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TOKYO, May 30 (Reuters) - Oil prices were mixed in early Asian trade on Wednesday, with worries that Saudi Arabia and Russia will pump more crude weighing on the market.
Saudi Arabia and Russia have discussed raising OPEC and non-OPEC oil production by 1 million barrels per day (bpd) to counter potential supply shortfalls from Venezuela and Iran.
Brent crude was down 1 cent at $75.38 a barrel by 0015 GMT, after settling up 9 cents on Tuesday.
U.S. West Texas Intermediate crude was up 13 cents, or 0.2 percent, at $66.86 a barrel, having earlier settled down $1.15.
Credit Suisse analysts on Tuesday said even if Russia and OPEC producers raise output, they would likely only add an additional 500,000 bpd, which would leave inventories in the most developed countries short of the five-year average by the end of 2018.
The Organization of the Petroleum Exporting Countries is due to meet in Vienna on June 22.
Falling stocks and a stronger U.S. dollar index also weighed on oil prices. U.S. stock markets sank more than 1 percent, while the dollar wobbled at a 10-month high against the euro. A stronger dollar makes greenback-denominated commodities more expensive for holders of other currencies.
U.S. oil got some support as U.S. crude inventories likely fell by 1.8 million barrels last week, a preliminary Reuters poll showed on Tuesday.
Industry group American Petroleum Institute (API) releases its weekly oil data at 2030 GMT, followed by the report by U.S. Energy Department's Energy Information Administration on Thursday, both delayed a day because of the federal Memorial Day holiday on Monday. (Reporting by Osamu Tsukimori Editing by Joseph Radford) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/29/reuters-america-oil-prices-mixed-amid-worries-over-growing-supplies.html |
May 29 (Reuters) - PHARMENA SA:
* HAS INCREASED THE SHARE CAPITAL OF CORTRIA CORPORATION BY USD 0.2 MLN
* ACCORDING TO THE MANAGEMENT, THE INCREASED CAPITAL WILL ENABLE TO COVER CURRENT OPERATIONAL EXPENSES OF THE UNIT WHAT IN TURN WILL INCREASE THE CHANCE OF THE COMMERCIALISATION OF ITS ARTERIOSCLEROSIS DRUG
* SAYS POTENTIAL REVENUES FROM THE COMMERCIALISATION OF THE DRUG MIGHT HAVE A “SIGNIFICANT” IMPACT ON THE FINANCIAL AND ECONOMIC SITUATION OF THE COMPANY CAPITAL GROUP
* CORTRIA CORPORATION, PHARMENA’S UNIT, IS A PHARMACEUTICAL COMPANY WHICH DEVELOPS MEDICINES FOR THE TREATMENT OF CARDIOVASCULAR DISEASES
Source text for Eikon:
Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/idUSL5N1T02KN |
Proven strategic leader from Kik Interactive, Rounds, and Hola brings solid history of successful product development, management, and growth
Top Hat’s platform is used by thousands of professors and millions of students at 750 top universities and colleges in North America, including Dalhousie University, California State University, and Indiana University
TORONTO--(BUSINESS WIRE)-- Top Hat , provider of the leading cloud-based teaching platform for higher education, today announced that Eran Ben-Ari will join the company on May 15 as Chief Product Officer. Ben-Ari will oversee all product strategy, development, and expansion with a focus on driving enhanced revenue opportunities. He will join Top Hat’s executive team and report directly to CEO and co-founder Mike Silagadze.
“In addition to bringing an abundance of startup and academic research experience to Top Hat, Eran has an impressive track record of driving product innovation and advancement,” said Silagadze. “With him at the helm of Top Hat’s product management and engineering, I’m confident we’ll fast track our ability to build on the exponential growth we’ve experienced while continuing to look for new ways to better serve our customers.”
Ben-Ari, a specialist in product strategy and growth within the startup environment, joins Top Hat from Kik Interactive, where he led a cross-functional team of more than 50 professionals. As the Chief Product Officer, Ben-Ari was instrumental in the launch of Kik’s decentralized ecosystem of digital services and the initial coin offering (ICO) of its own Kin cryptocurrency, which raised more than $100 million. Prior to that, Ben-Ari was the Vice President of Product at Rounds Entertainment, where he oversaw product, project management, quality assurance, creative, and user design to accelerate growth and improve product quality, before the company was acquired by Kik Interactive. Previously, he was the Vice President of Growth at Hola, where he led a cross-functional team of product, marketing, design, and front-end engineers, doubled the company’s monthly active users organically, and grew the number of downloads to 51 million from 24 million in 12 months without any paid acquisition.
“Prior to joining the world of technology, I taught at a university and experienced firsthand the challenges of engaging students and providing them with superior learning experiences,” said Ben-Ari. “With its strong product portfolio, world-class investors, and strong executive team, Top Hat is uniquely positioned to help solve those challenges. And I’m thrilled to have the opportunity to be a part of that.”
About Top Hat
Top Hat’s interactive, cloud-based teaching platform enables professors to engage students inside and outside the classroom with compelling content, tools and activities. Millions of students at 750 leading North American colleges and universities use the Top Hat teaching platform. To learn more, visit https://tophat.com/ .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180501005054/en/
Top Hat
Dianna Lai Read
[email protected]
Source: Top Hat | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/business-wire-top-hat-hires-chief-product-officer-eran-ben-ari-to-lead-next-wave-of-product-innovation-and-customer-success.html |
David Marcus, Facebook 's head of Messenger, is going to head up a new group focused on the blockchain technology that underlies bitcoin .
"I'm setting up a small group to explore how to best leverage Blockchain across Facebook, starting from scratch," Marcus said in a post Tuesday afternoon on the social media site. Marcus joined the board of Coinbase , the leading U.S. marketplace for buying and selling cryptocurrencies, in December.
The news came as Facebook implemented its biggest executive shakeup in 15 years, Recode reported Tuesday. The company confirmed the report.
Facebook CEO Mark Zuckerberg said in early January that the company will begin looking into cryptocurrencies and "how to best use them in our services."
Blockchain technology quickly creates a permanent, secure record of transactions between two parties and eliminates the need for a third-party intermediary, such as a bank. Bitcoin is the first application of the technology.
| ashraq/financial-news-articles | https://www.cnbc.com/2018/05/08/facebook-forms-a-new-blockchain-group-headed-by-coinbase-board-member.html |
(Reuters) - U.S. oil and gas producer Apache Corp ( APA.N ) posted a better-than-expected quarterly profit on Wednesday, as it benefited from higher U.S. light crude prices.
Oil prices have recovered from lows hit in 2016, currently trading around $70 per barrel. This helped selling prices at the Houston, Texas-based company to rise to $64.27 per barrel from $51.20 last year.
Apache said total production fell 8.5 percent to 440,336 barrels of oil equivalent per day (boe/d) compared to a year earlier, but the figure beat analysts’ estimates of 430,940 boe/d according to Thomson Reuters I/B/E/S.
Production was largely helped by an increase in the Permian Basin, the largest U.S. oilfield, which rose 24 percent compared with a year-ago and was 41.6 percent of total production.
The company specifically noted that the Permian Basin will be a key operation in 2018.
Apache also raised its full-year U.S. output forecast to 250,000-258,000 boe/d from a previous range of 245,000-255,000 boe/d, driven mostly by more operating wells in the first quarter.
Net income attributable to Apache's common shareholders fell to $145 million, or 38 cents per share, in the quarter ended March 31, from $213 million, or 56 cents per share, a year earlier. [ bit.ly/2KuYKRO ]
Excluding items, the company earned 32 cents share, higher than analysts’ average expectation of 30 cents, according to Thomson Reuters I/B/E/S.
Rival Marathon Oil Corp ( MRO.N ) beat profit estimates on Wednesday on higher production and realized prices for oil.
Reporting by Anirban Paul in Bengaluru; Editing by Arun Koyyur, Bernard Orr
| ashraq/financial-news-articles | https://www.reuters.com/article/us-apache-results/apaches-quarterly-profit-drops-32-percent-idUSKBN1I32XL |
May 2, 2018 / 1:13 PM / Updated 2 hours ago Irish PM sees 'real risk' no Brexit withdrawal deal by October deadline Reuters Staff 1 Min Read
DUBLIN (Reuters) - Ireland’s prime minister on Wednesday warned there was a real risk that the European Union would fail to reach a withdrawal deal with Britain by an October deadline unless meaningful progress is made by a June EU summit. Ireland's Taoiseach Leo Varadkar speaks at an all All-Island Civic Dialogue on Brexit in Dundalk, Ireland, April 30, 2018. Picture taken April 30, 2018. REUTERS/Clodagh Kilcoyne
“There is a real risk that we won’t meet the October deadline if we don’t see real and meaningful progress in June,” Leo Varadkar said in the Irish parliament.
“It is still early May... there are shifting sands — there is an important UK cabinet meeting underway today — so we need to take this as an evolving situation,” he added. Reporting by Conor Humphries; Editing by Catherine Evans | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-eu-ireland-varadkar/irish-pm-sees-real-risk-no-brexit-withdrawal-deal-by-october-deadline-idUKKBN1I31S2 |
INDIANAPOLIS, May 29, 2018 /PRNewswire/ -- Highly regarded neurosurgeon, Mark Rosenblum, MD, has joined the Board of Directors of Indianapolis-based medical device company, NICO Corporation . Dr. Rosenblum has authored 7 books and more than 250 articles and chapters relating to neurosurgery and neuroscience and has received many awards for his research and clinical work, including from the American Association of Neurological Surgeons (AANS) and Congress of Neurological Surgeons (CNS) for life-long contributions to neuro-oncology.
NICO President and CEO, Jim Pearson, said Dr. Rosenblum's expertise and history in delivering innovative surgical approaches and improved clinical outcomes in neurosurgery perfectly aligns with the company's growing market adoption of its technologies used in minimally disruptive trans-sulcal surgical approaches. His executive healthcare experience also adds strength to defining the tangible economic benefits that lowering patient deficits has for hospitals.
"NICO is at a pivotal time in its product innovation and growth history," Pearson said. "Adding experts like Dr. Rosenblum, who delivered the plenary address on the future of neurosurgery at the 2018 AANS, complements our Board and is a timely addition as we continue our cadence with market penetration, product innovation and growth outside U.S. borders."
Dr. Rosenblum currently is Chairman Emeritus of the Department of Neurosurgery in the Henry Ford Health System (HFHS), where he expanded the department over 22 years from four surgeons to 32 physicians and scientists. He also founded and served as a co-director of the nationally recognized Hermelin Brain Tumor Center and HFHS Neurosciences Institute. As a physician executive, he has focused on team building and integration, as well as technology development and process innovation.
"I am very impressed by both the goals of NICO and their leadership," said Dr. Rosenblum. "The focus of obtaining scientific evidence and promoting safe approaches to brain disorders is unique, in my mind.
"I look forward to helping NICO even better understand diseases of the brain and associated surgical considerations through the eyes of a neurosurgeon," he said. "I'm also interested in helping develop even more advanced tools to improve clinical care and patient outcomes."
Dr. Rosenblum obtained his B.S. at Rensselaer Polytechnic Institute (1965), M.D. at New York Medical College (1969), Medical Internship at the University of Michigan (1970), Staff Associate at the National Cancer Institute (NCI) (1972), Surgical Residency at the University of California, Los Angeles (1973) and Neurosurgery Residency at the University of California, San Francisco (UCSF) (1979). At UCSF he helped develop its world-leading Brain Tumor Research Center, became Professor of Neurosurgery, and was continuously funded by the NCI and American Cancer Society for early research on cancer stem cells. He founded and chaired the Section on Tumors of the American Association of Neurological Surgeons (AANS) and Congress of Neurological Surgeons (CNS), the largest specialty organization of neuro-oncology in his field.
NICO Corporation is a leader in modern interventional technologies used in a new way of performing less invasive brain surgery for subcortical and skull base lesions, intraventricular tumors and cysts, and hemorrhagic stroke. The company developed the patented BrainPath ® technology – the world's first and only tool that achieves minimally-disruptive access using a trans-sulcal and parafascicular surgical approach – after recent progress in advanced imaging recognized the importance of white matter tracts and brain mapping. This standardized, systems approach includes automated and non-heat generating tumor removal and hemorrhage evacuation with Myriad ® and intra-operative, automated collection and biological preservation of tissue that potentially offers more precise analysis that may enable personalized treatment therapies.
NICO is an outcomes-based company dedicated to revolutionizing minimally invasive neurosurgery through the delivery of evidence-based, improved clinical and economic outcomes. More than 7,000 BrainPath procedures and 16,300 Myriad procedures have been completed at over 210 BrainPath Centers in the United States, United Kingdom, Canada, Singapore, and Australia.
More than 900 neurosurgeons, residents and fellows in the U.S. are trained on the BrainPath Approach , and over 50 peer-reviewed independent papers, posters and abstracts have been published on the technologies showing evidence of improved clinical outcomes for appropriate patients.
To learn more about BrainPath and other technologies used in the BrainPath Approach, visit NICOneuro.com . Follow news updates on LinkedIn and view surgical videos and patient stories on YouTube at NICOneuroCorp .
Contact: Sue Goin
[email protected]
M: 317.402.8690
View original content: http://www.prnewswire.com/news-releases/former-neurosurgery-chairman-of-henry-ford-health-system-dr-mark-rosenblum-joins-nico-corporation-board-of-directors-300655907.html
SOURCE NICO Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/29/pr-newswire-former-neurosurgery-chairman-of-henry-ford-health-system-dr-mark-rosenblum-joins-nico-corporation-board-of-directors.html |
DETROIT, - Urban One, Inc. (Nasdaq: UONEK; UONE) today announced it has signed a definitive agreement to sell the assets of one of its Detroit, Michigan, radio stations, WPZR-FM (102.7 FM), to Educational Media Foundation, of California, for total consideration of $12.7 million. As part of the deal, Urban One will receive 3 FM translators that service the Detroit metropolitan area, and these signals will be combined with its existing FM translator to multicast the Detroit Praise Network. The closing on the sale of WPZR-FM is subject to customary conditions, prorations and adjustments, including approval from the Federal Communications Commission ("FCC"). Urban One expects the transaction to close shortly after final consent from the FCC. Urban One CEO Alfred Liggins stated: "This is a good deal for Urban One, as it enables us to monetize an asset at a very attractive multiple, while at the same time allowing us to continue to serve our community of listeners who value our new Detroit Praise Network of stations."
Cautionary Note Regarding Forward-Looking Statements
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements represent management's current expectations and are based upon information available to Urban One at the time of this release. These forward-looking statements involve known and unknown risks, uncertainties and other factors, some of which are beyond Urban One's control, that may cause the actual results to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially are described in Urban One's reports on Forms 10-K, 10-Q, 8-K, S-3 and other filings with the Securities and Exchange Commission (the "SEC"). Urban One does not undertake any duty to update any forward-looking statements.
About Urban One, Inc.
Urban One, Inc. ( www.urban1.com ), formerly known as Radio One, Inc., together with its subsidiaries, is the largest diversified media company that primarily targets Black Americans and urban consumers in the United States. The Company owns TV One, LLC (tvone.tv), a television network serving more than 59 million households, offering a broad range of original programming, classic series and movies designed to entertain, inform and inspire a diverse audience of adult Black viewers. As one of the nation's largest radio broadcasting companies, Urban One currently owns and/or operates 56 broadcast stations in 15 urban markets in the United States. Through its controlling interest in Reach Media, Inc. ( blackamericaweb.com ), the Company also operates syndicated programming including the Tom Joyner Morning Show, Russ Parr Morning Show, Rickey Smiley Morning Show, Get up Morning! with Erica Campbell, DL Hughley Show, Willie Moore Jr Show, Nightly Spirit with Darlene McCoy, Reverend Al Sharpton Show. In addition to its radio and television broadcast assets, Urban One owns Interactive One, LLC ( ionedigital.com ), the largest digital resource for urban enthusiasts and Blacks, reaching millions each month through its Cassius and BHM Digital platforms. Additionally, One Solution, the Company's branded content agency and studio combines the dynamics of Urban One's holdings to provide brands with an integrated and effectively engaging marketing approach that reaches 82% of Black Americans throughout the country.
View original content with multimedia: releases/urban-one-inc-announces-definitive-agreement-to-sell-the-assets-of-wpzr-fm-in-detroit-300640504.html
SOURCE Urban One, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/pr-newswire-urban-one-inc-announces-definitive-agreement-to-sell-the-assets-of-wpzr-fm-in-detroit.html |
WASHINGTON (Reuters) - U.S. Senate Democrats on Wednesday urged President Donald Trump to try to prod OPEC to take steps to lower oil prices and suggested that millions of Americans will see tax cut proceeds canceled out by higher fuel costs.
Senator Chuck Schumer (D-NY) walks after the Senate voted to override U.S. President Barack Obama's veto of a bill that would allow lawsuits against Saudi Arabia's government over the Sept. 11 attacks, on Capitol Hill in Washington, U.S., September 28, 2016. REUTERS/Joshua Roberts Senate Democratic Leader Charles Schumer held a news conference at a Capitol Hill Exxon station to criticize Trump for not doing more to lower fuel costs and said that gasoline prices had jumped 25 percent since Trump took office in January 2017.
Schumer said Trump’s decision to withdraw from the multinational Iran nuclear deal was a factor in increasing gas prices. He also criticized the administration for planning to rollback fuel economy standards, not doing more to encourage the use of ethanol and for not pushing major oil producing states.
“It’s time for this president to stand up to OPEC,” Schumer said of the Organization of the Petroleum Exporting Countries.
“He’s palling around with the Saudis and the UAE and all these other oil-rich countries. Why doesn’t he ask them to lower their prices?” Schumer said, added that Trump “should buck his oil industry buddies.”
A letter from Schumer and other Democrats urged Trump to send Energy Secretary Rick Perry to a June 22 OPEC meeting in Vienna to raise the oil prices issue.
The news conference came ahead of the busy summer driving season that starts with the U.S. Memorial Day holiday weekend.
The White House did not immediately respond to Schumer’s comments.
Senator Lisa Murkowski, a Republican who chairs the Energy Committee, said she agreed “OPEC’s supply restrictions are driving prices higher and should be addressed, but I was stunned to hear my colleagues encouraging more production from the likes of Iran and Saudi Arabia, rather than right here in America.”
The push comes as the U.S. Transportation Department has drafted a proposal likely to be made public in early June that backs freezing vehicle emissions requirements at 2020 levels through 2026.
On Wednesday, California Air Resources Board chief Mary Nichols held separate meetings with automakers and Trump administration officials in Washington to discuss the emissions rules. Automakers have urged California and U.S. regulators to maintain nationwide fuel efficiency standards.
Senator Tom Carper, a Democrat, said a draft of the proposal shows the administration’s preferred alternative would result in Americans using 206 billion more gallons of gasoline through 2050 versus the current standards.
Reporting by David Shepardson; Editing by Bill Berkrot
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-oil-campaign/senate-democrats-want-trump-to-prod-opec-to-lower-oil-prices-idUSKCN1IO300 |
May 15, 2018 / 3:21 PM / Updated 21 minutes ago Mauritius' MCB Group's 9-month pretax profit up 3 pct Reuters Staff 2 Min Read
PORT LOUIS, May 15 (Reuters) - Mauritian bank MCB Group reported a 3.1 percent rise in nine-month pretax profit on Tuesday, helped by higher net interest income.
MCB, the biggest bank in Mauritius by market value, was optimistic about the financial year ahead.
“Prospects beyond (the end of the financial year on June 30) are encouraging in view of our business pipeline and signs of strengthening economic activity at the global, regional and domestic levels,” it said.
The bank reported a pretax profit of 6.64 billion rupees ($193.3 million) for the nine months through March. Net interest income rose by 8.8 percent from a year earlier to 7.81 billion rupees, reflecting strong growth in its overseas activities and, to a lesser extent, higher investments in government securities.
The bank, which also operates in Madagascar, the Maldives, the Seychelles, Mayotte, Mozambique and Reunion, said net fee and commission income rose by 7 percent in the nine months to the end of March, supported by higher revenues from lending, regional trade financing and payment activities.
Its earnings per share rose to 22.84 rupees, from 21.78 rupees a year earlier. ($1 = 34.3500 Mauritius rupees) (Reporting by Jean Paul Arouff Editing by Duncan Miriri and Susan Fenton) | ashraq/financial-news-articles | https://www.reuters.com/article/mauritius-mcbg/mauritius-mcb-groups-9-month-pretax-profit-up-3-pct-idUSL5N1SM7P3 |
Infinity Wealth founder: We’re seeing more and more millennial clients 17 Hours Ago 01:27 01:27 | 9:57 AM ET Sun, 13 May 2018 02:54 02:54 | 10:32 AM ET Mon, 14 May 2018 00:44 00:44 | 11:48 AM ET Fri, 11 May 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/18/infinity-wealth-founder-were-seeing-more-and-more-millennial-clients.html |
May 10 (Reuters) - NomNomNow:
* NOMNOMNOW, A PROVIDER OF VET-FORMULATED MEALS FOR DOGS, SAYS RAISED $13 MILLION IN FUNDING WITH PARTICIPATION FROM BULLISH AND CIRCLEUP, AMONG OTHERS Source text for Eikon:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-nomnomnow-raises-13-mln-in-funding/brief-nomnomnow-raises-13-mln-in-funding-idUSFWN1SH1HU |
Finishing school can be an exciting, stressful time. While the days of homework and late night study sessions will soon be behind you, the pressure to find a job and earn money is quickly approaching.
Luckily, college graduates today are walking into a healthier job market than in previous years. According to the National Association of Colleges and Employers , companies plan to hire four percent more new graduates in the U.S. this year than they did last year.
But that doesn't mean that employers are eager to hand out positions to anyone who applies. To increase your odds of landing a job shortly after graduation, make sure you take these three steps:
Hero Images/Getty Images 1. Seek opportunities to meet face-to-face According to Joshua Howarth, district president of global staffing firm Robert Half , one of the biggest mistakes you can make during your job search is relying on your resume to do all the work for you.
"You want to get yourself out there and network and meet with people in person," he tells CNBC Make It . "If your job search strategy is simply to sit behind your computer and send as many online job applications as possible, then you may not get far."
To put yourself in a position to meet more employers in person, Howarth suggests joining network groups that cater to your industry.
Luke Sharrett | Bloomberg | Getty Images A job seeker speaks with recruiters from The Home Depot at a RecruitMilitary veterans job fair in Cleveland. 2. Stay in touch after your interview Even if you're qualified for a job and have a stellar interview with a hiring manager, you haven't sealed the deal yet. Following up after an interview is common career advice, but Howarth says it's a step that many job seekers fail to take.
Before you end your interview, he suggests asking an employer, "What do you see as the next steps in the process and the timeline for when those steps will occur?" That way, he says, you're setting expectations for when you can hear back from the company.
"They may just say, 'We will follow up to schedule the next round of interviews in a week,'" he says. "Now you know that if you don't hear back in a week then follow up with them."
If an interviewer doesn't give you a direct answer to the question, then Howarth says you should wait a week to 10 days, at most, to initiate a follow up.
He also notes that following up about the hiring process does not mean you shouldn't follow up with a thank you note right after the interview. To show that you're really interested in the job, he suggests sending a note of appreciation to each person you met with no more than 24 hours after your meeting.
Getty Images 3. Emphasize your transferable skills Hiring managers understand that most recent graduates won't come to a company with a ton of work experience. But they still want to know that you're professional, smart and can learn how to get the job done.
"If you had any internships, contract positions or temp positions in college and the skills in those roles are transferable, then you want to make sure you highlight those," says Howarth. "Use whatever real world experiences you have to show that those transferable skills can help you in a new job."
Gary Burnison, CEO of executive search firm Korn Ferry , agrees with Howarth. In addition to showcasing any transferable skills you have, he adds that you should also show hiring managers that you have a real hunger for learning and accepting new challenges.
"Hunger is much more powerful than pedigree," he says. "So having an insatiable appetite to grow and learn is really important."
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Don't miss: 3 tips for landing a job when you have no experience
show chapters Why one page is the right length for your resume 1:17 PM ET Tue, 4 April 2017 | 00:50 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/03/3-easy-ways-to-fast-track-your-job-search-after-graduation-.html |
May 23, 2018 / 8:28 AM / Updated 9 hours ago Chennai's 'retirement home' show old is gold in IPL Amlan Chakraborty 3 Min Read
NEW DELHI (Reuters) - Twenty20 cricket is perceived primarily as a stage on which young players perform best but the war horses at Chennai Super Kings have turned that notion on its head by marching into the Indian Premier League (IPL) final for a record seventh time. FILE PHOTO: Cricket - Sri Lanka v India - Fourth One Day International Match - Colombo, Sri Lanka - August 31, 2017 - MS Dhoni of India plays a shot. REUTERS/Dinuka Liyanawatte
When the franchise completed their recruitment drive at January’s IPL player auction, some cheeky fans likened the Chennai dugout to a “retirement home”.
The joke is now firmly on those detractors after 36-year-old Mahendra Singh Dhoni and his ‘Dad’s Army’ moved to within one win of a third IPL title.
Chennai’s unlikely run to the final remained on course thanks to a 33-year-old South African, who snatched an improbable two-wicket victory from the jaws of defeat in Tuesday’s qualifier against Sunrisers Hyderabad.
Faf du Plessis rediscovered his batting magic to smash an unbeaten 67 and complete a tricky chase, sealing victory thanks to a booming six with five balls to spare.
“The vision that the franchise had, of keeping experienced players, was something a lot of people questioned,” du Plessis said in a post-match interview.
“We have a few old bodies in the team but in big moments you want experience there.”
Chennai’s progression to Sunday’s final in Mumbai is even more impressive considering they were suspended for two seasons following an illegal betting controversy before returning for the 11th edition of the tournament.
The franchise, which looked keen to retain the core of their previous squads in January’s auction, fielded seven players over 30 against Hyderabad.
While the likes of 37-year-old Harbhajan Singh and Shane Watson, a year his junior, had forgettable outings, du Plessis’ blistering counter-attack more than made up for their failures.
Chasing a modest 140 for victory, Chennai suffered top and middle-order meltdowns before du Plessis mounted a spectacular fightback.
The Proteas captain reiterated the importance of expertise in such circumstances.
“It’s nice we have so many experienced players to rely on. Chennai’s been to seven-eight finals, so (have) the experience of big games,” du Plessis said.
“MS (Dhoni) understands what to ask of the players. We’re playing our best cricket at the moment.”
Dhoni used du Plessis’ knock to underline the team mantra.
“Faf’s innings is where experience counts,” the former India captain said. “It’s not easy to not play a lot of games, but I always say you need to train your mind as well. That’s where the experience comes in.
“You visualise what your role is, how you can contribute, and Faf has been brilliant.” Reporting by Amlan Chakraborty; Editing by John O'Brien | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-cricket-t20-ipl-chennai/chennais-retirement-home-show-old-is-gold-in-ipl-idUKKCN1IO0ZY |
Riot Blockchain CEO: Cannot comment on SEC subpoena 1 Hour Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/09/riot-blockchain-ceo-cannot-comment-on-sec-supoena.html |
HOUSTON, May 03, 2018 (GLOBE NEWSWIRE) -- Orion Group Holdings, Inc. (NYSE:ORN) (the “Company”), a leading specialty construction company, today reported net income of $4.1 million, ($0.14 diluted earnings per share) for the three months ended March 31, 2018. These results compare to net loss of $1.8 million, ($0.07 diluted loss per share) for the same period a year ago.
“During the first quarter, we had solid execution with continued strong market drivers,” said Mark Stauffer, Orion Group Holding's President and Chief Executive Officer. “While weather patterns impacted production in our Concrete segment, our Marine segment experienced solid execution. Overall, we remain pleased with the end market drivers across our business, and continue to expect 2018 will see improvements over 2017.”
Consolidated Results for First Quarter 2018 compared to First Quarter 2017
Contract revenues were $136.8 million, a decrease of 1.4%, as compared to revenues of $138.8 million. The slight decrease is attributed to the timing and mix of projects, including weather pattern disruptions in the Concrete segment.
Gross profit was $15.8 million, as compared to gross profit of $13.0 million. Gross profit margin was 11.6% as compared to 9.4%. This increase is primarily attributed to solid operational performance.
Selling, General and Administrative expenses were $15.0 million, as compared to $15.0 million.
Operating income was $7.1 million, as compared to an operating loss of $1.5 million.
EBITDA was $13.8 million, representing a 10.1% EBITDA margin, as compared to EBITDA of $6.1 million, or 4.4% EBITDA margin.
Segment Results for First Quarter 2018 Compared to First Quarter 2017
Marine Segment
Contract revenues were $62.8 million, a decrease of 6.5%, as compared to $67.2 million. The decrease is primarily attributed to the timing and mix of projects.
Operating income was $6.3 million, as compared to an operating loss of $7.7 million.
EBITDA was $13.3 million, representing a 21.2% EBITDA margin as compared to $(0.6) million EBITDA and a (0.9)% EBITDA margin.
Concrete Segment
Contract revenues were $74.1 million, an increase of 3.5%, as compared to $71.6 million. The increase is primarily attributed to the expansion into the Central Texas market, partially offset by weather patterns that impacted production.
Operating income was $0.8 million, as compared to operating income of $6.2 million. The decrease is primarily attributed to unfavorable weather patterns, the timing and mix of projects and competitive pressure in the Houston market.
EBITDA was $0.5 million, representing a 0.7% EBITDA margin, as compared to $6.7 million EBITDA and a 9.4% EBITDA margin.
Backlog
Backlog of work under contract as of March 31, 2018 was $355.3 million, which compares with backlog under contract at March 31, 2017 of $394.8 million, a decrease of 10.0%. Of the March 31, 2018 backlog, $182.1 million was attributable to the Marine segment, while $173.2 million was attributable to the Concrete segment. The change in backlog is due to the timing and mix of project awards.
"During the first quarter, we bid on approximately $747 million and were successful on approximately $132 million," said Chris DeAlmeida, Orion Group Holding's Executive Vice President and Chief Financial Officer. "This resulted in a 0.96 times book-to-bill ratio and a win rate of 17.7%. In the Marine segment, we bid on approximately $293 million during the first quarter 2018 and were successful on $68 million, which translated into a 1.08 times book-to-bill ratio and a win rate of 23.2%. The Concrete segment bid on approximately $453 million in work while being awarded approximately $64 million. This yielded a 0.86 times book-to-bill ratio and a win rate of 14.1%."
Backlog consists of projects under contract that have either (a) not been started, or (b) are in progress and not yet complete, and the Company cannot guarantee that the revenue projected in its backlog will be realized, or, if realized, will result in earnings. Backlog can fluctuate from period to period due to the timing and execution of contracts. Given the typical duration of the Company's projects, which generally range from three to nine months, the Company's backlog at any point in time usually represents only a portion of the revenue it expects to realize during a twelve-month period.
Business Sector Overviews
The infrastructure sector, which consists of the Marine segment, provides both public and private opportunities to maintain and expand marine facilities on and over U.S. waterways. The Company’s market fundamentals continue to provide good opportunities for future jobs. Specifically, expansion of private sector waterside facilities continues, with solid demand from private recreational customers, including bid opportunities for cruise infrastructure related to new destinations or refurbishment of existing facilities. Additionally, opportunities continue from a variety of governmental agencies.
The building sector, which consists of the Concrete segment, continues to see solid demand as its three major metropolitan markets continuously retain their positions as leading centers for population growth and business expansion. Population growth is driving new distribution centers, office expansion, retail and grocery establishments, multi-family housing units, educational facilities and medical facilities. In Houston, the Company continues to experience competitive pressure in the market, but expects to maintain market share. The Company continues to focus on expanding its market share in the Dallas-Fort Worth market, including adding structural opportunities. Finally, solid growth opportunities are expected in the Central Texas market as the Company continues to see fundamentally strong end market drivers.
In the industrial sector, the Company continues its greenfield expansion by combining talent and resources from the Marine segment and Concrete segment to execute and pursue concrete foundation work inside the industrial environment. Currently, the Company is executing two industrial related projects with several additional bids and bid opportunities developing. The Company continues to expect the massive, long-term petrochemical driven opportunities along the Gulf Coast to provide significant project opportunities with outpaced growth in the petrochemical industry.
Outlook
“We are pleased with the start to 2018 and remain comfortable with our 2018 outlook,” stated Mr. Stauffer. “As we look ahead, we expect to see continued strong demand for our services across the Company. We remain focused on delivering high quality projects to our customers with continued service expansion across our operating segments and areas. As a result, we expect bottom line improvement in 2018 with improved EBITDA margins, and expect this improvement to expand more significantly in 2019 and beyond as we continue to execute our strategy.”
Conference Call Details
Orion Group Holdings will host a conference call to discuss results for the first quarter 2018 at 10:00 a.m. Eastern Time/9:00 a.m. Central Time on Thursday, May 3, 2018. To listen to a live webcast of the conference call, or access the replay, visit the Calendar of Events page of the Investor Relations section of the website at www.oriongroupholdingsinc.com. To participate in the call, please dial the Orion Group Holdings, Inc. First Quarter 2018 Earnings Conference Call toll free at (855) 478-9690; participant code: 1082487.
About Orion Group Holdings
Orion Group Holdings, Inc., a leading specialty construction company, provides services both on and off the water in the continental United States, Alaska, Canada and the Caribbean Basin through its heavy civil marine construction segment and its commercial concrete segment. The Company’s heavy civil marine construction segment services include marine transportation, facility construction, marine pipeline construction, marine environmental structures, dredging of waterways, channels and ports, environmental dredging, design, and specialty services. Its commercial concrete segment provides turnkey concrete construction services including pour and finish, dirt work, layout, forming, rebar, and mesh across the light commercial, structural and other associated business areas. The Company is headquartered in Houston, Texas with regional offices throughout its operating areas.
Non-GAAP Financial Measures
This press release includes the financial measures “adjusted net income,” “adjusted earnings per share,” “EBITDA,” and “EBITDA margin." These measurements are “non-GAAP financial measures” under rules of the Securities and Exchange Commission, including Regulation G. The non-GAAP financial information may be determined or calculated differently by other companies. By reporting such non-GAAP financial information, the Company does not intend to give such information greater prominence than comparable and other GAAP financial information, which information is of equal or greater importance.
Adjusted net income and adjusted earnings per share should not be considered as an alternative to net income available to common stockholders or earnings per share. Adjusted net income and adjusted earnings per share exclude certain items that management believes affect the comparability of operating results. The company believes these adjusted financial measures are a useful adjunct to earnings calculated in accordance with GAAP because management uses adjusted net income available to common stockholders to evaluate the company's operational trends and performance relative to other companies. Items excluded, generally are one-time items or items whose timing or amount cannot be reasonably estimated. Accordingly, any guidance provided by the company generally excludes information regarding these types of items.
Orion Group Holdings defines EBITDA as net income before net interest expense, income taxes, depreciation and amortization. EBITDA margin is calculated by dividing EBITDA for the period by contract revenues for the period. The GAAP financial measure that is most directly comparable to EBITDA is net income, while the GAAP financial measure that is most directly comparable to EBITDA margin is operating margin, which represents operating income divided by contract revenues. EBITDA and EBITDA margin are used internally to evaluate current operating expense, operating efficiency, and operating profitability on a variable cost basis, by excluding the depreciation and amortization expenses, primarily related to capital expenditures and acquisitions, and net interest and tax expenses. Additionally, EBITDA and EBITDA margin provide useful information regarding the Company's ability to meet future debt repayment requirements and working capital requirements while providing an overall evaluation of the Company's financial condition. In addition, EBITDA is used internally for incentive compensation purposes. The Company includes EBITDA and EBITDA margin to provide transparency to investors as they are commonly used by investors and others in assessing performance. EBITDA and EBITDA margin have certain limitations as analytical tools and should not be used as a substitute for operating margin, net income, cash flows, or other data prepared in accordance with generally accepted accounting principles in the United States, or as a measure of the Company's profitability or liquidity.
Forward-Looking Statements
The matters discussed in this press release may constitute or include projections or other within the meaning of the Private 1995, the provisions of which the Company is availing itself. Certain can be identified by the use of forward-looking terminology, such as 'believes', 'expects', 'may', 'will', 'could', 'should', 'seeks', 'approximately', 'intends', 'plans', 'estimates', or 'anticipates', or the negative thereof or other comparable terminology, or by discussions of strategy, plans, objectives, intentions, estimates, forecasts, outlook, assumptions, or goals. In particular, statements regarding future operations or results, including those set forth in this press release (including those under “Outlook” above), and any other statement, express or implied, concerning future operating results or the future generation of or ability to generate revenues, income, net income, profit, EBITDA, EBITDA margin, or cash flow, including to service debt, and including any estimates, forecasts or assumptions regarding future revenues or revenue growth, are . Forward looking statements also include estimated project start date, anticipated revenues, and contract options which may or may not be awarded in the future. Forward looking statements involve risks, including those associated with the Company's fixed price contracts that impacts profits, unforeseen productivity delays that may alter the final profitability of the contract, cancellation of the contract by the customer for unforeseen reasons, delays or decreases in funding by the customer, levels and predictability of government funding or other governmental budgetary constraints and any potential contract options which may or may not be awarded in the future, and are the sole discretion of award by the customer. Past performance is not necessarily an indicator of future results. In light of these and other uncertainties, the inclusion of in this press release should not be regarded as a representation by the Company that the Company's plans, estimates, forecasts, goals, intentions, or objectives will be achieved or realized. Readers are cautioned not to place undue reliance on these , which speak only as of the date hereof. The Company assumes no obligation to update information contained in this press release whether as a result of new developments or otherwise.
Please refer to the Company's Annual Report on Form 10-K, filed on March 13, 2018, which is available on its website at www.oriongroupholdingsinc.com or at the SEC's website at www.sec.gov , for additional and more detailed discussion of risk factors that could cause actual results to differ materially from our current expectations, estimates or forecasts.
Contact
Orion Group Holdings Inc.
Shane Martin, Investor Relations (972) 850-2001
Orion Group Holdings, Inc. and Subsidiaries Consolidated Statements of Operations (In Thousands, Except Share and Per Share Information) (Unaudited) Three months ended
March 31, 2018 2017 Contract revenues $ 136,843 $ 138,757 Costs of contract revenues 121,021 125,772 Gross profit 15,822 12,985 Selling, general and administrative expenses 15,014 14,979 Gain on sale of assets, net (813 ) (512 ) Other gain from continuing operations (5,448 ) — Operating income (loss) from operations 7,069 (1,482 ) Other (expense) income Other (expense) income (2 ) 10 Interest expense (1,477 ) (1,355 ) Other expense, net (1,479 ) (1,345 ) Income (loss) before income taxes 5,590 (2,827 ) Income tax expense (benefit) 1,489 (1,019 ) Net income (loss) 4,101 (1,808 ) Basic income (loss) per share $ 0.15 $ (0.07 ) Diluted income (loss) per share $ 0.14 $ (0.07 ) Shares used to compute income (loss) per share Basic 28,143,791 27,786,087 Diluted 28,369,762 27,786,087
Orion Group Holdings, Inc. and Subsidiaries Selected Results of Operations (In Thousands, Except Share and Per Share Information) (Unaudited) Three months ended
March 31, 2018 2017 Marine Contract revenues $ 62,791 $ 67,180 Operating income (loss) 6,265 (7,707 ) Concrete Contract revenues $ 74,052 $ 71,577 Operating income 804 6,225
Orion Group Holdings, Inc. and Subsidiaries EBITDA and EBITDA Margin Reconciliations (In Thousands, Except Margin Data) (Unaudited) Three months ended
March 31, 2018 2017 Operating income (loss) $ 7,069 $ (1,482 ) Other (expense) income (2 ) 10 Depreciation and amortization 6,780 7,528 EBITDA (1) $ 13,847 $ 6,056 Operating income (loss) margin (2) 5.2 % (1.0 )% Impact of depreciation and amortization 4.9 % 5.4 % EBITDA margin (1) 10.1 % 4.4 % (1) EBITDA is a non-GAAP measure that represents earnings before interest, taxes, depreciation and amortization. EBITDA margin is a non-GAAP measure calculated by dividing EBITDA by contract revenues.
(2) Operating margin is calculated by dividing operating income (loss), plus other income, by contract revenues.
Orion Group Holdings, Inc. and Subsidiaries EBITDA and EBITDA Margin Reconciliations by Segment (In Thousands, Except Margin Data) (Unaudited) Marine Three months ended
March 31, 2018 2017 Operating income (loss) $ 6,265 $ (7,707 ) Other income 2,329 1,831 Depreciation and amortization 4,731 5,255 EBITDA (1) $ 13,325 $ (621 ) Operating income (loss) margin (2) 13.7 % (8.7 )% Impact of depreciation and amortization 7.5 % 7.8 % EBITDA margin (1) 21.2 % (0.9 )%
Concrete Three months ended
March 31, 2018 2017 Operating income $ 804 $ 6,225 Other expense (2,331 ) (1,821 ) Depreciation and amortization 2,049 2,273 EBITDA (1) $ 522 $ 6,677 Operating income margin (2) (2.1 )% 6.2 % Impact of depreciation and amortization 2.8 % 3.2 % EBITDA margin (1) 0.7 % 9.4 % (1) EBITDA is a non-GAAP measure that represents earnings before interest, taxes, depreciation and amortization. EBITDA margin is a non-GAAP measure calculated by dividing EBITDA by contract revenues.
(2) Operating margin is calculated by dividing operating income (loss), plus other income, by contract revenues.
Orion Group Holdings, Inc. and Subsidiaries Consolidated Balance Sheets (In Thousands, Except Share and Per Share Information) March 31,
2018 December 31,
2017 (Unaudited) (Audited) ASSETS Current assets: Cash and cash equivalents $ 9,201 $ 9,086 Accounts receivable: Trade, net of allowance of $0 and $0, respectively 72,714 84,953 Retainage 39,568 39,189 Other current 4,612 3,706 Income taxes receivable 388 339 Inventory 3,719 4,386 Costs and estimated earnings in excess of billings on uncompleted contracts 42,706 46,006 Prepaid expenses and other 6,408 4,124 Total current assets 179,316 191,789 Property and equipment, net 144,868 146,278 Inventory, non-current 4,894 4,915 Goodwill 69,483 69,483 Intangible assets, net of amortization 17,328 18,175 Other noncurrent 6,544 $ 2,645 Total assets $ 422,433 $ 433,285 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Current debt, net of debt issuance costs $ 17,931 $ 22,756 Accounts payable: Trade 36,130 45,194 Retainage 2,369 1,990 Accrued liabilities 15,642 17,873 Taxes payable 238 256 Billings in excess of costs and estimated earnings on uncompleted contracts 35,769 33,923 Total current liabilities 108,079 121,992 Long term debt, net of debt issuance costs 59,972 63,185 Other long-term liabilities 3,521 3,573 Deferred income taxes 14,361 13,243 Interest rate swap liability — 26 Total liabilities 185,933 202,019 Commitments and contingencies Stockholders’ equity: Preferred stock -- $0.01 par value, 10,000,000 authorized, none issued — — Common stock -- $0.01 par value, 50,000,000 authorized, 29,007,726 and 28,860,961 issued; 28,296,502 and 28,149,737 outstanding at March 31, 2018 and December 31, 2017, respectively 290 288 Treasury stock, 711,231 shares, at cost, as of March 31, 2018 and December 31, 2017, respectively (6,540 ) (6,540 ) Accumulated other comprehensive loss 243 (26 ) Additional paid-in capital 175,845 174,697 Retained earnings 66,662 62,847 Total stockholders’ equity 236,500 231,266 Total liabilities and stockholders’ equity $ 422,433 $ 433,285
Orion Group Holdings, Inc. and Subsidiaries Consolidated Statements of Cash Flows (In Thousands) (Unaudited)
Three months
ended March 31, 2018 2017 Cash flows from operating activities Net (loss) income $ 4,101 $ (1,808 ) Adjustments to reconcile net (loss) income to net cash provided by (used in): Operating activities: Depreciation and amortization 6,780 7,528 Deferred financing cost amortization 337 301 Deferred income taxes 1,117 (550 ) Stock-based compensation 334 350 Gain on sale of property and equipment (813 ) (512 ) Other gain from continuing operations (5,448 ) — Change in operating assets and liabilities Accounts receivable 10,954 18,436 Income tax receivable (49 ) 34 Inventory 688 (126 ) Prepaid expenses and other (437 ) 156 Costs and estimated earnings in excess of billings on uncompleted contracts 3,300 (6,326 ) Accounts payable (9,505 ) 1,087 Accrued liabilities (2,283 ) (3,990 ) Income tax payable (19 ) (419 ) Billings in excess of costs and estimated earnings on uncompleted contracts 1,846 (3,117 ) Other (286 ) — Net cash provided by operating activities 10,617 11,044 Cash flows from investing activities: Proceeds from sale of property and equipment 306 839 Contributions to CSV life insurance (146 ) (127 ) Insurance claim proceeds related to property and equipment 1,150 — Purchase of property and equipment (4,346 ) (2,103 ) Proceeds from return of investment 93 — Net cash used in investing activities (2,943 ) (1,391 ) Cash flows from financing activities: Borrowings from Credit Facility — 10,000 Payments made on borrowings from Credit Facility (8,375 ) (19,031 ) Loan costs from Credit Facility — — Exercise of stock options 816 623 Net cash used in financing activities (7,559 ) (8,408 ) Net change in cash and cash equivalents 115 1,245 Cash and cash equivalents at beginning of period 9,086 305 Cash and cash equivalents at end of period $ 9,201 $ 1,550 Supplemental disclosures of cash flow information: Cash paid during the period for: Interest $ 1,163 $ 1,073 Taxes (net of refunds) $ 25 $ (84 )
Source:Orion Group Holdings, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/globe-newswire-orion-group-holdings-inc-reports-first-quarter-2018-results.html |
What if the stodgy, once-bankrupt auto maker was the disrupter all along?
SoftBank Group’s tech-focused Vision Fund is betting $2.25 billion that GM Cruise Holdings, General Motors’ driverless car developer, will be that disrupter. GM will retain an 80% stake in Cruise after the capital infusion.
Coming from the world’s biggest tech-investment... | ashraq/financial-news-articles | https://www.wsj.com/articles/why-softbank-and-gm-make-an-odd-but-happy-couple-1527781736 |
May 25 (Reuters) - FUTEBOL CLUBE DO PORTO FUTEBOL SAD :
* SAID LATE ON THURSDAY CEDED CREDITS FROM TELEVISION BROADCASTING RIGHTS OF GAMES PLAYED BY THE MAIN FOOTBALL TEAM AT ITS HOME FIELD IN PRIMEIRA LIGA
* OPERATION IS WORTH 100 MILLION EUROS * TO USE CEDED CREDITS TO COLLATERALISE ISSUANCE OF SECURITISED BONDS UNTIL THEIR FULL REIMBURSEMENT
* DECIDED NOT TO EXERCISE OPTION TO INCREASE AMOUNT OF BOND LOAN “FC PORTO SAD 2018-2021”, SET AT 35 MILLION EUROS, 10 MILLION EUROS BELOW THE PREVIOUS BOND LOAN
Source text for : bit.ly/2IPwUyr
Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/idUSL5N1SW0J6 |
HONG KONG (Reuters) - Shares in Samsonite International plunged for a second straight day on Friday, bringing its losses to a fifth of market value, after a short seller accused it of questionable accounting practices and poor corporate governance.
FILE PHOTO: A Samsonite suitcase is displayed at a store in Hong Kong, China March 14, 2017. REUTERS/Bobby Yip/File Photo Blue Orca Capital on Thursday questioned accounting at the world’s biggest luggage maker, including those used in its 2016 acquisition of the Tumi brand and argued it did not deserve to trade at similar premium valuations to other luxury brands.
Samsonite, one of most high-profile Hong Kong-listed stocks to be targeted by a short-seller, has called the allegations “misleading” and “one-sided”. Some analysts also say that while the report could hurt its share price for some time, Blue Orca was underestimating positive earnings upside for the company.
The stock was down 12 percent in Hong Kong afternoon trade at HK$26.90, resuming trade after the company called for a halt a day earlier. That compares with Blue Orca’s valuation of HK$17.59 a share.
“The company has handled the incident quite well and efficiently. It halted trade of its shares when it felt the pressure and issued a statement to clarify the situation,” said Steven Leung, a sales director at UOB Kay Hian.
He added Blue Orca’s argument that Samsonite was not a luxury brand was an old one, and the stock price plunge could be seen as a buying opportunity.
Analyst Lorraine Chan at Morningstar said in a report that Blue Orca’s target price did not factor in the company’s ability to generate sustained positive free cash flow.
Prior to the Blue Orca report, the average recommendation from 14 analysts on the shares was a “buy”, Thomson Reuters data showed. Its shares hit a record high of HK$38.60 just last month on strong sales of Tumi-branded goods and expectations of further improvement in the luxury retail sector.
In its report, Blue Orca was also critical of how Samsonite engages in a number of related party transactions with entities owned by CEO Ramesh Tainwala and his family and said that its South Asian joint venture with the Tainawala family needed to be subject to more auditing oversight.
Samsonite, now valued at around $4.8 billion, said in a filing late on Thursday it was reserving the right to take legal action and would provide additional information in due course.
“Samsonite maintains very high standard of accounting and every allegation...is mischievous and false,” Tainwala said in an emailed response to a Reuters request for comment.
All inter-related transactions with his family were fully disclosed and regularly audited, he added.
Headquartered in Massachusetts, Samsonite is one of the few major foreign stocks listed in Hong Kong, alongside Prada and cosmetics firm L’Occitane International.
Blue Orca was launched this month by Soren Aandahl, a Texas-based short-seller who previously co-founded Glaucus Research, which has attacked several firms in the Asia-Pacific region.
These include Australia-listed fund manager Blue Sky Alternative Investments Ltd, whose shares have fallen more than 70 percent since Glaucus claimed in late March that it had overvalued assets and exaggerated its performance. Blue Sky has said the claims were incorrect and misleading.
Reporting by Anne Marie Roantree and Donny Kwok; Editing by Edwina Gibbs
| ashraq/financial-news-articles | https://www.reuters.com/article/us-samsonite-intl-short-seller/samsonite-shares-plunge-for-a-second-day-after-short-seller-report-idUSKCN1IQ09V |
May 2 (Reuters) - InvoCare Ltd:
* H1 OPERATING EBITDA FORECAST IS ABOUT 12 PERCENT YEAR ON YEAR DECLINE Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-invocare-forecasts-about-12-pct-fa/brief-invocare-forecasts-about-12-pct-fall-in-h1-operating-ebitda-idUSFWN1S80OM |
Yield curve signaling inflation is not coming back, says strategist 1 Hour Ago David Lebovitz, J.P. Morgan Asset Management global market strategist, and Edward Yardeni, Yardeni Research Inc. president and chief investment strategist, provide their outlook on the markets, earnings, inflation and bond yields. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/25/yield-curve-signaling-inflation-is-not-coming-back-says-strategist.html |
Brazil oil workers begin strike Wednesday, May 30, 2018 - 01:10
The 72-hour stoppage by Brazilian oil workers comes as a separate truckers strike enters its tenth day, strangling Latin America's largest economy. Fred Katayama reports.
The 72-hour stoppage by Brazilian oil workers comes as a separate truckers strike enters its tenth day, strangling Latin America's largest economy. Fred Katayama reports. //reut.rs/2IVqnGJ | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/30/brazil-oil-workers-begin-strike?videoId=431716328 |
How Trump's steel tariffs kick the can business 5:15am EDT - 01:39
The Trump administration's tariffs on steel and aluminum are having a ripple effect throughout the U.S. economy, from cars to aircraft to oilfield pipes. But cans have a special significance in the debate over the pros and cons of the administration's policy. Rough Cut (no reporter narration)
The Trump administration's tariffs on steel and aluminum are having a ripple effect throughout the U.S. economy, from cars to aircraft to oilfield pipes. But cans have a special significance in the debate over the pros and cons of the administration's policy. Rough Cut (no reporter narration) //reut.rs/2KPqiS8 | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/10/how-trumps-steel-tariffs-kick-the-can-bu?videoId=425465860 |
newsletter.
Here’s
-President Donald Trump signs a directive to streamline regulations on commercial use of space at 11 a.m. and the Economic Growth, Regulatory Relief, and Consumer Protection Act at 11:30 a.m.
-The Gang of Eight meets with Justice Department officials at 2 p.m. to discuss the FBI’s use of a confidential informant in its initial probe of Russian election interference in 2016. Reps. Devin Nunes and Trey Gowdy are scheduled to meet at noon with top law enforcement and intelligence officials to discuss the issue.
Here’s analysis from Susan Benkelman on the Trump administration’s potential use of new tariffs on imported vehicles. Joshua Jamerson is on vacation.
Earlier this month, President Donald Trump hosted executives from U.S. and foreign auto makers at the White House for a round-table billed as a discussion of emissions rules. Most of the meeting was held behind closed doors, but by day’s end word had circulated that the president had put another item on the table : a threat to impose new tariffs on cars coming into the U.S. as a way to get the companies to build them here in the first place.
The president’s warning startled the CEOs and created a stir in the industry, but within a few days it appeared to fade into the background.
Until yesterday.
In the morning, Mr. Trump teased in a tweet that “there will be big news coming soon for our great American Autoworkers. After many decades of losing your jobs to other countries, you have waited long enough!”
By afternoon, the WSJ’s Will Mauldin, Tim Puko and Kate O’Keeffe were the first to report what he meant : The president was planning to ask his Commerce secretary to investigate the possibility of imposing tariffs by using part of a 1962 trade law that gives presidents the power to block imports that threaten national security.
The maneuver, according to Will, is aimed at putting pressure on U.S. trading partners to come to more favorable terms for sending cars to the U.S.—particularly the EU and Japan but possibly also Mexico and Canada, where auto rules are currently at issue in negotiations over the North American Free Trade Agreement.
It could also be an effort to entice the companies to locate more manufacturing in the U.S. In that May 11 meeting, the president singled out Sergio Marchionne, the chairman and CEO of Fiat Chrysler Automobiles NV, as “my favorite man in the room,” citing the auto maker’s plans to move a facility to Michigan from Mexico.
Or it could be a move to see how far he can push the national security justification for trade actions, which has already been invoked for steel and aluminum tariffs.
Most likely, it is all of those things at once—part of a multifaceted negotiating strategy to keep the U.S.’s trading partners a little off-balance as the administration seeks maximum leverage in its quest to reorder the global trading system. As Will notes, it also keeps the trade issue and Mr. Trump’s “America First” agenda in front of voters ahead of the fall midterms.
More top stories:
North Korea has ratcheted up its anti-U.S. rhetoric, Jonathan Cheng reports. Its senior envoy for U.S. affairs renewed a threat to call off a planned summit with President Trump and warned that Pyongyang could “make the U.S. taste an appalling tragedy it has neither experienced nor even imagined.”
In the same vein, Iranian Supreme Leader Ayatollah Ali Khamenei scoffed at American demands that his country curb its military ambitions and issued his own set of demands to Europe to remain in the nuclear deal, write Asa Fitch in Dubai and Aresu Eqbali in Tehran.
Democrats are quietly fighting their biggest political battle in a decade for state legislative races as they aim to flip control of up to a dozen chambers, Reid J. Epstein reports. The effort could position the party to play a bigger role in redrawing U.S. House districts after the 2020 census and could help boost turnout for candidates running statewide races this year.
Laura Meckler and Alicia A. Caldwell tell the story of how the nation’s chronically overburdened immigration courts are becoming even more crowded as a wave of illegal immigrants enters the system and fewer are able to exit it. The backlog has reached nearly 700,000, more than double what it was six years ago, and the average case is in court for more than two years. Plus: President Trump suggested withholding aid from some countries to curb illegal immigration.
On Capitol Hill, the Trump administration ‘s plan to sell more weapons to Saudi Arabia is running into new resistance, Dion Nissenbaum reports, with lawmakers from both parties saying the U.S. hasn’t done enough to ensure that the missiles aren’t used by Saudi pilots to kill civilians in Yemen.
Federal Reserve officials at their meeting earlier this month signaled they were likely to raise their benchmark short-term interest rate at their June meeting, Nick Timiraos reports, and they debated how to characterize an evolving policy strategy that soon would no longer try to stimulate economic growth.
News & notes: A federal judge ruled that President Trump may not block critics from reading his Twitter feed…Senators reached an agreement on bipartisan legislation to overhaul the Capitol’s sexual-harassment policies , including prohibiting the use of taxpayer funds to pay settlements…The Trump administration will soon issue regulations addressing state legislation aimed at softening the loss of some deductions for state and local taxes under the federal tax overhaul.
What We’re Reading
Garrett Epps of The Atlantic reviewed four government memos and interviewed six prominent legal scholars to determine whether a sitting president can be indicted. His conclusion: “The one thing I am sure of is that there’s no clear answer.”
Joshua N. Zingher, writing for the Washington Post , examines the long-term trend of white voters moving away from the Democratic Party, noting that “the Democratic Party is not simply winning a lower proportion of white voters; the whites who are getting more likely to vote for Democrats are less helpful in carrying the electoral college.”
Americans for Prosperity , a conservative nonprofit known mostly for targeting Democrats, is about to begin an ad buy “slamming” 10 Republicans as well as seven Democrats over their support for a big spending package earlier this year, Huffpost’s Kevin Robillard reports.
Milestone
$407,300: The average sales price for new homes grew to $407,300 in April, the highest price on records dating back to 1963.
auto makers Donald Trump Tariffs Previous Trump-Kim Summit Could Be Called Off | Texas Democrats Deliver for Party Leaders | How Congress Rolled Back Banking Rules | ashraq/financial-news-articles | https://blogs.wsj.com/washwire/2018/05/24/capital-journal-193/ |
* World stock index set for first monthly rise since January
* Netanyahu: Iran lied after signing 2015 nuclear deal
* M&A activity keep stocks in spotlight (Updates to U.S. afternoon trading)
By Caroline Valetkevitch
NEW YORK, April 30 (Reuters) - Oil prices rallied on Monday after Israel Prime Minister Benjamin Netanyahu said Iran had lied about pursuing nuclear weapons after signing a 2015 deal with global powers, while global stock indexes dipped with the S&P 500 led down by losses in technology.
Netanyahu said Iran had continued to preserve and expand its nuclear weapons knowledge after the deal.
U.S. President Donald Trump has until May 12 to decide whether to restore sanctions on Iran that were lifted after the 2015 agreement over its nuclear program.
U.S. crude rose 0.87 percent to $68.69 per barrel and Brent was last at $74.79, up 1.36 percent.
MSCI’s all-country index of global equities shed 0.15 percent,
“The immediate worry would be that the Trump administration ditches the Iran deal, causing oil prices to go up... but the bigger (issue) is - would it lead to a larger confrontation militarily in the Mideast,” said Bruce Bittles, chief investment strategist at Robert W. Baird & Co in Sarasota, Florida.
In the U.S. equity market, top tech names including Microsoft Corp were among the biggest weights on the S&P 500.
Earnings and deal news provided some support. Starting off another busy week for first-quarter earnings, McDonald Corp’s reported a better-than-expected rise in sales and its shares jumped 4.3 percent. Apple Inc is set to report on Tuesday.
Reports of big M&A deals included U.S.-based Marathon Petroleum Corp’s agreement to buy Andeavor and a tie-up between British supermarket chains Sainsbury’s and Walmart Inc’s ASDA.
“The market doesn’t have a lot of upside momentum going. It rallies for a day or two but it just doesn’t follow through, and that’s been the case since the January-February correction,” Bittles said.
The Dow Jones Industrial Average fell 58.48 points, or 0.24 percent, to 24,252.71, the S&P 500 lost 13.56 points, or 0.51 percent, to 2,656.35 and the Nasdaq Composite dropped 41.56 points, or 0.58 percent, to 7,078.24.
The pan-European FTSEurofirst 300 index rose 0.21 percent. The MSCI global stock index was on track for a gain for April, its first positive month since January.
Friday’s seemingly successful summit between the leaders of North and South Korean added to positive market sentiment.
In the U.S. bond market, the U.S. Treasury yield curve flattened for a third straight session after U.S. economic data missed expectations.
The yield gap between U.S. 5-year notes and U.S. 30-year bonds narrowed to 27.20 basis points, the lowest spread in more than six years.
Data showed U.S. personal income rose just 0.3 percent in March, compared with expectations of 0.4 percent.
Benchmark 10-year Treasury notes last rose 4/32 in price to yield 2.9438 percent, from 2.957 percent late on Friday.
Weaker-than-expected German data hurt the euro against the U.S. dollar.
German monthly retail sales unexpectedly dropped in March, dampening cheer around a consumer-led upswing in Europe’s biggest economy. Regional data showed annual inflation in four German states steady in April.
The dollar index rose 0.27 percent, with the euro down 0.35 percent to $1.2086.
The Federal Reserve is also due to meet this week, and while no rate hike in benchmark U.S. interest rates is expected, investors will look for clues on the future pace of increases.
For Reuters Live Markets blog on European and UK stock markets open a news window on Reuters Eikon by pressing F9 and type in ‘Live Markets’ in the search bar.
Reporting by Caroline Valetkevitch; Additional reporting by Karen Brettell in New York, Abhinav Ramnarayan in London, and Sruthi Shankar in Bengaluru; editing by James Dalgleish and Lisa Shumaker
| ashraq/financial-news-articles | https://www.reuters.com/article/global-markets/global-markets-oil-prices-jump-after-netanyahu-announcement-stocks-dip-idUSL1N1S71BX |
May 10 (Reuters) - Ynap on behalf of Compagnie Financiere Richemont SA:
* PROVISIONAL RESULTS OF VOLUNTARY PUBLIC TENDER OFFER FOR ALL ORDINARY SHARES OF YNAP S.P.A.
* RICHEMONT REACHES 94.99% OF YOOX NET-A-PORTER GROUP S.P.A.’S ORDINARY SHARES
* MINIMUM ACCEPTANCE LEVEL CONDITION FULFILLED Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-richemont-reaches-9499-of-yoox-net/brief-richemont-reaches-94-99-of-yoox-net-a-porter-groups-ordinary-shares-idUSFWN1SG1QX |
May 7 (Reuters) - Baoding Lucky Innovative Materials Co Ltd
* Says it will pay a cash dividend of 4 yuan per 10 shares (before tax) for 2017 to shareholders of record on May 10
* The company’s shares will be traded ex-right and ex-dividend on May 11 and the dividend will be paid on May 11
Source text in Chinese: goo.gl/7LpoKu
(Beijing Headline News)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-baoding-lucky-innovative-materials/brief-baoding-lucky-innovative-materials-to-pay-cash-dividend-of-4-yuan-per-10-shares-on-may-11-idUSL3N1SE3B5 |
May 22 (Reuters) - German American Bancorp Inc:
* GERMAN AMERICAN BANCORP, INC. AND FIRST SECURITY, INC. ANNOUNCE DEFINITIVE MERGER AGREEMENT
* GERMAN AMERICAN BANCORP - FIRST SECURITY COMMON SHAREHOLDERS WILL RECEIVE A CASH PAYMENT OF $12.00 PER FIRST SECURITY SHARE
* GERMAN AMERICAN BANCORP - AFTER DEAL COMPLETION, ANTICIPATED THAT A BOARD MEMBER OF FIRST SECURITY WILL BE JOINING BOARD OF GERMAN AMERICAN
* GERMAN AMERICAN BANCORP - FIRST SECURITY SHAREHOLDERS TO GET FIXED EXCHANGE RATIO 0.7982 SHARES OF CO’S STOCK PER SHARE & CASH PAYMENT OF $12.00/SHARE
* GERMAN AMERICAN - MICHAEL BECKWITH, PRESIDENT & CEO OF FIRST SECURITY, WILL ASSUME NEWLY ESTABLISHED ROLE OF KENTUCKY DIVISIONAL PRESIDENT
* GERMAN AMERICAN BANCORP INC - TRANSACTION HAS A VALUE OF $40.00 PER FIRST SECURITY COMMON SHARE
* GERMAN AMERICAN BANCORP INC - TRANSACTION HAS AN AGGREGATE INDICATED VALUE OF APPROXIMATELY $101.0 MILLION
* GERMAN AMERICAN - EXPECTS TO ISSUE ABOUT 2.0 MILLION SHARES AND PAY ABOUT $31 MILLION CASH FOR ALL SHARES AND OPTIONS OF FIRST SECURITY
* GERMAN AMERICAN BANCORP - EXPECT DEAL TO BE ACCRETIVE TO GERMAN AMERICAN’S EPS DURING 12 MONTHS FOLLOWING COMPLETION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-german-american-bancorp-and-first/brief-german-american-bancorp-and-first-security-announce-definitive-merger-agreement-idUSFWN1ST0Q6 |
May 17 (Reuters) - California Public Employees’ Retirement System (CalPERS):
* CALPERS UNVEILES TWO NEW STRATEGIC BUSINESS MODELS FOR ITS PRIVATE EQUITY PROGRAM
* CALPERS SAYS NEW STRATEGIC BUSINESS MODELS WOULD CREATE A NEW AND SEPARATE ENTITY KNOWN AS CALPERS DIRECT TO MAKE DIRECT PRIVATE EQUITY INVESTMENTS
* CALPERS SAYS CALPERS DIRECT WOULD CONSIST OF TWO SEPARATE FUNDS AND WOULD BE GOVERNED BY SEPARATE, INDEPENDENT BOARD
* CALPERS SAYS ONE OF THE FUNDS THAT CALPERS DIRECT WOULD CONSIST OF WOULD FOCUS ON LATE-STAGE INVESTMENTS IN TECHNOLOGY, LIFE SCIENCES, AND HEALTHCARE
* CALPERS SAYS THE TWO SEPARATE FUNDS THAT CALPERS DIRECT WOULD CONSIST OF WOULD OPERATE ALONGSIDE CALPERS’ EXISTING PRIVATE EQUITY STRUCTURE
* CALPERS SAYS PLANS CALL FOR CALPERS DIRECT TO LAUNCH IN H1 2019, FOLLOWING FINAL REVIEW AND APPROVAL BY THE BOARD Source text: ( bit.ly/2Ip3VWe )
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-calpers-unveiles-two-new-strategic/brief-calpers-unveiles-two-new-strategic-business-models-for-its-private-equity-program-idUSFWN1SO0WG |
Week ahead: GDP data puts Japan and Germany in the spotlight 3:55pm EDT - 01:51
Retail sales from the U.S., and GDP data from Japan and Germany put the strength of the global economy under scrutiny this week. Ciara Lee reports on what could also be a 'make or break' few days for the NAFTA trade talks. ▲ Hide Transcript ▶ View Transcript
Retail sales from the U.S., and GDP data from Japan and Germany put the strength of the global economy under scrutiny this week. Ciara Lee reports on what could also be a 'make or break' few days for the NAFTA trade talks. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2KYOt0O | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/13/week-ahead-gdp-data-puts-japan-and-germa?videoId=426568730 |
ROME, May 29 (Reuters) - Italy’s Democratic Party (PD) on Tuesday called for parliament to be dissolved “immediately” in order to hold elections as soon as July.
PD senate leader Andrea Marcucci urged President Sergio Mattarella to send Italy straight back to the polls after the PD said earlier on Tuesday it would not back Prime Minister-designate Carlo Cottarelli in a confidence vote.
Earlier, Cottarelli met president Mattarella but did not present his list of ministers, as expected. A source close to the president said Cottarelli had asked for more time to choose his team but had not mentioned giving up his mandate.
Sources from several of Italy’s main parties said they were in favour of fresh elections on July 29, following an inconclusive vote on March 4. (Reporting by Massimiliano Di Giorgio and Gavin Jones Editing by Mark Bendeich)
| ashraq/financial-news-articles | https://www.reuters.com/article/italy-politics-pd-president/italys-democratic-party-calls-for-snap-elections-in-july-idUSR1N1SG01M |
(Adds background)
WASHINGTON, May 10 (Reuters) - The U.S. International Trade Commission said on Thursday it had made a preliminary finding that U.S. producers were being harmed by imports of steel automotive wheels from China.
The decision follows an announcement last month by the U.S. Commerce Department that it had opened an investigation to determine if certain steel wheels from China are dumped in the United States and whether producers in China are receiving unfair subsidies.
The department opened the investigation based on complaints by Accuride Corp and Maxion Wheels Akron LLC. The alleged dumping margins ranged from 12.1 percent to 231.7 percent, and U.S. imports of the products from China in 2017 were estimated to total $388 million, it said.
The ITC finding that U.S. industry is harmed by the imports keeps the investigation alive. (Reporting by Eric Walsh and Makini Brice; Editing by Tim Ahmann and Jeffrey Benkoe)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-china-steelwheels/update-1-u-s-producers-hurt-by-chinese-steel-wheel-imports-trade-panel-idUSL1N1SH18U |
SAO PAULO, May 10 (Reuters) - Argentine equities again shot up on Thursday, recovering a chunk of their losses in recent weeks, as Argentina's president met with International Monetary Fund officials and the nation's Congress approved a key capital markets law. Across the region, other major markets such as Mexico and Brazil saw equities rise over 1 percent, as well, supported by a solid day on Wall Street, oil prices that remain high in the face of fresh U.S. sanctions on Iran, and a slew of positive corporate earnings reports. On Thursday, Argentine Treasury Minister Nicolas Dujovne is set to meet with IMF Managing Director Christine Lagarde regarding a financing arrangement from the institution meant to calm Argentina's volatile financial markets. On Wednesday, Argentina's Congress passed a capital markets reform bill, seeking to boost the economy by reducing the power of market regulators and loosening restrictions on some funds investing in the country. "After the announcement to request financial help from the IMF ... local stocks were able to take a breather after the recent downturn and rebounded, taking advantage of the approval of the capital markets law," said Gustavo Ber, a partner at Buenos Aires consultancy Estudio Ber. Argentina's benchmark Merval index had climbed 3.79 percent in morning trade on Thursday, after rising about 6 percent on Wednesday. That followed a 12 percent rout over the previous 12 sessions. Energy stocks in particular helped support the index, after crude oil prices rose, triggered by potential disruption to oil flows from major exporter Iran in the face of U.S. sanctions. While oil prices moderated amid profit booking on Thursday, prices remain high. Pampa Energia SA climbed some 8.4 percent, while various other energy stocks in Argentina climbed more than 5 percent. In Brazil, common and preferred shares in state oil company Petroleo Brasileiro SA jumped 4.6 percent and 3.4 percent, respectively, after Bank of America elevated its rating on the stock to "buy" from "neutral." That accounted for over a third of the Bovespa's 1.17 percent gain and followed gains of over 8 percent in each share class on Wednesday, following strong quarterly profit figures. The MSCI Emerging Markets Latin America Index, which puts together a cross-section of large- and mid-cap stocks from five major economies in the region, climbed 1.99 percent. Key Latin American stock indexes and currencies at 1505 GMT: Stock indexes daily % YTD % Latest change change MSCI Emerging Markets 1158.23 1.27 -1.27 MSCI LatAm 2875.33 1.99 -0.32 Brazil Bovespa 85253.48 1.17 11.59 Mexico IPC 46769.28 1.03 -5.24 Chile IPSA 5679.79 0.28 2.07 Chile IGPA 28642.21 0.25 2.36 Argentina MerVal 28966.85 3.79 -3.65 Colombia IGBC 12318.76 -1 8.34 Venezuela IBC 17689.70 -0.27 1300.45 Currencies daily % YTD % change change Latest Brazil real 3.5587 0.99 -6.90 Mexico peso 19.3350 1.31 1.88 Chile peso 625.5 1.25 -1.73 Colombia peso 2821.64 1.43 5.68 Peru sol 3.278 0.52 -1.25 Argentina peso 22.7200 0.00 -18.13 (interbank) Argentina peso 23.15 0.00 -16.93 (parallel) (Reporting by Gram Slattery; additional reporting by Jorge Otaola in Buenos Aires Editing by Nick Zieminski)
| ashraq/financial-news-articles | https://www.reuters.com/article/emerging-markets-latam/emerging-markets-argentine-stocks-again-rally-in-bullish-day-across-latam-idUSL1N1SH192 |
May 8, 2018 / 1:35 PM / in 9 minutes BRIEF-York Water Reports Q1 Earnings Per Share $0.20 Reuters Staff
May 8 (Reuters) - York Water Co: * Q1 EARNINGS PER SHARE $0.20
* QTRLY OPERATING REVENUES $11.6 MILLION VERSUS $11.3 MILLION Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-york-water-reports-q1-earnings-per/brief-york-water-reports-q1-earnings-per-share-0-20-idUSASC0A0IV |
SANTA CLARA, Calif.--(BUSINESS WIRE)-- Agilent Technologies Inc. (NYSE: A) today announced that it has completed the acquisition of Lasergen, Inc. (Lasergen), an emerging biotechnology company focused on research and development of innovative technologies for DNA sequencing.
In March 2016 Agilent made an initial investment in the Houston, Texas based privately-held company to acquire a 48-percent ownership stake with a two-year call option to acquire the remaining shares for $105 million. Agilent gave its notice of exercise on February 23, 2018.
“We are pleased to complete our acquisition of Lasergen,” said Sam Raha, president of Agilent’s Diagnostics and Genomics Group. “We are excited to welcome our Lasergen colleagues to the Agilent family, and look forward to continuing our work as one team focused on building a next-generation sequencing workflow for clinical applications.”
Since Agilent’s initial investment, Lasergen and Agilent have been collaborating to develop a workflow solution for clinical applications based on next-generation sequencing leveraging Lasergen’s Lightning Terminators™ chemistry.
“In 2016 we began our collaboration with Lasergen that reinforced our confidence in the team and technology,” said Kamni Vijay, vice president and general manager of Agilent’s Genomics division. “As a unified team, we now have new opportunities to leverage our combined strengths and create significant value for our customers as we work towards our goal of creating an integrated clinical workflow solution and providing more labs with access to molecular diagnostics.”
About Agilent Technologies
Agilent Technologies Inc. (NYSE: A) is a global leader in life sciences, diagnostics, and applied chemical markets. With more than 50 years of insight and innovation, Agilent instruments, software, services, solutions, and people provide trusted answers to its customers' most challenging questions. The company generated revenues of $4.47 billion in fiscal 2017 and employs 14,200 people worldwide. Information about Agilent is available at www.agilent.com .
Forward-Looking Statements
This news release contains forward-looking statements as defined in the Securities Exchange Act of 1934 and is subject to the safe harbors created therein. The forward-looking statements contained herein include, but are not limited to, information regarding Agilent’s future revenue, earnings and profitability; planned new products; market trends; the future demand for the company’s products and services; customer expectations; and revenue and non-GAAP earnings guidance for the second quarter and full fiscal year 2018. These forward-looking statements involve risks and uncertainties that could cause Agilent’s results to differ materially from management’s current expectations. Such risks and uncertainties include, but are not limited to, unforeseen changes in the strength of our customers’ businesses; unforeseen changes in the demand for current and new products, technologies, and services; unforeseen changes in the currency markets; customer purchasing decisions and timing, and the risk that we are not able to realize the savings expected from integration and restructuring activities. In addition, other risks that Agilent faces in running its operations include the ability to execute successfully through business cycles; the ability to meet and achieve the benefits of its cost-reduction goals and otherwise successfully adapt its cost structures to continuing changes in business conditions; ongoing competitive, pricing and gross-margin pressures; the risk that our cost-cutting initiatives will impair our ability to develop products and remain competitive and to operate effectively; the impact of geopolitical uncertainties and global economic conditions on our operations, our markets and our ability to conduct business; the ability to improve asset performance to adapt to changes in demand; the ability of our supply chain to adapt to changes in demand; the ability to successfully introduce new products at the right time, price and mix; the ability of Agilent to successfully integrate recent acquisitions; the ability of Agilent to successfully comply with certain complex regulations; and other risks detailed in Agilent’s filings with the Securities and Exchange Commission, including our quarterly report on Form 10-Q for the first quarter ended January 31, 2018. Forward-looking statements are based on the beliefs and assumptions of Agilent’s management and on currently available information. Agilent undertakes no responsibility to publicly update or revise any forward-looking statement.
NOTE TO EDITORS: Further technology, corporate citizenship and executive news is available on the Agilent news site at www.agilent.com/go/news .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180507006000/en/
Agilent Technologies Inc.
EDITORIAL CONTACTS:
Victoria Wadsworth-Hansen, +1 408-553-2005
+ 45 29336980
[email protected]
or
Stefanie Notaney, +1 408-345-8955
[email protected]
or
INVESTOR CONTACT:
Alicia Rodriguez, +1 408-345-8948
[email protected]
Source: Agilent Technologies Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/business-wire-agilent-completes-acquisition-of-lasergen-inc.html |
CALGARY, Alberta, May 09, 2018 (GLOBE NEWSWIRE) -- Delphi Energy Corp. (“Delphi” or the “Company”) is pleased to announce its financial and operational results for the quarter ended March 31, 2018.
The first quarter of 2018 is characterized by several milestones. Successful delineation drilling into West Bigstone is driving field condensate production to record levels, with current condensate production up approximately 45 percent from one year ago. The recent integration of the Company’s under-utilized sweet non-Montney gathering and processing infrastructure into its Montney development will be instrumental in driving operating costs lower. These milestones combined with improving WTI oil and realized condensate prices, as well as advantaged natural gas marketing arrangements are all contributing to increasing netbacks.
First Quarter 2018 Highlights
Drilled four (2.6 net) successful wells and completed six (3.9 net) Montney wells in Bigstone;
Produced 9,515 barrels of oil equivalent per day (“boe/d”), a 16 percent increase from 8,198 boe/d in the first quarter of 2017;
Increased field condensate production by 27 percent to 2,472 barrels per day (“bbls/d”) and natural gas liquids (“NGLs”) by nine percent to 1,418 bbls/d in comparison to the first quarter of 2017;
Increased natural gas liquids and field condensate yields to 115 barrels per million cubic feet (“bbls/mmcf”), up six percent from the 109 bbls/mmcf in the comparative quarter of 2017 and up eleven percent from the 104 bbls/mmcf in the fourth quarter of 2017. Field and plant condensate yields are 83 bbls/mmcf, or 72 percent of the 115 bbls/mmcf;
Field condensate and natural gas liquids accounted for 65 percent of crude oil and natural gas revenues;
Realized a natural gas price before risk management contracts of $3.74 per thousand cubic feet (“mcf”) compared to an AECO price of $2.08 per mcf as a result of selling approximately 90 percent of our natural gas in Chicago, Illinois, via full-path transportation arrangements;
Added $1.25 per barrel of oil equivalent (“boe”) to cash netback from marketing income generated from excess firm Alliance transportation service; and
Cash netbacks per boe increased by 23 percent over the comparative quarter resulting in adjusted funds flow of $11.4 million, a 43 percent increase over the first quarter of 2017.
FINANCIAL AND OPERATIONAL HIGHLIGHTS Three months ended March 31 2018 2017 % Change Operating (boe conversion – 6:1 basis) Production: Field condensate (bbls/d) 2,472 1,940 27 Natural gas liquids (bbls/d) 1,418 1,302 9 Natural gas (mcf/d) 33,747 29,737 13 Total (Boe/d) 9,515 8,198 16 Financial ($ thousands, except per share) Oil and natural gas revenues 32,675 25,671 27 Net earnings (loss) (4,466 ) 8,156 (155 ) Per share – basic and diluted (0.02 ) 0.05 (140 ) Adjusted funds flow (1) 11,428 7,970 43 Per share – basic and diluted (1) 0.06 0.05 20 Net debt (1) 166,436 108,367 54 Capital expenditures, net of dispositions 41,165 30,055 37 Weighted average shares (000s) Basic 185,547 156,790 18 Diluted 185,547 159,775 16 Average realized sales prices, before financial instruments Field condensate ($/bbl) 69.97 60.85 15 Natural gas liquids ($/bbl) 43.93 32.23 36 Natural gas ($/mcf) 3.74 4.18 (11 ) Netbacks ($/boe) Crude oil and natural gas revenues 38.16 34.79 10 Marketing income (1) 1.25 - - Realized loss on financial instruments (2.87 ) (0.62 ) 363 Revenue, after realized financial instruments 36.54 34.17 7 Royalties (3.05 ) (3.26 ) (6 ) Operating expense (9.48 ) (8.80 ) 8 Transportation expense (5.46 ) (5.63 ) (3 ) Operating netback (1) 18.55 16.48 13 General and administrative expenses (1.63 ) (2.98 ) (45 ) Interest (3.38 ) (2.69 ) 26 Settlement of unutilized take-or-pay contract (0.19 ) - - Cash netback (1) 13.35 10.81 23 (1) Refer to non-GAAP measures
OPERATING AND FINANCIAL HIGHLIGHTS FOR THE QUARTER ENDED MARCH 31, 2018
Delphi completed a $41.2 million capital program in the first quarter of 2018, entirely focused on the Company’s Montney play at Bigstone. The capital program included $32.5 million for drilling four (2.6 net) wells, completing six (3.9 net) wells, equipping and bringing four (2.6 net) wells on production along with $8.2 million for facilities, including construction of the Company’s Phase 1 Amine project. Commissioning of the amine facility was completed in May and sweetened Montney gas has commenced delivery to the Bigstone gas plant where Delphi owns a 25 percent working interest.
Average production was 9,515 boe/d for the quarter, an increase of 16 percent over the corresponding period in 2017. Field condensate production in the first quarter was 2,472 bbls/d, an increase of 27 percent over the same period in 2017 and comprised 26 percent of production on a boe basis compared to 24 percent in the first quarter of 2017. The Company also produced 332 bbls/d of plant condensate, representing 23 percent of its reported 1,418 bbls/d of NGL production. While comprising 26 percent of production, field condensate generated 48 percent of crude oil and natural gas revenues. Similarly, field condensate and NGL production in the first quarter accounted for 41 percent of total production and 65 percent of crude oil and natural gas revenues.
Quarterly crude oil and natural gas revenues were $32.7 million, an increase of 27 percent over 2017 due to increased production and higher condensate and NGL realized prices.
The operating netback before hedging was $21.42 per boe in the quarter, an increase of 25 percent over the comparative quarter in 2017, while the corresponding cash netback was $16.22 per boe. After a hedging loss of $2.87 per boe, the operating and cash netbacks were $18.55 and $13.35 per boe, respectively. Quarterly adjusted funds flow increased 43 percent from the prior year to $11.4 million or $0.06 per basic and diluted share.
Bank debt at the end of the quarter was $45.7 million and outstanding letters of credit were $7.4 million, leaving $41.9 million available to be drawn on the Company’s senior bank credit facility.
NATURAL GAS MARKETING AND HEDGING
Delphi has a total of 57 million cubic feet per day (“mmcf/d”) of firm and priority interruptible service on the Alliance pipeline system and 24 mmcf/d of firm service on the NGTL pipeline system. In the first quarter, Delphi sold approximately 90 percent of its natural gas in the Chicago market via its firm service on Alliance and realized an average price of $3.74 per mcf compared to an AECO price of $2.08 per mcf. Delphi also generated $1.25 per boe of marketing income from the excess service it holds on Alliance through a combination of temporary assignment to other shippers at a premium over cost or through the purchase of natural gas in Alberta or British Columbia for sale in Chicago.
Natural gas volumes from the recently commissioned amine facility will initially be sold on the NGTL system and as a result the proportion of natural gas sales on the Alliance system will be reduced to approximately 80 percent. The net impact on adjusted funds flow will be positive as the lower realized natural gas price into the AECO market will be more than offset by lower transportation costs, higher marketing income from the increase in excess Alliance service and lower operating costs realized by sweetening gas and processing it at the Bigstone natural gas plant (25 percent Delphi) versus third-party processing. The Company will start shipping the amine sweetened gas volumes on Alliance once the reactivation of the Alliance lateral pipeline from the Bigstone natural gas plant is completed.
Approximately 70 percent of the expected Chicago sales volumes in the last nine months of 2018 are hedged with NYMEX Henry Hub gas swaps for an average of 19,788 million British thermal units per day (“mmbtu/d”) at an average price of US$3.03 or C$3.85 per million British thermal units (“mmbtu”), based on an exchange rate of 1.27 CAD per USD.
As a hedge to condensate and other natural gas liquids prices that are correlated to WTI crude oil prices, Delphi has an average of 2,233 bbls/d of WTI swaps in 2018 with an average fixed price of C$72.00 per barrel.
OPERATIONS UPDATE
Delphi completed six (3.9 net) wells in the first quarter of 2018 which, along with one (0.65 net) well completed in December 2017, resulted in seven (4.6 net) wells to be put on production in the first half of 2018. Four (2.6 net) of these wells were brought on production late in the first quarter of 2018. The full impact of these production additions will be realized in the second quarter. Since the end of the quarter, two (1.3 net) wells were brought on stream through the Company’s 7-11 compression, dehydration and new amine facility. In addition, the West Bigstone 16-10-60-24W5 well was brought on stream in May through the Company’s 100 percent owned Negus gas plant.
The Company’s recently commissioned Phase I Amine processing facility, capable of sweetening up to 17 mmcf/d of gross raw Montney natural gas, has commenced delivering sweetened Montney gas to the under-utilized 85 mmcf/d Bigstone sweet natural gas plant (Delphi 25 percent working interest) for final processing. The new facility will reduce operating costs on that production stream by approximately $0.80 per mcf. Corporately, operating cost savings of approximately $0.70 per boe are forecast. The amine facility is part of the Company’s long term strategy to diversify its processing options, which now include the SemCAMS K3 (sour), Repsol Edson (sour), Delphi Bigstone (sweet), and Delphi Negus (sweet) processing facilities.
The 15-19-59-23W5 well (“15-19”) drilled to evaluate Delphi’s central land block within the Bigstone Montney asset achieved an average production rate over the first 30 days on production of 1,828 boe/d (62 percent liquids). The average field condensate rate over this time period was 950 bbls/d, exceeding the previous two best condensate rates in section 21-60-23W5 by 27 percent. Over the first 60 days on production the 15-19 well has produced approximately 43,700 barrels of field condensate.
OUTLOOK AND 2018 GUIDANCE
The Company views the successful delineation drilling that is yielding higher field condensate to natural gas ratios as very positive with an expectation of continued margin growth and enhanced return on capital. In addition, utilizing Delphi’s existing 100 percent owned Negus sweet gathering and processing infrastructure along with the commissioning of the Phase I amine processing facility in East Bigstone fully integrates the Company’s overall infrastructure platform in the area resulting in material cost savings.
With all seven (4.6 net) new wells on production, Delphi looks to formalize its second half 2018 capital program later in the second quarter allowing time to evaluate production performance to best plan the second half of the 2018 drilling program. The Company anticipates starting the second half drilling program in July with two rigs offsetting the recent successes as well as further delineation drilling in West Bigstone.
Delphi’s previously announced production and adjusted funds flow guidance for the first half 2018 remain largely unchanged, with condensate yields trending higher than originally forecast. The following table highlights the major assumptions with respect to Delphi’s guidance for the first half of 2018 and the second quarter forecast.
2018 First
Half Guidance Q1 Actuals Q2 Forecast Net Capital Program ($ million) $38 - $45 $41.2 $5.5 - $6.0 Gross Well Count Drilled (net) 4 (2.6) 4 (2.6) 0 Gross Well Count On Production (net) 5 (3.3) – 7 (4.6) 4 (2.6) 3 (2.0)
2018 First
Half Guidance (1) Q1 Actuals Q2 Forecast (2) Average Production (boe/d) 9,800 – 10,200 9,515 10,600 – 11,000 Natural Gas (mmcf/d) 35.0 – 37.0 33.7 37.0 – 39.0 Field Condensate (bbls/d) 2,450 – 2,550 2,472 2,800 – 2,900 NGL’s (bbls/d) 1,470 – 1,530 1,418 1,550 – 1,650 Percent Liquids (%) 40 41 41 Adjusted Funds Flow (“AFF”) ($ million) $25.0 - $27.0 $11.4 $14.5 - $15.5 Operating Netback ($/boe, before hedging) $21.50 $21.42 $21.70 Cash Netback ($/boe) $14.25 $13.35 $15.10 Net Debt (3) ($ million) $149 –$154 $166.4 $156 –$158 Net Debt / AFF (annualized) 2.9 – 3.0 3.6 2.5 – 2.7 (1) Based on WTI crude oil price of $62 per barrel, NYMEX Henry Hub natural gas price of $2.80 per mmbtu and FX of 1.27 CAD per USD.
(2) Based on WTI crude oil price of $65 per barrel, NYMEX Henry Hub natural gas price of $2.80 per mmbtu and FX of 1.27 CAD per USD.
(3) Net debt is defined as the sum of bank debt, senior secured notes and the long term portion of unutilized take-or-pay contract plus (minus) the working capital deficit (surplus) excluding the current portion of the fair value of the financial instruments.
Delphi remains well positioned with a high quality resource base supported by strategic infrastructure and a large drilling inventory, a strategic “long Alliance Chicago” natural gas marketing strategy, and a strong commodity hedge position.
CONFERENCE CALL AND WEBCAST
A conference call and webcast to review 2018 first quarter results is scheduled for 9:00 a.m. Mountain Time (11:00 a.m. Eastern Time) on Thursday, May 10, 2018. The conference call number is 1-844-358-8760. A brief presentation by David J. Reid, President and CEO, and Mark Behrman, CFO will be followed by a question and answer period. The conference call will also be broadcast live on the internet and may be accessed through www.delphienergy.ca or by entering https://edge.media-server.com/m6/p/i56desa9 in your web browser.
A recorded rebroadcast will be archived and made available on the Company’s website at www.delphienergy.ca or by entering https://edge.media-server.com/m6/p/i56desa9 in your web browser. Delphi's first quarter 2018 financial statements and management’s discussion and analysis are available on the Company’s website at www.delphienergy.ca and SEDAR at www.SEDAR.com .
About Delphi Energy Corp.
Delphi Energy Corp. is an industry-leading producer of liquids-rich natural gas. The Company has achieved top decile results through the development of our high quality Montney property, uniquely positioned in the Deep Basin of Bigstone, in northwest Alberta. Delphi continues to outperform key industry players by improving operational efficiencies and growing our dominant Bigstone land position in this world-class play. Delphi is headquartered in Calgary, Alberta and trades on the Toronto Stock Exchange under the symbol DEE.
FOR FURTHER INFORMATION PLEASE CONTACT: DELPHI ENERGY CORP.
2300 - 333 – 7 th Avenue S.W.
Calgary, Alberta
T2P 2Z1 Telephone: (403) 265-6171 Facsimile: (403) 265-6207 Email: [email protected] Website: www.delphienergy.ca DAVID J. REID MARK D. BEHRMAN President & CEO CFO
Forward-Looking Statements . This news release contains forward-looking statements and forward-looking information within the meaning of applicable Canadian securities laws. These statements relate to future events or the Company’s future performance and are based upon the Company’s internal assumptions and expectations. All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of any of the words “expect”, “anticipate”, “continue”, “estimate”, “may”, “will”, “should”, “believe”, "intends”, “forecast”, “plans”, “guidance”, “budget” and similar expressions.
More particularly and without limitation, this release contains forward-looking statements and information relating to petroleum and natural gas production estimates and weighting, projected crude oil and natural gas prices, future exchange rates, expectations as to royalty rates, expectations as to transportation and operating costs, expectations as to general and administrative costs and interest expense, expectations as to capital expenditures and net debt, planned capital spending, future liquidity and Delphi’s ability to fund ongoing capital requirements through operating cash flows and its credit facilities, supply and demand fundamentals for oil and gas commodities, timing and success of development and exploitation activities, cash availability for the financing of capital expenditures, access to third-party infrastructure, treatment under governmental regulatory regimes and tax laws and future environmental regulations.
Furthermore, statements relating to “reserves” are deemed to be forward-looking statements as they involve the implied assessment, based on certain estimates and assumptions that the reserves described can be profitable in the future.
The forward-looking statements and information contained in this release are based on certain key expectations and assumptions made by Delphi. The following are certain material assumptions on which the forward-looking statements and information contained in this release are based: the stability of the global and national economic environment, the stability of and commercial acceptability of tax, royalty and regulatory regimes applicable to Delphi, exploitation and development activities being consistent with management’s expectations, production levels of Delphi being consistent with management’s expectations, the absence of significant project delays, the stability of oil and gas prices, the absence of significant fluctuations in foreign exchange rates and interest rates, the stability of costs of oil and gas development and production in Western Canada, including operating costs, the timing and size of development plans and capital expenditures, availability of third party infrastructure for transportation, processing or marketing of oil and natural gas volumes, prices and availability of oilfield services and equipment being consistent with management’s expectations, the availability of, and competition for, among other things, pipeline capacity, skilled personnel and drilling and related services and equipment, results of development and exploitation activities that are consistent with management’s expectations, weather affecting Delphi’s ability to develop and produce as expected, contracted parties providing goods and services on the agreed timeframes, Delphi’s ability to manage environmental risks and hazards and the cost of complying with environmental regulations, the accuracy of operating cost estimates, the accurate estimation of oil and gas reserves, future exploitation, development and production results and Delphi’s ability to market oil and natural gas successfully to current and new customers. Additionally, estimates as to expected average annual production rates assume that no unexpected outages occur in the infrastructure that the Company relies on to produce its wells, that existing wells continue to meet production expectations and any future wells scheduled to come on in the coming year meet timing and production expectations.
Commodity prices used in the determination of forecast revenues are based upon general economic conditions, commodity supply and demand forecasts and publicly available price forecasts. The Company continually monitors its forecast assumptions to ensure the stakeholders are informed of material variances from previously communicated expectations.
Financial outlook information contained in this release about prospective results of operations, financial position or cash flows is based on assumptions about future events, including economic conditions and proposed courses of action, based on management’s assessment of the relevant information currently available. Readers are cautioned that such financial outlook information contained in this release should not be used for purposes other than for which it is disclosed.
Although the Company believes that the expectations reflected in such forward-looking statements and information are reasonable, it can give no assurance that such expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent known and unknown risks and uncertainties. Delphi’s actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits Delphi will derive therefrom. Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the risks associated with the oil and gas industry in general such as operational risks in development, exploration and production, delays or changes in plans with respect to exploration or development projects or capital expenditures, the uncertainty of estimates and projections relating to production rates, costs and expenses, commodity price and exchange rate fluctuations, marketing and transportation, environmental risks, competition from others for scarce resources, the ability to access sufficient capital from internal and external sources, changes in governmental regulation of the oil and gas industry and changes in tax, royalty and environmental legislation. Additional information on these and other factors that could affect the Company’s operations or financial results are included in the Company’s most recent Annual Information Form and other reports on file with the applicable securities regulatory authorities and may be accessed through the SEDAR website ( www.sedar.com ).
Readers are cautioned that the foregoing list of factors is not exhaustive. Furthermore, the forward-looking statements contained in this release are made as of the date of this release for the purpose of providing the readers with the Company’s expectations for the coming year. The forward-looking statements and information may not be appropriate for other purposes. Delphi undertakes no obligation 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. The forward-looking statements contained in this release are expressly qualified in their entirety by this cautionary statement.
Basis of Presentation . For the purpose of reporting production information, reserves and calculating unit prices and costs, natural gas volumes have been converted to a barrel of oil equivalent (boe) using six thousand cubic feet equal to one barrel. A boe conversion ratio of 6:1 is based upon an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. This conversion conforms to the Canadian Securities Administrators’ National Instrument 51-101 when boes are disclosed. Boes may be misleading, particularly if used in isolation.
As per CSA Staff Notice 51-327 initial test results and initial production performance should be considered preliminary data and such data is not necessarily indicative of long-term performance or of ultimate recovery. “IP” is an abbreviation for “Initial Production” and represents average production rates over the indicated time period in producing days.
Non-GAAP Measures . The release contains the terms “adjusted funds flow”, “adjusted funds flow per share”, “net debt”, “net debt to adjusted funds flow ratio”, “marketing income”, “operating netbacks”, “cash netbacks,” and “netbacks” which are not recognized measures under GAAP. The Company uses these measures to help evaluate its performance. Management considers netbacks an important measure as it demonstrates its profitability relative to current commodity prices and costs of production. Management uses adjusted funds flow to analyze performance and considers it a key measure as it demonstrates the Company’s ability to generate the cash necessary to fund future capital investments, abandonment obligations and to repay debt. Adjusted funds flow is a non-GAAP measure and has been defined by the Company as cash flow from operating activities before decommissioning expenditures and changes in non-cash working capital from operating activities. The Company also presents adjusted funds flow per share whereby amounts per share are calculated using weighted average shares outstanding consistent with the calculation of earnings per share. Delphi’s determination of adjusted funds flow may not be comparable to that reported by other companies nor should it be viewed as an alternative to cash flow from operating activities, net earnings or other measures of financial performance calculated in accordance with GAAP. The Company has defined net debt as the sum of bank debt, senior secured notes and the long term portion of unutilized take-or-pay contract plus/minus working capital deficit/surplus excluding the current portion of the fair value of financial instruments. Net debt is used by management to monitor remaining availability under its credit facilities. Marketing income is defined as the margin earned on the sale of purchased third party natural gas volumes and premiums received on the assignment of a portion of committed capacity on the Alliance pipeline system to a third party. Management considers marketing income important measures of the Company’s ability to mitigate the cost of excess committed capacity. Operating netbacks have been defined as revenue plus marketing income less royalties, transportation and operating costs. Cash netbacks have been defined as operating netbacks less interest on bank debt and senior secured notes, general and administrative costs and cash costs related to the Company’s restricted share units. Netbacks are generally discussed and presented on a per boe basis.
Source: Delphi Energy Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/globe-newswire-delphi-energy-corp-reports-first-quarter-2018-results.html |
OTTAWA, May 10, 2018 /PRNewswire/ - Quarterhill Inc. ("Quarterhill" or the "Company") (TSX: QTRH) (NASDAQ: QTRH), announces its financial results for the three-month period ended March 31, 2018. All financial information in this press release is reported in U.S. dollars, unless otherwise indicated.
First quarter 2018 Highlights
Revenue of $12.0 million Recurring revenues of $4.2 million, representing 35% of total revenue Adjusted EBITDA* of ($7.3) million Net loss of $12.0 million, or $0.10 per common share Hired Russ Stuebing as SVP, Corporate Development, and Neil Urquhart as SVP, Human Resources, to enhance acquisition capabilities
"Financial results in Q1 reflect the variability inherent with WiLAN, our patent license business, and point to the rationale for launching our diversification strategy in 2017," said Doug Parker, President and CEO of Quarterhill. "While we know the variability can also help this business, as it did in Q3 of last year, as we've stated in the past, WiLAN's performance is best judged over a longer period of time as opposed to quarter-to-quarter, and this was true once again in Q1. WiLAN has an active pipeline of license opportunities with a significant number of ongoing litigations, including multiple at the trial stage, but we will continue to be patient in our negotiations and will only settle when we believe we are being offered fair value for our patents."
"With IRD and VIZIYA, the first quarter of the calendar year is typically a seasonally slower period for both businesses and this was reflected in our Q1 results. In each case, we had a number of new wins in the quarter, saw continued expansion in both of their respective sales pipelines and we expect improvement as the year progresses with the results from both companies."
"Our broader vision for Quarterhill is to create substantial value by acquiring, integrating and building companies in the tech sector where we believe we can capitalize on permanent consolidation and convergence trends. We believe there is an established playbook for the type of software-focused M&A strategy we are pursuing that if well executed has been shown to deliver attractive returns to shareholders. Our priorities for 2018 include enhancing performance from our existing portfolio of companies as well as deploying capital on acquisitions. With a growing M&A pipeline and the recent addition of senior resources to our deal team, we expect to invest capital in 2018 but will remain patient and disciplined in our approach and focus only on those acquisition opportunities that meet our strict criteria."
Approval of Eligible Dividend
The Board of Directors has declared an eligible quarterly dividend of CDN $0.0125 per common share payable on July 6, 2018, to shareholders of record on June 15, 2018.
Business Strategy and Segments
Our acquisition strategy focuses primarily on financial metrics while remaining cognizant of broader technology and market trends as we build a portfolio of businesses that are characterized as having recurring revenue, free cash flow and profitable growth potential. Driven by the execution of a proven and disciplined acquisition strategy, we seek to enable shareholders to benefit from consolidation and convergence trends in today's technology industry. As of March 31, 2018, the Company had investments in three segments: Technology (WiLAN); Mobility (IRD); and Factory (VIZIYA).
Q1 Fiscal 2018 Consolidated Financial Review
Quarterhill's consolidated financial results for Q1 fiscal 2018 include a full contribution from Wi‑LAN Inc. ("WiLAN"), International Road Dynamics Inc. ("IRD") and VIZIYA Corp ("VIZIYA"). The 2017 comparative period information presented represents solely WiLAN's results for the specified period. Certain comparative information has been restated to conform to the new basis of presentation.
Consolidated revenues for the three months ended March 31, 2018 were $12.0 million, compared to $7.6 million, representing growth of 58% over the same period last year. The year-over-year increase was due to the Company's diversification strategy and the inclusion of the operations of IRD and VIZIYA, which were acquired in Q2 2017.
Gross margin for the three months ended March 31, 2018 was $0.3 million, or 2.5%, compared to $0.2 million, or 2.6%, in the same period last year. In Q1 2018, positive gross margin from IRD and VIZIYA was mostly offset by negative gross margin at WiLAN.
Operating expenses include selling, general and administrative costs, research and development costs, depreciation and amortization of intangible assets. Operating expenses for the three months ended March 31, 2018 were $15.1 million, compared to $7.8 million in the same period last year. Operating expenses increased quarter-over-quarter due to the addition of the IRD and VIZIYA operations.
Adjusted EBITDA for the three months ended March 31, 2018 was ($7.3) million compared to ($2.2) million in the same period last year. The year-over-year increase in Adjusted EBITDA loss is primarily due to lower revenue from WiLAN and an Adjusted EBITDA loss in the operations of IRD resulting from lower project specific revenues. The operations of IRD are seasonal and the first quarter is generally the weakest quarter within a year. VIZIYA generated positive Adjusted EB ITDA of $0.7 million in the quarter representing a margin of 25%.
Net loss for the three months ended March 31, 2018 was ($12.0) million, or ($0.10) per basic and diluted Common Share, compared to net loss of ($7.2) million, or ($0.06) per basic and diluted Common Share, in the same period last year. Net loss in Q1 2018 increased compared to the same period last year primarily due to lower quarter-over-quarter revenue from WiLAN and a net loss from IRD.
Cash generated from operations for the three months ended March 31, 2018 was ($6.5) million, compared to $8.4 million in the same period last year. The difference in cash from operations was primarily impacted by the timing of collections for certain receivables in Q1 2017, which led to a significant change in non-cash working capital balances quarter-over-quarter. Cash and cash equivalents and short-term investments amounted to $75.1 million at March 31, 2018, compared to $86.6 million at December 31, 2017.
The table below highlights financial performance for the Company's Technology, Mobility and Factory segments. For detailed results and discussion related to these segments, please refer to the Management's Discussion and Analysis document, which will be filed on SEDAR and at www.quarterhill.com in the investor section.
For the three months ended March 31, 2018
Technology
Mobility
Factory
Corporate
Total
Revenues
$
1,767
$
7,412
$
2,830
$
-
$
12,009
Cost of revenues (excluding depreciation and amortization)
5,905
5,498
331
-
11,734
(4,138)
1,914
2,499
-
275
Selling, general and administrative
631
2,573
1,569
2,280
7,053
Research and development
-
549
390
-
939
Depreciation of property, plant and equipment
75
290
29
1
395
Amortization of intangibles
5,002
992
757
-
6,751
Results from operations
(9,846)
(2,490)
(246)
(2,281)
(14,863)
Finance income
-
(1)
-
(190)
(191)
Finance expense
-
36
3
-
39
Foreign exchange loss (gain)
300
(148)
(9)
(273)
(130)
Other expense (income)
-
(250)
(77)
-
(327)
Income (loss) before taxes
(10,146)
(2,127)
(163)
(1,818)
(14,254)
Current income tax expense (recovery)
104
9
(434)
-
(321)
Deferred income tax expense (recovery)
(1,403)
(568)
(238)
321
(1,888)
Income tax expense (recovery)
(1,299)
(559)
(672)
321
(2,209)
Net income (loss)
$
(8,847)
$
(1,568)
$
509
$
(2,139)
$
(12,045)
Adjusted EBITDA
(4,763)
(1,037)
667
(2,204)
(7,337)
Other reconciling items:
Effect of deleted deferred revenue
-
97
127
-
224
Stock-based compensation
6
74
-
76
156
For the three
months ended
March 31,
2017
Technology
Revenues
$
7,578
Cost of revenues (excluding depreciation and amortization)
7,394
184
Selling, general and administrative
2,402
Depreciation of property, plant and equipment
91
Amortization of intangibles
5,303
Results from operations
(7,612)
Finance income
(218)
Foreign exchange loss (gain)
(285)
Income (loss) before taxes
(7,109)
Current income tax expense (recovery)
743
Deferred income tax expense (recovery)
(623)
Income tax expense (recovery)
120
Net loss
$
(7,229)
Adjusted EBITDA
(2,187)
Other reconciling items:
Stock-based compensation
31
Conference Call and Webcast
Quarterhill will host a conference call to discuss its financial results today at 10:00 AM Eastern Time.
Webcast Information
The live audio webcast will be available at: https://event.on24.com/wcc/r/1665412/0B32B4E32C27AB7B8AD1FA1DE90AED24 .
Dial-in Information
To access the call from Canada and U.S., dial 1.888.231.8191 (Toll Free) To access the call from other locations, dial 1.647.427.7450 (International)
Replay Information
Webcast replay will be available for 90 days at: https://event.on24.com/wcc/r/1665412/0B32B4E32C27AB7B8AD1FA1DE90AED24 .
Telephone replay will be available from 1:00 PM ET on May 10, 2018 until 11:59 PM ET on May 17, 2018 at: 1.855.859.2056 (Toll Free) or 1.416.849.0833 (International). The telephone replay requires the passcode 3857547.
Non-GAAP Disclosure*
Quarterhill follows U.S. GAAP in preparing its interim and annual financial statements. We use the term "Adjusted EBITDA" to mean net income from continuing operations before: (i) income taxes; (ii) finance expense or income; (iii) amortization and impairment of intangibles; (iv) special charges and other one-time items; (v) depreciation of property, plant and equipment; (vi) effects of deleted deferred revenue; (vii) the effects of fair value step up in inventory acquired; (viii) stock based compensation; (ix) foreign exchange (gain) loss; and * equity in earnings and dividends from joint ventures. Adjusted EBITDA is used by Quarterhill management to assess our normalized cash generated on a consolidated basis and in our operating segments. Adjusted EBITDA is also a performance measure that may be used by investors to analyze the cash generated by Quarterhill and our operating segments. ADJUSTED EBITDA IS NOT A MEASURE OF FINANCIAL PERFORMANCE UNDER U.S. GAAP. IT DOES NOT HAVE ANY STANDARDIZED MEANING PRESCRIBED BY U.S. GAAP AND IS THEREFORE UNLIKELY TO BE COMPARABLE TO SIMILARLY TITLED MEASURES USED BY OTHER COMPANIES. ADJUSTED EBITDA SHOULD NOT BE INTERPRETED AS AN ALTERNATIVE TO NET EARNINGS AND CASH FLOWS FROM OPERATIONS AS DETERMINED IN ACCORDANCE WITH U.S. GAAP OR AS A MEASURE OF LIQUIDITY.
About Quarterhill
Quarterhill is focused on the disciplined acquisition, management and growth of companies in dedicated technology areas including, vertical market software and solutions, intelligent industrial systems, and innovation and licensing. Quarterhill's emphasis is on seeking out acquisition opportunities at reasonable valuations that provide a foundation for recurring revenues, predictable cash flows and margins, profitable growth, intimate customer relationships and dedicated management teams. Quarterhill is listed on the TSX and NASDAQ under the symbol QTRH. For more information: www.quarterhill.com .
Forward-looking Information
This news release contains forward-looking statements and forward-looking information within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and other United States and Canadian securities laws. Forward-looking statements and forward-looking information are based on estimates and assumptions made by Quarterhill in light of its experience and its perception of historical trends, current conditions, expected future developments and the expected effects of new business strategies, as well as other factors that Quarterhill believes are appropriate in the circumstances. Many factors could cause Quarterhill's actual performance or achievements to differ materially from those expressed or implied by the forward-looking statements or forward-looking information. Such factors include, without limitation, the risks described in Quarterhill's March 1, 2018 annual information form for the year ended December 31, 2017 (the "AIF"). Copies of the AIF may be obtained at www.sedar.com or www.sec.gov . Quarterhill recommends that readers review and consider all of these risk factors and notes that readers should not place undue reliance on any of Quarterhill's forward-looking statements. Quarterhill has no intention, and undertakes no obligation, to update or revise any forward-looking statements or forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
All trademarks and brands mentioned in this release are the property of their respective owners.
Quarterhill Inc.
Condensed Consolidated Interim Statements of Operations
(Unaudited)
(in thousands of United States dollars, except share and per share amounts)
For the three months ended,
March 31, 2018
March 31, 2017
Revenues
$
12,009
$
7,578
Cost of revenues (excluding depreciation and amortization)
11,734
7,394
275
184
Operating expenses
Selling, general and administrative
7,053
2,402
Research and development
939
-
Depreciation of property, plant and equipment
395
91
Amortization of intangibles
6,751
5,303
15,138
7,796
Results from operations
(14,863)
(7,612)
Finance income
(191)
(218)
Finance expense
39
-
Foreign exchange loss
(130)
(285)
Other income
(327)
-
Loss before taxes
(14,254)
(7,109)
Current income tax expense (recovery)
(321)
743
Deferred income tax recovery
(1,888)
(623)
Income tax expense (recovery)
(2,209)
120
Net loss
$
(12,045)
$
(7,229)
Net loss per share
Basic and fully diluted
$
(0.10)
$
(0.06)
Weighted average number of common shares
Basic
118,658,249
118,572,181
Fully diluted
118,658,249
118,572,181
Quarterhill Inc.
Supplemental Condensed Consolidated Interim Statements of Operations Information
(Unaudited)
(in thousands of United States dollars)
For the three months ended,
March 31, 2018
March 31, 2017
Revenues
License
$
2,493
$
6,991
Systems
4,693
-
Services
653
-
Recurring
4,170
587
Total revenues
$
12,009
$
7,578
Cost of revenues (excluding depreciation and amortization)
License
$
5,931
$
7,394
Systems
3,466
-
Services
305
-
Recurring
2,032
-
Total cost of revenues
$
11,734
$
7,394
Quarterhill Inc.
Condensed Consolidated Interim Statements of Comprehensive Income
(Unaudited)
(in thousands of United States dollars)
For the three months ended,
March 31, 2018
March 31, 2017
Net loss
$
(12,045)
$
(7,229)
Other comprehensive income (loss):
Foreign currency translation adjustment
(790)
-
Comprehensive loss
$
(12,835)
$
(7,229)
Quarterhill Inc.
Condensed Consolidated Interim Balance Sheets
(Unaudited)
(in thousands of United States dollars)
As at
March 31, 2018
December 31, 2017
Current assets
Cash and cash equivalents
$
70,419
$
81,818
Short-term investments
1,202
1,236
Restricted Short-term investments
3,500
3,500
Accounts receivable
15,305
19,298
Other current assets
12
13
Unbilled revenue
7,154
3,045
Income taxes receivable
150
144
Inventories
5,265
5,083
Prepaid expenses and deposits
3,683
4,129
106,690
118,266
Non-current assets
Property, plant and equipment
3,467
3,801
Intangible assets
107,705
114,944
Investment in joint venture
3,902
3,383
Deferred income tax assets
23,611
20,195
Goodwill
42,133
42,587
TOTAL ASSETS
$
287,508
$
303,176
Liabilities
Current liabilities
Bank indebtedness
$
1,511
$
3,568
Accounts payable and accrued liabilities
14,683
20,487
Income taxes payable
12
599
Patent finance obligation
2,742
4,090
Current portion of deferred revenue
7,549
6,733
Current portion of long-term debt
120
115
26,617
35,592
Non-current liabilities
Contingent consideration
4,474
4,474
Deferred revenue
851
884
Long-term debt
381
401
Deferred income tax liabilities
7,280
7,291
TOTAL LIABILITIES
39,603
48,642
Shareholders' equity
Capital stock
418,873
418,873
Additional paid-in capital
22,645
22,489
Accumulated other comprehensive income
19,321
20,111
Deficit
(212,934)
(206,939)
247,905
254,534
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
$
287,508
$
303,176
Quarterhill Inc.
Condensed Consolidated Interim Statements of Cash Flows
(Unaudited)
(in thousands of United States dollars)
For the three months ended,
March 31, 2018
March 31, 2017
Cash generated from (used in):
Operations
Net loss
$
(12,045)
$
(7,229)
Non-cash items
Stock-based compensation
156
31
Depreciation and amortization
7,146
5,394
Foreign exchange loss (gain)
78
(47)
Equity in earnings from joint venture
(250)
-
Loss (gain) on disposal of assets
1
-
Deferred income tax expense (recovery)
(1,888)
(623)
Accrued investment income
-
(76)
Embedded derivatives
2
-
Changes in non-cash working capital balances
261
10,929
Cash generated from (used in) operations
(6,539)
8,379
Financing
Dividends paid
(1,171)
(1,129)
Bank indebtedness
(2,057)
-
Repayment of long-term debt
(15)
-
Cash used in financing
(3,243)
(1,129)
Investing
Purchase of restricted short-term investments
-
(3,500)
Proceeds from sale of property, plant and equipment
11
-
Purchase of property and equipment
(123)
(7)
Repayment of patent finance obligations
(1,390)
(1,389)
Purchase of intangibles
(40)
-
Cash used in investing
(1,542)
(4,896)
Foreign exchange gain (loss) on cash held in foreign currency
(75)
36
Net increase (decrease) in cash and cash equivalents
(11,399)
2,390
Cash and cash equivalents, beginning of period
81,818
106,553
Cash and cash equivalents, end of period
$
70,419
$
108,943
Quarterhill Inc.
Condensed Consolidated Interim Statements of Shareholders' Equity
(Unaudited)
(in thousands of United States dollars)
Capital Stock
Additional
paid in Capital
Accumulated
Other
Comprehensive
Income
Deficit
Total Equity
Balance - January 1, 2017
$
419,485
$
21,036
$
16,225
$
(212,602)
$
244,144
Comprehensive loss:
Net loss
-
-
-
(7,229)
(7,229)
Shares and options issued:
Stock-based compensation expense
-
31
-
-
31
Dividends declared
-
-
-
(1,138)
(1,138)
Balance - March 31, 2017
$
419,485
$
21,067
$
16,225
$
(220,969)
$
235,808
Balance - January 1, 2018
$
418,873
$
22,489
$
20,111
$
(206,939)
$
254,534
Adoption of ASU 2014-09
-
-
-
4,272
4,272
Adoption of ASU 2016-16
-
-
-
2,949
2,949
Balance January 1, 2018, revised
418,873
22,489
20,111
(199,718)
261,755
Comprehensive loss:
Net loss
-
-
-
(12,045)
(12,045)
Other comprehensive loss
-
-
(790)
-
(790)
Shares and options issued:
Stock-based compensation expense
-
156
-
-
156
Dividends declared
-
-
-
(1,171)
(1,171)
Balance - March 31, 2018
$
418,873
$
22,645
$
19,321
$
(212,934)
$
247,905
Quarterhill Inc.
Reconciliations of GAAP Net Loss to Adjusted EBITDA
(Unaudited)
(in thousands of United States dollars, except share and per share amounts)
For the three months ended,
Adjusted EBITDA
March 31, 2018
March 31, 2017
Net loss
$
(12,045)
$
(7,229)
Adjusted for:
Income tax expense (recovery)
(2,209)
120
Foreign exchange gain
(130)
(285)
Finance expense
39
-
Finance income
(191)
(218)
Amortization of intangibles
6,751
5,303
Depreciation of property, plant and equipment
395
91
Effect of deleted deferred revenue
224
-
Stock-based compensation
156
31
Other income
(327)
-
Adjusted EBITDA
$
(7,337)
$
(2,187)
Adjusted EBITDA per share
Net loss
$
(0.10)
$
(0.06)
Adjusted for:
Income tax expense (recovery)
(0.02)
-
Foreign exchange gain
-
-
Finance expense
-
-
Finance income
-
-
Amortization of intangibles
0.06
0.04
Depreciation of property, plant and equipment
-
-
Effect of deleted deferred revenue
-
-
Stock-based compensation
-
-
Other income
-
-
Adjusted EBITDA per share
$
(0.06)
$
(0.02)
Weighted average number of Common Shares
Basic
118,658,249
118,572,181
View original content: http://www.prnewswire.com/news-releases/quarterhill-announces-first-quarter-2018-financial-results-300646212.html
SOURCE Quarterhill Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/pr-newswire-quarterhill-announces-first-quarter-2018-financial-results.html |
May 4 (Reuters) - Raisio Oyj:
* Q1 NET SALES EUR 67.8 MILLION VERSUS EUR 69.3 MILLION YEAR AGO
* Q1 GROUP’S COMPARABLE EBIT WAS EUR 7.4 (7.8) MILLION
* IN TERMS OF EBIT, FULL-YEAR OUTLOOK REMAINS UNCHANGED
* EXPECTS NET SALES OF GROUP’S CONTINUING OPERATIONS TO BE APPROXIMATELY AT 2017 LEVEL Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-raisio-q1-comparable-ebit-down-at/brief-raisio-q1-comparable-ebit-down-at-eur-7-4-million-idUSFWN1SA1IZ |
PARIS, France, May 23, 2018: EURO Ressources S.A. ("EURO" or "the Company") (Paris: EUR) reports effective May 23, 2018, the board of directors was re-elected at the annual ordinary general meeting of shareholders held May 23, 2018. Mr. David Watkins was reappointed as Chairman of the board of directors of EURO by the board of directors.
As well, EURO reports that the annual ordinary general meeting of shareholders held May 23, 2018 has determined that a dividend in the amount of €0.15 per ordinary share will be paid to the Company's shareholders. The ex-dividend date will be June 12, 2018, the dividend record date will be June 13, 2018, and the dividend payment date will be on June 14, 2018.
About EURO
EURO is a French company whose principal asset is a royalty payable by IAMGOLD Corporation ("IAMGOLD") related to the gold production of the Rosebel gold mine in Suriname (the "Rosebel royalty"). The Rosebel gold mine is 95%-owned by IAMGOLD, and it is operated by IAMGOLD. EURO has approximately 62.5 million shares outstanding. IAMGOLD France S.A.S., an indirect wholly owned subsidiary of IAMGOLD, owned approximately 89.71% of all issued and outstanding shares of EURO at May 23, 2018.
Additional information relating to EURO Ressources S.A. is available under EURO's issuer profile on SEDAR at www.sedar.com . Requests for further information should be addressed to:
Benjamin Little
Directeur-Général
Tel: +1 416 933 4954
Email: [email protected] Line Lacroix
Directeur-Général Délégué
Tel: +1 450 677 2056
Email : [email protected] Attachment
Appointment of the chairman of th BOD and declaration of dividend.pdf
Source: Euro Ressources | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/globe-newswire-euro-ressources-appointment-of-the-chairman-of-the-board-of-directors-and-declaration-of-dividend.html |
ST. PAUL, Minn., May 29, 2018 /PRNewswire/ -- Ergotron creates innovations that improve how people interact with technology, helping them to feel healthier and be more productive. To continue to meet the needs of its customers and fuel growth ahead of the next wave of technology innovation, the company today announced the addition of several new corporate leaders focused on product development, marketing and technology.
"Ergotron pioneered the sit-stand movement, which has continued to gain popularity over the past several years," said Pete Segar, CEO of Ergotron. "To accelerate our growth and provide more innovative solutions for our customers, it is critical to invest in the leadership of our teams. This group brings the fresh perspective and broad experience we need to continue innovating across all areas of our business."
Ergotron welcomes three key executive hires to the organization:
Charles S. Christ Jr., Ph.D., Chief Technology Officer and SVP of Product Development : Leveraging his expertise in technology, materials and product development, Christ will build the future vision for Ergotron products and technology with the goal of improving how Ergotron's customers work and learn, and interact with technology. Christ previously held leadership positions at Donaldson Company Inc. and Kodak, and received a doctorate in chemistry from University of Florida and completed post-doctoral work at MIT.
David Denham, VP of Global Marketing : With more than 15 years of experience leading consulting and advertising agencies, David Denham will manage and evolve Ergotron's global brand and digital marketing strategy to position the company for future growth. Prior to joining Ergotron, Denham served in agency leadership roles at Peterson Milla Hooks (PMH), space150 and Colle McVoy and has worked with a variety of consumer brands including Indian Motorcycle, Sleep Number, Cannondale, PepsiCo and Sony Electronics.
Jim Orrock, VP of Product Development : Jim Orrock brings decades of experience in developing devices for a variety of markets and a strong systems background to his global responsibility for all product management operations. Orrock's previous experience includes research and development at Honeywell, engineering roles at FSI International, Physical Electronics and ReVera. Most recently, at Stratasys, he was responsible for the vision and strategy for new products targeted at end-use part manufacturing applications in aerospace and auto markets.
To learn more about Ergotron, visit Ergotron.com or call 800.888.8458.
About Ergotron
Ergotron, Inc. is a global design and manufacturing leader of leading digital display mounting, furniture, and mobility products that have been improving the human interface with digital displays for 35 years. This history of innovation and passion for differentiation is evidenced in over 192 patents and a growing portfolio of award winning brands— WorkFit®, LearnFit®, StyleView®, TeachWell®, Neo-Flex®, Anthro and OmniMount®—for computer monitors, notebooks, tablets, flat panel displays and TVs. Ergotron's products incorporate patented CF™ lift and pivot motion technology to achieve less effort and more ergonomic motion for a healthier and more interactive user experience when viewing any digital display. Ergotron is headquartered in Saint Paul, Minnesota, with global sales presence in North America, Europe and Asia Pacific.
View original content with multimedia: http://www.prnewswire.com/news-releases/ergotron-announces-strategic-new-hires-to-fuel-growth--innovation-300655285.html
SOURCE Ergotron, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/29/pr-newswire-ergotron-announces-strategic-new-hires-to-fuel-growth-innovation.html |
May 29, 2018 / 8:18 PM / Updated an hour ago Rolls-Royce says tripling capacity to fix Trent 1000 engine problems Reuters Staff 1 Min Read
LONDON (Reuters) - Britain’s Rolls-Royce ( RR.L ) said on Tuesday it was tripling capacity to fix problems with its Trent 1000 engines that have left some of Boeing’s ( BA.N ) 787 Dreamliner planes grounded. FILE PHOTO: A view of one of two Rolls Royce Trent 1000 engines on a Boeing 787 Dreamliner during a media tour ahead of the Singapore Airshow on February 12, 2012. REUTERS/Edgar Su/File Photo
Rolls-Royce will set out full details on how it intends to speed up necessary inspections and repairs on Wednesday, a spokesman for the engine manufacturer said, confirming a development first reported by the Financial Times.
Turbine blades in the Trent 1000 package C engines are not lasting as long as expected, requiring extra inspections and meaning airlines are having to ground some aircraft.
Air New Zealand and Virgin Atlantic are among the airlines affected. Reporting by Sarah Young, writing by David Milliken, Editing by Robin Pomeroy | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-rolls-royce-hldg-trent1000/rolls-royce-says-tripling-capacity-to-fix-trent-1000-engine-problems-idUKKCN1IU2NE |
JERSEY CITY, N.J., May 04, 2018 (GLOBE NEWSWIRE) -- SITO Mobile, Ltd. (SITO) (“SITO” or the “Company”), the Consumer Behavior and Location Sciences™ company, announced today that the Company has scheduled a conference call for 4:30 p.m. Eastern Time (ET) on Monday, May 14, 2018, to review financial results for its first quarter ended March 31, 2018.
Conference call information:
Date: Monday, May 14, 2018
Time: 4:30 p.m. Eastern Time (ET)
Dial in Number for U.S. & Canadian Callers: 877-407-8293
Dial in Number for International Callers (Outside U.S. & Canada): 201-689-8349
The conference call will also be webcasted live on the Investor Relations section of SITO’s IR web site at http://ir.sitomobile.com/ir-calendar .
Participating on the call will be SITO Mobile's Chief Executive Officer, Thomas Pallack; Chief Financial Officer, Mark Del Priore and Chief Operating Officer, Bill Seagrave. The Company plans to issue an earnings release prior to the call. To join the live conference call, please dial into the above referenced telephone numbers five minutes prior to the scheduled conference call time.
A replay will be available for 2 weeks starting on May 14, 2018 at approximately 8:00 p.m. ET. To access the replay, please dial 877-660-6853 in the U.S. and 201-612-7415 for international callers. The conference ID# is 13679842.
About SITO Mobile, Ltd.
SITO is a leading mobile data technology company that provides brands customized, data-driven solutions spanning strategic insights and media campaign delivery services. Through Consumer Behavior and Location Sciences™, SITO explores the consumer journey and presents powerful strategic knowledge assets and actionable insights for executives and strategic decision makers looking to understand and influence consumer behaviors.
Brands and agencies rely on SITO as a strategic partner for real-time understandings of customer movements, interests, actions, associations, and experiences, ultimately providing increased clarity for better business decisions. The Company is headquartered in Jersey City, New Jersey and its common stock is publicly traded on the NASDAQ Stock Market under the ticker symbol “SITO.” For more information regarding SITO’s science, technology and solutions spanning media and research, please visit www.sitomobile.com .
Contact:
Investor Relations
Rob Fink
Hayden IR
Phone: 646.415.8972
Email: [email protected]
Source:SITO Mobile, Ltd. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/04/globe-newswire-sito-mobile-schedules-conference-call-to-discuss-first-quarter-2018-financial-results.html |
May 24, 2018 / 12:33 PM / in 44 minutes Tight supply weighs on U.S. home sales; job market strengthening Lucia Mutikani 5 Min Read
WASHINGTON (Reuters) - U.S. home sales tumbled in April as an acute shortage of properties limited choices for potential buyers, the latest sign that the housing market was struggling to regain momentum. FILE PHOTO: A 'House For Sale' sign is seen outside a single family house in Uniondale, New York, U.S., May 23, 2016. REUTERS/Shannon Stapleton/File Photo
While other data on Thursday showed an increase in the number of Americans filing for unemployment benefits last week, the trend in claims continued to point to a tightening labor market. A robust labor market is fueling demand for housing.
The National Association of Realtors said existing home sales fell 2.5 percent to a seasonally adjusted annual rate of 5.46 million units last month. The NAR attributed April’s weak sales to an “utter lack of available listings on the market to meet the strong demand for buying a home.”
Economists polled by Reuters had forecast existing home sales, which account for about 90 percent of U.S. home sales, declining only 0.2 percent last month. April’s drop followed two straight monthly increases.
Sales fell 1.4 percent on a year-on-year basis in April.
While the number of previously owned homes on the market increased 9.8 percent from the prior month to 1.80 million units in April, housing inventory was down 6.3 percent from a year ago. Supply has declined for 35 straight months on a year-on-year basis.
Houses for sale typically stayed on the market for 26 days in April, the fewest since the NAR started tracking the series in May 2011. That was down from 30 days in March and 29 days a year ago. Fifty-seven percent of homes sold in April were on the market for less than a month.
With inventory tight, the median house price increased 5.3 percent from a year ago to $257,900 in April. That was the 74th consecutive month of year-on-year price gains.
U.S. financial markets were little moved by the data as investors digested news that U.S. President Donald Trump had canceled a planned summit with North Korean leader Kim Jong Un. Stocks on Wall Street were trading lower, while prices for U.S. Treasuries rose. The dollar .DXY fell against a basket of currencies. RISING MORTGAGE RATES
House price increases have far outpaced wage gains - annual wage growth has remained below 3 percent. Economists said there was no sign yet that rising mortgage rates were having an impact on home sales. They, however, cautioned that higher borrowing costs could worsen the housing shortage. FILE PHOTO: Job seekers and recruiters gather at TechFair in Los Angeles, California, U.S. March 8, 2018. REUTERS/Monica Almeida
“But rising rates may be making homeowners less likely to sell because they could be trading a very low mortgage on their existing home for a higher one on another home,” said Robert Frick, corporate economist at Navy Federal Credit Union in Vienna, Virginia.
The 30-year fixed-rate mortgage rate averaged 4.61 percent in the week ended May 17, the highest level since May 2011, according to mortgage finance agency Freddie Mac. That compared to an average of 4.55 percent in the previous week.
The weak existing home sales report came on the heels of data on Wednesday showing a 1.5 percent drop in new home sales in April. Investment in homebuilding was unchanged in the first quarter.
“Early on in our tracking of the second-quarter housing data, it looks like real residential investment will decline during the quarter,” said Daniel Silver, an economist at JPMorgan in New York.
Given labor market strength and rising inflation, economists said the sluggish housing market was unlikely to deter the Federal Reserve from raising interest rates next month.
Minutes of the Fed’s May 1-2 policy meeting published on Wednesday showed most officials believed “that if incoming information broadly confirmed their current economic outlook, it would likely soon be appropriate ... to take another step in removing policy accommodation.”
The Fed raised borrowing costs in March and has forecast at least two more rate hikes for this year.
In a separate report on Thursday, the Labor Department said initial claims for state unemployment benefits rose 11,000 to a seasonally adjusted 234,000 for the week ended May 19. Economists polled by Reuters had forecast claims slipping to 220,000 in the latest week.
The labor market is viewed as being close to or at full employment, with the jobless rate near a 17-1/2-year low of 3.9 percent. The unemployment rate is within striking distance of the Fed’s forecast of 3.8 percent by the end of this year.
The four-week moving average of initial claims, viewed as a better measure of labor market trends as it irons out week-to-week volatility, increased 6,250 to 219,750 last week.
“The labor market is undoubtedly in good health,” said Kathryn Asher, an economist at Moody’s Analytics in West Chester, Pennsylvania. Reporting by Lucia Mutikani; Additional reporting by Lindsay Dunsmuir; Editing by Chizu Nomiyama and Paul Simao | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-economy/u-s-weekly-jobless-claims-increase-more-than-expected-idUSKCN1IP1Z1 |
May 7(Reuters) - Global Lighting Technologies Inc
* Says a Suzhou-based photoelectric technology unit will merge with a Suzhou-based plastics unit
* Says the plastics unit will be dissolved after merger
Source text in Chinese: goo.gl/WxfEGC
(Beijing Headline News)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-global-lighting-technologies-says/brief-global-lighting-technologies-says-merger-between-units-idUSL3N1SE2AD |
Flex : "You know, there were some problems with that last Flex quarter. There were some accounting issues and I can't recommend any stock that has accounting issues because accounting issues and irregularities equal sell."
Altria Group : "It's got this competitor that we call Juul and it's hurting. The whole industry is being roiled by this and that's why I can no longer recommend any of the tobacco companies. You have to read the Philip Morris quarterly conference call to know how bad things really have gotten."
Corning Inc. : "I don't like optical fiber, but that's just me remembering the old days, so I'm going to have to say no to that one."
Beacon Roofing Supply : "They missed the quarter. A lot of these companies missed their quarter. Can they come back? Yes. Would I sell them now? I don't know. I mean, the problem is that Toll Brothers reported a pretty good quarter and everybody hated it. Anything housing right now is going down, so I want to be careful."
Verint Systems : "This is one of these companies that does surveillance, basically, [and] digital video, and I like that industry. I'm OK with it."
Sprint Corporation : "I think T-Mobile has much more upside at $57. I think T-Mobile is the one you want to own, not Sprint."
Opko Health : "Ever since they bought BioReference Lab, it's just been a disaster. And I don't know what to say. I mean, it shouldn't be. I think the company's a reasonable company, but it just doesn't seem to be able to get any traction. That's why we need [CEO] Phil Frost on."
First Data Corp. : "We had [CEO] Frank Bisignano on recently and he carried himself well. That was a terrific quarter. What can I say? I did not expect it to be that much of a blowout and it was."
Watch the full lightning round here: show chapters Cramer's lightning round: Accounting issues at Flex mean you should sell the stock 21 Hours Ago | 04:34 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/22/cramers-lightning-round-accounting-issues-at-flex-mean-sell.html |
WARSAW, May 11 (Reuters) - Poland banking sector may see further consolidation this year, the CEO of Citibank’s Bank Handlowy, Slawomir Sikora, said on Friday.
Poland’s banks saw a series of deals in recent years as low interest rates make it difficult for smaller banks to compete and to deliver satisfactory returns.
In December Santander’s Polish unit agreed to buy Deutsche Bank’s local assets, while in April BNP Paribas said it would take over Raiffeisen’s Polish arm. State-run lender Pekao is considering a merger with rival Alior Bank.
When asked if he expects more deals Sikora said:
“Yes, I do expect it, although I’m not talking about us”
“My experience in banking tells me that one can not be sure about timing - if this happens this year exactly or maybe a bit later, of course. Consolidation in the Polish banking sector will continue,” Sikora said. (Reporting by Marcin Goclowski)
| ashraq/financial-news-articles | https://www.reuters.com/article/poland-banks-ma/polands-handlowy-sees-further-banking-consolidation-idUSL8N1SI3N8 |
(Attention language in 3rd par which might offend some readers)
(Reuters) - Mark Williams stayed true to his word after clinching his third world snooker title on Monday by conducting his post-match news conference naked.
The 43-year-old, who had promised to strip off if he won, beat Scotland’s John Higgins 18-16 in a dramatic final to become the event’s oldest winner for 40 years.
“It’s an unbelievable story, 12 months ago I was thinking of chucking it. Here I am winning the 2018 World Championships ... bollock naked,” said Williams.
“Where has it come from? Unbelievable 12 months. If I never win another tour or my form goes downhill I don’t care. I’ve just done something I thought I’d never ever do.”
The three-times world champion looked forward to returning to the Crucible next year and promised to outdo himself if he defended his title.
“I’m just looking forward to coming back next year, I’m not going to say anything stupid and end up like this but to be honest if I won this next year I’d cartwheel down here naked.”
Reporting by Shrivathsa Sridhar in Bengaluru; Editing by Peter Rutherford
| ashraq/financial-news-articles | https://in.reuters.com/article/snooker-world/snooker-welshman-williams-reflects-on-world-title-win-naked-idINKBN1I90PU |
FORT LAUDERDALE, Fla., May 08, 2018 (GLOBE NEWSWIRE) -- BBX Capital Corporation (NYSE:BBX) (OTCQX:BBXTB) ("BBX Capital"), announced that Bluegreen Vacations Corporation (NYSE:BXG), which is 90% owned by BBX Capital, announced the appointment of Justin Taylor as EVP, Chief Human Resources Officer in a press release issued today.
About BBX Capital Corporation: BBX Capital Corporation (NYSE:BBX) (OTCQX:BBXTB), is a Florida-based diversified holding company whose activities include its 90 percent ownership interest in Bluegreen Vacations Corporation (NYSE:BXG) as well as its real estate and middle market divisions. For additional information, please visit www.BBXCapital.com .
About Bluegreen Vacations Corporation: Bluegreen Vacations Corporation (NYSE:BXG) is a leading vacation ownership company that markets and sells vacation ownership interests (VOIs) and manages resorts in top leisure and urban destinations. The Bluegreen Vacation Club is a flexible, points-based, deeded vacation ownership plan with approximately 212,000 owners, 67 Club and Club Associate Resorts and access to more than 11,000 other hotels and resorts through partnerships and exchange networks as of March 31, 2018. Bluegreen Vacations also offers a portfolio of comprehensive, fee-based resort management, financial, and sales and marketing services, to or on behalf of third parties. Bluegreen is 90% owned by BBX Capital Corporation (NYSE:BBX) (OTCQX:BBXTB), a diversified holding company. For further information, visit www.BluegreenVacations.com .
BBX Capital Corporation Contact Info:
Investor Relations: Leo Hinkley, Managing Director, Investor Relations Officer
954-940-5300, Email: [email protected]
The Bluegreen press release follows below:
Bluegreen Vacations TM Names Justin Taylor as EVP, Chief Human Resources Officer
BOCA RATON, Florida (May 8, 2018) – Bluegreen Vacations Corporation (NYSE:BXG), a leading vacation ownership company, today announced that it has named Justin Taylor as Executive Vice President, Chief Human Resources Officer. In this role, Mr. Taylor will oversee all aspects of Human Resources for its corporate, retail and resort operations, including talent acquisition, learning and development, rewards and talent management.
“We believe Justin is an ideal fit for this role and his background in Talent Development, Performance Management, and Associate Engagement will be an excellent addition to our leadership team,” said Shawn B. Pearson, CEO of Bluegreen Vacations. “He has a deep understanding of HR’s critical role in helping to shape and elevate a corporate culture.”
Prior to joining Bluegreen, Mr. Taylor was Senior Vice President of Human Resources at Charming Charlie, a specialty women’s fashion retailer based in Houston. Prior to this, Mr. Taylor was the International HR Director for L’Oréal the Body Shop where he enjoyed a lengthy career in various executive HR positions in Canada, the US, and the United Kingdom. Mr. Taylor began his career in Toronto with HMV Canada as their Director of Training and Organization Design and Cineplex Odeon Theatres Canada as their Manager of Training and Development where he was involved in developing their European operations working in both Istanbul, Turkey and Vienna, Austria.
Mr. Taylor is a certified LSI Practitioner with Human Synergistics, DDI certified as a program facilitator, and Price Pritchett Certified as a program facilitator for their Change Management program. Mr. Taylor is also an involved member of the Society of Human Resource Management.
About Bluegreen Vacations Corporation:
Bluegreen Vacations Corporation (NYSE:BXG) is a leading vacation ownership company that markets and sells vacation ownership interests (VOIs) and manages resorts in top leisure and urban destinations. The Bluegreen Vacation Club is a flexible, points-based, deeded vacation ownership plan with approximately 212,000 owners, 67 Club and Club Associate Resorts and access to more than 11,000 other hotels and resorts through partnerships and exchange networks as of March 31, 2018. Bluegreen Vacations also offers a portfolio of comprehensive, fee-based resort management, financial, and sales and marketing services, to or on behalf of third parties. Bluegreen is 90% owned by BBX Capital Corporation (NYSE:BBX) (OTCQX:BBXTB), a diversified holding company. For further information, visit www.BluegreenVacations.com .
About BBX Capital Corporation :
BBX Capital Corporation (NYSE:BBX) (OTCQX:BBXTB), is a Florida-based diversified holding company whose activities include its 90% ownership interest in Bluegreen Vacations Corporation (NYSE:BXG) as well as its real estate and middle market divisions. For additional information, please visit www.BBXCapital.com .
Media Contact:
Brad Simon
Edelman
305-358-5291
Email: [email protected]
Source:BBX Capital Corporation;Bluegreen Vacations | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-bluegreen-vacationsa-names-justin-taylor-as-evp-chief-human-resources-officer.html |
Odebrecht, nucleus of mega-graft scandal, tries to go clean By PETER PRENGAMAN and MAURICIO SAVARESE, Associated Press Published 4 Hours Ago The Associated Press
SAO PAULO (AP) — On the sixteenth floor of the headquarters of Odebrecht, the construction company at the center of one of the largest graft scandals in history, the executive charged with stamping out corruption insists the firm has changed its ways.
Meanwhile, at the reception area downstairs, a justice official delivers the latest subpoena from Brazilian investigators to question company employees.
The contrasting currents sum up the situation for what used to be one of the most powerful businesses in Latin America as it works to move beyond an astonishing scandal that upended the political order in Brazil, brought down Peru's president and continues to have ripple effects in other nations.
"We have only one chance to change, and to change definitively," said Olga Pontes, chief compliance officer, during an interview with The Associated Press. "We can't make mistakes."
While the company has made considerable efforts to change its culture, questions remain about whether the firm can regain trust, particularly abroad, after years of funneling hundreds of millions of dollars into the pockets of politicians, elected officials, political parties and executives to win construction mega-projects in Brazil and across the region.
There is also the question of whether a company that built an empire in part by skirting the rules can now thrive while playing by them. While the company continues to function — earlier this month Odebrecht Engineering and Construction announced a $600 million deal to build a port in Espirito Santo state — its sales have plunged by one third.
"I don't know how Odebrecht will ever recover," said Jose Carlos Martins, chairman of the Brazilian Chamber of Industry and Construction. "And what will they do if a competitor appears and does everything they used to do?"
In December 2016, Odebrecht and Braskem, a petrochemical subsidiary, reached an agreement with American, Brazilian and Swiss justice officials to pay $3.5 billion in penalties in what the U.S. Department of Justice called "the largest foreign bribery case in history."
At that point, Odebrecht had become engulfed in Brazil's Operation Carwash corruption investigation, making cooperation with authorities arguably its only option to avoid dissolution. In early 2016, former CEO Marcelo Odebrecht, one of the country's richest and most powerful men, was sentenced to more than 19 years in prison.
As part of the deal, Odebrecht agreed to independent monitoring teams from the U.S. and Brazil. More than a year into that process, Otavio Yazbek, the leader of the Brazilian monitoring group, says Odebrecht has gone from having no internal measures to fight corruption to a sophisticated compliance plan.
"They are committed to change," said Yazbek, a lawyer and former commissioner on Brazil's securities and exchange commission. "Odebrecht for us has become a kind of north pole for everybody who works in compliance."
Odebrecht has also instituted anti-corruption training for all employees, ranging from interns all the way up to the new CEO, according to Pontes. The company allowed the AP to observe its online program. Complex scenarios are presented in which employees have to think through what can constitute a bribe or influence peddling.
"Everybody is at a point where they are thinking 10 times before deciding anything, making sure not even a hair is out of place," she said.
Last year, a group called the Global Advisory Council was established to help support cultural changes within the company. The 10-member group includes a former dean of Harvard's Business School, an-ex chairman of the board of Shell Group and the founder of the United Nations Global Compact, which focuses on corporate sustainability.
Several Odebrecht subsidiaries have changed their names amid the turmoil, and the overall holding has shrunk considerably: 60,000 employees today versus 181,000 in 2014. In 2015, its gross revenue was $38.9 billion, more than 30 percent higher than $25.7 billion in 2016 and $25.6 billion in 2017.
Seventy-eight former and current Odebrecht employees have reached plea bargains with prosecutors and several investigations are ongoing. Last month, while AP reporters visited the company's office, a subpoena was issued to interrogate other employees.
The Odebrecht family is no longer in charge of day-to-day operations, but former CEO Emilio Odebrecht, the father of Marcelo, is chairman of the board, though he is expected to step down once a new board is voted on.
Both Emilio and Marcelo, who has since been released to house arrest, are large shareholders. Odebrecht declined to divulge what percentage the family continues to own.
Kathleen Hamann, the former head of anti-corruption initiatives at the U.S. Department of State, says the leaders of troubled companies can be drivers of change because they understand the damage that has been caused, but even in such cases there are lingering image issues.
"Odebrecht is trying to rebuild external trust with folks who have been charged still in place," said Hamann, a former U.S. justice official who worked on bribery cases. "I'm not sure that is doable. The question becomes: Will they realize that and step aside, or will they hang on and let the company suffer?"
In the kickback scheme that Odebrecht helped shepherd, several Brazilian construction companies formed a de facto cartel that decided who would get which contract from state oil company Petrobras.
While Odebrecht was only one of many companies involved, its bribe scheme was arguably the most sophisticated. An entire department, the Division of Structured Operations, was dedicated to distributing bribes. Using a complex system of offshore shell companies, foreign banks and encrypted messages, illicit payments were doled out via methods that ranged from overseas wire transfers to suitcases of cash. Odebrecht paid at least $788 million in bribes going back to 2001, according to the agreement with justice officials.
The Carwash investigation launched in early 2014 has had a profound impact across Latin America. In Brazil, tens of thousands of jobs have been lost and dozens of top businessmen and politicians have been jailed, including ex-President Luiz Inacio Lula da Silva.
In Peru, President Pedro Pablo Kuczynski resigned in March amid allegations that Odebrecht paid his consulting firm $780,000 a decade ago. Kuczynski denies wrongdoing. Hundreds of charges have also been filed against officials in Colombia, Panama, the Dominican Republic, Ecuador, Paraguay and Argentina.
It isn't the first time that Odebrecht has been accused of stuffing pockets to win favors. Bribery cases against the company in Brazil go back to the early 1990s.
In 1994, then-CEO Emilio Odebrecht brazenly acknowledged paying bribes.
"I am not going to say that we are an innocent company," he told the newspaper Folha de S.Paulo. "To survive in this field, I did (pay bribes). But if you ask me when and who, I will never tell you."
Founded in 1944, Odebrecht built close relationships with politicians in the 1950s, when the board of Petrobras was comprised of military personnel from Bahia state, where Odebrecht had its headquarters for decades. During Brazil's 1964-1985 military dictatorship, the company focused lobbying efforts on executives and government agencies. By the 1970s, it had major projects like building a nuclear plant and the Galeao international airport in Rio de Janeiro.
These days, the company is working to keep its head above water. Last year, Odebrecht sold its Chaglla hydroelectric project in Peru for $1.4 billion. It's also trying to secure loans to service a $144 million bond payment.
Jermyn Brooks, a member of the advisory council, said Odebrecht has clearly passed the first phase of a major cultural shift. However, he said the anti-corruption training has to deepen in the company.
"Take an engineer who has been at Odebrecht three to five years. Does he believe in what the top management is saying?" said Brooks, chair of Transparency International's business advisory board. "And then what happens when he is working in another country and somebody says, "'Come on, Odebrecht always gives us a little extra.' Will he be prepared for that?"
Ponte, sitting in a conference room with aspirational words on the wall like "Rebranding" and "Attitude," feels they will be.
"The best time to do business with Odebrecht is now," she said.
Follow Peter Prengaman: www.twitter.com/peterprengaman | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/13/the-associated-press-odebrecht-nucleus-of-mega-graft-scandal-tries-to-go-clean.html |
May 15, 2018 / 1:03 PM / Updated 29 minutes ago Mexico says NAFTA deal unlikely this week, signing possible this year Reuters Staff 3 Min Read
MEXICO CITY (Reuters) - Mexico’s economy minister said on Tuesday that he saw diminishing chances for a new North American Free Trade Agreement ahead of a May 17 deadline to present a deal that could be signed by the current U.S. Congress. FILE PHOTO: Mexico's Economy Minister Ildefonso Guajardo speaks to the media during a news conference at Los Pinos presidential residence in Mexico City, Mexico May 1, 2018. REUTERS/Henry Romero
U.S. House Speaker Paul Ryan has said that the Republican-controlled Congress would need to be notified of a new NAFTA deal by Thursday to give lawmakers a chance of approving it before a newly elected Congress takes over in January.
“It is not easy, we do not think we will have it by Thursday,” Mexican Economy Minister Ildefonso Guajardo told broadcaster Televisa.
“We will keep negotiating, and in the moment that we have a good negotiation, we can close the deal and it will be notified, independent of which Congress (the current or new) that will vote on it,” he said.
Negotiators from the United States, Mexico and Canada have been in intense talks since late last month to try to reach a deal before upcoming U.S. congressional elections. Mexico’s presidential vote on July 1 also complicates talks.
Mexico's peso MXN= MXN=D2 sank to its weakest in more than a year on Tuesday. Guajardo said the currency was being hurt by uncertainty over NAFTA talks and Mexico's upcoming election.
Canadian Prime Minister Justin Trudeau and U.S. President Donald Trump on Monday discussed the possibility of bringing NAFTA talks to a “prompt conclusion.”
Guajardo said negotiators were getting close to reaching a deal on rules for the auto sector under NAFTA.
However, talks still faced the hurdles of U.S. demands for a sunset clause that would allow NAFTA to expire if it is not renegotiated every five years, and the elimination of settlement panels for trade disputes.
“Trudeau said that there are elements to reach a deal. The problem is there needs to be flexibility from the parties,” Guajardo said.
Kenneth Smith, the chief Mexican negotiator at the talks, said that for Mexico there were no deadlines in the revamp.
“Mexico’s position since the start of the negotiation has been that we’re not going to sacrifice the quality of the deal to conclude quickly,” he told local radio.
Irrespective of the May 17 date mentioned by Ryan, there was still time to ratify a new NAFTA this year, Smith added.
“There’s no question the possibility exists, we’re interested and I think the United States and Canada share this view,” he said, speaking to broadcaster Enfoque Noticias. Reporting by Sharay Angulo and Dave Graham; Editing by Phil Berlowitz | ashraq/financial-news-articles | https://uk.reuters.com/article/us-trade-nafta/mexico-does-not-sees-nafta-deal-coming-this-week-official-idUKKCN1IG1WH |
May 7, 2018 / 1:43 PM / Updated 7 hours ago Nissan to gradually withdraw from diesel vehicle market in Europe Reuters Staff 2 Min Read
PARIS (Reuters) - Japanese carmaker Nissan will gradually stop selling diesel cars in Europe, in a further sign of weakening demand for those cars as customers worry about tax rises and looming bans and restrictions related to diesel in many countries. FILE PHOTO: The logo of Nissan is seen during the 88th International Motor Show at Palexpo in Geneva, Switzerland, March 6, 2018. REUTERS/Pierre Albouy
A Nissan spokeswoman said there would be a gradual withdrawal of diesel cars in Europe. A source had earlier told Reuters last month that Nissan would cut hundreds of jobs at its Sunderland plant, Britain’s biggest automotive factory, due to falling demand for diesel models in Europe.
The auto industry and its suppliers are facing a global regulatory crackdown on diesel emissions and are adjusting their businesses, including investing heavily in electric vehicles.
German carmaker Volkswagen ( VOWG_p.DE ) is also still in the process of emerging from a 2015 emissions cheating scandal that resulted in about $30 billion in fines and other costs.
“Along with other manufacturers and industry bodies we can see the progressive decline of diesel but we do not anticipate its sudden end in the short-term. At this point in time and for many customers, modern diesel engines will remain in demand and continue to be available within Nissan’s powertrain offering,” said the Nissan spokeswoman.
“In Europe, where our diesel sales are concentrated, our electrification push will allow us to discontinue diesel gradually from passenger cars at the time of each vehicle renewal,” she added.
Data earlier this month showed a sharp drop in demand for diesel cars in Britain, which is Europe’s second-largest autos market.
Nissan has a partnership with French car group Renault. Reporting by Gilles Guillaume; Editing by Sudip Kar-Gupta | ashraq/financial-news-articles | https://www.reuters.com/article/us-nissan-diesel/nissan-to-gradually-withdraw-from-diesel-vehicle-market-in-europe-idUSKBN1I81GA |
Santelli Exchange: Global capital vs. regional polices 1 Hour Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/25/santelli-exchange-global-capital-vs-regional-polices.html |
- Company Pays Dividend for 167 th Consecutive Quarter -
MIAMI--(BUSINESS WIRE)-- The Board of Directors of Ryder System, Inc. (NYSE: R), a leader in commercial fleet management , dedicated transportation , and supply chain solutions, today declared a regular quarterly cash dividend of $0.52 per share of common stock, to be paid on June 15, 2018, to shareholders of record on May 21, 2018. This is Ryder’s 167 th consecutive quarterly cash dividend – marking more than 41 years of uninterrupted dividend payments.
About Ryder
Ryder is a FORTUNE 500® commercial fleet management, dedicated transportation, and supply chain solutions company. Ryder’s stock (NYSE:R) is a component of the Dow Jones Transportation Average and the S&P MidCap 400® index. Ryder has been named among FORTUNE’s World’s Most Admired Companies, and has been recognized for its industry-leading practices in third-party logistics, environmentally-friendly fleet and supply chain solutions, and world-class safety and security programs. The Company is a proud member of the American Red Cross Disaster Responder Program, supporting national and local disaster preparedness and response efforts. For more information, visit www.ryder.com , and follow us on our Online Newsroom and social media pages: Facebook , LinkedIn , Twitter , and YouTube .
Note Regarding Forward-Looking Statements: Certain statements and information included in this news release are " " within the meaning of the Federal Private Securities Litigation Reform Act of 1995. These are based on our current plans and expectations and are subject to risks, uncertainties and assumptions, including, but not limited to, the impact on the Company of the Tax Act. Accordingly, these should be evaluated with consideration given to the many risks and uncertainties that could cause actual results and events to differ materially from those in the including those risks set forth in our periodic filings with the Securities and Exchange Commission. New risks emerge from time to time. It is not possible for management to predict all such risk factors or to assess the impact of such risks on our business. Accordingly, we undertake no obligation to publicly update or revise any , whether as a result of new information, future events, or otherwise.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180504005724/en/
Ryder System, Inc.
Media:
Claudia Panfil, 305-500-3668
or
Investor Relations:
Bob Brunn, 305-500-4053
Source: Ryder System, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/04/business-wire-ryder-declares-quarterly-cash-dividend.html |
May 11, 2018 / 8:11 AM / a few seconds ago German companies positive about future despite higher risks: survey Reuters Staff 1 Min Read
BERLIN (Reuters) - A record number of German companies believe economies in foreign markets where they do business will improve despite rising geo-political and trade risks, a survey published on Friday showed.
Some 40 percent of the 5,100 companies surveyed by the DIHK Chambers of Commerce and Industry said they expect a positive economic development in foreign markets over the next 12 months, the highest percentage since the survey began in 2015. Reporting by Rene Wagner; Writing by Joseph Nasr; Editing by Michelle Martin | ashraq/financial-news-articles | https://uk.reuters.com/article/us-germany-economy-dihk-survey/german-companies-positive-about-future-despite-higher-risks-survey-idUKKBN1IC0PO |
WINNIPEG, Manitoba, May 11, 2018 (GLOBE NEWSWIRE) -- Empire Industries Ltd. (TSX-V:EIL) today announced that it intends to issue its 1Q18 financial results on May 24, 2018. The unaudited consolidated financial statements and MD&A will be filed on SEDAR and will be available for viewing at sedar.com or at empind.com .
Empire’s management team will be holding an investor/analyst conference call to discuss the 1Q18 results and the outlook for the company. The call-in details are as follows:
Time/Date: May 29, 2018 at 11:00AM Eastern Time
Dial-in Number: 1-800-319-4610 (Canada/USA toll-free)
1-416-915-3239 (Toronto)
Callers should dial in 5 – 10 minutes prior to the scheduled start time and ask to join the Empire Industries Quarter 2018 Results Conference Call. This call will be available for replay on our website ( http://empind.com/document_type/presentations/ ) or on the conference call provider’s website for 30 days:
International Toll (replay): +1-604-638-9010
Canada/USA Toll-free (replay): 1-800-319-6413
Replay Access Code: 2331
About Empire Industries Ltd.
Empire focuses on designing, supplying, and installing premium theme park, media-based attractions and ride systems for the global entertainment industry. Empire also uses these same turn-key integration services for special projects such as large optical telescopes and enclosures. Through Empire’s execution of its strategy over the years, Empire owns several non-entertainment investments that it seeks to optimize and liquidate at the appropriate time. Empire’s common shares are listed on the TSX Venture Exchange under the symbol EIL.
For more information about the Company, visit empind.com or contact:
Guy Nelson
Chief Executive Officer
Phone: (416) 366-7977
Email: [email protected]
Allan Francis
Vice President – Corporate Affairs and Administration
Phone: (204) 589-9301
Email: [email protected]
Reader Advisory
This news release contains forward-looking statements, within the meaning of applicable securities legislation, concerning Empire’s business and affairs. In certain cases, forward-looking statements can be identified by the use of words such as ‘‘plans’’, ‘‘expects’’ or ‘‘does not expect’’, ‘‘budget’’, ‘‘scheduled’’, ‘‘estimates’’, “forecasts’’, ‘‘intends’’, ‘‘anticipates’’ or variations of such words and phrases or state that certain actions, events or results ‘‘may’’, ‘‘could’’, ‘‘would’’, ‘‘might’’ or ‘‘will be taken’’, ‘‘occur’’ or ‘‘be achieved’’. These forward-looking statements are based on current expectations, and are naturally subject to uncertainty and changes in circumstances that may cause actual results to differ materially. Readers are cautioned not to place undue reliance on such forward-looking statements. Forward-looking information is provided as of the date of this press release, and Empire assumes no obligation to update or revise them to reflect new events or circumstances, except as may be required under applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Source: Empire Industries | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/11/globe-newswire-empire-industries-announces-release-date-for-1q18-results-and-investor-conference-call.html |
Top NBA prospect Luka Doncic led Real Madrid over defending Euroleague champions Fenerbahce 85-80 to claim the league title on Sunday in Belgrade, Serbia, earning Final Four MVP honors in the process.
Basketball - Euroleague Final Four Final - Real Madrid vs Fenerbahce Dogus Istanbul - Stark Arena, Belgrade, Serbia - May 20, 2018 Real Madrid's Luka Doncic celebrates REUTERS/Alkis Konstantinidis The triumph capped the Euroleague season, quickly turning attention to whether or not Doncic will leave Spain to join the NBA next season.
“I will tell about all at the right time,” Doncic, who scored 15 points on eight field-goal attempts in the win, told ESPN after the game. “Right now I just want to celebrate with my team. Soon I will tell.”
The 19-year-old Slovenian star told Eurohoops.net last week that he was not yet sure about his NBA plans, saying, “We have yet to make this decision. Perhaps after the season.”
Doncic has until June 11 to withdraw from the NBA draft, which will be held June 21 at Barclays Center in Brooklyn.
The 6-foot-8 point forward is widely considered a top-five prospect and a possible contender to go first overall to the Phoenix Suns, who won last week’s lottery. Newly hired Suns head coach Igor Kokoskov coached Doncic and the Slovenian national team last year as it won the first European Championship in the country’s history.
The Suns are also expected to consider Arizona center DeAndre Ayton and Duke forward Marvin Bagley III, among others, and general manager Ryan McDonough said earlier this week he is open to a trade.
If Doncic doesn’t go first overall, ESPN reports the “growing consensus among NBA decision-makers” at Sunday’s championship game is that the Sacramento Kings (picking second) and the Atlanta Hawks (third) would pass on the Slovenian for a state-side talent, making it possible Doncic could be available to the Memphis Grizzlies at No. 4 or Dallas Mavericks at No. 5.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/us-basketball-nba-doncic/doncics-nba-decision-coming-soon-after-euroleague-title-idUSKCN1IM03C |
May 21, 2018 / 1:46 PM / Updated an hour ago U.S. Supreme Court takes up dispute over power plant in India Lawrence Hurley 2 Min Read
WASHINGTON (Reuters) - The U.S. Supreme Court on Monday agreed to consider reviving a lawsuit by Indian villagers seeking to hold a Washington-based international financial institution responsible for widespread environmental damage they blame on a power plant it financed. FILE PHOTO: Police officers stand in front of the U.S. Supreme Court in Washington, DC, U.S., January 19, 2018. REUTERS/Eric Thayer/File Photo
The justices will hear an appeal by the villagers of a lower court ruling that the International Finance Corp was immune from such lawsuits under federal law. IFC, part of the World Bank Group, is an international institution with 184 member countries that helps secure financing for projects in developing nations.
The case revolves around the IFC’s decision in 2008 to provide $450 million in loans to help construct the coal-fired Tata Mundra Power Plant in Gujarat, India. IFC loans include provisions requiring that certain environmental standards are met.
The legal question before the justices is whether there are limits to immunity for entities like the IFC under the 1945 International Organizations Immunity Act, as there are for foreign countries under a 1976 law called the Foreign Sovereign Immunities Act.
Lead plaintiff Budha Ismail Jam and other fisherman and farmers who live near the plant sued in federal court in Washington in 2015, saying the IFC had failed to meet its obligations.
They said the plant’s construction and operations did no comply with the environmental plan set out for the project. The local environment has been devastated, according to the plaintiffs, with marine life killed by water discharges from the plant’s cooling system and coal dust contaminating the air.
A district court in 2016 and the U.S. Court of Appeals for the District of Columbia Circuit in 2017 ruled that the lawsuit was barred because the IFC is immune from such litigation under the 1945 law.
The court will hear arguments and decide the case in its next term, which begins in October. Reporting by Lawrence Hurley; Editing by Will Dunham | ashraq/financial-news-articles | https://in.reuters.com/article/us-usa-court-india/u-s-supreme-court-takes-up-dispute-over-power-plant-in-india-idINKCN1IM1EB |
May 23, 2018 / 5:25 PM / Updated 25 minutes ago South Africa's Ramaphosa sets up inquiry into tax service under Zuma Wendell Roelf 2 Min Read
CAPE TOWN (Reuters) - South African President Cyril Ramaphosa said on Wednesday he had established an inquiry into tax administration and governance amid allegations of misconduct by the suspended head of the revenue service. FILE PHOTO: South Africa's President Cyril Ramaphosa speaks after his meeting with Britain's Prime Minister Theresa May in Downing Street, London, April 17, 2018. REUTERS/Hannah McKay/File Photo
Ramaphosa, who replaced Jacob Zuma as head of state in February and has promised to crack down on graft, said the terms of reference for the inquiry would be published in the coming days.
“The stabilisation of the South African Revenue Service (SARS) has received priority attention,” Ramaphosa told parliament, adding that he had signed a proclamation establishing the tax commission on Wednesday.
The inquiry will include investigating the handling of revenue shortfalls, the unauthorised payment of bonuses to top executives and the withholding of refunds to ordinary tax payers, a treasury official told parliament.
Tom Moyane, the suspended head of SARS, was earlier this month served with disciplinary charges related to alleged misconduct during his tenure. He denies any wrongdoing.
Moyane is one of several government officials Ramaphosa has replaced since taking over from scandal-plagued Zuma as part of a drive to tackle endemic corruption.
Ramaphosa also said he would donate half of his annual salary of 3.6 million rand ($286,500) to a charitable fund being launched to mark 100 years since the birth of anti-apartheid icon Nelson Mandela.
He is one of South Africa’s richest people after selling out of his Shanduka investment vehicle, which owned stakes in mining firms, mobile phone operator MTN and McDonald’s South African franchise, at a time when the firm was worth over 8 billion rand.
($1 = 12.5626 rand) | ashraq/financial-news-articles | https://in.reuters.com/article/safrica-politics-inquiry/south-africas-ramaphosa-sets-up-inquiry-into-tax-service-under-zuma-idINKCN1IO2R9 |
Some of the biggest names on Wall Street are warming up to Bitcoin, a virtual currency that for nearly a decade has been consigned to the unregulated fringes of the financial world.
The parent company of the New York Stock Exchange has been working on an online trading platform that would allow large investors to buy and hold Bitcoin, according to emails and documents viewed by The New York Times and four people briefed on the effort who asked to remain anonymous because the plans were still confidential.
The news of the virtual exchange, which has not been reported before, came after Goldman Sachs went public with its intention to open a Bitcoin trading unit — most likely the first of its kind at a Wall Street bank.
The moves by Goldman and Intercontinental Exchange, or ICE, the parent company of the New York Stock Exchange, mark a dramatic shift toward the mainstream for a digital token that has been known primarily for its underworld associations and status as a high-risk, speculative investment.
The new interest among Wall Street power brokers also represents a surprising new chapter in the renegade history of Bitcoin.
Read more at The New York Times :
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The virtual currency was created after the 2008 global financial crisis by a still-anonymous programmer who used the name Satoshi Nakamoto. The idea was to replace the existing banking structure with an online alternative that couldn’t be controlled by a handful of powerful organizations.
But instead of being replaced, the old banks are beginning to assert their own role in the unorthodox financial world of virtual currency, sometimes called cryptocurrencies.
While Bitcoin was originally intended to be used by consumers for all sorts of transactions — without any financial institutions getting involved — it has mostly become a virtual investment, stored in digital wallets and traded on mostly unregulated exchanges around the world. People buy Bitcoin in the hope that its value will go up, similar to the way they purchase gold or silver.
Details of the platform that Intercontinental Exchange is working on have not been finalized and the project could still fall apart, given the hesitancy among big Wall Street institutions to be closely associated with the Wild West of virtual currencies. A spokesman said that the company had no comment.
Many corporations and governments have expressed interest in the technology that Bitcoin introduced, particularly a form of database known as the blockchain .
Some large financial exchanges, including the Chicago Mercantile Exchange, have already created financial products linked to the price of Bitcoin, known as futures. But the new operation at ICE would provide more direct access to Bitcoin by putting the actual tokens in the customer’s account at the end of the trade.
Chesnot | Getty Images Visual representation of the cryptocurrency Bitcoin on February 1, 2018. ICE has had conversations with other financial institutions about setting up a new operation through which banks can buy a contract, known as a swap, that will end with the customer owning Bitcoin the next day — with the backing and security of the exchange, according to the people familiar with the project.
The swap contract is more complicated than an immediate trade of dollars for Bitcoin, even if the end result is still ownership of a certain amount of Bitcoin. But a swap contract allows the trading to come under the regulation of the Commodity Futures Trading Commission and to operate clearly under existing laws — something today’s Bitcoin exchanges have struggled to do.
The chief executive of Nasdaq, Adena Friedman, recently said her company could also create a virtual-currency exchange if regulatory issues are ironed out. While several hedge funds have been buying and selling Bitcoin, most large institutional investors, such as mutual funds and pensions, have avoided it largely as a result of similar regulatory concerns.
Bitcoin still faces plenty of skepticism in the mainstream financial world. Over the weekend, Warren E. Buffett of Berkshire Hathaway, who has long been critical of virtual currencies, said Bitcoin was “ probably rat poison squared ” in an interview with CNBC. The Microsoft co-founder Bill Gates added his own skepticism, saying he’d “short” Bitcoin if he could .
And the new efforts to trade Bitcoin don’t help answer basic questions about what makes the virtual currency useful in the real world. Most attempts to use Bitcoin for everyday commerce haven’t gained traction, and investors have treated it as a speculative commodity like gold or silver.
Some Bitcoin enthusiasts have said that its increasing integration into the existing financial system has pulled it away from its founding ideals. Paul Chou, a former trader at Goldman Sachs who set up LedgerX, a regulated Bitcoin exchange that would compete with Intercontinental Exchange, said his company has made a point of focusing on large Bitcoin holders, rather than financial institutions.
“The reason we got into crypto was not to partner with a bank, but to replace them,” Mr. Chou said, using the shorthand for cryptocurrencies. “We deal with crypto holders directly in a way that really takes advantage of Bitcoin’s strengths, while avoiding brokers, banks and other institutions that take multiple cuts of the transaction.”
Goldman will initially only be trading futures contracts linked to Bitcoin’s price. But Goldman executives said they were looking at moving in the direction of buying and selling actual Bitcoins.
Intercontinental Exchange’s effort, if it pans out, could make Bitcoin available to a much wider and more influential customer base, including other financial firms.
Several big corporate names, including the giant technology investor SoftBank, which has stakes in Sprint and Uber, have been in discussions about being involved with the exchange in some way, the people familiar with the project said. But a spokesman for SoftBank said this week that it was no longer involved.
LedgerX, the exchange founded by Mr. Chou, is the only exchange that now offers the kind of swaps that ICE has discussed. LedgerX has experienced increasing trading volume in recent months, but ICE would start with an edge because essentially every large financial institution is already hooked into it.
The interest in Bitcoin trading illustrates how the reputation of the virtual currency has, after a rocky start, improved.
Regulators are currently looking at whether many virtual currencies, including the second most widely used digital token, Ether, have been issued and traded in violation of securities regulations. Institutional investors believe that because of the way Bitcoin was created and structured — without any one company or organization behind it — it would be on safer ground with regulators.
ICE was considering launching a swap contract linked to Ether, but backed away from that because of regulatory uncertainty, the people briefed on the effort said.
Mr. Chou, at LedgerX, said he made a similar decision and has delayed creating any products linked to Ether.
With Bitcoin, on the other hand, Mr. Chou said that road seems to be clear for big institutions to get involved.
“The industry is seeing unprecedented institutional interest for the first time in Bitcoin’s history,” he said. “I’ve been amazed that the strongest believers in cryptocurrency often start out the most skeptical. It’s a healthy skepticism. But at some point the perception shifts, and for many institutions — I think we’re finally there.”
Follow Nathaniel Popper on Twitter: @nathanielpopper. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/08/bitcoin-sees-wall-street-warm-to-trading-virtual-currency.html |
VANCOUVER, British Columbia, May 17, 2018 (GLOBE NEWSWIRE) -- The following issues have been halted by IIROC / L'OCRCVM a suspendu la negociation des titres suivants:
Company / Société : PyroGenesis Canada Inc. TSX-Venture Symbol / Symbole à la Bourse de croissance TSX : PYR Reason / Motif : At the Request of the Company Pending News / À la demande de la société en attendant une nouvelle Halt Time (ET) / Heure de la suspension (HE) 8:52 am IIROC can make a decision to impose a temporary suspension of trading in a security of a publicly listed company, usually in anticipation of a material news announcement by the company. Trading halts are issued based on the principle that all investors should have the same timely access to important company information. IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.
L'OCRCVM peut prendre la decision d'imposer une suspension provisoire des negociations sur le titre d'une societe cotee en bourse, habituellement en prevision d'une annonce importante de la part de la societe. Les suspensions de negociations sont imposees suivant le principe que tous les investisseurs devraient avoir un acces egal et simultane a l'information importante au sujet des societes dans lesquelles ils investissent. L'OCRCVM est l'organisme d'autoreglementation national qui surveille l'ensemble des societes de courtage et l'ensemble des operations effectuees sur les marches boursiers et les marches de titres d'emprunt au Canada.
Please note that IIROC is not able to provide any additional information regarding a specific trading halt. Information is limited to general enquiries only.
Veuillez prendre note que l'OCRCVM n'est pas en mesure de fournir d'informations supplementaires au sujet d'une suspension des negociations en particulier. L'information est restreinte aux questions generales.
IIROC Inquiries
1-877-442-4322 (Option 2)
Source:Investment Industry Regulatory Organization of Canada | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/globe-newswire-iiroc-trading-halt-suspension-de-la-negociation-par-locrcvm--pyr.html |
May 1, 2018 / 10:14 AM / Updated 3 minutes ago Permira to buy back Cisco's pay-TV software business Tova Cohen 3 Min Read
TEL AVIV, May 1 (Reuters) - Private equity firm Permira said on Tuesday it is buying back Cisco System’s video software unit, six years after it sold the business to Cisco for $5 billion.
Permira said a subsidiary had agreed to buy the UK-based unit, which it will turn into a new, rebranded company focused on developing video software for the pay-TV industry. It named video industry veteran Abe Peled as chairman of the business.
A source familiar with the deal said Permira was paying $1 billion for the unit, confirming a report in Israeli news website Calcalist.
Peled declined to comment on the price tag.
Peled, who has been advising Permira for the past six years, was CEO of the business, then called NDS, when it was sold by Permira and News Corp to Cisco in 2012.
The company’s customers include Sky TV in the UK, AT&T’s DirecTV, Vodafone in Germany and China’s state satellite TV. However, it is operating in a highly competitive environment as companies like Netflix, Hulu, Apple Inc and Amazon.com Inc’s prime video have all been investing heavily to strengthen content.
NDS, established in 1988 in Israel, is now based in the UK and has about 3,500 employees, including about 700 at its research and development centre in Israel.
Peled told Reuters by phone that the business is profitable but would not disclose details.
The transaction fits in well with Permira’s strategy, he said, noting the private equity firm has multiple investments in pay-TV and technology.
“They see opportunity for creating value through innovation and growth,” Peled said.
Streaming piracy is another problem for the industry and Peled noted that Israel’s expertise in cybersecurity could help the company further develop solutions.
Peled said more than 50 percent of major pay-TV operators in the world are customers of the video software unit, with its software installed in over 300 million end-user devices.
Cisco senior vice president Yvette Kanouff said in a blog that Cisco’s strategy is focused on areas such as networking, cloud, security and data.
Peled could not say what exit strategy Permira will choose for the business.
“You focus on the company doing well and creating value and when the time comes the exit strategy will present itself, whether it’s an IPO or another private equity firm or a strategic acquisition,” he said. (Reporting by Tova Cohen; Editing by Susan Fenton) | ashraq/financial-news-articles | https://www.reuters.com/article/cisco-systems-divestiture-permira/permira-to-buy-back-ciscos-pay-tv-software-business-idUSL8N1S80WO |
NEW DELHI, May 29 (Reuters) - India’s federal police force said on Tuesday it has filed a case against AirAsia Group CEO Tony Fernandes in relation to the granting of a flying licence in the country.
Malaysia low-cost carrier AirAsia launched domestic flight operations in India in 2014, along with local joint venture partner Tata Sons.
A Central Bureau of Investigation spokesman said it was conducting searches at AirAsia’s offices in Delhi and Mumbai, without elaborating. (Reporting by Aditya Kalra; Editing by Alex Richardson)
| ashraq/financial-news-articles | https://www.reuters.com/article/airasia-india-police/india-federal-police-files-case-against-airasia-ceo-tony-fernandes-idUSL3N1T03EG |
SAN JOSE, Calif., May 8, 2018 /PRNewswire/ -- SunPower Corp. (NASDAQ:SPWR) today announced financial results for its first quarter ended April 1, 2018.
($ Millions, except percentages and per-share data)
1 st Quarter
2018
4 th Quarter
2017 3
1 st Quarter
2017 3
GAAP revenue
$391.9
$651.1
$329.1
GAAP gross margin
2.6%
(2.1)%
(13.9)%
GAAP net loss
$(116.0)
$(572.7)
$(219.7)
GAAP net loss per diluted share
$(0.83)
$(4.10)
$(1.58)
Non-GAAP revenue 1
$398.9
$824.0
$429.5
Non-GAAP gross margin 1,2
6.5%
11.9%
6.5%
Non-GAAP net income (loss) 1,2
$(28.2)
$35.8
$(50.4)
Non-GAAP net income (loss) per diluted share 1,2
$(0.20)
$0.25
$(0.36)
Adjusted EBITDA 1,2
$32.3
$100.3
$8.6
Operating cash flow
$(233.3)
$47.9
$(126.9)
1 Information about SunPower's use of non-GAAP financial information, including a reconciliation to U.S. GAAP, is provided under "Use of Non-GAAP Financial Measures" below.
2 Excludes polysilicon costs related to above market polysilicon contracts.
3 The company adopted the new revenue recognition standard effective January 1, 2018. The prior periods presented here have been restated to reflect adoption of the new standard.
"Our solid execution, ability to meet project deadlines and commitment to controlling costs enabled us to exceed our forecasts across all of our business segments," said Tom Werner, SunPower CEO and chairman of the board. "In our distributed generation business (DG), we continued to gain share in both our residential and commercial end markets as we saw strong demand throughout the quarter. In commercial, we completed and sold a number of key projects including our 7-megawatt (MW) Joint Base Anacostia-Bolling (JBAB) project as well as our 4-MW carport, rooftop and ground system for Campbell Soup. Additionally, interest in our recently launched Helix commercial storage solution remained strong as we added to our pipeline during the quarter. Demand for our high quality, industry leading residential solutions was also robust as we exceeded plan in all core markets with our U.S. residential business posting record first quarter results. In our power plant business, we executed well as we met our project milestones including the sale of our 126-MW Guajiro development project in Mexico to Atlas Renewables. Finally, we further expanded the global footprint of our SunPower Solutions (SPS) group as first quarter shipments exceeded 100 MW and we remain on plan to deploy up to 1 gigawatt (GW) in SPS this year.
"In our upstream business, we achieved our cost reduction targets and our Fabs remain at 100 percent utilization. We also continued tool installation for our first full-scale Next Generation Technology (NGT) production line at Fab 3 with first silicon expected in June and volume production planned in the fourth quarter.
"Over a year ago, we embarked on a program to transform the company through the implementation of a number of key operational and strategic initiatives. Operationally, our goal was to improve cash flow, delever the balance sheet, divest certain assets, reduce operating expenses and simplify our financial reporting. Strategically, our initiatives have focused on improving our competitive position in a challenging industry environment while structuring the company for sustained profitability. As a result, we made the decision to sell our remaining power plant development assets, expand our global equipment sales business through our SPS group and reallocate resources to our faster growing, higher margin global DG business. Additionally, we committed to investing in those areas that offer further differentiation and growth potential including our industry leading cell and panel technology, our solar-plus-storage offerings, as well as our complete solutions product suite.
"Given the strong progress of our transformation initiatives over the last 12 months, we have now turned our efforts to the next phase of our strategy: optimizing our corporate structure to further reduce costs, improve financial transparency and better position the company for sustained profitability. As a result of these efforts, we believe that a model that more closely aligns us towards an upstream and downstream business unit structure offers us significant opportunities to maximize our core strengths in manufacturing, technology and products while streamlining decision making and simplifying our financial reporting.
"Specifically, in upstream we will focus our efforts on further leveraging our proprietary back contact cell technology, including NGT, as well as the continued ramp of our unique P-Series product which we expect to reach multi-GW scale by the end of this year. Also, with the recent announcement of our planned acquisition of SolarWorld Americas, we expect to expand our U.S. manufacturing footprint, adding additional cell and module capacity to serve growing demand in North America. With a broad portfolio of high efficiency, high quality DG product offerings, we believe we can capture greater market share and superior margins in the residential and commercial segments due to our differentiated technology attributes. In relation to the downstream, we plan on increasing investment in our U.S. DG business while leveraging our SPS group to continue to meet the demand of our global power plant and DG customer base. With the DG industry forecasted to grow by 40 percent over the next five years, our extensive product portfolio, solar-plus-storage offerings and a strong global power plant and rooftop channel strategy through SPS, we believe the transition to our new business unit structure will position us to drive long term, sustained financial success for our shareholders.
"Finally, we are progressing on our corporate initiatives to delever our balance sheet. For example, the sale of our ownership stake in 8point3 Energy Partners remains on plan with the shareholder vote on the proposed transaction scheduled for May 23, 2018. Also, we expect to monetize more than 400 MW of SunPower leases that we currently hold on our balance sheet over the coming quarters. In addition, we are in the process of actively divesting our North America power plant development assets in order to focus exclusively on leveraging our SPS group for power plant equipment sales. We believe these actions, as well as others, will materially increase our liquidity, improve cash flow and simplify our financial statements," concluded Werner.
"Our strong first quarter performance was driven by solid execution in all markets while prudently managing expenses," said Chuck Boynton, SunPower chief financial officer. "Financially, our efforts remain focused on improving cash flow, managing our working capital and executing on our restructuring initiatives. With our asset monetization plans on track and continued cost control, we are well positioned to retire our $300 million convert in June as well as having the resources to fund our growth plans this year."
First quarter fiscal 2018 non-GAAP results exclude net adjustments that, in the aggregate, improved non-GAAP earnings by $87.8 million, including $1.4 million related to sale-leaseback transactions, $45.1 million related to impairment of residential lease assets, $18.7 million related to cost of above market polysilicon, $11.2 million related to restructuring expense, $8.8 million related to stock-based compensation expense, and $2.6 million related to intangibles.
Financial Outlook
The company's second quarter GAAP guidance is as follows: revenue of $360 million to $410 million, gross margin of 2.5 percent to 4.5 percent and a net loss of $125 million to $100 million. Second quarter 2018 GAAP guidance includes the impact of revenue and timing deferrals due to sale-leaseback transactions as well as charges related to the company's restructuring initiatives. On a non-GAAP basis, the company expects revenue of $375 million to $425 million, gross margin of 6 percent to 8 percent, Adjusted EBITDA of $10 million to $35 million and megawatts deployed in the range of 350 MW to 380 MW. Second quarter non-GAAP guidance reflects timing differences related to the revenue recognition of certain power plant projects during the quarter.
Also, the company now expects fiscal year 2018 Adjusted EBITDA to be in the range of $75 to $125 million. Fiscal year 2018 Adjusted EBITDA guidance assumes a $55 million negative impact related to tariffs associated with the section 201 trade case as well as a reduction of approximately $50 million of non-controlling interest income resulting from the anticipated sale of the company's lease portfolio in the second half of the year. On a comparative basis under the same assumptions, the company expects 10 to 15 percent year-over-year growth in 2018 Adjusted EBITDA.
The company will host a conference call for investors this afternoon to discuss its first quarter 2018 performance at 1:30 p.m. Pacific Time. The call will be webcast and can be accessed from SunPower's website at http://investors.sunpower.com/events.cfm .
This press release contains both GAAP and non-GAAP financial information. Non-GAAP figures are reconciled to the closest GAAP equivalent categories in the financial attachment of this press release. Please note that the company has posted supplemental information and slides related to its first quarter 2018 performance on the Events and Presentations section of SunPower's Investor Relations page at http://investors.sunpower.com/events.cfm . The capacity of power plants in this release is described in approximate megawatts on a direct current (dc) basis unless otherwise noted.
About SunPower
As one of the world's most innovative and sustainable energy companies, SunPower Corporation (NASDAQ:SPWR) provides a diverse group of customers with complete solar solutions and services. Residential customers, businesses, governments, schools and utilities around the globe rely on SunPower's more than 30 years of proven experience. From the first flip of the switch, SunPower delivers maximum value and superb performance throughout the long life of every solar system. Headquartered in Silicon Valley, SunPower has dedicated, customer-focused employees in Africa, Asia, Australia, Europe, North and South America. For more information about how SunPower is changing the way our world is powered, visit www.sunpower.com .
Forward-Looking Statements
This press release contains within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding: (a) expectations regarding demand and project and order pipelines; (b) our plans and expectations regarding manufacturing expansion, production goals, product focus and production ramps, and cost reduction efforts; (c) our strategic goals and plans, and our ability to achieve them; (d) our plans to optimize our corporate structure, reduce and control costs, improve financial transparency, maximize our core strengths, position our company for sustained profitability, streamline decision making, and the impact of these initiatives on our financial performance; (e) our expectations and plans regarding product focus, growth and market share, profitability, margins, and financial performance in each of our business lines; (f) our plans expansion of our U.S. distributed generation and SunPower Solutions business lines, and our ability to meet global demand; (g) our plans to invest in technologies and strategic initiatives and allocate resources; (h) our plans to align into upstream and downstream business units, and the financial impacts of such plans; (i) our expectations regarding our restructuring plan and associated initiatives, including plans to delever our balance sheet and complete planned divestiture transactions, and the impact of these initiatives on our liquidity, financial performance, cash flow, and operating expenses; (j) our ability to successfully complete key strategic transactions, including the sale of our remaining power plant development assets, the sale of our interest in 8point3 Partners, our planned monetization of our lease portfolio and associated accounting charges, and our expectations regarding the timing and proceeds of such transactions, and their impact on our liquidity, cash flow, and financial statements; (k) our plans and expectations with respect to acquisition and expansion activities, including the planned SolarWorld Americas acquisition; (l) our positioning for future success, long-term competitiveness, and our ability to return to sustained profitability; (m) our ability to retire our 2018 convertible bonds, and fund our planned growth initiatives; (n) our expectations for the solar industry and the markets we serve, including market conditions, tariff and associated impacts, demand and focus, and long-term prospects; (o) our second quarter fiscal 2018 guidance, including GAAP revenue, gross margin, and net loss, as well as non-GAAP revenue, gross margin, Adjusted EBITDA, and MW deployed, including related assumptions; and (p) fiscal year 2018 guidance, Adjusted EBITDA, including related assumptions and projected year over year growth. These are based on our current assumptions, expectations and beliefs and involve substantial that may cause results, performance or achievement to materially differ from those expressed or implied by these . Factors that could cause or contribute to such differences include, but are not limited to: (1) competition in the solar and general energy industry and downward pressure on selling prices and wholesale energy pricing; (2) our liquidity, substantial indebtedness, and ability to obtain additional financing for our projects and customers; (3) changes in public policy, including the imposition and applicability of tariffs pursuant to the Section 201 trade action and the process for exemptions; (4) regulatory changes and the availability of economic incentives promoting use of solar energy; (5) the success of our ongoing research and development efforts and our ability to commercialize new products and services, including products and services developed through strategic partnerships; (6) fluctuations in our operating results; (7) appropriately sizing our manufacturing capacity and containing manufacturing and logistics difficulties that could arise; (8) challenges managing our joint ventures and partnerships; (9) challenges executing on our HoldCo and YieldCo strategies, including the risk that we may not be able to successfully monetize our interest in 8point3 Energy Partners; and (12) our ability to successfully implement actions to meet our cost reduction targets, reduce capital expenditures, and implement our restructuring plan and associated initiatives, including plans to sell projects, monetize assets, and streamline our business and focus. A detailed discussion of these factors and other risks that affect our business is included in filings we make with the Securities and Exchange Commission (SEC) from time to time, including our most recent reports on Form 10-K and Form 10-Q, particularly under the heading "Risk Factors." Copies of these filings are available online from the SEC or on the SEC Filings section of our Investor Relations website at investors.sunpower.com . All in this press release are based on information currently available to us, and we assume no obligation to update these in light of new information or future events.
©2018 SunPower Corporation. All rights reserved. SUNPOWER, the SUNPOWER logo, EQUINOX and HELIX are trademarks or registered trademarks of SunPower Corporation in the U.S. and other countries as well.
SUNPOWER CORPORATION
CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
Apr. 1,
Dec. 31,
2018
2017
Assets
Current assets:
Cash and cash equivalents
$ 260,672
$ 435,097
Restricted cash and cash equivalents, current portion
34,667
43,709
Accounts receivable, net
190,795
204,966
Contract assets
58,636
35,074
Inventories
354,611
352,829
Advances to suppliers, current portion
93,744
30,689
Project assets - plants and land, current portion
72,767
103,063
Prepaid expenses and other current assets
139,071
146,209
Total current assets
1,204,963
1,351,636
Restricted cash and cash equivalents, net of current portion
67,230
65,531
Restricted long-term marketable securities
5,959
6,238
Property, plant and equipment, net
1,137,083
1,147,845
Solar power systems leased and to be leased, net
377,012
369,218
Advances to suppliers, net of current portion
117,096
185,299
Long-term financing receivables, net
341,619
330,672
Goodwill and other intangible assets, net
23,512
25,519
Other long-term assets
508,249
546,698
Total assets
$ 3,782,723
$ 4,028,656
Liabilities and Equity
Current liabilities:
Accounts payable
$ 334,201
$ 406,902
Accrued liabilities
184,846
229,208
Contract liabilities, current portion
86,226
104,286
Short-term debt
59,583
58,131
Convertible debt, current portion
299,875
299,685
Total current liabilities
964,731
1,098,212
Long-term debt
431,655
430,634
Convertible debt
816,930
816,454
Contract liabilities, net of current portion
156,510
171,610
Other long-term liabilities
817,540
804,122
Total liabilities
3,187,366
3,321,032
Redeemable noncontrolling interests in subsidiaries
14,105
15,236
Equity:
Preferred stock
-
-
Common stock
141
140
Additional paid-in capital
2,449,907
2,442,513
Accumulated deficit
(1,785,927)
(1,669,897)
Accumulated other comprehensive loss
(897)
(3,008)
Treasury stock, at cost
(186,065)
(181,539)
Total stockholders' equity
477,159
588,209
Noncontrolling interests in subsidiaries
104,093
104,179
Total equity
581,252
692,388
Total liabilities and equity
$ 3,782,723
$ 4,028,656
SUNPOWER CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
THREE MONTHS ENDED
Apr. 1,
Dec. 31,
Apr. 2,
2018
2017
2017
Revenue:
Residential
$ 169,432
$ 174,322
$ 134,694
Commercial
123,336
144,003
105,446
Power Plant
99,120
332,809
88,955
Total revenue
391,888
651,134
329,095
Cost of revenue:
Residential
141,390
164,817
119,920
Commercial
118,023
171,221
105,600
Power Plant
122,227
328,689
149,159
Total cost of revenue
381,640
664,727
374,679
Gross profit (loss)
10,248
(13,593)
(45,584)
Operating expenses:
Research and development
18,891
19,823
20,515
Selling, general and administrative
65,130
72,526
67,403
Restructuring charges
11,177
2,769
9,790
Impairment of residential lease assets
49,092
624,335
-
Total operating expenses
144,290
719,453
97,708
Operating loss
(134,042)
(733,046)
(143,292)
Other income (expense), net:
Interest income
529
139
938
Interest expense
(25,106)
(24,851)
(20,902)
Other, net
15,794
1,468
(74,088)
Other expense, net
(8,783)
(23,244)
(94,052)
Loss before income taxes and equity in earnings of unconsolidated investees
(142,825)
(756,290)
(237,344)
Benefit from (provision for) income taxes
(2,628)
2,870
(2,031)
Equity in earnings (loss) of unconsolidated investees
(2,144)
(146)
2,488
Net loss
(147,597)
(753,566)
(236,887)
Net loss attributable to noncontrolling interests and redeemable noncontrolling interests
31,623
180,915
17,161
Net loss attributable to stockholders
$ (115,974)
$ (572,651)
$ (219,726)
Net loss per share attributable to stockholders:
- Basic
$ (0.83)
$ (4.10)
$ (1.58)
- Diluted
$ (0.83)
$ (4.10)
$ (1.58)
Weighted-average shares:
- Basic
140,212
139,613
138,902
- Diluted
140,212
139,613
138,902
SUNPOWER CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
THREE MONTHS ENDED
Apr. 1,
Dec. 31,
Apr. 2,
2018
2017
2017
Cash flows from operating activities:
Net loss
$ (147,597)
$ (753,566)
$ (236,887)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization
39,833
54,291
41,247
Stock-based compensation
7,053
9,294
7,375
Non-cash interest expense
4,443
5,837
2,958
Impairment of equity method investment
-
7,993
72,964
Dividend from 8point3 Energy Partners LP
5,399
7,859
7,192
Equity in earnings of unconsolidated investees
2,144
146
(2,488)
Gain on sale of equity method investment
(15,576)
(5,346)
-
Deferred income taxes
(344)
(8,541)
227
Impairment of residential lease assets
49,092
624,335
-
Other, net
972
(3,881)
4,777
Changes in operating assets and liabilities, net of effect of acquisitions:
Accounts receivable
13,924
(40,469)
50,651
Contract assets
(23,561)
7,104
12,401
Inventories
(34,195)
28,776
(40,004)
Project assets
20,484
71,536
32,260
Prepaid expenses and other assets
10,885
14,103
33,264
Long-term financing receivables, net
(38,114)
(32,308)
(30,584)
Advances to suppliers
5,149
16,075
13,701
Accounts payable and other accrued liabilities
(100,156)
4,281
(198,909)
Contract liabilities
(33,097)
40,373
102,962
Net cash provided by (used in) operating activities
(233,262)
47,892
(126,893)
Cash flows from investing activities:
Purchases of property, plant and equipment
(8,859)
(12,177)
(27,877)
Cash paid for solar power systems, leased and to be leased
(23,787)
(22,007)
(18,217)
Cash paid for solar power systems
(2,604)
(88,306)
(4,605)
Dividend from 8point3 Energy Partners LP
2,694
-
-
Dividend from equity method investees
-
882
-
Proceeds from sale of equity method investment
27,282
5,954
-
Cash paid for investments in unconsolidated investees
(6,349)
(2,680)
(10,142)
Net cash used in investing activities
(11,623)
(118,334)
(60,841)
Cash flows from financing activities:
Proceeds from bank loans and other debt
49,794
56,104
110,763
Repayment of bank loans and other debt
(51,052)
(54,755)
(129,027)
Proceeds from issuance of non-recourse residential financing, net of issuance costs
32,687
6,435
20,580
Repayment of non-recourse residential financing
(3,781)
(2,133)
(1,298)
Contributions from noncontrolling interests and redeemable noncontrolling interests attributable to residential projects
36,726
55,591
49,030
Distributions to noncontrolling interests and redeemable noncontrolling interests attributable to residential projects
(5,422)
(5,200)
(3,763)
Proceeds from issuance of non-recourse power plant and commercial financing, net of issuance costs
9,104
209,222
121,818
Repayment of non-recourse power plant and commercial financing
(890)
(27,463)
(28,964)
Purchases of stock for tax withholding obligations on vested restricted stock
(4,526)
(366)
(4,062)
Net cash provided by financing activities
62,640
237,435
135,077
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents
477
(609)
788
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents
(181,768)
166,384
(51,869)
Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning of period
544,337
377,953
514,212
Cash, cash equivalents, restricted cash and restricted cash equivalents, end of period
$ 362,569
$ 544,337
$ 462,343
Non-cash transactions:
Costs of solar power systems, leased and to be leased, sourced from existing inventory
$ 14,354
$ 15,296
$ 13,389
Costs of solar power systems, leased and to be leased, funded by liabilities
$ 5,835
$ 5,527
$ 3,169
Costs of solar power systems under sale-leaseback financing arrangements, sourced from project assets
$ 9,791
$ 44,490
$ 52,917
Property, plant and equipment acquisitions funded by liabilities
$ 12,768
$ 15,706
$ 44,966
Contractual obligations satisfied with inventory
$ 17,517
$ 14,820
$ -
Assumption of debt by buyer upon sale of equity interest
$ 27,321
$ -
$ -
Assumption of debt by buyer upon sale of projects
$ -
$ 196,104
$ -
Impact to Previously Reported Results
Adoption of ASC 606 impacted our previously reported results as follows:
SUNPOWER CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
Three Months Ended December 31, 2017
As Reported
Adoption of ASC 606
As Adjusted
Revenue:
Residential
$ 175,652
$ (1,330)
$ 174,322
Commercial
147,559
(3,556)
144,003
Power Plant
334,889
(2,080)
332,809
Total revenue
658,100
(6,966)
651,134
Cost of revenue:
Residential
165,683
(866)
164,817
Commercial
174,948
(3,727)
171,221
Power Plant
332,701
(4,012)
328,689
Total cost of revenue
673,332
(8,605)
664,727
Gross profit (loss)
(15,232)
1,639
(13,593)
Operating loss
(734,685)
1,639
(733,046)
Other expense, net
(16,179)
(7,065)
(23,244)
Loss before income taxes and equity in earnings of unconsolidated investees
(750,864)
(5,426)
(756,290)
Equity in earnings (loss) of unconsolidated investees
(1,598)
1,452
(146)
Net loss
(749,592)
(3,974)
(753,566)
Net loss attributable to stockholders
$ (568,677)
$ (3,974)
$ (572,651)
Net loss per share attributable to stockholders:
- Basic
$ (4.07)
$ (0.03)
$ (4.10)
- Diluted
$ (4.07)
$ (0.03)
$ (4.10)
Three Months Ended October 1, 2017
As Reported
Adoption of ASC 606
As Adjusted
Revenue:
Residential
$ 153,258
$ (1,345)
$ 151,913
Commercial
106,005
8,407
114,412
Power Plant
217,928
1,583
219,511
Total revenue
477,191
8,645
485,836
Cost of revenue:
Residential
126,614
(867)
125,747
Commercial
99,988
6,718
106,706
Power Plant
234,931
(2,837)
232,094
Total cost of revenue
461,533
3,014
464,547
Gross profit
15,658
5,631
21,289
Operating loss
(76,953)
5,631
(71,322)
Other expense, net
(22,668)
936
(21,732)
Loss before income taxes and equity in earnings of unconsolidated investees
(99,621)
6,567
(93,054)
Equity in earnings (loss) of unconsolidated investees
15,308
1,451
16,759
Net loss
(78,856)
8,018
(70,838)
Net loss attributable to stockholders
$ (54,247)
$ 8,018
$ (46,229)
Net loss per share attributable to stockholders:
- Basic
$ (0.39)
$ 0.06
$ (0.33)
- Diluted
$ (0.39)
$ 0.06
$ (0.33)
Three Months Ended July 2, 2017
As Reported
Adoption of ASC 606
As Adjusted
Revenue:
Gross profit
$ 157,125
$ (1,319)
$ 155,806
Commercial
100,105
(8,279)
91,826
Power Plant
80,216
133
80,349
Total revenue
337,446
(9,465)
327,981
Cost of revenue:
Residential
130,987
(844)
130,143
Commercial
97,530
(8,914)
88,616
Power Plant
93,694
(639)
93,055
Total cost of revenue
322,211
(10,397)
311,814
Gross profit
15,235
932
16,167
Operating loss
(78,191)
932
(77,259)
Other expense, net
(37,727)
925
(36,802)
Loss before income taxes and equity in earnings of unconsolidated investees
(115,918)
1,857
(114,061)
Equity in earnings (loss) of unconsolidated investees
5,449
1,388
6,837
Net loss
(112,822)
3,245
(109,577)
Net loss attributable to stockholders
$ (93,760)
$ 3,245
$ (90,515)
Net loss per share attributable to stockholders:
- Basic
$ (0.67)
$ 0.02
$ (0.65)
- Diluted
$ (0.67)
$ 0.02
$ (0.65)
SUNPOWER CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands, except per share data)
(Unaudited)
Three Months Ended December 31, 2017
As Reported
Adoption of ASC 606
As Adjusted
Net loss
$ (749,592)
$ (3,974)
$ (753,566)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization
55,157
(866)
54,291
Impairment of equity method investment
-
7,993
7,993
Equity in loss (earnings) of unconsolidated investees
1,598
(1,452)
146
Changes in operating assets and liabilities, net of effect of acquisitions:
Accounts receivable
(35,234)
(5,235)
(40,469)
Costs and estimated earnings in excess of billings
1,026
(1,026)
-
Contract assets
-
7,104
7,104
Project assets
81,177
(9,641)
71,536
Prepaid expenses and other assets
8,240
5,863
14,103
Long-term financing receivables, net
(32,343)
35
(32,308)
Accounts payable and other accrued liabilities
36,272
(31,991)
4,281
Billings in excess of costs and estimated earnings
270
(270)
-
Customer advances
6,913
(6,913)
-
Contract liabilities
-
40,373
40,373
Net cash provided by operating activities
47,892
-
47,892
Net increase in cash, cash equivalents, restricted cash and restricted cash equivalents
166,384
-
166,384
Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning of period
377,953
-
377,953
Cash, cash equivalents, restricted cash and restricted cash equivalents, end of period
$ 544,337
$ -
$ 544,337
Three Months Ended October 1, 2017
As Reported
Adoption of ASC 606
As Adjusted
Net loss
$ (78,856)
$ 8,018
$ (70,838)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization
46,188
(868)
45,320
Equity in earnings of unconsolidated investees
(15,308)
(1,451)
(16,759)
Changes in operating assets and liabilities, net of effect of acquisitions:
Accounts receivable
10,331
1,465
11,796
Costs and estimated earnings in excess of billings
394
(394)
-
Contract assets
-
(6,625)
(6,625)
Project assets
(2,194)
6,748
4,554
Prepaid expenses and other assets
11,525
(463)
11,062
Long-term financing receivables, net
(28,984)
23
(28,961)
Accounts payable and other accrued liabilities
(20,495)
(6,523)
(27,018)
Billings in excess of costs and estimated earnings
(3,269)
3,269
-
Customer advances
1,556
(1,556)
-
Contract liabilities
-
(1,643)
(1,643)
Net cash used in operating activities
(26,612)
-
(26,612)
Net decrease in cash, cash equivalents, restricted cash and restricted cash equivalents
(23,070)
-
(23,070)
Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning of period
401,023
-
401,023
Cash, cash equivalents, restricted cash and restricted cash equivalents, end of period
$ 377,953
$ -
$ 377,953
Three Months Ended July 2, 2017
As Reported
Adoption of ASC 606
As Adjusted
Net loss
$ (112,822)
$ 3,245
$ (109,577)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization
45,269
(845)
44,424
Equity in earnings of unconsolidated investees
(5,449)
(1,387)
(6,836)
Changes in operating assets and liabilities, net of effect of acquisitions:
Accounts receivable
(27,224)
4,055
(23,169)
Costs and estimated earnings in excess of billings
1,859
(1,859)
-
Contract assets
-
(2,220)
(2,220)
Project assets
(97,022)
(8,935)
(105,957)
Prepaid expenses and other assets
53,852
(1,751)
52,101
Long-term financing receivables, net
(31,872)
51
(31,821)
Accounts payable and other accrued liabilities
(9,754)
15,050
5,296
Billings in excess of costs and estimated earnings
(4,411)
4,411
-
Customer advances
13,294
(13,294)
-
Contract liabilities
-
3,479
3,479
Net cash used in operating activities
(161,799)
-
(161,799)
Net decrease in cash, cash equivalents, restricted cash and restricted cash equivalents
(61,320)
-
(61,320)
Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning of period
462,343
-
462,343
Cash, cash equivalents, restricted cash and restricted cash equivalents, end of period
$ 401,023
$ -
$ 401,023
Use of Non-GAAP Financial Measures
To supplement its consolidated financial results presented in accordance with GAAP, the company uses non-GAAP measures that are adjusted for certain items from the most directly comparable GAAP measures, as described below. The specific non-GAAP measures listed below are: revenue; gross profit/margin; net income (loss); net income (loss) per diluted share; and adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA"). Management believes that each of these non-GAAP measures is useful to investors, enabling them to better assess changes in each of these key elements of the company's results of operations across different reporting periods on a consistent basis, independent of certain items as described below. Thus, each of these non-GAAP financial measures provides investors with another method to assess the company's operating results in a manner that is focused on its ongoing, core operating performance, absent the effects of these items. Management uses these non-GAAP measures internally to assess the business, its financial performance, current and historical results, as well as for strategic decision-making and forecasting future results. Many of the analysts covering the company also use these non-GAAP measures in their analyses. Given management's use of these non-GAAP measures, the company believes these measures are important to investors in understanding the company's operating results as seen through the eyes of management. These non-GAAP measures are not prepared in accordance with GAAP or intended to be a replacement for GAAP financial data; the non-GAAP measures should be reviewed together with the GAAP measures and are not intended to serve as a substitute for results under GAAP, and may be different from non-GAAP measures used by other companies.
Non-GAAP revenue includes adjustments relating to 8point3, utility and power plant projects, and sale-leaseback transactions, each as described below. In addition to those same adjustments, Non-GAAP gross profit/margin includes adjustments relating to impairment of residential lease assets, cost of above-market polysilicon, stock-based compensation, amortization of intangible assets, depreciation of idle equipment, and non-cash interest expense, each as described below. In addition to those same adjustments, non-GAAP net income (loss) and non-GAAP net income (loss) per diluted share are adjusted for adjustments relating to, restructuring expense, IPO-related costs, the tax effect of these non-GAAP adjustments, and other items, each as described below. In addition to the same adjustments as non-GAAP net income (loss), Adjusted EBITDA includes adjustments relating to cash interest expense (net of interest income), provision for (benefit from) income taxes, and depreciation.
Non-GAAP Adjustments Based on International Financial Reporting Standards ("IFRS")
The company's non-GAAP results include adjustments to recognize revenue and profit under IFRS that are consistent with the adjustments made in connection with the company's reporting process as part of its status as a consolidated subsidiary of Total S.A., a foreign public registrant which reports under IFRS. Differences between GAAP and IFRS reflected in the company's non-GAAP results are further described below. In these situations, management believes that IFRS enables investors to better evaluate the company's revenue and profit generation performance, and assists in aligning the perspectives of our management and noncontrolling shareholders with those of Total S.A., our controlling shareholder.
8point3. In 2015, 8point3 Energy Partners LP ("8point3 Energy Partners"), a joint YieldCo vehicle, was formed by the company and First Solar, Inc. ("First Solar" and, together with the company, the "Sponsors") to own, operate and acquire solar energy generation assets. Class A shares of 8point3 Energy Partners are now listed on the NASDAQ Global Select Market under the trading symbol "CAFD." Immediately after the IPO, the company contributed a portfolio of 170 MW of its solar generation assets (the "SPWR Projects") to 8point3 Operating Company, LLC ("OpCo"), 8point3 Energy Partners' primary operating subsidiary. In exchange for the SPWR Projects, the company received cash proceeds as well as equity interests in several 8point3 Energy Partners affiliated entities: primarily common and subordinated units representing a 40.7% (since reduced to 36.5% via a secondary issuance of shares in fiscal 2016) stake in OpCo and a 50.0% economic and management stake in 8point3 Holding Company, LLC ("Holdings"), the parent company of the general partner of 8point3 Energy Partners and the owner of incentive distribution rights in OpCo. Holdings, OpCo, 8point3 Energy Partners and their respective subsidiaries are referred to herein as the "8point3 Group" or "8point3."
The company includes adjustments related to the sales of projects contributed to 8point3 previously based on the difference between the fair market value of the consideration received and the net carrying value of the projects contributed, of which, a portion is deferred in proportion to the company's retained equity stake in 8point3. Prior to the adoption of ASC 606, these sales are recognized under either real estate, lease, or consolidation accounting guidance depending upon the nature of the individual asset contributed, with outcomes ranging from no, partial, or full profit recognition. The company adopted ASC 606 on January 1, 2018, using the full retrospective method, which required the company to restate each prior period presented. The company recorded a material amount of deferred profit associated with projects sold to 8point3 in 2015, the majority of which had previously been deferred under real estate accounting. Accordingly, the company's carrying value in the 8point3 materially increased upon adoption which required the company to evaluate its investment in 8point3 for other-than-temporary impairment ("OTTI"). In accordance with such evaluation, the company recognized a non-cash impairment charge on the 8point3 investment balance in the prior periods that were affected.
Utility and power plant projects. The company includes adjustments related to the revenue recognition of certain utility and power plant projects based the ratio of costs incurred to date to the total estimated costs at completion of the performance obligations and, when relevant, the allocation of revenue and margin to the company's project development efforts at the time of initial project sale. Prior to the adoption of ASC 606, such projects are accounted for under real estate accounting guidance, under which no separate allocation to the company's project development efforts occurs and the amount of revenue and margin that is recognized may be limited in circumstances where the company has certain forms of continuing involvement in the project. Under ASC 606, such projects are accounted for when the customer obtains control of the promised goods or services which generally results in earlier recognition of revenue and profit than previous GAAP. Over the life of each project, cumulative revenue and gross profit will eventually be equivalent under both ASC 606 and non-GAAP once these projects are completed. Sale-leaseback transactions. The company includes adjustments primarily related to the revenue recognition on certain sale-leaseback transactions based on the net proceeds received from the buyer-lessor. Under GAAP, these transactions are accounted for under the financing method in accordance with real estate accounting guidance. Under such guidance, no revenue or profit is recognized at the inception of the transaction, and the net proceeds from the buyer-lessor are recorded as a financing liability. Imputed interest is recorded on the liability equal to the company's incremental borrowing rate adjusted solely to prevent negative amortization.
Other Non-GAAP Adjustments
Impairment of residential lease assets. In fiscal 2017, the company made the decision to sell its interest in the residential lease portfolio and as a result of this triggering event, determined it was necessary to evaluate the potential for impairment in its ability to recover the carrying amount of the residential lease portfolio. In accordance with such evaluation, the company recognized a non-cash impairment charge on its solar power systems leased and to be leased and an allowance for losses related financing receivables. In connection with the impairment loss, the carrying values of its solar power systems leased and to be leased were reduced which resulted in lower depreciation charges. Management believes that it is appropriate to exclude the impact of residential lease assets impairment and its corresponding depreciation savings from the company's non-GAAP financial measures as they are not reflective of ongoing operating results and do not contribute to a meaningful evaluation of a company's past operating performance. Cost of above-market polysilicon. The company has entered in previous years into multiple long-term, fixed-price supply agreements to purchase polysilicon for periods of up to 10 years. The prices in these supply agreements, which incorporate a cash portion and a non-cash portion attributable to the amortization of prepayments made under the agreements, significantly exceed market prices. Additionally, in order to reduce inventory and improve working capital, the company has periodically elected to sell polysilicon inventory in the marketplace at prices below the company's purchase price, thereby incurring a loss. Management believes that it is appropriate to exclude the impact of its above-market cost of polysilicon, including the effect of above-market polysilicon on product costs, losses incurred on sales of polysilicon to third parties, and inventory reserves and project asset impairments from the company's non-GAAP financial measures as they are not reflective of ongoing operating results and do not contribute to a meaningful evaluation of a company's past operating performance. Stock-based compensation. Stock-based compensation relates primarily to the company's equity incentive awards. Stock-based compensation is a non-cash expense that is dependent on market forces that are difficult to predict. Management believes that this adjustment for stock-based compensation provides investors with a basis to measure the company's core performance, including compared with the performance of other companies, without the period-to-period variability created by stock-based compensation. Amortization of intangible assets. The company incurs amortization of intangible assets as a result of acquisitions, which includes patents, purchased technology, project pipeline assets, and in-process research and development. Management believes that it is appropriate to exclude these amortization charges from the company's non-GAAP financial measures as they arise from prior acquisitions, are not reflective of ongoing operating results, and do not contribute to a meaningful evaluation of a company's past operating performance. Depreciation of idle equipment. In the fourth quarter of 2017, the company changed the deployment plan for its next generation of solar cell technology, which made certain then temporarily idle equipment obsolete, and therefore, retired that affected equipment. Such asset impairment is excluded from the company's non-GAAP financial measures as it is non-cash in nature and not reflective of ongoing operating results. Excluding this data provides investors with a basis to compare the company's performance against the performance of other companies without such charges. Non-cash interest expense. The company incurs non-cash interest expense related to the amortization of items such as original issuance discounts on its debt. The company excludes non-cash interest expense because the expense does not reflect its financial results in the period incurred. Management believes that this adjustment for non-cash interest expense provides investors with a basis to evaluate the company's performance, including compared with the performance of other companies, without non-cash interest expense. Restructuring expense. The company incurs restructuring expenses related to reorganization plans aimed towards realigning resources consistent with the company's global strategy and improving its overall operating efficiency and cost structure. Restructuring charges are excluded from non-GAAP financial measures because they are not considered core operating activities and such costs have historically occurred infrequently. Although the company has engaged in restructuring activities in the past, each has been a discrete event based on a unique set of business objectives. As such, management believes that it is appropriate to exclude restructuring charges from the company's non-GAAP financial measures as they are not reflective of ongoing operating results or contribute to a meaningful evaluation of a company's past operating performance. IPO-related costs. Costs incurred related to the IPO of 8point3 included legal, accounting, advisory, valuation, and other expenses, as well as modifications to or terminations of certain existing financing structures in preparation for the sale to 8point3. As these costs are non-recurring in nature, excluding this data provides investors with a basis to evaluate the company's performance, including compared with the performance of other companies, without similar impacts. Other. The company combines amounts previously disclosed under separate captions into "Other" when amounts do not have a significant impact on the presented fiscal periods. Management believes that these adjustments provide investors with a basis to evaluate the company's performance, including compared with the performance of other companies, without similar impacts. Tax effect. This amount is used to present each of the adjustments described above on an after-tax basis in connection with the presentation of non-GAAP net income and non-GAAP net income per diluted share. The company's non-GAAP tax amount is based on estimated cash tax expense and reserves. The company forecasts its annual cash tax liability and allocates the tax to each quarter in a manner generally consistent with its GAAP methodology. This approach is designed to enhance investors' ability to understand the impact of the company's tax expense on its current operations, provide improved modeling accuracy, and substantially reduce fluctuations caused by GAAP to non-GAAP adjustments, which may not reflect actual cash tax expense. Adjusted EBITDA adjustments. When calculating Adjusted EBITDA, in addition to adjustments described above, the company excludes the impact during the period of the following items: Cash interest expense, net of interest income Provision for (benefit from) income taxes Depreciation
Management presents this non-GAAP financial measure to enable investors to evaluate the company's performance, including compared with the performance of other companies.
For more information about these non-GAAP financial measures, please see the tables captioned "Reconciliations of GAAP Measures to Non-GAAP Measures" set forth at the end of this release, which should be read together with the preceding financial statements prepared in accordance with GAAP.
SUNPOWER CORPORATION
RECONCILIATIONS OF GAAP MEASURES TO NON-GAAP MEASURES
(In thousands, except percentages and per share data)
(Unaudited)
Adjustments to Revenue:
THREE MONTHS ENDED
Apr. 1,
Dec. 31,
Apr. 2,
2018
2017
2017
GAAP revenue
$ 391,888
$ 651,134
$ 329,095
Adjustments based on IFRS:
8point3
-
(114)
5,518
Utility and power plant projects
(2,043)
9,138
41,396
Sale-leaseback transactions
9,103
163,837
53,478
Non-GAAP revenue
$ 398,948
$ 823,995
$ 429,487
Adjustments to Gross Profit (Loss) / Margin:
THREE MONTHS ENDED
Apr. 1,
Dec. 31,
Apr. 2,
2018
2017
2017
GAAP gross profit (loss)
$ 10,248
$ (13,593)
$ (45,584)
Adjustments based on IFRS:
8point3
-
(62)
324
Utility and power plant projects
(268)
(3,538)
42,691
Sale-leaseback transactions
(3,039)
25,839
(3,144)
Other adjustments:
Impairment of residential lease assets
(3,853)
-
-
Cost of above-market polysilicon
18,700
81,804
29,815
Stock-based compensation expense
1,057
2,783
1,184
Amortization of intangible assets
2,492
2,505
2,567
Depreciation of idle equipment
721
2,300
-
Non-cash interest expense
-
2
10
Non-GAAP gross profit
$ 26,058
$ 98,040
$ 27,863
GAAP gross margin (%)
2.6%
-2.1%
-13.9%
Non-GAAP gross margin (%)
6.5%
11.9%
6.5%
Adjustments to Net income (loss):
THREE MONTHS ENDED
Apr. 1,
Dec. 31,
Apr. 2,
2018
2017
2017
GAAP net loss attributable to stockholders
$ (115,974)
$ (572,651)
$ (219,726)
Adjustments based on IFRS:
8point3
(177)
8,130
77,698
Utility and power plant projects
(268)
(3,538)
42,691
Sale-leaseback transactions
1,373
28,491
(1,709)
Other adjustments:
Impairment of residential lease assets
45,139
473,709
-
Cost of above-market polysilicon
18,700
81,804
29,815
Stock-based compensation expense
8,758
9,294
7,375
Amortization of intangible assets
2,492
8,769
3,026
Depreciation of idle equipment
721
2,300
-
Non-cash interest expense
22
25
35
Restructuring expense
11,177
2,769
9,790
IPO-related costs
-
-
114
Tax effect
(170)
(3,338)
513
Non-GAAP net income (loss) attributable to stockholders
$ (28,207)
$ 35,764
$ (50,378)
Adjustments to Net income (loss) per diluted share:
THREE MONTHS ENDED
Apr. 1,
Dec. 31,
Apr. 2,
2018
2017
2017
Net income (loss) per diluted share
Numerator:
GAAP net loss available to common stockholders 1
$ (115,974)
$ (572,651)
$ (219,726)
Non-GAAP net income (loss) available to common stockholders 1
$ (28,207)
$ 35,764
$ (50,378)
Denominator:
GAAP weighted-average shares
140,212
139,613
138,902
Effect of dilutive securities:
Stock options
-
-
-
Restricted stock units
-
1,570
-
Upfront warrants (held by Total)
-
49
-
Warrants (under the CSO2015)
-
-
-
0.75% debentures due 2018
-
-
-
Non-GAAP weighted-average shares 1
140,212
141,232
138,902
GAAP net loss per diluted share
$ (0.83)
$ (4.10)
$ (1.58)
Non-GAAP net income (loss) per diluted share
$ (0.20)
$ 0.25
$ (0.36)
1 In accordance with the if-converted method, net income (loss) available to common stockholders excludes interest expense related to the 0.75%, 0.875%, and 4.0% debentures if the debentures are considered converted in the calculation of net income (loss) per diluted share. If the conversion option for a debenture is not in the money for the relevant period, the potential conversion of the debenture under the if-converted method is excluded from the calculation of non-GAAP net income (loss) per diluted share.
Adjusted EBITDA:
THREE MONTHS ENDED
Apr. 1,
Dec. 31,
Apr. 2,
2018
2017
2017
GAAP net loss attributable to stockholders
$ (115,974)
$ (572,651)
$ (219,726)
Adjustments based on IFRS:
8point3
(177)
8,130
77,698
Utility and power plant projects
(268)
(3,538)
42,691
Sale-leaseback transactions
1,373
28,491
(1,709)
Other adjustments:
Impairment of residential lease assets
45,139
473,709
-
Cost of above-market polysilicon
18,700
81,804
29,815
Stock-based compensation expense
8,758
9,294
7,375
Amortization of intangible assets
2,492
8,769
3,026
Depreciation of idle equipment
721
2,300
-
Non-cash interest expense
22
25
35
Restructuring expense
11,177
2,769
9,790
IPO-related costs
-
-
114
Cash interest expense, net of interest income
20,165
22,058
18,529
Provision for (benefit from) income taxes
2,628
(2,870)
2,031
Depreciation
37,576
41,960
38,932
Adjusted EBITDA
$ 32,332
$ 100,250
$ 8,601
Q2 2018 and FY2018 GUIDANCE
(in thousands except percentages)
Q2 2018
FY 2018
Revenue (GAAP)
$360,000-$410,000
$1,600,000-$2,000,000
Revenue (non-GAAP) (1)
$375,000-$425,000
$1,800,000-$2,200,000
Gross margin (GAAP)
2.5%-4.5%
N/A
Gross margin (non-GAAP) (2)
6%-8%
N/A
Net loss (GAAP)
$100,000-$125,000
$370,000-$420,000
Adjusted EBITDA (3)
$10,000-$35,000
$75,000-$125,000
(1)
Estimated non-GAAP amounts above for Q2 2018 include net adjustments that increase (decrease) revenue by approximately $22 million related to sale-leaseback transactions, $(5) million related to 8point3 and $(2) million related to utility and power plant projects. Estimated non-GAAP amounts above for fiscal 2018 include net adjustments that increase revenue by approximately $200 million related to sale-leaseback transactions.
(2)
Estimated non-GAAP amounts above for Q2 2018 include net adjustments that increase (decrease) gross margin by approximately $2 million related to sale-leaseback transactions, $(5) million related to 8point3, $(2) million related to utility and power plant projects, $19 million related to cost of above-market polysilicon, $3 million related to stock-based compensation expense, and $1 million related to amortization of intangible assets.
(3)
Estimated Adjusted EBITDA amounts above for Q2 2018 include net adjustments that decrease (increase) net loss by approximately $58 million related to impairment of lease assets, $2 million related to sale-leaseback transactions, $(24) million related to 8point3, $(2) million related to utility and power plant projects, $19 million related to cost of above-market polysilicon, $8 million related to stock-based compensation expense, $3 million related to amortization of intangible assets, $7 million related to restructuring, $26 million related to interest expense, $2 million related to income taxes, and $36 million related to depreciation. Estimated non-GAAP amounts above for fiscal 2018 include net adjustments that decrease (increase) net loss by approximately $107 million related to impairment of lease assets, $20 million related to sale-leaseback transactions, $(24) million related to 8point3, $(9) million related to utility and power plant projects, $96 million related to cost of above-market polysilicon, $34 million related to stock-based compensation expense, $12 million related to amortization of intangible assets, $31 million related to restructuring, $83 million related to interest expense, $16 million related to income taxes, and $129 million related to depreciation.
The following supplemental data represent the adjustments, individual charges and credits that are included or excluded from SunPower's non-GAAP revenue, gross profit/margin, net income (loss) and net income (loss) per diluted share measures for each period presented in the Consolidated Statements of Operations contained herein.
SUPPLEMENTAL DATA
(In thousands, except percentages)
THREE MONTHS ENDED
April 1, 2018
Revenue
Gross profit / margin
Operating expenses
Other income (expense), net
Benefit from (provision for) income taxes
Equity in earnings of unconsolidated investees
Gain (Loss) attributable to non-controlling interests
Net income (loss)
attributable to
stockholders
Residential
Commercial
Power Plant
Residential
Commercial
Power Plant
Research and
development
Selling, general
and administrative
Restructuring charges
GAAP
$ 169,432
$ 123,336
$ 99,120
$ 28,042
16.6%
$ 5,313
4.3%
$ (23,107)
-23.3%
$ (115,974)
Adjustments based on IFRS:
8point3
-
-
-
-
-
-
-
-
-
-
-
(177)
-
(177)
Utility and power plant projects
-
(643)
(1,400)
-
(450)
182
-
-
-
-
-
-
-
(268)
Sale-leaseback transactions
-
9,103
-
-
(2,920)
(119)
-
-
-
4,412
-
-
-
1,373
Other adjustments:
Impairment of residential lease assets
-
-
-
(3,853)
-
-
-
49,092
-
-
-
-
(100)
45,139
Cost of above-market polysilicon
-
-
-
5,802
5,057
7,841
-
-
-
-
-
-
-
18,700
Stock-based compensation expense
-
-
-
195
383
479
2,946
4,755
-
-
-
-
-
8,758
Amortization of intangible assets
-
-
-
1,047
735
710
-
-
-
-
-
-
-
2,492
Depreciation of idle equipment
-
-
-
224
216
281
-
-
-
-
-
-
-
721
Non-cash interest expense
-
-
-
-
-
-
3
19
-
-
-
-
-
22
Restructuring expense
-
-
-
-
-
-
-
-
11,177
-
-
-
-
11,177
Tax effect
-
-
-
-
-
-
-
-
-
-
(170)
-
-
(170)
Non-GAAP
$ 169,432
$ 131,796
$ 97,720
$ 31,457
18.6%
$ 8,334
6.3%
$ (13,733)
-14.1%
$ (28,207)
December 31, 2017
Revenue
Gross profit / margin
Operating expenses
Other income (expense), net
Benefit from (provision for) income taxes
Equity in earnings of unconsolidated investees
Gain (Loss) attributable to non-controlling interests
Net income (loss)
attributable to
stockholders
Residential
Commercial
Power Plant
Residential
Commercial
Power Plant
Research and
development
Selling, general
and administrative
Restructuring charges
GAAP (As Reported)
$ 175,652
$ 147,559
$ 334,889
$ 9,969
5.7%
$ (27,389)
-18.6%
$ 2,188
0.7%
$ (568,677)
Adoption of ASC 606
(1,330)
(3,556)
(2,080)
(464)
171
1,932
-
-
-
(7,065)
-
1,452
-
(3,974)
GAAP (As Adjusted)
$ 174,322
$ 144,003
$ 332,809
$ 9,505
5.5%
$ (27,218)
-18.9%
$ 4,120
1.2%
$ (572,651)
Adjustments based on IFRS:
8point3
-
-
(114)
(3)
-
(59)
-
-
-
8,086
-
106
-
8,130
Utility and power plant projects
-
10,344
(1,206)
-
313
(3,851)
-
-
-
-
-
-
-
(3,538)
Sale-leaseback transactions
-
163,837
-
-
25,956
(117)
-
-
-
2,652
-
-
-
28,491
Other adjustments:
Impairment of residential lease assets
-
-
-
-
-
-
-
624,335
-
-
-
-
(150,626)
473,709
Cost of above-market polysilicon
-
-
-
17,674
30,056
34,074
-
-
-
-
-
-
-
81,804
Stock-based compensation expense
-
-
-
482
810
1,491
1,131
5,380
-
-
-
-
-
9,294
Amortization of intangible assets
-
-
-
852
873
780
-
6,264
-
-
-
-
-
8,769
Depreciation of idle equipment
-
-
-
533
834
933
-
-
-
-
-
-
-
2,300
Non-cash interest expense
-
-
-
-
1
1
4
19
-
-
-
-
-
25
Restructuring expense
-
-
-
-
-
-
-
-
2,769
-
-
-
-
2,769
Tax effect
-
-
-
-
-
-
-
-
-
-
(3,338)
-
-
(3,338)
Non-GAAP
$ 174,322
$ 318,184
$ 331,489
$ 29,043
16.7%
$ 31,625
9.9%
$ 37,372
11.3%
$ 35,764
April 2, 2017
Revenue
Gross margin
Operating expenses
Other income (expense), net
Benefit from (provision for) income taxes
Equity in earnings of unconsolidated investees
Gain (Loss) attributable to non-controlling interests
Net income (loss)
attributable to
stockholders
Residential
Commercial
Power Plant
Residential
Commercial
Power Plant
Research and
development
Selling, general
and administrative
Restructuring charges
GAAP (As Reported)
$ 136,031
$ 108,263
$ 154,782
$ 15,274
11.2%
$ (2,366)
-2.2%
$ (43,840)
-28.3%
$ (134,479)
Adoption of ASC 606
(1,337)
(2,817)
(65,827)
(500)
2,212
(16,364)
-
-
-
(72,031)
-
1,436
-
(85,247)
GAAP (As Adjusted)
$ 134,694
$ 105,446
$ 88,955
$ 14,774
11.0%
$ (154)
-0.1%
$ (60,204)
-67.7%
$ (219,726)
Adjustments based on IFRS:
8point3
-
5,484
34
(3)
(519)
846
-
-
-
77,964
-
(590)
-
77,698
Utility and power plant projects
-
-
41,396
-
-
42,691
-
-
-
-
-
-
-
42,691
Sale-leaseback transactions
-
23,041
30,437
-
(2,665)
(479)
-
-
-
1,435
-
-
-
(1,709)
Other adjustments:
Cost of above-market polysilicon
-
-
-
4,351
7,132
18,332
-
-
-
-
-
-
-
29,815
Stock-based compensation expense
-
-
-
210
249
725
1,528
4,663
-
-
-
-
-
7,375
Amortization of intangible assets
-
-
-
1,214
836
517
-
459
-
-
-
-
-
3,026
Non-cash interest expense
-
-
-
4
3
3
4
21
-
-
-
-
-
35
Restructuring expense
-
-
-
-
-
-
-
-
9,790
-
-
-
-
9,790
IPO-related costs
-
-
-
-
-
-
-
114
-
-
-
-
-
114
Tax effect
-
-
-
-
-
-
-
-
-
-
513
-
-
513
Non-GAAP
$ 134,694
$ 133,971
$ 160,822
$ 20,550
15.3%
$ 4,882
3.6%
$ 2,431
1.5%
$ (50,378)
View original content with multimedia: http://www.prnewswire.com/news-releases/sunpower-reports-first-quarter-results-300644834.html
SOURCE SunPower Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/pr-newswire-sunpower-reports-first-quarter-results.html |
* C.bank bailed out Otkritie Bank on a bailout
* Injected 1 trln rbls on Otkritie’s rehabilitation alone
* Bank plans to separate problem loans into two types -document
By Tatiana Voronova
MOSCOW, May 11 (Reuters) - Russia’s Otkritie Bank, rescued by the state last year, had non-performing assets of more than 420 billion roubles ($6.81 billion) at the start of the year, breaking central bank requirements, according to a document reviewed by Reuters.
Russia’s central bank rescued three of the country’s biggest private banks, including Otkritie, in the second half of 2017 and shut hundreds of smaller lenders as part of a wider clean-up over the past few years.
The central bank said in March it was considering merging Otkritie and B&N Bank, and moving their toxic loans into a separate “bad bank,” yet to be established.
Otkritie has split its problem assets into two types: ‘Legacy’, or non-performing loans hard to sell, which total 310.8 billion roubles and ‘Strategy’ assets, which could be sold easier, and which are worth 112 billion roubles, according to Otkritie’s business plan, reviewed by Reuters.
A state banker, who declined to be named, confirmed the plan.
Otkritie declined to comment, while Otkritie Holding, the former parent company, did not reply to a request for comment.
‘Strategy’ assets include shares in VTB, Russia’s second-biggest bank, and payment processor Qiwi, as well as other assets, such as loans to the United Wagon Company (UWC), where one of the Otkritie group’s companies is listed as a shareholder with a stake of around 8 percent.
The Russian central bank has gradually tightened rules, including those governing lending to related parties or the banks’ owners, seen as among the causes of bank failures.
Banks under the central bank’s bailout are not obliged to meet the sector’s capital requirements, including limiting the amount of risk a single borrower or a group of connected borrowers has to 25 percent of the bank’s capital. That requirement stood at 67.4 percent for Otkritie Holding alone at the start of the year.
Otkritie’s management, led by former VTB executive Mikhail Zadornov, plans to cut non-performing loans to 256.3 billion roubles and the ones it could sell to 99.3 billion roubles in 2018, the document showed. It did not explain how the bank was going to do this.
$1 = 61.7105 roubles Reporting by Tatiana Voronova Writing by Katya Golubkova Editing by Louise Heavens
| ashraq/financial-news-articles | https://www.reuters.com/article/russia-banks-otkritie/russias-otkritie-saddled-with-6-8-bln-of-troubled-assets-idUSL8N1SI296 |
April 30 (Reuters) - Philippine Estates Corp:
* FY NET INCOME ATTRIBUTABLE TO PARENT EQUITY HOLDER 19.3 MILLION PESOS VERSUS 2.0 MILLION PESOS
* FY GROSS REVENUE 167.6 MILLION PESOS VERSUS 81.7 MILLION PESOS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-philippine-estates-posts-fy-net-in/brief-philippine-estates-posts-fy-net-income-attributable-of-19-3-mln-pesos-idUSFWN1S702H |
(Reuters) - Mahindra & Mahindra Ltd on Tuesday said fourth-quarter profit surged over 70 percent, slightly above estimates.
FILE PHOTO: The logo of Mahindra and Mahindra is seen at a showroom in Mumbai, India, August 30, 2016. REUTERS/Danish Siddiqui/File Photo Standalone profit after tax, which does not include share of profit from its unit Mahindra Vehicle Manufacturers Ltd, stood at 10.59 billion rupees ($155.90 million) for the quarter ended March 31, compared with 6.22 earlier.
Analysts on average expected a quarterly profit of 10.45
Revenue from operations grew 10.5 percent to 133.08 billion rupees.
($1 = 67.9300 by Krishna V Kurup Sunil Nair
| ashraq/financial-news-articles | https://in.reuters.com/article/mahindra-results/mahindra-mahindra-fourth-quarter-profit-jumps-70-percent-idINKCN1IU0T6 |
NEWPORT BEACH, Calif. (AP) _ Accelerize Inc. (ACLZ) on Monday reported a loss of $1.3 million in its first quarter.
The Newport Beach, California-based company said it had a loss of 2 cents per share.
The marketing company posted revenue of $6 million in the period.
The company's shares closed at 38 cents. A year ago, they were trading at 31 cents.
This story was generated by Automated Insights ( http://automatedinsights.com/ap ) using data from Zacks Investment Research. Access a Zacks stock report on ACLZ at https://www.zacks.com/ap/ACLZ | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/14/the-associated-press-accelerize-1q-earnings-snapshot.html |
CARLSBAD, Calif., May 17, 2018 /PRNewswire/ -- Viasat Inc. (NASDAQ: VSAT), a global communications company, will host a conference call to discuss financial results for the fourth quarter and fiscal year 2018 on Thursday, May 24, 2018, at 5:00 p.m. Eastern Time.
The dial-in number is (877) 640-9809 in the U.S. and (914) 495-8528 internationally. Listeners can also access the conference call webcast and other material financial information discussed on the conference call on the Investor Relations section of the Viasat website at: investors.viasat.com . The call will be archived and available on that site for approximately one month immediately following the conference call.
A replay of the conference call will be available from 8:00 p.m. Eastern Time on Thursday, May 24 until 11:59 p.m. Eastern Time on Friday, May 25, by dialing (855) 859-2056 for U.S. callers and (404) 537-3406 for international callers, and entering the conference ID 6683285.
About Viasat
Viasat is a global communications company that believes everyone and everything in the world can be connected. For more than 30 years, Viasat has helped shape how consumers, businesses, governments and militaries around the world communicate. Today, the Company is developing the ultimate global communications network to power high-quality, secure, affordable, fast connections to impact people's lives anywhere they are—on the ground, in the air or at sea. To learn more about Viasat, visit: www.viasat.com , go to Viasat's Corporate Blog , or follow the Company on social media at: Facebook , Instagram , LinkedIn , Twitter or YouTube .
Copyright © 2018 Viasat, Inc. All rights reserved. All other product or company names mentioned are used for identification purposes only and may be trademarks of their respective owners. Viasat is a registered trademark of Viasat, Inc.
View original content: http://www.prnewswire.com/news-releases/viasat-sets-may-24-2018-for-fourth-quarter-and-fiscal-year-2018-financial-results-conference-call-and-webcast-300650699.html
SOURCE Viasat, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/pr-newswire-viasat-sets-may-24-2018-for-fourth-quarter-and-fiscal-year-2018-financial-results-conference-call-and-webcast.html |
May 22, 2018 / 7:05 PM / Updated an hour ago Banned pregnancy drug tied to ADHD generations later Lisa Rapaport 5 Min Read
(Reuters Health) - A pregnancy drug banned decades ago may have side effects that linger for generations. Grandchildren of women who took it have an increased risk of attention deficit hyperactivity disorder (ADHD), a new study suggests.
The drug, a synthetic estrogen known as diethylstilbestrol (DES), was designed to prevent pregnancy complications like miscarriage and preterm delivery. As many as 10 million U.S. women may have used the drug between 1938 and 1971, when it was banned after being linked to vaginal cancers in daughters of women who used it.
Now, a new study suggests that grandchildren of women how took DES during pregnancy are 36 percent more likely to be diagnosed with ADHD than other kids.
And when women took DES during the first trimester of pregnancy, their grandchildren had 63 percent higher odds of developing ADHD, researchers report in JAMA Pediatrics.
“An exposure during pregnancy has the potential to impact multiple generations if the fetus is female, because the oocytes (aka egg cells) that will develop into the grandchildren of the pregnant woman grow while their mother is in utero,” said lead study author Marianthi-Anna Kioumourtzoglou of the Mailman School of Public Health at Columbia University in New York City.
“Use of DES during pregnancy or other endocrine disrupting chemicals could thus directly impact the third generation, leading to neurodevelopmental disorders, such as ADHD,” Kioumourtzoglou said by email.
Chemicals known as endocrine disruptors can interfere with the body’s endocrine, or hormone, system and produce negative developmental, reproductive, neurological and immune effects. These chemicals have been used to make a wide variety of consumer products over the years, including baby bottles, metal food cans, flame retardants, detergents, pesticides and cosmetics.
A range of health problems including autism, ADHD, obesity, diabetes, heart and vascular disorders, and endometriosis have been linked to exposure to endocrine disruptors.
DES in particular has been linked to delays in regular menstrual cycles for granddaughters of women who used the drug during pregnancy, researchers note. Grandsons of these women also have an increased risk of hypospadias, an abnormality that occurs when the opening of the urethra doesn’t develop on the tip of the penis and instead forms on the shaft or on the scrotum.
The new findings are drawn from 47,540 women in an ongoing study of U.S. nurses, including 861 women, or 1.8 percent, who used DES while pregnant.
Overall, 7.7 percent of the grandchildren of women who used DES during pregnancy were diagnosed with ADHD, compared with 5.2 percent of other grandchildren in the study. This increased risk of ADHD was similar for male and female grandkids.
The study wasn’t a controlled experiment designed to prove whether or how DES exposure during pregnancy might cause ADHD generations later.
Another limitation of the study is that researchers relied on survey data from one generation - the mothers - to assess DES use in grandmothers and ADHD diagnoses in grandchildren. It’s possible mothers didn’t know or recall whether the grandmothers used DES while they were pregnant, the authors note.
Still, the results add to a growing body of evidence suggesting that exposure to DES and other endocrine disrupting chemicals may have effects that span generations, said Joel Nigg, author of an accompanying editorial and a psychiatry and neuroscience researcher at Oregon Health & Science University in Portland.
“The entire class of hormone/endocrine disrupting medicines and chemicals have been known or suspected to interfere with offspring development for many years,” Nigg said by email.
“What is new here is the demonstration of effects to grandchildren, and the possibility that this reflects an inherited epigenetic effect,” Nigg added. “That widens the sphere of possibilities for how kids’ neurodevelopmental problems originate.”
Even though DES is no longer prescribed, other endocrine disruptors and so-called neurotoxic chemicals that alter fetal development can still get into women’s bodies from pesticides on food, beauty products, and air pollution.
Women may not always be able to avoid exposure, but reading product labels and eating organic fruits and vegetables can help minimize the risk, Nigg advised.
SOURCE: bit.ly/2s44XvW JAMA Pediatrics, online May 21, 2018. | ashraq/financial-news-articles | https://www.reuters.com/article/us-health-adhd-des/banned-pregnancy-drug-tied-to-adhd-generations-later-idUSKCN1IN2OW |
Oil prices approached a two-week low Tuesday, weighed down by rising U.S. crude production, a strengthening dollar and debate over whether America will pull out of the Iran nuclear deal.
Light, sweet crude for June delivery declined 87 cents, or 1.3%, to $67.70 a barrel on the New York Mercantile Exchange, nearing its lowest close since April 17. Brent, the global benchmark, fell 99 cents, or 1.3%, to $73.70.
The... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/oil-prices-fall-as-u-s-output-hits-record-1525169490 |
SAN DIEGO, Seismic, the global leader in sales and marketing enablement, today announced that it has signed a definitive agreement to acquire SAVO Group, combining two of the major global sales enablement brands. The acquisition extends Seismic's position as the leading platform aligning sales and marketing teams to effectively engage buyers with the right information and content.
Seismic equips sellers with buyer-specific and dynamically personalized content and marketers with the most powerful set of content management tools available. The company has achieved at least 95 percent revenue growth and triple-digit net customer retention rates six years in a row to become the largest sales enablement provider. Through this transaction, Seismic will further accelerate product innovation by adding to its engineering and development teams that currently make up more than one-third of the company's workforce.
Founded in 1999 as the first sales enablement solution, SAVO Group has since grown into one of the few other providers to have a global footprint, serving enterprise customers across a wide array of industries, including technology, life sciences, and financial services firms. The company also acquired competing sales enablement solution KnowledgeTree in 2017. SAVO Group brings extensive sales enablement expertise and additional technological functionality to the new combined customer base.
"Sales enablement programs are having a huge impact on revenue for enterprises because they take everything off the plate of the seller, allowing them to focus on building the best relationships with buyers," said Doug Winter, co-founder and CEO of Seismic. "However, they require an equally powerful sales enablement solution to really see it through. In that regard, today's announcement puts even further space between Seismic and the rest of the sales enablement market."
The new combined entity will serve more than 500 enterprise customers worldwide. SAVO Group adds customers such as Stryker, BMC Software, Miller Heiman and Canon Europe, joining Seismic's complementary customer roster of large organizations which includes Getty Images, NCR, Capital One, Illumina, and T. Rowe Price. Additionally, the acquisition of SAVO Group gives Seismic an increased foothold in European markets, adding to the company's international efforts which included a successful launch in Australia in 2017. Total headcount for Seismic will increase to more than 450 across eight offices in the United States, Europe, and Australia.
The acquisition follows a successful 2017 for Seismic which saw the company achieve 97 percent revenue growth and 118 percent net customer retention. The company also grew the total number of customers in key industries such as technology and life sciences by more than 100 percent and now boasts 15 of the 25 top asset management firms as customers.
"We are excited to be joined by SAVO Group's customers and team as we embark on this next exciting phase of Seismic's growth," said Winter. "Regardless of industry or geographic location, the need to ensure that sellers are interacting with buyers in the most beneficial and productive way possible has become recognized as a boon to accelerating sales cycles."
For more information on Seismic and the benefits of a sales and marketing enablement solution, visit the company's website at https://seismic.com/solution/ .
About Seismic
Seismic is the leading global sales and marketing enablement solution, improving close rates and delivering larger deals for sales while increasing marketing's impact on the bottom line. Large enterprises use Seismic to increase sales productivity through the automatic distribution of relevant information and personalized content to reps for any buyer interaction. Powerful content controls and visibility into usage ensures brand integrity and reduces risk. Seismic's machine learning and analytics capabilities continuously improves the entire enablement process for large enterprises, increasing the ROI of sales content and tying it directly to revenue. Headquartered in San Diego and with more than 450 employees across the globe, Seismic is privately held by its executive team and investment firms General Atlantic, JMI Equity, and Jackson Square Ventures.
To see how Seismic is being used by firms in your industry, visit http://www.seismic.com .
Media Contact
Jason Fidler
PR Manager, Seismic
[email protected]
with multimedia: releases/seismic-acquires-savo-group-to-extend-sales-enablement-market-leadership-300644094.html
SOURCE Seismic | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/pr-newswire-seismic-acquires-savo-group-to-extend-sales-enablement-market-leadership.html |
SECAUCUS, N.J., May 9, 2018 /PRNewswire/ --
First Quarter 2018 Highlights:
Total Comparable Sales (3.6%) Digital commerce increases 20.7% Repurchases $45 million face value of convertible debt at a discount GAAP loss per share of $0.17, impacted by loss from discontinued operations, partially offset by gain on debt extinguishment. Adjusted earnings per share (EPS) from continuing operations of $0.10.
Vitamin Shoppe, Inc. (NYSE: VSI), an omni-channel, specialty retailer of nutritional products, today announced preliminary results for the three months ended March 31, 2018. Total net sales in the first quarter were $296.0 million compared to $305.8 million in the same period of the prior year. Reported basic and fully diluted loss per share in first quarter 2018 was $0.17, compared to fully diluted earnings per share of $0.35 in first quarter 2017.
Reported basic and fully diluted net income per share from continuing operations in first quarter 2018 was $0.41, compared to $0.43 in first quarter 2017. Results in first quarter 2018 include a $12.5 million pre-tax gain on the extinguishment of debt as well as net pre-tax expenses of approximately $2.2 million associated with the closure of the New Jersey distribution center. First quarter 2017 results did not include any adjustments.
Adjusting 2018 results for items discussed above, adjusted EPS from continuing operations for first quarter 2018 was $0.10. (Refer to Table 4 at the end of this press release.)
Colin Watts, Chief Executive Officer of the Vitamin Shoppe stated, "I am pleased with the consistent and steady improvement in the business as the initiatives we have executed are beginning to take hold. We saw an improvement in underlying sales trends, an increase in both new customer acquisition and traffic while also realizing ongoing product margin improvement."
Commenting on the Company's financial performance, Brenda Galgano, Chief Financial Officer said, "The Company delivered solid cash flow generation in the quarter, partially benefitting from a reduction in capital expenditures as we have slowed new store openings. The cash flow generated in the quarter, coupled with our expectations for the remainder of the year, gave us the confidence to opportunistically purchase $45 million face value of our convertible debt due December 2020 at a discount to par value. Total purchase price of $34 million was funded with excess cash and a draw down on our revolving line of credit. We ended the first quarter with approximately $35 million drawn on the revolver, which we subsequently reduced to approximately $25 million in April." Ms. Galgano further commented, "We continue to review and prioritize our capital needs. We are committed to making the required investments to position us for long-term success and will continue to evaluate capital allocation alternatives consistent with the recent past."
First Quarter 2018 Results
Total sales of $296.0 million in the quarter were 3.2% lower than the same period of the prior year. Total comparable sales were down 3.6% in the quarter. As the Company continues to advance its omni-channel initiative, digital comparable net sales, which includes vs.com and Auto Delivery, increased 20.7% in the quarter. The Company did not open any stores in the quarter and closed two.
Cost of goods sold, which includes product, distribution and store occupancy costs, decreased $3.9 million, or 1.9%, to $202.9 million for the three months ended March 31, 2018, compared with $206.8 million for the three months ended April 1, 2017. During the quarter, the Company recorded $1.7 million in net expenses related to the closure of the New Jersey distribution center.
Gross profit of $93.1 million was 5.9% or $5.9 million lower than $99.0 million reported in first quarter 2017. Reported gross profit as a percentage of net sales was 31.5% in first quarter 2018, compared to 32.4% in the same period of 2017. Excluding the special items mentioned above, gross profit was $94.8 million in first quarter 2018 and the adjusted gross profit as a percentage of sales was 32.0%. The first quarter 2018 year-over-year decrease was primarily due to deleverage in supply chain and occupancy from lower sales, as well as additional investments in pricing and promotions. This was partially offset by improvements in margin from favorable category and mix shifts and lower costs through new vendor partnerships.
Selling, general and administrative expenses (SG&A), including operating payroll and related benefits and advertising expense, was $89.3 million for the quarter ended March 31, 2018, compared with $80.1 million for the quarter ended April 1, 2017. SG&A as a percent of revenue was 30.2% in first quarter 2018 and 26.2% in first quarter 2017. This increase is mainly driven by deleverage in store payroll and store operating costs as well as increased health care costs, advertising investments and store impairments.
Operating income in first quarter 2018 of $3.8 million compared to an operating income of $18.8 million in the same period of the prior year. Adjusted for the items noted in the preceding paragraphs for first quarter 2018, the operating income was $6.2 million in the period.
During the quarter, the Company reported a gain of $12.5 million on the extinguishment of debt related to the repurchase of convertible debt.
With the sale of Nutri-Force, the Vitamin Shoppe is accounting for the business as discontinued operations. The net loss from Nutri-Force in the quarter was $13.5 million, and includes asset impairment charges of $13.7 million, after tax.
Reported net loss was $3.9 million for first quarter 2018 compared to net income of $8.0 million in the same period of the prior year. Reported loss per share was $0.17 in first quarter 2018, compared to earnings per share of $0.35 in first quarter 2017. Earnings per share from continuing operations were $0.41 in first quarter 2018 compared to $0.43 in first quarter 2017. Continuing earnings per share on an adjusted basis in first quarter 2018 (for the items described in Table 4), was $0.10.
Balance Sheet and Cash Flow
Cash and equivalents at March 31, 2018 were $1.8 million. During the quarter, the Company repurchased $45 million face value of convertible notes due December 2020 at a discounted price of $34 million, resulting in a $12.5 million pre-tax gain from the early extinguishment of debt. At quarter end, the Company had $35 million borrowed on its revolving line of credit and a convertible notes liability with a total face value of $98.4 million. Subsequent to quarter end, the balance on the revolving line of credit had been reduced to approximately $25 million.
Capital expenditures were $6.7 million in the quarter with funds primarily expended on IT and other digital investments.
Subsequent Event
On May 7, 2018 the Vitamin Shoppe completed the sale of Nutri-Force, its manufacturing business. Net proceeds to the Company were approximately $15 million. The buyer was Arizona Nutritional Supplements (ANS), a contract and private label manufacturer of vitamins, minerals and supplements located in Chandler, Arizona. ANS has a long and successful track record in driving innovation. The Vitamin Shoppe has a long-term relationship with ANS, currently one of the Company's contract private brand manufacturers. As part of this transaction, the parties have entered into a long-term supply agreement. Through the remainder of the year, the majority of the production from Nutri-Force will be transitioned to the ANS facilities in Arizona. In addition, ANS has committed to specific innovation investments on behalf of the Vitamin Shoppe.
2018 Outlook
The Company is providing guidance around the key levers that drive the business, which is unchanged from prior guidance of February 27, 2018 except to exclude the Nutri-Force business which was sold on May 7, 2018. Specifically:
Full year comparable sales of negative low to mid single digits. Full year gross margin rate of 30.5% - 31.0%. The Company expects improved product margins offset by higher delivery costs and fixed cost deleverage. SG&A expenses between $340 million and $345 million. This excludes expenses associated with CEO change. Combined Federal, State and Local tax rate of 28%. This excludes discrete items estimated at $0.5 million to $1 million. Full year capital expenditures of approximately $30 million, and includes the opening of two new stores.
Non-GAAP Financial Measures
Adjusted information is non-GAAP financial information. These supplemental non-GAAP measures should not be considered superior to, or a substitute for, and should be considered in conjunction with the GAAP financial measures presented. The Company believes such non-GAAP financial information facilitates analysis and comparisons of our ongoing business operations because it excludes items that may not be indicative of, or are unrelated to the Company's core operating performance, and may assist investors with comparisons to prior periods and assessing trends in our underlying businesses. These adjustments are consistent with how management views our businesses. Management uses such non-GAAP financial information in making financial, operating and planning decisions and evaluating the Company's ongoing performance. A reconciliation of adjusted financial information to the most directly comparable financial measures calculated and presented in accordance with GAAP is shown in Table 4.
Webcast
Management will host a conference call to discuss the first quarter 2018 results at 8:30 a.m. Eastern Time (ET) today. Interested investors and other parties may listen to the simultaneous webcast of the conference call by logging onto the Investor Relations section of the Company's website at www.vitaminshoppe.com . A telephonic replay will be available beginning at 11:30 a.m. ET on May 9, 2018 and can be accessed by dialing 1-844-512-2921 or 1-412-317-6671 for international callers. The passcode for the replay is 7617379. The telephonic replay will be available until 11:59 p.m. ET on May 16, 2018. The webcast will also be archived on the company's website at www.vitaminshoppe.com in the investor relations section.
About the Vitamin Shoppe, Inc. (NYSE:VSI)
Vitamin Shoppe is an omni-channel, specialty retailer of nutritional products based in Secaucus, New Jersey. In its stores and on its website, the Company carries a comprehensive retail assortment including: vitamins, minerals, specialty supplements, herbs, sports nutrition, homeopathic remedies, green living products, and beauty aids. In addition to offering products from approximately 1,000 national brands, the Vitamin Shoppe also carries products under The Vitamin Shoppe ® , BodyTech ® , True Athlete ® , MyTrition ® , plnt ® , ProBioCare ® , and Next Step ® brands. The Vitamin Shoppe conducts business through more than 775 company-operated retail stores under The Vitamin Shoppe and Super Supplements retail banners, and through its website, www.vitaminshoppe.com . Follow the Vitamin Shoppe on Facebook at http://www.facebook.com/THEVITAMINSHOPPE and on Twitter at http://twitter.com/VitaminShoppe .
Forward Looking Statements
This press release contains "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, without limitation, those that contain words such as "outlook", "believes", "expects", "potential", "continues", "may", "will", "should", "seeks", "predicts", "intends", "plans", "estimates", "anticipates", "target", "could" or the negative version of these words or other comparable words. These statements are subject to various risks and uncertainties, many of which are outside our control, including, among others, strength of the economy, changes in the overall level of consumer spending, the performance of the Company's products within the prevailing retail environment, implementation of our strategy, , compliance with regulations, certifications and best practices with respect to the development, manufacture, sales and marketing of the Company's products, management changes, maintaining appropriate levels of inventory, changes in tax policy, ecommerce relationships, disruptions of manufacturing, warehouse or distribution facilities or information systems, political environment and other specific factors discussed herein and in other Securities and Exchange Commission (the "SEC") filings by us (including our reports on Forms 10-K and 10-Q filed with the SEC). We believe that all are based on reasonable assumptions when made; however, we caution that it is impossible to predict actual results or outcomes or the effects of risks, uncertainties or other factors on anticipated results or outcomes with certainty and that, accordingly, one should not place undue reliance on these statements. Forward-looking statements speak only as of the date when made and we undertake no obligation to update these statements in light of subsequent events or developments. Actual results may anticipated results or outcomes discussed in any forward-looking statement.
TABLE 1
VITAMIN SHOPPE, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share data)
(Unaudited)
Three Months Ended
March 31,
April 1,
2018
2017
Net sales
$ 295,964
$ 305,772
Cost of goods sold
202,853
206,790
Gross profit
93,111
98,982
Selling, general and administrative expenses
89,300
80,141
Income from operations
3,811
18,841
Gain on extinguishment of debt
12,502
-
Interest expense, net
2,441
2,412
Income before provision for income taxes
13,872
16,429
Provision for income taxes
4,215
6,534
Net income from continuing operations
9,657
9,895
Net loss from discontinued operations, net of tax
(13,516)
(1,899)
Net income (loss)
$ (3,859)
$ 7,996
Weighted average common shares outstanding
Basic
23,294,227
22,828,244
Diluted
23,294,227
23,022,067
Net income from continuing operations per common share
Basic
$ 0.41
$ 0.43
Diluted
$ 0.41
$ 0.43
Net loss from discontinued operations per common share
Basic
$ (0.58)
$ (0.08)
Diluted
$ (0.58)
$ (0.08)
Net income (loss) per common share
Basic
$ (0.17)
$ 0.35
Diluted
$ (0.17)
$ 0.35
TABLE 2
VITAMIN SHOPPE, INC. AND SUBSIDIARY
KEY PERFORMANCE INDICATORS AND STORE INFO
($ in thousands)
(Unaudited)
Three Months Ended
March 31,
April 1,
2018
2017
Decrease in total comparable net sales
(3.6)%
(6.3)%
Decrease in comparable store net sales
(6.5)%
(5.8)%
Increase (Decrease) in digital comparable net sales
20.7 %
(10.0)%
Gross profit from continuing operations as a percent of net sales
31.5 %
32.4 %
Income from continuing operations as a percent of net sales
1.3 %
6.2 %
Capital Expenditures
$ 6,722
$ 10,138
Depreciation and Amortization
$ 11,247
$ 7,828
Store Data:
Stores open at beginning of period
785
775
Stores opened
–
6
Stores closed
(2)
(1)
Stores open at end of period
783
780
Total retail square footage at end of period (in thousands)
2,730
2,722
TABLE 3
VITAMIN SHOPPE, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)
(Unaudited)
March 31,
December 30,
2018
2017
ASSETS
Current assets:
Cash and cash equivalents
$ 1,799
$ 1,947
Inventories
211,296
218,087
Prepaid expenses and other current assets
40,283
39,473
Current assets held for sale
22,217
22,625
Total current assets
275,595
282,132
Property and equipment, net of accumulated depreciation and amortization of $325,328 and $334,082 in
2018 and 2017, respectively
136,692
141,520
Other intangibles, net
11,052
11,040
Deferred taxes
37,203
37,278
Other long-term assets
2,608
2,572
Noncurrent assets held for sale
-
16,891
Total assets
$ 463,150
$ 491,433
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Revolving credit facility
$ 35,000
$ 12,000
Accounts payable
47,633
46,921
Accrued expenses and other current liabilities
56,958
62,645
Current liabilities held for sale
7,222
5,337
Total current liabilities
146,813
126,903
Convertible notes, net
87,463
126,415
Deferred rent
40,617
40,832
Other long-term liabilities
1,801
1,916
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.01 par value; 250,000,000 shares authorized and no shares issued
and outstanding at March 31, 2018 and December 30, 2017
-
-
Common stock, $0.01 par value; 400,000,000 shares authorized, 24,532,315 shares issued and
24,291,415 shares outstanding at March 31, 2018, and 24,220,509 shares issued and 24,021,948
shares outstanding at December 30, 2017
245
242
Additional paid-in capital
83,953
88,823
Treasury stock, at cost; 240,900 shares at March 31, 2018 and 198,561 shares at December 30, 2017
(7,195)
(7,010)
Retained earnings
109,453
113,312
Total stockholders' equity
186,456
195,367
Total liabilities and stockholders' equity
$ 463,150
$ 491,433
TABLE 4
VITAMIN SHOPPE, INC. AND SUBSIDIARY
SUPPLEMENTAL OPERATING DATA
(Unaudited)
Amounts in millions except per share data
Figures may not sum due to rounding
Gross
Operating
Net
Diluted
Continuing Operations
Profit
SG&A
Income
Income
EPS
Three months ended March 31, 2018:
As Reported
$ 93.1
$ 89.3
$ 3.8
$ 9.7
$ 0.41
Gain on extinguishment of debt (1)
-
-
-
(9.1)
(0.39)
Closing of distribution center (2)
1.7
(0.5)
2.2
1.6
0.07
Nutri-Force transaction (3)
-
(0.1)
0.1
0.1
0.00
As Adjusted
$ 94.8
$ 88.6
$ 6.2
$ 2.3
$ 0.10
Three months ended April 1, 2017:
As Reported (4)
$ 99.0
$ 80.1
$ 18.8
$ 9.9
$ 0.43
(1) Gain recognized on the repurchase of a portion of Convertible Notes, net of tax.
(2) Costs related to the closing of the North Bergen, New Jersey distribution center.
(3) Costs related to the pending sale of Nutri-Force.
(4) No adjustments related to the Company's continuing operations for the three months ended April 1, 2017.
View original content: http://www.prnewswire.com/news-releases/vitamin-shoppe-inc-announces-first-quarter-2018-results-300645050.html
SOURCE Vitamin Shoppe, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/pr-newswire-vitamin-shoppe-inc-announces-first-quarter-2018-results.html |
May 4, 2018 / 6:59 PM / in 17 minutes Athletics - Semenya breaks her own national 1500 metres record despite controversy Reuters Staff 3 Min Read
(Reuters) - Caster Semenya put aside the controversy over a planned rule change in athletics regarding hyperandrogenism to win the women’s 1,500 metres and break her own South African record time at the Diamond League meeting in Doha on Friday. Athletics - Diamond League - Doha - Qatar Sports Club, Doha, Qatar - May 4, 2018 South Africa's Caster Semenya wins the women's 1500m REUTERS/Ibraheem Al Omari
Semenya won in a world leading time of three minutes and 59.92 seconds ahead of Nelly Jepkosgei of Kenya and Habitam Alemu of Ethiopia. She set a national and Commonwealth Games record of 4:00.71 in winning the gold medal last month.
The South African has been in the spotlight after the sport’s governing IAAF approved an eligibility rule to limit the advantage of female athletes who, like Semenya, have naturally higher than normal levels of testosterone.
The International Association of Athletics Federations last week confirmed new rules, starting from Nov. 1, which effectively give Semenya a choice of taking medication to restrict her testosterone or move to longer distance events.
The double Olympic and triple world 800 metres champion did not let the controversy affect her performance on a dominant evening for Africans in the middle distance events as Kenya swept the podium in the men’s 800m.
Emmanuel Korir blasted away from his compatriots on the final strait to win in a time of 1:45.21. Elijah Manangoi finished second with Nicholas Kipkoech in third. Athletics - Diamond League - Doha - Qatar Sports Club, Doha, Qatar - May 4, 2018 South Africa's Caster Semenya celebrates after winning the women's 1500m REUTERS/Ibraheem Al Omari
There was a tight finish in the women’s 3,000m as Kenya again ruled the track. Caroline Kipkirui finished four tenths of a second ahead of compatriot Agnes Tirop after a tense final lap in the evening heat, with Hyvin Kiyeng coming third.
Commonwealth Games 400m champion Isaac Makwala failed to reproduce his Gold Coast form as he finished third in a race won by Steven Gardiner of the Bahamas in a national record of 43.87 seconds, with Qatar’s Abdalleleh Haroun coming home second.
Marie-Josee Ta Lou of the Ivory Coast won the women’s 100m in a personal best of 10.85 seconds, beating 2016 Olympic champion Elaine Thompson of Jamaica who was third with Nigeria’s Blessing Okagbare-Ighoteguonor finishing second.
American 20-year-old Noah Lyles won the men’s 200m in a meeting record of 19.83 seconds with world champion Ramil Guliyev of Turkey finishing third.
American Sandi Morris won the women’s pole vault with Britain’s Holly Bradshaw coming second.
There were also wins in the men’s events for Pedro Pablo Pichardo of Cuba in the triple jump and home athlete Mutaz Essa Barshim in the high jump. Reporting by Christian Radnedge; Editing by Ken Ferris | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-athletics-diamond-doha/semenya-smashes-national-1500-metres-record-despite-controversy-idUKKBN1I52D7 |
ROME, May 24 (Reuters) - An Italian court has thrown out a request by two former Leonardo executives, and the company, not to appear in a New Delhi court as defendants in a bribery case relating to a large 2010 helicopter contract with the Indian government.
The ruling, seen in court documents, means Giuseppe Orsi, former chief executive of the Italian state-controlled defence group, and Bruno Spagnolini, former head of helicopter unit AgustaWestland, will have to appear at a court hearing in India scheduled for May 30.
If they do not present themselves, the Indian court could issue an international arrest warrant, legal sources said.
“They will certainly appeal,” Ennio Amodio, a lawyer representing Orsi and Spagnoli, told Reuters on Thursday.
In January an Italian appeals court acquitted the two former executives.
Leonardo, which at the time of the events was known as Finmeccanica, is involved in the Indian case because of “corporate liability” of the “mother” company as per Indian law.
India cancelled the helicopter contract in 2013 after Orsi was arrested, but AgustaWestland opposed India’s decision and the contract remains suspended and the subject of international arbitration in Paris. (Reporting by Domenico Lusi, writing by Stephen Jewkes, editing by Susan Fenton)
| ashraq/financial-news-articles | https://www.reuters.com/article/leonardo-india-corruption/former-leonardo-executives-will-have-to-appear-in-india-hearing-idUSL5N1SV6JX |
* Sprint slides on regulatory concerns, T-Mobile edges lower
* McDonald’s jumps as global same-store sales beat estimates
* March core PCE up 1.9 pct yoy, in-line with estimates
* Indexes up: Dow 0.64 pct, S&P 0.37 pct, Nasdaq 0.48 pct (Updates to open)
By Sruthi Shankar
April 30 (Reuters) - U.S. stocks rose on Monday as strong earnings reports from McDonald’s and a slate of merger announcements lifted sentiment, while inflation worries were kept in check after tepid data on U.S. income and spending.
McDonald’s jumped 4.7 percent after the world’s biggest food chain reported a better-than-expected rise in sales at its restaurants.
The consumer discretionary index was up 0.8 percent, which led the gains among the 11 major S&P sectors.
Shares of oil refiner Andeavor surged 15.9 percent, the biggest gainer on the S&P 500, after rival Marathon Petroleum agreed to buy the company for more than $23 billion. Marathon’s shares were down 4.2 percent.
The main indexes are on track to record their first monthly gain since January as strong quarterly earnings take the lead, even as investors weigh concerns about rising interest rates and inflation.
“If the previous several weeks of earnings season are any indication, corporate results should continue to act as a buffer to any meaningful turn lower in equity markets,” noted Peter Kenney, senior market strategist at Global Markets Advisory Group, in New York.
“However, the principal threat to equity markets remains rising interest rates.”
U.S. bond yields edged lower after data showed March personal income rose 0.3 percent, lower than estimates of 0.4 percent.
On the consumption side, personal spending in February was lowered to 0.3 percent, from the previously reported 0.4 percent.
Focus will turn to the Federal Reserve, when it meets on May 1 and 2 to discuss monetary policy. Though the central bank is not expected to raise rates, investors will be on the watch for clues about inflation and the pace of future rate hikes.
Despite strong results, warnings from some large U.S. manufacturers about escalating costs going forward, had investors worried that profit margins may get squeezed.
Of the 267 S&P 500 firms that reported first-quarter earnings as of Friday, 79.4 percent topped profit expectations, according to Thomson Reuters data. That lifted the estimate for earnings growth to 24.6 percent from about 18 percent at the start of the season.
At 10:01 a.m. ET, the Dow Jones Industrial Average was up 156.55 points, or 0.64 percent, at 24,467.74, the S&P 500 was up 9.81 points, or 0.37 percent, at 2,679.72 and the Nasdaq Composite was up 34.40 points, or 0.48 percent, at 7,154.20.
Investors are also keeping an eye on developments around the $26 billion takeover of wireless carrier Sprint by T-Mobile announced on Sunday, which needs to clear five regulatory hurdles.
Sprint fell 12.8 percent, while T-Mobile was down 5.1 percent.
Allergan Plc reversed course to fall 1.6 percent after its quarterly profit topped Wall Street estimates.
Technology stocks were the biggest boost, led by Apple’s 2.4 percent rise ahead of its results on Tuesday.
Advancing issues outnumbered decliners for a 1.75-to-1 ratio on the NYSE and for a 1.64-to-1 ratio on the Nasdaq.
The S&P index recorded 16 new 52-week highs and four new lows, while the Nasdaq recorded 35 new highs and nine new lows. (Reporting by Sruthi Shankar in Bengaluru; Editing by Shounak Dasgupta)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-stocks/us-stocks-wall-st-rises-on-strong-earnings-ma-boost-idUSL3N1S74LW |
BERLIN, May 30 (Reuters) - U.S. steel and aluminium tariffs will probably take effect on June 1 unless a deal is struck, a spokesman for the German economy ministry said on Wednesday.
U.S. President Donald Trump has granted the European Union an exemption from the tariffs until June 1.
Asked about the procedure, the ministry spokesman said:
“As far as I know it is in the night (going into) June 1,” said the spokesman. “As far as I know, they (the tariffs) would automatically take effect,” he said, adding talks were still going on to try to get a deal. (Reporting by Michelle Martin and Madeline Chambers)
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/usa-trade-germany/berlin-braced-for-u-s-steel-aluminum-tariffs-from-june-1-idUSS8N1RX011 |
LONDON (Reuters) - Russian gold miner Petropavlovsk has asked British regulators to investigate the identity of shareholders pressing for an overhaul of the board only a year after a previous revolt forced change, sources close to the company said.
The London-listed firm, which has underperformed peers for about a decade, is near the end of a quest to bring on technology to boost profits from the treatment of refractory gold ore, which is very hard to process using traditional methods.
It says fresh management upheaval would set back progress just when its fortunes could be about to be transformed.
“Petropavlovsk has raised the mystery shareholder issue with the (UK Takeover) Panel and the UK Listing Authority,” (UKLA) one of the sources said, asking not to be named.
The source added the company had asked the regulators to investigate and take appropriate action, without elaborating.
A spokesman for the Financial Conduct Authority, of which the UKLA is part, declined to comment. A spokesman for the Takeover Panel had no immediate comment.
Investors under the names of CABS Platform and Slevin have called for long-time chief executive and co-founder Pavel Maslovskiy to return to the board and for other management changes.
Together the two entities own just over 9 percent of Petropavlovsk’s stock. They have offshore addresses in Panama and Anguilla, according to Thomson Reuters data, and have not responded to attempts to contact them.
Maslovskiy told Reuters they were not connected to him.
The company’s biggest shareholder, Kazakh entrepreneur Kenges Rakishev, also says he is not connected to them, although he has said he largely backs their demands.
Maslovskiy resigned last year after the company’s co-founder Peter Hambro was ousted by a shareholder revolt. Hambro says he is not expecting to return, while Maslovskiy says he would be willing to do so.
Gertjan Koomen, managing partner at Sothic Capital Management, voted for last year’s board changes on the grounds of poor governance.
He said the company was now on track, disagreed with the new activist demands to bring back three former directors and thought the current CEO should keep his office, but he would not oppose the return of Maslovskiy as a non-executive director.
“In this way the company can benefit from his operational experience,” he said.
Koomen said he agreed regulators should investigate to determine the identity of the activist shareholders.
Reporting by Barbara Lewis; Editing by Mark Potter
| ashraq/financial-news-articles | https://www.reuters.com/article/us-mining-petropavlovsk/petropavlovsk-asks-uk-regulators-to-investigate-activist-shareholders-idUSKCN1IU0VQ |
Former White House chief economic advisor Gary Cohn believes the U.S. economy is strong.
"I'm pretty bullish on where the economy is right now," Cohn said Tuesday on CNBC's " Squawk on the Street ." "Everything we thought would be happening, is happening."
Cohn, formerly the No. 2 executive at Goldman Sachs, cited the positive jobs numbers and the benefits from corporate tax reform. He also noted "slow" wage growth will likely make the Federal Reserve less aggressive with its rate hikes.
"We're just starting to see taxes affect corporate earnings," he said. "When I look at the economy, I'm pretty excited about where we are in the economic cycle."
In terms of potential risks to economic growth, Cohn said he is worried about tariffs and inflation.
"I'm concerned about that. I don't like the tariffs. I don't think we want the steel and aluminum prices going up," he said. "People are concerned that the economic policies of Washington are not as clear this year as they were last year." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/08/former-trump-economic-advisor-gary-cohn-im-pretty-excited-about-the-economy-right-now.html |
HANOI, May 29 (Reuters) - Vietnam trade data, as released by the government's General Statistics Office on Tuesday: KEY DATA Monthly trade, in billions of dollars 2018 2017 *May **April March Feb Jan Dec Nov Oct Sept Aug July EXP 19.2 18.4 21.13 14.33 20.22 19.7 19.99 20.3 19.3 19.8 17.7 IMP 19.7 17.2 18.88 14.03 20.04 19.9 19.39 18.1 18.2 18.2 17.4 BAL -0.5 1.2 2.26 0.3 0.18 -0.2 0.6 2.2 1.1 1.6 0.3 NOTE: * Updated, ** Adjusted CONTEXT Vietnam posted a trade surplus for a second year in a row in 2017 at $2.9 billion. The government has targeted exports this year to grow 8 to 10 percent from 2017. (Reporting by Mai Nguyen; Editing by Sam Holmes)
| ashraq/financial-news-articles | https://www.reuters.com/article/vietnam-economy-trade/vietnam-may-trade-deficit-at-500-mln-statistics-office-idUSL3N1T01H9 |
This investor is looking for the right market entry prices 2 Hours Ago David Kuo of the Motley Fool Singapore explains why a quick jump in stock prices is not the ideal situation for a buy-and-hold investor. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/20/this-investor-is-looking-for-the-right-market-entry-prices-.html |
A judge in Paul Manafort case criticizes Robert Mueller probe 1 Hour Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/04/a-judge-in-paul-manafort-case-criticizes-robert-mueller-probe.html |
Trump says N. Korea summit could still happen 9:52am EDT - 00:51
U.S. President Donald Trump said on Friday it was possible a planned summit with North Korea's leader Kim Jong Un could still take place on June 12 as originally planned. Rough Cut (no reporter narration). ▲ Hide Transcript ▶ View Transcript
U.S. President Donald Trump said on Friday it was possible a planned summit with North Korea's leader Kim Jong Un could still take place on June 12 as originally planned. Rough Cut (no reporter narration). Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2GNUYA4 | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/25/trump-says-n-korea-summit-could-still-ha?videoId=430214949 |
Tesla posts quarterly loss Wednesday, May 02, 2018 - 02:02
Tesla reported its worst-ever quarterly loss and said its Model 3 production target remains on track. Aleksandra Michalska reports. ▲ Hide
Tesla reported its worst-ever quarterly loss and said its Model 3 production target remains on track. Aleksandra Michalska reports. //reut.rs/2FChBXu | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/02/tesla-posts-quarterly-loss?videoId=423331195 |
TOKYO, May 8 (Reuters) - Japanese government bond prices dipped on Tuesday, weighed by stronger equities, although steady investor demand for new 10-year debt managed to curb the losses.
The five-year JGB yield rose 1 basis point to minus 0.105 percent.
The 10-year yield was half a basis point higher at 0.045 percent and the 30-year yield climbed 1 basis point to 0.735 percent.
Tuesday’s 2.2 trillion yen ($20.17 billion) 10-year JGB auction attracted demand from investors, with the Bank of Japan expected to conduct a regular debt-purchasing operation on Wednesday focusing on bonds of longer-dated maturities.
The bid-to-cover ratio, a gauge of demand, at the 10-year sale rose to 4.20 from 4.16 at the last sale in April.
Japan’s Nikkei rose 0.4 percent as tech shares rallied.
$1 = 109.0600 yen Reporting by the Tokyo markets team; Editing by Sunil Nair
| ashraq/financial-news-articles | https://www.reuters.com/article/japan-bonds/jgbs-dip-on-stronger-equities-steady-demand-for-new-10-yr-bonds-curb-losses-idUSL3N1SF26M |
Prolight Diagnostics AB (publ):
* TO CARRY OUT PARTIALLY GUARANTEED RIGHTS ISSUE OF ABOUT SEK 40 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-prolight-diagnostics-ab-to-carry-o/brief-prolight-diagnostics-ab-to-carry-out-partially-guaranteed-rights-issue-of-about-sek-40-million-idUSFWN1S70ZB |
May 3 (Reuters) - FORFARMERS NV:
* ANNOUNCEMENT INTENDED ACQUISITION 60% STAKE IN TASOMIX * ON TRACK WITH IMPLEMENTATION OF VARIOUS PILLARS OF OUR HORIZON 2020 STRATEGY - CEO
* IN Q1 GROSS PROFIT GROWTH IN ALL CLUSTERS * Q1 VOLUME TOTAL FEED: GROWTH, DRIVEN BY CLUSTERS NETHERLANDS AND GERMANY/BELGIUM, SMALL DECREASE IN UK
* IN Q1 2018, VOLUME GROWTH WAS DRIVEN NEARLY COMPLETELY BY ORGANIC GROWTH Source text for Eikon: (Gdynia Newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-forfarmers-announces-intended-acqu/brief-forfarmers-announces-intended-acquisition-60-percent-stake-in-tasomix-idUSFWN1SA035 |
Suzy Welch on Athenahealth CEO Jonathan Bush 1 Hour Ago CNBC contributor Suzy Welch discusses how Athenahealth is handling CEO Jonathan Bush assaulting his wife years ago . | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/31/suzy-welch-on-athena-health-ceo-jonathan-bush-.html |
May 16, 2018 / 11:35 AM / Updated 7 hours ago May disappointed by Scottish refusal to approve Brexit law Reuters Staff 1 said on Wednesday she was disappointed by the Scottish parliament’s decision to refuse consent for the flagship legislation which will end Britain’s membership of the European Union. FILE PHOTO: A pigeon flies ahead of British as she arrives for an event in London, April 23, 2018. REUTERS/Peter Nicholls/File Photo
Scotland’s parliament refused on Tuesday to give its consent for the European Union (Withdrawal) Bill, pushing Britain into constitutionally uncharted territory as London presses ahead with the bill regardless. Piper, writing by William James | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-eu-scotland/may-disappointed-by-scottish-refusal-to-approve-brexit-law-idUKKCN1IH1F5 |
* Spec 5-year, ultra bond net shorts hit record highs * Speculators cut 2-year T-note net shorts to lowest since June * Speculative Eurodollar net shorts near record peak (Adds background, details on latest data) By Richard Leong May 11 (Reuters) - Speculators' net bearish bets on U.S. 10-year Treasury note futures fell for a second week ahead of the Treasury Department's sales of longer-dated government debt, according to Commodity Futures Trading Commission data released on Friday. This week, the Treasury sold $25 billion of 10-year notes and $17 billion of 30-year bonds as well as $31 billion in three-year debt, for this week's quarterly refunding. The amount of speculators' bearish, or short, positions in 10-year Treasury futures exceeded bullish, or long, positions by 408,629 contracts on May 8, according to the CFTC's latest Commitments of Traders data. A week earlier, speculators held 445,678 net short positions in 10-year T-note futures. Speculators likely further reduced their bearish bets on 10-year T-notes following a somewhat disappointing payrolls report in April released a week ago. This helped keep benchmark 10-year yield below 3 percent this week during the refunding. Speculators turned net long on T-bond futures from a net short position last week. They pared their net shorts in two-year T-notes to 54,256 contracts, the lowest since June 2017. They further scaled back their net longs in federal funds futures to 46,433 contracts, the lowest in eight weeks. Two week earlier, they stood at the highest since August 2008 On the other hand, speculative net shorts in five-year T-notes reached another record high at 656,908 contracts. Speculators increased their net shorts in ultra bond futures to 177,437 contracts, a record peak. Speculative net shorts in Eurodollar futures grew to 4.04 million, just shy of the record high of 4.05 million set three week earlier. Below is a table of the speculative positions in Treasury futures on the Chicago Board of Trade and in Eurodollar futures on the Chicago Mercantile Exchange in the latest week: U.S. 2-year T-notes (Contracts of $200,000) 08 May 2018 Prior week week Long 431,577 409,605 Short 485,833 470,841 Net -54,256 -61,236 U.S. 5-year T-notes (Contracts of $100,000) 08 May 2018 Prior week week Long 544,450 570,120 Short 1,201,358 1,171,646 Net -656,908 -601,526 U.S. 10-year T-notes (Contracts of $100,000) 08 May 2018 Prior week week Long 697,678 631,024 Short 1,106,307 1,076,702 Net -408,629 -445,678 U.S. T-bonds (Contracts of $100,000) 08 May 2018 Prior week week Long 143,269 138,869 Short 137,034 145,578 Net 6,235 -6,709 U.S. Ultra T-bonds (Contracts of $100,000) 08 May 2018 Prior week week Long 66,749 64,893 Short 244,186 236,493 Net -177,437 -171,600 Eurodollar (Contracts of $1,000,000) 08 May 2018 Prior week week Long 961,731 1,067,371 Short 5,002,025 5,019,453 Net -4,040,294 -3,952,082 Fed funds (Contracts of $1,000,000) 08 May 2018 Prior week week Long 268,470 274,739 Short 222,037 165,953 Net 46,433 108,786 (Reporting by Richard Leong; Editing by Steve Orlofsky and Phil Berlowitz )
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-bonds-cftc/update-1-speculative-u-s-10-year-t-note-net-shorts-fall-again-cftc-idUSL1N1SI1PR |
Bitcoin Why 'Bitcoin Jesus' is so bullish about Bitcoin cash Cryptocurrency users and developers around the world are adopting bitcoin cash at faster rates than bitcoin core, says Roger Ver, aka "Bitcoin Jesus." Ver, an early investor of bitcoin, says bitcoin core, a software used to detect which blockchain can be used for valid transactions, is "slow, expensive and unreliable." Bitcoin cash, however, can be used around the world as an actual currency, he says. 19 Hours Ago | 09:42
Cryptocurrency users and developers around the world are adopting bitcoin cash at faster rates than bitcoin core, Roger Ver, one of the first investors of bitcoin, told CNBC.
Bitcoin cash, a bitcoin offshoot, split off from bitcoin last year after a small group of developers decided to add upgrades that would improve transaction efficiency. The original Bitcoin is being referred to as Bitcoin core to differentiate it from the other version.
But Ver, who is sometimes called " Bitcoin Jesus " because he was one of the first investors of bitcoin , said the Bitcoin core software is "slow, expensive and unreliable."
Instead, he recommended bitcoin cash, which he said, is built specifically for transactions.
Ver said new innovation and infrastructures are being built on top of bitcoin cash, "because it actually works."
"All of these existing businesses are building their new products on top of bitcoin cash, just like myself as the CEO of bitcoin.com," Ver said on " Fast Money " Tuesday. His website helps investors buy and store bitcoin and other cryptocurrencies.
"The economic path that bitcoin cash is on is the one that led to bitcoin's original success," Ver said. "I'm incredibly bullish on bitcoin cash for the exact same reasons I was bullish on bitcoin back in 2011."
On Tuesday, bitcoin cash created a new blockchain with 32 MB block size limits. The software update immediately caused bitcoin cash's value to fall by about 5 percent.
Still, at just above $1,300 Tuesday evening 6 p.m. ET, bitcoin cash is almost double its April 17 level of $763, when BKCM investment firm founder and CEO Brian Kelly predicted the coin would make a comeback later in the year.
Bitcoin cash was also the best performing large-cap cryptocurrency in the last month, beating out other large-cap digital coins like ethereum, ripple and traditional bitcoin.
Ver wasn't worried about Tuesday's sudden decline and even predicted bitcoin cash would double by the end of the year.
"That's what actually gives [bitcoin cash] its underlying value, that you can use it in commerce to pay for things. Whereas, a lot of these other tokens out there just kind of turn into speculative assets that don't actually have any utility."
"It's happening fast and furious around the world," he said. "Bitcoin cash works as money; bitcoin core, sadly, no longer does." WATCH: Should you invest in a cryptocurrency? show chapters | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/15/why-bitcoin-jesus-is-so-bullish-about-bitcoin-cash.html |
China hawks and China doves at each other's throats over trade 2 Hours Ago CNBC's Eamon Javers reports on the split between White House officials over trade after Treasury Secretary Steven Mnuchin said the U.S. trade war with China is "on hold." | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/21/china-hawks-and-china-doves-at-each-others-throats-over-trade.html |
May 10 (Reuters) - PFB Corporation:
* ANNOUNCES RESULTS FOR THE FIRST QUARTER ENDED MARCH 31, 2018, AND DECLARES REGULAR QUARTERLY DIVIDEND
* Q1 LOSS PER SHARE C$0.10 * Q1 SALES ROSE 8 PERCENT TO C$21.05 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-pfb-corp-q1-loss-per-share-c010/brief-pfb-corp-q1-loss-per-share-c0-10-idUSASC0A1I3 |
May 3 (Reuters) - Schibsted ASA:
* Q1 EBITDA GREW 41 PERCENT NOK 610 MILLION (REUTERS POLL NOK 639 MILLION)
* Q1 ADJUSTED EBITDA IS NOK 632 MILLION * Q1 REVENUES NOK 4,357 MILLION (REUTERS POLL NOK 4.32 BILLION)
* Q1 ADJUSTED REVENUE NOK 4,378 MILLION * KEEPS GUIDANCE OF 15-20 PERCENT REVENUE GROWTH IN ONLINE CLASSIFIEDS FOR MID TO LONG TERM
* Q1 EBITDA EX INVESTMENT PHASE NOK 754 MILLION * THE POSITIVE TREND IN TERMS OF PROFITABILITY DEVELOPMENT IN BRAZIL IS EXPECTED TO CONTINUE, AND WE EXPECT OLX BRAZIL TO GROW WELL AND SHOW PROFITABILITY IN 2018
* FULL YEAR INVESTMENT PHASE LOSSES ARE EXPECTED TO BE IN THE RANGE EUR 40-50 MILLION IN 2018, COMPARED TO EUR 78 MILLION IN 2017
* EBITDA INCREASED BY 41 PERCENT AND WE REDUCED OUR CAPITAL INVESTMENTS
* OUR JOINT VENTURE IN BRAZIL IS GROWING FAST, AND WAS PROFITABLE IN Q1
* WITH A CONTINUED WEAK TREND FOR PRINT ADVERTISING, SOME MARGIN CONTRACTION IS LIKELY DURING 2018
* GROUP CAPEX IS EXPECTED TO BE STABLE OR SLIGHTLY REDUCED IN 2018 COMPARED TO 2017
* EFFECT OF NEW REVENUE RECOGNITION IN IFRS 15 IMPLEMENTATION ON OPERATING REVENUES AND EBITDA FOR GROUP IS NOK -22 MILLION IN Q1 Source text for Eikon: (Reporting By Oslo newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-schibsteds-q1-adjusted-ebitda-slig/brief-schibsteds-q1-adjusted-ebitda-slightly-lags-forecast-idUSFWN1SA02S |
By John Patrick Pullen 3:35 PM EDT
One of video gaming’s most popular titles, Fortnite is a big game and a big business — sort of like baseball, the sport that’s officially known as “America’s pastime.” They’re both free to play (as long as you have the right gear), if you’re good you could land a college scholarship , and if you’re great you could earn a ton of money and become a massive celebrity.
Already well-paid stars themselves, Major League Baseball players have flocked to Fortnite because with plenty of downtime between games and travel, it’s easy for them to unwind with a few rounds of the online, multi-player, and mobile-compatible battle royale, whether they’re in the clubhouse, their hotel room, or on the bus.
But the shoot-em-up title may have just taken its first big league casualty. Boston Red Sox pitcher David Price, missed his Wednesday start against the team’s hated rival New York Yankees because of mild case of carpal tunnel syndrome. And after questions have arisen about how frequently he gets a Fortnite fix, the pitcher said he’s hanging up his controller, at least around the ballpark, reports MLB.com. Price said he will no longer play Fortnite at the ballpark because he is aware the topic has been a distraction last couple of days.
— Ian Browne (@IanMBrowne) May 10, 2018
Price is hardly the only major leaguer to be hit with Fortnite fever, though he may be the only one shelved by it. As The Athletic’s Jen McCaffrey reports, the Red Sox — which as of this writing shares baseball’s best record with the Yankees — are respawning all night long, with ace Chris Sale, lights-out closer Craig Kimbrel, and slugger J. D. Martinez playing Fortnite on an Xbox that Price lugs around in a backpack.
Combined, these players are earning $79.25 million in 2018, with Price’s $30 million salary representing the biggest chunk of that haul. While Red Sox manager Alex Cora said he didn’t believe that video gaming caused Price’s injury , the medical world is torn on the issue, with researchers at the Mayo Clinic saying repetitive motions (like button-mashing) can contribute to carpal tunnel. However, notes the National Institute for Health , “often no single cause can be identified.”
Regardless, with $30 million at state (in Price’s case), Major League owners have a reasonable expectation that players curb the time they spend scrambling around Fortnite , looking for loot boxes if it detracts from their on-field performance. At the very least, they’ll definitely stop letting players hook up their controllers to the ballpark’s jumbotron, like the Milwaukee Brewers did this week.
And Price’s Fortnite finger is causing alarm in Red Sox Nation because it reminds longtime fans of another dominant Boston pitcher, Jim Lonborg, who once upon a time looked to be the future of the team. The Cy Young Award-winning pitcher took the Red Sox to the seventh game of the 1967 World Series (which Boston lost), injured his knee skiing that winter, and was never the same player again . In fact, instead of being a rich, retired ballplayer, Jim Lonberg is now a dentist .
Lonberg’s cautionary tale may seem absurd to modern-day ballplayers, but owners signing massive multi-year deals remember — and clauses in their ever-growing contracts catalog all the freak accidents that can derail professional athletes . Could video games be a future banned activity in baseball contracts? If Price doesn’t return to the mound soon, don’t count it out.
Of course for every David Price, there’s a Greg Maddux who reportedly loved computer games so much, he even declined a dinner with Hall of Famer Don Sutton to beat one. But there’s a big difference between Price and Maddux: 226 wins. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/11/carpal-tunnel-david-price-fortnite-addiction-major-league-baseball/ |
MINNEAPOLIS, - Hawkins, Inc. (Nasdaq: HWKN) today announced preliminary unaudited revenue and a range for adjusted earnings per share and adjusted EBITDA for its fiscal year ended April 1, 2018.
Record revenue of $504 million, representing an increase of 4.3% over the prior fiscal year, with growth from all reporting segments Fourth quarter revenue growth of 7% year over year Non-cash goodwill impairment charge of $39.1 million, or ($3.68) per diluted share, related to the Health and Nutrition segment Paid down $13 million of debt in the fourth quarter resulting in a full year debt-to-EBITDA ratio below 2.0x Diluted loss per share range of ($0.88) to ($0.83) Adjusted diluted earnings per share ("EPS") range of $1.48 to $1.53 Numerous steps taken in fiscal 2018 to position the Company for improved earnings growth in fiscal 2019 and future years
For fiscal 2018, diluted loss per share is expected to be in the range of ($0.88) to ($0.83). The decrease from the prior year's diluted EPS of $2.13 was driven by the non-cash goodwill impairment charge, rising raw material costs, a significant negative LIFO adjustment, and competitive pressures, offset somewhat by the positive impacts of the Tax Cuts and Jobs Acts (the "Act"). Adjusted diluted EPS is expected to be in the range of $1.48 to $1.53.
"During the fourth quarter, we saw positive revenue growth in all segments which resulted in full year revenue growth in Water Treatment of 7% to $139 million, our Industrial segment growing 4% to $247 million, and Health and Nutrition revenue growth of 2% to $118 million. Overall, fiscal 2018 was a challenging year with raw material cost increases and competitive pressures limiting our ability to pass the full increase in costs on to our customers. Those pressures, however, resulted in the entire organization continuing to be very cost-focused while ensuring we deliver best-in-class service to our customers. This had a direct, positive impact on our results of operations, where our overall selling, general, and administrative costs were flat year over year," said Patrick Hawkins, Chief Executive Officer and President.
Mr. Hawkins continued, "We are positioned well for fiscal year 2019 due to our focused expense control, end-market price increases accepted in the latter half of the third quarter and during the fourth quarter, and restructuring activities taken in the latter half of fiscal year 2018 that resulted in approximately $0.5 million of severance expense, but will generate approximately $1 million to $1.2 million in future annualized savings. In addition, within our Health and Nutrition segment we are focused on core growth areas, and have seen continued growth in our distribution business, and believe the overall profitability in this business will grow at faster rates than future revenue growth."
Goodwill Impairment: The fourth quarter and fiscal year ended April 1, 2018 were negatively impacted by a non-cash goodwill impairment charge of $39.1 million, or ($3.68), per diluted share, related to the Health and Nutrition segment. The impairment occurred due to operational challenges at one of our facilities that are being addressed, changes in expectations for future growth as part of our fourth quarter long-term strategic planning process to more closely align with historical rates and expected changes in future product mix. We anticipate the revenue for this business will grow at rates greater than growth in GDP in future years.
The Act: In fiscal 2018 we recorded a one-time income tax benefit of $13.9 million, or $1.31 per diluted share, due to the revaluing of our net deferred tax liabilities at the lower U.S. corporate tax rate of 21% from 35%. In future years, we expect our statutory federal rate to be 21%. We expect the benefit of the Act's federal rate change to improve our net income by approximately $3 million annually and our overall effective tax rate to be 27% to 29% in future fiscal years.
LIFO: During fiscal 2018, we incurred approximately $4 million of expense, decreasing gross profit, under the LIFO method of valuing inventory due to rising material costs and proactively bringing in inventory in the fourth quarter ahead of projected increases in raw material costs. In fiscal 2017, the LIFO method of valuing inventory increased gross profit by approximately $3 million.
Adjusted EBITDA, a non-GAAP financial measure, is an important performance indicator and a key compliance measure under the terms of our credit agreement. An explanation of the computation of adjusted EBITDA is presented below. We expect adjusted EBITDA for fiscal 2018 to be in the range of $50.7 million to $51.7 million, compared to fiscal 2017 adjusted EBITDA of $61.8 million. The decrease is due to the combined impact of reduced gross profit in our Industrial segment due to rising material costs and competitive pressures, lower manufactured product sales in our Health and Nutrition segment, and the negative year-over-year LIFO impact of approximately $7 million, partially offset by the favorable year-over-year results in our Water Treatment segment.
The foregoing preliminary unaudited financial information for the fiscal year and fourth quarter ended April 1, 2018 is based upon estimates and subject to completion of our financial closing procedures and external audit process. Such financial information has been prepared by management solely on the basis of currently available information. The preliminary unaudited financial information does not represent and is not a substitute for a comprehensive statement of financial results, and our actual results may differ materially from these estimates because of final adjustments, the completion of our financial closing procedures, including the pending audit of the Company's annual financial statements, and other developments after the date of this release.
The Company expects to release actual fourth quarter and full year results on May 31, 2018 after market close, consistent with our year-end process and prior year timing.
About Hawkins, Inc.
Hawkins, Inc. distributes, blends and manufactures bulk and specialty chemicals and other health and nutrition products for its customers in a wide variety of industries. Headquartered in Roseville, Minnesota, and with 41 facilities in 19 states, the Company creates value for its customers through superb customer service and support, quality products and personalized applications.
Reconciliation of Non-GAAP Financial Measure
We report our consolidated financial results in accordance with U.S. generally accepted accounting principles (GAAP). To assist investors in understanding our financial performance between periods, we have provided certain financial measures not computed according to GAAP, including adjusted net income, adjusted diluted earnings per share and adjusted EBITDA. These non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures. The method we use to produce non-GAAP results is not computed according to GAAP and may differ from the methods used by other companies.
Management uses each of these non-GAAP financial measures internally to understand, manage and evaluate our business and to make operating decisions. Management believes that these non-GAAP financial measures reflect an additional way of viewing aspects of our operations that, when viewed with our GAAP results, provides a more complete understanding of the factors and trends affecting our financial condition and results of operations.
We define adjusted EBITDA as GAAP net income adjusted for the impact of the following: net interest expense resulting from our net borrowing position; income tax expense; non-cash expenses including amortization of intangibles, depreciation, goodwill impairment, and charges for the employee stock purchase plan and restricted stock grants; and acquisition costs, if applicable.
A reconciliation of each non-GAAP financial measure used in this release to its most directly comparable financial measure calculated in accordance with GAAP is presented below:
Adjusted Net Income and EPS
Fiscal Year Ended
April 1, 2018 (unaudited)
April 2, 2017
(in thousands, except per-share data)
Net (Loss) Income
Diluted (Loss)
Earnings per Share
Net Income
Diluted
Earnings per
Share
Low End
High End
Low End
High End
As Reported (GAAP)
$
(9,400)
$
(8,900)
$
(0.88)
$
(0.83)
$
22,555
$
2.13
Revaluation of net deferred tax liabilities
(13,943)
(13,943)
(1.31)
(1.31)
—
—
Goodwill impairment
39,116
39,116
3.68
3.68
—
—
As Adjusted
$
15,773
$
16,273
$
1.48
$
1.53
$
22,555
$
2.13
Adjusted EBITDA
Fiscal Year Ended
April 1, 2018
April 2, 2017
(in thousands)
Low End
High End
(as reported)
Net (Loss) Income (GAAP)
$
(9,400)
$
(8,900)
$
22,555
Interest expense
3,317
3,317
2,644
Income tax (benefit) expense
(6,100)
(5,600)
13,493
Amortization of intangibles
5,704
5,704
6,050
Depreciation expense
16,686
16,686
14,825
Goodwill impairment
39,116
39,116
—
Non-cash compensation expense
1,371
1,371
2,127
Stauber acquisition expenses
—
—
61
Adjusted EBITDA
$
50,694
$
51,694
$
61,755
Forward-Looking Statements
Various remarks in this press release constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include those relating to the impact of the acquisition and other investments on our business operations and financial condition. These statements are not historical facts, but rather are based on our current expectations, estimates and projections, and our beliefs and assumptions. Forward-looking statements may be identified by terms, including "anticipate," "believe," "can," "could," "expect," "intend," "may," "predict," "should," or "will" or the negative of these terms or other comparable terms. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, some of which are beyond our control and are difficult to predict. Actual results may vary materially from those contained in forward-looking statements based on a number of factors, including, but not limited to, the completion of our financial closing procedures, including the pending audit of the Company's annual financial statements, and other developments after the date of this release, fluctuations in the prices and availability of our raw materials, changes in demand and customer requirements or processes for our products, and interruptions in production resulting from hazards, transportation limitations or other extraordinary events outside our control that may negatively impact our business or the supply chains in which we participate. Additional information concerning potential factors that could affect future financial results is included in our Annual Report on Form 10-K for the fiscal year ended April 2, 2017, as updated from time to time in amendments and subsequent reports filed with the SEC. Investors should take such risks into account when making investment decisions. Shareholders and other readers are cautioned not to place undue reliance on forward-looking statements, which reflect our management's view only as of the date hereof. We do not undertake any obligation to update any forward-looking statements.
releases/hawkins-inc-provides-preliminary-fiscal-year-2018-revenue-and-range-for-adjusted-diluted-earnings-per-share-300640517.html
SOURCE Hawkins, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/pr-newswire-hawkins-inc-provides-preliminary-fiscal-year-2018-revenue-and-range-for-adjusted-diluted-earnings-per-share.html |
NEWTON, N.C., May 18, 2018 (GLOBE NEWSWIRE) -- The Board of Directors of Peoples Bancorp of North Carolina, Inc. (Nasdaq:PEBK) declared a cash dividend for the second quarter of 2018 in the amount of $0.13 per share at their most recent meeting. The cash dividend will be paid on June 15, 2018 to shareholders of record on June 4, 2018.
Shareholders are encouraged to enroll in the Company’s Dividend Reinvestment and Stock Purchase Plan. For details, contact Krissy Price at (828) 464-5620 or (800) 948-7195 or you may email any questions to our transfer agent, Broadridge Corporate Issuer Solutions, Inc. at [email protected] .
Peoples Bank, the wholly-owned subsidiary of Peoples Bancorp of North Carolina, Inc. operates 19 banking offices entirely in North Carolina, with offices in Catawba, Alexander, Lincoln, Mecklenburg, Iredell and Wake Counties. The Bank also operates loan production offices in Lincoln and Durham Counties. The Company’s common stock is publicly traded and is Quote: d on the Nasdaq Global Market under the symbol “PEBK.”
Statements made in this press release, other than those concerning historical information, should be considered forward-looking statements pursuant to the safe harbor provisions of the Securities Exchange Act of 1934 and the Private Securities Litigation Act of 1995. These forward-looking statements are based on information currently available to management and are subject to various risks and uncertainties, including but not limited to those described in Peoples Bancorp of North Carolina, Inc.’s annual report on Form 10-K for the year ended December 31, 2017, under “General Description of Business” and otherwise in the Company’s reports and filings.
Contact:
Lance A. Sellers
President and Chief Executive Officer
A. Joseph Lampron, Jr.
Executive Vice President and Chief Financial Officer
828-464-5620, Fax 828-465-6780
Source:Peoples Bancorp of North Carolina, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/18/globe-newswire-peoples-bancorp-announces-cash-dividend.html |
NEW YORK (Reuters) - Interest rates on U.S. 30-year fixed-rate mortgages fell this week from their highest levels in more than four years in line with a decline in U.S. bond yields, Freddie Mac said on Thursday.
Thirty-year mortgage rates averaged 4.55 percent in the week ended May from week-ago’s 4.58 percent, which was the highest since Aug. 22, 2013, the U.S. mortgage finance agency said.
Reporting by Richard Leong
Our | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-mortgages-freddiemac/u-s-30-year-mortgage-rates-slip-from-4-year-peak-freddie-idUSKBN1I41XS |
SOLID ORGANIC GROWTH OF +5.4%
FURTHER INTERNATIONAL EXPANSION IN THE NETHERLANDS WITH THE ACQUISITION OF 2 COMPANIES – DAGELIJKS LEVEN AND WOONZORGNET
2018 TARGETS REITERATED:
REVENUE OF €3,400M EBITDA MARGIN ABOVE OR EQUAL TO ITS 2017 LEVEL
PUTEAUX, France--(BUSINESS WIRE)-- Regulatory News:
The ORPEA group (Paris:ORP), a world leader in long-term care (nursing homes, post-acute and rehabilitation hospitals, psychiatric hospitals, and homecare services), today announces its revenue for the first quarter to 31 st March 2018, and the establishment of a foothold in the Netherlands with the acquisition of Dagelijks Leven and Woonzorgnet.
Yves Le Masne, Chief Executive Officer of ORPEA, commented:
“Our first-quarter 2018 performance was very brisk, and we achieved further robust revenue growth of 10.7% to €832m. This highly impressive top-line increase was again driven by our powerful model combining very strong organic growth of 5.4% and acquisitions, including in Austria, the Czech Republic and Germany.
The pace of organic growth held up across all our geographical territories thanks to:
consistently high occupancy rates as a result of our high-quality care and the carefully targeted location of our facilities; the ramp-up in facilities that we have opened over the past two years, mostly in large towns and cities or in areas with strong purchasing power; the opening of 650 beds in the first quarter of 2018 alone in France, Switzerland, Italy and Belgium.
In line with our strategy, we have continued to expand in Europe by establishing a foothold in the Netherlands through the acquisition of two companies. Dagelijks Leven and Woonzorgnet represent unique platforms for organic growth, with their experienced management teams and a first-class reputation, which will help achieve our development targets in this new territory.
These deals demonstrate our ability to attract the best teams so that we are able to create value over the long term.
We are confidently reiterating our targets for 2018 of revenue of €3,400m (increase of 8.3%), an EBITDA margin at least on a par with its 2017 level and further organic development and acquisitions”.
Solid Q1 2018 revenue growth of 10.7%
In €m Q1 2018 Q1 2017 Change France Benelux 499.3 474.9 +5.1% Central Europe 214.5 187.0 +14.8% Eastern Europe 80.1 55.0 +45.4% Iberian Peninsula 37.8 34.5 +9.6% Rest of the World 0.4 0.3 +70.7% Total revenue 832.1 751.7 +10.7% Including organic growth 1
+5.4% Anavita in the Czech Republic been consolidated since 1 st April 2017, Dr. Dr. Wagner in Austria since 1 st July 2017, and Inoges in Germany since 1 st January 2018.
Central Europe covers Germany, Italy and Switzerland. Eastern Europe covers Austria, Poland and the Czech Republic. Iberian Peninsula covers Spain and Portugal. The Rest of the World segment solely consists of China to date.
Expansion into the Netherlands with the acquisition of Dagelijks Leven and Woonzorgnet
Under its European expansion strategy, ORPEA has established a foothold in the Netherlands by acquiring one of the leading nursing home operators and a recognised expert in psychiatric care. With these two latest deals, the Group has secured additional organic growth potential for the coming years.
The long-term care sector in the Netherlands boasts healthy growth prospects:
the population of over-80s is forecast to nearly triple by 2050; the bed capacity rate per capita is low – around 35% below the average level in Europe – and so 100,000 new beds need to be added by 2040; the private sector’s market share is very limited at just 4%.
Founded in 2013, Dagelijks Leven is one of the leading nursing home operators with a network of 800 beds in 40 facilities (including 220 beds under construction and due to open in 2018). Its facilities were all built recently (less than four years old) and have gained a solid reputation among both residents and the supervisory authorities for the quality of the care and services they provide.
Dagelijks Leven possesses an attractive, highly standardised and rapidly replicable model:
identically sized facilities (20 beds) attuned to the country’s culture; a unified per diem rate; centralisation of all support functions: from design to management, it takes less than one year from the selection of land through to the opening of a new facility; an expert management team that has created this model and will contribute to its development in the future.
ORPEA will acquire the majority of the share capital of Dagelijks Leven. This deal is still subject to authorization by the Dutch health authorities, which is expected in due course.
At the beginning of 2018, ORPEA acquired Woonzorgnet, a recognised expert in providing long-term psychiatric care with 162 beds in 7 facilities.
Next press release: H1 2018 revenue
24 July 2018 after market close
About ORPEA ( www.orpea-corp.com )
Since its creation in 1989, ORPEA has expanded rapidly to become one of the main world leader in long-term care, with its network of 818 facilities, with 86,650 beds (13,379 of them under construction or redevelopment), including:
33,437 beds in France (2,223 beds under construction or redevelopment) at 357 facilities 53,213 beds outside France (Austria, Belgium, Brazil, China, Czech Republic, Germany, Italy, Poland, Portugal, Spain and Switzerland) at 461 facilities (11,156 beds under construction or redevelopment)
ORPEA is listed on Euronext Paris (ISIN code: FR0000184798) and a constituent of the SBF 120, STOXX 600 Europe, MSCI Small Cap Europe and CAC Mid 60 indices.
1 Organic growth reflects the following factors: 1. The year-on-year change in the revenues of existing facilities as a result of changes in their occupancy rates and daily rates; 2. The year-on-year change in the revenues of redeveloped facilities or those where capacity has been increased in the current or year-earlier period; 3. Revenues generated in the current period by facilities created in the current or year-earlier period, and the change in revenues at recently acquired facilities by comparison with the previous equivalent period.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180502006107/en/
Investor Relations:
ORPEA
Yves Le Masne
Chief Executive Officer
or
Steve Grobet
Investor Relations
+33 (0)1 47 75 74 66
[email protected]
or
Investor and Media Relations:
NewCap
Dusan Oresansky/Nicolas Merigeau
+33 (0)1 44 71 94 94
[email protected]
Source: ORPEA | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/business-wire-orpea-strong-growth-of-10-point-7-percent-in-q1-2018-revenue-to-a832m.html |
Sesame Street creators sue 'Happytime Murders' producers' 2:06am BST - 01:12
The creators of Sesame Street are suing the producers of risque comedy cop movie 'The Happytime Murders.' Rough Cut (no reporter naration)
The creators of Sesame Street are suing the producers of risque comedy cop movie 'The Happytime Murders.' Rough Cut (no reporter naration) //reut.rs/2IMxOQv | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/26/sesame-street-creators-sue-happytime-mur?videoId=430361728 |
May 7 (Reuters) - Fairmount Santrol Holdings Inc:
* FAIRMOUNT SANTROL - CO, UNIMIN CORPORATION UPON MERGER COMPLETION TO BECOME COVIA HOLDINGS CORPORATION, WILL TRADE ON NYSE UNDER TICKER SYMBOL “CVIA”
* FAIRMOUNT SANTROL HOLDINGS INC - AGREED TO INCREASE NUMBER OF COVIA BOARD MEMBERS AT CLOSING FROM 11 DIRECTORS TO 13
* FAIRMOUNT SANTROL HOLDINGS INC - NAMED FOUR ADDITIONAL, INDEPENDENT DIRECTORS, INCLUDING CHAIRMAN RICHARD NAVARRE, TO COMPLETE 13-MEMBER COVIA BOARD Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-fairmount-santrol-says-co-unimin-u/brief-fairmount-santrol-says-co-unimin-upon-merger-to-become-covia-will-trade-on-nyse-under-ticker-symbol-cvia-idUSFWN1SE11D |
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