pushing the process to cope with the advance of rivals like Amazon ( AMZN.O ). Ceconomy’s MediaMarktSaturn has signed a deal with French electronics retailer Fnac Darty ( FNAC.PA ) to create a European alliance for purchasing and has suggested Dixons Carphone might also be interested in joining. Reporting by Sarah Young, additional reporting by Emma Thomasson and Paul Sandle; Editing by Mark Potter and Alexander Smith | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-dixons-carphone-outlook/dixons-carphone-says-next-years-profit-to-fall-idUKKCN1IU0IL |
Facebook consistently tops the list of best places to work , so it comes as no surprise that the company receives thousands of applications a day.
In order to whittle down the number of applicants, and ultimately hire the right candidate, recruiters use "structured interviews," where they ask the same questions to all the interviewees vying for a role, says Facebook's recruiting director Liz Wamai.
This interview style is effective, she explains, because recruiters are better able to assess and compare answers based on the same standard set of questions.
In a panel for Glassdoor , which also featured Salesforce and Kaiser Permanente HR leaders, Wamai reveals Facebook's top three interview questions.
The first question the Facebook recruiter likes to ask is, "What do you do on your best day at work?"
"To me, that speaks to what are their strengths [and] what do they like to do," says Wamai.
Another question Facebook favors is, "When is it you have lost track of time in the best possible way?"
The applicant's response shows the HR manager how the person enjoys spending their time and the type of work that makes their day "fly by," explains Wamai. "Those are the times that you really get to what motivates somebody."
The response also reveals what makes a candidate "really get engaged and get really involved that they don't realize what time it is," she says.
show chapters How to get hired at Facebook 9:17 AM ET Fri, 17 Feb 2017 | 00:50 The third question Wamai asks candidates focuses on how they plan on contributing to Facebook's mission and values.
This question is particularly noteworthy because the answer illustrates just how well-versed an applicant is on Facebook's mission statement, which has remained unchanged since the company's inception: Making the world more connected.
In fact, Facebook founder and CEO Mark Zuckerberg has | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/01/3-interview-questions-facebook-recruiters-ask-candidates.html |
* U.S. 10-year yield seen next testing 3.21-3.23 percent * Fed's Williams, Kaplan see gradual U.S. rate hikes on track * Futures imply traders up bets on three more rate hikes in 2018 * Two-year yield highest since August 2008 (Updates market action, adds Quote: ) By Kate Duguid and Richard Leong NEW YORK, May 15 (Reuters) - A solid rise in U.S. retail sales in April rocked a teetering U.S. Treasuries market on Tuesday as a wave of selling propelled the benchmark 10-year note's yield through a key technical support, sending it to a near seven-year high. The 10-year yield had hovered around 3 percent since reaching late last month on concerns about rising inflation and a ballooning federal budget gap. On the other hand, trade tension between the United States and other nations and signs of faltering growth in Europe had kept a lid on U.S. yields. "(Today's) move was pretty violent, but the trading volume was not massive," said Guy LeBas, chief fixed income strategist at Janney Montgomery Scott. "It looks like a decisive break." If 10-year yield rises further following the technical breach above 3.05 percent, it would next test the 3.21-3.23 percent area, which it last visited in July 2017, LeBas and other analysts said. The 10-year Treasury yield on Tuesday reached 3.095 percent, its highest level since July 2011. It was last at 3.076 percent, up 8 basis points, its biggest one-day yield rise since March 2017, Reuters data showed. Traders unloaded their bond holdings after the U.S. Commerce Department said retail sales rose 0.3 percent last month, matching analyst forecasts. The latest data supported the notion that consumer spending appeared on track to accelerate after slowing sharply in the first quarter. The two-year yield, which is most sensitive to traders' view on Federal Reserve policy, was up over 3 basis points at 2.581 percent after touching 2.589 percent, the highest since August 2008. A quicker pace of economic growth in the second quarter will likely allow the Fed to increase key overnight borrowing costs in the coming months, analysts and traders said. "It's a better start to the second quarter," said Thomas Roth, head of U.S. Treasury trading at MUFG Securities America in New York. "The Fed will likely go again in June." This view on the next Fed rate increase was reinforced by comments from San Francisco Fed President John Williams and Dallas Fed chief Robert Kaplan at separate public appearances. However, Williams and Kaplan downplayed the likelihood the central bank is considering a faster pace of rate hikes as productivity remains sluggish and inflation, while firming toward the Fed's 2 percent goal, is not overheating. Interest rates futures implied traders now saw more than a 50 percent chance the Fed would raise rates three more times by year-end. May 15 Tuesday 3:27PM EDT/ 1927 GMT Price US T BONDS JUN8 141-6/32 -1-18/32 10YR TNotes JUN8 118-168/256 -0-152/25 6 Price Current Net Yield % Change (bps) Three-month bills 1.88 1.9153 0.016 Six-month bills 2.035 2.0847 0.000 Two-year note 99-156/256 2.5807 0.034 Three-year note 99-162/256 2.7535 0.053 Five-year note 99-52/256 2.9237 0.072 Seven-year note 98-244/256 3.043 0.083 10-year note 98-72/256 3.076 0.081 30-year bond 98-128/256 3.2032 0.075 DOLLAR SWAP SPREADS Last (bps) Net Change (bps) U.S. 2-year dollar swap 21.50 0.75 spread U.S. 3-year dollar swap 15.50 0.25 spread U.S. 5-year dollar swap 8.00 0.00 spread U.S. 10-year dollar swap 3.00 0.50 spread U.S. 30-year dollar swap -8.25 1.00 spread (Reporting by Kate Duguid and Richard Leong; Editing by Dan Grebler and Bernadette Baum)
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/usa-bonds/treasuries-retail-sales-gain-add-fuel-to-u-s-bond-selloff-idUSL2N1SM205 |
May 4 (Reuters) - Livetiles Ltd:
* PARTNERS WITH NEW YORK GOVERNMENT TO ESTABLISH A NORTH AMERICAN INTELLIGENT USER EXPERIENCE HUB IN ROCHESTER, NEW YORK Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-livetiles-partners-with-new-york-g/brief-livetiles-partners-with-new-york-government-idUSFWN1SA1HP |
Koreas dismantle DMZ propaganda speakers, again Tuesday, May 01, 2018 - 01:28
U.S. President Donald Trump says he'd like his planned meeting with Kim Jong Un to take place in the Korean demilitarized zone, as North and South Korea begin dismantling loudspeakers used to blast propaganda across the border for decades.
U.S. President Donald Trump says he'd like his planned meeting with Kim Jong Un to take place in the Korean demilitarized zone, as North and South Korea begin dismantling loudspeakers used to blast propaganda across the border for decades. //reut.rs/2rdmHV5 | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/01/koreas-dismantle-dmz-propaganda-speakers?videoId=422918679 |
BLUE BELL, Pa., May 10, 2018 /PRNewswire/ -- MAM Software Group, Inc. (NASDAQ Capital Market: MAMS) (the "Company" or "MAM"`), a leading global provider of on-premise and cloud-based business management solutions for the auto parts, tire and vertical distribution industries, announced the following financial results in accordance with U.S. generally accepted accounting principles ("GAAP") for its third fiscal quarter and nine months ended March 31, 2018, through the filing on May 10, 2018 of its Quarterly Report on Form 10-Q with the Securities and Exchange Commission:
(In thousands, except per share data)
For the Three Months Ended
March 31,
For the Nine Months Ended
March 31,
2018
2017
2018
2017
Net revenues
$
9,109
$
7,873
$
26,247
$
23,317
Gross profit
$
4,974
$
4,306
$
14,306
$
12,938
Operating income
$
1,223
$
860
$
3,573
$
2,629
Income before provision (benefit) for income taxes
$
1,128
$
662
$
3,265
$
2,189
Net income
$
1,217
$
678
$
2,252
$
2,141
Earnings per share attributed to common stockholders – basic
$
0.10
$
$0.06
$
0.19
$
0.18
Earnings per share attributed to common stockholders – diluted
$
0.10
$
$0.06
$
0.19
$
0.18
Weighted average shares outstanding – basic
11,835
11,739
11,825
11,719
Weighted average shares outstanding – diluted
12,166
11,830
12,156
11,810
Michael Jamieson, MAM's President and Chief Executive Officer commented, "I am very pleased that we delivered financial results in line with our expectations while continuing to make progress on our key growth initiatives. We are working closely with the the VAST Online beta sites to ensure we have a product that will meet the needs of Goodyear and other potential customers."
Third Quarter Highlights:
Net revenues of $9.1 million were up 15.7% compared to $7.9 million for the same period last year. On a constant currency basis, revenues were up 7.3% over the same period last year. Recurring revenues were 85.0% of total revenues compared to 82.3% of total revenues for the same period last year. Total Software as a Service (SaaS) revenues increased 32.9% year-over-year and 9.0% sequentially. Operating income was $1.2 million, or 13.4% of revenues, compared to $860,000, or 10.9% of revenues, for the same period last year. Net income was $1.2 million compared to $678,000 in the same period last year. Adjusted EBITDA* was $1.5 million, or 16.8% of revenues, compared to $1.1 million, or 13.4% of revenues, for the same period last year.
Third Quarter Financial Results:
Net revenues were $9.1 million for the quarter ended March 31, 2018 compared to $7.9 million for the same period last year, an increase of $1.2 million or 15.7%. On a constant currency basis, revenue was up 7.3% over the same period last year.
Recurring revenue for the quarter was $7.7 million, or 85.0% of total revenue, an increase of $1.2 million or 19.5%, compared to $6.5 million, or 82.3% of total revenue, for the third quarter last year. Sequentially, recurring revenue increased $482,000, or 6.2%, compared to $7.3 million, or 82.0% of total revenue, in the second quarter of fiscal 2018.
Total Software as a Service (SaaS) revenue for the quarter was $2.9 million, an increase of $729,000, or 32.9%, year-over-year and an increase of $242,000, or 9.0%, sequentially when compared to the second quarter of fiscal 2018. The increase in the SaaS revenue was primarily attributable to a 22.8% increase in Autowork Online (SaaS) revenue for the quarter to $1.7 million, and a 49.3% increase in Autopart Online (SaaS) revenue for the quarter to $1.3 million.
Total Data as a Service (DaaS) revenue for the quarter was $2.5 million, an increase of $338,000, or 15.3%, year over year, and $189,000, or 8.0%, sequentially when compared to the second quarter of fiscal year 2018.
Gross profit for the quarter was $5.0 million, or 54.6% of total revenues, an increase of $668,000, or 15.5%, compared to $4.3 million, or 54.7% of total revenue, for the same period last year.
Operating expenses for the quarter increased by $305,000 to $3.8 million, an increase of 8.9% compared to $3.4 million for the same period last year. An increase in Research and Development expenses to support growth was partially offset by lower Sales and Marketing expenses.
Operating income for the quarter increased by $363,000, or 42.2%, to $1.2 million compared to $860,000 for the same period last year.
Other expense for the quarter decreased by $103,000, or 52.0%, to $95,000 compared to $198,000 for the same period last year. The decrease was primarily the result of the accelerated amortization of deferred financing fees in the third quarter of last year due to refinancing the debt.
Net income for the quarter was $1.2 million, or $0.10 per basic and diluted share, compared to net income of $678,000, or $0.06 per basic and diluted share, for the same period last year.
Year-to-Date Financial Results:
Net revenues were $26.2 million for the nine months ended March 31, 2018 compared to $23.3 million for the same period last year, an increase of $2.9 million, or 12.6%. On a constant currency basis, revenue was up 8.3% over the same period last year.
Recurring revenue for the first nine months of fiscal 2018 was $22.1 million, or 84.1% of total revenue, an increase of $2.9 million, or 15.1%, compared to $19.2 million, or 82.3% of total revenue, for the first nine months of last fiscal year.
Total Software as a Service (SaaS) revenue for the first nine months of fiscal 2018 was $8.2 million, an increase of $1.9 million, or 30.6%, year-over-year. The increase in the SaaS revenue was primarily attributable to a 22.8% increase in Autowork Online (SaaS) revenue for the first nine months of fiscal 2018 to $4.8 million, and a 43.0% increase in Autopart Online (SaaS) revenue for the first nine months of fiscal 2018 to $3.5 million.
Total Data as a Service (DaaS) revenue for the first nine months of fiscal 2018 was $7.2 million, an increase of $632,000, or 9.6%, when compared to the first nine months of fiscal 2017.
Gross profit for the first nine months of fiscal 2018 was $14.3 million, or 54.5% of total revenue, an increase of $1.4 million compared to $12.9 million, or 55.5% of total revenue, for the same period last year.
Operating expenses for the first nine months of fiscal 2018 increased by $424,000 to $10.7 million, an increase of 4.1% compared to $10.3 million for the same period last year. An increase in Research and Development expenses to support growth was partially offset by lower Sales and Marketing expenses.
Operating income for the first nine months of fiscal 2018 increased by $944,000, or 35.9%, to $3.6 million, compared to $2.6 million for the same period last year.
Other expense for the quarter decreased by $132,000, or 30.0%, to $308,000, compared to $440,000 for the same period last year. The decrease was primarily the result of the accelerated amortization of deferred financing fees last year due to refinancing the debt.
Net income for the first nine months of fiscal 2018 was $2.3 million, or $0.19 per basic and diluted share, compared to net income of $2.1 million, or $0.18 per basic and diluted share, for the same period last year. The net income for the first nine months of fiscal year 2018 included $667,000, or $(0.06) per basic and diluted share, of additional income tax expense from the impact of the Tax Act.
Balance Sheet and Other Financial Highlights
As of March 31, 2018, the Company had $3.8 million in cash and cash equivalents. The Company had capital expenditures and capitalized software development costs of $1.4 million for the nine months ended March 31, 2018. As of March 31, 2018, the Company had $6.9 million of debt outstanding under its term loan and no borrowings outstanding under its $2.75 million revolving credit facility. Stockholders' equity increased 35.6% from $9.7 million at June 30, 2017 to $13.1 million at March 31, 2018. As of March 31, 2018, there were 12.6 million shares of common stock outstanding.
Business Outlook
The Company reaffirmed its expectations for fiscal year 2018 Adjusted EBITDA* in the range of $5.5 million to $6.0 million, on a constant currency basis.
Conference Call Information
The Company has scheduled a conference call for Friday, May 11, 2018, at 9 a.m. ET to review the results. Investors and interested parties can access the conference call by dialing:
United States: 1-888-394-8218 UK/international: 1-323-701-0225 UK toll free: 0800 358 6377
A replay will be available until May 25, 2018 by calling 1-844-512-2921 (United States) or 1-412-317-6671 (toll/UK/international). Please use pin number 1779219 for the replay.
A live webcast as well as a replay of the call will be accessible at the investor relations section of the Company's website, www.mamsoftware.com . The replay will be active for 60 days following the conference call.
About MAM Software Group, Inc.
MAM Software is a leading global provider of cloud-based business and on-premise management solutions for the auto parts, tire and vertical distribution industries. The company provides a portfolio of innovative software (SaaS and packaged), data (DaaS), and integration (iPaaS) services that enable businesses to intelligently manage core business processes, control costs and generate new profit opportunities. MAM's integrated platforms provide a wealth of rich functionality including: point-of-sale, inventory, purchasing, reporting, data and e-commerce. Wholesale, retail and installer business across North America, the U.K. and Ireland rely on MAM solutions, backed by dedicated teams of experienced service and support professionals. For further information, please visit http://www.mamsoftware.com .
*Adjusted EBITDA is defined as earnings before interest, taxes, depreciation and amortization adjusted to exclude non-cash equity compensation, and other special non-recurring charges. A reconciliation of adjusted EBITDA to net income (loss) can be found at the end of the following tables. Adjusted EBITDA is commonly used by management and investors as an indicator of operating performance and liquidity. Adjusted EBITDA is not considered a measure of financial performance under GAAP and it should not be considered as an alternative to net income (loss), or other financial statement data presented in accordance with GAAP in our consolidated financial statements.
Safe Harbor Statement
This press 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. Readers are cautioned not to place undue reliance on these forward-looking statements. Actual results may differ materially from those indicated by these forward-looking statements as a result of risks and uncertainties impacting the Company's business including, increased competition; the ability of the Company to expand its operations through either acquisitions or internal growth, to attract and retain qualified professionals, and to expand commercial relationships; technological obsolescence; general economic conditions; and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission.
MAM SOFTWARE GROUP, INC.
Condensed Consolidated Balance Sheets
(In thousands, except share and per share data)
March 31,
June 30,
2018
2017
(Unaudited)
ASSETS
Current Assets
Cash and cash equivalents
$
3,792
$
1,260
Accounts receivable, net of allowance of $323 and $332, respectively
4,947
4,873
Inventories
213
154
Prepaid expenses and other current assets
1,247
1,260
Income tax receivable
-
168
Total Current Assets
10,199
7,715
Property and Equipment, Net
512
511
Other Assets
Goodwill
8,630
8,191
Intangible assets, net
623
639
Software development costs, net
8,960
7,634
Deferred income taxes
1,738
1,679
Other long-term assets
515
283
TOTAL ASSETS
$
31,177
$
26,652
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts payable
$
1,922
$
1,334
Accrued expenses and other liabilities
1,115
1,137
Accrued payroll and related expenses
1,467
1,605
Current portion of long-term debt
1,758
1,734
Current portion of deferred revenues
2,065
1,477
Sales tax payable
892
761
Income tax payable
349
506
Total Current Liabilities
9,568
8,554
Long-Term Liabilities
Deferred revenues, net of current portion
1,027
772
Deferred income taxes
1,488
682
Long-term debt, net of current portion
5,100
6,386
Other long-term liabilities
877
583
Total Liabilities
18,060
16,977
Commitments and Contingencies
Stockholders' Equity
Preferred stock: Par value $0.0001 per share; 2,000 shares authorized, none issued and outstanding
-
-
Common stock: Par value $0.0001 per share; 18,000 shares authorized, 12,591 shares issued and 12,586 shares outstanding at March 31, 2018 and 12,313 shares issued and 12,308 shares outstanding at June 30, 2017
1
1
Additional paid-in capital
14,658
14,180
Accumulated other comprehensive loss
(2,571)
(3,283)
Retained earnings (accumulated deficit)
1,045
(1,207)
Treasury stock at cost, 5 shares at March 31, 2018 and June 30, 2017
(16)
(16)
Total Stockholders' Equity
13,117
9,675
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$
31,177
$
26,652
MAM SOFTWARE GROUP, INC.
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
(In thousands, except per share data)
For the Three Months Ended
March 31,
For the Nine Months Ended
March 31,
2018
2017
2018
2017
Net revenues
$
9,109
$
7,873
$
26,247
$
23,317
Cost of revenues
4,135
3,567
11,941
10,379
Gross Profit
4,974
4,306
14,306
12,938
Operating Expenses
Research and development
1,274
1,003
3,469
2,854
Sales and marketing
828
917
2,567
2,859
General and administrative
1,589
1,471
4,521
4,423
Depreciation and amortization
60
55
176
173
Total Operating Expenses
3,751
3,446
10,733
10,309
Operating Income
1,223
860
3,573
2,629
Other Income (Expense)
Interest expense, net
(95)
(198)
(308)
(440)
Total other income (expense), net
(95)
(198)
(308)
(440)
Income before provision (benefit) for income taxes
1,128
662
3,265
2,189
Provision (benefit) for income taxes
(89)
(16)
1,013
48
Net Income
$
1,217
$
678
$
2,252
$
2,141
Earnings per share attributed to common stockholders – basic
$
0.10
$
0.06
$
0.19
$
0.18
Earnings per share attributed to common stockholders - diluted
$
0.10
$
0.06
$
0.19
$
0.18
Weighted average common shares outstanding – basic
11,835
11,739
11,825
11,719
Weighted average common shares outstanding – diluted
12,166
11,830
12,156
11,810
Net Income
$
1,217
$
678
$
2,252
$
2,141
Foreign currency translation gain (loss)
352
41
712
(631)
Total Comprehensive Income
$
1,569
$
719
$
2,964
$
1,510
MAM SOFTWARE GROUP, INC.
Consolidated Statements of Cash Flows
(Unaudited)
(In thousands)
For the Nine Months Ended
March 31,
2018
2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income
$
2,252
$
2,141
Adjustments to reconcile net income to net cash provided by operating activities:
Bad debt expense
77
331
Depreciation and amortization
421
372
Amortization of debt issuance costs
32
120
Deferred income taxes
743
5
Stock-based compensation expense
401
278
Changes in assets and liabilities:
Accounts receivable
66
(390)
Prepaid expenses and other assets
(203)
141
Income tax receivable
173
338
Accounts payable
506
(121)
Accrued expenses and other liabilities
(98)
151
Income taxes payable
90
-
Deferred revenues
748
699
NET CASH PROVIDED BY OPERATING ACTIVITIES
5,208
4,065
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment
(79)
(88)
Capitalized software development costs
(1,298)
(2,136)
NET CASH USED IN INVESTING ACTIVITIES
(1,377)
(2,224)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from long-term debt
-
9,519
Repayment of long-term debt
(1,301)
(10,681)
Common stock surrendered to pay for tax withholding
(24)
(149)
Payment of fees for acquisition of debt
-
(138)
NET CASH USED IN FINANCING ACTIVITIES
(1,325)
(1,449)
Effect of exchange rate changes
26
(64)
Net change in cash and cash equivalents
2,532
328
Cash and cash equivalents at beginning of period
1,260
491
Cash and cash equivalents at end of period
$
3,792
$
819
MAM SOFTWARE GROUP, INC.
Calculation of Adjusted Earnings before Interest,
Taxes, Depreciation and Amortization (Non-GAAP)
(Unaudited)
(In thousands)
For the Three
Months Ended
March 31,
For the Nine
Months Ended
March 31,
2018
2017
2018
2017
Net income (GAAP)
$
1,217
$
678
$
2,252
$
2,141
Interest expense, net
95
198
308
440
Provision (benefit) for income taxes
(89)
(16)
1,013
48
Depreciation and amortization
138
120
421
372
Non-cash stock compensation
170
78
401
278
Adjusted EBITDA (Non-GAAP)
$
1,531
$
1,058
$
4,395
$
3,279
View original content with multimedia: http://www.prnewswire.com/news-releases/mam-software-reports-fiscal-third-quarter-results-300646741.html
SOURCE MAM Software Group, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/pr-newswire-mam-software-reports-fiscal-third-quarter-results.html |
SAN DIEGO (AP) _ Imprimis Pharmaceuticals Inc. (IMMY) on Tuesday reported a loss of $3.5 million in its first quarter.
The San Diego-based company said it had a loss of 17 cents per share.
The pharmaceutical and drug compounding company posted revenue of $8.9 million in the period.
In the final minutes of trading on Tuesday, the company's shares hit $2.39. A year ago, they were trading at $3.61.
This story was generated by Automated Insights ( http://automatedinsights.com/ap ) using data from Zacks Investment Research. Access a Zacks stock report on IMMY at https://www.zacks.com/ap/IMMY | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/15/the-associated-press-imprimis-1q-earnings-snapshot.html |
On Tuesday, ABC's re-boot of the popular sitcom "Roseanne" went from being a ratings darling to getting canceled after the show's star and creator, Roseanne Barr, tweeted racist comments about Valerie Jarrett, a former aid to President Barack Obama.
And the TV executive behind the decision has become something of a hero.
"Roseanne's Twitter statement is abhorrent, repugnant and inconsistent with our values, and we have decided to cancel her show," Channing Dungey, ABC Entertainment Group's executive president, said in a statement Tuesday.
But Dungey is also a trailblazer in another way: She made history as the first African American, and first African American woman, to head up a major TV network when she was promoted to her current position in February 2016.
Dugney graduated from the University of California, Los Angeles in 1991 with a Bachelor of Fine Arts and began her career as a development assistant at Davis Entertainment, according to the Hollywood Reporter .
She held a number of other roles at companies like Steamroller Productions and Warner Bros. and joined ABC in 2004 .
Before being named the executive president of ABC, she worked as SVP of drama development and VP of drama development, racking up hits like "American Crime," "Once Upon a Time," "How to Get Away with Murder" and "Scandal."
In 2016, the Hollywood Reporter reported that Dungey is "known by many as the Shonda Rhimes whisperer," the star producer behind many of the network's hit shows like "Grey's Anatomy" and "Scandal." The publication even wrote that Dungey's "biggest success has been her fruitful relationship with Rhimes."
On Tuesday, after ABC announced that it will cancel the sitcom "Roseanne" in the wake of Barr's now-deleted tweets, which compared Jarrett to an ape ( Barr has since apologized ), stars took to Twitter to praise Dungey for her quick decision to kill the show.
Actress Viola Davis, star of "How to Get Away with Murder," tweeted, "Thank you Channing Dungey!"
"Scandal" actress Kerry Washington wrote, "My prayers go out to the cast and crew who will now pay the price. But THANK YOU @RobertIger, #ChanningDungey and @ABCNetwork for standing up against bigotry." #Roseanne." Rhimes tweeted, "Thank you, Channing. #justice."
Meanwhile, screenwriter and "Grey's Anatomy" executive producer Krista Vernoff wrote, "I have never been more proud to work for @ABCNetwork. THANK YOU Channing Dungey for being my one little slice of hope for our country today."
Former "The View" co-host Star Jones congratulated the executive, writing "When you have a seat at the table, you have a say in the decisions that are made. When it's your table you make the decisions. "Roseanne canceled after star's RACIST comments." #ChanningDungey #ABC Entertainment President."
Don't miss: 'Roseanne' canceled after racist tweet by Roseanne Barr, proving what you say on social media matters
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show chapters | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/30/abcs-channing-dungey-is-the-woman-who-canceled-roseanne.html |
Oil price decline 'temporary', says pro 2 Hours Ago Tamar Essner, Nasdaq Corporate Solutions energy director provides her outlook on oil as prices decline amid production volatility. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/31/oil-price-decline-markets-energy.html |
LOS ANGELES--(BUSINESS WIRE)-- Tutor Perini Corporation (NYSE: TPC), a leading civil, building and specialty construction company, announced today that it will host a conference call at 2:00 PM Pacific Time on Wednesday, May 9, 2018, to discuss the Company's first quarter 2018 results.
Speakers on the call from Tutor Perini will be Ronald Tutor, Chairman and CEO, and Gary Smalley, Executive Vice President and CFO. The Company plans to distribute its earnings announcement the same day after market close.
To participate in the conference call, please dial 877-407-8293 five to ten minutes prior to the scheduled time. International callers should dial +1-201-689-8349.
The conference call will be webcast live over the Internet and can be accessed by all interested parties on Tutor Perini's website at www.tutorperini.com . To listen to the webcast, please visit Tutor Perini's website at least fifteen minutes prior to the start of the call to register and to download and install any necessary software. For those unable to participate during the live call, the webcast will be available for replay shortly after the call on Tutor Perini's website.
About Tutor Perini Corporation
Tutor Perini Corporation is a leading civil, building and specialty construction company offering diversified general contracting and design-build services to private clients and public agencies throughout the world. We have provided construction services since 1894 and have established a strong reputation within our markets by executing large, complex projects on time and within budget while adhering to strict quality control measures.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180502006943/en/
Tutor Perini Corporation
Jorge Casado, 818-362-8391
Vice President, Investor Relations & Corporate Communications
www.tutorperini.com
Source: Tutor Perini Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/business-wire-tutor-perini-announces-conference-call-to-discuss-first-quarter-2018-results.html |
Seventy years after the founding of modern Israel, expressions of anti-Semitism are still all too common, from Britian’s Labour Party and America’s Women’s March to the Iranian regime and the United Nations Human Rights Council. Since I began writing on anti-Semitism half a century ago, I am still continuously confronted with the question: Why? My answer has been that for accidental reasons, Jews have constantly found themselves opposing dominant ideologies of the times.
Thousands of years ago they bet on a religion drawing... | ashraq/financial-news-articles | https://www.wsj.com/articles/the-roots-of-anti-semitism-1525992673 |
May 26, 2018 / 5:42 PM / Updated an hour ago Holder Ostapenko in action on opening day of French Open Reuters Staff 2 Min Read
(Reuters) - Defending French Open women’s champion Jelena Ostapenko begins her defence on the opening day of the claycourt grand slam on Sunday, with the Latvian set to face unseeded Kateryna Kozlova in the last match on Court Philippe-Chatrier. FILE PHOTO - WTA Premier 5 - Italian Open - Foro Italico, Rome, Italy - May 18, 2018 Latvia's Jelena Ostapenko in action during her quarter final match against Russia's Maria Sharapova REUTERS/Alessandro Bianchi
Also in action on the first day at Roland Garros is men’s second seed Alexander Zverev who meets Ricardas Berankis of Lithuania on Court Suzanne-Lenglen.
Belgium’s eighth seed David Goffin kicks off his campaign against Dutchman Robin Haase on Court One.
Order of play on the main showcourts (all matches first round, times GMT, prefix numbers denote seeding):
Court Philippe-Chatrier (play starts at 0900)
Viktor Troicki (Serbia) v 4-Grigor Dimitrov (Bulgaria)
32-Alize Cornet (France) v Sara Errani (Italy)
15-Lucas Pouille (France) v Daniil Medvedev (Russia)
5-Jelena Ostapenko (Latvia) v Kateryna Kozlova (Ukraine)
Court Suzanne-Lenglen (0900)
Ajla Tomljanovic (Australia) v 4-Elina Svitolina (Ukraine)
Elliot Benchetrit (France) v 32-Gael Monfils (France)
Qiang Wang (China) v 9-Venus Williams (U.S.)
Ricardas Berankis (Lithuania) v 2-Alexander Zverev (Germany)
Court One (0900)
Kurumi Nara (Japan) v 26-Barbora Strycova (Czech Republic)
19-Kei Nishikori (Japan) v Maxime Janvier (France)
22-Johanna Konta (Britain) v Yulia Putintseva (Kazakhstan)
8-David Goffin (Belgium) v Robin Haase (Netherlands) Reporting by Shrivathsa Sridhar in Bengaluru; Editing by Clare Fallon | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-tennis-frenchopen-order/holder-ostapenko-in-action-on-opening-day-of-french-open-idUKKCN1IR0M7 |
EAST RUTHERFORD, N.J.--(BUSINESS WIRE)-- Hudson Ltd. (NYSE: HUD) (“Hudson Group”), a leader in North American travel retail, announced today its results for the quarter ended March 31, 2018.
Highlights for the Quarter:
Turnover of $427 million, a year-over-year increase of 9.2%; Organic sales growth of 9.4%; like-for-like sales growth of 5.5%; Adjusted EBITDA of $37 million, a year-over-year increase of 55.3% (or 20.7% assuming the reduced franchise fee rates we currently pay Dufry 1 had been in effect in the first quarter of 2017); Successfully won, extended or expanded six concession contracts; Signed agreement with FAO Schwarz to serve as the exclusive airport retailer for FAO Schwarz and FAO Schweetz products and shops; Completed initial public offering on the New York Stock Exchange.
“Our impressive first quarter organic sales growth reinforces the attractive and resilient nature of the travel retail industry as well as the multiple levers we have to expand our concession portfolio,” stated Joe DiDomizio, President and CEO of Hudson Group. “We made significant progress in executing our strategic initiatives, highlighted by the ongoing development of our grab & go offerings as well as capturing additional white space opportunities through key wins at Phoenix and Seattle airports. As we look ahead, we are confident our performance year-to-date, combined with the continued execution of our strategic priorities, will position Hudson Group to deliver continued growth.”
First Quarter 2018 Summary
Turnover increased $36.1 million or 9.2% to $426.8 million for the first quarter 2018 compared to $390.7 million in the first quarter of 2017. Net sales increased $34.0 million or 8.9% to $415 million from the year-ago period; Organic sales growth, which is a combination of like-for-like sales growth and net new business and expansions, was 9.4%, compared to 8.5% in the year-ago period; Like-for-like sales growth was 5.5% (4.5% in constant currency), despite the high comparison base of 6.1% (5.3% in constant currency) in the year-ago period, and benefited from an increase in average ticket size and the number of overall transactions. Gross profit increased $24.7 million or 10.2% to $268.0 million in the first quarter compared to $243.3 million in the year-ago period. Gross margin increased 50 bps to 62.8% in the quarter due to sales mix shift to higher margin categories and additional vendor promotions reimbursements. Selling expenses increased $6.2 million or 6.5% to $100.9 million in the first quarter as compared to the year-ago period, driven primarily by concession fees, which comprise the majority of this item and is a variable expense driven by net sales. For the quarter, selling expenses as a percentage of turnover totaled 23.6% compared to 24.2% in the prior year quarter, primarily due to a rent reduction in one of our concession contracts. Personnel expenses increased $9.7 million or 11.0% to $97.6 million in the first quarter as compared to the year-ago period primarily due to new hires associated with opening new store locations. As a percentage of turnover, personnel expenses increased from 22.5% to 22.9% this quarter. General and administrative expenses decreased $4.1 million or 11.1% to $32.8 million in the first quarter as compared to the year ago period due to the reduction of franchise fees paid to Dufry starting January 1, 2018. As a percentage of turnover, this item decreased from 9.4% to 7.7%. Adjusted EBITDA increased $13.1 million or 55.3% to $36.8 million in the first quarter as compared to the prior year quarter, and adjusted EBITDA margin increased from 6.1% to 8.6%. Assuming the reduced franchise fee rates we currently pay Dufry had been in effect in the first quarter of 2017, adjusted EBITDA for the quarter would have increased $6.3 million or 20.7% instead of 55.3%, as compared to the year ago period. Reported net earnings attributable to equity holders of the parent improved $5.0 million to a loss of $5.7 million in the first quarter compared to a loss of $10.7 million in the year ago quarter while reported diluted earnings per share increased from a loss per share of $0.12 to a loss per share of $0.06. Adjusted net earnings attributable to equity holders of the parent increased $5.8 million to $6.1 million in the first quarter compared to $0.3 million in the year ago quarter, while adjusted earnings per share increased from $0.00 to $0.07.
Balance Sheet and Cash Flow Highlights
Cash flows from operating activities for the year were $50.5 million compared to $35.9 million in the prior year quarter due to improvement in operating performance. Capital expenditures in the quarter totaled $11.2 million compared to $15.3 million in the prior year quarter. At March 31, 2018, the Company’s net debt was $379.9 million resulting in net debt leverage of 2.0 times, compared to net debt of $288.2 million and net debt leverage of 1.8 times at March 31, 2017.
Operational Update
As of March 31, 2018, Hudson Group operated 1,005 stores, across 88 locations, totaling 1.1 million square feet of retail space.
During the first quarter, Hudson expanded its business though RFP wins at Phoenix Sky Harbor, Seattle-Tacoma and Billy Bishop Toronto City Airport.
The Company also successfully extended existing contracts in Pittsburgh, JFK Terminal 7, and Clinton National in Little Rock.
As part of Hudson’s strategy to continue expanding its portfolio of concepts, the Company entered into an agreement to serve as the exclusive airport retailer for FAO Schwartz toys and FAO Schweetz candy products and shops.
Other Developments
On February 5, 2018, the Company completed its initial public offering of common stock (“IPO”) on the New York Stock Exchange in which its parent company, Dufry International AG, sold 39,417,765 shares of common stock. The shares of the Company’s common stock were sold at an IPO price of $19.00 per share, which generated net proceeds of approximately $714.4 million after deducting underwriting discounts and commissions and other offering expenses for Dufry International AG, the selling shareholder. Hudson Group did not receive any of the proceeds from the offering.
Earnings Conference Call Information
Hudson Group will host a conference call to review its first quarter financial performance today, May 8, at 10:00 a.m. ET. Participants can pre-register for the conference by navigating to http://dpregister.com/10119855 . The conference call also will be available in listen-only mode via our investor relations website: https://investors.hudsongroup.com/ . To participate in the live call, interested parties may dial 1-866-777-2509 (toll free) or 1-412-317-5413. A web replay will be available at https://services.choruscall.com/links/hson180508.html for three months following the call.
Website Information:
We routinely post important information for investors on the Investor Relations section of our website, investors.hudsongroup.com. We intend to use this website as a means of disclosing material information. Accordingly, investors should monitor the Investor Relations section of our website, in addition to following our press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document.
Non-IFRS and Other Measures:
Adjusted EBITDA is a non-IFRS measure and is not a uniformly or legally defined financial measure. Adjusted EBITDA is not a substitute for IFRS measures in assessing our overall financial performance. Because Adjusted EBITDA is not determined in accordance with IFRS, and is susceptible to varying calculations, Adjusted EBITDA may not be comparable to other similarly titled measures presented by other companies. We believe that Adjusted EBITDA is useful to investors because it is frequently used by securities analysts, investors and other interested parties in their evaluation of the operating performance of companies in industries similar to ours. We also believe Adjusted EBITDA is useful to investors as a measure of comparative operating performance from period to period as it is reflective of changes in pricing decisions, cost controls and other factors that affect operating performance, and it removes the effect of our capital structure (primarily interest expense), asset base (depreciation and amortization) and non-recurring transactions, impairments of financial assets and changes in provisions (primarily relating to costs associated with the closing or restructuring of our operations). Our management also uses Adjusted EBITDA for planning purposes, including financial projections. Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation, or as a substitute for an analysis of our results as reported under IFRS as issued by IASB. A reconciliation of Adjusted EBITDA to net earnings is provided in the attached schedules.
Adjusted net earnings attributable to equity holders of parent is a non-IFRS measure. We define Adjusted net earnings attributable to equity holders of parent as net earnings attributable to equity holders of parent adjusted for the items set forth in the table below. Adjusted net earnings attributable to equity holders of parent is a non-IFRS measure and is not a uniformly or legally defined financial measure. Adjusted net earnings attributable to equity holders of parent is not a substitute for IFRS measures in assessing our overall operating performance. Because Adjusted net earnings attributable to equity holders of parent is not determined in accordance with IFRS, and is susceptible to varying calculations, Adjusted net earnings attributable to equity holders of parent may not be comparable to other similarly titled measures presented by other companies. Adjusted net earnings attributable to equity holders of parent is included in this press release because it is a measure of our operating performance and we believe that Adjusted net earnings attributable to equity holders of parent is useful to investors because it is frequently used by securities analysts, investors and other interested parties in their evaluation of the operating performance of companies in industries similar to ours. We also believe Adjusted net earnings attributable to equity holders of parent is useful to investors as a measure of comparative operating performance from period to period as it removes the effects of purchase accounting for acquired intangible assets (primarily concessions), non-recurring transactions, impairments of financial assets and changes in provisions (primarily relating to costs associated with the closing or restructuring of our operations). Management does not consider such costs for the purpose of evaluating the performance of the business and as a result uses Adjusted net earnings attributable to equity holders of parent for planning purposes. Adjusted net earnings attributable to equity holders of parent has limitations as an analytical tool, and you should not consider it in isolation, or as a substitute for an analysis of our results as reported under IFRS as issued by IASB. A reconciliation of Adjusted net earnings attributable to equity holders of parent to net earnings attributable to equity holders of parent is provided in the attached schedules.
Organic sales growth represents the combination of growth in aggregate monthly sales from (i) like-for-like sales growth and (ii) net new business and expansions. Like-for-like sales growth represents the growth in aggregate monthly net sales in the applicable period at stores that have been operating for at least 12 months. Like-for-like sales growth excludes growth attributable to (i) net new business and expansions until such stores have been part of our business for at least 12 months, (ii) acquired stores until such stores have been part of our business for at least 12 months and (iii) acquired wind-down stores, consisting of eight stores acquired in the 2014 acquisition of The Nuance Group AG (“Nuance”) and 46 stores acquired in the 2015 acquisition of World Duty Free S.p.A. (“World Duty Free Group”) that management expected, at the time of the applicable acquisition, to wind down. Net new business and expansions consists of growth from (i) changes in the total number of our stores (other than acquired stores), (ii) changes in the retail space of our existing stores and (iii) modification of store retail concepts through rebranding. Net new business and expansions excludes growth attributable to (i) acquired stores until such stores have been part of our business for at least 12 months and (ii) acquired wind-down stores. Like-for-like sales growth in constant currency is calculated by keeping exchange rates constant for each month being compared from period to period. We believe that the presentation of like-for-like sales growth in constant currency basis assists investors in comparing period to period operating results as it removes the effect of fluctuations in foreign exchange rates.
Net debt leverage represents total debt less cash at March 31, 2018 divided by Adjusted EBITDA for the trailing twelve months ended March 31, 2018.
About Hudson Group
Hudson Group, one of the largest travel retailers in North America, is committed to enhancing the travel experience for over 300,000 travelers every day in the continental United States and Canada. The Company is anchored by its iconic Hudson, Hudson News and Hudson Bookseller brands and operates over 1,000 duty-paid and duty-free stores in 88 locations, including airports, commuter terminals, hotels and some of the most visited landmarks and tourist destinations in the world. Our wide range of store concepts include travel essentials and convenience stores, bookstores, duty-free shops, branded specialty stores, electronics stores, and quick-service food and beverage outlets. For more information, visit www.hudsongroup.com and www.dufry.com
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (Reform Act). Forward-looking statements are based on our beliefs and assumptions and on information currently available to us, and include, without limitation, statements regarding our business, financial condition, strategy, results of operations, certain of our plans, objectives, assumptions, expectations, prospects and beliefs and statements regarding other future events or prospects. Forward-looking statements include all statements that are not historical facts and can be identified by the use of forward-looking terminology such as the words “believe,” “expect,” “plan,” “intend,” “seek,” “anticipate,” “estimate,” “predict,” “potential,” “assume,” “continue,” “may,” “will,” “should,” “could,” “shall,” “risk” or the negative of these terms or similar expressions that are predictions of or indicate future events and future trends. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. We caution you that forward-looking statements are not guarantees of future performance and that our actual results of operations, financial condition and liquidity, the development of the industry in which we operate and the effect of acquisitions on us may differ materially from those made in or suggested by the forward looking statements contained in this press release. In addition, even if our results of operations, financial condition and liquidity, the development of the industry in which we operate and the effect of acquisitions on us are consistent with the forward-looking statements contained in this press release, those results or developments may not be indicative of results or developments in subsequent periods. Forward-looking statements speak only as of the date they are made, and we do not undertake any obligation to update them in light of new information or future developments or to release publicly any revisions to these statements in order to reflect later events or circumstances or to reflect the occurrence of unanticipated events. Factors that may cause our actual results to differ materially from those expressed or implied by the forward-looking statements in this press release, or that may impact our business and results more generally, include, but are not limited to, the risks described under “Item 3. Key Information—D. Risk factors” of our Annual Report on Form 20-F for the year ended December 31, 2017 which may be accessed through the SEC’s website at https://www.sec.gov/edgar . You should read these risk factors before making an investment in our shares. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/business-wire-hudson-group-reports-first-quarter-2018-results.html |
* AirAsia shares fall as much as 10 pct
* CEO says ‘buckled’ to pressure to support then-PM
* Regulator wanted extra election day flights cancelled - CEO (Recasts with share price reaction)
KUALA LUMPUR, May 14 (Reuters) - Shares in AirAsia Group Bhd fell as much as 10 percent on Monday in the first trading session since Malaysia’s election and after its chief Tony Fernandes apologised for endorsing former prime minister Najib Razak in the election.
Najib was ousted by former leader Mahathir Mohamad in a shock election result last week. Najib’s Barisan Nasional coalition, which had governed Malaysia since independence in 1957, was booted out of power for the first time.
AirAsia has several airlines in various Asian countries but Malaysia, its home market, is its largest contributor to earnings. In a highly regulated industry where its main rival is state-owned Malaysia Airlines, it relies on government approvals to support its growth plans.
Two days before Wednesday’s poll, Fernandes released a video praising Najib and the government’s support of the low-cost airline he co-founded. Later that day, Najib posted photos of him and Fernandes standing in front of an AirAsia plane painted with a campaign slogan for Najib’s coalition.
“I am sorry for what has gone on. I buckled at the crucial moment in our history,” Fernandes said in a video released on Sunday. “It wasn’t right and I will forever regret it.”
AirAsia shares fell as much as 10 percent on Monday but later recovered slightly, compared with a 0.9 percent fall in the broader Malaysian index.
Fernandes said the video and campaign-themed livery was an effort to appease Najib’s government after he came under “intense” pressure in the lead-up to elections for adding extra flights on polling day and refusing to fire a subsidiary’s chairman who had expressed support for Mahathir.
AirAsia had announced extra flights and reduced fares to help voters return home to cast ballots.
Fernandes refused to fire Rafidah Aziz, a former minister who was campaigning for Mahathir’s coalition, as the chairman of AirAsia X, the long-haul arm of AirAsia.
“As Rafidah’s impact and popularity grew, the pressure grew exponentially. It was getting harder and harder to resist the pressure from the prime minister’s office,” he said.
Najib’s aides could not be reached for comment.
AirAsia’s decision to add more flights on election day added to the pressure from Najib’s government, Fernandes said.
The government’s challengers criticised the decision to hold the election on a Wednesday, charging that it was an effort to dampen voter turnout and make it harder for Malaysians living away from home, many of whom support the opposition, to vote.
“Within 24 hours, we were summoned by the (regulator) Malaysian Aviation Commission and told to cancel all those flights. That put us again under tremendous pressure,” Fernandes said, adding that his airline had added 120 flights.
The Malaysian Aviation Commission said in a statement on its website that it considered Fernandes’ claims to be “serious allegations” and it had launched an immediate investigation. (Reporting by A. Ananthalakshmi in Kuala Lumpur; additional reporting by Jamie Freed in Singapore; Editing by Michael Perry)
| ashraq/financial-news-articles | https://www.reuters.com/article/malaysia-politics-airasia/update-1-airasia-shares-fall-after-chief-apologises-for-backing-malaysias-najib-idUSL3N1SL0R8 |
May 25 (Reuters) - SANOK RUBBER COMPANY SA (Sanok) :
* SAID ON THURSDAY SHAREHOLDERS ARE TO VOTE ON FY 2017 DIVIDEND OF 3.0 ZLOTY PER SHARE ON JUNE 27
Source text for Eikon:
Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/idUSL5N1SW0K4 |
BUCHAREST (Reuters) - Romania’s government will maintain its policy of cutting taxes and raising the minimum wage and state pensions until 2020 in a bid to improve living standards, the leader of the ruling Social Democrats said on Wednesday.
The government could also make it optional to join a private pension scheme, said Liviu Dragnea, who holds a tight grip on his party and is also speaker of parliament’s lower house.
Membership of private pensions is mandatory for employees under 35 and any changes could hurt the capital market as pension funds are among its biggest investors.
Dragnea is seen as the eastern European country’s most powerful politician even though he is barred from becoming prime minister because of a prior conviction in a vote rigging case.
“The need for fiscal relaxation both for the private sector and for employees was acute. And ... it will continue, we will lower both the number of taxes and their amount,” he told Reuters.
The country will also push for investment to generate budget revenue and attempt to sell stakes in a slew of government companies on the Bucharest bourse over the next two years, Dragnea said.
The government went back and forth on its tax intentions last year, provoking uncertainty among investors and weighing on the leu currency, but it ultimately cut income tax and social security contributions while shifting their burden solely onto employees. It also enforced consumption-friendly wage hikes at the expense of infrastructure investment.
“We couldn’t wait years to make the changes we committed to in our program,” Dragnea said.
Steps already taken to loosen fiscal policy have raised European Commission concerns about the possibility of overshooting budget targets.
Brussels expects Romania, which joined the European Union in 2007, to run a deficit of 3.4 percent of gross domestic product this year, above its 2.9 percent target, unless it takes fresh steps to curb costs.
But Dragnea said the government would meet its 2018 deficit target without additional measures and he stuck to a growth estimate of 5.5 percent despite a lower than expected first-quarter expansion of 4 percent.
SOCIAL SECURITY Dragnea said that by 2020, social security contributions would be cut further, to below 35 percent, from 37.25 percent currently. Value added tax would be cut by a further one percentage point to 18 percent, but it was yet undecided whether the cut would occur next year or in 2020.
He said the government planned to lower a 16 percent tax on profit to 10 percent for companies with turnover higher than 1 million euros in 2020. Property taxes were also seen falling.
The ruling party is working on measures to support the bourse from next year, including exempting employees of the capital market and brokerages from income tax. A decision on whether to eliminate a 5 percent tax on dividends was still being analyzed, he said.
He added the minimum wage was set to reach at least 300 euros ($350) by 2020, while the minimum pension would rise to roughly 200 euros.
“We are talking about wage and pension hikes to levels that could appear ridiculous to the West,” Dragnea said. “There have been too many years of austerity.”
He shrugged off concerns about the potential impact of further stimulus on the current account and inflation.
He said the government planned to focus on boosting revenue through investment, promoting aid schemes, tapping EU funds and kickstarting public-private partnerships for infrastructure works. Long-delayed bourse listings were also in line.
“Beginning with 2019-2020, an overwhelming majority of state-owned companies will be listed on the bourse.”
The blue-chip index hit a three-month low this week after preliminary government plans to cut contributions to a second-pillar private pension scheme from the second half of the year were released and then immediately denied.
“We have said we want to present a rigorous analysis in 2018 of all the data necessary to make Romanians understand whether and how much they can gain from the pension system, giving them the right to choose knowingly.”
Editing by Matthew Mpoke Bigg
| ashraq/financial-news-articles | https://www.reuters.com/article/us-romania-government-economy/romania-to-maintain-fiscal-stimulus-policy-until-2020-ruling-party-chief-idUSKCN1IO3DJ |
The Past By Tessa Hadley (2016)
1. Houses are never just houses. Their owners lay claim to the past, and rare is the structure that recalls only happy times. In “The Past,” four grown children and their families descend on the rambling, dilapidated home of deceased grandparents. It is perhaps their last idyll here if the children decide to sell, and a three-week summer holiday in the English countryside is more than long enough to revive old quarrels and generate new ones. Ms. Hadley is adept at managing her large, memorable cast, while deftly weaving the web of their relationships. A rare gift, she writes well from the perspective of children; the younger two are secretive, duplicitous, and drawn to darkness. The descriptions of landscape are so beautifully rendered that I actually wasn’t inclined to skip them. The grandparents’ bedrock marriage and strong community ties contrast with fragile, peripatetic lives: “What a compromised generation theirs was,” thinks one sister. “Materially they had so much, and yet they were haunted by this sensation of existing in an aftermath, after the best had passed.” A common sensation in Britain, alas.
The Lie of the Land By Amanda Craig (2017)
2In this rich, wide-ranging novel, a couple split by the husband’s infidelity cannot afford to sell their house in London; the proceeds would still not purchase two separate new homes. Instead they must rent out their three-dimensional savings account, retreat to a cheaper countryside cottage and uncomfortably share the same digs. Yet leaving the London house is a divorce of sorts, for “here they have thrown lively parties, taken deep baths, filled large fridges, and returned from holidays with relief . . . The house had been the third party in a charmed union.” The hectic vanities of urban living are set against humility of the far-from-bucolic rural England. Ms. Craig throws in a murder mystery, but her best material is subtler: “I got him to give up smoking; he could have given up spite.” Some of her finest passages regard the grim nitty-gritty of raising sheep and working at a pie factory. Inevitably, romance by real estate works its distinctly modern charms.
Capital By John Lanchester (2012)
3. John Lanchester’s characters either work or live on a fictional Pepys Road in South London, an allusion to Samuel Pepys ’ famous 17th-century diary. But rather than plague and the Great Fire, “Capital” records the contemporary disaster—or so it seems to excluded renters and new immigrants—of the city’s soaring property prices. These residences were built for the lower middle class in the 1800s, but now: “Having a house in Pepys Road was like being in a casino in which you were guaranteed to be a winner. If you already lived there, you were rich. If you wanted to move there, you had to be rich.” Mr. Lanchester’s ingenious plot device is a postcard, slipped through letter slots one by one. Customized with photographs of each mark’s house, its anonymous message reads: “We Want What You Have.” Thus is terror struck in the hearts of the haves in the face of all those resentful have-nots glaring through the lace curtains at unattainable safety and affluence. Sharp and panoramic, “Capital” was also made into a bang-up mini-series if you’re feeling lazy.
The Devil I Know By Claire Kilroy (2012)
4. Still more real estate—eternal source of avarice and tragedy. During Ireland’s crazed development binge, seemingly the whole country got caught up in buying and flipping properties—until the music stopped, and everyone was left with dumpy houses and worthless farmland. The narrator’s alcoholism implies a parallel between the Celtic Tiger’s gorging on property and addiction. When he finally takes a look at one of the “farms” for which his company paid through the nose, he finds “flat, featureless farmland. No rivers, no mountains, no coastline, no inhabitants, and not a whole lot of farming, either.” On the map, “no X marks the spot to reveal the chest of gold. If this was what they had managed to sell us in our own backyard, God knows what we had purchased around the globe in our delirium.” This is dark economic fiction, whose riches-to-rags rollercoaster is slightly sickening, but biting and funny along the way.
Safekeeping By Jessamyn Hope (2014)
5. Jessamyn Hope’s protagonist is inanimate: a brooch of dazzling artistry from the 14th century, with “exquisite, handmade filigree” and “tiny pomegranates, that allusion to the Promised Land.” The brooch was hidden during a Jewish pogrom stirred by the Black Death, regularly blamed on the Jews. In the present, the brooch has survived the Holocaust and landed in the hands of a heroin addict, whose family has owned it for 700 years. After assaulting a too-curious jeweler, he flees New York for a kibbutz in Israel, hoping to bestow the brooch on his cherished late grandfather’s long lost love. I’ve done a stint in a kibbutz, and Hope’s portrayal of the foreign volunteers and their motley motivations rings true. She’s up on the divisions between younger and older kibbutzniks, and realistic about the movement’s ultimately unworkable socialist purpose. Following the fate of the brooch is like watching a game of Old Maid; its possession confers as much curse as charm. A fine window on both present-day Israel and the country’s more idealistic manifestation at its founding. | ashraq/financial-news-articles | https://www.wsj.com/articles/lionel-shriver-1525467869 |
CAXIAS DO SUL, Brazil, May 9, 2018 /PRNewswire/ -- Fras-le S.A. (B3 – "FRAS3"), a member of Empresas Randon, recognized as the largest manufacturer of friction materials in Latin America and one of the world leaders, has announced its results for the first quarter of 2018. The Company's financial information is consolidated in accordance with IFRS (International Financial Reporting Standards).
KEY RESULTS – 1Q18
(Percentages indicate variations between the periods 1Q17 and 4Q17 – in millions)
Consolidated net revenue :
1Q18: R$ 246.6 (1Q17: +39.0% | 4Q17: +11.3%)
Net revenue in the domestic market :
1Q18: R$ 116.2 (1Q17: +17.8% | 4Q17: -1.9%)
Net revenue in the external market :
1Q18: R$ 130.4 (1Q17: +65.7%| 4Q17: +26.5%)
Billing External Market (Exports + operations abroad):
1Q18: US$ 40.2 (1Q17: +63.2% | 4Q17: +26.0%)
Consolidated gross profit :
1Q18: R$ 62.8 (1Q17: +61.2% | 4Q17: +4.0%)
Operating profit :
1Q18: R$ 70.3 (1Q17: +1305.8% | 4Q17: +344.2%)
EBITDA :
1Q18: R$ 80.7 (1Q17: +460.5% | 4Q17: +178.5%)
Consolidated net profit :
1Q18: R$ 44.6 (1Q17: +350.1% | 4Q17: +325.2%)
AUDIO CONFERENCE ON RESULTS
(In Portuguese, with simultaneous translation into English)
May 10, 2018 (Thursday);
11:00 a.m. Brasília | 10:00 a.m. New York | 3:00 p.m. London;
Dial-in connections in Brazil: +55 11 3193-1001 |+55 11 2820-4001| Password: FRAS-LE;
Dial-in connections in the U.S.: 1 800 492-3904 (Toll free) | +1 646 828-8246 (New York)
Password: FRAS-LE;
WEBCASTING
Portuguese: www.choruscall.com.br/fras-le/1t18.htm
Simultaneous translation: www.choruscall.com.br/fras-le/1q18.htm
Investor Relations Contact
E-mail: [email protected]
Website: http://ri.fras-le.com.br
Hemerson Fernando de Souza
Phone: +55 54 3239.1519
Roberto Pezzi
Phone: +55 54 3239.1532
View original content: http://www.prnewswire.com/news-releases/fras-le-announces-results-for-first-quarter-of-2018-300645893.html
SOURCE Fras-le S.A. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/pr-newswire-fras-le-announces-results-for-first-quarter-of-2018.html |
May 2 (Reuters) - Gi Dynamics Inc:
* RECEIVED BINDING COMMITMENT FOR A US$1.75 MILLION CONVERTIBLE NOTE AND WARRANT FINANCING FROM CRYSTAL AMBER FUND LIMITED Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-gi-dynamics-received-binding-commi/brief-gi-dynamics-received-binding-commitment-for-1-75-mln-convertible-note-warrant-financing-idUSFWN1S80OT |
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PAHOA, Hawaii (Reuters) – Molten lava from the erupting Kilauea Volcano on Hawaii’s Big Island crept onto a geothermal power plant site on Monday, as workers rushed to shut down the facility to prevent the uncontrollable release of toxic gases. Lava flows into the Pacific Ocean southeast of Pahoa during ongoing eruptions of the Kilauea Volcano in Hawaii, U.S., May 20, 2018. REUTERS/Terray Sylvester
Crews worked into the night to cap the 11th and final well at the Puna Geothermal Venture (PGV) plant, which provides about 25 percent of the Big Island’s power, as lava from an active fissure flowed 200 to 300 yards from the nearest well pad, county and federal officials said.
“County, state, and federal partners have been collaborating closely to monitor the situation and work with PGV to ensure the safety of the surrounding communities,” the county said.
The race at the site marked the latest challenge facing authorities as they cope with what geologists rank as one of the biggest upheavals in a century from one of the world’s most active volcanoes.
The latest explosive eruption at the Kilauea summit occurred shortly before 6 p.m. local time, the Hawaiian Volcano Observatory reported.
“The resulting ash plume may affect surrounding areas,” it said.
The plant has been closed since shortly after lava began erupting on May 3 through newly opened fissures in the ground running through neighborhoods and roads on the far eastern flank of Kilauea.
Within a week, some 60,000 gallons (227,124 liters) of the highly flammable chemical pentane, which was stored at the plant, were moved from harm’s way. The state said last week it was pumping cold water into the wells and would cap them with iron plugs.
The plant’s wells run 6,000 to 8,000 feet (1,829-2,438 meters) underground to tap into extremely hot water and steam used to run turbines and produce electricity. Steam and volcanic gases rise as lava flows into the Pacific Ocean southeast of Pahoa during ongoing eruptions of the Kilauea Volcano in Hawaii, U.S., May 20, 2018. REUTERS/Terray Sylvester LAZE ALERT
About 3 miles (4.8 km) to the east of the plant on the coast, noxious clouds of acid fumes, steam and fine glass-like particles billowed into the sky as lava poured into the ocean from two flows cutting across Highway 137, one of the main exit routes from the eruption zone.
Laze — a term combining the words “lava” and “haze” — is formed when erupting lava, which can reach 2,000 degrees Fahrenheit (1,093 degrees Celsius), reacts with sea water. It is potentially deadly if inhaled.
“If one were to be near the laze, because of the various acids, it would be corrosive to the eyes, the nose and respiratory tract, and the skin,” Dr. Alvin Bronstein from the Hawaii State Department of Health told journalists on a conference call.
Laze killed two people when a lava flow reached the coast in 2000, and authorities warned residents to stay clear of it.
Another hazard was the potential for methane gas explosions as searing lava neared pockets of rotting vegetation, igniting traces of the flammable gas given off by the decay.
“These are quite a big hazard in vegetative areas and the explosions can occur well away from the lava flow itself,” USGS geologist Janet Babb said on the call.
Geologists say Kilauea’s eruption, which has already produced around two dozen lava-spewing fissures, has now entered a more violent phase, in which larger volumes of molten rock are oozing from the ground and traveling farther than before.
At least 44 homes and other structures have been destroyed in the Leilani Estates and Lanipuna Gardens area of the Puna district, and a man was seriously injured on Saturday when a plate-sized chunk of molten shot out of a fissure and struck him on the leg. Slideshow (9 Images)
Two thousand people have been ordered from their homes due to lava flows and toxic sulfur dioxide gas, levels of which have tripled in the last two days, according to civil defense officials. The Hawaii National Guard has warned of more mandatory evacuations if further highways are blocked. Reporting by Terray Sylvester, additional reporting by Jolyn Rosa in Honolulu; Writing by Andrew Hay; Editing by Sandra Maler, Joseph Radford and Raissa Kasolowsky | ashraq/financial-news-articles | https://in.reuters.com/article/us-hawaii-volcano/lava-creeps-onto-geothermal-plant-site-on-hawaiis-big-island-idINKCN1IM26P/ |
STOCKHOLM, May 25 (Reuters) - Telecom group Telia is in advanced negotiations to buy media group Bonnier’s broadcasting business for 10-12 billion crowns ($1.15-1.38 billion), Swedish magazine Resume said on Friday, referring to sources.
Trading in Telia shares were suspended after falling 2.0 percent on the report. Telia declined to comment.
A deal could be announced as early as next month and the talks have been ongoing since last autumn, Resume said.
In a global wave reshaping the telecoms and media sectors, recent deals in the Nordics include Tele2’s bid for cable-TV firm Com Hem.
Swedish media group MTG said in March it would split in two, demerging its Nordic TV business and listing it on the stock exchange, after a sale of the unit fell through.
Bonnier Broadcasting, which include brands like TV4, streaming service C More and Finnish MTV, had sales of 7.5 billion Swedish crowns ($861.30 million)last year and an operating profit (EBITA) of 423 million.
Telia, which hopes to complete an exit from its Eurasian businesses this year, had said previously it is interested in acqusitions in its Nordic core markets.
$1 = 8.7078 Swedish crowns Reporting by Helena Soderpalm, editing Johannes Hellstrom
| ashraq/financial-news-articles | https://www.reuters.com/article/telia-bonnier/swedens-telia-in-talks-to-buy-bonniers-broadcasting-business-resume-idUSL5N1SW2DX |
Italy could return to the polls in July, according to reports 1 Hour Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/30/italy-could-return-to-the-polls-in-july-according-to-reports.html |
CNBC.com Peter Foley | Bloomberg | Getty Images Michael Avenatti, lawyer of adult-film actress Stormy Daniels, arrives at federal court in New York, U.S., on Wednesday, May 30, 2018.
The lawyer for porn star Stormy Daniels appears to winning the PR campaign against Michael Cohen' s legal team even when he loses — and seems on track to keep on driving Cohen crazy.
At a court hearing Wednesday, Daniels' lawyer, Michael Avenatti, was rebuffed, albeit temporarily, in his bid to have a federal judge allow him to keep representing her in connection with documents seized last month from President Donald Trump 's personal attorney Cohen by the FBI.
Avenatti hours later formally withdrew from the court his request from the court.
But in retreating, Avenatti guaranteed that he will not be constrained by the judge in his ongoing, scathing cable news blitzkrieg against Trump and his lawyer, Cohen, a 51-year-old who is under criminal investigation by federal prosecutors in New York but has not been charged.
If Judge Kimba Wood had granted Avenatti what he was seeking, she noted, he would be effectively muzzled from commenting, as he has publicly, on Cohen's purported guilty, and from also releasing, as he has, non-public information Cohen.
Avenatti's media jihad has clearly gotten under the skin of Trump's lawyer Rudy Giuliani, as well as under the skin of Cohen's lawyer Stephen Ryan.
During Wednesday's hearing, Ryan spent much of his time on his feet in front of Judge Kimba Wood opposing Avenatti's request for admission into the case. Special waiver
Avenatti needs a special waiver, which is routinely granted to lawyers, to appear in federal court in Manhattan because he currently is not admitted there.
Ryan fulminated against Avenatti, accusing him of committing a "drive-by shooting" on Cohen by r eleasing banking information that shows Cohen was paid hundreds of thousands of dollars last year by several companies. Two of those companies, Novartis and AT&T , have said that the payments they made to the president's personal lawyer were a mistake.
Cohen received the money via the same shell corporation he used to funnel a $130,000 hush-money payment to Daniels on the eve of the 2016 presidential election to buy her silence about an affair she claims to have had with Trump.
Ryan said that the report Avenatti released about Cohen's company appears to have been based on federal records that by law are illegal to disclose by a government official.
"He intentionally recklessly and prejudicially released that information," Ryan said.
Ryan mentioned that Avenatti has made, to date, at least 170 media appearances talking about Cohen and Trump, both of whom he routinely bashes.
And Ryan brought up the fact that a law firm headed by Avenatti recently was hit by a $10 million judgment in bankruptcy court in favor of an attorney who previously worked at the firm.
Noting that he had never once in four decades of practice previously opposed the kind of admission to court that Avenatti sought, Ryan said "I don't believe that we are going to allow the court in the Southern District of New York to be treated this way" by Avenatti.
"I've never seen an attorney conduct himself the way Mr. Avenatti conducted himself," Ryan said.
Avenatti was unfazed by Ryan's broadside, quipping to Judge Wood, "That was quite a take." Nothing improper
Avenatti also denied doing anything improper and noted the "irony" of his firm's bankruptcy and penchant for public statements being raised by Ryan, and later by a lawyer for the president, given Trump's frequent use of bankruptcy for his companies and for his repeated use of Twitter to attack legal opponents.
Outside of court, when asked by CNBC if he had rattled Cohen's team, Avenatti said, "I think Mr. Ryan and Mr. Cohen are very concerned and almost desperate to keep me out of this case."
"They don't want me speaking the truth. They don't want my client bringing the truth to the American people, they don't want my client disclosing information," Avenatti said.
He also noted that Ryan had effectively confirmed in court his suspicions that Cohen had recorded phone calls with Daniels' prior lawyer Keith Davidson, whom Avenatti believes may have discussed matters subject to Daniels' attorney-client privilege.
On Wednesday night , Avenatti said he believed there were also tapes in Cohen's possession of Cohen speaking with Trump.
"Ultimately they will be [Cohen's] downfall, and they may be the downfall of this president," Avenatti said.
Gerald Lefcourt, a leading criminal defense lawyer in New York City, said of Ryan's attack on Avenatti, "He's probably doing it for Michael Cohen's ego and not for any legal reason."
"I think it's probably Michael Cohen telling his lawyers to get this guy to shut the f--- up," Lefcourt said.
He added that targeting Avenatti is a distraction for Cohen from his bigger problem: the Office of the United States Attorney for the Southern District of New York.
"Cohen is going to get indicted," Lefcourt said. "He has to consider whether he cooperates [with prosecutors] or not to avoid jail. That's what should be on his mind, not what Avenatti says about him."
"But it's probably driving him crazy."
Christopher Brennan, a former assistant district attorney in Manhattan now practicing criminal defense law, said, "The United State's Attorney's Office is a whole lot more dangerous" to Cohen than Avenatti is.
Brennan said that in focusing fire on Avenatti, Cohen's team are "making a lot of noise," but they are also "Making themselves look more guilty than they need to look." He mentioned the fact that instead of simply defending the payments by various companies to Cohen as legal, Cohen's lawyers have blasted Avenatti for disclosing them.
"You don't have to address every fire with an ocean's worth of water," Brennan said.
Brennan said Avenatti could have been muzzled, to a large degree, in the future if Ryan had withdrawn his opposition to Avenatti's admission to the case after Judge Wood noted he would have to abandon his "publicity tour" attacking Cohen.
"That would have been the smart play," Brennan said. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/31/stormy-daniels-lawyer-michael-avenatti-driving-michael-cohens-legal-team-crazy.html |
April 30 (Reuters) - IBN AL HAYTHAM HOSPITAL COMPANY :
* Q1 PROFIT 168,183 DINARS VERSUS LOSS OF 530,372 DINARS YEAR AGO
* Q1 REVENUE 3.4 MILLION DINARS VERSUS 3.4 MILLION DINARS YEAR AGO Source: ( bit.ly/2HG7K50 ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-ibn-al-haytham-hospital-posts-q1-p/brief-ibn-al-haytham-hospital-posts-q1-profit-idUSFWN1S70QY |
CNBC's Jim Cramer didn't rename his dog Everest to Nvidia for nothing — he did it because the company is a "remarkable" leader in the world of computing chips, he said on Friday.
"Nvidia's a rescue dog, and I feel compelled today to rescue Nvidia, the company, from the narrative that I most feared: the one that says its stock is falling ... because of a decline in cryptocurrency mining," the "Mad Money" host said one day after Nvidia's earnings report .
Beating analysts' expectations on the top and bottom lines, Nvidia's first-quarter report showed a slowdown in its cryptocurrency-mining segment.
When the price of bitcoin neared $20,000 , crypto-fanatics bought Nvidia's powerful, costly gaming chips to mine the cryptocurrency, "inflating the company's bottom line in an unsustainable way," Cramer said.
In its previous quarter , Nvidia's management warned investors of the unexpected boost and forecast an eventual slowdown. This quarter, they doubled down on that message: while the mining results were still strong, next quarter would show a steeper drop, they said.
"That ... non-news dominated the headlines and caused investors to panic, just as I feared, even as every other line of business was downright fabulous: gaming, data center, artificial intelligence, autonomous driving, you name it," Cramer said.
"Look, I warned you this would happen," he added. "But apparently that wasn't enough to prevent the stock from selling off on something that should've been expected by everybody. Why? In part because Nvidia's stock had run so much that a lot of people felt it was way too expensive."
"This quarter will show a big drop off in crypto sales. Everyone knows that. At least I thought they did," Cramer wrote on Twitter ahead of the report.
But what mattered more than the stock's near-term costs was its long-term outlook, the "Mad Money" host argued. He noted that in 2016, shares of Nvidia looked like they were trading at 40 times earnings, but by the end of 2017 — the year of the crypto craze — it was only trading at 12 times earnings.
"That's what happens when you keep blowing away the estimates," Cramer said, pointing to Nvidia's other wildly strong lines of business making chips for top cloud companies like Amazon Web Services and the Google Cloud and for voice-enabled devices like Amazon's Alexa.
"I think that if you totally strip out the cryptocurrency-mining business, which is basically what will happen next quarter, Nvidia's stock will still turn out to be incredibly cheap based on, say, its 2019 or 2020 earnings," Cramer said. "[That] is why I say that Nvidia's no dog in real life, just in my household, and it should be bought, not sold. This is not a cryptocurrency story and the rest of the business, the actual core business? It's booming."
WATCH: Cramer defends Nvidia as crypto worries pressure stock show chapters Cramer: Forget Nvidia's slowing crypto franchise—this best-in-show stock is a buy 21 Hours Ago | 05:06 Disclosure: Cramer's charitable trust owns shares of Nvidia, Amazon and Google's parent company, Alphabet.
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Questions, comments, suggestions for the "Mad Money" website? [email protected] | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/11/cramer-forget-nvidias-slowing-crypto-franchise-the-stock-is-a-buy.html |
May 8, 2018 / 1:52 PM / Updated 7 hours ago Being called 'fat' in early teens tied to later eating disorders for girls Shereen Lehman 5 Min Read
(Reuters Health) - For teen girls, being called “fat” by friends or family may contribute to later developing eating disorders, and the harsh word from family members seems to carry the most weight, a recent U.S. study suggests.
Weight stigma - the negative stereotypes, social devaluation and pervasive mistreatment of heavier individuals - is strongly implicated in disordered eating, the research team writes in the Journal of Adolescent Health.
Previous studies have found that being teased about weight is associated with binge eating and unhealthy weight control behaviors in boys and increased dieting in girls. The current study is one of the first to look at the long-term consequences of being labeled as “too fat,” the authors note.
“How we talk about weight - especially with young girls - can have really negative effects on mental and physical health,” said lead author Jeffrey Hunger, a psychologist at the University of California, Los Angeles.
“Labeling young girls as ‘too fat’ will never spur positive health behaviors; it is simply going to result in poor body image, unhealthy weight control practices, and disordered eating,” he told Reuters Health in an email.
There is a lot of research showing that weight stigma is related to disordered eating, but not much of it follows people across time, Hunger said.
“With this study, I was hoping to contribute to our understanding of these longitudinal consequences by leveraging data from the NHLBI (National Heart, Lung, and Blood Institute) Growth and Health Study.”
Hunger and a colleague examined data on 2,036 girls participating in that larger, long-term study. At age 14, the girls reported whether they had been told they were “too fat” by their parents, siblings, best girlfriends, boys they liked best, any other teens or their teachers.
At ages 14 and 19, the girls completed a questionnaire designed to assess unhealthy weight control behaviors, bulimic tendencies, drive for thinness and body dissatisfaction. At both evaluations, girls reported whether in the past 30 days they had engaged in unhealthy behaviors such as not eating, vomiting, taking diet pills or using laxatives; at age 19, they were also asked about smoking and skipping meals as weight control methods.
Compared with girls who did not report having been labeled fat at age 14, girls who were weight labeled at 14 had higher scores at age 19 on the eating disorders inventory, researchers found.
This association held after the study team adjusted for other possible influences, such as body mass index (BMI), race, parental income and education, and a girl’s level of disordered eating behaviors at age 14.
The study also found that weight labeling by a family member was a stronger predictor of later disordered eating than labeling by nonfamily members.
“A somewhat surprising (yet frequently observed) finding is that the effects of weight stigma emerged independent of actual body size,” Hunger noted.
It seems that there is something profoundly powerful about the social implications of being labeled “too fat” that is not limited to heavier girls, he said.
“That being said, heavier girls do disproportionately shoulder the burden of weight stigma, and stigma against heavier bodies is pervasive and systemic, so we should take care not to equate this to thinner girls’ experiences of weight labeling,” Hunger added.
First and foremost, if a parent suspects their child may have an eating disorder, they should have the child assessed by a specialist. Beyond that, parents can promote positive body image and healthy eating behaviors in a variety of ways, he said.
“They can take weight out of the conversation altogether when they are discussing health with their children. Our weight does not dictate our health and most certainly does not dictate our worth.”
Parents can also model body positivity and health behaviors for their kids, Hunger suggested.
“Quit the negative ‘fat talk,’ chronic dieting, and body shame. Recognize and appreciate all that your body can do for you and find eating and exercise habits that are sustainable and enjoyable,” he said.
SOURCE: bit.ly/2jI5Gzb Journal of Adolescent Health, online April 25, 2018. | ashraq/financial-news-articles | https://uk.reuters.com/article/us-health-teens-eating-disorders/being-called-fat-in-early-teens-tied-to-later-eating-disorders-for-girls-idUKKBN1I91TC |
May 15 (Reuters) - Scientific Games Corp:
* SCIENTIFIC GAMES ANNOUNCES DOUG ALBREGTS AS NEW EVP AND GROUP CHIEF EXECUTIVE OFFICER OF THE GAMING DIVISION
* SCIENTIFIC GAMES CORP - ALBREGTS WILL REPLACE DERIK MOOBERRY, WHO WILL STAY WITH COMPANY AS EVP FOR STRATEGIC PROJECTS Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-scientific-games-announces-doug-al/brief-scientific-games-announces-doug-albregts-as-new-evp-and-group-chief-executive-officer-of-the-gaming-division-idUSASC0A2G8 |
TORONTO, STORAGEVAULT CANADA INC. (“ StorageVault ”) (TSX-V:SVI) is pleased to announce that it has completed the acquisitions of two stores located in prime locations in the Greater Toronto Area.
ACQUISITION OF GREATER TORONTO AREA STORES
Further to its April 2, 2018 and May 15, 2018 news releases, StorageVault has completed the acquisitions of all of the storage assets, property and business used in the operation and business of two stores in the Greater Toronto Area (the “ GTA Acquisitions ”) for $66,500,000. The GTA Acquisitions are arm’s length transactions. With these acquisitions, StorageVault now owns 26 stores in the strong Ontario market and 92 across Canada for a total of 150 stores when including StorageVault managed stores.
The purchase price for the GTA Acquisitions totaling $66,500,000, subject to adjustments, was paid with first mortgage financing, issuance of an aggregate of $12,000,000 of StorageVault common shares and funds on hand. The common shares were issued at a price of $2.4832 per common share.
ABOUT STORAGEVAULT CANADA INC.
StorageVault owns and operates storage locations in the provinces of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, and Nova Scotia.
For further information, contact Mr. Steven Scott or Mr. Iqbal Khan:
Tel: 1-877-622-0205
[email protected]
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: StorageVault Canada Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/globe-newswire-storagevault-completes-the-acquisitions-of-two-prime-greater-toronto-area-stores.html |
Acquisition leverages and builds upon firm’s relationships and expertise in alternative assets, substantially enhancing client service capabilities for general partners in the financial sponsor community and institutional investors worldwide
NEW YORK & LONDON--(BUSINESS WIRE)-- Houlihan Lokey, Inc. (NYSE:HLI), the global investment bank, today announced that it has acquired BearTooth Advisors (BearTooth), an independent advisory firm providing strategic advisory and placement agency services to alternative investment managers. The transaction closed yesterday.
BearTooth was founded in 2014 by Bob Brown, Andy Lund, Jim McGee, and Riverstone Holdings LLC and operates as a division of Riverstone Capital Services LLC and Riverstone Europe LLP. BearTooth’s Partners include Brown, Lund, McGee, and Cristina Forcina Westermann, who collectively have more than 60 years of experience at leading alternative investment management firms and traditional placement agents. Through this unique combination of agency and in-house operating experience, BearTooth seeks to provide general partner clients with a more strategic alternative to legacy agency options. Since its formation, BearTooth has been engaged as lead advisor on more than 20 mandates, including traditional follow-on fundraises, new product extensions, new firm and fund formations, direct private equity placements, and broader strategic advisory services.
Following the closing of the transaction, the BearTooth team will form the Private Funds Group, a new service offering within Houlihan Lokey’s Corporate Finance business. The group will be jointly led by Brown, Lund, and McGee and will comprise 17 personnel based in London and New York.
“The establishment of the Private Funds Group both underscores and takes advantage of two of Houlihan Lokey’s key strengths: a breadth and depth of financial sponsor relationships that is perhaps unmatched in financial services and our prescient recognition of the prevalence and increasing importance of alternative sources of capital,” said Scott Adelson, Co-President and Co-Head of Corporate Finance. “The new group is a logical extension of that expertise and market knowledge, and combined with our other successful services such as Illiquid Financial Assets and Capital Markets, we are positioning ourselves to be the leader in client service in this important and growing asset class,” he added.
“When forming BearTooth, we set out to provide general partners with a more strategic alternative to legacy fundraising options, believing that certain industry dynamics had created a unique opportunity to do so. Since then, we have found the opportunity itself to be more significant, growing more rapidly than originally thought. We look forward to joining Houlihan Lokey and the opportunity to offer our unique value proposition to both new and existing clients,” said Brown. "In addition, we look forward to expanding our relationship with the limited partner community to address its evolving needs and interests across a broader range of investment alternatives,” he continued.
“The BearTooth team possesses a unique blend of expertise as both traditional placement agents and advisors that, along with their exceptional client focus and entrepreneurial success in building an outstanding business at BearTooth, makes them an excellent cultural fit with our firm. As we continue to enhance client service to general partners and limited partners in the rapidly evolving private equity primary and secondary markets, the new group brings to Houlihan Lokey a powerful service offering that builds upon and complements our other capabilities, particularly our Illiquid Financial Assets practice,” said John Mavredakis, Global Head of the Financial Sponsors Group.
About Houlihan Lokey
Houlihan Lokey (NYSE:HLI) is a global investment bank with expertise in mergers and acquisitions, capital markets, financial restructuring, valuation, and strategic consulting. The firm serves corporations, institutions, and governments worldwide with offices in the United States, Europe, the Middle East, and the Asia-Pacific region. Independent advice and intellectual rigor are hallmarks of the firm's commitment to client success across its advisory services. Houlihan Lokey is ranked as the No. 1 M&A advisor for all U.S. transactions, the No. 1 global restructuring advisor, and the No. 1 global M&A fairness opinion advisor over the past 20 years, according to Thomson Reuters.
About Riverstone Holdings
Riverstone Holdings LLC is an energy and power-focused private investment firm founded in 2000 by David M. Leuschen and Pierre F. Lapeyre Jr. with approximately $38 billion of capital raised. Riverstone conducts buyout and growth capital investments in the exploration & production, midstream, oilfield services, power, and renewable sectors of the energy industry. With offices in New York, London, Houston, and Mexico City, Riverstone has committed over $37 billion to more than 150 investments in North America, Latin America, Europe, Africa, Asia, and Australia. Visit www.riverstonellc.com for more information.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180522005385/en/
Houlihan Lokey, Inc.
Investor Relations
212.331.8225
[email protected]
or
Media Relations
John Gallagher, 212.331.8223
[email protected]
Source: Houlihan Lokey, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/business-wire-houlihan-lokey-acquires-beartooth-advisors-establishing-a-new-global-private-funds-group.html |
May 22, 2018 / 8:10 PM / Updated 9 minutes ago CANADA STOCKS-TSX win streak ends as energy rally stalls
TORONTO, May 22 (Reuters) - Canada’s main stock index fell on Tuesday, breaking an 11-day winning streak, as shares of energy and materials companies lost ground.
The Toronto Stock Exchange’s S&P/TSX composite index unofficially closed down 17.52 points, or 0.11 percent, at 16,144.79. Seven of the index’s 10 main industry groups ended lower. (Reporting by Fergal Smith, editing by G Crosse) | ashraq/financial-news-articles | https://www.reuters.com/article/canada-stocks-close/canada-stocks-tsx-win-streak-ends-as-energy-rally-stalls-idUSL2N1ST1VO |
CYPRESS, Calif., May 21, 2018 (GLOBE NEWSWIRE) -- Mitsubishi Electric US, Inc. promoted two senior-level executives, it was announced today by Keijiro Hora, chief representative, the Americas’ Region, president & CEO, Mitsubishi Electric US, Inc. Mike Corbo was promoted to executive vice president and chief operating officer of Mitsubishi Electric, US, Inc. and Erik Zommers was promoted to senior vice president and general manager of Mitsubishi Electric US, Inc., Elevator and Escalator Division.
Corbo began his career with Mitsubishi Electric US, Inc, Elevator and Escalator Division in 1986 and most recently led strategic business development while serving as executive vice president and general manager of the Division.
Zommers, who joined the elevator and escalator division in 1989, will take over the reins of the Elevator and Escalator Division from Corbo and will have overall responsibility for the business unit.
“The promotion of these two dedicated individuals aligns with our focus on strategic business development and innovation. These organizational changes ensure continued success in established lines of business, while preserving our reputation for high quality products and service, and allows us to enhance our offerings,” stated Hora.
About Mitsubishi Electric US, Inc.
Mitsubishi Electric US, Inc., a US affiliate company of Mitsubishi Electric Corporation, manufactures cooling and heating products, elevators and escalators, data wall cubes, LCD digital signage monitors, industrial printers, professional photo printers and semiconductor devices. For additional information visit http://us.mitsubishielectric.com/en .
Media contact: Robin Wachner Director, Corporate Communications Mitsubishi Electric US, Inc. 714.220.6896 [email protected]
Source:Mitsubishi Electric US, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/globe-newswire-mitsubishi-electric-us-inc-in-cypress-caaannounces-executive-promotions.html |
MILPITAS, Calif., May 2, 2018 /PRNewswire/ -- Lumentum Holdings Inc. ("Lumentum" or the "Company") today reported results for its fiscal third quarter ended March 31, 2018.
Net revenue for the fiscal third quarter of 2018 was $298.8 million, with GAAP net income of $2.7 million, or $0.04 per diluted share. Net revenue for fiscal second quarter of 2018 was $404.6 million, with GAAP net income of $204.8 million, or $3.05 per diluted share. Net revenue for the fiscal third quarter of 2017 was $255.8 million, with GAAP net loss of $(56.0) million, or $(0.92) per diluted share.
Non-GAAP net income for the fiscal third quarter of 2018 was $50.6 million, or $0.78 per diluted share. Non-GAAP net income for fiscal second quarter of 2018 was $107.8 million, or $1.67 per diluted share. Non-GAAP net income for the fiscal third quarter of 2017 was $30.8 million, or $0.49 per diluted share.
The Company held $692.8 million in total cash and short-term investments at the end of the fiscal third quarter of 2018.
"Our strategy of investing in differentiated products and technologies, focusing on close relationships with market leading customers, and leveraging our technologies across multiple growing end markets, is working. Driven by strong customer demand and execution on capacity expansion, in the third quarter we achieved new record Lasers revenues, which increased 18% sequentially, and grew Telecom revenues by more than 11% sequentially, with notable strength in ROADMs, which were up 27% sequentially," said Alan Lowe, President and CEO. "Though seasonally down, we made good progress on new 3D sensing customer programs and are well positioned for new customer product introductions during FY19. During the third quarter, we announced reaching an agreement to acquire Oclaro and we continue to work with Oclaro on this pending transaction."
Financial Overview – Fiscal Third Quarter Ended March 31, 2018
GAAP Results ($ in millions)
Q3
Q2
Q3
Change
FY 2018
FY 2018
FY 2017
Q/Q
Y/Y
Net revenue
$298.8
$404.6
$255.8
(26.1)%
16.8%
Gross margin
32.5%
42.3%
32.1%
(980)bps
40bps
Operating margin
8.5%
22.4%
5.3%
(1,390)bps
320bps
Non-GAAP Results ($ in millions)
Q3
Q2
Q3
Change
FY 2018
FY 2018
FY 2017
Q/Q
Y/Y
Net revenue
$298.8
$404.6
$255.8
(26.1)%
16.8%
Gross margin
36.3%
44.9%
34.4%
(860)bps
190bps
Operating margin
16.5%
28.3%
12.6%
(1,180)bps
390bps
Net Revenue by Segment ($ in millions)
Q3
% of
Q2
Q3
Change
FY 2018
Net Revenue
FY 2018
FY 2017
Q/Q
Y/Y
Optical Communications
$246.3
82.4%
$360.1
$216.1
(31.6)%
14.0%
Lasers
52.5
17.6%
44.5
39.7
18.0%
32.2%
Total
$298.8
100.0%
$404.6
$255.8
(26.1)%
16.8%
The tables above provide comparisons of quarterly results to prior periods, including sequential quarterly and year-over-year changes. A reconciliation between GAAP and non-GAAP measures is contained in this release under the section titled "Use of Non-GAAP Financial Measures."
Business Outlook
The Company expects the following for the fiscal fourth quarter 2018:
Net Revenue to be in the range of $275 million to $300 million Non-GAAP Operating margin of 14.0% to 16.0% Non-GAAP diluted earnings per share of $0.55 to $0.75
Note: Earnings per share based on approximately 65.3 million shares outstanding on a fully diluted basis
Our projection of 65.3 million shares outstanding does not include the potentially dilutive effect of the convertible notes, as we have the ability and intent to settle the face value in cash; and therefore, we use the treasury stock method for calculating the dilutive impact of the 2024 Notes. The notes will have an impact on our diluted earnings per share when the average price of our common stock exceeds the conversion price of $60.62.
We have not provided reconciliations from GAAP to non-GAAP measures for our outlook. A large portion of non-GAAP adjustments, such as derivative liability adjustments, restructuring charges, stock-based compensation, litigation, acquisition related costs, non-cash income tax expense and credits, and other costs and contingencies unrelated to current and future operations are by their nature highly volatile and we have low visibility as to the range that may be incurred in the future. For example, in the fiscal second quarter of 2018, we had a credit of $207.0 million primarily related to a release of a U.S. valuation allowance, which was offset by a write-down of deferred tax assets in the amount of $83.0 million due to the lower corporate tax rate enacted under the 2017 "Tax Cuts and Jobs Act" reform.
Conference Call
Lumentum will host a conference call on May 2, 2018 at 5:30am PT/8:30am ET. A live webcast of the call and the replay will be available on the Lumentum website at http://investor.lumentum.com through May 9, 2018, 8:59pm PT/11:59pm ET. Supporting materials outlining the Company's latest financial results will be posted on http://investor.lumentum.com under the "Events and Presentations" section concurrently with this earnings press release. This press release is being furnished as an exhibit to a Current Report on Form 8-K filed with the Securities and Exchange Commission and will be available at http://www.sec.gov/ .
About Lumentum
Lumentum (NASDAQ: LITE) is a market-leading manufacturer of innovative optical and photonic products enabling optical networking and commercial laser customers worldwide. Lumentum's optical components and subsystems are part of virtually every type of telecom, enterprise, and data center network. Lumentum's commercial lasers enable advanced manufacturing techniques and diverse applications including next-generation 3D sensing capabilities. Lumentum is headquartered in Milpitas, California with R&D, manufacturing, and sales offices worldwide. For more information, visit https://www.lumentum.com/en .
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements include our expectations for our markets, including future product shipments and associated revenue, any anticipation or guidance as to future financial performance, including future net revenue, earnings per share, and operating margins, number of outstanding shares, our proposed acquisition of Oclaro, including the anticipated closing date, anticipated sales trends across our businesses, customer plans and demand for our products, our ability to effectively and efficiently design products, and our ability to scale production on our various products and the 3D sensing market and our position in that market. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected. Among the factors that could cause actual results to differ from those contemplated are: (a) quarter-over-quarter product mix fluctuations which can materially impact profitability measures due to the broad gross margin ranges across our portfolio; (b) continued decline of average selling prices across our businesses; (c) effects of seasonality; (d) the ability of our suppliers and contract manufacturers to meet production and delivery requirements to our forecasted demand; (e) inherent uncertainty related to global markets and the effect of such markets on demand for our products; (f) changes in customer demand; and (g) our ability to attract and retain new customers, particularly in the 3D sensing market, (h) the risk that the Oclaro transaction does not close, due to the failure of one or more conditions to closing or the failure of the businesses (including personnel) to be integrated successfully after closing; (i) the risk that synergies and non-GAAP earnings accretion will not be realized or realized to the extent anticipated; (j) uncertainty as to the market value of the Lumentum merger consideration to be paid in the merger; (k) the risk that required governmental or Oclaro stockholder approvals of the merger (including U.S. or China antitrust approvals) will not be obtained or that such approvals will be delayed beyond current expectations; (l) the risk that following this transaction, Lumentum's financing or operating strategies will not be successful; (m) litigation in respect of either company or the merger; and (n) disruption from the merger making it more difficult to maintain customer, supplier, key personnel and other strategic relationships. For more information on these and other risks, please refer to the "Risk Factors" section included in the Company's Quarterly Report on Form 10-Q for the fiscal third quarter ended March 31, 2018 filed with the Securities and Exchange Commission, in the S-4 to be filed by Lumentum with the Securities and Exchange Commission at a future date in connection with the Oclaro transaction and in the documents which are incorporated by reference therein, and in the Company's other filings with the Securities and Exchange Commission. The forward-looking statements and preliminary financial results contained in this press release are made as of the date hereof and the Company assumes no obligation to update such statements, except as required by applicable law.
Additional Information and Where to Find It
This press release references a proposed business combination involving Lumentum Holdings Inc. and Oclaro, Inc. In connection with the proposed transaction, Lumentum will file with the Securities and Exchange Commission a Registration Statement on Form S-4 that includes the preliminary proxy statement of Oclaro and that will also constitute a prospectus of Lumentum. The information in the preliminary proxy statement/prospectus is not complete and may be changed. Lumentum may not sell the common stock referenced in the proxy statement/prospectus until the Registration Statement on Form S-4 filed with the Securities and Exchange Commission becomes effective. The preliminary proxy statement/prospectus and this press release are not offers to sell Lumentum securities, are not soliciting an offer to buy Lumentum securities in any state where the offer and sale is not permitted and are not a solicitation of any vote or approval. The definitive proxy statement/prospectus will be mailed to stockholders of Oclaro.
LUMENTUM AND OCLARO URGE INVESTORS AND SECURITY HOLDERS TO READ THE DEFINITIVE PROXY STATEMENT/PROSPECTUS AND OTHER DOCUMENTS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION.
Investors and security holders will be able to obtain these materials (when they are available) and other documents filed with the Securities and Exchange Commission free of charge at the Securities and Exchange Commission's website, www.sec.gov . Copies of documents filed with the Securities and Exchange Commission by Lumentum (when they become available) may be obtained free of charge on Lumentum's website at www.lumentum.com or by directing a written request to Lumentum Holdings Inc., Investor Relations, 400 North McCarthy Boulevard, Milpitas, CA 95035. Copies of documents filed with the Securities and Exchange Commission by Oclaro (when they become available) may be obtained free of charge on Oclaro's website at www.oclaro.com or by directing a written request to Oclaro, Inc. Investor Relations, 225 Charcot Avenue, San Jose, CA 95131.
Participants in the Merger Solicitation
Each of Lumentum Holdings Inc., Oclaro, Inc. and their respective directors, executive officers and certain other members of management and employees may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. Information regarding these persons who may, under the rules of the Securities and Exchange Commission, be considered participants in the solicitation of Oclaro stockholders in connection with the proposed transaction is set forth in the proxy statement/prospectus described above filed with the Securities and Exchange Commission. Additional information regarding Lumentum's executive officers and directors is included in Lumentum's definitive proxy statement, which was filed with the Securities and Exchange Commission on September 19, 2017. Additional information regarding Oclaro's executive officers and directors is included in Oclaro's definitive proxy statement, which was filed with the Securities and Exchange Commission on September 27, 2017. You can obtain free copies of these documents using the information in the paragraph immediately above.
Contact Information
Investors: Chris Coldren, 408-404-0606; [email protected]
Press: Greg Kaufman, 408-546-4593; [email protected]
The following financial tables are presented in accordance with GAAP, unless otherwise specified.
LUMENTUM HOLDINGS INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share data)
(unaudited)
Three Months Ended
Nine Months Ended
March 31, 2018
April 1, 2017
March 31, 2018
April 1, 2017
Net revenue
$
298.8
$
255.8
$
946.6
$
778.9
Cost of sales
201.0
172.0
607.6
523.0
Amortization of acquired developed technologies
0.8
1.7
2.4
5.1
Gross profit
97.0
82.1
336.6
250.8
Operating expenses:
Research and development
38.2
37.3
118.3
112.9
Selling, general and administrative
33.2
28.1
95.5
84.2
Restructuring and related charges
0.1
3.1
3.8
10.0
Total operating expenses
71.5
68.5
217.6
207.1
Income from operations
25.5
13.6
119.0
43.7
Unrealized loss on derivative liabilities
(20.7)
(56.6)
(8.6)
(74.5)
Interest and other income (expense), net
(2.1)
(1.4)
(8.7)
(1.4)
Income (loss) before income taxes
2.7
(44.4)
101.7
(32.2)
Provision for (benefit from) income taxes
—
11.6
(112.9)
15.4
Net income (loss)
2.7
(56.0)
214.6
(47.6)
Items reconciling net income (loss) to net income (loss) attributable to common stockholders:
Cumulative dividends on Series A Preferred Stock
(0.2)
(0.2)
(0.7)
(0.6)
Earnings allocated to Series A Preferred Stock
(0.1)
—
(4.9)
—
Net income (loss) attributable to common stockholders
$
2.4
$
(56.2)
$
209.0
$
(48.2)
Net income (loss) per share attributable to common stockholders:
Basic
$
0.04
$
(0.92)
$
3.37
$
(0.80)
Diluted
$
0.04
$
(0.92)
$
3.31
$
(0.80)
Shares used in per share calculation:
Basic
62.4
61.0
62.1
60.4
Diluted shares attributable to common stockholders
63.3
61.0
63.2
60.4
LUMENTUM HOLDINGS INC.
CONSOLIDATED BALANCE SHEETS
(in millions, except share and per share data)
(unaudited)
March 31, 2018
July 1, 2017
ASSETS
Current assets:
Cash and cash equivalents
$
176.8
$
272.9
Short-term investments
516.0
282.4
Accounts receivable, net
164.7
166.3
Inventories
144.2
145.2
Prepayments and other current assets
63.0
63.5
Total current assets
1,064.7
930.3
Property, plant and equipment, net
301.8
273.5
Goodwill and intangibles, net
19.9
21.5
Deferred income taxes, net
128.2
3.9
Other non-current assets
3.6
3.7
Total assets
$
1,518.2
$
1,232.9
LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK, AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable
$
100.9
$
114.8
Accrued payroll and related expenses
33.2
27.5
Income taxes payable
0.1
0.7
Accrued expenses
36.3
19.3
Other current liabilities
21.0
21.9
Total current liabilities
191.5
184.2
Convertible notes
329.9
317.5
Derivative liability
60.2
51.6
Other non-current liabilities
24.2
25.0
Total liabilities
605.8
578.3
Redeemable convertible preferred stock:
Non-controlling interest redeemable convertible Series A Preferred Stock, $0.001 par value, 10,000,000 authorized shares; 35,805 shares issued and outstanding as of March 31, 2018 and July 1, 2017
35.8
35.8
Total redeemable convertible preferred stock
35.8
35.8
Stockholders' equity:
Common stock, $0.001 par value, 990,000,000 authorized shares, 62,588,096 and 61,476,103 shares issued and outstanding as of March 31, 2018 and July 1, 2017, respectively
0.1
0.1
Additional paid-in capital
736.0
694.5
Retained earnings
133.2
(83.2)
Accumulated other comprehensive income
7.3
7.4
Total stockholders' equity
876.6
618.8
Total liabilities, redeemable convertible preferred stock, and stockholders' equity
$
1,518.2
$
1,232.9
Use of Non-GAAP Financial Measures
In this press release, Lumentum provides investors with gross margin, operating margin, net income, and net income (loss) per share on a non-GAAP basis. Lumentum believes this non-GAAP financial information provides additional insight into the Company's on-going performance and has therefore chosen to provide this information to investors for a more consistent basis of comparison and to help them evaluate the results of the Company's on-going operations and enable more meaningful period to period comparisons. Specifically, the Company believes that providing this information allows investors to better understand the Company's financial performance and, importantly, to evaluate the efficacy of the methodology and information used by management to evaluate and measure such operating performance. However, these measures may be different from non-GAAP measures used by other companies, limiting their usefulness for comparison purposes. The non-GAAP financial measures used in this press release should not be considered in isolation from measures of financial performance prepared in accordance with GAAP. Investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool. In particular, many of the adjustments to our GAAP financial measures reflect the exclusion of items that are recurring and will be reflected in our financial results for the foreseeable future. Further, these non-GAAP financial measures may not be comparable to similarly titled measurements reported by other companies.
Non-GAAP gross margin, non-GAAP operating margin, non-GAAP net income, and non-GAAP net income per share, Adjusted EBITDA, non-GAAP gross profit, non-GAAP operating income, non-GAAP income (loss) before income taxes and non-GAAP expenses exclude (i) workforce related charges such as severance, retention bonuses and employee relocation costs related to formal restructuring plans, (ii) costs for facilities not required for ongoing operations, and costs related to the relocation of certain equipment from these facilities and/or contract manufacturer facilities, (iii) stock-based compensation, (iv) amortization of acquired developed technologies, (v) non-cash interest expense, (vi) unrealized loss on derivative liability, (vii) warranty charges related to our vendor quality issues with expected future recoveries, (viii) release of a U.S. valuation allowance and the write down of deferred tax assets due to the 2017 "Tax Cuts and Jobs Act", and (ix) other charges comprised mainly of inventory write-downs due to cancelled programs, as well as, acquisition, integration, litigation and other costs and contingencies unrelated to current and future operations. Management does not believe that these non-GAAP items are reflective of the Company's underlying operating performance. The presentation of these and other similar items in Lumentum's non-GAAP financial results should not be interpreted as implying that these items are non-recurring, infrequent or unusual.
A quantitative reconciliation between GAAP and non-GAAP financial data with respect to historical periods is included in the supplemental financial table attached to this press release.
LUMENTUM HOLDINGS INC.
RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES
(in millions, except per share data)
(unaudited)
Three Months Ended
Nine Months Ended
March 31,
2018
April 1, 2017
March 31,
2018
April 1, 2017
Gross profit on GAAP basis
$
97.0
$
82.1
$
336.6
$
250.8
Stock-based compensation
2.4
1.9
9.5
6.0
Other charges related to non-recurring activities (a)
8.3
2.2
24.5
12.1
Amortization of acquired developed technologies
0.8
1.7
2.4
5.1
Gross profit on non-GAAP basis
$
108.5
$
87.9
$
373.0
$
274.0
Research and development on GAAP basis
$
38.2
$
37.3
$
118.3
$
112.9
Stock-based compensation
(3.6)
(3.0)
(10.5)
(8.8)
Other charges related to non-recurring activities
0.4
(0.1)
(1.4)
(0.7)
Research and development on non-GAAP basis
$
35.0
$
34.2
$
106.4
$
103.4
Selling, general and administrative on GAAP basis
$
33.2
$
28.1
$
95.5
$
84.2
Stock-based compensation
(5.0)
(3.2)
(15.1)
(10.1)
Other charges related to non-recurring activities
(4.1)
(3.3)
(6.4)
(7.1)
Amortization of acquired developed technologies
—
(0.1)
—
(0.3)
Selling, general and administrative on non-GAAP basis
$
24.1
$
21.5
$
74.0
$
66.7
Income from operations on GAAP basis
$
25.5
$
13.6
$
119.0
$
43.7
Stock-based compensation
11.0
8.1
35.1
24.9
Other charges related to non-recurring activities (a)
12.0
5.6
32.3
19.9
Amortization of acquired developed technologies
0.8
1.8
2.4
5.4
Restructuring and related charges
0.1
3.1
3.8
10.0
Income from operations on non-GAAP basis
$
49.4
$
32.2
$
192.6
$
103.9
Interest and other (expense) income, net on GAAP basis
$
(2.1)
$
(1.4)
$
(8.7)
$
(1.4)
Non-cash other income (expense)
(0.1)
(0.1)
(0.1)
(0.3)
Effective interest expense on convertible notes
4.2
1.0
12.4
1.0
Interest and other (expense) income, net on non-GAAP basis
$
2.0
$
(0.5)
$
3.6
$
(0.7)
Income (loss) before income taxes on GAAP basis
$
2.7
$
(44.4)
$
101.7
$
(32.2)
Stock-based compensation
11.0
8.1
35.1
24.9
Other charges related to non-recurring activities (a)
12.0
5.6
32.3
19.9
Amortization of acquired developed technologies
0.8
1.8
2.4
5.4
Restructuring and related charges
0.1
3.1
3.8
10.0
Non-cash other income (expense)
(0.1)
(0.1)
(0.1)
(0.3)
Effective interest expense on convertible notes
4.2
1.0
12.4
1.0
Unrealized loss on derivative liabilities
20.7
56.6
8.6
74.5
Income before income taxes on non-GAAP basis
$
51.4
$
31.7
$
196.2
$
103.2
Provision for (benefit from) income taxes on GAAP basis
$
—
$
11.6
$
(112.9)
$
15.4
Impact of non-GAAP income tax (benefit) expense (b)
0.8
(10.7)
122.9
(9.6)
Provision for income taxes on non-GAAP basis
$
0.8
$
0.9
$
10.0
$
5.8
Net income (loss) on GAAP basis
$
2.7
$
(56.0)
$
214.6
$
(47.6)
Stock-based compensation
11.0
8.1
35.1
24.9
Other charges related to non-recurring activities (a)
12.0
5.6
32.3
19.9
Amortization of acquired developed technologies
0.8
1.8
2.4
5.4
Restructuring and related charges
0.1
3.1
3.8
10.0
Non-cash other income (expense)
(0.1)
(0.1)
(0.1)
(0.3)
Effective interest expense on convertible notes
4.2
1.0
12.4
1.0
Unrealized loss on derivative liabilities
20.7
56.6
8.6
74.5
Impact of non-GAAP income tax benefit (expense) (b)
(0.8)
10.7
(122.9)
9.6
Net income on non-GAAP basis
$
50.6
$
30.8
$
186.2
$
97.4
Net income per share on non-GAAP basis
$
0.78
$
0.49
$
2.88
$
1.55
Shares used in per share calculation - diluted on GAAP basis
63.3
61.0
63.2
60.4
Non-GAAP adjustment (c)
—
0.9
—
1.0
Effect of diluted securities from Series A Preferred Stock (d)
1.5
1.5
1.5
1.5
Shares used in per share calculation - diluted on non-GAAP basis
64.8
63.4
64.7
62.9
(a)
The increase during the nine months ended March 31, 2018 primarily relates to set-up costs of our Thailand facility, including costs of transferring product lines to Thailand, as well as inventory write-downs due to cancelled programs.
(b)
The change during the nine months ended March 31, 2018 is primarily attributable to a credit of $207.0 million related to a release of a U.S. valuation allowance, which was offset by the write down of deferred tax assets due to the 2017 "Tax Cuts and Jobs Act" reform in the amount of $83.0 million.
(c)
This adjustment represents weighted-average potentially dilutive securities from our stock-based benefit plans excluded from the computation of diluted net loss per share attributable to common stockholders on a GAAP basis because the effect would have been antidilutive. This adjustment amount is added for the computation of diluted net income per share on a non-GAAP basis as we had a net income on a non-GAAP basis for all periods presented.
(d)
For all periods presented, 1.5 million shares related to the potential conversion of the Series A Preferred Stock were added to the calculation of diluted shares available on a non-GAAP basis because their inclusion results in more dilutive earnings per share.
LUMENTUM HOLDINGS INC.
RECONCILIATION OF GAAP NET INCOME (LOSS) TO ADJUSTED EBITDA
(in millions)
(unaudited)
Three Months Ended
Nine Months Ended
March 31,
2018
April 1, 2017
March 31,
2018
April 1, 2017
GAAP net income (loss)
$
2.7
$
(56.0)
$
214.6
$
(47.6)
Interest and other expense (income), net
2.1
1.4
8.7
1.4
Provision for (benefit from) income taxes (a)
—
11.6
(112.9)
15.4
Depreciation
18.4
14.1
53.3
39.1
Amortization
0.8
1.8
2.4
5.4
EBITDA
24.0
(27.1)
166.1
13.7
Restructuring and related charges
0.1
3.1
3.8
10.0
Stock-based compensation
11.0
8.1
35.1
24.9
Other charges related to non-recurring activities (b)
12.0
5.6
32.3
19.9
Unrealized loss on derivative liabilities
20.7
56.6
8.6
74.5
Adjusted EBITDA
$
67.8
$
46.3
$
245.9
$
143.0
(a)
The change during the nine months ended March 31, 2018 is primarily attributable to a credit of $207.0 million related to a release of a U.S. valuation allowance, which was offset by the write-down of deferred tax assets due to the 2017 "Tax Cuts and Jobs Act" reform in the amount of $83.0 million.
(b)
The change during the nine months ended March 31, 2018 primarily relates to set-up costs of our Thailand facility, including costs of transferring product lines to Thailand, as well as inventory write-downs due to cancelled programs.
View original content: http://www.prnewswire.com/news-releases/lumentum-announces-fiscal-third-quarter-2018-results-300641029.html
SOURCE Lumentum | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/pr-newswire-lumentum-announces-fiscal-third-quarter-2018-results.html |
NEW YORK--(BUSINESS WIRE)-- The Board of Directors of Altice USA, Inc. (“Altice USA”, NYSE: ATUS) today declared a one-time cash dividend of $2.035 per share of Altice USA Class A common stock and Class B common stock. The dividend is payable to stockholders of record at the close of business on May 22, 2018.
On January 8, 2018 Altice N.V. (“Altice NV”, Euronext: ATC, ATCB), the majority stockholder of Altice USA, announced that its Board of Directors had approved plans for the separation of Altice USA from Altice NV. Altice NV aims to complete the proposed transaction in June 2018 following receipt of regulatory approvals and Altice NV shareholder approval. The payment date for the one-time cash dividend Altice USA declared today will be two business days prior to the separation date. The specific dividend payment date will be announced when the separation date is established.
For U.S. federal income tax purposes, Altice USA estimates that approximately 78.6% ($1.60) of the one-time cash dividend will be treated as a taxable dividend based on Altice USA’s estimated earnings and profits and the remaining 21.4% ($0.435) will be treated as a return of capital to stockholders, to the extent of the stockholder’s tax basis in the shares, with any excess generally treated as a capital gain. These preliminary estimates are based on currently available information and are subject to change. Additional information about the tax treatment of the one-time cash dividend, including the actual amount treated as a taxable dividend, will be made available at the investor relations page of the Altice USA website, www.alticeusa.com . The actual amount treated as a taxable dividend to Altice USA stockholders may differ materially from these estimates due to finalization of Altice USA’s results and other developments that may arise between now and the time such information is required to be made available. The final determination of the actual amount treated as a taxable dividend and return of capital will be based on Altice USA’s 2018 full year earnings and profits which are expected to be finalized in January 2019.
If the Master Separation Agreement to be entered into by Altice NV and Altice USA in connection with the separation of Altice USA from Altice NV is terminated on or prior to the payment date of the dividend, the payment of the one-time cash dividend will not occur. Because the payment of the dividend is subject to a condition, as required by New York Stock Exchange (“NYSE”) rules, Altice USA’s Class A common stock will trade with “due-bills” representing an assignment of the right to receive the cash dividend beginning on May 21, 2018 (one business day prior to the record date) through the payment date and will not trade ex-dividend until the first business day after the payment date. Stockholders who sell their shares of Altice USA Class A common stock on or before the payment date will not be entitled to receive the cash dividend.
Due-bills obligate a seller of shares of stock to deliver the dividend payable on such shares to the buyer. The due-bill obligations are settled customarily between the brokers representing the buyers and sellers of the stock. Altice USA has no obligation for either the amount of the due-bill or the processing of the due-bill. Buyers and sellers of Altice USA’s Class A common stock should consult their broker before trading in Altice USA’s Class A common stock to be sure they understand the effect of the NYSE’s due-bill procedures.
The aggregate cash dividend payment to holders of an odd number of shares of common stock of Altice USA will be rounded up to the nearest whole cent.
FORWARD-LOOKING STATEMENTS
Certain statements in this press release constitute forward-looking statements. These forward-looking statements include, but are not limited to, all statements other than statements of historical facts contained in this presentation, including, without limitation, those regarding Altice USA’s intentions, beliefs or current expectations concerning, among other things: Altice USA’s future financial conditions and performance, results of operations and liquidity; Altice USA’s strategy, plans, objectives, prospects, growth, goals and targets; and future developments in the markets in which Altice USA participates or is seeking to participate. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms “believe”, “could”, “estimate”, “expect”, “forecast”, “intend”, “may”, “plan”, “project” or “will” or, in each case, their negative, or other variations or comparable terminology. Where, in any forward-looking statement, Altice USA expresses an expectation or belief as to future results or events, such expectation or belief is expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the expectation or belief will be achieved or accomplished. To the extent that statements in this press release are not recitations of historical fact, such statements constitute forward-looking statements, which, by definition, involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements including risks referred to in Altice USA’s annual and quarterly reports.
About Altice USA
Altice USA (NYSE:ATUS) is one of the largest broadband communications and video services providers in the United States, delivering broadband, pay television, telephony services, proprietary content and advertising services to approximately 4.9 million Residential and Business customers across 21 states through its Optimum and Suddenlink brands.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180514006478/en/
Altice USA
Head of Investor Relations
Nick Brown: +41 79 720 15 03 / [email protected]
or
Head of Communications Altice USA
Lisa Anselmo: +1 929 418 4362 / [email protected]
Source: Altice USA | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/business-wire-altice-usa-declares-one-time-cash-dividend.html |
May 2 (Reuters) - Tableau Software Inc:
* TABLEAU REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS * Q1 NON-GAAP EARNINGS PER SHARE $0.07
* Q1 GAAP LOSS PER SHARE $0.57 * Q1 EARNINGS PER SHARE VIEW $-0.18 — THOMSON REUTERS I/B/E/S
* Q1 REVENUE $246.2 MILLION VERSUS I/B/E/S VIEW $218 MILLION
* ON APRIL 26, 2018, BOARD AUTHORIZED CO TO REPURCHASE UP TO ADDITIONAL $300 MILLION OF ITS CLASS A COMMON STOCK Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-tableau-reports-q1-non-gaap-earnin/brief-tableau-reports-q1-non-gaap-earnings-per-share-0-07-idUSASC09Z4V |
May 10, 2018 / 10:10 PM / in 18 hours U.S-based emerging market stock funds post largest outflows since 2016 Trevor Hunnicutt 3 Min Read
NEW YORK (Reuters) - U.S. fund investors are wavering on one of their favorite bets of the last year, walloping emerging-market stocks and hunkering down in short-term bonds.
Funds offered in the United States but invested in shares in emerging markets recorded $870 million in withdrawals, the most since November 2016, during the week ended May 9, research service Lipper said on Thursday.
The risk-averse move in emerging markets was paired with a rush into short-term debt as U.S. President Donald Trump pulled out of an international nuclear deal with Iran, raising the risk of conflict in the Middle East and casting uncertainty over global oil supplies.
“People decided to park some of that money,” said Tom Roseen, head of research services for Thomson Reuters Lipper.
Emerging markets have been on their hottest run since their relief rally in 2009 after the apex of the global financial crisis. Over the last 16 months, the funds have pulled in nearly $67 billion, according to Lipper.
Rising oil prices should be helping the developing markets, which include some of the biggest crude producers, yet May is on pace to deliver their first month of withdrawals of 2018.
Recent days brought news including Argentina’s move to seek financing from the International Monetary Fund to calm volatile markets. That adds to pressures including the trade conflict between the United States and China.
U.S. Federal Reserve chairman Jerome Powell on Tuesday said interest rate hikes the Fed has planned may not pose as big a risk for emerging-market economies as many have thought.
Rising rates make bonds more attractive to foreign buyers, who sell assets in other currencies to buy dollar-denominated Treasuries.
That helps lift the greenback, making it harder for emerging market countries to repay debts or import goods priced in dollars. The trade-weighted U.S. currency is up more than 3 percent over the last month.
Rising rates have helped short-dated debt buyers. The notes now offer plumper yields and in general lack the interest-rate sensitivity of longer-dated bonds. Investors can also use the bonds to hide from greater volatility in stocks.
Corporate bond mutual funds and exchange-traded funds (ETFs) focused on the short-term segment of the market pulled in $1.1 billion during the week, the most new cash for the category since September 2017, Lipper data showed.
Investors are also rewarding smaller U.S.-listed companies seen as sheltered from trade disputes and benefiting from corporate tax cuts. Small-cap funds tracked by Lipper pulled in $1.2 billion during the week, a fifth straight week of inflows. Reporting by Trevor Hunnicutt; Editing by Jennifer Ablan and Chris Reese | ashraq/financial-news-articles | https://www.reuters.com/article/us-investment-mutualfunds-lipper/u-s-investors-cash-out-of-emerging-market-stock-funds-lipper-idUSKBN1IB33K |
The US's banks have largely sat out the mergers and acquisitions wave of recent years. While deal records have fallen in almost every other sector, big banks have done almost nothing, shrinking rather than expanding. And merger activity among small and mid-sized banks — some 5,607 of them, at last count — has been subdued.
But when Fifth Third Bancorp of Cincinnati revealed its $4.7bn swoop for Chicago's MB Financial on Monday morning, shares in other Chicago-area banks began to move, too. Wintrust , a similar-sized bank based in Rosemont, Illinois, ended the day up almost 4 per cent, while First Midwest of Itasca closed up 3 per cent.
The implications were obvious: after years of thin activity in bank M&A, this deal could mark a turn.
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The conditions for dealmaking look better than at any time since the financial crisis. Higher interest rates and lower taxes have pumped up bank profits, giving management teams stronger platforms from which to contemplate doing something radical. Data released on Tuesday by the Federal Deposit Insurance Corporation showed that net income across the banking industry rose 27 per cent from a year earlier in the first quarter, to a record $56bn.
Shareholder activists have also begun to flex their muscles, calling for fresh ways to boost returns at Ally Financial, Comerica, Citigroup, Morgan Stanley and Regions Financial, among others.
And then — most importantly — there is the shifting regulatory landscape.
For much of the post-crisis period, agencies generally frowned on any transaction that might make a bank bigger, more complex and tougher to police. Several proposed combinations were abandoned because regulators took too long to approve them, among them New York Community Bancorp 's bid for Astoria Financial and Investors Bancorp 's move on The Bank of Princeton. A $5.3bn tie-up between M&T Bank of New York and Hudson City Bancorp of New Jersey took more than three years to limp over the finish line.
Now, under the administration of Donald Trump, there are clear signs that attitude is changing. Last year, the Federal Reserve made it easier for banks to merge by lifting the combined size threshold that would trigger a much deeper regulatory probe, from $25bn in assets to $100bn.
On top of that, the Fed is considering a change to the way it grades banks' management teams, moving from a five-point to a four-point scale. In practice, said Rodgin Cohen, senior chairman at Sullivan & Cromwell, that may mean many managers will be bumped up from a grade 3 ("less than satisfactory") to a grade 2 ("satisfactory"). In the past, a three-rating has been an effective bar on doing deals, keeping many would-be acquirers on the sidelines.
Another spur to consolidation comes with the new bank-relief bill passed on Tuesday by Congress, which is set to free small and mid-sized lenders from many of the restraints that apply to the trillion-dollar banks such as JPMorgan Chase and Bank of America .
What does the new bank-relief law change?
Financial stability regulation: Raises the size threshold at which the strictest supervision kicks in from $50bn in assets to $250bn.
Volcker rule and bank capital requirements: Exempts small banks with assets of under $10bn from the Volcker rule ban on proprietary trading.
Mortgage lending rules: Makes it easier for small banks to offer mortgages by increasing legal protection and reducing data requirements.
The most obvious "winners" are regional banks in the $50bn-in-assets to $100bn bracket, said Quyen Truong, a Washington-based partner at Stroock & Stroock & Lavan.
She noted that such banks now find themselves freed from all of the Fed's "enhanced prudential standards" — tougher capital and liquidity requirements, leverage and lending limits, mandatory risk committees and resolution plans, as well as the annual stress test. Banks between $100bn and $250bn in assets will still face periodic stress tests, but will be exempted from other tougher standards 18 months after the date of the bill's enactment.
All of which suggests that more bank acquisitions are likely. "I think we are at a potential real tipping point," said Mr Cohen. "You've got positive incentives to do deals, and the removal of obstacles to do deals."
The one caveat, for now, is the valuations of bank stocks. Shares in Fifth Third slumped the most in almost two years on Monday, down 8 per cent, after investors turned their nose up at the MB deal. In particular, they criticised the meagre 2 per cent boost to earnings per share next year — even with some very aggressive assumptions on cost-cutting — and the projection it will take seven years to overcome the hit to tangible book value, which is much longer than the three to five years that is normal for bank acquisitions, according to M&A bankers.
Chris Marinac, co-founder of FIG Partners, an Atlanta-based research and advisory boutique, said Fifth Third may have been bounced into a deal, following rumours of interest in MB from other potential acquirers last week. Two of the banks linked to MB, US Bancorp and Bank of Montreal, declined to comment.
Fifth Third's share price slide was "clearly a wake-up call" for other potential acquirers, said Mr Marinac. "You've got to have your transaction buttoned up and with a quicker payback period."
If dealmaking does begin to pick up, investors may ultimately look more kindly on banks that move early rather than miss out on potential partners. On Tuesday, Fifth Third's stock recovered some of the lost ground, closing up 3 per cent.
More from the Financial Times:
Fortis loses fourth board member in blow to founders
Barclays explores mergers with rival banks
Rio Tinto in talks over Grasberg exit | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/23/us-has-more-than-5600-banks-consolidation-is-coming.html |
April 30, 2018 / 11:17 PM / Updated 19 minutes ago Sainsbury's Asda buy could make UK tougher grocery market for Amazon Martinne Geller 6 Sainsbury’s ( SBRY.L ) $10 billion (7.27 billion pounds) purchase of Walmart’s ( WMT.N ) Asda may pressure UK grocery prices and make the British market less attractive for newer players such as Amazon.com ( AMZN.O ). Shopping bags from Asda and Sainsbury's are seen in Manchester, Britain April 30, 2018. REUTERS/Phil Noble/illustration
The Sainsbury deal to buy Asda, announced on Monday, comes as retailers on both sides of the Atlantic grapple with heightened competition from the discounters such as Germany’s Aldi and Lidl and e-commerce giant Amazon.
The marriage of Britain’s second- and third-largest grocers will not immediately impact Amazon’s food offering which remains small in Britain. The biggest impact will come away from the grocery aisle, in the area of general merchandise, where Amazon and Sainsbury’s already go head-to-head.
Britons are among the world’s most comfortable online shoppers. About 22 percent of non-food purchases are already done online, the highest percentage for any country aside from South Korea, according to Shore Capital analyst Clive Black. He estimates that Amazon has about 40 percent of that market.
“The UK is a very important market in terms of Amazon’s international ambitions ... and will remain an important market,” Black said. “This proposed merger makes it a little bit more competitive, but I don’t think Jeff Bezos will be losing sleep over it.”
Amazon is Britain’s largest online retailer overall, with 30 percent of the market, according to Euromonitor, followed by eBay ( EBAY.O ) with 11 percent and Sainsbury’s with 7 percent. ADDING SCALE, REDUCING PRICES
Sainbury’s significantly boosted its online presence with the 2016 acquisition of general merchandise chain Argos, which expanded Sainsbury’s product line to over 90,000 non-food products from computers to garden furniture to wedding rings.
Argos will get a big boost from the combination with Asda, as Sainsbury’s plans to install branches of the chain inside Asda stores.
The deal will also add scale to Sainsbury’s non-food offerings, especially in clothing. Asda’s George brand and Sainsbury’s Tu brand will together become a larger No. 2 player, by volume.
The merged Sainsbury and Asda chains will also seek to bolster their online business, using its enlarged footprint of stores and warehouses to deliver products faster and over a wider area.
Aside from the pricing pressure on suppliers that would come in any retail consolidation, Sainsbury’s said it aimed to reduce prices by around 10 percent on everyday items, easing the burden on Britain’s shoppers.
Sainsbury’s said about 350 million pounds of the 500 million pounds of synergies it has identified will come from eliminating pricing discrepancies between the two chains. AMAZON’S AMBITIONS
Amazon sent shockwaves through the retail industry when it agreed in June 2017 to buy U.S. upscale grocer Whole Foods Market in a $13.7 billion deal. Since the merger closed in August, Amazon has cut grocery prices, added lockers for picking up online orders in stores and started selling its suite of Echo gadgets in stores, too.
But in Britain, the food market is about 60 percent controlled by the top five players Tesco, Sainsbury’s, Asda, Morrison’s ( MRW.L ) and Aldi [ALDIEI.UL].
Amazon is testing AmazonFresh, which offers same-day delivery but its overall share of the market however, remains tiny.
“Sainsbury’s and Asda are very aware of a potential Amazon acquisition in the UK supermarket industry, which is why they are looking for scale in order to safeguard their future,” said Philip Benton, a consultant at Euromonitor.
Hargreaves Lansdown analyst Laith Khalaf said the combination of Sainsbury’s and Asda, and the pricing pressure that comes from it, could make the UK slightly less attractive for Amazon, but didn’t think it would be a deal-breaker.
“It raises a question mark probably for anyone who is thinking of entering the market,” Khalaf said. “We’re not entirely sure to what extent Amazon is committed to the UK grocery market, but this may give it pause for thought.”
He noted however that Amazon’s size, scale and profitability allow Amazon to often forego immediate concerns around profitability.
“They’re usually willing to take a hit if they think there’s a long-term game they can win,” he said.
The deal perhaps “will amp up the potential of a store strategy” for Amazon, said Tom Furphy, former vice president of consumables and AmazonFresh, and now chief executive of Consumer Equity Partners. “But they tend to not be reactive to competition in favour of focussing on their own innovation.”
Investec analysts said the UK was already one of the most consolidated grocery markets in the world, pointing to Tesco’s ( TSCO.L ) acquisition of wholesaler Booker, which closed in March, Co-op’s proposed takeover of wholesaler Nisa, and last year’s collapse of wholesaler Palmer & Harvey.
If Amazon wanted to buy another UK grocery retailer, the only one it probably could not buy, according to Shore Capital’s’ Black, would be Sainsbury’s, because of the non-food overlap. Tesco would fit well, he said.
However not everyone predicts Amazon will buy another brick-and-mortar retailer, given its business model revolves predominantly around e-commerce and they will have learned some important lessons already from the purchase of Whole Foods.
“They got something out of the Whole Foods deal, which gave them a brand, credibility in the food space and knowledge of the food supply chain,” said investment banker Shaun Browne of Houlihan Lokey. “I think they will feel that’s what they need, and after buying Whole Foods they don’t really need the purchase of a Tesco or Sainsbury’s.”
Amazon declined to comment, and Walmart did not immediately return a request for comment. Additional reporting by Jeffrey Dastin in San Francisco and Nandita Bose in New York; editing by Vanessa O'Connell and Clive McKeef | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-sainsbury-s-walmart-m-a-amazon-analys/sainsburys-asda-buy-could-make-uk-tougher-grocery-market-for-amazon-idUKKBN1I12EU |
CINCINNATI, May 11, 2018 /PRNewswire/ -- The Hillman Companies, Inc. ("Hillman" or the "Company"), – Gregory Gluchowski, President and CEO, of The Hillman Companies, Inc., announced today that a cash distribution has been declared by Hillman Group Capital Trust for the month of May in the amount of $.241667 for each Trust Preferred Security (NYSE-Amex: HLM_P). The distribution will be payable May 31, 2018 to holders of record May 21, 2018.
Founded in 1964 and headquartered in Cincinnati, Ohio, Hillman is a leading North American provider of complete hardware solutions, delivered with industry best customer service to over 26,000 customers. Hillman designs innovative product and merchandising solutions for complex categories that deliver an outstanding customer experience to home improvement centers, mass merchants, national and regional hardware stores, pet supply stores, and OEM & Industrial customers. Leveraging a world-class distribution and sales network, Hillman delivers a "small business" experience with "big business" efficiency.
For more information on the Company, please visit our website at http://www.hillmangroup.com or call Investor Relations at (513) 851-4900, ext. 60292.
View original content: http://www.prnewswire.com/news-releases/hillman-group-capital-trust-announces-cash-distribution-on-trust-preferred-securities-300647237.html
SOURCE The Hillman Companies, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/11/pr-newswire-hillman-group-capital-trust-announces-cash-distribution-on-trust-preferred-securities.html |
TOKYO (Reuters) - Toshiba Corp ( 6502.T ) said on Thursday that China regulators have approved the $18 billion sale of its chip unit to a consortium led by U.S. private equity firm Bain Capital, marking the end to a year-long saga surrounding its most prized asset.
FILE PHOTO: A logo of Toshiba Corp is seen outside an electronics retail store in Tokyo, Japan, February 14, 2017. REUTERS/Toru Hanai/File Photo The antimonopoly review had been the last and biggest hurdle to a successful sale of Toshiba Memory, the world’s No. 2 producer of NAND chips.
The Bain consortium last year won a long and highly contentious battle for the business, which Toshiba put up for sale after billions of dollars in cost overruns at its Westinghouse nuclear unit plunged it into crisis.Any approval of the deal would come at a time of trade tension between China and United States which has fanned fears Beijing would delay reviews of major global chip deals. Xi Jinping confidante Liu He is currently in Washington to discuss the trade dispute.
“All antitrust approvals have now been received and we are looking forward to closing this investment,” Bain Capital said in a statement on Thursday.
Slideshow (2 Images) “The Bain Capital-led consortium has committed to make significant capital investments to help develop and grow semiconductor technology.”
Toshiba said in a brief statement that it expects the deal to be completed on June 1.
A representative for China’s State Administration for Market Regulation said earlier in the day he was not aware of the situation and did not comment further. A representative for Bain was not immediately available for comment.
The prolonged review had fueled speculation Toshiba might abandon the deal and pursue alternative plans such as an IPO for the unit.
The approval for the Bain consortium may raise hopes that Beijing will also give the greenlight to Qualcomm’s ( QCOM.O ) proposed $44 billion takeover of rival NXP Semiconductors ( NXPI.O ). Sources with knowledge of the matter told Reuters on Tuesday that there had yet to be any concrete breakthrough in China.
Bain’s consortium includes South Korean chipmaker SK Hynix ( 000660.KS ), Apple Inc ( AAPL.O ), Dell Technologies, Seagate Technology ( STX.O ) and Kingston Technology.
The deal will see Toshiba reinvest in the unit and together with Hoya Corp ( 7741.T ), a maker of parts for chip devices, Japanese firms will hold more than 50 percent of the business - a keen wish of the Japanese government.
If approval had not been granted, Toshiba had the option of walking away. It is no longer desperate for cash after a $5.4 billion new share issue to foreign investors late last year and some activist shareholders oppose the sale, arguing it significantly undervalues the unit.
But Toshiba’s creditors, including top banks, have been keen for the deal to proceed, saying the company on its own is not able to shoulder the massive capital investment necessary to keep up with rivals like Samsung Electronics ( 005930.KS ).
Reporting by Taro Fuse and Taiga Uranaka; Additional reporting Makiko Yamazaki and Junko Fujita in Tokyo, Stella Qiu in Beijing and Miyoung Kim in Singapore; Editing by Edwina Gibbs and Alexandra Hudson
| ashraq/financial-news-articles | https://www.reuters.com/article/us-toshiba-chips/china-approves-sale-of-18-billion-toshiba-chip-unit-to-bain-led-consortium-nhk-idUSKCN1II14P |
May 1, 2018 / 11:23 AM / Updated 5 minutes ago Pushing to bury Iran deal, Israel insists nobody wants war with Tehran Maayan Lubell , Dan Williams 7 Min Read
JERUSALEM (Reuters) - Israel said on Tuesday it does not seek war with Iran, a day after presenting purported evidence of past Iranian nuclear arms work, but suggested U.S. President Donald Trump backed its latest attempt to kill a deal aimed at curbing Iran’s atomic ambitions.
A senior Israeli official said Prime Minister Benjamin Netanyahu had informed Trump on March 5 about alleged evidence seized by Israel in what Netanyahu on Monday presented as a “great intelligence achievement”.
Trump agreed at the meeting that Israel would publish the information before May 12, the date by which he is due to decide whether the United States should quit the nuclear deal with Iran, an arch foe of both countries, the Israeli official said.
Word of the consultations between Trump and Netanyahu serves to underscore perceptions of a coordinated bid by both leaders to bury the international agreement, which Trump has called “horrible” and Netanyahu has termed “terrible.”
Under the deal struck by Iran and six major powers Tehran agreed to limit its nuclear programme in return for relief from U.S. and other economic sanctions.
Trump gave Britain, France and Germany a May 12 deadline to fix what he views as the deal’s flaws - its failure to address Iran’s ballistic missile programme, the terms by which inspectors visit suspect Iranian sites, and “sunset” clauses under which some of its terms expire - or he will reimpose U.S. sanctions.
In a televised statement on Monday night Netanyahu detailed what he said were Iranian documents that purportedly prove Iran had been developing nuclear arms before the 2015 deal that it signed with the United States and world powers.
White House spokeswoman Sarah Sanders told reporters that the Israeli announcement offered proof that the Iran deal was made “under false pretenses” as Trump decides whether to withdraw the United States.
“The president has been very clear that he thinks the deal is one of the worst that we’ve ever seen and we’ll keep you posted on when he has made a final decision,” she said.
On Tuesday Netanyahu told CNN that “nobody” sought a conflict with the Islamic Republic, a prospect seen by some as a possible result of the deal’s collapse.
Asked if Israel is prepared to go to war with Tehran, Netanyahu said: “Nobody’s seeking that kind of development. Iran is the one that’s changing the rules in the region.”
But Netanyahu’s presentation said the evidence showed Iran lied going into the deal, a landmark agreement seen by Trump as flawed but by European powers as vital to allaying concerns that Iran could one day develop nuclear bombs.
Tehran, which denies ever pursuing nuclear weapons, dismissed Netanyahu as “the boy who cried wolf,” and called his presentation propaganda.
“We warn the Zionist regime and its allies to stop their plots and dangerous behaviours or they will face Iran’s surprising and firm response,” Iranian Defence Minister Amir Hatami was quoted as saying by Iranian news agency Tasnim on Tuesday.
Hatami called Netanyahu’s accusations “baseless”.
Former U.S. Secretary of State John Kerry, in a series of tweets on Tuesday, said the information disclosed by Israel was proof of why the agreement should be retained. Related Coverage White House - Iran's nuclear program further along than indicated in 2015
“There was no negotiation - and all of that changed with (the deal). Blow up the deal and you’re back there tomorrow!” said Kerry, who negotiated the pact.
International and Israeli experts said Netanyahu had presented no evidence Iran was in breach of the deal. Rather, it appeared the presentation, delivered almost entirely in English, was composed as an Israeli prelude to Trump quitting the accord.
Tzachi Hanegbi, Israeli minister for regional development and a Netanyahu confidant, said the presentation was meant to provide Trump with grounds to bolt the deal.
“In 12 days a huge drama will unfold. The American president will likely pull out of the deal,” Hanegbi said in an interview on Israeli Army Radio. “What the prime minister did last night, was to give Trump ammunition against the European naiveté and unwillingness regarding Iran.”
The senior Israeli official said Israel knew about the Iranian archive for a year, got hold of it in February and informed Trump about it at a meeting in Washington on March 5. REVIEW
Israel had updated China on its Iran material and by the end of this week was scheduled to host experts from Britain, Germany and France who would inspect it, the senior official said.
Most of the purported evidence Netanyahu presented dated to the period before the 2015 accord was signed, although he said Iran had also kept important files on nuclear technology since then, and continued adding to its “nuclear weapons knowledge”.
Although the presentation was live on Israeli television, Netanyahu made clear his audience was abroad, delivering most of his speech in English, before switching to Hebrew.
A 2007 U.S. National Intelligence Estimate judged with “high confidence” that Tehran halted its nuclear weapons programme in the fall of 2003. The IAEA later reached a similar judgement.
One Vienna-based diplomat who has dealt with the IAEA for years, when asked what he made of Netanyahu’s speech, said: “Nothing new. Theatrics.”
EU foreign policy chief Federica Mogherini said Netanyahu did not question Iran’s compliance with the deal. She noted the deal was made “exactly because there was no trust between the parties, otherwise we would not have required a nuclear deal to be put in place”.
Hanegbi acknowledged Netanyahu had not shown Iran had violated the agreement: “The Iranians are clean in regard to the nuclear deal because it is a gift given to them by an exhausted, tired, naive world.”
An Israeli official familiar with Netanyahu’s telegenic style - one the Israeli leader has refined over decades in the international arena - said that the two-word headline “Iran Lied” that appeared beside him during the presentation was tailor-made for Trump’s own short, pithy, rhetorical style. U.S. President Donald Trump meets with Israel Prime Minister Benjamin Netanyahu in the Oval Office of the White House in Washington, U.S., March 5, 2018. REUTERS/Kevin Lamarque
Noting Trump’s own use of short epithets, the Israeli official said Trump “responds to pithy messaging, and that is what we were going for with this briefing.” Writing by Maayan Lubell; Additional reporting by Dan Williams in Jerusalem, François Murphy in Vienna, Mark Heinrich in London, Alastair Macdonald in Brussels, Bozorgmehr Sharefedin in London and Steve Holland in Washington; Editing by William Maclean and James Dalgleish | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-israel-iran/netanyahu-told-trump-about-iran-claims-at-march-5-meet-senior-official-idUKKBN1I23GW |
JP Morgan Asset Management: US bonds look attractive 1 Hour Ago Diana Amoa of JP Morgan Asset Management says there is still appetite for US Treasuries, as rates in the UK, Europe and even Japan appear to be going nowhere anytime soon. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/11/jp-morgan-asset-management-us-bonds-look-attractive.html |
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