text
stringlengths 0
11M
| link
stringclasses 1
value | source
stringclasses 16
values |
|---|---|---|
NEW YORK, May 8, 2018 /PRNewswire/ -- Sutherland Asset Management Corporation ("Sutherland" or the "Company") (NYSE: SLD) today reported financial results for the quarter ended March 31, 2018.
First Quarter Highlights:
Net income of $18.5 million, or $0.56 per share of common stock Core earnings of $15.5 million, or $0.47 per share of common stock Adjusted net book value of $16.88 per share of common stock as of March 31, 2018 Originated $211.6 million of small balance commercial ("SBC") loans Originated $48.3 million of loans guaranteed by the U.S. Small Business Administration (the "SBA") under its Section 7(a) loan program Originated $439.0 million of residential mortgage loans Acquired $142.2 million of SBC loans
Highlights Subsequent to Quarter End:
Issued $50.0 million in aggregate principal of 6.50% Senior Notes due 2021
A summary of Sutherland's operating results for the quarter ended March 31, 2018 is presented below. Sutherland reported U.S. GAAP net income for the three months ended March 31, 2018 of $18.5 million, or $0.56 per share of common stock, and Core Earnings (a non-GAAP financial measure) of $15.5 million, or $0.47 per share of common stock.
Thomas Capasse, Chairman and Chief Executive Officer commented, "We are pleased with our team's ability to deploy capital by growing new loan originations and identifying accretive portfolio acquisition opportunities with the potential to generate outsized returns, which we benefitted from this quarter. As a result, our quarterly per share earnings increased by $0.18 per share over the fourth quarter. As we move further into 2018, we continue to be focused on growing our core origination platform while sourcing opportunistic acquisitions."
The Company issued a full detailed presentation of its first quarter 2018 results, which can be viewed in the investor relations section at www.sutherlandam.com .
Use of Non-GAAP Financial Information
In addition to the results presented in accordance with U.S. GAAP, this press release includes Core Earnings which is a non-U.S. GAAP financial measure. The Company defines Core Earnings as net income adjusted for unrealized or realized gains (losses) related to certain mortgage backed securities, unrealized gains (losses) related to residential mortgage servicing rights, and one-time non-recurring gains or losses, such as gains or losses on discontinued operations, bargain purchase gains or merger related expenses.
The Company believes that providing investors with this non-U.S. GAAP financial information, in addition to the related U.S. GAAP measures, gives investors greater transparency into the information used by management in its financial and operational decision-making. However, because Core Earnings is an incomplete measure of the Company's financial performance and involves differences from net income computed in accordance with U.S. GAAP, it should be considered along with, but not as an alternative to, the Company's net income computed in accordance with U.S. GAAP as a measure of the Company's financial performance. In addition, because not all companies use identical calculations, the Company's presentation of Core Earnings may not be comparable to other similarly-titled measures of other companies.
The following table reconciles net income computed in accordance with U.S. GAAP to Core Earnings for the three months ended March 31, 2018:
(In Thousands)
Three Months Ended
March 31, 2018
Net Income
$
18,518
Reconciling items:
Unrealized loss on mortgage-backed securities
79
Unrealized (gain) on mortgage servicing rights
(4,155)
Total reconciling items
$
(4,076)
Core earnings before income taxes
$
14,442
Income tax adjustments
1,047
Core earnings
$
15,489
Webcast and Earnings Conference Call
Management will host a webcast and conference call on Wednesday, May 9, 2018 at 8:30 am ET to provide a general business update and discuss the financial results for the quarter ended March 31, 2018. The conference call can be accessed by dialing 888-289-0438 (domestic) or 323-794-2423 (international).
The conference call will also be available in the Investor Relations section of the Company's website at www.sutherlandam.com . To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software. A replay of the call will also be available on the Company's website approximately two hours after the live call through May 23, 2018. To access the replay, dial 844-512-2921 (domestic) or 412-317-6671 (international). The replay pin number is 5676498.
Safe Harbor Statement
This press release contains statements that constitute "forward-looking statements," as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are intended to be covered by the safe harbor provided by the same. These statements are based on management's current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to described in the forward-looking statements; the Company can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from the Company's expectations include, but are not limited to, applicable regulatory changes; general volatility of the capital markets; changes in the Company's investment objectives and business strategy; the availability of financing on acceptable terms or at all; the availability, terms and deployment of capital; the availability of suitable investment opportunities; changes in the interest rates or the general economy; increased rates of default and/or decreased recovery rates on investments; changes in interest rates, interest rate spreads, the yield curve or prepayment rates; changes in prepayments of Company's assets; the degree and nature of competition, including competition for the Company's target assets; and other factors, including those set forth in the Risk Factors section of the Company's most recent Annual Report on Form 10-K filed with the SEC, and other reports filed by the Company with the SEC, copies of which are available on the SEC's website, www.sec.gov . The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
Contact
Investor Relations
Sutherland Asset Management Corporation
212-257-4666
[email protected]
Additional information can be found on the Company's website at www.sutherlandam.com .
SUTHERLAND ASSET MANAGEMENT CORPORATION
UNAUDITED CONS OLIDATED BALANCE SHEETS
(In Thousands)
March 31, 2018
December 31, 2017
Assets
Cash and cash equivalents
$
86,773
$
63,425
Restricted cash
13,964
11,666
Loans, net (including $40,430 and $188,150 held at fair value)
1,057,034
1,017,920
Loans, held for sale, at fair value
160,999
216,022
Mortgage backed securities, at fair value
47,181
39,922
Loans eligible for repurchase from Ginnie Mae
81,484
95,158
Investment in unconsolidated joint venture
50,229
55,369
Derivative instruments
5,022
4,725
Servicing rights (including $81,591 and $72,295 held at fair value)
104,613
94,038
Receivable from third parties
11,064
6,756
Other assets
53,592
56,840
Assets of consolidated VIEs
968,999
861,662
Total Assets
$
2,640,954
$
2,523,503
Liabilities
Secured borrowings
657,233
631,286
Promissory note
5,883
6,107
Securitized debt obligations of consolidated VIEs, net
679,871
598,148
Convertible notes, net
109,226
108,991
Senior secured notes, net
178,688
138,078
Guaranteed loan financing
278,500
293,045
Contingent consideration
10,732
10,016
Liabilities for loans eligible for repurchase from Ginnie Mae
81,484
95,158
Derivative instruments
756
282
Dividends payable
12,335
12,289
Accounts payable and other accrued liabilities
64,490
74,636
Total Liabilities
$
2,079,198
$
1,968,036
Stockholders' Equity
Common stock, $0.0001 par value, 500,000,000 shares authorized, 31,996,440 and 31,996,440
shares issued and outstanding, respectively
3
3
Additional paid-in capital
539,457
539,455
Retained earnings (deficit)
2,559
(3,385)
Total Sutherland Asset Management Corporation equity
542,019
536,073
Non-controlling interests
19,737
19,394
Total Stockholders' Equity
$
561,756
$
555,467
Total Liabilities and Stockholders' Equity
$
2,640,954
$
2,523,503
SUTHERLAND ASSET MANAGEMENT CORPORATION
UNAUDITED CONSO LIDATED STATEMENTS OF INCOME
Three Months Ended March 31,
(In Thousands, except share data)
2018
2017
Interest income
$
37,150
$
33,884
Interest expense
(22,666)
(16,441)
Net interest income before provision for loan losses
$
14,484
$
17,443
Provision for loan losses
(167)
(1,232)
Net interest income after provision for loan losses
$
14,317
$
16,211
Non-interest income
Gains on residential mortgage banking activities, net of variable loan expenses
11,734
10,509
Other income
1,334
840
Income on unconsolidated joint venture
5,739
—
Servicing income, net of amortization and impairment of $1,350 and $2,765
6,410
4,442
Total non-interest income
$
25,217
$
15,791
Non-interest expense
Employee compensation and benefits
(15,320)
(13,464)
Allocated employee compensation and benefits from related party
(1,200)
(1,012)
Professional fees
(2,648)
(2,159)
Management fees – related party
(2,013)
(1,977)
Incentive fees – related party
(408)
—
Loan servicing expense
(4,093)
(1,513)
Other operating expenses
(8,011)
(5,534)
Total non-interest expense
$
(33,693)
$
(25,659)
Net realized gain on financial instruments
12,232
2,966
Net unrealized gain on financial instruments
3,008
1,282
Income before provision for income taxes
$
21,081
$
10,591
Provision for income taxes
(2,563)
(1,034)
Net income
$
18,518
$
9,557
Less: Net income attributable to non-controlling interest
664
701
Net income attributable to Sutherland Asset Management Corporation
$
17,854
$
8,856
Earnings per common share - basic
$
0.56
$
0.29
Earnings per common share - diluted
$
0.56
$
0.29
Weighted-average shares outstanding
Basic
32,036,504
30,549,806
Diluted
32,045,844
30,549,806
Dividends declared per share of common stock
$
0.37
$
0.37
SUTHERLAND ASSET MANAGEMENT CORPORATION
UNAUDITED SEGMENT REPORTING
FOR THE THREE MONTHS ENDED MARCH 31, 2018
SBA Originations,
Residential
Loan
SBC
Acquisitions,
Mortgage
Corporate-
(In Thousands)
Acquisitions
Originations
and Servicing
Banking
Other
Consolidated
Interest income
$
9,688
$
17,858
$
8,715
$
889
$
—
$
37,150
Interest expense
(5,831)
(12,470)
(3,620)
(745)
—
(22,666)
Net interest income before provision for loan losses
$
3,857
$
5,388
$
5,095
$
144
$
—
$
14,484
Provision for loan losses
(272)
36
69
—
—
(167)
Net interest income after provision for loan losses
$
3,585
$
5,424
$
5,164
$
144
$
—
$
14,317
Non-interest income
Gains on residential mortgage banking activities, net of
variable loan expenses
$
—
$
—
$
—
$
11,734
$
—
$
11,734
Other income
156
1,259
(123)
42
—
1,334
Income from unconsolidated joint venture
5,739
—
—
—
—
5,739
Servicing income
5
252
1,252
4,901
—
6,410
Total non-interest income
$
5,900
$
1,511
$
1,129
$
16,677
$
—
$
25,217
Non-interest expense
Employee compensation and benefits
(173)
(2,637)
(3,255)
(9,114)
(141)
(15,320)
Allocated employee compensation and benefits from
related party
(120)
—
—
—
(1,080)
(1,200)
Professional fees
(317)
(389)
(479)
(109)
(1,354)
(2,648)
Management fees – related party
—
—
—
—
(2,013)
(2,013)
Incentive fees – related party
—
—
—
—
(408)
(408)
Loan servicing expense
(808)
(631)
76
(2,730)
—
(4,093)
Other operating expenses
(818)
(2,679)
(1,110)
(2,700)
(704)
(8,011)
Total non-interest expense
$
(2,236)
$
(6,336)
$
(4,768)
$
(14,653)
$
(5,700)
$
(33,693)
Net realized gain on financial instruments
148
8,699
3,385
—
—
12,232
Net unrealized gain (loss) on financial instruments
(46)
(2,367)
533
4,888
—
3,008
Income before provision for income taxes
$
7,351
$
6,931
$
5,443
$
7,056
$
(5,700)
$
21,081
Total Assets
$
609,997
$
1,223,608
$
503,512
$
283,000
$
20,837
$
2,640,954
View original content: http://www.prnewswire.com/news-releases/sutherland-asset-management-corporation-announces-first-quarter-2018-results-300644945.html
SOURCE Sutherland Asset Management Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/pr-newswire-sutherland-asset-management-corporation-announces-first-quarter-2018-results.html |
If you were preparing to get your hands on a new Ford F-150 pickup truck, you may have to wait.
The F-150, a top seller for Ford and one of the top-selling vehicles in the U.S. for more than 40 years , is facing a production halt. Ford announced that it was suspending production of all F-150s, as well as the Super Duty, due to a May 2 fire at a parts factory.
The fire, which took place at Meridian Lightweight Technologies’ facility in Easton Rapids, Mich., compromised a number of critical components for the production of the F-150. Among other items, Meridian supplies Ford with the magnesium radiator support structure, which holds radiators on the trucks . It is Ford’s only supplier of this product in the U.S., and without it, the truck’s production is unable to continue.
Earlier this week, Ford sent home close to 3,600 workers at its plant in Kansas City. The other assembly plant where the F-150 is built, in Dearborn, Mich., will also face temporary lay-offs, affecting approximately 4,000 workers.
Ford estimates that it still has an 84-day supply of the trucks, meaning that the shortage will not be felt by consumers in the immediate-term. However, that may change depending on the length of the production halt, which has not yet been determined.
The F-150 is a critical brand for Ford. According to The Detroit Free Press , an analyst found that the enterprise value of the trucks is greater than that of Ford overall. Close to 900,000 were sold last year, with an additional 287,295 sold so far this year.
The truck is responsible for about 28% of Ford’s total sales, generating $41 billion in revenue last year. According to one analyst , just a two-week production halt of the truck could cut as much as $310 million from Ford’s second quarter profits.
Last month, Ford issued a safety recall on the F-150 , affecting nearly 350,000 new trucks.
Following the Wednesday announcement, Ford (f) shares closed down 1.9% at $11.06.
Production at General Motors (gm) , Fiat Chrysler (fcau) , and Mercedes was also disrupted due to the Meridian fire. | ashraq/financial-news-articles | http://fortune.com/2018/05/10/ford-f150-production-halt-fire/ |
LONDON Central bankers emerged from the financial crisis with more clout than ever before. Can this be reconciled with democratic legitimacy? Former Bank of England Deputy Governor Paul Tucker explains why monetary authorities have become “overmighty citizens”, and how to rein them in.
The U.S. Federal Reserve building is seen in Washington June 29, 2011. REUTERS/Jim Bourg If primary link is not displayed, listen to the podcast here .
| ashraq/financial-news-articles | https://www.reuters.com/article/us-global-cenbank-podcast-breakingviews/breakingviews-the-exchange-putting-limits-on-central-bank-power-idUSKBN1I5253 |
May 25, 2018 / 9:47 AM / Updated an hour ago EU finance ministers strike deal on overhaul of banking capital rules Reuters Staff 1 Min Read
BRUSSELS, May 25 (Reuters) - European Union finance ministers reached on Friday an agreement on reforming bank capital rules, a major step to boost the bloc’s financial stability and to agree on a backstop for its bank-rescue fund in June, officials said.
The deal came after 18 months of heated debates among the 28 EU governments on how to apply new global bank capital rules that overhauled financial regulations after the 2007-2009 global crisis.
“The Council (of EU finance ministers) has agreed a general approach on the banking package,” said Vladislav Goranov, the Finance Minister of Bulgaria, the country that holds the EU presidency, at a public session of a meeting of EU finance ministers in Brussels. (Reporting by Francesco Guarascio) | ashraq/financial-news-articles | https://www.reuters.com/article/eu-banks-regulation/eu-finance-ministers-strike-deal-on-overhaul-of-banking-capital-rules-idUSL5N1SW2I3 |
The U.S. dollar advanced Wednesday as economic data continued to point to solid U.S. growth, even as the pace of expansion in Europe appears to be slowing.
The WSJ Dollar Index, which measures the currency against a basket of 16 others, rose for a third consecutive session, climbing 0.3% to 86.35—its highest close since Dec. 27. The index is now up 0.4% for the year. The dollar rose 0.4% against the euro to $1.195.
The... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/u-s-dollar-rises-on-positive-outlook-1525280053 |
* Asia share markets mostly firmer, Nikkei slips as yen gains
Oil prices firm ahead of White House call on Iran deal
* Relief on US wages data tempered by emerging market strains
* Dollar uptrend pauses, supported by outlook for Fed hikes
By Wayne Cole
SYDNEY, May 7 (Reuters) - Asian shares crept higher on Monday after a tame reading on U.S. wages lowered the risk of faster rate hikes by the Federal Reserve, although Sino-U.S. trade tensions and a looming deadline for the Iranian nuclear deal argued for caution.
Oil prices hit their highest in more than three years as global supplies remained tight and the market awaited news from Washington on possible new U.S. sanctions against Iran.
President Donald Trump has set a May 12 deadline for Europeans to "fix" the deal with Iran over its nuclear program or he would refuse to extend U.S. sanctions relief for the oil-producing Islamic Republic.
Brent crude futures added 31 cents to $75.18 a barrel, while U.S. crude climbed 44 cents to $70.16 to finally crack the $70 barrier.
The week ahead also has important readings on the health of the Chinese economy, and hence global demand, as well as the latest data on U.S. consumer price inflation.
MSCI's broadest index of Asia-Pacific shares outside Japan put on 0.3 percent, while Chinese blue chips rose 0.7 percent.
E-Mini futures for the S&P 500 also inched up 0.25 percent. Japan's Nikkei went the other way as a firmer yen trimmed 0.4 percent off the index.
Friday's U.S. jobs report showed unemployment dropping to a new cycle low of 3.9 percent yet wages remained benign, suggesting the Federal Reserve would keep raising rates but at a gradual pace.
That outlook cheered Wall Street where the Dow ended Friday up 1.39 percent, while the S&P 500 rose 1.28 percent and the Nasdaq 1.71 percent.
Apple Inc hit a record high after Warren Buffett's Berkshire Hathaway Inc disclosed that it had raised its stake in the iPhone maker.
The recent run of solid U.S. economic news contrasts with a softer turn in European data and lifted the dollar to its highest for the year so far against the euro.
The single currency was last at $1.1973, having been down as deep as $1.1911 on Friday. The dollar also reached its highest since December against a basket of currencies and was last trading at 92.463.
It had less luck against the Japanese yen, in part because strains in emerging market currencies were supporting safe havens such as the yen. The dollar eased off to 108.89 , having topped out around 110.05 last week.
"It's this recovery in the U.S. dollar one based on the data flow in the U.S. against the rest of the world which is catching many by surprise and causing ructions across emerging markets," said Greg McKenna, chief market strategist at CFD and FX provider AxiTrader.
Markets from Argentina to Turkey have been under intense pressure, in part because many of these countries have large amounts of U.S. dollar debt which gets more expensive to finance as the currency rises.
A firming U.S. dollar has also been negative for some commodities, with gold falling for a third straight week before bouncing slightly on Monday to $1,318.16 an ounce.
(Editing by Sam Holmes & Shri Navaratnam) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/06/reuters-america-global-markets-asia-shares-edge-ahead-u-s-crude-tops-70.html |
NEW YORK, May 10, 2018 /PRNewswire/ -- Five Oaks Investment Corp . (NYSE: OAKS) ("we", "Five Oaks" or "the Company") today announced its financial results for the first quarter ended March 31, 2018. For the first quarter, the Company reported GAAP net income attributable to common shareholders of $10.4 million, or $0.45 per basic and diluted share, a comprehensive loss of $0.4 million, or $0.02 per basic and diluted share, and core earnings (1) of $0.9 million, or $0.04 per basic and diluted share. The Company also reported a net book value of $4.78 per share on a basic and diluted basis at March 31, 2018.
First Quarter Summary and Subsequent Events
Reported an economic loss on common equity of 0.6% for the quarter after accounting for dividends of $0.10 (2) . Reduced our Agency RMBS exposure from $1,285.1 million as of December 31, 2017 to $1,095.2 million as of March 31, 2018. The capital released from this reduction is expected to be redeployed into new investment opportunities in the commercial real estate space; since quarter end, we have sold an additional $605.6 million in Agency RMBS. During the quarter, we continued the reduction of our credit risk MBS exposure. We reduced our Multi-Family MBS exposure from $27.4 million at December 31, 2017 to $20.3 million as of March 31, 2018 (on a non-GAAP combined basis). On January 18, 2018, we issued 1,539,406 shares of common stock, for $4.77 per share, raising net proceeds of approximately $7.3 million in connection with the Hunt Transaction. As a first and significant step in our strategic transition, on April 30, 2018, the Company announced that it had acquired 100% of the equity interests of Hunt CMT Equity, LLC from Hunt Mortgage Group, LLC for an aggregate purchase price of approximately $68.05 million. Assets of Hunt CMT Equity, LLC include the junior retained notes and preferred shares of a commercial real estate collateralized loan obligation, a licensed commercial mortgage lender and eight loan participations.
(1) Core Earnings is a non-GAAP measure that we define as GAAP net income, excluding impairment losses, realized and unrealized gains or losses on the aggregate portfolio and certain non-recurring upfront costs related to securitization transactions or other one-time charges. As defined, Core Earnings includes interest income or expense and premium income or loss on derivative instruments.
(2) Economic return is a non-GAAP measure that we define as the sum of the change in net book value per common share and dividends declared on our common stock during the period over the beginning net book value per common share.
The Hunt Transaction And New Strategic Direction
On January 18, 2018, we announced a new strategic direction, and the entry into a new external management agreement with Hunt Investment Management, LLC, an affiliate of the Hunt Companies Inc. ("Hunt"). Under management by Hunt, Five Oaks is expected to endeavor to reallocate capital into investment opportunities focused in the commercial real estate mortgage space and gain direct access to Hunt's significant pipeline of transitional floating-rate multi-family and commercial real estate loans.
In connection with the transaction, an affiliate of Hunt purchased 1,539,406 shares of our common stock in a private placement, at a purchase price of $4.77 per share resulting in an aggregate capital raise of $7,342,967. In addition, an affiliate of Hunt also purchased 710,495 Five Oaks shares from our largest shareholder, XL Investments Ltd. ("XL Investments"), for the same price per share. After completion of these share purchases, Hunt and its affiliates own approximately 9.5% of Five Oaks outstanding common shares. Also in connection with the transaction, the Five Oaks board appointed James C. ("Chris") Hunt as a director and Chairman of the board and named James P. Flynn as CEO of Five Oaks and Michael P. Larsen as President of Five Oaks.
As a first and significant step in our strategic transition, we announced on April 30, 2018 that we had acquired 100% of the equity interests of Hunt CMT Equity, LLC from Hunt Mortgage Group, LLC for an aggregate purchase price of approximately $68.05 million. Assets of Hunt CMT Equity, LLC include the junior retained notes and preferred shares of a commercial real estate collateralized loan obligation, a licensed commercial mortgage lender and eight loan participations. The assets of the CLO consist of performing transitional floating rate commercial mortgage loans with a portfolio balance of $346.3 million as of March 31, 2018, collateralized by a diverse mix of property types, including multifamily, retail, office, mixed use, industrial and student housing. The securitization pool is financed by $290.7 million of investment grade notes that bear a weighted average cost of 138 basis points over one month LIBOR, excluding fees and transaction costs. The CLO has a replenishment period that allows principal proceeds from repayments of the portfolio assets to be reinvested in qualifying replacement assets, subject to certain conditions.
Management Observations
James Flynn, CEO commented: "The modest decline in our first quarter book value can be viewed relatively positively given the meaningful rise in interest rates during the quarter. We also began the process of transitioning our portfolio out of RMBS securities, and after quarter end we concluded the first meaningful step in reallocating capital towards commercial real estate mortgage assets with the successful conclusion of the Hunt CMT Equity transaction. Going forward, we anticipate further similar investments as we continue to reposition the Company's business in line with our new strategic direction.".
Investment Portfolio and Capital Allocation
The following table summarizes certain characteristics of our investment portfolio and the related allocation of our equity capital on a non-GAAP combined basis as of March 31, 2018:
For the period ended
March 31, 2018
Agency MBS
Multi-Family MBS
(1)(2)
Non-Agency
RMBS (1)(2)
Residential
Loans (3)
Unrestricted
Cash (4)
Total
Amortized Cost
1,118,672,405
15,991,089
11,063,922
4,951,539
42,257,248
1,192,936,203
Market Value
1,095,189,264
20,339,324
4,152,493
4,027,374
42,257,248
1,165,965,703
Repurchase Agreements
1,174,281,000)
-
(2,779,000)
-
-
(1,177,060,000)
Hedges
18,132,700
-
-
-
-
18,132,700
Other (5)
146,476,696
28,836
43,516
-
(1,143,428)
145,405,620
Restricted Cash and Due to Broker
(2,082,900)
-
-
-
-
(2,082,900)
Equity Allocated
83,434,760
20,368,160
1,417,009
4,027,374
41,113,820
150,361,123
Debt/Net Equity (6)
14.07
-
1.96
-
-
7.83
For the period ended
March 31, 2018
Agency MBS
Multi-Family MBS
Non-Agency
RMBS
Residential
Loans (7)
Unrestricted
Cash
Total
Yield on Earning Assets (8)
2.22%
15.83%
-0.39%
23.23%
-
2.46%
Less Cost of Funds
1.55%
0.18%
1.18%
-
-
1.49%
Net Interest Margin (9)
0.67%
15.65%
-1.58%
23.23%
-
0.98%
(1)
Information with respect to Non-Agency RMBS and Multi-Family MBS, and the resulting total is presented on a non-GAAP basis. On a GAAP basis, which excludes the impact of consolidation of the FREMF 2011-K13, FREMF 2012-KF01, and CSMC 2014-OAK1 Trusts, the fair value of both our investments in Non-Agency RMBS and Multi-Family MBS is zero.
(2)
Includes the fair value of our net investments in the FREMF 2011-K13, FREMF 2012-KF01, and CSMC 2014-OAK1 Trusts.
(3)
Includes mortgage servicing rights.
(4)
Includes cash and cash equivalents.
(5)
Includes interest receivable, prepaid and other assets, interest payable, dividend payable and accrued expenses and other liabilities.
(6)
Ratio is a reflection of the average haircuts for each asset categories. It does not reflect or include the unrestricted cash that the Company set aside for these asset categories.
(7)
Includes income on mortgage servicing rights.
(8)
Information is presented on a non-GAAP basis. On a GAAP basis, the total yield on average interest earning assets is 2.26%.
(9)
Net Interest Margin is the difference between our Yield on Earning Assets and our Cost of Funds.
Operating Performance
The following table summarizes the Company's GAAP and non-GAAP earnings measurements for the quarters ended March 31, 2018 and December 31, 2017:
Quarter Ended March 31, 2018
Quarter Ended December 31, 2017
Earnings
Earnings
Per diluted
weighted share
Annualized
return on
average
equity
Earnings
Per diluted
weighted share
Annualized
return on
average
equity
Core Earnings *
$926,625
$ 0.04
1.63%
$ 2,299,279
$ 0.10
4.07%
GAAP Net Income (Loss)
$10,434,491
$ 0.45
18.37%
$ 8,000,436
$ 0.36
14.15%
Comprehensive Income (Loss)
$(430,856)
$ (0.02)
(0.76)%
$ (1,410,949)
$ (0.06)
(2.49)%
Weighted Ave Shares Outstanding
23,392,387
22,142,926
Weighted Average Equity
$230,310,376
$224,379,148
Stockholders' Equity and Book Value Per Share
As of March 31, 2018, our stockholders' equity was $150.4 million and our book value per common share was $4.78 on a basic and fully diluted basis.
Dividends
The Company declared a dividend of $0.02 per share of common stock for the months of April, May and June 2018.
Second Quarter 2018 Common Stock Dividends
Month
Dividend
Record Date
Payment Date
April 2018
$0.02
April 16, 2018
April 27, 2018
May 2018
$0.02
May 15, 2018
May 30, 2018
June 2018
$0.02
June 15, 2018
June 29, 2018
In accordance with the terms of the 8.75% Cumulative Redeemable Preferred Stock ("Series A Preferred Stock") of the Company, the board of directors has also declared monthly cash dividend rates for the second quarter of 2018 of $0.1823 per share of Series A Preferred Stock:
Second Quarter 2018 Series A Preferred Stock Dividends
Month
Dividend
Record Date
Payment Date
April 2018
$0.1823
April 16, 2018
April 27, 2018
May 2018
$0.1823
May 15, 2018
May 29, 2018
June 2018
$0.1823
June 15, 2017
June 27, 2017
Non-GAAP Financial Measures
For financial statement reporting purposes, GAAP requires us to consolidate the assets and liabilities of the FREMF 2011-K13, FREMF 2012-KF01, and CSMC 2014-OAK1 Trusts. However, our maximum exposure to loss from consolidation of the trusts is limited to the fair value of our net investment therein. We therefore have also presented certain information as of March 31, 2018 and December 31, 2017 that includes our net investments in the consolidated trusts. This information as well as core earnings, economic return and comparative expenses constitute non-GAAP financial measures within the meaning of Item 10(e) of Regulation S-K, as promulgated by the SEC. While we believe the non-GAAP information included in this press release provides supplemental information to assist investors in analyzing that portion of our portfolio composed of Non-Agency RMBS and Multi-Family MBS, and to assist investors in comparing our results with other peer issuers, these measures are not in accordance with GAAP, and they should not be considered a substitute for, or superior to, our financial information calculated in accordance with GAAP. Our GAAP financial results and the reconciliations from these results should be carefully evaluated.
Reconciliation of GAAP to Core Earnings
GAAP to Core Earnings Reconciliation
Three Months Ended
Three Months Ended
March 31, 2018
December 31, 2017
Reconciliation of GAAP to non-GAAP Information
Net Income (loss) attributable to common shareholders
$
10,434,491
$
8,000,436
Adjustments for non-core earnings
Realized (Gain) Loss on sale of investments, net
$
2,848,007
$
(562,833)
Realized (Gain) Loss on derivative contracts, net
$
(2,792,794)
$
(170,319)
Unrealized (Gain) Loss on derivative contracts, net
$
(12,783,088)
$
(5,878,687)
Unrealized (Gain) Loss on mortgage servicing rights
$
(57,689)
$
30,136
Unrealized (Gain) Loss on multi-family loans held in securitization trusts
$
1,355,774
$
(555,799)
Unrealized (Gain) Loss on residential loans held in securitization trusts
$
255,403
$
187,426
Other income
$
-
$
(12,987)
Subtotal
$
(11,174,387)
$
(6,963,063)
Other Adjustments
Recognized compensation expense related to restricted common stock
$
4,804
$
3,951
Adjustment for consolidated securities/securitization costs
$
1,283,061
$
1,257,955
Adjustment for one-time charges
$
378,656
$
-
Core Earnings
$
926,625
$
2,299,279
Weighted average shares outstanding - Basic and Diluted
23,392,387
22,142,926
Core Earnings per weighted average shares outstanding - Basic and Diluted
$
0.04
$
0.10
Additional Information
As of March 31, 2018, we have determined that we were the primary beneficiary of two Multi-Family MBS securitization trusts, the FREMF 2011-K13 Trust, and the FREMF 2012-KF01 Trust. As a result, we are required to consolidate the trusts' underlying multi-family loans together with their liabilities, income and expenses in our consolidated financial statements. We have elected the fair value option on the assets and liabilities held within the trusts, which requires that changes in valuation in the assets and liabilities of these trusts be reflected in our consolidated statements of operations.
A reconciliation of our net capital investment in multi-family investments to our financial statements as of March 31, 2018 is set forth below:
Multi-Family Loans held in Securitization Trusts, at fair value (1)
$
1,111,092,391
Multi-Family Securitized Debt Obligations (non-recourse) (2)
$
(1,090,602,617)
Net Carrying Value
$
20,339,324
Cash and Other
$
28,836
Net Capital in Multi-Family
$
20,368,160
(1) Includes interest receivable
(2) Includes interest payable
As of March 31, 2018, we have determined that we were the primary beneficiary of one prime jumbo residential mortgage securitization trust, CSMC 2014-OAK1. As a result, we are required to consolidate the trusts' underlying prime jumbo residential loans together with their liabilities, income and expenses in our consolidated financial statements. We have elected the fair value option on the assets and liabilities held within the trusts, which requires that changes in valuation in the assets and liabilities of the trusts be reflected in our consolidated statements of operations.
A reconciliation of our net capital investment in Non-Agency RMBS to our financial statements as of March 31, 2018 is set forth below:
Residential Loans held in Securitization Trusts, at fair value (1)(2)
$
111,134,486
Residential Securitized Debt Obligations (non-recourse) (3)
$
(106,981,993)
Net Carrying Value
$
4,152,493
Cash and Other
$
43,516
Repurchase Agreements
$
(2,779,000)
Net Capital in Non-Agency
$
1,417,009
(1) Excludes $1,005,825 in Mortgage Servicing Rights
(2) Includes interest receivable
(3) Includes interest payable
Five Oaks Investment Corp.
Five Oaks Investment Corp. is a real estate investment trust ("REIT") focused with its subsidiaries on investing on a leveraged basis in mortgage and other real estate-related assets, particularly mortgage-backed securities ("MBS"), including residential mortgage-backed securities ("RMBS") and multi-family mortgage-backed securities ("Multi-Family MBS"), and mortgage servicing rights. The Company's objective remains to deliver attractive cash flow returns over time to its investors.
Five Oaks Investment Corp. is externally managed and advised by Hunt Investment Management, LLC.
Additional Information and Where to Find It
Investors, security holders and other interested persons may find additional information regarding the Company at the SEC's Internet site at http://www.sec.gov/ or the Company website www.fiveoaksinvestment.com or by directing requests to: Five Oaks Investment Corp., 230 Park Avenue, 19th Floor, New York, NY 10169, Attention: Investor Relations.
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the U.S. securities laws that are subject to risks and uncertainties. These forward-looking statements include information about possible or assumed future results of the Company's business, financial condition, liquidity, results of operations, plans and objectives. You can identify forward-looking statements by use of words such as "believe," "expect," "anticipate," "estimate," "plan," "continue," "intend," "should," "may" or similar expressions or other comparable terms, or by discussions of strategy, plans or intentions. Statements regarding the following subjects, among others, may be forward-looking: the return on equity; the yield on investments; the ability to borrow to finance assets; and risks associated with investing in real estate assets, including changes in business conditions, interest rates, the general economy and political conditions and related matters. Forward-looking statements are based on the Company's beliefs, assumptions and expectations of its future performance, taking into account all information currently available to the Company. Actual results may differ from expectations, estimates and projections and, consequently, you should not rely on these forward looking statements as predictions of future events. Forward-looking statements are subject to substantial risks and uncertainties, many of which are difficult to predict and are generally beyond the Company's control. Additional information concerning these and other risk factors are contained in the Company's most recent filings with Commission, which are available on Commission's website at www.sec.gov .
All subsequent written and oral forward-looking statements that the Company makes, or that are attributable to the Company, are expressly qualified in their entirety by this cautionary notice. Any forward-looking statement speaks only as of the date on which it is made. Except as required by law, the Company is not obligated to, and does not intend to, update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
FIVE OAKS INVESTMENT CORP. AND SUBSIDIARIES
Consolidated Balance Sheets
03/31/2018
12/31/2017
ASSETS
(unaudited)
Available-for-sale securities, at fair value (includes pledged securities of $1,099,341,757 and $1,295,225,428 for March 31, 2018 and December 31, 2017, respectively)
$ 1,095,189,264
$ 1,290,825,648
Multi-family loans held in securitization trusts, at fair value
1,106,592,612
1,130,874,274
Residential loans held in securitization trusts, at fair value
111,764,070
119,756,455
Mortgage servicing rights, at fair value
3,021,549
2,963,861
Cash and cash equivalents
42,257,248
34,347,339
Restricted cash
11,658,225
11,275,263
Deferred offering costs
186,999
179,382
Accrued interest receivable
8,854,367
8,852,036
Investment related receivable (includes pledged securities of $138,262,099 for March 31, 2018)
143,801,279
7,461,128
Derivative assets, at fair value
18,132,700
5,349,613
Other assets
512,358
656,117
Total assets
$ 2,541,970,671
$ 2,612,541,116
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES:
Repurchase agreements:
Available-for-sale securities
$ 1,177,060,000
$ 1,234,522,000
Multi-family securitized debt obligations
1,086,279,589
1,109,204,743
Residential securitized debt obligations
106,676,747
114,418,318
Accrued interest payable
6,009,300
6,194,464
Dividends payable
39,132
39,132
Deferred income
273,968
222,518
Due to broker
13,741,125
1,123,463
Fees and expenses payable to Manager
1,319,711
752,000
Other accounts payable and accrued expenses
209,976
273,201
Total liabilities
$ 2,391,609,548
$ 2,466,749,839
COMMITMENTS AND CONTINGENCIES (NOTE 15)
STOCKHOLDERS' EQUITY:
Preferred Stock: par value $0.01 per share; 50,000,000 shares authorized, 8.75% Series A cumulative redeemable, $25 liquidation preference, 1,610,000 and 1,610,000 issued and outstanding at March 31, 2018 and December 31, 2017, respectively
37,156,972
37,156,972
Common Stock: par value $0.01 per share; 450,000,000 shares authorized, 23,683,164 and 22,143,758 shares issued and outstanding, at March 31, 2018 and December 31, 2017, respectively
236,787
221,393
Additional paid-in capital
231,348,163
224,048,169
Accumulated other comprehensive income (loss)
(25,919,831)
(15,054,484)
Cumulative distributions to stockholders
(107,845,430)
(104,650,235)
Accumulated earnings (deficit)
15,384,462
4,069,462
Total stockholders' equity
150,361,123
145,791,277
Total liabilities and stockholders' equity
$ 2,541,970,671
$ 2,612,541,116
FIVE OAKS INVESTMENT CORP. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
Three Months Ended March 31,
2018
2017
Revenues:
Interest income:
Available-for-sale securities
$ 7,079,590
$ 6,822,622
Mortgage loans held-for-sale
-
28,763
Multi-family loans held in securitization trusts
13,227,188
13,948,754
Residential loans held in securitization trusts
1,147,641
1,355,438
Cash and cash equivalents
61,042
35,734
Interest expense:
Repurchase agreements - available-for-sale securities
(4,951,537)
(2,095,474)
Multi-family securitized debt obligations
(12,526,295)
(13,237,724)
Residential securitized debt obligations
(920,057)
(1,074,352)
Net interest income
3,117,572
5,783,761
Other income:
Realized gain (loss) on sale of investments, net
(2,848,007)
(9,317,003)
Change in unrealized gain (loss) on fair value option securities
-
9,448,270
Realized gain (loss) on derivative contracts, net
2,792,794
2,233,051
Change in unrealized gain (loss) on derivative contracts, net
12,783,088
(3,077,088)
Realized gain (loss) on mortgage loans held-for-sale, net
-
(174)
Change in unrealized gain (loss) on mortgage loans held-for-sale
-
(3,709)
Change in unrealized gain (loss) on mortgage servicing rights
57,689
(126,446)
Change in unrealized gain (loss) on multi-family loans held in securitization trusts
(1,355,774)
1,299,630
Change in unrealized gain (loss) on residential loans held in securitization trusts
(255,403)
(368,343)
Other interest expense
-
(152,322)
Servicing income
219,978
252,738
Other income
15,875
12,171
Total other income (loss)
11,410,240
200,775
Expenses:
Management fee
576,135
544,510
General and administrative expenses
1,390,061
1,588,572
Operating expenses reimbursable to Manager
746,092
1,208,943
Other operating expenses
404,469
220,496
Compensation expense
96,055
52,874
Total expenses
3,212,812
3,615,395
Net income (loss)
11,315,000
2,369,141
Dividends to preferred stockholders
(880,509)
(880,509)
Net income (loss) attributable to common stockholders
$ 10,434,491
$ 1,488,632
Earnings (loss) per share:
Net income (loss) attributable to common stockholders (basic and diluted)
$ 10,434,491
$ 1,488,632
Weighted average number of shares of common stock outstanding
23,392,387
17,539,258
Basic and diluted income (loss) per share
$ 0.45
$ 0.08
Dividends declared per weighted average share of common stock
$ 0.10
$ 0.15
View original content with multimedia: http://www.prnewswire.com/news-releases/five-oaks-investment-corp-reports-first-quarter-2018-financial-results-300646699.html
SOURCE Five Oaks Investment Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/pr-newswire-five-oaks-investment-corp-reports-first-quarter-2018-financial-results.html |
The U.S. last year saw its lowest number of births in three decades—a total of 3,853,472, which was down 2% from 2016.
This is the third annual decline in a row, and 2017 also saw a record low fertility rate of 60.2 births per 1,000 women aged 15-44. The only group to see birth rates rise was women in their early 40s—the birth rate for teenagers was down a whopping 7%, meaning the teen birthrate is now down 55% from 2007.
The obvious problem stemming from the overall decline is that America’s population is aging, which means more older people who may need a social safety net and fewer younger people to pay into the systems that provide it.
What’s also interesting is the mismatch between the declining birth rate and the economy, which is booming. Good economic times usually go hand-in-hand with baby booms.
According to an AP report , experts say the falling birth rate may be due to millennials’ changing attitudes about motherhood—essentially, they’re more inclined to put it off and have fewer kids—as well as increased use of long-term contraception techniques.
“It’s difficult to say yet whether it marks a fundamental change or it’s just a blip, University of Pennsylvania demographer Hans-Peter Kohler told the AP, in reference to the slight decline in birth rates for women in their 30s. That decline marked a reversal of the previous trend.
The new provisional figures come from the Centers for Disease Control and Prevention’s National Center for Health Statistics.
A statistician at the Center, Brady Hamilton, told The Wall Street Journal that he was “absolutely astounded at the continuing decline in teen birthrates.” That decline appears to be at least partly attributable to teens’ increased use of birth control.
| ashraq/financial-news-articles | http://fortune.com/2018/05/17/us-birth-rate-2017-fertility-economy/ |
HERNDON, Va.--(BUSINESS WIRE)-- Learning Tree International, Inc. (OTCQX: LTRE) announced today its revenues and results of operations for its second quarter of fiscal year 2018, which ended March 30, 2018.
In its second quarter of fiscal year 2018, Learning Tree reported revenues of $13.6 million, loss from operations of $(2.3) million, and a net loss of $(2.4) million, or $(0.18) per share. These results compare with revenues of $16.1 million, loss from operations of $(2.1) million, and net loss of $(2.3) million, or $(0.18) per share, in Learning Tree’s second quarter of fiscal year 2017. The 15.4% decline in revenues for our second quarter of fiscal year 2018 when compared to the second quarter of fiscal year 2017, was offset by a 13.7% reduction in cost of revenues. Total operating expenses decreased 10.4% quarter over quarter, from $8.5 million to $7.6 million. The results for the second quarter of fiscal year 2017 include a non-cash restructuring charge totaling $0.4 million related to our Reston, Virginia facility. There is no corresponding restructuring charge in the second quarter of fiscal year 2018.
For the first six months of fiscal year 2018, Learning Tree reported revenues of $30.8 million, loss from operations of $(2.0) million, and a net loss of $(2.1) million, or $(0.16) per share. These results compare with revenues of $34.6 million, loss from operations of $(2.6) million, and a net loss of $(2.7) million, or $(0.21) per share, for the first six months of fiscal year 2017. The results for the first six months of fiscal year 2018 include a restructuring charge of $0.3 million related to excess classroom capacity in our Toronto, Canada and Reston, Virginia facilities, while the results for the first six months of fiscal year 2017 included the non-cash restructuring charge of $0.4 million related to the Reston, Virginia facility.
At March 30, 2018, our capital resources consisted of cash and cash equivalents of $4.0 million. We have entered into a financing and security agreement that provides us with access to borrow up to $3.0 million. To date, we have not borrowed any funds under the financing and security agreement.
Conference Call and Webcast
Learning Tree will host an investor conference call to discuss its results for the second quarter and future outlook for the remainder of fiscal year 2018 at 4:30 p.m. ET, May 8, 2018. To participate, call (888) 419-5570 or +1 (617) 896-9871 (International Callers) and enter participant code: 991 874 08 at least five minutes before 4:30 pm (ET) / 1:30 pm (PT) on Tuesday, May 8, 2018; or, go to Learning Tree’s Investor website at www.learningtree.com/investor to gain access and listen to the live webcast. A webcast replay of the investor conference call will be available for 90 days via the Internet through of Learning Tree’s website at www.learningtree.com/investor . We have also filed our Quarterly Report on Form 10-Q for our second quarter of fiscal year 2018 with the Securities and Exchange Commission (“SEC”) which is available at the SEC's Internet site ( http://www.sec.gov ).
About Learning Tree International, Inc.
Learning Tree International is a trusted, global partner delivering mission-critical IT training and certifications , as well as the communication and critical thinking skills necessary to effectively deploy and deliver major IT initiatives. Over 2.5 million IT & business professionals around the world have enhanced their skills through Learning Tree's extensive library of proprietary and partner content.
Today, Learning Tree offers an expanded training portfolio, including Agile, cyber security, cloud computing, program/project management, web development, operating systems, networking, leadership, and more. Attendees enjoy award-winning content that goes beyond the classroom with customized blended learning solutions featuring instructor-led, on-demand, and live, online training through Learning Tree AnyWare®, a modern technology platform that delivers an immersive, virtual learning experience.
We go beyond training with Workforce Optimization Solutions — a modern approach that improves the adoption of skills and accelerates the implementation of technical and business processes required to improve IT service delivery. These services include: needs assessments, skill gaps analyses, blended delivery, and acceleration workshops delivered by our expert instructors — working professionals with 15+ years of experience in the fields in which they teach.
To learn more, call 1-888-THE-TREE (843-8733) or visit LearningTree.com .
Cautionary Statement Regarding Forward Looking Statements
The statements contained herein that are not historical facts are forward-looking statements based on management's current expectations and beliefs concerning future developments and their potential effects on Learning Tree. Such statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of Learning Tree. There can be no assurance that future developments affecting Learning Tree will be the same as those anticipated. Learning Tree cautions readers that a number of important factors could cause actual results to differ materially from those expressed in, or implied or projected by, such forward-looking statements. Investors should not put undue reliance on these forward-looking statements, since they are based on key assumptions about future risks and uncertainties. Some of these risks and uncertainties that could affect Learning Tree and its business include, but are not limited to the following: our ability to continue as a going concern; our ability to obtain additional liquidity in amounts and on terms acceptable to the Company; our ability to reverse our trend of declining year over year revenues and negative cash flows from operations, and to maintain sufficient liquidity; our ability to successfully implement our new strategies including achieving our cost reduction goals; our ability to identify and execute upon strategic options for the Company; competition; international operations, including currency fluctuations; attracting and retaining qualified personnel; intellectual property, including having to defend potential infringement claims; implementation of partnerships with third party providers of courses and or course material; efficient delivery and scheduling of Learning Tree's courses; technology development and new technology introduction; risks associated with the timely development, introduction, and customer acceptance of our courses and other products; risks associated with a majority of our outstanding common stock being beneficially owned by our chairman and his spouse; risks associated with maintaining cyber security; changing economic and market conditions; and adverse weather conditions, strikes, acts of war or terrorism and other external events. Learning Tree is not undertaking any obligation to update forward-looking statements contained herein to reflect future events, developments or changed circumstances.
In order to help the reader assess the factors and risks in Learning Tree's business that could cause actual results to differ materially from those expressed in the forward looking statements, Learning Tree discusses in its 2017 Annual Report on Form 10-K (“Form 10-K”), those risks in Item 1A, “Risk Factors”, as well as in its other filings with the SEC. Please read the Form 10-K, including the Risk Factors included therein, which is filed with the SEC and available at the SEC's Internet site ( http://www.sec.gov ).
Table 1 LEARNING TREE INTERNATIONAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (all amounts in thousands, except per share data) Three Months Ended Six Months Ended March 30, March 31, March 30, March 31, 2018 2017 2018 2017 (unaudited) (unaudited) (unaudited) (unaudited) Revenues $ 13,595 $ 16,071 $
30,791
$ 34,623 Cost of revenues 8,309 9,630 17,405 20,218 Gross profit 5,286 6,441 13,386 14,405 Operating expenses: Course development 629 752 1,336 1,521 Sales and marketing 3,283 3,485 6,531 7,062 General and administrative 3,705 3,880 7,267 8,002 Restructuring charges - 386 264 386 Total operating expenses 7,617 8,503 15,398 16,971 Loss from operations (2,331 ) (2,062 ) (2,012 ) (2,566 ) Other (expense) income, net (52 ) (111 ) (79 ) 90 Loss from operations before income taxes
(2,383 ) (2,173 ) (2,091 ) (2,476 ) Provision (benefit) for income tax 37 176 (26 ) 252 Net loss (2,420 ) (2,349 ) (2,065 ) (2,728 ) Loss per share basic and diluted: Basic and diluted loss per share $ (0.18 ) $ (0.18 ) $
(0.16
) $ (0.21 ) Table 2
LEARNING TREE INTERNATIONAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (all amounts in thousands) March 30, September 29, 2018 2017 (unaudited) Cash and cash equivalents $ 3,951 $ 5,080 Trade accounts receivable, net 7,981 9,725 Prepaid expenses and other 3,573 4,035 Total current assets 15,505 18,840 Depreciable assets, net and other 7,083 7,423 Total assets $ 22,588 $ 26,263 Accounts payable and accrued liabilities $ 11,142 $ 10,809 Deferred revenues 16,880 18,383 Total current liabilities 28,022 29,192 Other long term liabilities 8,232 8,893 Total liabilities 36,254 38,085 Stockholders' deficit (13,666 ) (11,822 ) Total liabilities and stockholders' equity $ 22,588 $ 26,263
View source version on businesswire.com : https://www.businesswire.com/news/home/20180508006342/en/
Learning Tree International, Inc.
David Asai
Chief Financial Officer
703-925-6337
[email protected]
Source: Learning Tree International, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/business-wire-learning-tree-international-announces-second-quarter-2018-results.html |
* Merger to create multinational engineering and construction group
* M&R to early redeem Aveng’s outstanding convertible bonds
* No firm offer made yet (Adds more details)
By Nqobile Dludla
JOHANNESBURG, May 18 (Reuters) - South African-based Murray & Roberts has agreed in principle to take over construction firm Aveng Limited in a one billion rand deal ($78.5 million).
The proposed deal announced by both firms on Friday would give additional scale in Murray & Roberts’ (M&R) key markets such as Australasia and Africa, while shoring up liquidity in loss-making Aveng in the near-term.
The deal comes after a month after Murray & Roberts (M&R) rejected a takeover bid by German investor and biggest shareholder ATON.
M&R said in a statement if a formal offer is made, it will buy out Aveng’s stock worth 1 billion rand by issuing new shares, assuming that Aveng separately raises at least 300 million rand in new capital through its proposed rights offer.
Should Aveng not be able to raise 300 million rand, the transaction value will be reduced, it added.
M&R spent billions of rand transforming itself from a local builder to a multinational firm with operations in Southern Africa, North America and Australasia regions.
But has been under pressure for nearly a decade as its order book has been hit by a weak South African economy and reduced spending by clients in oil, gas and mining industries.
The merger would see Aveng integrate its Moolmans and McConnell Dowell businesses with Murray & Roberts’ underground mining and oil and gas portfolios.
“The primary objective of the potential transaction is to establish a large multinational engineering and construction group with the scale necessary to compete more effectively in relevant markets,” Murray & Roberts’ Chief Executive Henry Laas said.
Aveng’s Australia-based business, McConnell Dowell, is a major engineering, construction, and maintenance contractor, focused on the building, infrastructure and oil & gas sectors in Australia, New Zealand, the Pacific Islands, Southeast Asia, and the Middle East.
Its mining business, Moolmans, is one of the largest surface mining contractors in Africa, involved in all aspects across the mining value chain.
Aveng has been making losses after being hit by a slump in South Africa’s construction industry and struggling with a debt-burden of 3.25 billion rand but has embarked on a shakeup of its business. Its shares shot up nearly 30 percent at one point on news of the deal, before it pared gains.
In addition to the potential merger, M&R proposed to redeem Aveng’s outstanding convertible bonds maturing in 2019 early by amending the terms and conditions. If implemented, settlement of the bonds will be at par value 2 billion rand plus accrued interest.
This will be funded from a combination of new financing facilities of 1.8 billion rand and available cash resources.
By 1445 GMT, shares in Aveng had reversed gains and were down 1.10 percent, while Murray & Roberts’ shares reversed losses and traded up 2.3 percent. ($1 = 12.6876 rand) (Reporting by Nqobile Dludla Editing by James Macharia and Keith Weir)
| ashraq/financial-news-articles | https://www.reuters.com/article/murray-roberts-ma-aveng/update-1-south-africas-murray-roberts-plans-merger-with-construction-group-aveng-idUSL5N1SP25P |
May 2, 2018 / 5:05 AM / Updated 20 minutes ago Trade rows spell gain, and pain, for U.S. grain exporters Karl Plume , P.J. Huffstutter 4 Min Read
CHICAGO (Reuters) - Global grain marketers have seized upon trade tensions between the United States and several of its top export markets, including China, to turn around struggling trading units following one of the toughest years ever for the industry. FILE PHOTO: The world's largest corn mill of global grain company Archer Daniels Midland is pictured in Decatur, Illinois, U.S., March 16, 2015. REUTERS/Karl Plume/File Photo
After five years of bumper harvests worldwide that depressed crop prices, trading margins are on the rebound. For Archer Daniels Midland Co, market volatility from the trade disputes, as well as a drought in South America, helped its trading unit report the best first-quarter performance in four years on Tuesday.
ADM and its rivals make money buying, selling, storing and processing crops. With networks of elevators, mills and processing plants around the world, the companies can capitalize on shortages in some geographies and surpluses in others.
Taking advantage of market gyrations could be a salve for ADM and its rivals Bunge Ltd and Cargill Inc [CARG.UL], as they cope with the risks to exports posed by the wave of trade protectionism, analysts said.
“Longer-term, open and free trade is important for the global grain companies, but the near term uncertainty that the trade issues are causing are creating merchandising opportunities,” said Farha Aslam, food and agribusiness analyst with Stephens Inc.
The company’s trading unit represents a fraction of ADM’s overall business. Following a recent restructure, its origination unit, which includes its trading business, earned $45 million in the first quarter of 2018, representing about 6 percent of the group’s operating profit for the quarter.
ADM Chief Executive Juan Luciano remained cautious on the future.
“We continue to closely monitor trade developments both in terms of NAFTA, as well as U.S.-China developments that seem to evolve almost on a daily basis,” Luciano said during an earnings day conference call, referring to negotiations over revising the North American Free Trade Agreement.
Growing trade disputes are disrupting the agricultural supply chain worldwide, from corn buyers in Mexico shifting purchases to Brazil, to ships carrying U.S. sorghum exports turning around after China slapped on hefty tariffs.
Overall, the United States exported $138 billion in agricultural products in 2017, according to U.S. Census data.
ADM rival Bunge reported its first quarter results on Wednesday. It did not give details on its trading unit, other than to say that it saw “higher results” in global trading and distribution due to increased margins. A change in the fortunes of its trading unit could help it fend off potential suitors. Bunge has been the subject of takeover talk from Glencore and ADM.
Bunge’s trading operation is a part of the larger agribusiness unit that also includes oilseeds and grain processing. In its fourth quarter results, it said margins for grains trading were “under pressure.”
Just a year ago, ADM was cutting costs and consolidating operations as it struggled with poor earnings. It now expects “significantly improved” results for its wider grain trading operations in the second half, boosted by dry weather affecting crops in Brazil and Argentina, it said on Tuesday. Reporting by Karl Plume and P.J. Huffstutter in Chicago, Editing by David Gaffen, Rosalba O'Brien and David Gregorio | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trade-agriculture-exports/trade-rows-spell-gain-and-pain-for-u-s-grain-exporters-idUSKBN1I30EK |
(Adds detail from ministry, AfD reaction, background)
BERLIN, May 23 (Reuters) - A regional branch of Germany’s migration agency will stop deciding on asylum applications, authorities said on Wednesday, after reported mistakes in its rulings stirred fresh concern about one of the country’s most divisive political issues.
The restriction placed on the Bremen regional branch by Interior Minister Horst Seehofer, from Bavaria, highlights his determination to show he is tough on migration before a regional election in the southern state later in the year.
An internal review by the Federal Office for Migration and Refugees (BAMF) of 4,568 asylum rulings had found that the Bremen branch knowingly and regularly disregarded legal regulations and internal rules, the Interior Ministry said.
“Confidence in the quality of the asylum procedures and the integrity of the Bremen arrival centre (for refugees) has been massively damaged,” Seehofer said in a statement.
More than 1.6 million migrants, many from the Middle East, have arrived in Germany since 2014, becoming a hot political issue which helped propel the far-right Alternative for Germany into parliament for the first time in last year’s election.
Georg Pazderski, a member of the AfD’s executive board said at a news conference before the announcement in Berlin on Wednesday: “Of course Seehofer isn’t doing enough to clear things up at the BAMF - I want everything about this to be put on the table.”
“We’re seeing that the affair is getting ever bigger and I think setting up an investigative committee would be the right thing to do,” he added.
The Interior Ministry said Seehofer would take part in an extraordinary meeting of parliament’s interior committee on May 29, which BAMF Director Jutta Cordt would also attend.
The Nuremberg/Fuerth public prosecutor’s office has said it is looking at accusations against Cordt after a complaint was made against her on suspicion of facilitating illegal residence.
Reporting by Madeline Chambers, additional reporting by Michelle Martin, Writing by Paul Carrel, Editing by William Maclean
| ashraq/financial-news-articles | https://www.reuters.com/article/germany-migrants/update-1-germany-clamps-down-on-migration-agency-over-asylum-scandal-idUSL5N1SU3NJ |
Affirmed Full-Year Earnings Per Share Guidance Range of $2.55 to $2.70 Delivered Sixth Consecutive Quarter of Positive Comparable Sales Growth Distributed $194 Million to Shareholders Through Share Repurchases and Dividends
SAN FRANCISCO--(BUSINESS WIRE)-- Gap Inc. (NYSE: GPS) today reported first quarter fiscal year 2018 diluted earnings per share of $0.42 compared with diluted earnings per share of $0.36 in the first quarter of fiscal year 2017. The company also affirmed its full-year diluted earnings per share guidance to be in the range of $2.55 to $2.70.
“We are pleased to have delivered our sixth consecutive quarter of positive comp growth, despite the expected challenges at Gap brand,” said Art Peck, president and chief executive officer, Gap Inc. “Our balanced growth strategy provides the right foundation to differentiate our portfolio of brands in this retail environment, with strategic investments in value, active and digital fueled by productivity opportunities unique to our scaled operating platform.”
“Despite the pressures we faced in the first quarter, we are affirming our full-year guidance, reflecting our confidence in the underlying fundamentals of the business as well as the benefits of executing against our balanced growth strategy,” said Teri List-Stoll, executive vice president and chief financial officer, Gap Inc.
First Quarter 2018 Comparable Sales Results
Due to the 53 rd week in fiscal 2017, comparable sales for the first quarter of fiscal year 2018 are compared with the 13-week period ended May 6, 2017. On this basis, the company’s first quarter comparable sales increased 1% compared with a 2% increase last year. Comparable sales by global brand for the first quarter were as follows:
Old Navy Global: positive 3% versus positive 8% last year Gap Global: negative 4% versus negative 4% last year Banana Republic Global: positive 3% versus negative 4% last year
Recent Accounting Pronouncement – Revenue Recognition
During the first quarter of fiscal 2018, the company adopted the new revenue recognition standard, ASC 606. The adoption of this standard has a significant impact on the presentations of certain line items of the Consolidated Statements of Income, but does not have a material impact to net income. The most significant changes are the reclassifications from operating expenses to net sales of income from revenue sharing associated with the company’s credit card programs, as well as reclassifications from cost of goods sold and occupancy expenses to net sales of reimbursements of loyalty program discounts associated with the company’s credit card programs.
The company has adopted this standard in the first quarter of fiscal 2018, on a modified retrospective basis. The adoption resulted in an increase of $141 million to net sales, an increase of $50 million to cost of goods sold and occupancy expenses, and an increase of $92 million to operating expenses for the first quarter of fiscal 2018. There is not a material impact from the company’s adoption on operating income, net income or earnings per share.
In accordance with the company’s adoption of the standard on a modified retrospective basis, financial information prior to fiscal 2018 will not be recast. The summary below provides financial measures with and without the impact from the adoption of the new revenue recognition standard.
For the first quarter ended May 5, 2018:
Net sales were $3.8 billion, an increase of 10% compared with last year. Excluding the impact from the adoption of the new revenue recognition standard, net sales increased 6% compared with last year. The translation of foreign currencies into U.S. dollars positively impacted the company’s net sales for the first quarter of fiscal year 2018 by about $40 million. First quarter net sales details appear in the tables at the end of this press release. Gross profit was $1.43 billion, an increase of 10% compared with last year. Excluding the impact from the adoption of the new revenue recognition standard, gross profit increased about 3% compared with last year. Gross margin was 37.7%, a decrease of 20 basis points compared with last year. Excluding the impact from the adoption of the new revenue recognition standard, gross margin was 36.7%, a decrease of 120 basis points compared with last year, largely due to the Gap Brand. Operating margin was 6.1%, a decrease of 130 basis points compared with last year. Excluding the impact from the adoption of the new revenue recognition standard, operating margin was 6.3%, a decrease of 110 basis points compared with last year. The effective tax rate was 25.1% for the first quarter of fiscal year 2018. Diluted earnings per share were $0.42 compared to $0.36 last year. The company noted diluted earnings per share includes a positive impact from the calendar shift created by the 53rd week in fiscal year 2017. The company noted that foreign currency fluctuations did not materially impact earnings per share for the first quarter of fiscal year 2018. The company repurchased 3.2 million shares for $100 million and ended the first quarter of fiscal year 2018 with 387 million shares outstanding. The company paid a dividend of $0.2425 per share during the first quarter of fiscal year 2018, an increase of over 5% compared to last year. In addition, on May 23, 2018, the company announced that its Board of Directors authorized a second quarter dividend of $0.2425 per share.
The company ended the first quarter of fiscal year 2018 with $1.4 billion in cash, cash equivalents, and short-term investments. Year-to-date free cash flow, defined as net cash from operating activities less purchases of property and equipment, was negative $204 million, which reflects a higher bonus payout in the first quarter of fiscal year 2018. Please see the reconciliation of free cash flow, a non-GAAP financial measure, from the GAAP financial measure in the tables at the end of this press release.
First quarter fiscal year 2018 capital expenditures were $138 million.
The company ended the first quarter of fiscal year 2018 with 3,617 store locations in 45 countries, of which 3,171 were company-operated.
2018 Outlook
Earnings per Share
The company affirmed its full-year diluted earnings per share guidance to be in the range of $2.55 to $2.70.
Comparable Sales
The company continues to expect comparable sales for fiscal year 2018 to be flat to up slightly.
Effective Tax Rate
The company continues to expect its fiscal year 2018 effective tax rate to be about 26%.
Share Repurchases
The company continues to expect to repurchase approximately $100 million per quarter through the end of fiscal year 2018.
Capital Expenditures
The company continues to expect capital spending to be approximately $800 million for fiscal year 2018, with a continued focus on transformative infrastructure investments to support its omni-channel and digital strategies, such as information technology and supply chain.
Real Estate
The company continues to expect to open about 25 company-operated stores, net of closures and repositions in fiscal year 2018. In line with its strategy, the company expects store openings to be focused on Athleta and Old Navy locations, with closures weighted toward Gap brand and Banana Republic.
Webcast and Conference Call Information
Tina Romani, Director of Investor Relations at Gap Inc., will host a summary of the company’s first quarter fiscal year 2018 results during a conference call and webcast from approximately 2:00 p.m. to 3:00 p.m. Pacific Time today. Ms. Romani will be joined by Art Peck, Gap Inc. president and chief executive officer, and Teri List-Stoll, Gap Inc. executive vice president and chief financial officer.
The conference call can be accessed by calling 1-855-5000-GPS or 1-855-500-0477 (participant passcode: 9015811). International callers may dial 1-323-794-2078. The webcast can be accessed at www.gapinc.com .
Forward-Looking Statements
This press release and related conference call and webcast contain forward-looking statements within the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. All statements other than those that are purely historical are forward-looking statements. Words such as “expect,” “anticipate,” “believe,” “estimate,” “intend,” “plan,” “project,” and similar expressions also identify forward-looking statements. Forward-looking statements include statements regarding the following: earnings per share; comparable sales for fiscal year 2018; effective tax rate for fiscal year 2018; share repurchases in fiscal year 2018; capital expenditures for fiscal year 2018, including transformative infrastructure investments; store openings, net of closures and repositions, in fiscal year 2018; gross margin pressure at Gap brand; the impact of the new FASB revenue recognition standards; the spread between comparable sales and sales growth in fiscal year 2018; SG&A as a percent of net sales; and the impact on fiscal year 2018 of the 53 rd week in fiscal 2017.
Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause the company’s actual results to differ materially from those in the forward-looking statements. These factors include, without limitation, the following risks, any of which could have an adverse effect on the company’s financial condition, results of operations, and reputation: the risk that adjustments to the company’s unaudited financial statements may be identified through the course of the company’s independent registered public accounting firm completing its integrated audit of the company’s financial statements and financial controls; the risk that additional information may arise during the company’s close process or as a result of subsequent events that would require the company to make adjustments to its financial information; the risk that the company or its franchisees will be unsuccessful in gauging apparel trends and changing consumer preferences; the highly competitive nature of the company’s business in the United States and internationally; the risk of failure to maintain, enhance and protect the company’s brand image; the risk of failure to attract and retain key personnel, or effectively manage succession; the risk that the company’s investments in customer, digital, and omni-channel shopping initiatives may not deliver the results the company anticipates; the risk if the company is unable to manage its inventory effectively; the risk that the company is subject to data or other security breaches that may result in increased costs, violations of law, significant legal and financial exposure, and a loss of confidence in the company’s security measures; the risk that a failure of, or updates or changes to, the company’s information technology systems may disrupt its operations; the risk that trade matters could increase the cost or reduce the supply of apparel available to the company; the risk of changes in the regulatory or administrative landscape; the risks to the company’s business, including its costs and supply chain, associated with global sourcing and manufacturing; the risk of changes in global economic conditions or consumer spending patterns; the risks to the company’s efforts to expand internationally, including its ability to operate in regions where it has less experience; the risks to the company’s reputation or operations associated with importing merchandise from foreign countries, including failure of the company’s vendors to adhere to its Code of Vendor Conduct; the risk that the company’s franchisees’ operation of franchise stores is not directly within the company’s control and could impair the value of its brands; the risk that the company or its franchisees will be unsuccessful in identifying, negotiating, and securing new store locations and renewing, modifying, or terminating leases for existing store locations effectively; the risk of foreign currency exchange rate fluctuations; the risk that comparable sales and margins will experience fluctuations; the risk that changes in the company’s credit profile or deterioration in market conditions may limit the company’s access to the capital markets; the risk of natural disasters, public health crises, political crises, negative global climate patterns, or other catastrophic events; the risk of reductions in income and cash flow from the company’s credit card arrangement related to its private label and co-branded credit cards; the risk that the adoption of new accounting pronouncements will impact future results; the risk that the company does not repurchase some or all of the shares it anticipates purchasing pursuant to its repurchase program; and the risk that the company will not be successful in defending various proceedings, lawsuits, disputes, and claims.
Additional information regarding factors that could cause results to differ can be found in the company’s Annual Report on Form 10-K for the fiscal year ended February 3, 2018, as well as the company’s subsequent filings with the Securities and Exchange Commission.
These forward-looking statements are based on information as of May 24, 2018. The company assumes no obligation to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized.
About Gap Inc.
Gap Inc. is a leading global retailer offering clothing, accessories, and personal care products for men, women, and children under the Old Navy, Gap, Banana Republic and Athleta brands. Fiscal year 2017 net sales were $15.9 billion. Gap Inc. products are available for purchase in more than 90 countries worldwide through company-operated stores, franchise stores, and e-commerce sites. For more information, please visit www.gapinc.com .
The Gap, Inc. CONDENSED CONSOLIDATED BALANCE SHEETS UNAUDITED May 5,
April 29,
($ in millions) 2018 2017 ASSETS Current assets: Cash and cash equivalents $ 1,210 $ 1,583 Short-term investments 164 - Merchandise inventory 2,035 1,961 Other current assets 778 575 Total current assets 4,187 4,119 Property and equipment, net 2,791 2,605 Other long-term assets 607 687 Total assets $ 7,585 $ 7,411 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Current maturities of debt $ - $ 67 Accounts payable 1,072 1,119 Accrued expenses and other current liabilities 975 1,088 Income taxes payable 11 28 Total current liabilities 2,058 2,302 Long-term liabilities: Long-term debt 1,249 1,248 Lease incentives and other long-term liabilities 1,081 999 Total long-term liabilities 2,330 2,247 Total stockholders' equity 3,197 2,862 Total liabilities and stockholders' equity $ 7,585 $ 7,411 The Gap, Inc. CONDENSED CONSOLIDATED STATEMENTS OF INCOME UNAUDITED 13 Weeks Ended May 5,
April 29,
($ and shares in millions except per share amounts) 2018 2017 Net sales $ 3,783 $ 3,440 Cost of goods sold and occupancy expenses 2,356 2,137 Gross profit 1,427 1,303 Operating expenses 1,198 1,049 Operating income 229 254 Interest, net 10 16 Income before income taxes 219 238 Income taxes 55 95 Net income $ 164 $ 143 Weighted-average number of shares - basic 389 399 Weighted-average number of shares - diluted 393 400 Earnings per share - basic $ 0.42 $ 0.36 Earnings per share - diluted $ 0.42 $ 0.36 Cash dividends declared and paid per share $ 0.2425 $ 0.23 The Gap, Inc. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS UNAUDITED 13 Weeks Ended May 5,
April 29,
($ in millions) 2018 2017 (b) Cash flows from operating activities: Net income $ 164 $ 143 Depreciation and amortization (a) 126 123 Change in merchandise inventory (46 ) (133 ) Other, net (310 ) (42 ) Net cash (used for) provided by operating activities (66 ) 91 Cash flows from investing activities: Purchases of property and equipment (138 ) (110 ) Insurance proceeds related to loss on property and equipment - 14 Purchases of short-term investments (167 ) - Sales and maturities of short-term investments 3 - Other (7 ) - Net cash used for investing activities (309 ) (96 ) Cash flows from financing activities: Proceeds from issuances under share-based compensation plans 20 8 Withholding tax payments related to vesting of stock units (19 ) (13 ) Repurchases of common stock (100 ) (96 ) Cash dividends paid (94 ) (92 ) Net cash used for financing activities (193 ) (193 ) Effect of foreign exchange rate fluctuations on cash, cash equivalents, and restricted cash (2 ) 1 Net decrease in cash, cash equivalents, and restricted cash (570 ) (197 ) Cash, cash equivalents, and restricted cash at beginning of period 1,799 1,797 Cash, cash equivalents, and restricted cash at end of period $ 1,229 $ 1,600 (a) Depreciation and amortization is net of amortization of lease incentives. (b) The prior period amounts reflect the retrospective adoption of ASU 2016-18, Statement of Cash Flows: Restricted Cash, on February 4, 2018. As a result of the adoption of ASU 2016-18, restricted cash of $19 million and $17 million recorded in other current assets and other long-term assets on the Condensed Consolidated Balance Sheets have been included with cash and cash equivalents above for the first quarters of 2018 and 2017, respectively. The Gap, Inc. NON-GAAP FINANCIAL MEASURES UNAUDITED FREE CASH FLOW Free cash flow is a non-GAAP financial measure. We believe free cash flow is an important metric because it represents a measure of how much cash a company has available for discretionary and non-discretionary items after the deduction of capital expenditures, net of insurance proceeds related to loss on property and equipment, as we require regular capital expenditures to build and maintain stores and purchase new equipment to improve our business. We use this metric internally, as we believe our sustained ability to generate free cash flow is an important driver of value creation. However, this non-GAAP financial measure is not intended to supersede or replace our GAAP results. 13 Weeks Ended ($ in millions) May 5,
2018
April 29,
2017
Net cash (used for) provided by operating activities $ (66 ) $ 91 Less: Purchases of property and equipment (138 ) (110 ) Add: Insurance proceeds related to loss on property and equipment (a) - 14 Free cash flow $ (204 ) $ (5 ) (a) Represents insurance proceeds related to loss on property and equipment primarily from the fire that occurred on the company-owned distribution center campus in Fishkill, New York on August 29, 2016. The Gap, Inc. IMPACTS OF ADOPTING ASC 606 ON OUR CONDENSED CONSOLIDATED STATEMENTS OF INCOME UNAUDITED The following table summarizes the impacts of adopting ASC 606 on our Condensed Consolidated Statements of Income for the thirteen weeks ended May 5, 2018: 13 Weeks Ended May 5, 2018 ($ in millions) As reported Adjustments
(a)
Balances
without
adoption of
ASC 606
Net sales $ 3,783 $ (141 ) $ 3,642 Cost of goods sold and occupancy expenses 2,356 (50 ) 2,306 Gross profit 1,427 (91 ) 1,336 Operating expenses 1,198 (92 ) 1,106 Operating income 229 1 230 Interest, net 10 - 10 Income before income taxes 219 1 220 Income taxes 55 - 55 Net income $ 164 $ 1 $ 165 (a) Primarily consists of $92 million in income from revenue sharing associated with our Credit Card programs, which was previously recorded as a reduction to operating expenses in our Condensed Consolidated Statements of Income, and $44 million in reimbursements of loyalty program discounts associated with our Credit Card programs, which was previously recorded as a reduction to cost of goods sold and occupancy expenses in our Condensed Consolidated Statements of Income. The Gap, Inc. NET SALES RESULTS UNAUDITED The following table details the company’s first quarter net sales (unaudited): ($ in millions) Old Navy Banana Percentage of 13 Weeks Ended May 5, 2018
Global Gap Global Republic Global Other (2) Total Net Sales U.S. (1) $ 1,590 $ 680 $ 479 $ 269 $ 3,018 80 % Canada 127 77 50 1 255 7 % Europe - 135 4 - 139 4 % Asia 12 284 25 - 321 8 % Other regions 16 28 6 - 50 1 % Total $ 1,745 $ 1,204 $ 564 $ 270 $ 3,783 100 % ($ in millions) Old Navy Banana Percentage of 13 Weeks Ended April 29, 2017 (3)
Global Gap Global Republic Global Other (2) Total Net Sales U.S. (1) $ 1,426 $ 668 $ 437
$ 202 $ 2,733 79 % Canada 111 77 45 1 234 7 % Europe - 133 4 - 137 4 % Asia 9 250 24 - 283 8 % Other regions 16 30 7 - 53 2 % Total $ 1,562 $ 1,158 $ 517 $ 203 $ 3,440 100 % | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/business-wire-gap-inc-reports-first-quarter-results.html |
LONDON - At Reuters, planning for the marriage of Britain’s Prince Harry to American actress Meghan Markle last Saturday in Windsor, England, began back in November when the royal engagement was announced.
Britain's Prince Harry and his wife Meghan wave as they ride a horse-drawn carriage after their wedding ceremony at St George's Chapel in Windsor Castle in Windsor, Britain, May 19, 2018. REUTERS/Damir Sagolj/File photo More than 50 Reuters editors, producers and reporters from Botswana to Brixton coordinated text, photographs, video and interactive graphics to deliver comprehensive coverage of the latest union in the British royal family.
Gone are the days of the telegram report, but new technologies bring their own challenge to delivering fast and accurate news. For example, getting a cell signal amid the throngs of well-wishers on the wedding day meant that the Reuters broadcast operations team needed a creative connectivity solution to cover the festivities. They used a combination of local WiFi, satellite uplink and a 4G broadband cellular network to ensure images were filed quickly.
In this podcast, Jamillah Knowles, a Reuters social media editor, looks at how the world’s largest news organization curated real-time updates from Windsor as well as highlight moments on all media platforms, ensuring that iconic images of the royal couple were seen around the globe. She interviewed U.K. bureau chief Guy Faulconbridge, who talks about coverage of previous royal weddings and what we learned from the experience.
Reuters United Kingdom and Ireland pictures editor Dylan Martinez explains the way Reuters photographers stake out the best places to shoot a royal wedding while grappling with the logistical challenge of not being able to take a bathroom break for hours. Europe graphics editor Ciaran Hughes talks about storytelling with data and images.
Listen here: here
Slideshow (2 Images) Reporting by Lauren Young in New York; Editing by Peter Cooney
| ashraq/financial-news-articles | https://in.reuters.com/article/backstory-royalwedding/backstory-a-very-modern-royal-wedding-idINKCN1IM0VD |
May 7 (Reuters) - Federal Realty Investment Trust:
* FEDERAL REALTY INVESTMENT TRUST FILES FOR POTENTIAL MIXED SHELF OFFERING; SIZE NOT DISCLOSED - SEC FILING Source text - bit.ly/2jG9j8L
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-federal-realty-investment-trust-fi/brief-federal-realty-investment-trust-files-for-potential-mixed-shelf-offering-size-not-disclosed-idUSFWN1SE0QS |
NEW YORK, May 13 (Reuters) - Shares of Kroger Co appear poised to rise as investors realize that the U.S supermarket chain is trading at a discount and luring customers away from rivals, Barron’s reported.
Kroger’s price-earnings ratio has tumbled to 11.5 times future earnings, from 18.8 times in early 2016, Barron’s said.
That puts it at a 30 percent discount compared with the Standard & Poor’s 500 index, and triple the average discount of about 9 percent over the past decade, Barron’s said.
Spending to expand the digital business will weigh on Kroger’s earnings in the current fiscal year, Barron’s said, but analysts expect earnings to rise 14 percent two years from now.
Kroger’s market share has risen about 2 percentage points since 2009, and hit 10.3 percent last year, placing it second behind Walmart Inc and Sam’s Club, which have a combined 21.2 percent, Barron’s said.
Kroger faces competition from Walmart and Amazon.com , which spent $13.7 billion to acquire Whole Foods last year, as well as smaller chains that are offering more food, Barron’s said.
But Kroger’s large franchise includes 2,800 grocery stores under many brands, 800 convenience stories and several hundred jewelry outlets, Barron’s said.
If the company can produce growth in the next fiscal year and investors decide to push the stock up to 14 times forward earnings, the stock could hit $30, producing a 25 percent return, including dividends, Barron’s said. (Reporting by Alwyn Scott Editing by Paul Simao)
| ashraq/financial-news-articles | https://www.reuters.com/article/kroger-stocks/kroger-supermarket-chain-may-feed-rally-in-share-price-barrons-idUSL2N1SK0E0 |
Donald Graham: Mark Zuckerberg is a 'good, decent human being' 2 Hours Ago Donald Graham, Graham Holdings chairman, shares his personal thoughts on Facebook's Mark Zuckerberg and the outlook on the company's future. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/04/donald-graham-mark-zuckerberg-is-a-good-decent-human-being.html |
Florida city looks for answers after a 'zombie alert' was sent to residents 20 Hours Ago Officials say they still don't who sent a "zombie alert" to residents of a Florida city following a power outage. Lake Worth spokesman Ben Kerr says an independent investigation is underway to determine who was behind the message sent to some 7,880 customers during a 27-minute power outage Sunday. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/23/florida-zombie-alert.html |
May 4, 2018 / 6:04 PM / Updated 3 hours ago Diet linked to menopause timing Shereen Lehman 4 Min Read
(Reuters Health) - A UK study suggests that diets rich in certain foods may be a factor in the timing of menopause.
Researchers who studied more than 14,000 women found that those whose diets included lots of fish and legumes entered menopause years later, on average, than women who didn’t eat much of these foods.
Conversely, eating more refined carbohydrates, including pasta and rice, was tied to earlier menopause, the research team reports in Journal of Epidemiology and Community Health.
“Evidence shows that while an earlier menopause increases the risk of cardiovascular diseases, osteoporosis, and depression, it also protects against breast, endometrial and ovarian cancer which makes it interesting to investigate whether diet, which is one of the modifiable behavioral factors, is linked to the onset of natural menopause,” lead author Yashvee Dunneram said in an email.
“Several studies have looked into the association between socio-demographic factors such as smoking, socioeconomic status, ethnicity as well as reproductive factors (parity, age at first pregnancy) and age at natural menopause,” said Dunneram, a researcher at the University of Leeds.
“Evidence shows a link between diet and timing of natural menopause as well,” she added. However, very few studies have investigated this association and the findings are also contradictory. “Our findings show that diet can be linked to the timing of natural menopause,” she said.
At the beginning of a long-term study in the UK, researchers examined health and diet information for 14,712 women ages 35 to 69, including 1,874 who were premenopausal and 914 who entered menopause during the next four years.
The average age at menopause, defined as going 12 months without a period, was 50.5 years, and half of women were 51 or older at natural menopause, researchers found.
After accounting for weight, smoking and other factors, each additional average daily portion of legumes was tied to nearly a year’s delay in onset of menopause, while each additional portion of oily fish was tied to a three-year delay.
More vitamin B6 and zinc in the diet were also tied to slightly later onset of menopause, while each additional average daily portion of rice or pasta was linked to onset 1.5 years earlier.
The study wasn’t a controlled experiment and can’t prove whether or how eating particular foods might have influenced menopause timing. The authors speculate that antioxidants in certain foods could offset aging of ovaries, and different diets’ effect on body fat and insulin levels could also affect estrogen levels.
“Since this study does not prove any causality, we would not expect women to change their diet based on these findings,” Dunneram said.
“In my opinion, the study is very well done because it includes a large population and accounts for an important number of cofounders,” said Sandra Arevalo, a registered dietitian at Montefiore Hospital in New York City who wasn’t involved in the research.
“However, the quality of the food can change from region to region and I feel that it is necessary to extrapolate the research to other territories that include different foods origins and ethnicities to learn if the same results prevail for different populations,” Arevalo said in an email.
SOURCE: bit.ly/2FAAuu9 Journal of Epidemiology and Community Health, online April 30, 2018. | ashraq/financial-news-articles | https://uk.reuters.com/article/us-health-menopause-diet/diet-linked-to-menopause-timing-idUKKBN1I529T |
NEW YORK, May 8 (Reuters) - Drugmaker Mylan NV said on Tuesday that supply levels of its EpiPen emergency allergy treatment may vary in the U.S., months after flagging manufacturing issues of the product with U.S. regulators.
Mylan said it is currently receiving continual supply from its manufacturer, Pfizer Inc unit Meridian Medical Technologies.
“Supply levels may vary across wholesalers and pharmacies,” Mylan spokesperson Lauren Kashtan said in an email. She said patients who are having trouble getting an EpiPen should call 800-796-9526 for assistance. (Reporting by Michael Erman Editing by Chris Reese)
| ashraq/financial-news-articles | https://www.reuters.com/article/mylan-epipen/mylan-says-epipen-supply-levels-may-vary-at-u-s-pharmacies-idUSL1N1SF1Y9 |
MUMBAI, May 16 (Reuters) - India’s Infosys Ltd has formed a blockchain-based trade finance network in partnership with seven private-sector banks, to raise efficiency in the banking sector and strengthen its product offerings.
India’s second-biggest software services exporter, whose Finacle software is used by the majority of Indian banks, is also in talks to sign up more domestic and foreign banks to the network, a senior company executive told Reuters on Wednesday.
Sanat Rao, chief business officer at Finacle, said banks currently testing the blockchain-based trade finance network include ICICI Bank Ltd, Axis Bank Ltd and Kotak Mahindra Bank Ltd.
“We’re in a very advanced discussions in Australia with a consortium of banks and I think you’ll see more announcements,” Rao said. (Reporting by Sankalp Phartiyal and Devidutta Tripathy Editing by Euan Rocha)
| ashraq/financial-news-articles | https://www.reuters.com/article/infosys-banks-blockchain/indias-infosys-sets-up-blockchain-based-trade-finance-network-with-seven-banks-idUSL3N1SN381 |
May 27, 2018 / 11:51 AM / Updated 4 hours ago Baby 'Miracle' born on rescue ship as Italy arrivals surge Guglielmo Mangiapane 3 Min Read
CATANIA, Italy (Reuters) - A baby boy named Miracle has been born on board a humanitarian ship - a bright spot as the tide of migrants risking sea crossings from Libya to Italy has increased as the weather has improved.
There have been more than 1,800 migrants rescued by humanitarian ships, and Italy’s navy and coastguard vessels over the past three days, and one body was recovered, an Italian coastguard official said.
Arrivals from Libya, a staging post for people smugglers, have plummeted 85 percent this year from last as Italy provided support to the Libyan coastguard and to municipalities along the coast to stop migrant boats.
But good weather or other factors seem to have reversed that trend, for now.
“It’s really hard to know what’s happening inside Libya, or why the Libyan coastguard has not been so active in these last few days,” said Lauren King, a spokeswoman from the Aquarius, the ship baby Miracle was born aboard.
The Aquarius is a rescue ship run by SOS Mediterranee and Doctors without Borders (MSF), which brought ashore 70 migrants in Catania, Sicily, on Sunday. The Aquarius is setting off again later in the day for the waters off the coast of Libya.
“Given the weather conditions ... It’s better we’re out there and ready,” she said.
On Saturday, the leader of the far-right League party, which appears poised to form a coalition government with the anti-establishment 5-Star Movement, said that the surge in arrivals meant someone was trying to undermine the would-be administration. Migrants dance and sing to celebrate the birth of Miracle, a baby who was born on board the Aquarius, in the central Mediterranean Sea, May 26, 2018. REUTERS/Guglielmo Mangiapane
“The usual powers that be are threatening us with the migrant boats,” Matteo Salvini Tweeted.
The League has promised to take a hard line on irregular immigration and deport hundreds of thousands of migrants if the government receives the president’s endorsement and wins parliament’s backing.
Migrants rescued by the Aquarius spoke of horrific conditions and violence in Libya, including the mother of the baby born on Saturday.
“Both the mother and baby are doing very well,” Amoin Soulemane, the midwife on the Aquarius, said in a statement. Miracle, weighing 2.8 kg, was the sixth baby born on the rescue ship, but the first this year, King said.
When Miracle was brought onto deck by the midwife, the migrants on board celebrated his birth by singing and dancing — a far cry from the conditions they said they had came from in Libya.
The mother, whose name was not given, told MSF she had been “held captive, beaten, given very little food and extorted for money for release” during the year she was in Libya. Slideshow (3 Images)
She was eventually able to escape from her captors, and on Thursday she set out to sea on a rubber boat with 68 others. Writing by Steve Scherer in Rome; Editing by Alison Williams | ashraq/financial-news-articles | https://www.reuters.com/article/us-europe-migrants-newborn/baby-miracle-born-on-rescue-ship-as-italy-arrivals-surge-idUSKCN1IS0D4 |
May 15 (Reuters) - Cardiome Pharma Corp:
* Q1 LOSS PER SHARE $0.24 * Q1 EARNINGS PER SHARE VIEW $-0.22 — THOMSON REUTERS I/B/E/S
* CORREVIO PHARMA CORP - AT MARCH 31, 2018, COMPANY HAD CASH AND CASH EQUIVALENTS OF $13.6 MILLION Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-correvio-q1-loss-per-share-024/brief-correvio-q1-loss-per-share-0-24-idUSASC0A2DY |
May 11, 2018 / 10:22 AM / Updated 7 minutes ago British watchdogs fine Barclays CEO $870,000 for whistleblowing probe Reuters Staff 1 Min Read
LONDON (Reuters) - British regulators said on Friday they had fined Barclays Chief Executive Jes Staley a total of 642,430 pounds ($870,428.41) for breaching conduct rules by attempting to identify who had sent letters criticising a Barclays employee. Barclays' CEO Jes Staley arrives at 10 Downing Street in London, Britain january 11, 2018. REUTERS/Peter Nicholls/Files
The fine by the Financial Conduct Authority and the Prudential Regulation Authority included a 30 percent discount for Staley agreeing at an early stage to settle.
Regulators said the fine is only 10 percent of his overall pay package. While it draws a line under an episode some insiders had feared might cost him his job, Staley is the first sitting CEO of a major bank to face such a penalty.
Barclays had no immediate comment.
($1 = 0.7381 pounds) Barclays' CEO Jes Staley arrives at 10 Downing Street in London, Britain January 11, 2018. REUTERS/Peter Nicholls/Files Reporting By Lawrence White and Huw Jones; editing by Emma Rumney | ashraq/financial-news-articles | https://in.reuters.com/article/barclays-ceo/british-watchdogs-fine-barclays-ceo-870000-for-whistleblowing-probe-idINKBN1IC11B |
May 2, 2018 / 6:28 AM / Updated 12 minutes ago Britain's Indivior Q1 profit down 5 pct Reuters Staff 1 Min Read
May 2 (Reuters) - Britain’s Indivior posted a 5 percent fall in quarterly profit, bogged down by a drop in U.S. market share for its best-selling treatment, Suboxone Film, due to competition from generic versions.
The maker of drugs that treat opioid addiction posted a pretax profit of $111 million for the three months ended March 31, from $117 million a year ago.
However, the company’s best-selling opioid addiction drug’s U.S. market share fell sharply to 55 percent year-to-date from 60 percent in the same period last year. Reporting By Justin George Varghese in Bengaluru; Editing by Sunil Nair | ashraq/financial-news-articles | https://www.reuters.com/article/indivior-results/britains-indivior-q1-profit-down-5-pct-idUSL3N1S91Z4 |
President Donald Trump’s maximalist approach in recasting his nation’s trade relations may soon hit U.S. farmers and manufacturers, as America’s trade partners prepare $3.45 billion of retaliatory tariffs on U.S. goods.
In just the past week, the European Union threatened levies on $1.6 billion of U.S. goods in response to U.S. tariffs on metal imports; Russia prepared levies on $537.6 million of goods; Turkey on $266.6 million; Japan on $264.3 million; and India on $165.6 million, according to filings with the World Trade Organization. China already imposed $611.5 million of additional retaliatory tariffs.
Citing national security concerns, the U.S. imposed import duties of 25% on steel and 10% on aluminum in March, giving regions including the EU, Mexico and Canada temporary exemptions while they negotiate alternate resolutions. While the EU has indicated a willingness to discuss means of resolving global steel overcapacity, European leaders have said they won’t begin negotiations until Trump has provided a permanent exemption on the metals tariffs.
“As a matter of principle, we will talk about everything with a friendly country that respects WTO rules,” French President Emmanuel Macron said immediately after the U.S. tariffs were enacted. “But, by the same principle, we won’t talk about anything while there’s a gun pointed at our head.”
The countries that have filed preliminary complaints with the WTO are seeking to pressure the Trump administration to withdraw the metal duties by specifically targeting U.S. goods that are produced by voters in states that sent Trump to the White House.
Harley-Davidson and bourbon are both on the list of goods specified by the EU, pressuring Republican speaker of the House of Representatives Paul Ryan, who hails from the Wisconsin home of the motorcycle maker, and Senate Majority Leader Mitch McConnell, from Kentucky, where the whiskey is made.
The EU’s exemption from the metals tariff expires on June 1 and the EU isn’t sanguine on receiving another extension.
“I don’t think the exemptions will be prolonged,” European Trade Commissioner Cecilia Malmstrom said on Tuesday. “We have to prepare for different scenarios.” | ashraq/financial-news-articles | http://fortune.com/2018/05/23/trump-trade-war-retaliatory-tariffs-metal-imports-eu/ |
CHICAGO, May 21, 2018 (GLOBE NEWSWIRE) -- Allscripts (NASDAQ:MDRX), a global leader in healthcare technology, today announces that it has closed its acquisition of HealthGrid Holding Company. HealthGrid is a leading mobile, enterprise patient engagement solution that has helped independent providers, hospitals and health systems dramatically improve patient interactions and satisfaction. The acquisition represents a significant expansion of the Allscripts FollowMyHealth ® platform, the company’s patient engagement solution focused on connecting consumers with providers.
Allscripts will integrate the HealthGrid capabilities into its FollowMyHealth platform, enabling provider organizations to reach 100% of their patient populations without requiring their healthcare consumers to sign into a portal. The new functionality will leverage existing patients’ contact information, grow the use of FollowMyHealth, connecting providers with patients, creating opportunities to reach new heights of patient outreach and engagement.
Raj Toleti, CEO, HealthGrid says, “We are excited about this new chapter in our pursuit of bringing leading patient engagement technologies to market. Unparalleled solutions that improve the patient-provider relationship for our customers remains our highest priority.”
“The growing adoption of value-based care combined with only relatively modest patient portal adoption across the industry has prompted healthcare providers to seek more effective approaches to patient engagement solutions,” said Allscripts Chief Executive Officer, Paul M. Black. “Put simply, consumer engagement is a top-of-mind challenge for CEOs and leaders of healthcare provider organizations of all sizes. HealthGrid, when integrated with FollowMyHealth, will provide the broadest reach of pre-encounter, encounter and post-encounter patient engagement opportunities in the entire industry. We’re thrilled to expand our platform for patients to be engaged, informed and connected throughout their care experience. This is a crucial ingredient in our vision of open connected communities of health.”
About Allscripts
Allscripts (NASDAQ:MDRX) is a leader in healthcare information technology solutions that advance clinical, financial and operational results. Our innovative solutions connect people, places and data across an Open, Connected Community of Health™. Connectivity empowers caregivers to make better decisions and deliver better care for healthier populations. To learn more, visit www.allscripts.com , Twitter , YouTube and It Takes A Community: The Allscripts Blog .
© 2018 Allscripts Healthcare, LLC and/or its affiliates. All Rights Reserved.
Allscripts, the Allscripts logo, and other Allscripts marks are trademarks of Allscripts Healthcare, LLC and/or its affiliates. All other products are trademarks of their respective holders, all rights reserved. Reference to these products is not intended to imply affiliation with or sponsorship of Allscripts Healthcare, LLC and/or its affiliates.
For more information contact:
Investors:
Danielle Protexter
312-386-6779
[email protected]
Media:
Concetta Rasiarmos
312-447-2466
[email protected]
Forward-Looking Statements
This press release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, that involve risks and uncertainties. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical fact or pattern. Forward-looking statements can also be identified by the use of words such as "future," "anticipates," "believes," "estimates," "expects," "intends," "plans," "predicts," "will," "would," "could," "can," "may," and similar terms. Forward-looking statements are not guarantees of future performance. Actual results could differ significantly from those set forth in the forward-looking statements, and reported results should not be considered an indication of future performance. Certain factors that could cause our actual results to differ materially from those described in the forward-looking statements include, but are not limited to: the possibility that expected benefits of our acquisition of Health Grid may not materialize as expected; the expected financial contribution and results of the Health Grid business; the successful integration of the Health Grid business; and the anticipated and unanticipated expenses and liabilities related to the acquisition and the acquired Health Grid business. Additional information about these and other risks, uncertainties, and factors affecting Allscripts business is contained in Allscripts filings with the Securities and Exchange Commission, including under the caption "Risk Factors" in the most recent Allscripts Annual Report on Form 10-K, in subsequent Form 10-Qs and in our Form 8-K regarding the pending Health Grid acquisition to be filed with the Securities and Exchange Commission under the heading "Forward-Looking Statements and Risk Factors." Except as required by law, Allscripts does not undertake to update forward-looking statements to reflect changed assumptions, the impact of circumstances or events that may arise after the date of the forward-looking statements, or other changes in its business, financial condition or operating results over time.
Source: Allscripts | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/globe-newswire-allscripts-closes-acquisition-of-healthgrid.html |
General Electric stock dropped more than 7 percent in trading Wednesday after the company revealed it expects no profit growth this year in its already stagnant power business.
CEO John Flannery revealed in a presentation that he believes the market for GE's large gas powered turbines will remain weak through 2020.
Shares of GE fell as far as $14.11 and closed at $14.18. The 7.3 percent drop is its worst since an 8.4 percent drop on April 20, 2009.
Flannery also declined to comment about whether the company would cut the company's dividend again in 2019.
"We have to see how this plays out," Flannery said to analysts at the annual Electrical Products Group conference in Florida, according to Reuters.
Wednesday's drop was a reversal in trend for the shares, which are up 20 percent the last two months. The stock hit a low of $12.83 on April 9, two weeks before its first quarter earnings .
The presentation repeated GE's forecast for 2018 earnings, as Flannery said there is "no change" to the $1.00 per share to $1.07 per share expectation the industrial conglomerate announced at the end of 2017. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/23/ge-shares-drop-6-percent-head-for-worst-day-of-2018.html |
GENEVA (Reuters) - Israel’s Ambassador Aviva Raz Shechter told the U.N. Human Rights Council on Friday that Israel tried to minimize casualties when it defended its borders against “terrorists” in Gaza, and blamed Hamas militants for using human shields.
Responding to criticism from the U.N. human rights chief at a debate that is likely to end by setting up an inquiry into recent violence, she said the Council had returned to its “worst form of anti-Israel obsession”.
“This special session, the resolution before you, and its call for a commission of inquiry are yet again politically motivated and won’t change the situation on the ground by even one iota,” she said.
Reporting by Tom Miles; Editing by Hugh Lawson
| ashraq/financial-news-articles | https://www.reuters.com/article/us-israel-palestinians-un-diplomacy/israel-minimizes-casualties-but-hamas-uses-human-shields-ambassador-idUSKCN1IJ0XU |
I think Kim Jong Un is serious about denuclearization: President Trump 1 Hour Ago President Trump holds press conference with South Korea's President Moon where they discuss how they are hopeful about the summit with North Korea in Singapore. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/22/i-think-kim-jong-un-is-serious-about-denuclearization-president-trump.html |
JOHANNESBURG (Reuters) - The premier of South Africa’s North West province Supra Mahumapelo denied media reports on Wednesday that he had stepped down in the face of mounting political and public pressure including violent protests against him last month.
FILE PHOTO: South Africa's President Jacob Zuma chats with Premier of North West Province Supra Mahumapelo before addressing the National Youth Day commemoration, under the theme "The Year of OR Tambo: Advancing Youth Economic Empowerment", in Ventersdorp, South Africa June 16, 2017. REUTERS/Siphiwe Sibeko/File Photo Asked directly by reporters if he had resigned, Mahumapelo said in televised remarks that he was waiting to hear from the executive committee of the ruling African National Congress.
“I will listen to what the PEC (Provincial Executive Committee) say ... Let’s wait and see,” he said as a boisterous crowd of ANC supporters shouted and chanted nearby.
Acting North West provincial secretary Susan Dantjie told journalists after a PEC meeting that Mahumapelo has been instructed to go on leave pending an investigation into governance issues in the province.
“The PEC resolved that Comrade Supra Mahumapelo must take leave and allow the inter-ministerial task team to proceed with the processes and in the meantime must appoint an acting premier,” she said.
Mahumapelo is a political ally of scandal-plagued former president Jacob Zuma, replaced in February by Cyril Ramaphosa, who has vowed to clean up governance in Africa’s most industrialized economy.
Last month Ramaphosa cut short a visit to a Commonwealth summit in Britain to travel to North West and calm tensions after crowds began protesting against poor public services and demanding Mahumapelo’s resignation.
Ramaphosa placed the platinum-rich province’s health and treasury departments under central government control and deployed army medics to treat hospital patients.
Reporting by Ed Stoddard and Tanisha Heiberg; Editing by Ed Cropley and Catherine Evans
| ashraq/financial-news-articles | https://www.reuters.com/article/us-safrica-politics/south-african-provincial-premier-steps-down-after-protests-idUSKBN1IA0M9 |
RANCHO CORDOVA, Calif., May 18, 2018 (GLOBE NEWSWIRE) -- Cesca Therapeutics Inc. (NASDAQ:KOOL), a market leader in automated cell processing and point-of-care, autologous cell-based therapies, today announced the completion of its previously announced public offering of 9,166,667 units (the “Units”), with each Unit consisting of one common share, $0.001 par value (the “Common Shares”) or Common Share equivalent and one common warrant to purchase one Common Share (the “Warrants”) for aggregate gross proceeds of $5.5 million.
The offering was priced at $0.60 per Common Share (or Common Share equivalent), with each Common Share (or Common Share equivalent) sold with one five-year warrant to purchase one Common Share, at an exercise price of $0.60.
Cesca intends to use the net proceeds for general corporate purposes, including working capital and to pay accrued but unpaid interest of approximately $657,000 under Cesca’s revolving line of credit.
H.C. Wainwright & Co. acted as the exclusive placement agent for the offering.
The securities were offered and sold pursuant to a registration statement on Form S-1, as amended (File No. 333-224185), previously filed with the Securities and Exchange Commission (“SEC”) and declared effective on May 16, 2018. The securities may only be offered by means of a prospectus forming part of the effective registration statement. The final prospectus related to the offering was filed with the SEC on May 17, 2018. Copies of the final prospectus relating to the offering may be obtained for free by visiting the SEC's website at www.sec.gov or from H.C. Wainwright & Co., LLC, 430 Park Avenue, 3rd Floor, New York, New York 10022, by email at [email protected] or by telephone at 646-975-6996.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
About Cesca Therapeutics Inc.
Cesca Therapeutics Inc. (the “Company”) develops, commercializes and markets a range of automated technologies for CAR-T and other cell-based therapies. Its device division, ThermoGenesis Corp., provides a full suite of solutions for automated clinical biobanking, point-of-care applications, and automation for immuno-oncology. The Company is developing an automated, functionally-closed CAR-TXpress™ platform to streamline the manufacturing process for the emerging CAR-T immunotherapy market.
Forward-Looking Statements
Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of words such as “anticipate,” “believe,” “forecast,” “estimated” and “intend” or other similar terms or expressions that concern Cesca’s expectations, strategy, plans or intentions. These forward-looking statements are based on Cesca’s current expectations and actual results could differ materially. There are a number of factors that could cause actual events to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to, market conditions; the expected use of the net proceeds from the offering; our need for additional financing; our ability to continue as a going concern; uncertainties of government or third party payer reimbursement; dependence on key personnel; substantial competition; uncertainties of patent protection and litigation; dependence upon third parties; regulatory, financial and business risks related to our international expansion and risks related to failure to obtain FDA clearances or approvals and noncompliance with FDA regulations. There are no guarantees that any of our technology products will be utilized or prove to be commercially successful. Investors should read the risk factors set forth in Cesca’s Transition Report on Form 10-K for the year ended December 31, 2017 and Annual Report on Form 10-K for the year ended June 30, 2017, and other periodic reports filed with the Securities and Exchange Commission. While the list of factors presented here is considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Forward-looking statements included herein are made as of the date hereof, and Cesca does not undertake any obligation to update publicly such statements to reflect subsequent events or circumstances.
Company Contact:
Cesca Therapeutics Inc.
Wendy Samford
916-858-5191
[email protected]
Investor Contact:
Rx Communications
Paula Schwartz
917-322-2216
[email protected]
Source:Cesca Therapeutics Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/18/globe-newswire-cesca-announces-closing-of-5-point-5-million-public-offering.html |
May 18, 2018 / 6:21 AM / Updated 2 minutes ago Richemont targets more M&A after taking watch inventory hit Silke Koltrowitz 4 Min Read
ZURICH (Reuters) - Luxury goods group Richemont ( CFR.S ) will focus on doing more M&A deals to reshape its business after reporting lower than expected full-year results, which included a 203 million euro buy back of watch inventories. FILE PHOTO: The logo of Panerai, owned by the Richemont group, is pictured at the "Salon International de la Haute Horlogerie" (SIHH) watch fair, in Geneva, Switzerland, January 15, 2018. REUTERS/Denis Balibouse/File Photo
Richemont, which has luxury brands including Cartier and Montblanc, is just in the process of acquiring full control of luxury retailer Yoox Net-a-Porter ( YNAP.MI ) for 2.6 billion euros as part of efforts to boost its online presence and attract younger customers.
“Our long-term approach does not preclude us from targeting strategic investments and divestments, as we have demonstrated over the past year,” the company said on Friday.
Over the last two years, Richemont has undergone a major management shake-up, replacing almost all of its brand heads, its finance chief and appointing a senior executive committee instead of a CEO.
The luxury watch market has recovered in the past year from a severe downturn, but companies like Richemont remain under pressure to exploit digital sales channels and rekindle demand for traditional watches among younger consumers.
A weak performance at the group’s watch brands, including IWC and Vacheron Constantin, and a disappointing net profit contributed to a fall of nearly 8 percent in Richemont’s shares, making them the worst performer in the European sector index .SXQP. The shares were 5 percent lower at 0920 GMT.
The group’s net profit rose 1 percent to 1.221 billion euros ($1.44 billion), which was well below expectations of 1.719 billion in a Reuters poll of analysts.
Sales for the year increased 3 percent to 10.97 billion euros, driven by double-digit growth in Asia.
Chief Financial Officer Burkhart Grund told reporters on a call the inventory buybacks, mainly focused on watch brands in Europe, and which followed 278 million euro buybacks in the previous year, were necessary to ensure “healthy inventory levels at trade partners”, and were now likely finished.
He also said Richemont was still in talks to sell its Lancel business to Italian leather goods company Piquadro, but wanted to grow mainly organically its leather goods businesses that include Chloe handbags, Cartier wallets and Montblanc phone cases.
“Overall a messy result with the watch buyback probably hurting the underlying business in the final part of the year,” Kepler Cheuvreux analyst Jon Cox said.
“Long term the company probably did the right thing in terms of the watch clean up. However, timing is unfortunate given the watch market recovery,” he said. HONG KONG RECOVERY
Cyrille Vigneron, head of Richemont’s flagship brand Cartier, said the Hong Kong market had seen a sharp, V-shaped recovery since the summer, driven by both local and mainland Chinese customers.
He told investors on Friday that Cartier was in a healthy situation, with its average pricing rising, and was confident of regaining market share.
Grund said the appreciation of the euro led tourist shoppers to buy more in Asia and less in Europe.
Chief Operating Officer Jerome Lambert said the launch of lower-priced watches under the Baume brand should help Richemont to target younger customers.
The group has appointed Eric Vallat to head its fashion and accessories business and to join its senior executive committee, which lost Chief Technology Officer Jean-Jacques Van Oosten who left earlier this month after just four months in the job..
Grund said that the group would decide on its future technology setup, including management issues, after finalizing the YNAP deal.
Richemont said it would raise its dividend to 1.90 Swiss francs ($1.90) per share, from 1.80 francs a year ago. It said it aimed to grow its dividend each year. Reporting by Silke Koltrowitz. Editing by Jane Merriman | ashraq/financial-news-articles | https://www.reuters.com/article/us-richemont-results/richemont-says-could-do-more-ma-net-profit-misses-poll-idUSKCN1IJ0H2 |
May 10, 2018 / 12:39 AM / in 2 hours Euro bounces as dollar's rally stalls Tom Finn 4 Min Read
LONDON (Reuters) - The dollar’s rally paused on Thursday as Treasury yields dipped and traders looked to U.S. consumer price data later in the day that could show an acceleration in inflation. An employee counts U.S. dollar notes at a money changer in Jakarta January 27, 2010. REUTERS/Beawiharta (INDONESIA - Tags: BUSINESS)
Ten-year Treasury yields, which have been pushing the greenback higher, slid back below the psychologically important 3 percent level to stop the dollar in its tracks after a three-week long rally.
The dollar index fell 0.2 percent against a basket of six major currencies at 92.88 after hitting a 4-1/2-month high of 93.42 on Wednesday.
A weakened dollar helped lift the euro above a 4-1/2-month low of $1.1823 on Wednesday. The euro had fallen in six of the last seven sessions, and on Thursday was last trading 0.3 percent on the day at $1.1890.
There has been little respite for investors this week with tensions between Israel and Iran flaring after U.S. President Donald Trump exited from an international nuclear accord with the Islamic Republic.
A three-week-long rally for the U.S. currency, which on Monday rose to its highest levels this year, reversing several months of weakness, has caused the unwinding of popular long bets on emerging market and G10 currencies.
In the aftermath of Trump’s announcement on the Iran nuclear deal, oil continued to rally on Thursday although the gains being made were slowing.
“Markets are firmly focused on interest rates today,” said Ulrich Leuchtmann, head of FX strategy at Commerzbank.
“Despite the U.S. exit from the Iran nuclear deal we’re looking at a broadly risk-off environment...Interest rate differentials get to decide where the dollar goes next.”
U.S. consumer price data due at 1230 GMT are expected to show that annual core CPI inflation rose to 2.2 percent in April, which would be the highest in more than a year, from 2.1 percent in March.
Analysts are divided over whether the rally for the U.S. currency will continue.
“It is our view that the broad-based rebound in the USD has further to run,” said analysts at Rabobank.
But Societe Generale’s European economist, Klaus Baader, said that the U.S. interest rate yield curve, an important indicator of dollar strength, was falling and that would make the greenback’s bounce transient.
The British pound on Thursday fell after the Bank of England kept interest rates on hold and cut its forecasts for growth.
At 1150 GMT sterling traded flat at $1.3542, not far from $1.3485 touched on Tuesday, its lowest level in four months.
Markets were closed in countries including Switzerland, Sweden and Austria.
Discussions on forming a new government in Italy to end nine weeks of political stalemate are continuing and could remain a source of market volatility.
Italian government bond yields jumped to a seven-week high on an increased possibility that a government of anti-establishment parties comes into power in the euro zone’s third largest economy.
The New Zealand dollar NZD= shed as much as 1.1 percent to a five-month low of $0.6916 after the Reserve Bank of New Zealand held interest rates steady and said the next move in rates could just as easily be a cut as a hike. Editing by Mark Heinrich | ashraq/financial-news-articles | https://www.reuters.com/article/uk-global-forex/dollar-firm-as-rate-advantages-come-under-spotlight-idUSKBN1IB027 |
CBS files suit against Shari Redstone and National Amusements 23 Hours Ago 01:27 01:27 | 9:57 AM ET Sun, 13 May 2018 02:54 02:54 | 22 Hrs Ago 00:44 00:44 | 11:48 AM ET Fri, 11 May 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/14/cbs-files-suit-against-shari-redstone-and-national-amusements.html |
NEW YORK (AP) — Hollywood mogul Harvey Weinstein is expected to surrender to authorities Friday to face charges involving at least one of the women who have accused him of sexual assault, two law enforcement officials told The Associated Press.
It would be the first criminal case against Weinstein to come out of the barrage of sexual abuse allegations from scores of women that destroyed his career and set off a national reckoning that brought down other powerful men in what has become known as the #MeToo movement.
The two officials said the criminal case involves allegations by then-aspiring actress Lucia Evans, who told a magazine that Weinstein forced her to perform oral sex. She was among the first women to speak out about the 66-year-old film producer. It was unclear whether the case might involve other women who accused Weinstein of attacks.
The officials spoke Thursday to the AP on condition of anonymity because they weren't authorized to discuss the investigation.
A grand jury has been hearing evidence in the case for weeks, and the precise charges against Weinstein weren't immediately known. Weinstein's attorney, Benjamin Brafman, declined to comment, though Weinstein has said repeatedly through his lawyers that he did not have nonconsensual sex with anyone.
Evans told The New Yorker in a story published in October that Weinstein forced her to perform oral sex during a daytime meeting at his New York office in 2004, the summer before her senior year at Middlebury College.
"I said, over and over, 'I don't want to do this, stop, don't,' " she told the magazine. "I tried to get away, but maybe I didn't try hard enough. I didn't want to kick him or fight him."
Evans, who is now a marketing consultant, didn't report the incident to police at the time, telling The New Yorker's Ronan Farrow that she blamed herself for not fighting back.
"It was always my fault for not stopping him," she said.
Brafman said in court paperwork filed this month in a bankruptcy proceeding that the allegations that Weinstein forced himself on women were "entirely without merit."
"I am trying my very best to persuade both the federal and state prosecutors that he should not be arrested and or indicted, because he did not knowingly violate the law," Brafman wrote.
Brafman said in the same court filing that he had been informed that Weinstein was a "principal target" of an investigation being conducted by the U.S. attorney's office in Manhattan.
Manhattan District Attorney Cyrus Vance has come under enormous public pressure to bring a criminal case. Some women's groups, including the Hollywood activist group Time's Up, accused the Democrat of being too deferential to Weinstein and too dismissive of his accusers.
In March, New York Gov. Andrew Cuomo took the extraordinary step of ordering the state's attorney general to investigate whether Vance acted properly in 2015 when he decided not to prosecute Weinstein over a previous allegation of unwanted groping, made by an Italian model.
Vance had insisted any decision would be based on the strength of the evidence, not on political considerations. His office declined comment Thursday.
More than 75 women have accused Weinstein of wrongdoing. Several actresses and models accused him of criminal sexual assaults, including film actress Rose McGowan, who said Weinstein raped her in 1997 in Utah, "Sopranos" actress Annabella Sciorra, who said he raped her in her New York apartment in 1992, and the Norwegian actress Natassia Malthe, who said he attacked her in a London hotel room in 2008. Another aspiring actress, Mimi Haleyi, said Weinstein forcibly performed oral sex on her in his New York apartment in 2006.
New York City police detectives said in early November that they were investigating allegations by another accuser, "Boardwalk Empire" actress Paz de la Huerta, who told police in October that Weinstein raped her twice in 2010.
McGowan said she was "in shock" at the news that Weinstein would face charges.
"I still have very guarded hopes. The justice system has been something very elusive. And I hope in this case it works. Because it's all true. None of this was consensual." she said. "I hope this gives hope to victims and survivors everywhere, that we are one step closer to justice. Because one win is a win for all of us. It shows that it can be done."
The statute of limitations for rape in New York was eliminated in 2006, but not for attacks that happened prior to 2001.
Several filed a federal lawsuit claiming his efforts to prey on women and cover up complaints amounted to a criminal enterprise.
Authorities in California and London are also investigating assault allegations. Britain has no statute of limits on rape cases; some of the allegations under investigation there go back to the 1980s.
Harvey and his brother Bob Weinstein started his now-bankrupt company after leaving Miramax, the company they founded in 1979 and which became a powerhouse in '90s indie film with hits like "Pulp Fiction," and "Shakespeare in Love." The Weinstein Co. found success with Oscar winners "The Artist" and "The King's Speech."
Even in a Hollywood where some film producers have long enjoyed outsized power, Weinstein stood out as someone who could make or destroy careers — a factor that kept many of his accusers, and people aware of his problematic conduct with women, from speaking out.
The public allegations against Weinstein helped prompt a broad public reckoning about sexual misconduct.
Major figures in media and politics have lost their jobs or had their reputations tarnished by allegations that they subjected women to unwanted advances or outright assaults. They include TV hosts Matt Lauer and Charlie Rose, comedian Louis C.K, Democratic Sen. Al Franken, chef Mario Batali, casino magnate Steve Wynn and, most recently, New York Attorney General Eric Schneiderman.
Associated Press writer Jocelyn Noveck contributed to this report. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/24/the-associated-press-officials-weinstein-to-surrender-in-sexual-misconduct-probe.html |
FORT WORTH, Texas, May 3, 2018 /PRNewswire/ -- Galenfeha, Inc. (OTC: GLFH ) announced today the company signed a Letter of Intent to acquire Fleaux Services of Louisiana, LLC, a leading oil and gas measurement company, for $18,000,000 USD. The acquisition is contingent on Galenfeha's ability to raise the funds, and the Company has engaged Wall Street firm Paulson Investment Company, LLC as the lead placement agent for financing the transaction.
Galenfeha's founder, Mr. James Ketner stated: "We have a lot of work to do, and I want to inform the public of some upcoming changes, so there are no surprises. Mr. Trey Moore, President/CEO, and founder of Fleaux Services, is assuming the role of Galenfeha's Chief Executive Officer. I believe there is nobody more qualified to take the position, as he is a young, charismatic leader with a great operational history in the oil and gas industry. He has the ability to lead the company to continued growth in the future. I will be working directly with Mr. Moore over the next several months as he transitions into the role."
Building on his historic relationships in the oil and gas industry, Trey Moore founded Fleaux Services six years ago. The company is now a premier provider of oil and gas measurement, automation, and control equipment, boasting revenues of approximately $21m in 2016, approximately $36m in 2017, and revenues for first quarter 2018 of approximately $12m.
Mr. Trey Moore, Galenfeha's newly appointed CEO commented: "I am excited about what lies ahead of us with this potential acquisition, and our most recent acquisition. I also want to thank Mr. Ketner for his personal sacrifices over the last year and a half in order to prepare Galenfeha for these opportunities. He has done a tremendous job staying focused and diligent in getting us to this point. We are looking forward to his continued involvement, direction, and leadership in our promising future."
Mr. Ketner added: "In addition to the change in the CEO position, we will also be electing a new board of directors. In order to meet the listing requirements for the NYSE-MKT exchange, we need to have board independence, and have already identified two experienced candidates to fill the roles of Chairman and Audit committee chair."
"Lastly, our investment firm has advised us to eliminate the preferred stock to make our capital structure less complicated for potential investors funding this transaction. All preferred shares will move 1:1 into the common. This should by no means be perceived as a rush for the door by our current affiliates. I personally believe there is a tremendous opportunity here for all investors going forward over the next several years," Mr. Ketner concluded.
About Galenfeha, Inc.:
Galenfeha, Inc. was founded by James Ketner in March 2013 as an Engineering Services/Research and Development company headquartered in Ft. Worth Texas. The company generates revenue by receiving royalties from products we developed, providing engineering, regulatory, and business consulting services across numerous disciplines, such as aerospace, automotive, and medical, and by making investments in companies that our management team feels to be undervalued. With the recent acquisition of Fleaux Solutions, LLC, the company also generates revenues and earnings through government contracts. The Company's stock has been actively traded (OTC: GLFH ) since September 2014.
For more information on Galenfeha's products and services, please visit www.galenfeha.com
About Fleaux Services of Louisiana, LLC:
Fleaux Services was created from, and is based on, a simple concept—Service for the Customer, and the Employees are Assets. Fleaux Services has built a sales and support team with an industry reputation of making sure that the customer is taken care of with quality parts and service. Fleaux Services is a company committed to Oil and Gas industry innovative solutions with a creative vision of complete system automation through hardware and software products. While investing in its employees and customers' knowledge level of available technologies, we are devoted to creating simplicity through advanced Technology.
An online presentation of Fleaux Services: https://prezi.com/view/xcQMMUlYCM1Y2vKuexSt/
For more information on Fleaux Services of Louisiana, LLC please visit www.fleaux.com
Contact:
Galenfeha, Inc.
817-945-6448
[email protected]
Contact:
Fleaux Services of Louisiana
318-603-5440
[email protected]
Forward-Looking Statements: Except for historical information contained in this release, the matters discussed are forward-looking statements that involve risks and uncertainties. When used in this release, words such as "anticipate," "believes," "estimate," "expect," "should," "intend," "projects," "objective," and "appears," and similar expressions, as they relate to the Company or its management, identify forward-looking statements. Such forward-looking statements are based on the beliefs of the Company's management, as well as assumptions made by and information currently available to the Company's management. Among the factors that could cause actual results to differ materially are the following: the effect of business and economic conditions; the impact of competitive products and pricing; capacity and supply constraints or difficulties; product development, commercialization, or technological difficulties; the regulatory and trade environment; the impact of reimbursement rates and coverage; and the risk factors reported from time to time in the Company's SEC reports. The Company undertakes no obligation to revise any forward-looking statements as a result of future events or developments.
View original content with multimedia: http://www.prnewswire.com/news-releases/galenfeha-signs-letter-of-intent-to-acquire-fleaux-services-of-louisiana-llc-for-18-000-000-usd-300641743.html
SOURCE Galenfeha, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/pr-newswire-galenfeha-signs-letter-of-intent-to-acquire-fleaux-services-of-louisiana-llc-for-18000000-usd.html |
May 16 (Reuters) - NetEase Inc:
* NETEASE REPORTS FIRST QUARTER 2018 UNAUDITED FINANCIAL RESULTS
* Q1 REVENUE RMB 14.2 BILLION VERSUS I/B/E/S VIEW RMB 13.91 BILLION
* QTRLY DILUTED EARNINGS PER ADS WERE US$0.91 * QTRLY NON-GAAP DILUTED EARNINGS PER ADS WERE US$1.61
* QTRLY ONLINE GAME SERVICES NET REVENUES WERE RMB8.8 BILLION (US$1.4 BILLION), A DECREASE OF 18.4% COMPARED WITH Q1 OF 2017
* BOARD OF DIRECTORS HAS APPROVED A DIVIDEND OF $0.23 PER ADS FOR Q1 OF 2018, WHICH IS EXPECTED TO BE PAID ON JUNE 8, 2018
* QTRLY GROSS PROFIT WAS RMB6.0 BILLION (US$949.1 MILLION), A DECREASE OF 20.4% COMPARED WITH Q1 OF 2017 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-netease-qtrly-non-gaap-diluted-ear/brief-netease-qtrly-non-gaap-diluted-earnings-per-ads-1-61-idUSASC0A2PM |
May 15 (Reuters) - Borqs Technologies Inc:
* Q1 REVENUE $58.3 MILLION * ACHIEVED NET INCOME OF $1.4 MILLION FOR Q1 IN 2018, AS COMPARED TO $18,000 OF NET INCOME FOR SAME PERIOD A YEAR AGO Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-borqs-technologies-q1-net-income-o/brief-borqs-technologies-q1-net-income-of-1-4-million-idUSASC0A2I2 |
May 2 (Reuters) - SONMEZ PAMUKLU:
* REPORTED ON MONDAY Q1 NET PROFIT AT 4.8 MILLION LIRA VERSUS 3.5 MILLION LIRA YEAR AGO
* Q1 REVENUE AT 10.9 MILLION LIRA VERSUS 11.5 MILLION LIRA YEAR AGO
Source text for Eikon:
Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/idUSL8N1S90UO |
(Reuters) - General Electric Co is nearing a deal to merge its transportation business, which manufactures train engines, with Wabtec Corp, a U.S. maker of equipment for the rail industry, two people familiar with the matter said on Sunday.
The logo of General Electric Co. is pictured at the Global Operations Center in San Pedro Garza Garcia, neighbouring Monterrey, Mexico, May 12, 2017. REUTERS/Daniel Becerril/Files A deal valuing the combined business at more than $20 billion could be announced as early as this week, the sources said, asking not to be identified because the negotiations are confidential.
It would be the biggest deal thus far to be inked by GE Chief Executive Officer John Flannery, who took over last August with a mandate to slash costs and boost the U.S. industrial conglomerate’s plummeting stock price.
There is always a possibility that the deal talks, which center on using a tax-efficient structure called a Reverse Morris Trust, could collapse at the last minute, the sources cautioned.
GE and Wabtec did not immediately respond to requests for comment.
Flannery told GE’s annual shareholder meeting last month that the company is “keenly aware of the pain” caused by its poor performance and dividend cut last year. Executives are trying to turn around the ailing power and oil and gas businesses, he told shareholders, adding that there is evidence of “green shoots” of improvement.
GE has taken several actions to prune its portfolio over the years, shedding plastics, NBCUniversal and most of its GE Capital business. It also combined its oilfield services business with Baker Hughes.
GE’s transportation business, which generated revenue of $4.7 billion, manufactures freight and passenger trains, marine diesel engines and mining equipment, among other products.
Wabtec, which has a market capitalization of $9.2 billion, manufactures equipment for locomotives, freight cars, and passenger transit vehicles.
Reporting by Harry Brumpton and Greg Roumeliotis in New York; Editing by Lisa Shumaker
| ashraq/financial-news-articles | https://in.reuters.com/article/getransportation-m-a-wabtec/exclusive-ge-nears-deal-to-merge-transportation-unit-with-wabtec-sources-idINKCN1IL0QO |
Veteran Investment Executive Michael Ruscetta joins Trichome Yield Corp.
TORONTO, May 7, 2018 /PRNewswire/ - Trichome Yield Corp., a majority owned subsidiary of CannaRoyalty Corp. (CSE: CRZ)(OTCQX: CNNRF) ("CannaRoyalty") focused on providing credit-based capital solutions to the legal cannabis industry ("Trichome" or the "Company"), is pleased to announce that its Board of Directors has appointed Michael Ruscetta as the Company's Chief Executive Officer and to its Board of Directors, effective May 7, 2018.
As CEO, Mr. Ruscetta will oversee Trichome's investment strategy and capital allocation decisions as well as assume day-to-day leadership of the Company. With more than two decades of investment experience in public and private markets, he has invested in a broad range of industries and instruments including equities, bonds, mezzanine debt, bridge loans and first/second lien debt. Mr. Ruscetta brings a particularly deep background in originating, structuring and underwriting privately negotiated debt transactions, together with portfolio management, risk management and exceptional leadership skills.
Mr. Ruscetta joins Trichome after previously managing the RCM Special Situations Fund, a Canadian focused value-oriented equity fund. Previously, Mr. Ruscetta served as Co-Head of Goldman Sachs' Canada Special Situations Group, a multi-asset principal investing platform, and as Managing Director of Amaranth Advisors (Canada) ULC, a multi-strategy investment fund that was headquartered in Connecticut. Mr. Ruscetta also has held numerous roles at CIBC, including many years in its merchant banking division working exclusively on a wide array of customized principal investments.
"On behalf of the Board of Directors and Management, I would like to welcome Michael to the Trichome team," said Marc Lustig, CEO of Trichome Yield Corp.'s majority shareholder, CannaRoyalty Corp. "Michael's background lends itself incredibly well to Trichome's business model and the burgeoning capital requirements of the cannabis industry. His particularly strong background in private credit underwriting and special situations complement the cannabis-sector expertise we have developed internally and with our founding partners. We are confident that Michael's appointment will help us further position ourselves as a leading value-added lender in the cannabis sector."
"Trichome has identified a very compelling market opportunity and surrounded itself with a world-class team with a shared vision of success. I believe that the Company is uniquely positioned to become the leader in providing customized credit-based capital solutions to the cannabis sector." said Mr. Ruscetta. "I am excited to join the Trichome team and look forward to leading the Company through its next phases of growth."
About Trichome
Trichome is a majority-owned subsidiary of CannaRoyalty and was formed to offer credit-based capital solutions to companies operating across the Canadian cannabis value chain. Trichome expects to offer creative credit-based capital solutions to cannabis companies in need of capital for a broad array of requirements. Trichome is focused primarily on addressing the largely underserviced Canadian cannabis market and expects to expand to meet the needs of companies operating in fully legal international markets as those jurisdictions develop.
About CannaRoyalty
CannaRoyalty is an active investor and operator in the legal cannabis industry. Our focus is building and supporting a diversified portfolio of growth-ready assets in high-value segments of the cannabis sector, including research, consumer brands, devices and intellectual property. Our management team combines a hands-on understanding of the cannabis industry with seasoned financial know-how, assembling a platform of holdings via royalty agreements, equity interests, secured convertible debt, licensing agreements and its own branded portfolio. CannaRoyalty's shares trade on the Canadian Stock Exchange (CSE) under the symbol CRZ and internationally on the OTCQX under the symbol CNNRF .
: releases/trichome-yield-corp-strengthens-management-team-with-addition-of-ceo-300643348.html
SOURCE CannaRoyalty Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/pr-newswire-trichome-yield-corp-strengthens-management-team-with-addition-of-ceo.html |
(Fixes transposed words in fourth paragraph)
* MSCI ex-Japan climbs 0.9 pct, Nikkei jumps 1 pct
* U.S. April consumer price index rises slower than expected
* Traders trim expectations of faster U.S. rate hikes in 2018
* Risk appetite whetted on U.S.-Korea summit talks in Singapore
By Swati Pandey
SYDNEY, May 11 (Reuters) - Asian shares rallied on Friday as risk appetite got a boost from soft U.S. inflation, helping alleviate worries of faster rate hikes by the Federal Reserve, while investors also cheered U.S.-North Korean steps to further ease tensions on the Korean Peninsula.
Thursday’s slower-than-expected April consumer price rises followed payrolls data last week which pointed to sluggish wage growth.
The two data sets meant “inflation may be rising but not so rapidly that the Fed would have to take aggressive actions to keep the economy from overheating,” said James McGlew, analyst at Perth-based stock broker Argonaut.
The recent shakeout in markets, partly stoked by Sino-U.S. trade tensions, has also eased off, while money managers expect the relatively low global rates that fuelled the ‘goldilocks’ boom in stock markets last year will remain in place for some time.
“While inflation is continuing to trend up it’s only happening slowly. So Goldilocks continues,” Shane Oliver, chief investment manager at AMP, said in a note.
Indeed, a key measure of expected market swings, the Cboe Volatility Index, or VIX, has fallen very close to levels last seen in early January when stock markets were buoyant.
MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.9 percent to near three-week highs with broad-based gains across all sectors.
Japan’s Nikkei climbed 1 percent while South Korea’s KOSPI added 0.7 percent. Hong Kong’s Hang Seng index jumped 1.4 percent. Chinese shares gave up early gains to be marginally lower.
On Wall Street, the Dow rose 0.8 percent, the Nasdaq Composite gained 0.89 percent and the S&P 500 rose 0.9 percent, surging past key resistance of 2,717 points.
GEOPOLITICS Investors also appeared to welcome continued moves between the United States and North Korea to reduce tensions in the region.
U.S. President Donald Trump will meet North Korean leader Kim Jong un in Singapore next month amid high hopes of “doing something very meaningful” to curtail Pyongyang’s nuclear ambitions.
Concerns still remain around U.S.-China trade skirmishes and rising tensions in the Middle East, although analysts say the June 12 U.S.-Korea summit will ensure the trade war rhetoric takes a back-seat for now.
“Trump still needs President Xi (Jinping) and China’s support in dealing with North Korea and this will be his priority in the short term,” economists at JPMorgan wrote in a note to clients.
“Once the meeting is finished, trade may return to the fore.”
The United States and China locked horns over import tariffs earlier this year after Trump first announced hefty duties on Chinese goods, provoking a tit-for-tat response from Beijing.
“It is notable that in line with this view, the U.S. has extended hearings over China tariffs, drawing out the process,” they added.
Currency markets were largely muted during Asian trading.
The dollar index was up 0.1 percent after falling the most since late March in overnight trade.
Investors trimmed their expectations for four Fed rate hikes after inflation data showed U.S. price pressures remained weak. The Fed has already raised rates once this year and is widely expected to go two more times in 2018.
The British pound inched above a four-month low of $1.3457 touched on Thursday after the BoE held key borrowing costs. It was last at $1.3525.
The recent slowing in price growth in major economies has boosted expectations that most central banks except the Fed will continue their massive bond-buying programmes to keep policy stimulatory.
The euro was barely changed at $1.1911. The Japanese yen was a tad weaker at 109.45 per dollar.
Malaysian markets were closed Friday but its newly appointed Prime Minister Mahathir Mohamad emerged with key election pledges including repealing an unpopular goods and services tax and restoring a petrol subsidy.
Ratings agency Moody’s said some campaign promises would be “credit negative” for Malaysia.
Such concerns pushed up the cost of insuring against a Malaysia default, with the country’s 5-year credit default swap price at its highest since early June 2017 at 95.090 basis points.
In commodities markets, spot gold slipped 0.1 percent to $1,319.33 an ounce.
Oil prices eased but stayed near multi-year peaks amid supply concerns after Trump withdrew from an Iranian nuclear deal and reinstated sanctions.
U.S. crude futures were last down 10 cents at $71.26 a barrel. Brent crude futures fell 18 cents to $77.29 a barrel, after hitting $78 earlier in the day, their highest since November 2014.
Editing by Sam Holmes & Shri Navaratnam
| ashraq/financial-news-articles | https://www.reuters.com/article/global-markets/global-markets-asian-stocks-near-3-week-top-dollar-eases-after-u-s-inflation-idUSL3N1SI1TU |
SCOTTSDALE, Ariz.--(BUSINESS WIRE)-- Merchants Benefit Administration, Inc. (“MBA”) ( mbaadmin.com ), a third-party administrator in the insurance industry, announces that the firm is under new parent company ownership - J.A.K. Global Holdings, LLC. (“JAK”), replacing AIM Corp. JAK is led by founding member Michael D. Brady, who has held the position of managing member since October 2016. Lynn Doran, also a member of the MBA executive team, became a managing member and stock holder of JAK as of April 1, 2018. The MBA stock purchase from AIM Corp. was effective March 1, 2018.
New position announcements at MBA include CEO Michael D. Brady, President Lynn Doran, Controller and EVP Roy Garrett, and Vice President of Administration Laura Genzer. Brady began working for AIM Corp. in 1991. For almost two decades, Brady has been instrumental in the expansion of MBA including its administration abilities and insurance expertise. Doran, who served as a key leader since joining MBA in 2011, has brought many years of industry knowledge and operations background to the company during a crucial turning point as MBA was transitioning back their administrative operations. Lynn was a key leader in the development and transition that has transformed MBA to the innovative and successful company they are today. Together, Brady and Doran plan to be at the forefront of the industry, combining their talents to grow and expand MBA as they move into the future.
“The transition of ownership has been seamless and will move us toward achieving our goal – shaping the future with innovative solutions in the insurance and administrative industry,” says Brady. “Strategic partnerships are an integral part of the plan for growth at MBA, and transition in ownership is key to opening those doors.”
Key strategic partnerships will include carriers and distribution centers to capitalize on new marketplace expansion, risk and profit sharing as well as extending the company’s marketing reach. Innovation through technology is also part of the company’s future plans, offering smart, consumer-centric online platforms to help enable business partners. Other plans include leveraging the expansion of Pharmacy Benefit Managers as well as the purchase of insurance company paper.
“Our plan for MBA is to become the world leader in innovative insurance and administrative solutions,” says Brady. “We are now strategically positioned to see this vision come to life.”
About MBA, Inc.
Merchants Benefit Administration, Inc. ( mbaadmin.com ), is a privately-held company headquartered in Scottsdale, Ariz. MBA is a third-party administrator. For over 20 years, MBA has been shaping the future with innovative solutions within the insurance and administrative industry.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180508006841/en/
Merchants Benefit Administration, Inc.
Jamie Lanna, 480-289-5092
[email protected]
Source: Merchants Benefit Administration, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/business-wire-mba-inc-changes-ownership-focuses-on-expansion.html |
May 15 (Reuters) - Treasury Metals Inc:
* TREASURY METALS INC. PROVIDES UPDATE ON THE AUDIT OF FLOW-THROUGH FINANCINGS BY CRA
* TREASURY METALS INC - DISPUTES CRA’S PROPOSED RECHARACTERIZATIONS OF EXPENSES FROM CEE TO EITHER CDE OR OPERATING EXPENSES Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-treasury-metals-provides-update-on/brief-treasury-metals-provides-update-on-the-audit-of-flow-through-financings-by-cra-idUSASC0A2HE |
May 2, 2018 / 6:09 AM / Updated 2 hours ago Germany calls for 'clear mandate' in EU trade talks with U.S Michael Nienaber , Madeline Chambers 3 Min Read
BERLIN (Reuters) - European Union member states must give the EU trade commissioner a clear mandate for negotiations with the United States over a long-term exemption from U.S. metal tariffs, German Chancellor Angela Merkel said on Wednesday. FILE PHOTO - German Economic Minister Peter Altmaier leaves after delivering a statement regarding the Trump Administration's steel and aluminium tariffs, outside of the White House in Washington, U.S., March 19, 2018. REUTERS/Leah Millis
A top German minister earlier acknowledged differences on trade with France, only days after U.S. President Donald Trump extended a temporary reprieve for the EU on steel and aluminum tariffs.
“Of course, we think it’s important that there are exemptions not only for a limited period of time,” Merkel said during a joint news conference with Slovak Prime Minister Peter Pellegrini in Berlin.
Asked whether there was a rift between Germany and France on how to respond to the U.S. trade threat, Merkel said: “So far, we have had a very united stance, namely that we view these tariff demands as unjustified and that we want a long-term exemption.”
Earlier on Wednesday, German Economy Minister Peter Altmaier was asked whether it would be easier to find a common stance with France or formulate an offer to the United States. “Both are equally difficult,” he told Germany’s ARD television.
Merkel said talks between European trade and economy ministers would continue to give Trade Commissioner Cecilia Malmstrom a clear mandate for her negotiations with the U.S. administration.
The White House announced on Monday that Trump had extended a exemption from the tariffs for the EU, Canada and Mexico until June 1, just hours before they were due to come into force.
The European Commission, the EU’s executive arm, has called for a permanent exemption, arguing the one-month extension is causing uncertainty among businesses. But there are differences in emphasis among member states.
The priority for export-oriented Germany, Europe’s biggest economy, is to get a broad agreement to lower tariffs across a broad spectrum of products, especially in manufacturing.
The United States is Germany’s most important export destination after the bloc of EU countries, and its exports account for roughly 47 percent of German economic output.
By contrast, France has said it agrees that over-capacity exists in steel and aluminum and it is ready to work with the United States to resolve those issues. But no such discussions can occur unless the EU is permanently excluded from unilateral tariff increases, the French say. Additional reporting by Gernot Heller, editing by Larry King; Writing by Michael Nienaber; Editing by Larry King | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trade-metals-germany/german-minister-urges-eu-unity-in-trade-conflict-with-u-s-idUSKBN1I30KN |
CALGARY, Alberta, May 28, 2018 (GLOBE NEWSWIRE) -- Jaguar Resources Inc. ("Jaguar" or the "Company") (TSX VENTURE:JRI) is pleased to announce Mr. Ian T. Tweedie, CA, CPA has succeeded Mr. Randy Boyd as the Chief Financial Officer. Mr. Tweedie who brings over 45 years of financial experience and a broad range of financial systems knowledge. Mr. Tweedie is an independent financial consultant with extensive financial and managerial experience in both public and private companies. He has provided financial management to companies in various industries, most recently in media and technology. Previously, Ian was the Vice President of a West German drilling fund company with excess of $150 million invested through oil and gas operating companies in North America. Mr. Tweedie is currently a director of several private Alberta companies and has previously acted as a director of several public companies.
We want to thank Mr. Randy Boyd for his oversight, guidance, and contribution to the Company.
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.
Forward Looking Information
This news release contains forward‐looking statements and forward‐looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward‐looking statements or information. More particularly and without limitation, this news release contains forward‐looking statements and information relating to the resumption of trading of the Company's common shares on the TSXV. The forward‐looking statements and information are based on certain key expectations and assumptions made by management of the Company. Although management of the Company believes that the expectations and assumptions on which such forward looking statements and information are based are reasonable, undue reliance should not be placed on the forward‐looking statements and information since no assurance can be given that they will prove to be correct.
Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Since forward‐looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could those currently anticipated due to a number of factors and risks. These include, but are not limited to, the Company's ability to continue operations without adequate capital, the Company's ability to raise further capital, the Company's ability to efficiently and successful explore and develop its properties, availability of drilling rigs, failure to interpret geological and geophysical information accurately, and the likelihood of those or any geological structures containing hydrocarbons. Accordingly, readers should not place undue reliance on the forward‐looking statements and information contained in this news release. Readers are cautioned that the foregoing list of factors is not exhaustive.
The forward‐looking statements and information contained in this news release are made as of the date hereof and no undertaking is given to update publicly or revise any forward‐looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws or the TSXV. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.
Contact Information Jaguar Resources Inc. Corbin Blume President & CEO (403) 975-4009 (403) 264-5455 (FAX) Email: [email protected]
Source:Jaguar Resources Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/28/globe-newswire-jaguar-announces-appointment-of-chief-financial-officer.html |
ATLANTA, May 31, 2018 /PRNewswire/ -- Triad Advisors, LLC ("Triad" or "the Firm"), a wholly owned subsidiary of Ladenburg Thalmann Financial Services Inc. (NYSE American: LTS, LTSL, LTS PrA), and a leading independent advisory and brokerage (IAB) firm supporting independent hybrid financial advisory practices and registered investment advisory (RIA) firms, today announced that Boston-area independent advisory firm Pinnacle Private Wealth ("Pinnacle") has joined its broker-dealer and hybrid RIA custodial platforms.
Headquartered in Woburn, Massachusetts, Pinnacle Private Wealth is an independent financial advisory firm that provides financial planning, investment and risk management, and retirement planning services for pre-retirees and high-net-worth individuals. Pinnacle has more than $750 million in total advisory and brokerage client assets in addition to managing insurance needs, and currently consists of seven financial advisors and three support staff.
Nathan Stibbs, Executive Vice President and Chief Strategy Officer at Triad Advisors, said, "We are delighted to welcome Pinnacle Private Wealth to the Triad platform. Dan Cotton and Myles Dudley have built a talented and experienced team of advisors and other professionals who share our vision of providing clients across the country with consistently sterling service. Pinnacle has grown tremendously in the nine years they have been in business, and they have impressive plans to continue their expansion in the years ahead. Triad is thrilled to serve as a strategic partner to Pinnacle in helping them achieve these growth goals."
Daniel J. Cotton, Managing Partner of Pinnacle, said, "Our decision to join Triad Advisors was made after a thorough and lengthy due diligence process. We wanted to take the time necessary to identify a partner who we felt understood our values and our vision and offered the platform, infrastructure and flexibility to support our focus on growth. We are confident we have found the ideal partner for our needs in Triad Advisors, and we look forward to working with them."
Myles Dudley, Co-Founder of Pinnacle, added, "Our goal is to continue to give Pinnacle advisors access to the technology and the platforms needed to stay ahead in an ever-changing advisory world. Pinnacle aims to be a premier destination for advisors and their clients and this change helps us continue to move closer to that goal."
Stibbs concluded, "Pinnacle Private Wealth's decision to join Triad demonstrates once again the compelling value proposition we offer advisors and clients in the hybrid space. Pinnacle's transition extends the strong recruiting results we saw throughout 2017 – and have continued to see this year – as more independent practices are drawn to our flexible platform and the choice it provides as they work to build businesses that are right for them and their clients. Pinnacle also appreciated our unique combination of a boutique service culture with the resources of a publicly-traded parent company with national reach in Ladenburg Thalmann. We look forward to facilitating continued growth for Pinnacle and all of our affiliated advisors throughout 2018 and beyond."
About Triad Advisors
Headquartered in Atlanta, GA, Triad Advisors, LLC is a national, independent advisory and brokerage firm as well as a multi-custodial SEC-Registered Investment Adviser (RIA) that is an early pioneer and continued leader in the Hybrid RIA marketplace. The company provides a comprehensive platform of products, trading and technology systems, as well as customized wealth management solutions. Recognized as one of the most successful and fastest-growing independent firms in the industry (including being named the leading firm for Hybrid RIAs eight years in a row by Investment Advisor magazine), Triad Advisors is a wholly owned subsidiary of Ladenburg Thalmann Financial Services Inc. (NYSE American: LTS, LTSL, LTS PrA). For more information, please visit www.triad-advisors.com .
About Pinnacle Private Wealth
Founded in 2009 by Daniel Cotton and Myles Dudley, Pinnacle Private Wealth is a full-service, hybrid Registered Investment Adviser (RIA). Built upon the belief that corporate interests should be eliminated in the client / advisor relationship, Pinnacle has evolved to be a destination for advisors with the same core belief. Its advisors cater to families, institutions, and multi-generational investors with comprehensive financial planning and retirement planning services.
About Ladenburg Thalmann
Ladenburg Thalmann Financial Services Inc. (NYSE American: LTS, LTSL, LTS PrA) is a publicly-traded diversified financial services company based in Miami, Florida. Ladenburg's subsidiaries include industry-leading independent advisory and brokerage (IAB) firms Securities America, Triad Advisors, Securities Service Network, Investacorp and KMS Financial Services, as well as Premier Trust, Ladenburg Thalmann Asset Management, Highland Capital Brokerage, a leading independent life insurance brokerage company, Ladenburg Thalmann Annuity Insurance Services, a full-service annuity processing and marketing company, and Ladenburg Thalmann & Co. Inc., an investment bank which has been a member of the New York Stock Exchange for over 135 years. The company is committed to investing in the growth of its subsidiaries while respecting and maintaining their individual business identities, cultures, and leadership. For more information, please visit www.ladenburg.com .
This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding future growth and future recruiting levels. These statements are based on management's current expectations or beliefs and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements herein due to changes in economic, business, competitive and/or regulatory factors, and other risks and uncertainties affecting the operation of Ladenburg Thalmann's business. These risks, uncertainties and contingencies include those set forth in Ladenburg Thalmann's annual report on Form 10-K for the fiscal year ended December 31, 2017 and other factors detailed from time to time in its other filings with the Securities and Exchange Commission. The information set forth herein should be read in light of such risks. Further, investors should keep in mind that Ladenburg Thalmann's quarterly revenue and profits can fluctuate materially depending on many factors, including the number, size and timing of completed offerings and other transactions. Accordingly, Ladenburg Thalmann's revenue and profits in any particular quarter may not be indicative of future results. Ladenburg Thalmann is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, changes in assumptions or otherwise, except as required by law.
Media Contacts:
Joseph Kuo / Michael Dugan
Haven Tower Group
424 652 6520 ext. 101 or 424 652 6520 ext. 106
[email protected] or [email protected]
View original content: http://www.prnewswire.com/news-releases/triad-advisors-welcomes-pinnacle-private-wealth-to-its-broker-dealer-and-hybrid-ria-platforms-300656950.html
SOURCE Triad Advisors, LLC | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/31/pr-newswire-triad-advisors-welcomes-pinnacle-private-wealth-to-its-broker-dealer-and-hybrid-ria-platforms.html |
BEIJING (Reuters) - Tesla Inc has slashed up to $14,000 off its Model X in China after Beijing announced major tariff cuts for imported automobiles, a potential sales boost for the U.S. firm as the world’s largest auto market pivots towards electric cars.
FILE PHOTO: Visitors look at a Tesla Model S car at a Tesla showroom in Beijing, China January 29, 2014. REUTERS/Kim Kyung-Hoon/File Photo The carmaker will lower prices of its Model S and Model X cars by just over 6 percent, a Beijing-based sales representative told Reuters on Wednesday.
China said on Tuesday it will cut import tariffs for automobiles to 15 percent from 25 percent, a fillip for premium car brands like Tesla and BMW which import a significant number of vehicles.
Tesla said on Tuesday that any of its cars sold in China would be subject to adjusted prices, even before the tariff change comes into effect on July 1.
The price of a top-of-the range Model X will be cut to 1.3 million yuan ($203,830) but that remains well above the $140,000 cash price-tag before savings for the priciest version in the United States - Tesla’s Model X P100D.
The move by the California-based electric carmaker likely foreshadows wider price cuts for imported cars in China as foreign firms look to narrow a price gap with domestic rivals. Imports, however, only make up a fraction of the overall market and tend to be upper-end models.
Yale Zhang, head of Shanghai-based consultancy Automotive Foresight, said price cuts by foreign premium brands will likely force them to adjust the price tag for vehicles they produce locally in China. This in turn will gradually impact the price of more affordable, mainstream cars - even local Chinese brands.
“With imminent price adjustments in the higher-end segment, that will over time lead to a pricing adjustment for the entire market,” Zhang said.
Other carmakers, including Japan’s Toyota Motor Corp and BMW, said after the tariff cut that they would look at adjusting their retail prices in China to provide competitive offers to consumers.
($1 = 6.3735 Chinese yuan)
Reporting By Norihiko Shirouzu; Editing by Adam Jourdan
| ashraq/financial-news-articles | https://www.reuters.com/article/us-tesla-china/tesla-trims-up-to-14000-off-model-x-in-china-after-tariff-cuts-idUSKCN1IO0QB |
FRANKFURT, May 8 (Reuters) - The European Central Bank’s corporate bond purchases significantly lowered borrowing costs and boosted issuance volumes for euro zone firms even as such financing remained concentrated on a handful of countries, it said on Tuesday.
The ECB has bought 152 billion euros worth of investment-grade debt since announcing the Corporate Sector Purchase Programme in March 2016, in the hope of inducing corporate spending and generating growth and inflation.
“In the subsequent period ...(to) the end of December 2017, the CSPP accounted for a decline in corporate bond spreads of, on average, 25 basis points for eligible bonds, 10 basis points for ineligible investment-grade bonds and 20 basis points for all ineligible bonds,” the ECB said in an Economic Bulletin article.
“For eligible bonds, the CSPP can be credited with almost the entire decline in spreads since the announcement of the programme.”
The corporate bond purchases, excluding banks, are part of the ECB’s 2.55 trillion euros quantitative easing scheme, credited with putting the euro zone on its best growth run in a decade even if it has failed to raise inflation as expected.
Corporate bond issuance was roughly 50 percent above the previous years’ trend in both 2016 and 2017 with much of this increase attributable to the ECB’s transactions.
The ECB’s buys induced a notable rise in corporate issuance in France, the Netherlands and, to a lesser extent, Italy, the ECB said. However, net issuance remained highly concentrated on five of 19 euro zone countries: those three plus Germany and Spain. (Reporting by Balazs Koranyi; editing by John Stonestreet)
| ashraq/financial-news-articles | https://www.reuters.com/article/ecb-policy-bonds/ecb-says-its-corparate-bond-buys-sharply-lowered-bond-spreads-idUSL8N1SF27L |
May 8, 2018 / 5:04 AM / Updated 5 minutes ago Trump abandons 'defective' Iran nuclear deal, to revive sanctions Steve Holland 5 Min Read
WASHINGTON (Reuters) - President Donald Trump on Tuesday pulled the United States out of an international nuclear deal with Iran in a step that will raise the risk of conflict in the Middle East, upset America’s European allies and bring uncertainty to global oil supplies.
Trump, speaking in a televised address from the White House, said he would reimpose economic sanctions on Iran.
“This was a horrible one-sided deal that should have never, ever been made,” Trump said. “It didn’t bring calm. It didn’t bring peace. And it never will.”
The 2015 deal, worked out by the United States, five other international powers and Iran, eased sanctions on Iran in exchange for the country limiting its nuclear programme. The pact is seen by many in the West as a way to prevent Iran from obtaining a nuclear bomb.
But Trump complains that the agreement, the signature foreign policy achievement of his predecessor Barack Obama, does not address Iran’s ballistic missile programme, its nuclear activities beyond 2025 nor its role in conflicts in Yemen and Syria.
He also said the agreement did not prevent Iran from cheating and continuing to pursue nuclear weapons.
“It is clear to me that we cannot prevent an Iranian nuclear bomb under the decaying and rotten structure of the current agreement,” he said. “The Iran deal is defective at its core.”
Trump said he was willing to negotiate a new deal with Iran, but Tehran already has ruled that out and threatened unspecified retaliation if Washington pulled out.
Iranian President Hassan Rouhani said on Tuesday that Iran will remain in the nuclear deal without Washington. Related Coverage Rouhani says Iran will remain in nuclear deal
Iranian state television said Trump’s decision to withdraw was “illegal, illegitimate and undermines international agreements.”
Abandoning the Iran pact is part of Trump’s high-stakes “America First” policy, which has seen the United States announce its withdrawal last year from the Paris climate accord and come close to a trade war with China.
Trump has attempted to erase major parts of Democrat Obama’s legacy and last year withdrew from the 12-nation Trans-Pacific Partnership trade deal the Paris climate accord.
Renewing sanctions would make it much harder for Iran to sell its oil abroad or use the international banking system.
Oil prices recouped some losses after Trump’s announcement, in a volatile session in which prices slumped as much as 4 percent earlier in the day.
Brent crude futures LCOc1 settled 1.7 percent lower at $74.85 a barrel while U.S. West Texas Intermediate (WTI) crude futures CLc1 ended the session 2.4 percent lower at $69.06 per barrel.
Wall Street remained in negative territory while energy stocks cut earlier losses after Trump spoke. U.S. President Donald Trump displays a presidential memorandum after announcing his intent to withdraw from the JCPOA Iran nuclear agreement in the Diplomatic Room at the White House in Washington, U.S., May 8, 2018. REUTERS/Jonathan Ernst
Trump’s decision is a snub to European allies such as France, Britain and Germany who also are part of the Iran deal and tried hard to convince the U.S. president to preserve it. The Europeans must now scramble to decide their own course of action with Tehran.
China and Russia also are signatories to the Iran deal. RENEWED SANCTIONS
Trump did not provide details of what he described as the “highest level of economic sanctions” that he is reimposing on Iran.
According to the U.S. Treasury, sanctions related to Iran’s energy, auto and financial sectors will be reimposed in three and six months.
Iran’s growing military and political power in Yemen, Syria, Lebanon and Iraq worries the United States, Israel and U.S. Arab allies such as Saudi Arabia.
Israel has traded blows with Iranian forces in Syria since February, stirring concern that major escalation could be looming.
Minutes before Trump’s announcement, Israel said it had instructed local authorities in the Israeli-held Golan Heights to “unlock and ready (bomb) shelters” after identifying what the military described as “irregular activity of Iranian forces in Syria.”
The military statement said its defence systems had been deployed “and IDF (Israel Defence Force) troops are on high alert for an attack.” Slideshow (9 Images)
Senator Bob Menendez, the top Democrat on the Foreign Relations Committee, said abandoning the Iran deal was a threat to U.S. national security.
“With this decision President Trump is risking U.S. national security, recklessly upending foundational partnerships with key U.S. allies in Europe and gambling with Israel’s security,” Menendez said. Additional reporting by Tim Ahmann, Makini Brice, Warren Strobel and Arshad Mohammed in Washington, Ayenat Mersie in New York, Sybille de La Hamaide, John Irish and Tim Hepher in Paris, Parisa Hafezi in Ankara, Bozorgmehr Sharafedin in London, Andrew Torchia in Dubai; Writing by William Maclean and Alistair Bell; Editing by Peter Graff, Yara Bayoumy and Bill Trott | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-iran-nuclear/trump-to-announce-decision-on-iran-nuclear-deal-european-allies-on-edge-idUKKBN1I90D2 |
ROGERS, Ark.--(BUSINESS WIRE)-- Ecoark Holdings, Inc. (“Ecoark”), to be renamed Zest Technologies, Inc., (OTCQX: ZEST), today announced it has entered into letters of intent for the sale of the key assets of Sable Polymer Solutions, LLC, as well as the sale of its Pioneer Products subsidiary. The sale of these assets is part of the Company’s previously stated corporate strategy to divest all non-core holdings as the Company moves toward a sole focus on Zest Labs, an AgTech company. Ecoark expects to complete these transactions in its second fiscal quarter (prior to September 30, 2018) and will use all proceeds towards growth capital for Zest Labs.
The Company also announced it has reduced the size of its Board of Directors to six members and accepted the resignations of Susan Chambers and Terrence Mathews effective May 11, 2018. Ecoark is grateful for the contributions, insight and guidance provided by these industry leaders and wishes them the best in their future endeavors.
To accommodate his desire to launch a private equity fund, the Company also announced today that its Chief Financial Officer, Jay Puchir, has resigned effective May 11, 2018. Mr. Puchir has agreed to stay on in an advisory role for six months to help with the transition. Mr. Puchir has made significant contributions and been instrumental in Ecoark’s fund raising efforts since he joined the company in December 2016.
About Ecoark Holdings, Inc.
Ecoark Holdings, Inc., to be renamed Zest Technologies, Inc., (OTCQX: ZEST) is focused on improving the agriculture and supply chain industries through AgTech solutions for growers, processors, ranchers, restaurants and retail grocers. The Company offers a suite of proven solutions that address the $161 billion fresh food waste problem, improve delivered freshness, and provide true transparency for the fresh produce, meat and seafood supply chains. To learn more about Zest Labs, please click here . To watch a video about Zest Fresh, please click here .
Forward Looking Statement
This release contains forward-looking statements, including, without limitation, statements concerning the business and possible or assumed future results of operations of Zest Labs; and statements concerning the ability of Zest Labs’ technology to improve delivered quality consistency, significantly reduce perishable food waste, drive sustainability, and increase efficiency in the industry. Our actual results could differ materially from those anticipated in the forward-looking statements for many reasons including: access to growth capital on favorable terms; adverse economic changes affecting markets we serve; competition in our markets and industry segments; our timing and the profitability of entering new markets; greater than expected costs, customer acceptance of our products or difficulties related to our integration of the businesses we may acquire; and other risks and uncertainties as may be detailed from time to time in our public announcements and SEC filings. Although we believe the expectations reflected in the forward-looking statements are reasonable, they relate only to events as of the date on which the statements are made, and our future results, levels of activity, performance or achievements may not meet these expectations. We do not intend to update any of the forward-looking statements after the date of this document to conform these statements to actual results or to changes in our expectations, except as required by law.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180517005376/en/
Investor Relations:
ICR
John Mills, 646-277-1254
[email protected]
or
Public Relations:
fama PR
Keith Watson, 617-986-5001
[email protected]
Source: Ecoark Holdings, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/business-wire-ecoark-holdings-provides-update-on-divestiture-of-non-core-assets-management-and-board-of-director-changes.html |
Tim Boyle | Bloomberg | Getty Images A box of Hasbro's Play-Doh is shown at a Target store in Rosemont, Ill.
Crack open a can of Play-Doh and you are greeted with the familiar scent of childhood.
The musky, sweet vanilla scent with hints of cherry and salt that lingered on your fingers long after you closed the cap is now a trademarked entity.
Hasbro , the maker of the iconic dough, said Friday its bid to have the scent trademarked was successful.
"The scent of Play-Doh compound has always been synonymous with childhood and fun," Jonathan Berkowitz, senior vice president of global marketing for the Play-Doh brand, said in a statement Friday. "By officially trademarking the iconic scent, we are able to protect an invaluable point of connection between the brand and fans for years to come."
Few tweaks have been made to Play-Doh's recipe since its inception in 1956, and its scent has always been one of its main differentiation from other clay competitors. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/18/hasbro-has-trademarked-the-smell-of-play-doh.html |
CNBC.com Probuxtor | Getty Images
When it comes to wedding gifts, there's no right or wrong answer on how much you should spend. It's all about your personal budget. And cash is a completely acceptable gift, says Lizzie Post, etiquette expert and co-host of Emily Post's "Awesome Etiquette" podcast . Some couples even prefer it.
But don't make the mistake of sending your friends an envelope of cash without an explanation. You can't assume that the couple will automatically recognize it as a wedding gift.
When guests "send a check or cash without a note for what it's for, it can be really strange," Post tells CNBC Make It . "Just having a card with cash show up in it, people might not really get it."
Be sure to include a note. It tells the couple who the gift is from and it allows you to personalize an otherwise less-than-personal present. "It gives you the chance to write your intention," Post says. "You might write them an amount for something specific and say, 'I'd really love for you to use this toward your honeymoon, or whatever best suits your needs.'" show chapters 9:47 AM ET Thu, 17 May 2018 | 01:48
Even if you don't envision the money being put toward a specific goal, a note still "gives you a chance to express the sentiment, which is what we need in order for cash or a cash gift to be received well," Post says.
Post also recommends sending a check instead of a wad of bills, in case your envelope gets misplaced.
How much you decide to write the check for is up to you. "Your gift should always be within your personal budget," Post says. "You decide that based on your connection to the person getting married, your own gift-giving style, desire and generosity in that moment and what's feasible for you to do."
You can also ignore the conventional wisdom that you need to cover the cost of your meal or that you should spend the same amount on every couple, according to Post. Give what makes sense for your budget and your connection to the couple. At the end of the day, wedding gifts are meant to honor the couple and thank them for including you — not for leaving guests with mounting credit card bills. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/25/if-youre-giving-cash-as-a-wedding-gift-dont-make-this-mistake.html |
May 1(Reuters) - Hogy Medical Co Ltd
* Says it bought back 146,600 shares for 650.2 million yen in total from April 12 to April 30
* Says this was part of the share repurchase plan announced on April 11
* Says it accumulatively repurchased 146,600 shares for 650.2 million yen in total as of April 30
Source text in Japanese: goo.gl/tZbwWF
Further company coverage: (Beijing Headline News)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-hogy-medical-buys-back-146600-shar/brief-hogy-medical-buys-back-146600-shares-for-650-2-mln-yen-idUSL3N1S81ON |
In the paradoxical world of drug pricing, the U.S.'s first price tag exceeding $1 million for a medicine is being contemplated as the nation's agita over the cost of prescription drugs climbs ever higher.
New gene therapies that aim to cure hemophilia, a disease affecting the blood's ability to clot, may carry prices of $1.5 million or more, analysts at Leerink wrote in a research note Monday.
Gene therapies deliver a healthy copy of a gene to make up for a defective one that causes disease, aiming to cure — or at least significantly improve — the malady in just one treatment. Such therapies for hemophilia are in development at drugmakers BioMarin , Spark Therapeutics , and UniQure .
They're changing the way we think about delivery — and pricing — of medicine. The first gene therapy was approved in the U.S. in December, and received a price tag of $850,000 in January. Called Luxturna, it treats a rare form of blindness and is made by Spark.
A price of $1.5 million or more would set a new paradigm in the U.S.
"It appears the seemingly impervious million-dollar threshold may be breached with hemophilia gene therapy, which could do so while still creating value for society by reducing the cost of factor replacement therapy," Leerink analysts Joseph Schwartz and Dae Gon Ha wrote in their research note.
Factor replacement therapy is the current treatment for people with hemophilia, and is estimated to cost between $580,000 and $800,000 a year for adult patients, according to Leerink. For some patients, costs can approach $1 million a year, or even more . About 20,000 Americans have hemophilia.
For that reason, a potential one-time $1.5 million cost is perceived by many to be a bargain compared with a lifetime of chronic therapy.
Others, though, like Walid Gellad, director of the Center for Pharmaceutical Policy & Prescribing at the University of Pittsburgh, see it as excessive.
This will be the first major example of when cost effective/cost saving fails us in pricing. Kidney transplants are life saving but the surgeon doesn't charge $1.5million.
The Leerink analysts took the price of Spark's gene therapy, Luxturna, into consideration in coming to their price estimate, noting "one of the top questions about gene therapy treatments concerns the price which the market will bear," taking into account direct and indirect costs "as well as societal cost burden of the affliction."
They said there may even be "some headroom" above $1.5 million for hemophilia gene therapies, with the potential for the medicines, if approved, to be priced at $2 million per patient.
WATCH: Regeneron and Express Scripts announce exclusive pricing policy show chapters Regeneron and Express Scripts announce exclusive pricing policy 10:28 AM ET Tue, 1 May 2018 | 06:08 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/07/uss-first-drug-priced-at-more-than-1-million-may-be-on-the-horizon.html |
May 11 (Reuters) - Total System Services Inc:
* TOTAL SYSTEM SERVICES FILES PROSPECTUS SUPPLEMENT RELATED T0 OFFERING OF $550 MILLION 4.000% SENIOR NOTES DUE 2023, $450 MILLION 4.450% SENIOR NOTES DUE 2028
* TOTAL SYSTEM SERVICES - 2023 NOTES WILL MATURE ON JUNE 1, 2023 AND THE 2028 NOTES WILL MATURE ON JUNE 1, 2028 - SEC FILING Source text: ( bit.ly/2rzsMfI ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-total-system-services-files-prospe/brief-total-system-services-files-prospectus-supplement-related-to-offering-of-550-mln-4-senior-notes-due-2023-450-million-4-450-senior-notes-due-2028-idUSFWN1SI1HA |
May 14 (Reuters) - Dicerna Pharmaceuticals Inc:
* DICERNA REPORTS FIRST QUARTER 2018 FINANCIAL AND OPERATING RESULTS AND PROVIDES CORPORATE UPDATE
* DICERNA PHARMACEUTICALS INC - QTRLY LOSS PER SHARE $0.30
* DICERNA PHARMACEUTICALS INC - BELIEVES THAT IT HAS SUFFICIENT CASH TO FUND EXECUTION OF ITS CURRENT CLINICAL AND OPERATING PLAN THROUGH 2019
* DICERNA PHARMACEUTICALS INC - FOR THREE-MONTH PERIOD ENDED MARCH 31, 2018, DICERNA RECOGNIZED $1.5 MILLION OF REVENUE ASSOCIATED WITH BI AGREEMENT Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. 0 : 0 narrow-browser-and-phone medium-browser-and-portrait-tablet landscape-tablet medium-wide-browser wide-browser-and-larger medium-browser-and-landscape-tablet medium-wide-browser-and-larger above-phone portrait-tablet-and-above above-portrait-tablet landscape-tablet-and-above landscape-tablet-and-medium-wide-browser portrait-tablet-and-below landscape-tablet-and-below Apps Newsletters Reuters Plus Advertising Guidelines Cookies Terms of Use Privacy
All Quote: s delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-dicerna-pharmaceuticals-q1-loss-pe/brief-dicerna-pharmaceuticals-q1-loss-per-share-0-30-idUSASC0A221 |
Eleven-year-old Elisabeth Anisimow has built up quite the college fund doing what she loves: painting.
The child art prodigy has raked in about $35,000 in art sales since she started selling her work at 7 years old, she tells CNBC Make It .
Much of that has come from her "living paintings" — she paints a living person along with a backdrop and props, in the style of famous impressionist works by the likes of Monet, Degas, Renoir and Rembrandt.
"You can move around but you still look like a painting," Anisimow tells CNBC. "That's why they're called living paintings. Because paintings don't move around."
Ballerina Kaylee Quinn painted by Anisimow in the style of Degas' iconic ballerinas. All photos courtesy of Ekaterina Anisimova.
The Los Angeles-based artist, who says she reads art books for fun, was inspired by the European tradition "tableaux vivant," which translates from French to "living pictures." Especially popular in the 19th century, it involved actors transforming themselves to represent scenes from art, literature or history.
To create a piece she can sell, a camera captures images of her painted subjects in different poses, which are printed onto canvases and framed. Anisimow, who converted her parents' garage into her studio, showcases her work at art galleries, festivals, charity events and fundraisers.
Author Wendy Plumb painted in the style of French impressionism
Anisimow sold one of her first living paintings — of a girl carrying a basket of apples — when she was just 9. "It was for quite a high price, but it made me realize that I can do this, something that I really like, and still get paid for it," she says.
Anisimow was just 9 when she started selling her living paintings.
Her living paintings range from $2,500 to $5,000 depending on the complexity of the project and the cost of the materials. Anisimow, who calls herself an artist and entrepreneur, is saving her money so she can study art at the Sorbonne in Paris when she grows up.
Her clients come through referrals or her social media accounts. People reach out and ask her to paint them, she says. "They want to see themselves in a painting. And then they're like, 'Can you do a painting of me and can I be in it? Or a painting of my children?'"
TV host Kathryn Eisman and her daughter Capri painted in the classic pastel colors of Monet
But social media is also where she encounters people who doubt her abilities. "They're like, 'I don't believe it. It has to be some kind of parent or something. An 11-year-old is way too young to do this,'" Anisimow says. "I don't care what they think because I know that this is me. This is my style and this is who I am and nothing can change that."
Anisimow uses others' doubts to fuel her growth as an artist. "It's like a compliment, and I'm like, 'Well, I'm going to prove it to you' and it supports me to do something even better and bigger than I did before,'" she says.
Twins Hannah and Lauren Bernaba painted in the style of Flemish art
Don't miss : Meet the 17-year-old prodigy chef who makes $160 10-course meals
show chapters This 24-year-old hosts one of NYC's most exclusive supper clubs — and he started it in his dorm room 9:59 AM ET Fri, 20 April 2018 | 03:04 Like this story? Like CNBC Make It on Facebook ! | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/18/child-art-prodigy-elisabeth-anisimow-sells-living-paintings.html |
LONDON (Reuters) - Voters will pass judgement on Prime Minister Theresa May’s party on Thursday in local government elections expected to show rising support for her opponents in London that will add to pressure on her position over Brexit.
FILE PHOTO: Britain's Prime Minister Theresa May walks out of 10 Downing Street in London, Britain, May 2, 2018. REUTERS/Hannah McKay/File Photo The elections will be viewed as a gauge of support for May at a time when she is facing a possible revolt over her Brexit strategy and a scandal over immigration policies that has already forced the resignation of one of her closest allies.
A poor set of results is unlikely to spark internal calls for her resignation, but could weaken her authority over a party deeply divided about the right approach to Brexit ahead of several key parliamentary tests of unity on future customs arrangements with the EU.
“Winning elections keeps people together, losing causes dissent. Conservatives will need to avoid the ill-discipline of fighting like ferrets in a sack,” said Rob Wilson, a former Conservative lawmaker, writing for the party’s grassroots website ConservativeHome.
Thursday’s vote will decide more than 4,400 council seats, determining the makeup of 150 local government authorities who are responsible for the day-to-day provision of public services. Just over 40 percent of the seats are in London.
The headline-grabbing results in the capital are forecast to see a swing towards the opposition Labour Party, reinvigorated under socialist Jeremy Corbyn and fighting a campaign focused on the effects of eight years of Conservative-led spending cuts.
A Survation poll on Wednesday in London showed Labour 20 percentage points ahead of the Conservatives.
May’s party could lose control of some of the eight London boroughs it currently runs out of 32 in total. This would reflect both weariness over cutbacks that affect citizens’ daily lives and broader issues like Brexit and the treatment of migrants.
Holding Conservative strongholds in London’s Westminster and Wandsworth boroughs is seen as the dividing line between a bad day and a terrible day for May. Expectations are low enough that May could lose seats elsewhere, but still emerge with credit.
Results in the London borough of Barnet, which has no overall political control, could provide a boost for May if criticism over anti-Semitism in Labour affects the votes of its large Jewish population and prevents Corbyn’s party from taking control there for the first time.
“I think some of the predictions about the outcome (have been) a bit wild, but we will be campaigning across the country, as we have been, to return more Labour councillors and have more Labour councils to protect people from the impact of Tory (Conservative) austerity,” a Labour spokesman said.
OUTSIDE LONDON The outcome outside the capital is likely to be less clear-cut.
May was punished right across the country in a general election last summer, losing her parliamentary majority after a campaign that alienated core voters with unpopular social policy and saw her style criticised as robotic and impersonal.
But in recent weeks May’s ratings have been boosted by her handling of national and international crises such as her decision to take military action in Syria a row with Moscow over the poisoning of a former Russian spy.
Corbyn by contrast has been criticised by opponents and some in his own party for misjudging the public mood in his responses.
“The last few weeks have reminded some in the Labour heartlands why they don’t like Jeremy Corbyn,” said Robert Hayward a former Conservative lawmaker who now sits in parliament’s upper house and specialises in polling analysis.
One bellwether result will come in Trafford in the northern city of Manchester. While Labour dominate politics in the wider region, the Conservatives have held control of Trafford council since 2004, making it a key target for Labour and one May’s party would desperately not want to lose.
Results in other parts of the country where Brexit has been a dominating factor in recent years will also be closely watched.
Of most interest will be how the votes previously hoovered up by the anti-EU UK Independence Party, which has collapsed in popularity since the Brexit vote, are redistributed among the main two parties.
A swing to the Conservatives in pro-Brexit areas like Peterborough and the industrial regions across central England will be taken as a much-needed endorsement of May’s EU exit strategy.
Additional reporting by Elizabeth Piper; Editing by Matthew Mpoke Bigg
| ashraq/financial-news-articles | https://in.reuters.com/article/britain-politics-election/uks-may-faces-local-election-losses-as-key-brexit-tests-near-idINKBN1I334I |
May 31, 2018 / 5:21 PM / Updated 3 hours ago Matt Le Blanc to step down as BBC 'Top Gear' host Reuters Staff 2 Min Read
LONDON (Reuters) - Matt LeBlanc, former star of 1990s U.S. hit comedy “Friends”, said on Thursday he will step down as co-host of the BBC motoring programme “Top Gear” after the next series. Cast member Matt LeBlanc speaks at a panel for the television series "Man with a Plan" during the TCA CBS Summer Press Tour in Beverly Hills, California U.S., August 10, 2016. REUTERS/Mario Anzuoni
The American actor, who achieved global fame as Joey Tribbiani in the NBC sitcom, was the first non-British host of the show when he started in 2016.
The BBC said Le Blanc, 50, was finding the travel demands of the show too taxing.
“The time commitment and extensive travel ... takes me away from my family and friends more than I’m comfortable with,” LeBlanc said in a statement.
“It’s unfortunate, but for these reasons I will not be continuing my involvement with the show. I will forever be a Top Gear fan and I wish the team continued success. Thanks for a great drive.”
Top Gear, one of the BBC’s most successful and profitable shows, was taken off air in 2015 after its then star Jeremy Clarkson physically attacked a member of production staff.
Clarkson and his co-stars Richard Hammond and James May now present a car show for Amazon, “The Grand Tour.” Reporting by Stephen Addison; editing by Costas Pitas | ashraq/financial-news-articles | https://in.reuters.com/article/people-leblanc-topgear/matt-le-blanc-to-step-down-as-bbc-top-gear-host-idINKCN1IW2JK |
LONDON (Reuters) - Yulia Skripal, who was found unconscious on a bench in the southern English city of Salisbury on March 4 along with her father Sergei, spoke to Reuters on Wednesday.
Yulia Skripal, who was poisoned in Salisbury along with her father, Russian spy Sergei Skripal, speaks to Reuters in London, Britain, May 23, 2018. REUTERS/Dylan Martinez Skripal spoke in Russian at a location in London and refused to answer questions. She supplied her own, handwritten translation into English of her statement.
The following are the key Quote: s.
“I came to the UK on the 3rd of March to visit my father, something I have done regularly in the past. After 20 days in a coma, I woke to the news that we had both been poisoned.
“I still find it difficult to come to terms with the fact that both of us were attacked. We are so lucky to have both survived this attempted assassination. Our recovery has been slow and extremely painful.
“The fact that a nerve agent was used to do this is shocking. I don’t want to describe the details but the clinical treatment was invasive, painful and depressing.
“I am grateful to all of the wonderful, kind staff at Salisbury hospital, a place I have become all too familiar with. I also think fondly of those who helped us on the street on the day of the attack.
“I was discharged from hospital on the 9th of April and continue to progress with treatment but my life has been turned upside down as I try to come to terms with the devastating changes thrust upon me both physically and emotionally. I take one day at a time and want to help care for my Dad till his full recovery. In the longer term I hope to return home to my country.
“I wish to address a couple of issues directly and have chosen to interrupt my rehabilitation to make this short statement. I ask that everyone respects the privacy of me and my father. We need time to recover and come to terms with everything that has happened. I’m grateful for the offers of assistance from the Russian Embassy but at the moment I do not wish to avail myself of their services.
“Also, I want to reiterate what I said in my earlier statement that no one speaks for me, or for my father, but ourselves.”
Reporting by Guy Faulconbridge; Editing by Alistair Smout and Giles Elgood
| ashraq/financial-news-articles | https://www.reuters.com/article/us-britain-russia-skripal-yulia/yulia-skripal-daughter-of-poisoned-russian-spy-in-her-own-words-idUSKCN1IO2N4 |
May 15, 2018 / 2:03 PM / Updated 6 hours ago Facebook says posts with graphic violence rose in early 2018 David Ingram 3 Min Read
MENLO PARK, Calif. (Reuters) - The number of posts on Facebook showing graphic violence rose in the first three months of the year from a quarter earlier, possibly driven by the war in Syria, the social network said on Tuesday, in its first public release of such data. FILE PHOTO: Silhouettes of mobile users are seen next to a screen projection of Facebook logo in this picture illustration taken March 28, 2018. REUTERS/Dado Ruvic/Illustration/File Photo
Facebook said in a written report that of every 10,000 pieces of content viewed in the first quarter, an estimated 22 to 27 pieces contained graphic violence, up from an estimate of 16 to 19 late last year.
The company removed or put a warning screen for graphic violence in front of 3.4 million pieces of content in the first quarter, nearly triple the 1.2 million a quarter earlier, according to the report.
Facebook does not fully know why people are posting more graphic violence but believes continued fighting in Syria may have been one reason, said Alex Schultz, Facebook’s vice president of data analytics.
“Whenever a war starts, there’s a big spike in graphic violence,” Schultz told reporters at Facebook’s headquarters.
Syria’s civil war erupted in 2011. It continued this year with fighting between rebels and Syrian President Bashar al-Assad’s army. This month, Israel attacked Iran’s military infrastructure in Syria.
Facebook, the world’s largest social media firm, has never previously released detailed data about the kinds of posts it takes down for violating its rules.
Facebook only recently developed the metrics as a way to measure its progress, and would probably change them over time, said Guy Rosen, its vice president of product management.
“These kinds of metrics can help our teams understand what’s actually happening to 2-plus billion people,” he said.
The company has a policy of removing content that glorifies the suffering of others. In general it leaves up graphic violence with a warning screen if it was posted for another purpose.
Facebook also prohibits hate speech and said it took action against 2.5 million pieces of content in the first quarter, up 56 percent a quarter earlier. It said the rise was due to improvements in detection.
The company said in the first quarter it took action on 837 million pieces of content for spam, 21 million pieces of content for adult nudity or sexual activity and 1.9 million for promoting terrorism. It said it disabled 583 million fake accounts. Reporting by David Ingram; Editing by Clarence Fernandez | ashraq/financial-news-articles | https://www.reuters.com/article/us-facebook-censorship/facebook-says-posts-with-graphic-violence-rose-in-early-2018-idUSKCN1IG23M |
PALO ALTO, Calif.--(BUSINESS WIRE)-- EY announced that Elizabeth Iorns, Ph.D., CEO and co-founder of Science Exchange, is a finalist for the Entrepreneur Of The Year ® 2018 Award in the Northern California region. Entrepreneur Of The Year ® is the world’s most prestigious business awards program for entrepreneurs who are excelling in areas such as innovation, financial performance and personal commitment to their businesses and communities. Iorns was selected as a finalist by a panel of independent judges. Award winners will be announced at a special gala event on June 8 at the Fairmont San Francisco.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180516005126/en/
EY Names Elizabeth Iorns of Science Exchange As Entrepreneur Of The Year® 2018 Award Finalist in Northern California (Photo: Business Wire)
"I am truly honored to be included as an Entrepreneur Of The Year ® finalist among so many other accomplished business luminaries in Northern California," noted Elizabeth Iorns. "I share this honor with every Science Exchange team member who strives daily to improve the quality and efficiency of scientific research.”
Iorns is a resolute leader dedicated to speeding up scientific research and making it more collaborative. Under her leadership, Science Exchange, the leading marketplace for outsourced R&D , has been enabling scientific breakthroughs by connecting researchers to the best R&D providers.
Iorns has received many other accolades that validate her commitment and groundbreaking work in the industry, including the Gold Stevie® Award for Female Entrepreneur of the Year, Nature’s "Ten People that Mattered," WIRED’s "50 Women Who Are Changing The World” and the Glamstarter Award from Glamour Magazine.
Now in its 32nd year, the Entrepreneur Of The Year ® program has expanded to recognize business leaders in more than 145 cities and more than 60 countries throughout the world.
Regional award winners are eligible for consideration for the Entrepreneur Of The Year National competition. Award winners in several national categories, as well as the Entrepreneur Of The Year National Overall Award winner, will be announced at the Entrepreneur Of The Year National Awards gala in Palm Springs, California, on November 17, 2018. The awards are the culminating event of the Strategic Growth Forum®, the nation’s most prestigious gathering of high-growth, market-leading companies.
Sponsors
Founded and produced by EY, the Entrepreneur Of The Year Awards are nationally sponsored in the US by SAP America, the Kauffman Foundation and Merrill Corporation. In Northern California, sponsors also include SolomonEdwards and Woodruff Sawyer.
About Science Exchange
Science Exchange is the world's leading and most secure platform for outsourced research, providing large R&D organizations with the fastest path from discovery through development and commercialization. Science Exchange includes an efficient source-to-secure platform for ordering 6,000+ services from a network of more than 2,500 qualified outsourced research providers, all with pre-established contracts in place that protect client intellectual property and confidentiality. The platform increases access to innovation and improves productivity, freeing scientists from administrative tasks and delays associated with sourcing, establishing and managing service provider contracts. Additionally, the Science Exchange enterprise program enables large R&D organizations to consolidate research outsourcing spend into a single strategic relationship, driving efficiency, improving transparency and oversight, and delivering cost savings. Since being founded in 2011, Science Exchange has raised more than $58 million from Norwest Venture Partners, Maverick Capital Ventures, Union Square Ventures, Collaborative Fund, Index Ventures, OATV, the YC Continuity Fund, and others. For more information, visit www.ScienceExchange.com . Follow the company on Twitter @ScienceExchange.
About Entrepreneur Of The Year®
Entrepreneur Of The Year®, founded by EY, is the world’s most prestigious business awards program for entrepreneurs, chosen from an independent panel of judges including entrepreneurs and prominent leaders from business, finance, and the local community. The program makes a difference through the way it encourages entrepreneurial activity among those with potential and recognizes the contribution of people who inspire others with their vision, leadership and achievement. As the first and only truly global awards program of its kind, Entrepreneur Of The Year celebrates those who are building and leading successful, growing and dynamic businesses, recognizing them through regional, national and global awards programs in more than 145 cities and more than 60 countries. ey.com/eoy
//www.businesswire.com/news/home/20180516005126/en/
Science Exchange
Gursatya "Guru" Singh
Director of Scientific Content
[email protected]
Source: Science Exchange | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/business-wire-ey-names-elizabeth-iorns-of-science-exchange-as-entrepreneur-of-the-yeara-2018-award-finalist-in-northern-california.html |
Tech and financials continue to lead market 16 Hours Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/11/tech-and-financials-continue-to-lead-market.html |
U.S. special counsel Robert Mueller had at least four dozen questions he wished to ask President Donald Trump about his ties to Russia and possible obstruction as part of his ongoing investigation into Moscow's interference into the 2016 presidential election, according to The New York Times .
The series of open-ended questions presented to Trump's lawyers deal primarily with the president's high-profile firings of former FBI director James Comey and former national security advisor Michael Flynn , as well as his treatment of Attorney General Jeff Sessions and a 2016 Trump Tower meeting with Russians offering information on Hillary Clinton .
However, they also delve into Trump's possible efforts to obstruct the inquiry itself, and any ties he may have had with Russia through personal lawyer Michael Cohen , son-in-law Jared Kushner and longtime advisor Roger Stone.
show chapters Trump calls leak of Mueller questions 'disgraceful' 4 Hours Ago | 01:05 The full list of questions, which can be read here , were provided to the Times by a person outside of Trump's legal team, the paper said.
The list provides the most insight yet into Mueller's investigation, which has been highly guarded since he was appointed almost a year ago. The questions reveal, among other things, that he is still investigating possible coordination between the Trump campaign and Russia.
They also highlight efforts to uncover any steps taken by Trump to fire Mueller himself.
White House Special Counsel Ty Cobb declined to comment on the report when contacted by NBC News.
For more on Mueller's questions for Trump, see the report from The New York Times. | ashraq/financial-news-articles | https://www.cnbc.com/2018/04/30/mueller-gives-trump-questions-in-russia-u-s-election-investigation.html |
May 3, 2018 / 9:37 PM / Updated 3 hours ago Printing body parts in hospital shows 3D tech's growing reach Alwyn Scott 3 Min Read
NEW YORK (Reuters) - Three-dimensional printers are letting doctors in Minnesota make simulated body parts in a hospital and a Brooklyn startup create rocket engines designed to put satellites into orbit, executives said Thursday at an event hosted by General Electric Co. A sample 3D-printed organs are seen on a 3D-printed skeleton at an event hosted by General Electric in New York, NY, U.S., May 3, 2018. Picture taken on May 3, 2018. REUTERS/Alwyn Scott
The unusual locations for additive printing, highlighted at the first such event GE has organized, showed how quickly the technology is moving beyond plastic prototypes to everyday industrial use.
Companies are now routinely printing titanium engine parts, customizing dashboards of high-end cars, turning out jewelry and eyeglass frames and developing rocket engines.
General Motors Co said on Thursday it is working with design software company Autodesk Inc to make lightweight 3D-printed parts that could help GM add alternative-fuel vehicles to its product lineup. Plastic clothing decorations and lightweight titanium bicycle parts produced by 3D printers are shown at an event hosted by General Electric in New York, NY, U.S., May 3, 2018. Picture taken on May 3, 2018. REUTERS/Alwyn Scott
GE, which makes metal 3D printers as well as parts, and has invested more than $3 billion in the business, is promoting the technology to show its possibilities and spur broader use.
“People are in the very, very beginning stage of understanding the potential,” GE Chief Executive Officer John Flannery said at the event in New York. Metal parts for power plants that were 3D printed are shown at an event hosted by General Electric in New York, NY, U.S., May 3, 2018. Picture taken on May 3, 2018. REUTERS/Alwyn Scott
At the Mayo Clinic in Rochester, Minnesota, for example, doctors work directly with engineers to print medical devices tailored to patients, said radiologist Jonathan Morris.
“We’ve put manufacturing inside the hospital,” Morris said. The hospital does not make implants but can simulate body parts to help surgeons decide how to do an operation, or can make guides for cutting and drilling during surgery, he said.
Last year, the clinic printed 1,200 devices for about 700 patients, more than twice as many as the year before.
Launcher, a five-person startup formed last year in Brooklyn, used 3D printers to make a small rocket engine. It could not compete with big aerospace firms if it had to build engines from individual parts. “It is a matter of existence for us,” Chief Executive Max Haot said of printing technology.
GE expects to sell about 500 printers this year, generating about $500 million in revenue, more than double last year’s sales, said Jason Oliver, chief executive of GE Additive. About 15 percent of the sales are to GE, he said.
The division is part of GE Aviation, where it has been used to improve aircraft engines and reduce their cost. The business will become its own division after investment slows and revenue increases further. “That’s a couple of years away,” Oliver said. Reporting by Alwyn Scott | ashraq/financial-news-articles | https://uk.reuters.com/article/us-ge-additive/printing-body-parts-in-hospital-shows-3d-techs-growing-reach-idUKKBN1I42R0 |
Updated 8 minutes ago BRIEF-Cipher Pharmaceuticals Q1 Loss Per Share $0.04 From Continuing Operations Cipher Pharmaceuticals Inc: * Q1 REVENUE $4.6 MILLION VERSUS $8.1 MILLION
* EXPECTS TO ADD SIX NEW PRODUCTS FROM ITS EXISTING PIPELINE TO ITS CANADIAN COMMERCIAL PORTFOLIO IN 2018 AND 2019
* CONTINUES TO PURSUE NEW IN-LICENSING OPPORTUNITIES AND ACQUISITIONS TO FURTHER EXPAND ITS NEAR-TERM PRODUCT PIPELINE
* EXPECTS ITS GLOBAL LICENSING BUSINESS TO PROVIDE A “SOLID BASE” OF HIGH-MARGIN ROYALTY REVENUE IN 2018 | ashraq/financial-news-articles | https://www.reuters.com/article/brief-cipher-pharmaceuticals-q1-loss-per/brief-cipher-pharmaceuticals-q1-loss-per-share-0-04-from-continuing-operations-idUSASC0A1CD |
OTTAWA (Reuters) - Canadian Prime Minister Justin Trudeau and U.S. President Donald Trump on Monday discussed the possibility of bringing talks over the North American Free Trade Agreement (NAFTA) to a “prompt conclusion”, Trudeau’s office said.
U.S. President Donald Trump waves next to Canadian Prime Minister Justin Trudeau, following a family photo at the G7 Summit expanded session in Taormina, Sicily, Italy May 27, 2017. REUTERS/Jonathan Ernst President Trump underscored the importance of quickly concluding an agreement, the White House said.
Pressure to reach a deal increased last week after U.S. House of Representatives Speaker Paul Ryan said he needed to be notified of a new NAFTA by May 17 to give the current U.S. Congress a chance of passing it.
Senior officials from the United States, Canada and Mexico failed last Friday to reach a deal on the trade pact after a week of negotiations.
Nonetheless, Trudeau and Trump discussed the progress being made in the NAFTA talks, the prime minister’s office said. Trump has repeatedly threatened to walk away from the trade agreement.
The two leaders also discussed geopolitical issues, including developments in the Middle East, the office said. Earlier on Monday, Israeli troops shot dead dozens of Palestinian protesters on the Gaza border as the United States opened its embassy to Israel in Jerusalem.
Reporting by Leah Schnurr; editing by Grant McCool and Phil Berlowitz
Our Standards: The Thomson Reuters Trust Principles. 0 : 0 narrow-browser-and-phone medium-browser-and-portrait-tablet landscape-tablet medium-wide-browser wide-browser-and-larger medium-browser-and-landscape-tablet medium-wide-browser-and-larger above-phone portrait-tablet-and-above above-portrait-tablet landscape-tablet-and-above landscape-tablet-and-medium-wide-browser portrait-tablet-and-below landscape-tablet-and-below Apps Newsletters Reuters Plus Advertising Guidelines Cookies Terms of Use Privacy
All Quote: s delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/us-trade-nafta-canada/trudeau-trump-discussed-bringing-nafta-talks-to-conclusion-pms-office-idUSKCN1IF2Y0 |
Pittsburgh’s Jordy Mercer got hit by a Tony Watson pitch with the based loaded in the eighth inning Saturday to give the Pirates their fifth straight win, 6-5 over the visiting San Francisco Giants.
May 12, 2018; Pittsburgh, PA, USA; Pittsburgh Pirates left fielder Corey Dickerson (12) hits an RBI single against the San Francisco Giants during the first inning at PNC Park. Mandatory Credit: Charles LeClaire-USA TODAY Sports It was 5-5 when Josh Bell opened the eighth with a double and moved to third on Corey Dickerson’s groundout. Watson intentionally walked Francisco Cervelli, and pinch hitter David Freese loaded the bases with an infield single.
Watson (1-2) then hit Mercer in the left leg to bring home Bell.
San Francisco has lost a season-worst six straight.
Pirates starter Chad Kuhl gave up three runs and six hits in six innings, with six strikeouts and four walks. Closer Felipe Vazquez (2-0) got the final five outs.
San Francisco starter Jeff Samardzija had his longest outing of the season, allowing five runs and six hits in 5 2/3 innings, with five strikeouts and two walks.
After the start of the game was delayed about 90 minutes by rain, the Pirates took a 2-0 lead in the first on Bell’s sacrifice fly and Corey Dickerson’s RBI single.
San Francisco tied it in the second. Evan Longoria hit a first-pitch home run, his eighth, to left-center to make it 2-1. One out later, Alen Hanson hit his fourth homer, a line drive to right, to make it 2-2.
The Giants took their first lead of the series in the third when Andrew McCutchen led off by stretching a single into a double and later scored on Brandon Crawford’s sacrifice fly, making it 3-2.
Gregory Polanco planted the ball just over the wall in right-center, his eighth homer, with one out in the third for a 3-3 tie.
Cervelli hit a two-out, two run homer in the sixth after Bell reached on a base hit for a 5-3 Pirates lead.
In the seventh, McCutchen hit a one-out double and scored on Brandon Belt’s two-out single to pull the Giants to within 5-4.
In the eighth, Austin Jackson tied it 5-5 with a double off the wall in left, driving in Hanson, who had a one-out single. Hanson left the game after scoring because of an unspecified injury he apparently suffered running the bases.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/us-baseball-mlb-sf-pit/late-mercer-hbp-leads-pirates-past-giants-for-5th-straight-win-idUSKCN1IE05M |
A prominent leader and minister in the Southern Baptist Convention, the Rev. Paige Patterson, has been removed as president of a leading seminary, following protests regarding past remarks he made about women and domestic abuse.
Since the 1970s, Mr. Patterson has played a central role in the resurgence of conservative values in America’s largest Protestant denomination, with more than 15 million members.
The... | ashraq/financial-news-articles | https://www.wsj.com/articles/southern-baptist-leader-removed-from-seminary-post-amid-furor-over-past-comments-1527095749 |
(Adds details from conf call, analyst comment)
May 10 (Reuters) - File sharing and storage company Dropbox Inc beat Wall Street expectations for quarterly results and topped estimates for paying subscribers in its first financial report as a publicly traded company.
However, the company's shares, which had gained 10 percent this week ahead of the earnings, slipped 4 percent in extended trading on Thursday.
The San Francisco-based company said the number of paying subscribers surged 23.7 percent to 11.5 million at the end of March, topping analysts' average estimate of 11.3 million, according to Thomson Reuters I/B/E/S.
The company, which started as a free service to share and store photos, music and other large files, has worked to build up its enterprise software offering.
Dropbox reported average revenue per user (ARPU) of $114.3 in the first quarter, beating analysts' estimate of $110.
"(ARPU growth) does suggest Dropbox is having success converting individual paid users to business paid users," D.A. Davidson analyst Rishi Jaluria said.
The company, which competes with Alphabet Inc's Google, Microsoft Corp and Amazon.com Inc as well as Box Inc, forecast current-quarter revenue in the range of $328 million and $331 million.
Analysts were expecting revenue of $324.9 million.
"Today's earnings also bode well for existing investors that are still in their lock up period," said Minal Hasan, investor at K2 Global, a Silicon Valley-based venture capital firm that invests in startup companies.
Dropbox's quarterly loss widened to $465.5 million, as the company accounted for IPO-related expenses.
The company had a blockbuster debut on March 23 as investors bought into the biggest technology initial public offering in more than a year, with shares closing up more than 35 percent in their first day of trading.
On an adjusted basis, the company earned 8 cents per share, beating estimates of 5 cents.
Total revenue rose 28 percent to $316.3 million, above estimates of $309.2 million.
(Reporting by Munsif Vengattil in Bengaluru; Editing by Sriraj Kalluvila) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/10/reuters-america-update-2-dropbox-tops-estimates-in-first-results-since-ipo.html |
May 30, 2018 / 9:51 AM / Updated 16 minutes ago METALS-Copper slips as U.S.-China trade row feeds risk aversion Reuters Staff
* GRAPHIC-2018 asset returns: tmsnrt.rs/2jvdmXl (Releads, updates prices)
By Jan Harvey
LONDON, May 30 (Reuters) - Copper fell to a three-week low on Wednesday as concerns over the U.S.-China trade stand-off kept up pressure on cyclical assets like industrial metals, already hurt this week by worries over political turmoil in Italy.
China warned on Wednesday it was ready to fight back if Washington was looking for a trade war. That came after the United States, in a change of tone, said it still held the threat of imposing tariffs on $50 billion of imports from China.
Given those pressures, copper is sliding towards the bottom of its recent range, Saxo Bank’s head of commodity strategy Ole Hansen said.
“The U.S.-China trade spat seems to be hotting up again after yesterday’s announcement from the White House,” Hansen said. “The global growth and demand outlook does not need a new political/financial crisis in Europe and a potential trade war between the world’s two biggest economies.”
* COPPER PRICES: Three-month copper on the London Metal Exchange was down 0.8 percent at $6,805 a tonne at 1415 GMT, having earlier touched $6,727, its weakest since May 8.
* COPPER INVENTORIES: On-warrant copper stocks in London Metal Exchange warehouses MCUSTX-TOTAL - representing metal not earmarked for delivery - eased to 191,200 tonnes, data showed on Wednesday. That was the lowest since January.
* INDIA SMELTER: Vedanta Resources is working on a legal challenge to an Indian state’s closure of one of its copper smelters but will not proceed until tensions have eased over the deaths of 13 people during protests last week.
* U.S. GROWTH: U.S. economic growth slowed slightly more than initially thought in the first quarter.
* ZINC STOCKS: On-warrant zinc stocks in LME warehouses eased to 195,225 tonnes, their lowest in a month. The proportion of cancelled warrants - metal earmarked for delivery and therefore not available to the market - rose to nearly 15 percent from 6 percent last week.
* ZINC SPREADS: Cash zinc held in a 25 cent premium over the three-month contract, versus a discount of $6.50 a tonne a week ago, indicating near-term market tightness.
* ZINC PRICES: LME zinc was up 1.1 percent at $3,124 a tonne, off an earlier one-month high of $3,128.50.
* ALUMINIUM PRICES: LME aluminium was 0.1 percent lower at $2,273 a tonne.
* OTHER METALS: LME lead was 0.4 percent lower at $2,438.50 a tonne, while tin was up 0.8 percent at $20,580. Nickel was at $15,075 a tonne, up 1.1 percent. Additional reporting by Manolo Serapio Jr. in Manila Editing by Susan Fenton and David Holmes | ashraq/financial-news-articles | https://www.reuters.com/article/global-metals/metals-copper-slips-as-italy-crisis-and-u-s-china-trade-row-feed-risk-aversion-idUSL3N1T136W |
May 12, 2018 / 5:40 AM / Updated 2 hours ago U.S. fighter jets intercept Russian bombers in international airspace off Alaska Reuters Staff 1 Min Read
(Reuters) - Two U.S. fighter jets intercepted two Russian bombers in international airspace off the coast of Alaska on Friday.
The Russian TU-95 “Bear” bombers flew into a so-called Air Defense Identification Zone located about 200 miles off Alaska’s west coast, at about 10 a.m. EST (1400 GMT), North American Aerospace Defense Command spokesman Canadian Army Major Andrew Hennessy said in a statement to CNN.
Two Alaska-based NORAD F-22 fighter jets intercepted and visually identified the Russian bombers until they left the identification zone and the Russian aircraft never entered U.S. airspace, CNN reported, citing the statement.
Russian bombers TU-95 and TU-142 were escorted by two F-22 fighter jets in international airspace for 40 minutes, the RIA news agency cited the Russian Defence Ministry as saying on Saturday.
The U.S. fighter jets did not get closer then 100 meters to the Russian bombers, the Russian military was quoted as saying. Reporting by Brendan O'Brien; editional reporting be Denis Pinchuk in Moscow; Editing by Christian Schmollinger and Alexander Smith | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-usa-airspace-intercept/u-s-fighter-jets-intercept-russian-bombers-in-international-airspace-off-alaska-media-idUKKBN1ID058 |
TEMPE, Ariz., May 10, 2018 /PRNewswire/ -- Amtech Systems, Inc. (NASDAQ: ASYS), a global manufacturer and supplier of production equipment and related supplies for the solar, semiconductor and LED markets, today reported results for its second quarter ended March 31, 2018.
Second Quarter Fiscal 2018 Financial and Operational Highlights:
Net revenues of $32.8 million (Solar segment $12.6 million) Net income of $2.8 million Diluted earnings per share of $0.19 Customer orders of $28.8 million (Solar segment $7.0 million) Quarter-end backlog of $63.1 million (Solar segment $35.0 million) Book to bill ratio of 0.9:1 (0.6:1 Solar segment) Unrestricted cash of $50.5 million
Mr. Fokko Pentinga, Chief Executive Officer of Amtech, commented, "Our semiconductor and polishing businesses are continuing to show year-over-year growth with sales of higher-margin products contributing to the sequential increase in our gross margin. Regarding our Solar segment, I am pleased to report that the installation and start-up of Phase I of the multi-phase 1 gigawatt bi-facial order is going smoothly and we have completed the first and second of three milestones. Our solar revenue is dependent on several factors, including the timing of customers' investment in expanding solar cell production capacity, particularly the timing of turnkey orders. At this time, we look forward to continuing to assist our solar customers in their planning and review of optimal next-phase investments."
Net revenue for the second quarter of fiscal 2018 was $32.8 million compared to $73.6 million in the preceding quarter and $32.9 million in the second quarter of fiscal 2017. The sequential decrease is primarily due to the shipment in the first quarter of this fiscal year of all of the equipment for Phase II of the large solar turnkey project. The timing of large Semiconductor orders and shipments also contributed to the sequential decrease. Compared to the prior year quarter, net revenue is relatively flat, with increases in Semiconductor and Polishing shipments offset by decreases in Solar shipments.
Unrestricted cash and cash equivalents at March 31, 2018 were $50.5 million, compared to $51.1 million at September 30, 2017.
At March 31, 2018, our total order backlog was $63.1 million (Solar segment $35.0 million), compared to total backlog of $65.9 million (Solar segment $39.3 million) at December 31, 2017. Backlog includes deferred revenue and customer orders that are expected to ship within the next 12 months.
Gross margin in the second quarter of fiscal 2018 was 36%, compared to 28% in the preceding quarter and 25% in the second quarter of fiscal 2017. Sequentially and compared to prior year, gross margin increased due to a higher-margin product mix and recognition of previously deferred profit, compared to revenue deferrals in the first quarter of fiscal 2018 and in the second quarter of fiscal 2017.
Selling, general and administrative expense ("SG&A") in the second quarter of fiscal 2018 was $9.5 million, compared to $10.6 million in the preceding quarter and $8.3 million in the second quarter of fiscal 2017. Sequentially, SG&A decreased primarily due to lower commissions and freight resulting from lower shipments. The increase in SG&A from the prior year quarter is due primarily to increased selling, freight and employee-related expenses.
Research, development and engineering (RD&E) expense was $2.2 million in the second quarter of fiscal 2018 compared to $2.0 million in the preceding quarter and $1.5 million in the second quarter of fiscal 2017.
Income tax in the second quarter of fiscal 2018 was a benefit of $2.8 million compared to expense of $1.2 million in the preceding quarter and expense of $0.2 million in the second quarter of fiscal 2017. The tax benefit recorded in the second quarter of fiscal 2018 is primarily due to the resolution of an uncertain tax position.
Net income for the second quarter of fiscal 2018 was $2.8 million, or $0.19 per diluted share, compared to a net loss of $1.4 million, or $0.11 per share for the second quarter of fiscal 2017 and net income of $6.5 million or $0.42 per diluted share in the preceding quarter.
Outlook
The company expects revenues for the quarter ending June 30, 2018 to be in the range of $34 to $37 million. Gross margin for the quarter ending June 30, 2018 is expected to be in the mid to upper 20 percent range, with operating margin slightly negative.
The solar and semiconductor equipment industries can be cyclical and inherently impacted by changes in market demand. Additionally, operating results can be impacted by the timing of orders, system shipments and the financial results of solar and semiconductor manufacturers. The results for the coming quarters will be significantly influenced by the timing of the Phase III order of the 1GW turnkey project. Operating results could also be affected by the net impact of revenue deferral on shipments, recognition of revenue based on customer acceptances, and meeting start-up milestones of the turnkey production lines, all of which can have a significant effect on operating results.
A substantial portion of Amtech's revenues are denominated in Euros. The revenue outlook provided in this press release is based on an assumed exchange rate between the United States Dollar and the Euro. A significant decrease in the value of the Euro in relation to the United States Dollar could cause actual revenues to be lower than anticipated.
Conference Call
Amtech Systems will host a conference call and webcast today at 5:00 p.m. ET to discuss second quarter fiscal 2018 financial results. Those in the USA wishing to participate in the live call should dial (844) 868-9329. From Canada, dial (866) 605-3852, and internationally, dial (412) 317-6703. Request "Amtech" when connected to the operator. A replay of the call will be available one hour after the end of the conference call through May 17, 2018. To access the replay please dial US toll free (877) 344-7529 and enter code 10119630. Internationally, dial (412) 317-0088 and use the same code. A live and archived web cast of the conference call can be accessed in the investor relations section of Amtech's website at www.amtechsystems.com .
About Amtech Systems, Inc.
Amtech Systems, Inc. is a global supplier of advanced thermal processing equipment to the solar, semiconductor / electronics, and LED manufacturing markets. Amtech's equipment includes diffusion, ALD and PECVD systems and solder reflow systems. Amtech also supplies wafer handling automation and polishing equipment and related consumable products. The Company's wafer handling, thermal processing and consumable products currently address the diffusion, oxidation, and deposition steps used in the fabrication of solar cells, LEDs, semiconductors, MEMS, printed circuit boards, semiconductor packaging, and the polishing of newly sliced sapphire and silicon wafers. Amtech's products are recognized under the leading brand names Tempress Systems™, Bruce Technologies™, PR Hoffman™, R2D Automation™, SoLayTec, and BTU International.
Cautionary Note Regarding Forward-Looking Statements
Certain information contained in this press release is forward-looking in nature. All statements in this press release, or made by management of Amtech Systems, Inc. and its subsidiaries ("Amtech"), other than statements of historical fact, are hereby identified as "forward-looking statements" (as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended). The forward-looking statements in this press release relate only to events or information as of the date on which the statements are made in this press release. Examples of forward-looking statements include statements regarding Amtech's future financial results, operating results, business strategies, projected costs, products under development, competitive positions, and plans and objectives of Amtech and its management for future operations. In some cases, forward-looking statements can be identified by terminology such as "may," "will," "should," "would," "expects," "plans," "anticipates," "intends," "believes," "estimates," "predicts," "potential," "continue," or the negative of these terms or other comparable terminology or our management are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. The Form 10-K, as amended, that Amtech filed with the Securities and Exchange Commission (the "SEC") for the year-ended September 30, 2017, listed various important factors that could affect the company's future operating results and financial condition and could cause actual results to historical results and expectations based on forward-looking statements made in this document or elsewhere by Amtech or on its behalf. These factors can be found under the heading "Risk Factors" in the Form 10-K and investors should refer to them. Because it is not possible to predict or identify all such factors, any such list cannot be considered a complete set of all potential risks or uncertainties. Except as required by law, we undertake no obligation to publicly update forward-looking statements, whether as a result of new information, future events, or otherwise.
Contacts:
Amtech Systems, Inc.
Robert T. Hass
Chief Financial Officer
(480) 967-5146
[email protected]
Christensen
Investor Relations
Patty Bruner
(480) 201-6075
[email protected]
AMTECH SYSTEMS, INC.
(NASDAQ: ASYS)
May 10, 2018
(Unaudited)
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
Three Months Ended March 31,
Six Months Ended March 31,
2018
2017
2018
2017
Revenues, net of returns and allowances
$
32,783
$
32,944
$
106,394
$
62,079
Cost of sales
21,058
24,549
74,332
45,241
Gross profit
11,725
8,395
32,062
16,838
Selling, general and administrative
9,478
8,260
20,058
15,258
Research, development and engineering
2,182
1,535
4,173
3,163
Operating income (loss)
65
(1,400)
7,831
(1,583)
Income (loss) from equity method investment
28
52
2
(91)
Interest and other expense, net
(38)
(197)
(86)
(116)
Income (loss) before income taxes
55
(1,545)
7,747
(1,790)
Income tax (benefit) provision
(2,780)
194
(1,540)
284
Net income (loss)
2,835
(1,739)
9,287
(2,074)
Add: net loss attributable to noncontrolling interest
—
319
—
599
Net income (loss) attributable to Amtech Systems, Inc.
$
2,835
$
(1,420)
$
9,287
$
(1,475)
Income (Loss) Per Share:
Basic income (loss) per share attributable to Amtech shareholders
$
0.19
$
(0.11)
$
0.63
$
(0.11)
Weighted average shares outstanding
14,891
13,188
14,835
13,184
Diluted income (loss) per share attributable to Amtech shareholders
$
0.19
$
(0.11)
$
0.61
$
(0.11)
Weighted average shares outstanding
15,154
13,188
15,223
13,184
AMTECH SYSTEMS, INC.
(NASDAQ: ASYS)
May 10, 2018
(unaudited)
Condensed Consolidated Balance Sheets
(in thousands, except share data)
March 31,
2018
September 30,
2017
Assets
Current Assets
Cash and cash equivalents
$
50,495
$
51,121
Restricted cash
9,662
24,640
Accounts receivable
Trade (less allowance for doubtful accounts of $1,499 and $866 at March 31, 2018, and September 30, 2017, respectively)
22,719
22,519
Unbilled and other
18,651
14,275
Inventories
29,043
30,210
Vendor deposits
3,034
11,806
Other
2,633
2,542
Total current assets
136,237
157,113
Property, Plant and Equipment - Net
16,083
15,792
Intangible Assets - Net
3,289
3,495
Goodwill - Net
11,646
11,405
Investments
2,616
2,615
Deferred Income Taxes - Long-Term
200
200
Other Assets - Long-Term
946
1,003
Total Assets
$
171,017
$
191,623
Liabilities and Stockholders' Equity
Current Liabilities
Accounts payable
$
19,129
$
21,555
Accrued compensation and related taxes
6,865
7,592
Accrued warranty expense
1,495
1,254
Other accrued liabilities
3,262
2,056
Customer deposits
18,260
48,784
Current maturities of long-term debt
369
361
Deferred profit
5,085
4,081
Income taxes payable
1,933
286
Total current liabilities
56,398
85,969
Long-Term Debt
8,217
8,134
Income Taxes Payable - Long-Term
3,490
7,037
Total Liabilities
68,105
101,140
Commitments and Contingencies
Stockholders' Equity
Preferred stock; 100,000,000 shares authorized; none issued
—
—
Common stock; $0.01 par value; 100,000,000 shares authorized;
shares issued and outstanding: 14,896,004 and 14,710,591 at March 31, 2018, and September 30, 2017, respectively
149
147
Additional paid-in capital
127,367
125,564
Accumulated other comprehensive loss
(7,192)
(8,529)
Retained deficit
(17,412)
(26,699)
Total stockholders' equity
102,912
90,483
Total Liabilities and Stockholders' Equity
$
171,017
$
191,623
AMTECH SYSTEMS, INC.
(NASDAQ: ASYS)
May 10, 2018
(unaudited)
Condensed Consolidated Statements of Cash Flows
(in thousands)
Six Months Ended March 31,
2018
2017
Operating Activities
Net income (loss)
$
9,287
$
(2,074)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization
916
1,255
Write-down of inventory
126
51
Capitalized interest
143
204
Deferred income taxes
(23)
24
Non-cash share based compensation expense
463
624
(Gain) loss on sale of property, plant and equipment
(57)
9
(Gain) loss from equity method investment
(2)
91
Provision for (reversal of) allowance for doubtful accounts, net
48
(1,217)
Changes in operating assets and liabilities:
Restricted cash
15,710
(1,703)
Accounts receivable
(3,642)
(2,002)
Inventories
1,644
1,840
Accrued income taxes
(1,899)
169
Vendor deposits and other assets
9,097
(5,557)
Accounts payable
(2,954)
1,823
Customer deposits and accrued liabilities
(31,481)
17,531
Deferred profit
819
520
Net cash (used in) provided by operating activities
(1,805)
11,588
Investing Activities
Purchases of property, plant and equipment
(686)
(210)
Proceeds from sale of property, plant and equipment
68
34
Net cash used in investing activities
(618)
(176)
Financing Activities
Proceeds from exercise of stock options
1,340
94
Payments on long-term debt
(183)
(319)
Borrowings on long-term debt
—
137
Net cash provided by (used in) financing activities
1,157
(88)
Effect of Exchange Rate Changes on Cash and Cash Equivalents
640
(119)
Net (Decrease) Increase in Cash and Cash Equivalents
(626)
11,205
Cash and Cash Equivalents, Beginning of Period
51,121
27,655
Cash and Cash Equivalents, End of Period
$
50,495
$
38,860
View original content: http://www.prnewswire.com/news-releases/amtech-reports-second-quarter-fiscal-2018-results-300646656.html
SOURCE Amtech Systems, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/pr-newswire-amtech-reports-second-quarter-fiscal-2018-results.html |
May 23, 2018 / 8:39 PM / Updated 4 minutes ago Uber trims losses and grows business, plans new stock sale Heather Somerville 5 Min Read
SAN FRANCISCO (Reuters) - Uber cut its losses almost in half and its ride bookings jumped 51 percent since one year ago, the Silicon Valley ride-services firm said on Wednesday, showing that months of scandal and retreating from overseas markets has not slowed its business. FILE PHOTO: The logo of Uber is pictured during the presentation of their new security measures in Mexico City, Mexico April 10, 2018. REUTERS/Ginnette Riquelme/File Photo
Uber Technologies Inc [UBER.UL] also reported a one-time gain of $2.5 billion, income that came largely from selling its business units in Russia and Southeast Asia.
The overall improvement of the company’s finances comes after a year of controversies that involved sexual harassment allegations, lawsuits from drivers and employees, allegations of trade secrets theft, federal investigations and the revelation of a massive data breach.
Also on Wednesday, Uber said it would hold a secondary stock sale for employees and existing investors that could total up to $600 million. Coatue Management, a new investor, and existing Uber investors Altimeter and TPG will purchase the stock at $40 apiece, valuing the company at about $62 billion.
The deal does not bring in new money for the company but rather allows employees and investors to get some cash for their stock even as the company remains private, a sign that Uber management is trying to appease long-time shareholders antsy for a payout.
In Uber’s previous secondary stock sale, which closed in January and was led by SoftBank Group Corp ( 9984.T ), there were so many eager sellers that shareholders could sell only a fraction of what they wanted.
Uber reported ride bookings of $11.3 billion for the first quarter, up 4 percent from $10.8 billion in the previous quarter and 51 percent from $7.5 billion a year ago. Its revenue was $2.6 billion, up 8 percent from $2.4 billion last quarter and up 73 percent from $1.5 billion a year ago.
When excluding the gain from Uber’s sale of its Southeast Asia business to rival Grab and Russia business to competitor Yandex, as well as other one-time transactions, the company lost $312 million, much less than the $775 million it lost last quarter and an improvement from the $598 million lost a year ago.
Uber said it spent $700 million over five years in Southeast Asia and $170 million on its Russia business during its more than three years there. Deals in these regions followed Uber’s sale of its China business to competitor Didi in 2016, as overseas markets prove increasingly costly and difficult.
But Uber cautioned not to expect a profit any time soon.
The company plans to reinvest the money on growing its food-delivery and its bike-renting services. Uber last month bought JUMP, an electric bike service startup, as part of its effort to expand its transportation offerings.
“Given size of the opportunity ahead of us and our goal of making Uber a true mobility platform, we plan to reinvest any over-performance even more aggressively this year, both in our core business as well in big bets like Uber Eats globally,” Uber Chief Executive Officer Dara Khosrowshahi said.
Uber also still has risky and expensive businesses including its autonomous car unit, which has been under scrutiny since a self-driving Uber SUV hit and killed a woman in Arizona in March. Uber on Wednesday said it had shut down its Arizona self-driving car operation, although it plans to continue testing the vehicles in California and Pittsburgh, Pennsylvania.
The results reflect the second full quarter under Khosrowshahi’s leadership, who replaced founder and former CEO Travis Kalanick after he was pushed out by investors. Khosrowshahi plans on taking the company public next year, and must trim losses and prove a path to profitability to satisfy public market investors.
But Uber still lacks a chief financial officer and has not had someone in the role since 2015, despite a protracted search, raising questions about the viability of a 2019 IPO.
The secondary stock transaction will launch next week and likely close in June, Uber said. The share price and valuation of the new deal exceeds the $33 per-share price and $48 billion valuation that the SoftBank consortium paid earlier this year, when it took a 17.5 percent stake in Uber. Reporting by Heather Somerville; Editing by Lisa Shumaker | ashraq/financial-news-articles | https://www.reuters.com/article/us-uber-results/uber-trims-losses-and-grows-business-plans-new-stock-sale-idUSKCN1IO384 |
May 15 (Reuters) - Oxbridge Re Holdings Ltd:
* OXBRIDGE RE HOLDINGS LIMITED REPORTS FIRST QUARTER 2018 RESULTS
* OXBRIDGE RE HOLDINGS LTD - QTRLY LOSS PER SHARE $0.04 Source text: ( bit.ly/2KYvG5H ) Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-oxbridge-re-holdings-qtrly-loss-pe/brief-oxbridge-re-holdings-qtrly-loss-per-share-0-04-idUSFWN1SM1DL |
LYON, France, May 14, 2018 (GLOBE NEWSWIRE) -- ERYTECH Pharma (Euronext:ERYP) (Nasdaq:ERYP), a clinical-stage biopharmaceutical company developing innovative therapies by encapsulating therapeutic drug substances inside red blood cells, announced that it has appointed Alex Dusek as its Vice President Commercial Strategy and member of the executive team. Mr. Dusek brings 25 years of experience in market access, product marketing and sales across small biotech start-ups and multi-national pharmaceutical companies.
“I am pleased to welcome Alex to the ERYTECH team at this exciting juncture,” said Gil Beyen, Chairman and CEO of ERYTECH. “His extensive experience in market access and commercial product launches will provide an invaluable foundation for commercial product preparedness and lay the groundwork for commercial success of our late-stage product candidates worldwide, with initial focus on the United States.”
Prior to joining ERYTECH, Mr. Dusek served as the Vice President of Commercial Strategy at Argos Therapeutics, a publicly traded immuno-oncology company, where his work included pre-launch planning for the commercial distribution of an advanced cell therapy product. Before Argos, Mr. Dusek led the global brand strategy at Bayer HealthCare Pharmaceuticals for the launch of a first-in-class, rare-disease agent, Adempas (riociguat). He was the first marketing employee at United Therapeutics hired to build the marketing infrastructure and grow the pulmonary hypertension franchise. Mr. Dusek earned a B.A. in Linguistics from the College of William and Mary, completed a post-baccalaureate pre-medical program at Columbia University, and received his M.B.A from the University of North Carolina, Kenan-Flagler Business School.
“ERYTECH is the leader in red blood cell-based cancer therapeutics,” stated Mr. Dusek. “I’m excited to join a company with advanced clinical programs and a platform that offers the potential promise to treat patients suffering from many different serious diseases. I look forward to utilizing my broad product launch experience and assisting the team in the transformation of ERYTECH from a development company to a commercially successful operation.”
Mr. Dusek will be based in the United States, joining ERYTECH’s growing team in Cambridge, Massachusetts.
About ERYTECH: www.erytech.com
Founded in Lyon, France in 2004, ERYTECH is a clinical-stage biopharmaceutical company developing innovative therapies for rare forms of cancer and orphan diseases. Leveraging its proprietary ERYCAPS platform, which uses a novel technology to encapsulate therapeutic drug substances inside red blood cells, ERYTECH has developed a pipeline of product candidates targeting markets with high unmet medical needs. ERYTECH’s initial focus is on the development of products that target the altered amino acid metabolism of cancer cells, depriving them of nutrients necessary for their survival.
The Company’s lead product, eryaspase, also known under the trade name GRASPA®, consists of an enzyme, L-asparaginase, encapsulated inside donor-derived red blood cells. L-asparaginase depletes asparagine, a naturally occurring amino acid essential for the survival and proliferation of cancer cells. L-asparaginase has been a standard component of multi-agent chemotherapy for the treatment of pediatric acute lymphoblastic leukemia (ALL), but side effects limit treatment compliance, especially in adults and patients with weak performance status.
Eryaspase demonstrated positive efficacy and safety results in various clinical trials in ALL, including in a Phase 2 study in patients over 55 years of age and in a Phase 2/3 trial in relapsed or refractory ALL patients, as well as in pancreatic cancer, where it achieved positive results in a Phase 2b trial of second-line treatment of patients with metastatic pancreatic cancer. ERYTECH is preparing for the launch of a pivotal Phase 3 clinical trial in second line pancreatic cancer and Phase 2 trials in first line pancreatic cancer and triple-negative breast cancer.
ERYTECH produces eryaspase at its own GMP-approved and operational manufacturing site in Lyon (France), and at a site for clinical production in Philadelphia (USA). ERYTECH has entered into licensing and distribution partnership agreements for eryaspase for ALL and AML in Europe with Orphan Europe (Recordati Group), and for ALL in Israel with TEVA, which will market the product under the GRASPA® brand name. The European Medicines Agency (EMA) and the U.S. Food and Drug Administration (FDA) have granted orphan drug designations for eryaspase for the treatment of ALL, AML and pancreatic cancer.
In addition to eryaspase, ERYTECH is developing erymethionase, methionine-γ-lyase encapsulated in red blood cells, to target cancer cells’ amino acid metabolism and induce tumor starvation. ERYTECH is also exploring the use of its ERYCAPS platform for developing cancer immunotherapies (ERYMMUNE) and enzyme replacement therapies (ERYZYME).
ERYTECH is listed on the Nasdaq Global Select Market in the United States (ticker: ERYP) and on the Euronext regulated market in Paris (ISIN code: FR0011471135, ticker: ERYP). ERYTECH is part of the CAC Healthcare, CAC Pharma & Bio, CAC Mid & Small, CAC All Tradable, EnterNext PEA-PME 150 and Next Biotech indexes.
CONTACTS
ERYTECH
Naomi Eichenbaum
Director Investor Relations
NewCap
Julien Perez
Investor relations
Nicolas Merigeau
Media relations +33 4 78 74 44 38
+1 917 312 5151
[email protected] +33 1 44 71 98 52
[email protected]
Forward-looking information
This press release contains forward-looking statements, forecasts and estimates. These statements, forecasts and estimates may be identified by the use of words such as “anticipate,” “expect,” “will,” “believe,” “continue,” “enable” and other similar terms and phrases. All statements contained in this press release other than statements of historical facts are forward-looking statements, including, without limitation statements regarding the potential of ERYTECH’s product pipeline, its clinical development and regulatory plans of eryaspase. Such statements, forecasts and estimates are based on various assumptions and assessments of known and unknown risks, uncertainties and other factors, which were deemed reasonable when made but may or may not prove to be correct. Actual events are difficult to predict and may depend upon factors that are beyond ERYTECH’s control. There can be no guarantees with respect to pipeline product candidates that the candidates will receive the necessary regulatory approvals or that they will prove to be commercially successful. Therefore, actual results may turn out to be materially different from the anticipated future results, performance or achievements expressed or implied by such statements, forecasts and estimates. Further description of these risks, uncertainties and other risks can be found in the Company’s regulatory filings with the French Autorité des Marchés Financiers (AMF), the Company’s Securities and Exchange Commission (SEC) filings and reports, including in the Company’s 2017 Document de Référence filed with the AMF in April 2018 and in the Company’s Annual Report on Form 20-F filed with the SEC on April 24, 2018 and future filings and reports by the Company. Given these uncertainties, no representations are made as to the accuracy or fairness of such forward-looking statements, forecasts and estimates. Furthermore, forward-looking statements, forecasts and estimates only speak as of the date of this press release. Readers are cautioned not to place undue reliance on any of these forward-looking statements. ERYTECH disclaims any obligation to update any such forward-looking statement, forecast or estimates to reflect any change in ERYTECH’s expectations with regard thereto, or any change in events, conditions or circumstances on which any such statement, forecast or estimate is based, except to the extent required by law.
Source:Erytech Pharma S.A. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/globe-newswire-erytech-strengthens-executive-team-with-the-appointment-of-alex-dusek-as-vp-of-commercial-strategy.html |
(Reuters) - Ohio on Wednesday became the latest U.S. state to open its roads for testing self-driving vehicles, in a boost to a nascent industry that is facing heightened scrutiny over safety concerns.
The self-driving vehicles should meet safety requirements and comply with Ohio’s traffic laws, Republican Governor John Kasich said in an executive order.
Autonomous vehicle testing is also under way in Michigan, Pittsburgh, Arizona and California.
Calls for more regulation for companies developing self-driving cars followed the death of a woman in March after being hit by an Uber SUV in Arizona.
The Ohio order mandates that the self-driving vehicles register with Drive Ohio, created by Kasich in January, and have designated operators to monitor the vehicles and report accidents.
Reporting by Arunima Banerjee in Bengaluru; Editing by Sriraj Kalluvila
| ashraq/financial-news-articles | https://www.reuters.com/article/us-selfdriving-ohio/ohio-allows-testing-self-driving-vehicles-on-state-roads-idUSKBN1IA2X4 |
Health officials are in a different position to respond to the current Ebola outbreak than they were during the last one, U.S. Food and Drug Administration Commissioner Scott Gottlieb told CNBC's "Squawk Box" on Tuesday.
Democratic Republic of Congo has 39 suspected, probable and confirmed cases of Ebola since April, including 19 deaths, the World Health Organization said Monday . The country agreed to allow the WHO to administer Merck 's experimental Ebola vaccine.
An outbreak in West Africa in 2014 was the deadliest occurrence of the disease since it was discovered in 1976, killing more than 11,300 people, according to the WHO .
The FDA is monitoring this situation "very closely," Gottlieb told CNBC, but health officials are "in a very different posture" than last time.
"I think the world is more galvanized, the WHO has stepped in very aggressively and very early," he said. "We have therapeutics available right now, including the potential for a vaccine, so we're differently armed than the last time we had a global crisis related to Ebola."
"That said, this is a scary infection and we're monitoring it very closely." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/15/fdas-gottlieb-health-officials-galvanized-to-tackle-ebola-outbreak.html |
May 7, 2018 / 8:43 AM / in 9 hours Russia's Lavrov says may meet U.S.'s Pompeo at G20 in Argentina: Ifax Reuters Staff 1 Min Read
MOSCOW (Reuters) - Russian Foreign Minister Sergei Lavrov said on Monday that he may meet U.S. Secretary of State Mike Pompeo on the sidelines of the G20 in Argentina, Interfax news agency reported. Russian Foreign Minister Sergei Lavrov enters a hall for a meeting with his Austrian counterpart Karin Kneissl in Moscow, Russia April 20, 2018. REUTERS/Sergei Karpukhin
“Everything is possible,” Lavrov was quoted as saying ahead of the G20, which is due to take place on May 20-21. Reporting by Polina Ivanova; Editing by Alison Williams | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-russia-g20/russias-lavrov-says-may-meet-u-s-s-pompeo-at-g20-in-argentina-ifax-idUSKBN1I80QD |
May 2, 2018 / 9:20 AM / Updated an hour ago EU Commission proposes 55 billion euros for euro zone in 2021-2027 budget Jan Strupczewski 4 Min Read
BRUSSELS (Reuters) - The European Commission proposed on Wednesday 55 billion euros in the next long-term European Union budget for supporting investment in the euro zone during economic shocks, structural reforms and help join the euro. European Commission President Jean-Claude Juncker presents the EU's next long-term budget, at the European Parliament in Brussels, Belgium, May 2, 2018. REUTERS/Francois Lenoir
The money earmarked for the euro zone, or for those who plan to join it, is a response to calls from French President Emmanuel Macron last year for a separate budget for the euro zone of several hundred billion euros.
Germany, the euro zone’s biggest contributor to the EU budget, thinks the 19 countries that now share the euro shouldn’t have a separate budget, or, if they do, it should be a very small one.
The Commission sees a separate euro zone budget as divisive, at a time when EU unity being strained by Britain’ exit next year, and it therefore proposed the euro zone funds as part of the wider EU budget of 27 countries.
“Following the withdrawal of the UK from the EU, the gross domestic product of the euro area will represent more than 85 percent of the total GDP of the EU,” the Commission said in a statement.
“This is why the tools to strengthen the Economic and Monetary Union must not be separate but part and parcel of the overall financial architecture of the Union,” it said. REFORM SUPPORT
The Commission proposal for the EU budget for 2021-2027 calls for the establishment of a Reform Support Program and a European Investment Stabilization Function.
The Reform Support Program would amount to 25 billion euros and would offer financial and technical support for reforms to euro zone countries. It would also help pay for reforms in countries that want to join the euro.
To get the money, a euro zone government or candidate would have to agree with the Commission to deliver on reforms to address economic problems.
“A structured dialogue between the Commission and the Member State will follow to conclude a reform commitment package, including a detailed set of measures, milestones for implementation, a calendar for completion and financial aspects,” the Commission said.
The country would then report every year on the progress of the reforms to get the financing. INVESTMENT SUPPORT
The European Investment Stabilization Function would be worth 30 billion euros and provide back-to-back loans from the EU budget. Interest on these loans would be covered by grants.
The loans would stabilize investment in countries hit by an economic shock not of their own making.
“As a shock-absorbing mechanism, the European Investment Stabilization Function will complement existing instruments at national and European level,” the Commission said.
“To be effective, it should kick in automatically in the event of large asymmetric shocks, subject to clear eligibility criteria and a triggering mechanism determined in advance, in line with the principles of sound financial and macroeconomic policy,” it said.
Such loans would be mainly for euro zone countries, but non-euro zone members of the EU could also be eligible if they contribute to its financing, which would be done via a financial vehicle yet to be established.
“The grant component could be financed through contributions from euro area Member States equivalent to a share of the profits they make through the production of euro coins (seigniorage),” the Commission said. Reporting By Jan Strupczewski; Editing by Alastair Macdonald and Larry King | ashraq/financial-news-articles | https://www.reuters.com/article/us-eu-budget-eurozone/eu-proposes-to-set-aside-euro-zone-money-in-next-budget-idUSKBN1I3121 |
Ellen Egeth: CNBC Assistant Managing Editor Published 11:31 AM ET Tue, 1 May 2018 Updated 12:59 PM ET Wed, 9 May 2018 CNBC.com Adam Jeffery | CNBC Ellen Egeth
Ellen is an award-winning television producer and the Assistant Managing Editor of CNBC. She manages the daily news flow on the CNBC Newsdesk, assigning reporters, editing scripts and deploying network assets to cover breaking news. Ellen is also the founding manager of the CNBC News Associate Program , and has been working for the last five years recruiting and training News Associates at CNBC. Ellen joined CNBC in 1995 as Producer of Inside Opinion with Ron Insana . Since then, she has held many positions including Chief Booker, Senior News Editor & Senior Producer of Street Signs with Erin Burnett. Before joining CNBC, Ellen was a producer at Adam Smith's Money World on PBS and worked on several PBS documentaries. Prior to being attracted to the bright lights of television, Ellen had a brief career as a management consultant. Ellen graduated magna cum laude from Harvard with a degree in Economics. Follow Ellen Egeth on Twitter @ellenegeth and LinkedIn ellen-egeth . CNBC Workshops | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/01/ellen-egeth-cnbc-assistant-managing-editor.html |
May 1, 2018 / 12:23 PM / Updated 25 minutes ago BRIEF-Seagate Technology Reports Q3 Non-GAAP Reported EPS Of $1.46 Reuters Staff
May 1 (Reuters) - Seagate Technology PLC:
* SEAGATE TECHNOLOGY REPORTS FISCAL THIRD QUARTER 2018 FINANCIAL RESULTS
* Q3 NON-GAAP BASIS REPORTED EPS OF $1.46
* Q3 REVENUE $2.8 BILLION VERSUS I/B/E/S VIEW $2.75 BILLION
* Q3 EARNINGS PER SHARE VIEW $1.33 — THOMSON REUTERS I/B/E/S
* QTRLY GAAP EARNINGS PER SHARE $1.31 Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-seagate-technology-reports-q3-non/brief-seagate-technology-reports-q3-non-gaap-reported-eps-of-1-46-idUSL8N1S82YB |
May 23, 2018 / 6:53 PM / Updated an hour ago Hezbollah eyes bigger role in next Lebanon government Laila Bassam , Tom Perry 6 Min Read
BEIRUT (Reuters) - The Iran-backed Hezbollah aims to move beyond its traditional backseat role by assuming more influence in Lebanon’s next government to help it counter an escalating U.S. campaign against Tehran and its regional ascendancy. Lebanon's Finance Minister Ali Hassan Khalil takes photos of the parliamentary re-elected speaker Nabih Berri with outgoing Prime Minister Saad al-Hariri at the parliament in Beirut, Lebanon May 23, 2018. Lebanese Parliament/Handout via REUTERS
A parliamentary majority for the Shi’ite Muslim Hezbollah and its allies is expected to be reflected in a new coalition government that Western-backed Saad al-Hariri will now try to form, weakened by the loss of more than a third of his MPs.
The May 6 election underlined how Lebanon’s political landscape has tilted in Hezbollah’s favour in recent years, and is part of a bigger picture of expanding Iranian influence that Washington wants to counter.
“Hezbollah will strengthen its presence more than at any previous time,” a senior Lebanese official familiar with the group’s thinking told Reuters. “Now it has two ministers. It will have three - and three party members, known leaders - as clear as the sun. Shi’ites,” the senior official said.
The group, which has to date held only marginal cabinet posts, is also seeking more significant service-providing ministries in the new cabinet, according to the official and other sources familiar with Hezbollah thinking.
Any expansion of Hezbollah’s role in government could pose new questions for Western policy in Lebanon.
The country has been a big recipient of aid to help it cope with 1 million Syrian refugees on its soil, and its military has been armed and trained by the United States, which deems Hezbollah a terrorist group.
Analysts expect the new government to expand ties with the Hezbollah-allied Syrian government that is shunned by the West.
That would further erode Lebanon’s stated policy of regional neutrality that Beirut has claimed to uphold even with Hezbollah fighting in support of Syrian President Bashar al-Assad.
The U.S. administration has made Hezbollah a target of its new policy to counter Iran after pulling out of the Iranian nuclear deal, a move welcomed by U.S. allies such as Saudi Arabia that view Iran and Hezbollah as a regional threat.
While Hezbollah’s arsenal has long made it the most powerful group in Lebanon, it has always limited its role in state institutions that are divided out among sectarian groups.
Hezbollah has in the past foregone some of the ministries to which it was entitled and ceded them to allies, the senior official said. This election marks a break with that approach, the official said, though Hezbollah is not seeking to dominate.
In the outgoing government, it held the ministries of youth and sport, and industry. A second senior source familiar with Hezbollah’s thinking said the group was eyeing the ministries of public works, health, social affairs or telecoms.
These service-providing ministries could boost Hezbollah’s political capital, analysts say.
In addition, Hezbollah believes one of its Sunni Muslim allies should be assigned a ministry to reflect gains they made at Hariri’s expense in the election, the sources say.
Hezbollah is not seeking any of the so-called “sovereign” ministries - finance, interior, defence and foreign affairs. But it wants the finance ministry to remain with its close ally, the Shi’ite Amal Movement, the senior official said. Lebanon's outgoing Prime Minister Saad al-Hariri meets Islamic orphans in Beirut, Lebanon May 23, 2018. REUTERS/Dalati Nohra/Handout via REUTERS
Graphic on Lebanon's new assembly - tmsnrt.rs/2IsdkeT U.S. SAYS LEBANON’S POWER BALANCE NOT GOOD
Hezbollah, groups and individuals that support its possession of arms won at least 70 of parliament’s 128 seats in the election. That was a reversal of Lebanon’s last general election in 2009, when an anti-Hezbollah coalition led by Hariri and backed by Saudi Arabia won the majority.
Hariri’s “March 14” coalition disintegrated after 2009. Saudi Arabia has turned its focus to countering Iran in other parts of the region since then, leaving Hariri weaker.
The collapse of his Saudi-based construction business hit the finances that had supported his Future Movement.
U.S. Secretary of State Mike Pompeo said this week that
Iran must end its support for Hezbollah as one of Washington’s conditions for Tehran to avoid tough new sanctions.
Speaking to the U.S. House Foreign Affairs Committee on Wednesday, Pompeo said there were “certainly changes” in Lebanon’s election but Washington assessed the “overall balance of power won’t be materially changed as an outcome of that”.
“That’s good and bad. The existing balance of power is not a good one in its own right,” he said.
He added that Washington should review its assistance, including to the Lebanese army, “to make sure that we’re using American taxpayers’ dollars right, and supporting the groups that can most likely achieve our outcome there”.
The U.S. administration has issued new financial sanctions targeting the leadership of Hezbollah, which was set up by Iran’s Revolutionary Guards in 1982.
Lebanon’s government has previously lobbied Washington to avoid sanctions that would hit its banking system as a whole.
Hariri has said the new sanctions may accelerate the formation of the new government.
But analysts see a tough time ahead in the cabinet talks, noting parliamentary gains by the staunchly anti-Hezbollah Lebanese Forces, which roughly doubled their representation to 15 MPs and wants a bigger slice of cabinet.
“It’s difficult to see this process wrapped up quickly,” Mohanad Hage Ali of the Carnegie Middle East Center said. Additional reporting by Angus McDowall and Ellen Francis; editing by Mark Heinrich | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-lebanon-election-hezbollah/hezbollah-eyes-bigger-role-in-next-lebanon-government-idUKKCN1IO30N |
Prince Harry and Meghan Markle, the Duke and Duchess of Sussex, may be honeymooning in Canada at the Fairmont Jasper Park Lodge in Alberta, according to a new report from TMZ.
George Rose | Getty Images Jasper National Park While CNBC Make It could not independently confirm the honeymoon plans (emails to Kensington Palace and the lodge were not returned), the resort is certainly fit for royalty. In fact, King George VI and Queen Elizabeth stayed there in 1939.
Yet a standard room can be had for just $383 (American) a night.
Located in the thick of wilderness and on the foot of Lake Beauvert, the 700-acre, 440-room mountain getaway is surrounded by breathtaking scenery, and it's home to one of Canada's top 10 golf courses, a spa that recently completed a $7 million makeover and a wealth of outdoor activities like hiking, canoeing, horseback riding and mountain biking.
Guests who book one of the 10 signature cabins receive a private butler. These one- to eight-bedroom cabins are strategically staggered throughout the resort for privacy.
There's even a cabin — Outlook Cabin — known as the "Royal Retreat," according to a post the lodge's Instagram: "luxury at its finest," says the post from Tuesday.
Alberta is the complete opposite setting from where Harry's big brother, Prince William and his wife Kate Middelton chose to honeymoon — they flung themselves to a tropical island in the Seychelles. Fairmont Jasper Park Lodge is inside the sprawling Jasper National Park, and it is extremely remote. The nearest airport, Edmonton International Airport, is a four-hour drive.
Summer rates start at $383/night. Signature cabins start at $943/night.
Don't miss: 5 tips to plan the perfect honeymoon, according to experts
Like this story? Like CNBC Make It on Facebook
show chapters 5 of the best travel rewards credit cards for young people 10:39 AM ET Thu, 10 May 2018 | 01:48 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/30/fairmont-jasper-park-lodge-where-prince-harry-rumored-to-honeymoon.html |
Two of the largest technology-focused private-equity firms are competing to raise money for what would be their biggest funds, ratcheting up an already heated race for buyouts in the industry.
Vista Equity Partners Management is attempting to raise $12 billion for its latest buyout fund, while Thoma Bravo LLC is looking for around $10 billion, according to people familiar with the matter. Vista’s effort hasn’t previously been reported.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/private-equity-tech-titans-face-off-with-new-funds-1526512645 |
* U.S.-N.Korea summit on June 12 may still take place -Trump
* U.S. crude drops, weighs on energy stocks
* Foot Locker surges after results; lifts Nike
* Dow down 0.2 pct, S&P down 0.2 pct, Nasdaq up 0.1 pct (Updates to close)
NEW YORK, May 25 (Reuters) - The S&P 500 and the Dow eased on Friday after a steep drop in oil prices pressured energy stocks, but losses were limited by gains in chipmakers and retail stocks.
U.S. crude tumbled 4 percent to settle at $67.88 a barrel after Saudi Arabia and Russia said they were ready to ease supply curbs that have pushed prices to their highest since 2014.
The S&P energy index slid 2.6 percent and registered its biggest daily percentage drop since early February, while Chevron dropped 3.5 percent and Exxon Mobil fell 1.9 percent and were among the biggest drags on the Dow and S&P 500.
"It's been a very rough week for oil, and that has weighed" on energy names, said Michael James, managing director of equity trading at Wedbush Securities in Los Angeles. At the same time, the continued pullback in yields has pressured financials, he said.
The S&P 500 banks index fell 0.4 percent after U.S. Treasury yields hit their lowest in three weeks.
Stock markets this week also have been roiled by trade tensions with China, a U.S. threat of imposing tariffs on imported cars and uncertainty over a U.S.-North Korea summit.
President Donald Trump said on Friday the summit with North Korean leader Kim Jong Un could still take place on June 12 as originally planned, a day after canceling it.
The Dow Jones Industrial Average fell 58.67 points, or 0.24 percent, to 24,753.09, the S&P 500 lost 6.43 points, or 0.24 percent, to 2,721.33 and the Nasdaq Composite added 9.43 points, or 0.13 percent, to 7,433.85.
For the week, the Dow was up 0.2 percent, the S&P 500 was up 0.3 percent and the Nasdaq gained 1.1 percent.
The Nasdaq was boosted by chipmakers, including Broadcom, which rose 2.7 percent. Intel climbed 1.3 percent.
A 20.2 percent surge in shares of Foot Locker boosted the S&P consumer discretionary index, which rose 0.2 percent, after the company reported a better-than-expected quarterly profit and helped shares edge higher in Nike, which has a partnership with the footwear retailer.
The S&P retail index rose 0.2 percent.
Trading volume was lighter than usual ahead of the long weekend, with markets shut on Monday for the Memorial Day holiday.
About 5.8 billion shares changed hands on U.S. exchanges. That compares with the 6.6 billion daily average for the past 20 trading days, according to Thomson Reuters data.
Declining issues outnumbered advancing ones on the NYSE by a 1.25-to-1 ratio; on Nasdaq, a 1.05-to-1 ratio favored advancers.
The S&P 500 posted 20 new 52-week highs and one new low; the Nasdaq Composite recorded 104 new highs and 36 new lows. (Additional reporting by Medha Singh and Sruthi Shankar in Bengaluru; editing by Jonathan Oatis and James Dalgleish) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/25/reuters-america-us-stocks-sp-dow-fall-as-oil-drop-hurts-energy-chipmakers-boost-nasdaq.html |
May 14 (Reuters) - Oconee Federal Financial Corp:
* OCONEE FEDERAL FINANCIAL CORP QTRLY DILUTED NET INCOME PER SHARE $0.22 Source text : [ bit.ly/2jXl9eM ] Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. 0 : 0 narrow-browser-and-phone medium-browser-and-portrait-tablet landscape-tablet medium-wide-browser wide-browser-and-larger medium-browser-and-landscape-tablet medium-wide-browser-and-larger above-phone portrait-tablet-and-above above-portrait-tablet landscape-tablet-and-above landscape-tablet-and-medium-wide-browser portrait-tablet-and-below landscape-tablet-and-below Apps Newsletters Reuters Plus Advertising Guidelines Cookies Terms of Use Privacy
All Quote: s delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-oconee-federal-financial-reports-q/brief-oconee-federal-financial-reports-quarter-ended-march-31-eps-of-0-22-idUSFWN1SL121 |
(Corrects number of episodes in paragraph 14.)
By Lisa Richwine and Eric Kelsey
LOS ANGELES, May 29 (Reuters) - Walt Disney Co’s ABC network on Tuesday swiftly canceled the popular U.S. television comedy “Roseanne” after star Roseanne Barr incited outrage by comparing a black former Obama administration official to an ape in remarks on Twitter.
The show, a revival of the 1990s hit “Roseanne,” was ABC’s most widely watched prime time show for the TV season that ended last week. President Donald Trump has cited its huge viewership as evidence his supporters, who include Barr, want shows that speak to their concerns.
“Roseanne’s Twitter statement is abhorrent, repugnant and inconsistent with our values, and we have decided to cancel her show,” ABC Entertainment President Channing Dungey said in a statement.
In a since deleted comment on Twitter, Barr compared Valerie Jarrett, a former adviser to President Barack Obama, to an ape. Barr wrote that if the Islamist political movement “muslim brotherhood & planet of the apes had a baby = vj.”
The actress, 65, apologized “for making a bad joke” about Jarrett, who is black and was born in Iran to American parents. Barr’s tweet followed a Twitter conversation referring to a Wikileaks allegation that the CIA spied on French presidential candidates during the Obama administration.
Jarrett, 61, said on Tuesday that Disney Chief Executive Bob Iger called her before ABC announced the show’s cancellation.
“I think we have to turn it into a teaching moment,” Jarrett said at a taping of MSNBC’s “Everyday Racism in America” that the network released ahead of its scheduled broadcast. “I’m fine. I’m worried about all the people out there who don’t have a circle of friends and followers coming to their defense.”
RERUNS ALSO CANCELED Hollywood talent agency ICM said in a statement on Tuesday it will no longer represent Barr.
The fallout from the show’s cancellation also hit its lucrative syndication market as Viacom said it would pull reruns of the original 1990s “Roseanne” episodes from its Paramount, TV Land and CMT cable networks. Another cable network, Laff, also said it was removing reruns of the show.
Hulu said the new “Roseanne” show would no longer be available on its streaming service.
The original “Roseanne” ran from 1988 to 1997, featuring a blue-collar family, the Conners, with overweight parents struggling to get by. It was praised for its realistic portrayal of working-class life.
The current “Roseanne” was ABC’s biggest hit of the 2017-2018 season, drawing an average 18.7 million viewers, second only to CBS sitcom “The Big Bang Theory,” according to Nielsen data through May 20.
ABC aired nine episodes of “Roseanne” from March until May and generated $22.8 million in ad revenue, or 2.5 percent of the network’s total for the season, according to iSpot data. In late March, the network renewed the show for another season.
Disney shares, which had fallen on a disappointing debut for the latest “Star Wars” movie, closed down 2.46 percent at $99.69 on the New York Stock Exchange. Markets were down sharply overall on concerns about political instability in Italy.
Disney’s Iger added on Twitter: “There was only one thing to do here, and that was the right thing.” White House spokeswoman Sarah Sanders, asked whether Trump thought the show should have been canceled, told reporters traveling with the president to Nashville, Tennessee: “That’s not what the president is looking at. That’s not what he’s spending his time on. I think we have a lot bigger things going on in the country right now.”
CAST COMMENT Anger among the show’s supporting cast added to the pressure on ABC.
Sara Gilbert, who plays daughter Darlene on the series, on Twitter called Barr’s comments “abhorrent.”
Emma Kenney, who plays Gilbert’s on-screen daughter Harris, said she had decided to leave the series because of Barr’s words even before ABC canceled the show. “As I called my manager to quit working on Roseanne, I found out the show got canceled,” Kenney wrote on Twitter.
Emmy-winning comedian and “Roseanne” consulting producer Wanda Sykes was the first prominent figure associated with the show to cut ranks, quitting hours after Barr’s comments.
Tuesday’s furor echoed a 2013 incident in which Barr, in a subsequently deleted tweet, said black former Obama administration official Susan Rice “is a man with big swinging ape balls.” (Reporting by Lisa Richwine and Eric Kelsey; Editing by Bill Tarrant and Cynthia Osterman)
| ashraq/financial-news-articles | https://www.reuters.com/article/television-roseanne/update-1-abc-cancels-roseanne-after-tv-star-tweets-racial-slur-idUSL2N1T01E3 |
DALLAS, April 30, 2018 /PRNewswire/ -- Texas Instruments Incorporated (TI) (NASDAQ: TXN) today announced the pricing of $1.3 billion of 4.150% senior unsecured notes due May 15, 2048.
TI expects to use the net proceeds of this offering for general corporate purposes, including to replenish cash on hand following the repayment at maturity of $500 million principal amount of TI's 1.00% Notes due May 1, 2018. The offering is expected to close on May 7, 2018.
Citigroup Global Markets Inc., Mizuho Securities USA LLC, Morgan Stanley & Co. LLC, Barclays Capital Inc., J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and MUFG Securities Americas Inc. are serving as joint book-running managers for the offering.
The offering of the notes is made only by means of a prospectus, copies of which may be obtained from Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, or by email at [email protected] , or by calling (800) 831-9146; Mizuho Securities USA LLC, Attention: Debt Capital Markets, 320 Park Avenue, 12th Floor, New York, New York 10022, or by calling (866) 271-7403; Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014, or by calling (866) 718-1649; Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, or by email at [email protected] , or by calling (888) 603-5847; J.P. Morgan Securities LLC, Investment Grade Syndicate Desk, 383 Madison Avenue, New York, New York 10179, or by calling (212) 834-4533; Merrill Lynch, Pierce, Fenner & Smith Incorporated, Attn: Prospectus Department, NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, North Carolina 28255, or by email at [email protected] , or by calling (800) 294-1322; and MUFG Securities Americas Inc., Attention: Capital Markets Group, 1221 Avenue of the Americas, 6th Floor, New York, New York 10020, or by calling (877) 649-6848.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the notes or any other securities, nor will there be any sale of the notes or any other securities in any state or jurisdiction in which such an offer, solicitation or sale is not permitted.
About Texas Instruments
Texas Instruments Incorporated (TI) is a global semiconductor design and manufacturing company that develops analog ICs and embedded processors. By employing the world's brightest minds, TI creates innovations that shape the future of technology. TI is helping approximately 100,000 customers transform the future, today.
TXN-G
View original content: http://www.prnewswire.com/news-releases/texas-instruments-prices-1-3-billion-of-investment-grade-notes-300639498.html
SOURCE Texas Instruments Incorporated | ashraq/financial-news-articles | http://www.cnbc.com/2018/04/30/pr-newswire-texas-instruments-prices-1-point-3-billion-of-investment-grade-notes.html |
Save room for dessert: Royal wedding cake slices to be sold 9:28am IST - 01:48
Slices of wedding cake from historical royal weddings are previewed in Los Angeles ahead of the upcoming royal wedding of Prince Harry and Meghan Markle. Rollo Ross reports. ▲ Hide Transcript ▶ View Transcript
Slices of wedding cake from historical royal weddings are previewed in Los Angeles ahead of the upcoming royal wedding of Prince Harry and Meghan Markle. Rollo Ross reports. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2KzdCin | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/04/save-room-for-dessert-royal-wedding-cake?videoId=423698636 |
May 2, 2018 / 1:40 PM / Updated 15 minutes ago Humana says flu was severe but peaked earlier than expected Reuters Staff 1 Min Read
May 2 (Reuters) - Humana Inc’s first-quarter profit reflects lower-than-expected flu costs after the rates of infection peaked earlier than it had anticipated, Chief Financial Officer Brian Kane said on Wednesday.
Earnings were also helped by restrained medical use during the first quarter as well as the financial benefit of accounting for lower-than-foreseen claims during the fourth quarter, Kane said during a conference call with analysts to discuss the first-quarter report. (Reporting by Caroline Humer in New York Editing by Jeffrey Benkoe) | ashraq/financial-news-articles | https://www.reuters.com/article/humana-results-cfo/humana-says-flu-was-severe-but-peaked-earlier-than-expected-idUSL1N1S90KC |
Nameth Will Lead Efforts to Improve Access to Branded Pharmaceuticals and Enhance the Pharmacy Experience for All Blink Members
NEW YORK--(BUSINESS WIRE)-- Blink Health , the technology company solving America’s prescription drug price crisis, today announced that Michael Nameth, a healthcare industry leader with experience across managed care, pharmacy benefit management and specialty pharmaceuticals, has joined Blink Health as Executive Vice President, Cloud and Specialty Pharmacy. In this role, Nameth will lead the company’s efforts to ensure that all patients receive access to the lowest prices possible across branded, specialty and generic medications and to remove the complexity many patients experience when trying to fill their prescriptions.
Most recently, Nameth was CEO of Aureus Health Services, a national specialty pharmacy that provides services to help patients and providers access pharmaceutical therapies. Previously, Nameth served as EVP of Walgreens Specialty Pharmacy, and prior to Walgreens, Nameth served as President of Wellpoint’s pharmacy benefit manager, NextRx, which was acquired by Express Scripts in 2009. Michael also co-founded the National Association of Specialty Pharmacy, where he continues to serve as a director.
“Michael’s expertise across all aspects of pharmacy will be invaluable in our efforts to help patients access all therapies their providers prescribe for their health needs,” said Geoffrey Chaiken, co-founder and CEO, Blink Health. “His background makes him the ideal person to build our cloud pharmacy service that will give people more control over their prescriptions and ensure that everyone, regardless of insurance status, gets the lowest prices on their medications.”
“For millions of people, branded and specialty medications play an important role in combating disease and improving lives, but they are often too expensive or difficult for patients to access,” said Nameth. “Blink Health’s combination of technology and pharmacy expertise uniquely positions the company to address the high cost prescription drug crisis, and I’m thrilled to join a team that is solving this problem.”
Michael’s appointment at the company comes on the heels of the addition of former Express Scripts executive Susan Lang as Chief Strategy Officer. The company has also recently implemented prescription access programs with Lilly and Roche.
About Blink Health
Blink Health makes prescriptions affordable for everyone with the guaranteed lowest prices on nearly all generic medications commonly prescribed. As the first e-commerce service of its kind, Blink Health negotiates directly with prescription medication suppliers on behalf of all Americans and uses technology to bypass powerful intermediaries. Patients simply purchase their medications through Blink’s website or app and pick up their prescriptions at a local pharmacy.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180524005231/en/
For Blink Health
Brooke Matthews
[email protected]
Source: Blink Health | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/business-wire-former-walgreens-and-wellpoint-executive-michael-nameth-joins-blink-health-as-executive-vice-president-cloud-and-specialty.html |
May 10, 2018 / 2:47 PM / in 9 minutes Singapore will host U.S.-North Korea summit, nuclear issue to dominate Steve Holland , Matt Spetalnick 7 Min Read
WASHINGTON (Reuters) - Leaders of the United States and North Korea will meet for the first time when President Donald Trump and Kim Jong Un hold a summit on June 12 in Singapore where the U.S. side will try to persuade Pyongyang to give up its nuclear weapons.
The two men - whose countries are still technically at war - exchanged fiery rhetoric last year over North Korea’s attempts to build a nuclear weapon that could reach the United States.
But tensions have since eased greatly, starting around the time of the North’s participation in the Winter Olympics in South Korea in February.
“The highly anticipated meeting between Kim Jong Un and myself will take place in Singapore on June 12th. We will both try to make it a very special moment for World Peace!” Trump wrote on Twitter.
His announcement came just hours after three Americans who had been held prisoner in North Korea arrived at a U.S. military base outside Washington, having been released by Kim as a gesture ahead of the summit.
Trump said on their arrival that he believed Kim, who has led North Korea for seven years and is believed to be in his
mid-30s, wanted to bring North Korea “into the real world.”
“I think we have a very good chance of doing something very meaningful,” Trump said. “My proudest achievement will be - this is part of it - when we denuclearize that entire peninsula.”
New U.S. Secretary of State Mike Pompeo has visited Pyongyang twice in recent weeks - once as head of the CIA - but there has been no sign that he cleared up the central question of whether North Korea will be willing to bargain away nuclear weapons that its rulers have long seen as crucial to their survival.
Trump is embarking on this high-stakes meeting with Kim after sending shockwaves through the world on Tuesday when he announced that the United States was pulling out of a 2015 accord imposing international oversight of Iran’s nuclear program.
The move raised questions over whether North Korea might now be less inclined to negotiate its own nuclear deal with Washington.
Trump and Japanese Prime Minister Shinzo Abe spoke by telephone on Wednesday and the White House said the two leaders “affirmed the shared goal of North Korea abandoning its illicit weapons of mass destruction and ballistic missile programs” and remained committed to cooperating with South Korea.
Japan worries that it could be the target of any first-use of nuclear weapons by Pyongyang. ‘PHOTO OP’ WORRY
In a speech on the floor of the U.S. Senate, Democratic Leader Chuck Schumer warned Trump against going too far too fast in Singapore. The Republican president, Schumer said, should insist upon strong, verifiable commitments from North Korea on disarmament.
“I worry that this president, in his eagerness to strike a deal and get the acclaim and a photo op, will strike a quick one and a bad one, not a strong one, not a lasting one,” Schumer said.
During Trump’s presidency, Kim has overseen weapons tests that rattled the United States, South Korea and Japan as the North Korean leader attempted to showcase his military’s progress on medium- and long-range missiles and atomic weapons.
Last year, North Korea conducted more than a dozen missile tests aimed at demonstrating its ability to conduct a nuclear attack. Several of those tests saw missiles flying over the Sea of Japan, while another led experts to believe North Korea could possibly hit the mainland United States with a missile.
Trump has credited a U.S. “maximum pressure” campaign for drawing North Korea to the negotiating table and vowed to keep economic sanctions in place until Pyongyang takes concrete steps to denuclearize.
But former spy chief Kim Yong Chul, director of North Korea’s United Front Department, said in a toast to Pompeo over lunch in Pyongyang this week: “We have perfected our nuclear capability. It is our policy to concentrate all efforts into economic progress...This is not the result of sanctions that have been imposed from outside.”
Kim recently promised to suspend missile tests and shut a nuclear bomb test site.
North Korea is still technically at war with the United States and its ally South Korea because the 1950-53 Korean War ended in a truce, not a treaty.
The choice of Singapore will put the summit on friendly turf for Trump, as the island nation is a strong U.S. ally and the U.S. Navy frequently visits its port.
The wealthy financial and shipping hub is seen as a gateway between Asia and the West and has been called the “Switzerland of Asia,” in contrast to North Korea’s isolated economy that its leaders now want to modernize.
Nonetheless, Human Rights Watch has described Singapore as having a “stifling” political environment with severe restrictions on “basic rights.”
U.S. officials had looked at several sites other than Singapore for the historic meeting but each was seen as problematic.
Trump’s own preference was for the demilitarized zone between the two Koreas, but aides argued that this would look too much like Trump going to Kim’s turf.
A quick trip to Pyongyang was also seen as bad optics for Trump, U.S. officials said. Mongolia was considered but was seen as too close to China, they said.
Smiling and holding hands, Kim and South Korean President Moon Jae-in held a rare round of talks at the heavily fortified demilitarized zone between the countries at the end of April, pledging to pursue peace after decades of conflict.
South Korea said on Thursday it had high hopes for the summit.
“We welcome the North Korea-U.S. summit to be held in Singapore on June 12. We hope the denuclearization of the Korean peninsula as well as permanent peace on the peninsula will successfully come about through this summit.”
South Korea announced that its foreign minister, Kang Kyung-wha, will meet Pompeo on Friday in the run-up to a May 22 Washington meeting between Trump and South Korea’s Moon.
Seoul said Friday’s ministerial-level meeting will provide an opportunity to discuss recent talks between the North and South Korean leaders. FILE PHOTO - A combination photo shows a Korean Central News Agency (KCNA) handout of Kim Jong Un released on May 10, 2016, and Donald Trump posing for a photo in New York City, U.S., May 17, 2016. REUTERS/KCNA handout via Reuters/File Photo & REUTERS/Lucas Jackson/File Photo Reporting by Doina Chiacu, Steve Holland and Matt Spetalnick; Writing by Richard Cowan; Editing by Chizu Nomiyama and Alistair Bell | ashraq/financial-news-articles | https://www.reuters.com/article/uk-northkorea-usa/trump-says-will-meet-with-north-koreas-kim-on-june-12-in-singapore-idUSKBN1IB240 |
Rudy Giuliani says Mueller may end Russia probe by Sept. 1 2 Hours Ago Special counsel Robert Mueller's office plans to complete its probe into alleged ties between Russia and President Donald Trump by September 1st, the president's personal lawyer told The New York Times in an interview. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/21/giuliani-mueller-russia-ny-times.html |
NEW YORK (Reuters) - Three-dimensional printers are letting doctors in Minnesota make simulated body parts in a hospital and a Brooklyn startup create rocket engines designed to put satellites into orbit, executives said Thursday at an event hosted by General Electric Co.
A sample 3D-printed organs are seen on a 3D-printed skeleton at an event hosted by General Electric in New York, NY, U.S., May 3, 2018. Picture taken on May 3, 2018. REUTERS/Alwyn Scott The unusual locations for additive printing, highlighted at the first such event GE has organized, showed how quickly the technology is moving beyond plastic prototypes to everyday industrial use.
Companies are now routinely printing titanium engine parts, customizing dashboards of high-end cars, turning out jewelry and eyeglass frames and developing rocket engines.
General Motors Co said on Thursday it is working with design software company Autodesk Inc to make lightweight 3D-printed parts that could help GM add alternative-fuel vehicles to its product lineup.
Plastic clothing decorations and lightweight titanium bicycle parts produced by 3D printers are shown at an event hosted by General Electric in New York, NY, U.S., May 3, 2018. Picture taken on May 3, 2018. REUTERS/Alwyn Scott GE, which makes metal 3D printers as well as parts, and has invested more than $3 billion in the business, is promoting the technology to show its possibilities and spur broader use.
“People are in the very, very beginning stage of understanding the potential,” GE Chief Executive Officer John Flannery said at the event in New York.
Metal parts for power plants that were 3D printed are shown at an event hosted by General Electric in New York, NY, U.S., May 3, 2018. Picture taken on May 3, 2018. REUTERS/Alwyn Scott At the Mayo Clinic in Rochester, Minnesota, for example, doctors work directly with engineers to print medical devices tailored to patients, said radiologist Jonathan Morris.
“We’ve put manufacturing inside the hospital,” Morris said. The hospital does not make implants but can simulate body parts to help surgeons decide how to do an operation, or can make guides for cutting and drilling during surgery, he said.
Last year, the clinic printed 1,200 devices for about 700 patients, more than twice as many as the year before.
Launcher, a five-person startup formed last year in Brooklyn, used 3D printers to make a small rocket engine. It could not compete with big aerospace firms if it had to build engines from individual parts. “It is a matter of existence for us,” Chief Executive Max Haot said of printing technology.
GE expects to sell about 500 printers this year, generating about $500 million in revenue, more than double last year’s sales, said Jason Oliver, chief executive of GE Additive. About 15 percent of the sales are to GE, he said.
The division is part of GE Aviation, where it has been used to improve aircraft engines and reduce their cost. The business will become its own division after investment slows and revenue increases further. “That’s a couple of years away,” Oliver said.
Reporting by Alwyn Scott
| ashraq/financial-news-articles | https://www.reuters.com/article/us-ge-additive/printing-body-parts-in-hospital-shows-3d-techs-growing-reach-idUSKBN1I42R0 |
S&P Global CEO: It's a great time for us to enter China ratings market 2 Hours Ago Doug Peterson, S&P Global president CEO, discusses the current state of the markets with the cancellation of the U.S.-North Korea summit as well as the launch of the company's standalone rating agency in China. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/24/sp-global-ceo-its-a-great-time-for-us-to-enter-china-ratings-market.html |
May 3 (Reuters) - TWC Enterprises Ltd:
* TWC ENTERPRISES LIMITED ANNOUNCES FIRST QUARTER 2018 RESULTS AND ELIGIBLE CASH DIVIDEND
* Q1 LOSS PER SHARE C$0.27 Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-twc-enterprises-limited-reports-q1/brief-twc-enterprises-limited-reports-q1-loss-per-share-of-c0-27-idUSASC09ZTF |
LONDON, Avon Products, Inc. (NYSE: AVP), a globally recognized leader in direct selling of beauty and related products, today announced its results for the 2018.
Jan Zijderveld, Avon CEO, said, "Avon's first-quarter results were unsatisfactory and do not represent the underlying potential of the business. During my first 90 days, I have been deeply engaged in a comprehensive review of the Company's operations, including on-the-ground visits to many of our top markets where I have met with many of our direct selling Representatives."
Zijderveld emphasized, "While we are focused on the formulation of Avon's longer-term plans, we are already implementing near-term fixes that support the success and satisfaction of our Representatives--starting with actions to improve service delivery. Our long-term mission is clear, to return Avon to a competitive market position, and we are moving with deliberate urgency to design our turnaround plan."
Highlights for First Quarter of 2018:
Total Revenue increased 5% to $1.4 billion, or 2% in constant dollars 1 , both including a 6% reporting benefit due to the impact of adopting the new revenue recognition standard required by generally accepted accounting principles in the United States ("GAAP") Active Representatives and Ending Representatives declined 4% and 1%, respectively, largely due to declines in Brazil Operating Margin increased 100 bps to 3.2% and Adjusted 1 Operating Margin increased 100 bps to 4.0%, both including a benefit of 120 bps due to the impact of the new revenue recognition standard Diluted Loss Per Share From Continuing Operations of $0.06 and Adjusted Diluted Loss Per Share From Continuing Operations of $0.02, both including a $0.03 benefit due to the impact of the new revenue recognition standard
During the first quarter, the Company adopted the new GAAP revenue recognition standard, which had a significant impact on the presentation of sales incentives and Representative fees and associated costs, primarily for brochures. The Company adopted the standard as a cumulative-effect adjustment as of January 1, 2018, therefore, comparative information for prior periods has not been restated. Where appropriate, the impact from adopting the new standard has been separately quantified in this release.
New Revenue Recognition Standard (Accounting Standards Codification Topic ("ASC" 606), Revenue from Contracts with Customers)
As further discussed in Avon's Form 10-Q for the 2018, the Company adopted ASC 606, as a cumulative-effect adjustment to retained earnings, as of January 1, 2018. The impact of the cumulative-effect adjustment to the Company's Consolidated Balance Sheets is primarily driven by sales incentives and Representative fees and associated costs, primarily for brochures.
Historically, the cost of sales incentives was presented as other accrued liabilities and prepaid expenses and other and recognized in selling, general and administrative expenses ("SG&A") over the period that the sales incentive was earned. Under the new standard, the portion of sales incentives or prospective discounts that are associated with a distinct performance obligation are initially deferred on the balance sheet and recognized in net sales and cost of sales when the performance obligation is satisfied.
Historically, brochure costs were initially deferred to prepaid expenses and other and charged to SG&A over the campaign length. Under the new standard, the revenue associated with brochures is recognized in other revenue when delivered to the Representative and the related cost is recognized in cost of sales, except in the case of costs for free brochures which are recognized in SG&A. In addition, other fees paid by Representatives to the Company for items such as late payments and payment processing are now reported as revenue, rather than as a reduction of SG&A. The other changes resulting from the new revenue recognition standard were not material.
The impact of the change in accounting for revenue recognition on first-quarter 2018 performance is summarized on pages 13-14 of this release.
First-Quarter 2018 Income Statement Review (compared with first-quarter 2017)
Total revenue for Avon Products, Inc. increased 5% to $1.4 billion, or 2% in constant dollars, both including a benefit of approximately 6% due to the impact of adopting the new revenue recognition standard.
Active Representatives declined 4% primarily due to decreases in South Latin America and North Latin America.
Average order in constant dollars increased 6%, including a benefit of approximately 6% due to the impact of adopting the new revenue recognition standard. Growth in South Latin America was offset by a declines in the other segments, primarily Europe, Middle East & Africa.
Ending Representatives declined 1% primarily due to declines in South Latin America and North Latin America that were partially offset by growth in Europe, Middle East & Africa.
Gross margin and Adjusted gross margin each decreased 280 basis points to 58.4%, including a decline of approximately 310 basis points due to the impact of adopting the new revenue recognition standard. The change in gross margin was primarily due to the favorable net impact of price/mix partially offset by higher supply chain costs.
Operating margin was 3.2% in the quarter, up 100 basis points, while Adjusted operating margin was 4.0%, up 100 basis points, both including a benefit of approximately 120 basis points due to the implementation of the new revenue recognition standard. The operating margin and Adjusted operating margin year-over-year comparisons were both unfavorably impacted by higher Representative, sales leader and field expense, partially offset by lower bad debt expense, primarily in Brazil.
The provision for income taxes was $32 million, compared with $30 million for first-quarter 2017. On an Adjusted basis, the provision for income taxes was $24 million, compared with $31 million for first-quarter 2017.
Net loss was $21 million, or $0.06 per diluted share, including a benefit of $0.03 per diluted share due to the impact of the new revenue recognition standard, compared with a loss of $37 million, or $0.10 per diluted share, for first-quarter 2017. Adjusted net loss was $3 million, or $0.02 per diluted share, including a benefit of $0.03 per diluted share due to the impact of the new revenue recognition standard, compared with a loss of $28 million, or $0.07 per diluted share, for first-quarter 2017.
Adjustments to First-Quarter 2018 GAAP Results to Arrive at Adjusted Results
During the first quarter of 2018, the following adjustments were made to GAAP results to arrive at Adjusted results and, in total, reduced Diluted loss per share by approximately $0.04:
The Company recorded costs to implement ("CTI") restructuring within operating profit of approximately $11 million before tax (approximately $9 million after tax), primarily related to the Transformation Plan.
The Company recorded one-time tax reserves of approximately $9 million associated with its uncertain tax positions.
THREE MONTHS ENDED MARCH 31, 2018
SEGMENT RESULTS
($ in millions)
Average
Revenue
Active
Order
Units
Price/
Ending
US$
C$
Representatives
C$
Sold
Mix C$
Representatives
Revenue & Drivers
% var.
vs 1Q17
% var.
vs 1Q17
% var.
vs 1Q17
% var.
vs 1Q17
% var.
vs 1Q17
% var.
vs 1Q17
% var.
vs 1Q17
Europe, Middle East &
Africa
$
568.4
12
%
2
%
(1)
%
3
%
1
%
1
%
3
%
South Latin America
497.1
—
4
(6)
10
(5)
9
(3)
North Latin America
195.6
1
(3)
(6)
3
(10)
7
(5)
Asia Pacific
111.4
(2)
(3)
(1)
(2)
(5)
2
(2)
Total from reportable
segments
1,372.5
5
2
(4)
6
(3)
5
(1)
Other operating
segments and
business activities
21.0
6
4
(5)
9
41
(37)
(5)
Total Avon
$
1,393.5
5
%
2
%
(4)
%
6
%
(3)
%
5
%
(1)
%
Operating Profit/Margin
2018 Operating
Profit US$
2018 Operating
Margin US$
Change in
US$ vs
1Q17
Change in
C$ vs
1Q17
Segment profit/margin
Europe, Middle East & Africa
$
74.4
13.1
%
(140) bps
(170) bps
South Latin America
27.2
5.5
280
290
North Latin America
20.8
10.6
(50)
(60)
Asia Pacific
10.4
9.3
(240)
(170)
Total from reportable segments
132.8
9.7
40
10
Other operating segments and business
activities
2.2
Unallocated global expenses
(79.2)
CTI restructuring initiatives
(10.9)
Total Avon
$
44.9
3.2
%
100 bps
60 bps
Other operating segments and business activities include revenue from the sale of products to New Avon LLC since the separation of the Company's North America business into New Avon LLC on March 1, 2016 and ongoing royalties from the licensing of the Company's name and products. Other operating segments and business activities also include the business results for Australia and New Zealand, which the Company announced it would exit in 2018.
First-Quarter 2018 Segment Review (compared with first-quarter 2017)
With regards to the discussion below on segment revenue, the difference between the reported and constant-dollar revenue growth is the estimated impact of foreign currency translation.
Total Reportable Segment revenue increased 5% to $1.4 billion, or 2% in constant dollars, both including a benefit of approximately 6% due to the impact of adopting the new revenue recognition standard. Revenue and constant-dollar revenue were impacted by declines in Active Representatives, primarily in Brazil and Mexico. The Company experienced continued variability with challenges in key markets, particularly Brazil.
Europe, Middle East & Africa revenue was up 12%, or 2% in constant dollars, both including a benefit of approximately 5% due to the impact of adopting the new revenue recognition standard. Revenue and constant-dollar revenue were negatively impacted by a decrease in Active Representatives and lower average order. Russia revenue was up 9%, or 4% in constant dollars, both including a benefit of approximately 8% due to the impact of adopting the new revenue recognition standard. Revenue and constant-dollar revenue were negatively impacted by lower average order and a decrease in Active Representatives. U.K. revenue was up 1%, or down 9% in constant dollars, both including a benefit of approximately 5% due to the impact of adopting the new revenue recognition standard. Revenue and constant-dollar revenue were negatively impacted by a decrease in Active Representatives.
South Latin America revenue was relatively unchanged, or up 4% in constant dollars, both including a benefit of approximately 9% due to the impact of adopting the new revenue recognition standard. Revenue and constant-dollar revenue were negatively impacted by a decrease in Active Representatives. Revenue and constant-dollar revenue were primarily impacted by a decline in Brazil, partially offset by growth in Argentina, driven by inflationary pricing. Brazil revenue was down 4%, or 1% in constant dollars, both including a benefit of approximately 11% due to the impact of adopting the new revenue recognition standard. Revenue and constant-dollar revenue were negatively impacted by a decrease in Active Representatives, as well as lower average order.
North Latin America revenue was up 1%, or down 3% in constant dollars, both including a benefit of approximately 5% due to the impact of adopting the new revenue recognition standard. Revenue and constant-dollar revenue were negatively impacted by a decrease in Active Representatives and, to a lesser extent, by lower average order. Mexico revenue was up 6%, or down 1% in constant dollars, both including a benefit of approximately 5% due to the impact of adopting the new revenue recognition standard. Revenue and constant-dollar revenue were negatively impacted by a decrease in Active Representatives.
Asia Pacific revenue was down 2%, or 3% in constant dollars, both including a decline of 1% due to the impact of adopting the new revenue recognition standard. Revenue and constant-dollar revenue were negatively impacted by a decrease in Active Representatives, most significantly in Malaysia, as well as lower average order. Philippines revenue was down 5%, or 2% in constant dollars, both including a benefit of approximately 1% due to the impact of adopting the new revenue recognition standard. Revenue and constant-dollar revenue were negatively impacted by lower average order, partially offset by an increase in Active Representatives.
First-Quarter 2018 Cash Flow Review (compared with first-quarter 2017)
Net cash used by operating activities of continuing operations was $96 million for the three months ended March 31, 2018, compared with $80 million in the same period in 2017. The approximate $16 million increase to net cash used by continuing operating activities was primarily due to an increase in working capital, most significantly from higher inventory levels. Net cash used by investing activities of continuing operations was $27 million for the three months ended March 31, 2018, compared with $22 million in the same period in 2017. The approximate $5 increase to net cash used by continuing investing activities was primarily due to higher capital expenditures. Net cash provided by financing activities of continuing operations was less than $1 million for the three months ended March 31, 2018, compared with net cash used by financing activities of continuing operations of $5 million in the same period in 2017. The approximate $6 million benefit to net cash provided (used) by continuing financing activities was primarily due to lower repurchases of common stock relating to employee stock compensation.
Conference call
Avon will conduct a conference call at 9:00 a.m. Eastern Time today to discuss its quarterly results. The dial-in number for the call is (800) 843-2086 in the U.S. or +1 (706) 643-1815 from non-U.S. locations (conference ID number: 8872599). The call and related slide presentation will be webcast live at www.avoninvestor.com and can be accessed or downloaded from that site for a period of one year.
About Avon Products, Inc.
Avon is the Company that for 130 years has proudly stood for beauty, innovation, optimism and, above all, for women. Avon products include well-recognized and beloved brands such as ANEW, Avon Color, Avon Care, Skin-So-Soft, and Advance Techniques sold through approximately 6 million active independent Avon Sales Representatives. Learn more about Avon and its products at www.avoncompany.com .
Footnotes
1 "Adjusted" items refer to financial measures that are derived from measures calculated in accordance with GAAP, but which have been adjusted to exclude certain items. Other Adjusted financial measures that the Company refers to include constant dollar ("C$") items. All of these adjusted items are Non-GAAP financial measures as described below under "Non-GAAP Financial Measures." These Non-GAAP measures should not be considered in isolation, or as a substitute for, or superior to, financial measures calculated in accordance with GAAP. Please refer to the Company's "Non-GAAP Financial Measures" description at the end of this release and the reconciliations the Company provides of these Non-GAAP financial measures to their comparable GAAP measures.
Forward-Looking Statements
Statements in this release that are not historical facts may be that involve risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties are detailed from time to time in reports filed by Avon Products, Inc. with the U.S. Securities and Exchange Commission, including Forms 8-K, 10-Q, and 10-K. Some in this release include and concern the Company's outlook and expected results, cost reduction actions and savings, the impact of adopting the new revenue recognition standard, the Company's Transformation Plan and Foundational Initiatives, planned changes to mobile connectivity, data analytics, and performance and service measures, and the impact of foreign currency, taxes and tax rates amongst others. These involve risks, uncertainties and other factors, which may cause the actual results, levels of activity, performance or achievement of Avon to be materially different from any future results expressed or implied by such . These risks and uncertainties include, but are not limited to, the Company's ability to improve its financial and operational performance, its ability to achieve the anticipated benefits of the strategic partnership with Cerberus, the impact of the Company's business results, the possibility of business disruption, competitive uncertainties, and general economic and business conditions in its markets, including fluctuations in foreign currency exchange rates. There can be no assurance that actual results will not management's expectations. Therefore, you should not rely on any of these as predictors of future events. Any speak only as of the date they are made. The Company does not undertake to update any such .
AVON PRODUCTS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In millions, except per share data)
Three Months Ended
Percent
March 31
Change
2018
2017
Net sales
$
1,309.6
$
1,298.1
1
%
Other revenue
83.9
35.0
Total revenue
1,393.5
1,333.1
5
%
Cost of sales
579.7
517.1
Selling, general and administrative expenses
768.9
786.2
Operating profit
44.9
29.8
51
%
Interest expense
36.2
35.1
Interest income
(4.2)
(4.7)
Other expense, net
2.5
6.1
Total other expenses
34.5
36.5
Income (loss), before income taxes
10.4
(6.7)
*
Income taxes
(31.5)
(29.8)
Net loss
(21.1)
(36.5)
42
%
Net loss attributable to noncontrolling interests
0.8
—
Net loss attributable to Avon
$
(20.3)
$
(36.5)
44
%
Loss per share: (1)
Basic EPS attributable to Avon
$
(0.06)
$
(0.10)
40
%
Diluted EPS attributable to Avon
(0.06)
(0.10)
40
%
Weighted-average shares outstanding:
Basic
440.9
438.6
Diluted
440.9
438.6
* Calculation not meaningful
(1) Under the two-class method, loss per share is calculated using net loss allocable to common shares, which is derived by reducing net loss by the loss allocable to participating securities and earnings allocated to convertible preferred stock. Net loss allocable to common shares used in the basic and diluted loss per share calculation was ($26.0) and ($41.7) for the three months ended March 31, 2018 and 2017, respectively.
AVON PRODUCTS, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In millions)
March 31,
December 31,
2018
2017
Assets
Current Assets
Cash and cash equivalents
$
772.5
$
881.5
Accounts receivable, net
429.0
457.2
Inventories
697.0
598.2
Prepaid expenses and other
251.0
296.4
Total current assets
2,149.5
2,233.3
Property, plant and equipment, at cost
1,514.8
1,481.9
Less accumulated depreciation
(812.1)
(779.2)
Property, plant and equipment, net
702.7
702.7
Goodwill
100.9
95.7
Other assets
687.3
666.2
Total assets
$
3,640.4
$
3,697.9
Liabilities, Series C Convertible Preferred Stock and Shareholders' Deficit
Current Liabilities
Debt maturing within one year
$
270.8
$
25.7
Accounts payable
803.0
832.2
Accrued compensation
121.4
130.3
Other accrued liabilities
401.1
405.6
Sales taxes and taxes other than income
146.3
153.0
Income taxes
8.2
12.8
Total current liabilities
1,750.8
1,559.6
Long-term debt
1,629.6
1,872.2
Employee benefit plans
151.4
150.6
Long-term income taxes
96.6
84.9
Long-term sales taxes and taxes other than income
204.6
193.1
Other liabilities
80.2
84.4
Total liabilities
3,913.2
3,944.8
Series C convertible preferred stock
473.8
467.8
Shareholders' Deficit
Common stock
190.3
189.7
Additional paid-in capital
2,293.7
2,291.2
Retained earnings
2,252.5
2,320.3
Accumulated other comprehensive loss
(891.0)
(926.2)
Treasury stock, at cost
(4,601.8)
(4,600.0)
Total Avon shareholders' deficit
(756.3)
(725.0)
Noncontrolling interests
9.7
10.3
Total shareholders' deficit
(746.6)
(714.7)
Total liabilities, series C convertible preferred stock and shareholders' deficit
$
3,640.4
$
3,697.9
AVON PRODUCTS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In millions)
Three Months Ended
March 31
2018
2017
Cash Flows from Operating Activities
Net loss
$
(21.1)
$
(36.5)
Adjustments to reconcile net loss to net cash used by operating activities:
Depreciation
20.8
20.5
Amortization
7.1
7.1
Provision for doubtful accounts
43.1
60.8
Provision for obsolescence
9.7
10.2
Share-based compensation
3.8
9.7
Foreign exchange losses (gains)
4.6
(0.9)
Deferred income taxes
1.8
12.3
Other
3.2
6.0
Changes in assets and liabilities:
Accounts receivable
(4.4)
(42.3)
Inventories
(58.4)
(23.5)
Prepaid expenses and other
0.1
10.0
Accounts payable and accrued liabilities
(106.3)
(107.3)
Income and other taxes
(0.9)
1.7
Noncurrent assets and liabilities
0.6
(8.0)
Net cash used by operating activities of continuing operations
(96.3)
(80.2)
Cash Flows from Investing Activities
Capital expenditures
(27.8)
(23.9)
Disposal of assets
0.8
1.6
Net cash used by investing activities of continuing operations
(27.0)
(22.3)
Cash Flows from Financing Activities
Debt, net (maturities of three months or less)
3.6
1.9
Repayment of debt
(0.5)
(1.0)
Repurchase of common stock
(2.7)
(6.2)
Net cash provided (used) by financing activities of continuing operations
0.4
(5.3)
Cash Flows from Discontinued Operations
Net cash used by operating activities of discontinued operations
—
(3.5)
Net cash used by discontinued operations
—
(3.5)
Effect of exchange rate changes on cash and cash equivalents
13.9
16.9
Net decrease in cash and cash equivalents
(109.0)
(94.4)
Cash and cash equivalents at beginning of year
881.5
654.4
Cash and cash equivalents at end of period
$
772.5
$
560.0
AVON PRODUCTS, INC.
SUPPLEMENTAL SCHEDULE
(Unaudited)
(In millions)
CATEGORY SALES FROM REPORTABLE
SEGMENTS (US$)
Consolidated
Reported
Excluding the impact
of adopting ASC 606
Three Months Ended
March 31
US$
C$
US$
C$
2018
2017
% var.
vs 1Q17
% var.
vs 1Q17
% var.
vs 1Q17
% var.
vs 1Q17
Beauty:
Skincare
$
389.1
$
381.7
2%
(1)%
—%
(3)%
Fragrance
354.0
342.0
4
1
1
(1)
Color
235.7
239.2
(1)
(5)
(3)
(7)
Total Beauty
978.8
962.9
2
(1)
—
(3)
Fashion & Home:
Fashion (jewelry/watches/apparel/
footwear/accessories/children's)
188.6
191.9
(2)
(5)
(3)
(6)
Home (gift & decorative products/housewares/
entertainment & leisure/children's/nutrition)
129.4
133.1
(3)
(3)
(5)
(6)
Total Fashion & Home
318.0
325.0
(2)
(4)
(4)
(6)
Net sales from reportable segments
1,296.8
1,287.9
1
(2)
(1)
(4)
Other revenue from reportable segments
75.7
25.4
*
*
*
*
Total revenue from reportable segments
1,372.5
1,313.3
5
2
(1)
(4)
Total revenue from Other operating segments and
business activities
21.0
19.8
6
4
(1)
(3)
Total revenue
$
1,393.5
$
1,333.1
5
2
(1)
(4)
*Calculation not meaningful
AVON PRODUCTS, INC.
SUPPLEMENTAL SCHEDULE
NON-GAAP FINANCIAL MEASURES
(Unaudited)
(In millions, except per share data)
This supplemental schedule provides adjusted Non-GAAP financial information and a quantitative reconciliation of the difference between the Non-GAAP financial measure and the most directly comparable financial measure calculated and reported in accordance with GAAP.
THREE MONTHS ENDED MARCH 31, 2018
Reported
(GAAP)
CTI
restructuring
initiatives
Special tax items
Adjusted
(Non-GAAP)
Total revenue
$
1,393.5
$
—
$
—
$
1,393.5
Cost of sales
579.7
0.6
—
579.1
Selling, general and administrative expenses
768.9
10.3
—
758.6
Operating profit
44.9
10.9
—
55.8
Income before income taxes
10.4
10.9
—
21.3
Income taxes
(31.5)
(2.1)
9.2
(24.4)
Net loss
$
(21.1)
$
8.8
$
9.2
$
(3.1)
Diluted EPS
$
(0.06)
$
(0.02)
Gross margin
58.4
%
—
—
58.4
%
SG&A as a % of revenues
55.2
%
(0.8)
—
54.4
%
Operating margin
3.2
%
0.8
—
4.0
%
Effective tax rate
*
*
*Calculation not meaningful
Amounts in the table above may not necessarily sum because the computations are made independently.
Note: The diluted EPS impact for each Non-GAAP item on the table above is not provided due to the participation rights of the Series C convertible preferred stock. The Reported and Adjusted diluted EPS from continuing operations are calculated independently and factor in the participation rights of the Series C convertible preferred stock, and, therefore, would cause the amounts not to sum to Adjusted diluted EPS from continuing operations.
AVON PRODUCTS, INC.
SUPPLEMENTAL SCHEDULE
NON-GAAP FINANCIAL MEASURES
(Unaudited)
(In millions, except per share data)
This supplemental schedule provides adjusted Non-GAAP financial information and a quantitative reconciliation of the difference between the Non-GAAP financial measure and the financial measure calculated and reported in accordance with GAAP.
THREE MONTHS ENDED MARCH 31, 2017
Reported
(GAAP)
CTI
restructuring
initiatives
Adjusted
(Non-GAAP)
Total revenue
$
1,333.1
$
—
$
1,333.1
Cost of sales
517.1
(0.1)
517.2
Selling, general and administrative expenses
786.2
10.1
776.1
Operating profit
29.8
10.0
39.8
(Loss) income before income taxes
(6.7)
10.0
3.3
Income taxes
(29.8)
(1.0)
(30.8)
Net loss
$
(36.5)
$
9.0
$
(27.5)
Diluted EPS
$
(0.10)
$
(0.07)
Gross margin
61.2
%
—
61.2
%
SG&A as a % of revenues
59.0
%
(0.8)
58.2
%
Operating margin
2.2
%
0.8
3.0
%
Effective tax rate
*
*
*Calculation not meaningful
Amounts in the table above may not necessarily sum because the computations are made independently.
Note: The diluted EPS impact for each Non-GAAP item on the table above is not provided due to the participation rights of the Series C convertible preferred stock. The Reported and Adjusted diluted EPS from continuing operations are calculated independently and factor in the participation rights of the Series C convertible preferred stock, and, therefore, would cause the amounts not to sum to Adjusted diluted EPS from continuing operations.
AVON PRODUCTS, INC.
SUPPLEMENTAL SCHEDULE
(Unaudited)
(In millions, except per share data)
Approximate Impact of Foreign Currency
First-Quarter 2018
Estimated impact
($ in millions)
Estimated impact
on diluted EPS
Year-on-Year impact on Reported (GAAP) results:
Total revenue
3 pts
Operating profit - transaction
$
(5)
$
—
Operating profit - translation
5
0.01
Total operating profit
$
—
$
—
Operating margin
0 bps
Revaluation of working capital
$
—
$
—
Diluted EPS
$
—
Year-on-Year impact on Adjusted (Non-GAAP) results:
Adjusted operating profit - transaction
$
(5)
$
—
Adjusted operating profit - translation
5
0.01
Total Adjusted operating profit
$
—
$
—
Adjusted operating margin
0 bps
Revaluation of working capital
$
—
$
—
Adjusted diluted EPS
$
—
Amounts in the table above may not necessarily sum because the computations are made independently.
AVON PRODUCTS, INC.
SUPPLEMENTAL SCHEDULE
(Unaudited)
(In millions)
The Company adopted ASC 606, as a cumulative-effect adjustment to retained earnings, as of January 1, 2018. Comparative information for prior periods has not been restated. Therefore, this supplemental schedule provides balances without the adoption of ASC 606 to enhance comparability to the prior year.
The cumulative-effect adjustment was comprised of the following:
a reduction to retained earnings of $52.7 before taxes ($41.1 after tax), with a corresponding impact to deferred income taxes of $11.6; a reduction to prepaid expenses and other of $54.9; an increase to inventories of $39.3; and an increase to other accrued liabilities of $37.1 due to the net impact of the establishment of a contract liability of $91.8 for deferred revenue where our performance obligations are not yet satisfied, which is partially offset by a reduction in the sales incentive accrual of $54.7. The impact of the change in accounting standard on first-quarter 2018 performance is:
Impact of change in revenue recognition standard
Line items impacted within the Consolidated
Statements of Operations
Per consolidated
financial statements
Adjustments
Balances excluding the
impact of adopting
ASC 606
Revenue
Net sales
$
1,309.6
$
(25.4)
(1)
$
1,284.2
Other revenue
83.9
(54.9)
(2)
29.0
Total revenue
1,393.5
(80.3)
1,313.2
Costs and expenses
Cost of sales
579.7
(73.0)
(3)
506.7
Selling, general and administrative expenses
768.9
11.8
(4)
780.7
Operating profit
44.9
(19.1)
25.8
Income (loss) before income taxes
10.4
(19.1)
(8.7)
Income taxes
(31.5)
3.8
(27.7)
Net loss
(21.1)
(15.3)
(36.4)
Net loss attributable to Avon
(20.3)
(15.3)
(35.6)
(1) Primarily relates to net impact of the timing of recognition of sales incentives.
(2) Relates to Representative fees (primarily brochure fees, late payment fees and certain other fees), which were reclassified from SG&A. Brochure fees were also impacted by the timing of recognition.
(3) Primarily relates to the cost of sales incentives and the cost of brochures paid for by Representatives, both of which were reclassified from SG&A and were also impacted by the timing of recognition.
(4) Primarily relates to the cost of sales incentives, which were reclassified to cost of sales and were also impacted by the timing of recognition. This was partially offset by Representative fees, which were reclassified to other revenue.
Impact of change in revenue recognition standard
Line items impacted within the Consolidated
Balance Sheets
Per consolidated
financial statements
Adjustments
Balances excluding the
impact of adopting
ASC 606
Assets
Accounts receivable, net
$
429.0
$
(6.3)
(1)
$
422.7
Inventories
697.0
(41.2)
(2)
655.8
Prepaid expenses and other
251.0
50.6
(2)
301.6
Total current assets
2,149.5
3.1
2,152.6
Other assets
687.3
(11.6)
(3)
675.7
Total assets
3,640.4
(8.5)
3,631.9
Liabilities, Series C Convertible Preferred Stock and
Shareholders' Deficit
Other accrued liabilities
401.1
(29.6)
(4)
371.5
Income taxes
8.2
(3.8)
4.4
Total current liabilities
1,750.8
(33.4)
1,717.4
Other liabilities
80.2
(1.6)
78.6
Total liabilities
3,913.2
(35.0)
3,878.2
Retained earnings
2,252.5
25.8
(5)
2,278.3
Accumulated other comprehensive loss
(891.0)
.7
(890.3)
Total Avon shareholders' deficit
(756.3)
26.5
(729.8)
Total shareholders' deficit
(746.6)
26.5
(720.1)
Total liabilities, series C convertible preferred
stock and shareholders' deficit
3,640.4
(8.5)
3,631.9
(1) Relates to sales returns, which were reclassified from a reduction of accounts receivable to a refund liability (within other accrued liabilities) and a returns asset (within prepaid expenses and other).
(2) Primarily relates to sales incentives and brochures, both of which were reclassified from prepaid expenses and other to inventories, and were also impacted by the timing of recognition. In addition, prepaid expenses and other was impacted by the timing of recognition of brochures, as well as the reclassification of sales returns (described above).
(3) Relates to deferred tax assets associated with the cumulative-effect adjustment.
(4) Primarily relates to the contract liability for sales incentives, which is partially offset by the lower accrual for sales incentives. In addition, other accrued liabilities was impacted by the reclassification of sales returns (described above).
(5) Relates to the $41.1 cumulative-effect adjustment upon adoption of ASC 606, partially offset by the $15.3 net loss adjustment.
Impact of change in revenue recognition standard
Line items impacted within the Consolidated
Statements of Cash Flows
Per consolidated
financial statements
Adjustments
Balances excluding the
impact of adopting
ASC 606
Net loss
$
(21.1)
$
(15.3)
$
(36.4)
Changes in assets and liabilities:
Accounts receivable
(4.4)
(2.3)
(6.7)
Inventories
(58.4)
1.9
(56.5)
Prepaid expenses and other
.1
1.1
1.2
Accounts payable and accrued liabilities
(106.3)
18.9
(87.4)
Income and other taxes
(.9)
(3.8)
(4.7)
Noncurrent assets and liabilities
.6
(.5)
.1
Non-GAAP Financial Measures
To supplement the Company's financial results presented in accordance with GAAP, the Company discloses operating results that have been adjusted to exclude the impact of changes due to the translation of foreign currencies into U.S. dollars, including changes in: revenue, operating profit, Adjusted operating profit, operating margin and Adjusted operating margin. The Company also refers to these adjusted financial measures as constant dollar items, which are Non-GAAP financial measures. The Company believes these measures provide investors an additional perspective on trends and underlying business results. To exclude the impact of changes due to the translation of foreign currencies into U.S. dollars, the Company calculates current-year results and prior-year results at constant exchange rates, which are updated on an annual basis as part of the Company's budgeting process. Foreign currency impact is determined as the difference between actual growth rates and constant-dollar growth rates.
The Company also presents cost of sales, gross margin, selling, general and administrative expenses, selling, general and administrative expenses as a percentage of revenue, operating profit, operating margin, income (loss) before taxes, income taxes, net income (loss), diluted earnings (loss) per share and effective tax rate on a Non-GAAP basis. The Company refers to these Non-GAAP financial measures as "Adjusted." The Company has provided quantitative reconciliations of the Non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP. See "Supplemental Schedule - Non-GAAP Financial Measures" within this release for these quantitative reconciliations.
In addition, the Company defines free cash flow as net cash used by operating activities of continuing operations less capital expenditures.
The Company uses Non-GAAP financial measures to evaluate its operating performance. These Non-GAAP measures should not be considered in isolation, or as a substitute for, or superior to, financial measures calculated in accordance with GAAP. The Company believes investors find the Non-GAAP information helpful in understanding the ongoing performance of operations separate from items that may have a disproportionate positive or negative impact on the Company's financial results in any particular period. The Company believes that it is meaningful for investors to be made aware of the impacts of: 1) CTI restructuring initiatives; and 2) one-time tax reserves associated with the Company's uncertain tax positions ("Special tax items").
The Special tax items include the impact on the provision for income taxes in the Consolidated Statements of Operations during 2018 due to one-time tax reserves of approximately $9 million associated with the Company's uncertain tax positions.
View original content: releases/avon-reports-first-quarter-2018-results-300641697.html
SOURCE Avon Products, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/pr-newswire-avon-reports-first-quarter-2018-results.html |
Subsets and Splits
No community queries yet
The top public SQL queries from the community will appear here once available.